UIH(SH:688271) Guoxin Securities·2024-09-13 04:03Investment Rating - The report maintains an "Outperform" rating for United Imaging Healthcare (688271 SH) [1][3] Core Views - The company demonstrated resilience in H1 2024 despite temporary pressure in domestic sales and impressive growth in overseas markets [1] - Domestic market revenue declined by 3 4% to 4 4 billion yuan while overseas market revenue surged 29 9% to 930 million yuan accounting for 17 5% of total revenue [1][8] - The company invested in Jiuyiyuan expanding its presence in the radiotherapy field [1][10] Financial Performance - H1 2024 revenue reached 5 333 billion yuan (+1 18%) with net profit attributable to shareholders of 950 million yuan (+1 33%) [1][4] - Q2 2024 revenue was 2 983 billion yuan (-2 47%) with net profit attributable to shareholders of 587 million yuan (-3 49%) [1][4] - Equipment sales revenue in H1 2024 was 4 544 billion yuan (-1 8%) with strong growth in RT products (+189%) [6] - Maintenance service revenue grew 23 8% to 617 million yuan accounting for 11 6% of total revenue [6] Product Line Performance - CT series revenue declined 22 7% to 1 618 billion yuan in H1 2024 [8] - MR series revenue increased 12 3% to 1 685 billion yuan [8] - MI series revenue grew 19 1% to 743 million yuan [8] - XR series revenue decreased 20 7% to 256 million yuan [8] - RT series revenue surged 188 7% to 242 million yuan [8] Strategic Developments - The company invested in Jiuyiyuan acquiring a 10% stake to strengthen its position in molecular imaging solutions [1][10] - Jiuyiyuan developed China's first domestically produced medical cyclotron breaking foreign market dominance [1][10] Financial Projections - Revenue forecasts for 2024-2026 are adjusted to 13 367/16 767/20 186 billion yuan [10] - Net profit attributable to shareholders is projected at 2 335/2 961/3 594 billion yuan for 2024-2026 [10] - EPS estimates for 2024-2026 are 2 83/3 59/4 36 yuan [10]