UIH(SH:688271) Founder Securities·2025-03-04 11:40Investment Rating - The report maintains a "Recommended" rating for the company, indicating a forecasted increase of over 10% relative to the benchmark index in the next 12 months [1][5]. Core Insights - The company has shown a significant quarter-on-quarter recovery in Q4 2024, driven by innovation and expansion into overseas markets. The revenue for Q4 2024 reached 33.46 billion RMB, reflecting a year-on-year decrease of 15.90% but a substantial quarter-on-quarter increase of 106.43% [3][6]. - The company is focusing on increasing R&D investments and optimizing operational efficiency, which is expected to drive a return to growth. New innovative products, such as silicon carbide MRI and zero-noise DSA, are anticipated to create new growth opportunities [6][5]. - The company achieved a total revenue of 103.00 billion RMB in 2024, a year-on-year decline of 9.73%, with a net profit of 12.62 billion RMB, down 36.08% year-on-year. However, projections for 2025 and 2026 indicate a recovery with expected revenues of 124.13 billion RMB and 150.58 billion RMB, respectively [3][5]. Financial Performance Summary - The company’s total revenue for 2024 is projected at 103.00 billion RMB, with a year-on-year growth forecast of 20.51% for 2025 and 21.31% for 2026 [5][10]. - The net profit for 2024 is expected to be 12.62 billion RMB, with a significant recovery projected for the following years, reaching 18.46 billion RMB in 2025 and 23.72 billion RMB in 2026 [5][10]. - The earnings per share (EPS) is forecasted to be 1.53 RMB in 2024, increasing to 2.24 RMB in 2025 and 2.88 RMB in 2026 [10].