UIH(SH:688271) HTSC·2025-10-30 12:25Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company achieved significant revenue and net profit growth in Q3 2025, with a year-over-year revenue increase of 27.4% to 8.859 billion RMB and a net profit increase of 66.9% to 1.120 billion RMB [1] - The company is expected to continue its quality and speed improvement in 2025 due to strong product capabilities, recovering domestic market demand, and ongoing overseas channel development [1] Revenue and Profitability - For the first three quarters of 2025, the company's gross margin was 47.0%, a slight decrease of 0.5 percentage points year-over-year, attributed to changes in product sales structure [2] - The company reported a net operating cash flow of 107 million RMB, indicating a significant improvement in cash flow levels [2] Business Segments - Equipment products generated 7.071 billion RMB in revenue, a year-over-year increase of 23.9%, with strong sales in MR, RT, XR, and MI products [3] - Maintenance and service revenue reached 1.243 billion RMB, growing 28.4% year-over-year, supported by a substantial installed base of over 37,300 units globally [3] Geographic Performance - Overseas revenue for the first three quarters of 2025 was 1.993 billion RMB, up 42.0% year-over-year, with a 22.5% share of total revenue [4] - Domestic revenue was 6.866 billion RMB, reflecting a year-over-year increase of 23.7%, driven by new product introductions and favorable domestic equipment upgrade policies [4] Profit Forecast and Valuation - The company’s net profit forecasts for 2025-2027 are adjusted to 2.005 billion RMB, 2.419 billion RMB, and 2.916 billion RMB, respectively, with a target price of 187.89 RMB based on a 64x PE ratio for 2026 [5]