联影医疗：政策影响下Q3业绩短期承压，海外延续高增态势

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company's Q3 performance was impacted by industry restructuring and equipment updates, leading to a short-term revenue decline. However, overseas markets continue to show strong growth, with significant progress in key markets [1][2][3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 6.954 billion yuan, a year-on-year decrease of 6.43%. The net profit attributable to shareholders was 671 million yuan, down 36.94% year-on-year. In Q3 alone, revenue was 1.621 billion yuan, a decline of 25.00%, and the net profit was -279 million yuan, a drop of 320.57% year-on-year [1][2]. - Equipment revenue for Q1-Q3 2024 was 5.705 billion yuan, down 11.55% year-on-year, while service revenue was 967 million yuan, up 27.27% year-on-year [2]. Overseas Market Growth - The overseas market showed robust growth, with revenue reaching 1.404 billion yuan in Q1-Q3 2024, an increase of 36.49% year-on-year. The overseas revenue accounted for 20.19% of total revenue, up 6.35 percentage points year-on-year [3]. - The company has over 31,000 products installed in more than 13,000 medical and research institutions across over 75 countries and regions, with a service team of over 1,000 people [3]. R&D and Product Development - The company emphasizes R&D innovation, having launched over 120 products, with 42 receiving CE certification and 47 obtaining FDA (510k) approval by Q3 2024. New products include an integrated CT ring linear accelerator and a next-generation intelligent quality control CT system [4]. Earnings Forecast and Investment Recommendations - The company is expected to generate revenues of 10.518 billion yuan, 12.543 billion yuan, and 15.170 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of -7.8%, 19.3%, and 20.9%. The net profit attributable to shareholders is projected to be 1.563 billion yuan, 1.980 billion yuan, and 2.489 billion yuan for the same years, with corresponding growth rates of -20.8%, 26.7%, and 25.7% [4][5].