UIH(SH:688271) Huajing Securities·2026-03-02 11:25Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 185.31, indicating a potential upside of 45% from the current price of RMB 127.45 [3][6][7]. Core Insights - The company's operating performance is expected to reach a turning point in the second half of 2025, with projected revenue of RMB 138.2 billion for 2025, representing a year-on-year growth of 34.2%, and a net profit of RMB 18.9 billion, up 49.6% [1][2]. - The medical device industry in China is anticipated to maintain a high growth rate in 2026, driven by the normalization of large-scale medical equipment updates and increasing demand for high-end medical imaging and treatment equipment [2][3]. - The report highlights that the company's revenue forecasts for 2025-2027 have been adjusted upwards by 1.7% to 1.5%, while gross margin estimates have been lowered due to the impact of centralized procurement on pricing [2][3]. Financial Summary - For 2025, the company is expected to achieve revenue of RMB 13,829 million and a net profit of RMB 1,905 million, with an EPS of RMB 2.31 [6][9]. - The projected revenue for 2026 is RMB 16,831 million, with a net profit of RMB 2,882 million and an EPS of RMB 3.50 [6][9]. - The report indicates a decrease in gross margin estimates for 2025-2027, with a reduction of 2.08 percentage points for 2025 [2][3].