UIH(688271) 天风证券·2024-12-24 12:51Investment Rating - The report maintains a "Buy" rating for the company [11] Core Views - The company plans to increase its investment in United Imaging Intelligence (UII) to strengthen its presence in medical AI [1] - UII is a full-stack medical AI company with rapid revenue growth and excellent clinical application performance [1][8] - UII has launched over 100 medical AI products, enhancing diagnostic efficiency and precision [8] - The investment will enable UII to provide intelligent support for the company's products, enhancing competitiveness in the high-end market [9][24] Financial Summary Balance Sheet - Total assets are projected to grow from 24,204 52 million in 2022 to 34,800 07 million in 2026 [2] - Current assets are expected to increase from 20,144 56 million in 2022 to 29,788 22 million in 2026 [2] - Non-current assets are forecasted to rise from 4,059 95 million in 2022 to 5,011 85 million in 2026 [2] Income Statement - Revenue is projected to grow from 9,238 12 million in 2022 to 16,633 84 million in 2026 [2] - Net profit attributable to the parent company is expected to increase from 1,656 08 million in 2022 to 2,543 14 million in 2026 [2] - Earnings per share (EPS) are forecasted to rise from 2 01 yuan in 2022 to 3 09 yuan in 2026 [2] Cash Flow Statement - Operating cash flow is expected to fluctuate, with a significant increase to 3,279 50 million in 2024 and 3,554 73 million in 2026 [2] - Investment cash flow is projected to improve, turning positive at 25 91 million in 2026 [2] - Financing cash flow is expected to remain volatile, with a negative trend in 2026 at -77 45 million [2] Key Financial Ratios - Gross margin is forecasted to remain stable, ranging from 48 37% in 2022 to 50 51% in 2026 [2] - Net margin is expected to improve slightly, from 17 93% in 2022 to 15 29% in 2026 [2] - ROE is projected to increase from 9 47% in 2022 to 10 33% in 2026 [2] Industry and Company Overview - UII is a strategic AI arm of United Imaging Group, offering multi-scenario, multi-disease, and full-process intelligent solutions [23] - UII's technology is widely applied in medical imaging analysis, intelligent diagnostic assistance, data management, and disease prediction [23] - The company's investment in UII aims to optimize medical device usage and meet the demand for efficient and precise healthcare [24] Valuation and Forecast - The company's revenue is expected to grow from 11,425 14 million in 2024 to 16,633 84 million in 2026 [10] - Net profit attributable to the parent company is forecasted to increase from 1,472 21 million in 2024 to 2,543 14 million in 2026 [10] - The P/E ratio is projected to decrease from 71 12 in 2024 to 41 17 in 2026, indicating improving valuation metrics [10]