UIH(688271) 西南证券·2024-09-03 08:03Investment Rating - The report does not specify a clear investment rating for the company [1] Core Views - 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 performance shows a high growth trend, with the medical imaging equipment revenue at 4.54 billion yuan, down by 1.8%, and maintenance service revenue at 0.62 billion yuan, up by 23.8% [2] - The company maintains a leading market position in core product lines despite slight declines in CT and XR product lines due to macro policy impacts [2] - The "old-for-new" policy and the removal of configuration certificate restrictions are expected to boost demand for high-end imaging equipment [2] - The company is actively expanding into overseas markets, with H1 2024 overseas revenue reaching 0.93 billion yuan, a growth of 29.9%, increasing its overseas revenue share to 17.5% [2] Financial Summary - The projected revenue for the company from 2024 to 2026 is expected to be 12.93 billion yuan, 15.90 billion yuan, and 19.64 billion yuan respectively, with net profits of 2.27 billion yuan, 2.78 billion yuan, and 3.44 billion yuan [3][4] - The company's revenue growth rates are projected at 13.35% for 2024, 22.65% for 2025, and 23.81% for 2026 [4] - The earnings per share (EPS) is expected to increase from 2.40 yuan in 2024 to 4.17 yuan in 2026 [4] - The return on equity (ROE) is projected to rise from 10.95% in 2024 to 13.21% in 2026 [4]