UIH(SH:688271) Changjiang Securities·2025-04-25 13:41Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [12]. Core Viewpoints - The company, United Imaging Healthcare, has emerged as a leading domestic medical imaging equipment manufacturer, breaking the long-standing monopoly of three international companies in the domestic market. It has a significant advantage in research and supply chain capabilities, leading the incremental market and achieving remarkable results. The company is not only focused on the domestic market but is also gradually expanding into overseas markets, benefiting from the ongoing import substitution in the mid-to-high-end medical imaging equipment sector and the release of policy dividends [3][8]. Summary by Relevant Sections Company Overview - Founded in 2011 in Shanghai, United Imaging Healthcare has launched over 120 products, including MRI, CT, XR, PET/CT, PET/MR, RT systems, and life science instruments. The company has consistently ranked first in domestic market share for new additions and has successfully penetrated developed markets such as the US, Japan, and Europe, breaking the long-standing dominance of multinational corporations [8][20]. Market Dynamics - The domestic medical imaging equipment market is experiencing rapid growth, driven by an aging population and increasing healthcare demands. The current domestic equipment ownership per capita is low, with the localization rate of medical imaging equipment (CT, DSA, etc.) ranging from 10% to 50%. The company is well-positioned to capture market share as hospitals increase their investments in medical imaging equipment [9][62][85]. International Expansion - The company has established regional headquarters and R&D centers in the US, Malaysia, UAE, and Poland since 2017. By mid-2024, its products have entered over 70 countries, including the US, Japan, and India. The company employs a "one core, multiple wings" strategy to deepen its presence in North America and Europe while rapidly expanding in India [10][11]. Innovation and R&D - United Imaging Healthcare integrates research, clinical application, and industrial transformation, forming a closed-loop management system from innovation to commercialization. The company collaborates with renowned hospitals and research institutions to leverage complementary strengths in technology and product development [11][32]. Financial Performance - The company forecasts net profits of 1.26 billion, 1.75 billion, and 2.21 billion yuan for 2024, 2025, and 2026, respectively. The current stock price corresponds to P/E ratios of 82X, 59X, and 47X for the respective years [11][12].