UIH(SH:688271) Tai Ping Yang·2024-11-08 05:56Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [6]. Core Views - The company has shown strong performance in overseas markets, with a 36.49% year-on-year increase in overseas revenue, reaching 1.404 billion yuan in the first three quarters of 2024 [1][2]. - Domestic revenue has faced challenges, with a 13.33% decline to 5.550 billion yuan, but market share in key product lines such as CT, MR, and MI has steadily increased [1][2]. - The overall gross margin improved by 0.74 percentage points to 49.41% in the first three quarters of 2024, despite a temporary pressure on net profit margins due to increased marketing and R&D investments [1][2]. Financial Summary - For the first three quarters of 2024, the company reported total revenue of 6.954 billion yuan, a decrease of 6.43% year-on-year, and a net profit of 671 million yuan, down 36.94% year-on-year [1][2]. - The earnings per share (EPS) for 2024 is projected at 1.59 yuan, with expected revenues of 10.489 billion yuan, reflecting a year-on-year decline of 8% [2][3]. - The company anticipates a recovery in revenue growth, with projections of 20% and 21% growth in 2025 and 2026, respectively [2][3]. Market Position - The company has successfully expanded its market presence in North America, Europe, and Asia-Pacific, with significant orders and revenue growth in these regions [1][2]. - The overseas revenue now accounts for over 20% of total revenue, marking a 6.35 percentage point increase year-on-year [1][2]. - The company is actively optimizing its business structure to adapt to market conditions and policy changes, laying a solid foundation for future growth [1][2].