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联影医疗：Resilient 1H24 performance amid market headwinds
688271UIH(688271) 招银国际·2024-09-04 00:00

Investment Rating - The report maintains a "BUY" rating for United Imaging, with a target price adjusted to RMB 125.83, indicating a potential upside of 19.0% from the current price of RMB 105.71 [2][3]. Core Insights - United Imaging demonstrated resilient performance in 1H24, with revenue of RMB 5,333 million, a year-on-year increase of 1.2%, and attributable net profit rising by 1.3% to RMB 950 million despite market challenges [2]. - The company's gross margin improved by 1.7 percentage points year-on-year to 50.4% in 1H24, driven by increased revenue from mid-to-high-end products and services [2]. - The interim dividend plan announced includes a total cash dividend of approximately RMB 98.2 million, representing a payout ratio of over 10% [2]. Revenue Performance - In 1H24, equipment revenue decreased by 1.8% year-on-year to RMB 4,540 million, primarily due to delays in procurement activities [2]. - The overseas business achieved revenue of RMB 933 million, up 29.9% year-on-year, accounting for 17.5% of total revenue, with significant growth in Asia-Pacific, North America, and emerging markets [2]. - Revenue from maintenance services increased by 23.8% year-on-year to RMB 617 million, contributing 11.6% to total revenue [2]. Market Share and Product Innovation - United Imaging expanded its market share in the domestic medical equipment market, with significant gains in high-end and ultra-high-end products [2]. - The market share of mid-to-high-end CT systems increased by 11 percentage points year-on-year, while ultra-high-end CT systems saw an 8 percentage point increase [2]. Financial Projections - Revenue projections for FY24E are set at RMB 11,501 million, with expected growth of 0.8% year-on-year, followed by a projected increase to RMB 14,337 million in FY25E [3][6]. - The adjusted net profit for FY24E is estimated at RMB 2,021 million, with a growth forecast of 2.4% year-on-year [3][6]. - The report anticipates a gradual recovery in hospital procurement starting from 4Q24 [2].