UIH(SH:688271) Tebon Securities·2024-09-06 08:03Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company achieved a revenue of 5.333 billion yuan in the first half of 2024, reflecting a year-on-year growth of 1.18%, with a net profit attributable to shareholders of 950 million yuan, up 1.33% year-on-year [6] - Domestic performance is under pressure due to a decrease in bidding activities, while overseas markets are experiencing rapid growth, with international revenue reaching 933 million yuan, a year-on-year increase of 29.94% [6][7] - The company maintains a leading position in its core product lines, with significant market shares in various CT and MR segments [7] - Continuous investment in R&D, with 1.017 billion yuan spent in the first half of 2024, represents an 11.11% increase year-on-year, supporting the launch of over 120 innovative products [7] Financial Performance and Forecast - The company is projected to achieve net profits of 2.318 billion yuan, 2.816 billion yuan, and 3.402 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 30, 25, and 22 [8][10] - Revenue is expected to grow from 11.411 billion yuan in 2024 to 15.525 billion yuan in 2026, indicating a robust growth trajectory [10] - The gross margin is forecasted to improve from 48.5% in 2023 to 50.6% in 2026, reflecting operational efficiency [10]