UIH(SH:688271) Guolian Securities·2024-09-04 08:44Investment Rating - Investment Rating: Buy (Maintain) [7] Core Views - The company reported a steady growth in operating performance, with notable overseas business performance [10][11] - In the first half of 2024, the company achieved revenue of 5.333 billion yuan, a year-on-year increase of 1.18%, and a net profit attributable to shareholders of 950 million yuan, up 1.33% year-on-year [10][11] - The company's core products, including MR, MI, and RT, showed strong performance, with service revenue steadily increasing [10][11] Financial Performance Summary - In H1 2024, equipment revenue was 4.544 billion yuan, a decrease of 1.77% year-on-year, primarily due to industry adjustments and slow equipment updates [10] - Service revenue reached 617 million yuan, a year-on-year increase of 23.84%, with service revenue accounting for 11.57% of total revenue, up 2.12 percentage points year-on-year [10] - Domestic revenue was 4.401 billion yuan, down 3.35% year-on-year, while international revenue was 933 million yuan, up 29.94% year-on-year, accounting for 17.49% of total revenue [11] Future Outlook - The company is expected to benefit from equipment update policies, with projected revenues of 13.490 billion yuan, 16.323 billion yuan, and 19.728 billion yuan for 2024, 2025, and 2026, respectively, corresponding to growth rates of 18.22%, 21.00%, and 20.86% [11] - The net profit attributable to shareholders is projected to be 2.375 billion yuan, 2.891 billion yuan, and 3.548 billion yuan for the same years, with growth rates of 20.29%, 21.72%, and 22.75% [11] - The company maintains a focus on R&D, with H1 2024 R&D investment of 1.017 billion yuan, a year-on-year increase of 11.11%, representing 19.07% of total revenue [11]