UIH(688271) 招银国际·2024-11-11 01:06Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 162.81 RMB, indicating a potential upside of 24.6% from the current price of 130.62 RMB [3][16]. Core Insights - The company is actively expanding its global business, showcasing advanced self-developed ultrasound platforms and prototypes, aiming for comprehensive clinical coverage across various medical fields [1]. - The company has successfully signed contracts or installed nearly 300 high-end machines in over 40 countries this year, with expectations to exceed 3,000 overseas installations by the end of 2024 [1]. - Ongoing research collaborations with top global clinical experts are driving innovation and enhancing the company's brand image in international markets [1]. - The company is building a resilient global supply chain and production network to mitigate geopolitical challenges, with plans for new production bases in Southeast Asia and Latin America by 2025-2027 [1]. Financial Summary - The company’s revenue is projected to grow from 10,852 million RMB in FY24E to 17,448 million RMB in FY26E, with a notable increase in adjusted net profit from 1,541 million RMB in FY24E to 2,740 million RMB in FY26E [5][10]. - The adjusted net profit margin is expected to improve from 14.20% in FY24E to 15.70% in FY26E, reflecting operational efficiency [5][10]. - The company’s DCF analysis indicates a present value of equity at 134,183 million RMB, with a calculated DCF per share value of 162.81 RMB [7][6].