UIH(SH:688271) EBSCN·2025-06-27 08:32Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The recent stock incentive plan reflects the company's confidence in long-term development, with a target revenue growth rate of 20.00%/44.00%/72.80% for 2025-2027 [2] - The company continues to invest heavily in R&D, with an expected investment of 2.261 billion yuan in 2024, accounting for 21.95% of revenue [3] - The medical imaging equipment bidding market is expected to recover, which will significantly improve the company's performance [3] Summary by Sections Investment Rating - The company is rated as "Buy" based on its strong market position and growth potential [5] Stock Incentive Plan - The company announced a stock incentive plan for 1,368 employees, granting 5 million shares at 95 yuan per share, representing 0.61% of the total share capital [1] - The assessment period for the stock incentive is set for 2025-2027, with specific revenue growth targets and trigger values for each year [2] R&D and Product Development - The company has launched several innovative products, including the uLinacHalosTx precision radiotherapy system and the uMR Max 3.0T MRI [3] - The R&D investment is projected to continue to support the company's competitive edge in the medical imaging sector [3] Financial Forecasts - The company is projected to achieve net profits of 1.966 billion yuan, 2.281 billion yuan, and 2.817 billion yuan for 2025, 2026, and 2027 respectively [3] - Revenue is expected to grow from 11.863 billion yuan in 2025 to 17.390 billion yuan in 2027, with corresponding growth rates of 15.17%, 20.43%, and 21.73% [4]