UIH(688271) 东吴证券·2024-11-01 20:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 6.954 billion yuan for the first three quarters of 2024, a decrease of 6.43% year-on-year, and a net profit attributable to shareholders of 671 million yuan, down 36.94% [2] - The company's Q3 performance was impacted by delayed domestic tenders, with Q3 revenue at 1.621 billion yuan, down 25.00%, and a net loss of 279 million yuan [2] - Despite short-term pressures, the market share of core product lines such as CT, MR, and MI continues to improve, with a significant increase in the revenue share of mid-to-high-end products, laying a foundation for future recovery [2] - The overseas market showed strong performance, with revenue of 1.404 billion yuan, up 36.49%, and service revenue growing over 100%, with overseas revenue accounting for over 20% [3] - The company has adjusted its net profit forecasts for 2024-2026 due to short-term pressures, with expected profits of 1.232 billion yuan in 2024, 1.916 billion yuan in 2025, and 2.311 billion yuan in 2026 [3] Summary by Sections Financial Performance - Total revenue for 2022 was 9.238 billion yuan, increasing to 11.411 billion yuan in 2023, but expected to decline to 10.348 billion yuan in 2024, before rising to 12.020 billion yuan in 2025 and 14.036 billion yuan in 2026 [1] - Net profit attributable to shareholders was 1.656 billion yuan in 2022, increasing to 1.974 billion yuan in 2023, but projected to drop to 1.232 billion yuan in 2024, before recovering to 1.916 billion yuan in 2025 and 2.311 billion yuan in 2026 [1] - The latest diluted EPS is expected to be 1.50 yuan per share in 2024, with projections of 2.32 yuan in 2025 and 2.80 yuan in 2026 [1] Market Dynamics - The domestic market faced challenges due to industry restructuring and high base effects from the previous year, leading to a 13.33% decline in revenue to 5.550 billion yuan in the first three quarters of 2024 [2] - The overseas market, particularly in North America and Europe, showed robust growth, with significant increases in orders and revenue, especially for high-end MR and CT products [3]