UIH(SH:688271) Xin Lang Cai Jing·2025-11-21 02:40Core Insights - The company reported a revenue of 8.859 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 27.39%, and a net profit attributable to shareholders of 1.120 billion yuan, up 66.91% [1] Group 1: Domestic and International Business Performance - Domestic market revenue reached 6.866 billion yuan, growing by 23.70%, driven by a recovery in imaging equipment procurement and the implementation of medical equipment upgrade policies [2] - International business revenue was 1.993 billion yuan, increasing by 41.97%, with North America seeing over 50% growth and Europe over 100% growth [2] - The company’s contract liabilities amounted to 2.573 billion yuan, reflecting a 20.29% increase from the end of 2024, indicating a strong order backlog [2] Group 2: Operational Efficiency and Profitability - The company’s non-GAAP profit margin for the first three quarters was 11.89%, an increase of 5.21 percentage points year-on-year, supported by revenue growth and improved operational efficiency [3] - The overall expense structure remained stable, with various expense rates declining year-on-year, suggesting ongoing improvements in operational efficiency [3] Group 3: Revenue and Profit Forecast - Projected revenues for 2025 to 2027 are 12.396 billion yuan, 14.926 billion yuan, and 17.808 billion yuan, with year-on-year growth rates of 20.3%, 20.4%, and 19.3% respectively [3] - Expected net profits for the same period are 1.861 billion yuan, 2.365 billion yuan, and 2.962 billion yuan, with growth rates of 47.5%, 27.1%, and 25.2% respectively [3]