UIH(688271) 长江证券·2025-05-09 05:18Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company's performance meets expectations, with a turning point observed in domestic performance. In 2024, the company achieved revenue of 10.3 billion yuan, a year-on-year decrease of 9.73%. The net profit attributable to the parent company was 1.262 billion yuan, down 36.08% year-on-year. However, in Q1 2025, the company reported revenue of 2.478 billion yuan, a year-on-year increase of 5.42%, indicating a recovery trend [5][10]. - The company is deepening its globalization strategy, achieving overseas revenue of 2.266 billion yuan in 2024, a year-on-year increase of 35.07%. The company has expanded its overseas business to over 85 countries and regions, with significant market penetration in North America and Europe [10][11]. - The company is focusing on research and innovation, with R&D investment of 2.261 billion yuan in 2024, accounting for 21.95% of revenue. The company has launched several strategic innovative products and is a leader in AI-enabled imaging devices [10][11]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 10.3 billion yuan, with a decline in sales of medical imaging and radiation therapy equipment by 14.93% to 8.445 billion yuan. The domestic revenue was 7.664 billion yuan, down 19.43% year-on-year. However, Q4 2024 showed improvement in domestic bidding data, and Q1 2025 revenue growth indicates a recovery [10][11]. - The company expects net profits for 2025-2027 to be 2.0 billion, 2.5 billion, and 3.15 billion yuan respectively, with corresponding PE ratios of 55X, 44X, and 35X [10][11]. Global Expansion - The company has made significant strides in its global strategy, with a focus on high-end markets and emerging regions. It has established local sales in key markets such as the Netherlands, France, and Italy, and has covered over 70% of the U.S. state-level administrative regions [10][11]. Research and Development - The company is advancing its R&D efforts, with a focus on the entire supply chain from core components to intelligent system platforms. In 2024, it launched several innovative products and has over 20 AI-enabled devices approved, leading the industry [10][11].