UIH(688271) 浙商证券·2025-05-13 10:12Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company is expected to see a recovery in demand and significant profit growth in 2025 due to the resumption of hospital bidding and the introduction of high-end products [2][4] - The company's revenue for 2024 is projected to be 10.3 billion yuan, a decrease of 9.7% year-on-year, while the net profit attributable to the parent company is expected to be 1.262 billion yuan, down 36.1% year-on-year [1][5] - The company is expanding its overseas market presence, with overseas revenue reaching 2.22 billion yuan in 2024, a year-on-year increase of 33.81% [3] Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 3.346 billion yuan, a year-on-year decrease of 15.9%, but a quarter-on-quarter increase of 106% [1] - For Q1 2025, revenue is expected to be 2.478 billion yuan, a year-on-year increase of 5.4%, with net profit attributable to the parent company at 370 million yuan, up 1.9% year-on-year [1][5] Growth Potential - The company’s market share in high-end products is expected to continue to rise, with a nearly 5 percentage point increase in 2024 [2] - The introduction of innovative products such as the uLinacHalosTx precision radiotherapy system and the uMRMax next-generation 3.0T MRI is anticipated to drive growth [2] Profitability Outlook - The gross profit margin for 2024 is projected to be 48.54%, with an expected increase to 49.94% in Q1 2025 [4] - The net profit margin for 2024 is expected to be 12.06%, with an anticipated increase in 2025 due to the recovery of hospital bidding and improved operational efficiency [4] Revenue Forecast - The company’s total revenue is forecasted to be 12.251 billion yuan in 2025, representing a year-on-year growth of 18.94% [5] - The net profit attributable to the parent company is expected to reach 1.799 billion yuan in 2025, a year-on-year increase of 42.59% [5]