UIH(SH:688271) Southwest Securities·2024-09-03 07:09Investment Rating - The report does not specify a clear investment rating for the company [1]. Core Insights - The company reported a revenue of 5.33 billion yuan in H1 2024, reflecting a growth of 1.2% year-on-year, while the net profit attributable to shareholders was 0.95 billion yuan, up by 1.3% [2]. - The medical imaging equipment segment generated 4.54 billion yuan in revenue, down by 1.8%, while the maintenance service revenue increased by 23.8% to 0.62 billion yuan. Software revenue saw a significant decline of 44.6% to 0.03 billion yuan [2]. - The company maintains a leading market position in core product lines despite slight declines in CT and XR product lines due to macroeconomic policies [2]. - The "old-for-new" policy and the removal of configuration certificate restrictions are expected to boost demand for high-end imaging equipment in H2 2024 [2]. - The company is actively expanding its overseas market presence, with H1 2024 overseas revenue reaching 0.93 billion yuan, a growth of 29.9%, accounting for 17.5% of total revenue [2]. Financial Summary - The projected revenues for the company from 2024 to 2026 are 12.93 billion yuan, 15.90 billion yuan, and 19.64 billion yuan, respectively, with net profits expected to be 2.27 billion yuan, 2.78 billion yuan, and 3.44 billion yuan [3][4]. - The company's revenue growth rates are forecasted at 13.35% for 2024, 22.65% for 2025, and 23.81% for 2026 [4]. - The earnings per share (EPS) are projected to increase from 2.40 yuan in 2023 to 4.17 yuan in 2026 [4]. - The return on equity (ROE) is expected to rise from 10.47% in 2023 to 13.21% in 2026 [4].