UIH(SH:688271) GOLDEN SUN SECURITIES·2025-09-04 06:14Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company has shown steady growth in the domestic market and impressive performance in overseas markets, with a strong commitment to AI empowerment strategy [2][3] - The demand for procurement is gradually recovering, leading to coordinated growth in equipment and services, with notable growth in MR and XR product lines [2] - The company is expected to achieve revenue growth of 19.6%, 21.2%, and 20.8% for the years 2025, 2026, and 2027 respectively, with net profit growth of 51.5%, 31.0%, and 26.5% during the same period [4] Financial Performance - In the first half of 2025, the company achieved operating revenue of 60.16 billion yuan, a year-on-year increase of 12.79%, and a net profit attributable to the parent company of 9.98 billion yuan, up 5.03% year-on-year [1] - The revenue from equipment was 48.90 billion yuan, an increase of 7.61% year-on-year, while service revenue reached 8.16 billion yuan, growing by 32.21% year-on-year [2] - The company’s domestic revenue was 48.73 billion yuan, up 10.74% year-on-year, and overseas revenue was 11.42 billion yuan, an increase of 22.49% year-on-year [2] Product Line Performance - The company has successfully integrated AI into all imaging diagnostic equipment, with over 20 AI-enabled devices approved, leading the industry [3] - In the MR segment, the uMR Jupiter 5T has improved imaging speed by 40% through AI empowerment [3] - The uMI Panvivo in the MI segment has reduced full-body scan time to one minute and enhanced diagnostic confidence with a 3.9 times signal-to-noise ratio improvement [3] Market Expansion - The company has made significant progress in both high-end and emerging markets, with over 70% of U.S. states covered in the North American market and more than 400 units installed [2] - In Europe, the sales, service, and operational systems are rapidly improving, with local team expansion in Southern and Northern Europe [2] - Emerging markets in Latin America and Southeast Asia have seen significant growth in orders and revenue, with the first 5T Jupiter MRI order placed in Turkey [2]