联影医疗：投资玖谊源，核医学综合诊疗能力提升

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [2][4]. Core Insights - The company is expected to achieve total revenues of 138.24 billion, 167.98 billion, and 206.00 billion RMB for the years 2024, 2025, and 2026, respectively, with growth rates of 21.15%, 21.51%, and 22.63% [2][3]. - The net profit attributable to the parent company is projected to be 23.81 billion, 28.83 billion, and 35.23 billion RMB for the years 2024, 2025, and 2026, with growth rates of 20.62%, 21.08%, and 22.18% [2][3]. - The current price-to-earnings (PE) ratios are 40x, 33x, and 27x for the years 2024, 2025, and 2026, respectively, compared to an average PE of 38x for comparable companies [2][3]. Revenue and Profit Forecast - Total revenue for 2022 was 9,238.12 million RMB, increasing to 11,410.77 million RMB in 2023, and projected to reach 13,824.46 million RMB in 2024 [3][6]. - The gross profit margin is expected to improve from 48.37% in 2022 to 50.50% by 2026 [3][6]. - The net profit for 2022 was 1,656.08 million RMB, with projections of 1,974.29 million RMB in 2023 and 2,381.43 million RMB in 2024 [3][6]. Investment Activities - The company plans to invest 120 million RMB in Sichuan Jiuyiyuan Particle Technology Co., acquiring a 10% stake, which is expected to enhance its competitiveness in the molecular imaging field [4]. - Jiuyiyuan is a domestic producer of cyclotrons, crucial for preparing PET equipment, and its products are anticipated to break the monopoly of imported brands in the medical cyclotron market [4]. Market Dynamics - Recent regulatory changes by the National Health Commission are expected to boost demand for certain medical devices, including PET/MR systems, by easing their management classification [4]. - The company has a diverse product matrix in molecular imaging, with significant revenue contributions from its PET/CT products, which are expected to grow further due to the new investment [4].