研报掘金丨中金：维持联影医疗“跑赢行业”评级，目标价170元

Core Viewpoint - The report from CICC indicates that United Imaging Healthcare is expected to achieve a revenue of 13.821 billion yuan in 2025, representing a year-on-year increase of 34.18%, and a net profit attributable to shareholders of 1.888 billion yuan, reflecting a year-on-year growth of 49.60% [1] Revenue Summary - The revenue growth is primarily driven by strong sales of high-end products and sustained high growth in overseas business [1] - The recovery in procurement continues to materialize, leading to robust revenue growth [1] Profit Summary - The profit figures are slightly below expectations due to higher-than-anticipated expenditure [1] - There is a steady improvement in profits, with a focus on the expected profit enhancement from high-end products and the ultrasound product line rollout [1] Valuation Summary - Considering the company's long-term competitive development and the short-term valuation of the sector, the target price is maintained at 170 yuan, indicating a 33% upside potential [1] - The valuation is based on a DCF model with a WACC of 7.1% and a perpetual growth rate of 2.0% [1]