联影医疗：业绩短期承压，静待招采复苏

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term pressure on performance, awaiting a recovery in procurement processes [1] - In the first three quarters of 2024, the company achieved revenue of 6.954 billion yuan, a year-over-year decrease of 6.43%, and a net profit attributable to shareholders of 671 million yuan, down 36.94% year-over-year [1] - The company’s revenue from the domestic market was 5.550 billion yuan, while revenue from the overseas market was 1.404 billion yuan, reflecting a year-over-year growth of 36.49% [1] - The company is increasing investments in technology, talent, and marketing to strengthen its core competitiveness [1] Financial Summary - For 2024, the company is expected to generate revenues of 10.828 billion yuan, with a year-over-year decline of 5.1% [3] - The net profit attributable to shareholders is projected to be 1.397 billion yuan, representing a year-over-year decrease of 29.3% [3] - The gross margin is expected to improve slightly from 48.5% in 2023 to 49.6% in 2024 [3] - The company plans to maintain a strong focus on research and development, with R&D expenses projected at 1.318 billion yuan for 2024 [1][4] Market Position - The company ranks among the top in its industry across various product lines, with a significant increase in international market share [1] - The company has launched over 120 products in the market, with 42 products receiving CE certification and 47 products obtaining FDA (510k) approval [1] Future Outlook - The company’s revenue is projected to grow to 12.566 billion yuan in 2025 and 14.545 billion yuan in 2026, with respective growth rates of 16.1% and 15.7% [3] - The net profit is expected to rebound to 2.083 billion yuan in 2025 and 2.508 billion yuan in 2026, with growth rates of 49.1% and 20.4% respectively [3] - The company is anticipated to maintain a strong competitive position in the domestic medical imaging equipment market due to its high product competitiveness and significant R&D barriers [1]