UIH(688271) 兴业证券·2024-11-10 05:58Investment Rating - The report maintains an "Accumulate" rating for the company [2][3]. Core Viewpoints - Short-term performance fluctuations do not alter long-term market demand, as the company continues to invest in business expansion, particularly overseas, despite a decline in business volume due to market conditions [3]. - The company is a leading domestic player in the medical imaging equipment sector, which has high technical barriers and significant market capacity, and is expected to increase its market share domestically while expanding its overseas business [3]. - The earnings forecast has been adjusted, with expected EPS for 2024, 2025, and 2026 being 1.85, 2.77, and 3.39 yuan respectively, corresponding to P/E ratios of 65.1, 43.3, and 35.5 based on the closing price on November 6, 2024 [3]. Financial Summary - For the first three quarters of 2024, the company reported revenue of 6.954 billion yuan, a year-on-year decrease of 6.43%, and a net profit attributable to shareholders of 671 million yuan, down 36.94% year-on-year [4]. - The company’s sales expenses increased by 10.55% year-on-year to 1.385 billion yuan, with a sales expense ratio of 19.92%, up 3.06 percentage points [4]. - R&D expenses decreased by 3.79% year-on-year to 1.318 billion yuan, with an R&D expense ratio of 18.95%, up 0.52 percentage points [4].