UIH(SH:688271) Southwest Securities·2024-05-08 11:00Investment Rating - The report does not specify a clear investment rating for the company [1] Core Views - The company reported a revenue of 11.41 billion yuan in 2023, representing a year-on-year increase of 23.5%, and a net profit of 1.97 billion yuan, up 19.2% [2] - The first quarter of 2024 showed a revenue of 2.35 billion yuan, an increase of 6.2%, and a net profit of 360 million yuan, up 10.2% [2] - The growth in revenue is driven by both domestic and international markets, with domestic revenue at 9.5 billion yuan (+19.7%) and overseas revenue at 1.7 billion yuan (+54.0%) [2] - The company has expanded its business network to cover 65 countries and regions globally, with over 700 product registrations and certifications [2] - The release of restrictions on high-end medical equipment procurement is expected to accelerate demand for mid-to-high-end imaging equipment [2] Summary by Sections Financial Performance - In 2023, the revenue from medical imaging equipment was 9.93 billion yuan (+21.1%), maintenance service revenue was 1.07 billion yuan (+42.8%), and software revenue was 170 million yuan (+124.8%) [2] - The company expects revenues for 2024, 2025, and 2026 to be 13.9 billion yuan, 17.2 billion yuan, and 21.5 billion yuan respectively, with net profits of 2.4 billion yuan, 2.9 billion yuan, and 3.6 billion yuan [3][10] Business Segments - The revenue from imaging equipment is projected to grow at rates of 21% in 2024, 22% in 2025, and 24% in 2026, with a gross margin of approximately 47.8% [9] - Maintenance and technical service revenue is expected to grow at a compound annual growth rate (CAGR) of 30% from 2024 to 2026, with gross margins increasing to 65% by 2026 [9] - Software revenue is anticipated to grow at a CAGR of 50% during the same period, with a gross margin of 40% [9] Market Expansion - The company has achieved significant growth in overseas markets, with overseas revenue accounting for 14.7% of total revenue in 2023, an increase of 3 percentage points from 2022 [2] - The company has received multiple certifications, including CE and FDA approvals, enhancing its competitive position in both developed and emerging markets [2] Future Outlook - The company is expected to maintain a strong growth trajectory, with projected revenue growth rates of 22.25% in 2024, 23.42% in 2025, and 24.68% in 2026 [4] - The net profit growth rates are forecasted to be 20.92% in 2024, 22.77% in 2025, and 24.24% in 2026 [4]