UIH(SH:688271) Haitong Securities International·2025-11-10 09:05Investment Rating - Maintain Outperform rating with a target price of 167.24 RMB, representing a potential upside of 7% [1][11]. Core Insights - The company achieved revenue of 8.86 billion RMB and net profit attributable to shareholders of 1.12 billion RMB in the first three quarters of 2025, with a recurring net profit of 1.05 billion RMB [1][11]. - Domestic revenue grew by 23.70% year-on-year to 6.87 billion RMB, driven by ongoing medical equipment updates and supportive macroeconomic policies [12][4]. - Overseas revenue reached 1.99 billion RMB, a year-on-year increase of 41.97%, with the overseas revenue share rising to 22.50% [13][4]. - The service business saw a 28.44% year-on-year growth, contributing to improved profit quality [14][4]. Financial Summary - For 2025, the company is projected to achieve total revenue of 12.44 billion RMB, with a net profit of 1.81 billion RMB, reflecting a 43.7% increase from the previous year [2][5]. - The projected PE ratio for 2025 is 62.56, indicating a favorable valuation compared to peers [2][6]. - The company’s return on equity (ROE) is expected to improve from 6.3% in 2024 to 8.4% in 2025 [2][5]. Market Position - The company maintains a leading position in the medical imaging equipment sector, benefiting from a comprehensive product portfolio and continuous innovation [12][4]. - The domestic medical equipment industry is experiencing a recovery and structural upgrade, which is favorable for the company's growth [12][4]. - The company is expanding its global presence, particularly in North America, Europe, and Asia-Pacific, enhancing its market share in key regions [13][4].