UIH(688271) 华创证券·2025-05-18 14:32Investment Rating - The report maintains a "Recommended" investment rating for the company with a target price of 156 yuan [1]. Core Insights - The company has experienced rapid growth overseas, with its overseas revenue reaching 2.266 billion yuan in 2024, a year-on-year increase of 35.07%, accounting for 22% of total revenue [6]. - Despite a decline in domestic revenue due to industry adjustments, the company has managed to increase its market share in China by over 3 percentage points [6]. - The maintenance service business has shown steady growth, with revenue increasing by 26.80% to 1.356 billion yuan, contributing to an overall gross margin improvement to 48.54% [6]. - The forecasted net profit for 2025-2027 is expected to be 1.885 billion, 2.288 billion, and 2.784 billion yuan respectively, with corresponding EPS of 2.29, 2.78, and 3.38 yuan [6]. Financial Performance Summary - Total revenue for 2024 is projected at 10.3 billion yuan, with a year-on-year decline of 9.7%. However, growth is expected to rebound with a forecasted increase of 20.5% in 2025 [2]. - The net profit for 2024 is estimated at 1.262 billion yuan, reflecting a significant year-on-year decrease of 36.1%, but a recovery is anticipated with a 49.3% increase in 2025 [2]. - The company’s price-to-earnings ratio is projected to decrease from 90 in 2024 to 41 by 2027, indicating an improving valuation over time [2]. Market Position and Strategy - The company has established a global marketing and service network covering over 85 countries and regions, with a team of more than 700 marketing personnel and over 1,000 service engineers [6]. - The company has successfully set up localized sales and service platforms in key markets such as the Netherlands, France, Italy, and Spain, enhancing its global footprint [6]. - The report highlights the structural opportunities arising from a large-scale medical equipment update policy initiated in 2024, which is expected to benefit the industry in the long term [6].