联影医疗（688271）：2025年净利YOY+50%，符合预期

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% from the current price [4][7]. Core Insights - The company reported a revenue of RMB 13.82 billion for 2025, representing a year-over-year increase of 34.2%. The net profit attributable to shareholders was RMB 1.89 billion, up 49.6% year-over-year, with a non-recurring net profit of RMB 1.79 billion, reflecting a 77.0% increase [4]. - The domestic market continues to benefit from the implementation of medical equipment upgrade policies, while the overseas market expansion is strengthening. The demand for high-end medical imaging and radiation therapy equipment is expected to grow significantly due to ongoing policy support [4]. - The company is projected to achieve net profits of RMB 2.29 billion, RMB 2.71 billion, and RMB 3.17 billion for the years 2025 to 2028, with year-over-year growth rates of 21.3%, 18.2%, and 17.3% respectively [4][6]. Company Overview - The company operates primarily in the medical imaging and radiation therapy equipment sector, with 87.8% of its revenue coming from sales of these devices. Maintenance services contribute 9.5%, while software business accounts for 1.1% [4]. - The current market capitalization of the company is approximately RMB 105.04 billion, with a price-to-earnings ratio projected to decrease from 46 times in 2025 to 33 times in 2028 [4][6]. Financial Projections - The company is expected to generate revenues of RMB 12.98 billion in 2025, RMB 15.53 billion in 2026, and RMB 18.26 billion in 2027, with corresponding net profits of RMB 1.89 billion, RMB 2.29 billion, and RMB 2.71 billion [6][9]. - The earnings per share (EPS) are projected to be RMB 2.29 in 2025, RMB 2.78 in 2026, and RMB 3.28 in 2027, indicating a positive growth trajectory [6][9].