UIH(688271) 群益证券·2025-01-23 07:02Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% [4][8]. Core Insights - The company is a leading player in high-end medical equipment, with a strong focus on research and development, achieving a 40% R&D personnel ratio in 2023 and a CAGR of over 30% in R&D investment from 2020 to 2023 [4]. - The company has shown significant market share growth in key segments, with 2023 market shares of 24% for CT, 22% for MR, and 15% for DR, compared to 8% in 2019 for each category [5]. - The company is actively expanding its international business, with a 37% year-on-year growth in foreign revenue for the first three quarters of 2024, now accounting for 20% of total revenue [5]. - Maintenance service revenue has increased by 27% year-on-year, contributing 14% to total revenue, with potential for further growth as the installed base increases [5]. Summary by Sections Company Overview - The company was established in 2011 and is recognized as a leader in high-end medical devices, with products that include CT, MR, and radiation therapy equipment [4]. - The management team largely comes from major international companies, enhancing its competitive edge [4]. Financial Performance - The company reported a net profit of RMB 1,974 million in 2023, with projections of RMB 1,209 million for 2024, followed by recoveries to RMB 1,608 million in 2025 and RMB 1,972 million in 2026 [7]. - The earnings per share (EPS) for 2024 is projected at RMB 1.47, with a recovery to RMB 1.95 in 2025 and RMB 2.39 in 2026 [7]. Market Position - The company has a strong domestic market presence, with 80% of revenue coming from domestic sales in the first three quarters of 2024 [5]. - The company has successfully penetrated developed markets such as the U.S., Japan, and Europe, while also targeting emerging markets with competitive products [5].