UIH(SH:688271)2024-05-15 02:00Investment Rating - The report assigns a rating of "Outperform" for the company, indicating an expected total return performance exceeding the benchmark index by more than 10% over the next 12 months [1][10]. Core Insights - The company reported a revenue of RMB 11.4 billion for 2023, representing a year-on-year growth of 23.5%, and a net profit of RMB 1.97 billion, up 19.2% year-on-year, which aligns with expectations [4][5]. - In Q1 2024, the company achieved a revenue of RMB 2.4 billion, a 6.2% increase year-on-year, with a net profit of RMB 360 million, reflecting a 10.2% growth [4]. - The company has expanded its market presence both domestically and internationally, with over 1,000 top-tier hospitals in China and operations in more than 65 countries [4]. - The company ranks first in the domestic market for PET/CT, PET/MR, and XR products, with significant growth in high-end and ultra-high-end products [4]. - The global service network has been enhanced, with over 1,000 service personnel and extensive training programs, improving operational capabilities [4]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are RMB 14.4 billion, RMB 18.3 billion, and RMB 23.4 billion, respectively [5]. - Expected net profits for the same years are RMB 2.37 billion, RMB 2.86 billion, and RMB 3.38 billion, with a current PE ratio of 47 for 2024 [5]. - The company’s revenue growth rates are projected at 26.4%, 26.9%, and 27.9% for 2024, 2025, and 2026, respectively [7][8]. Market Position - The company has established a strong foothold in the high-end medical equipment market, with significant recognition from clinical institutions across various levels [4]. - The international revenue share has increased by 2.96 percentage points year-on-year, indicating robust growth in overseas markets [4]. Valuation - The report maintains a valuation outlook based on projected revenue and profit growth, reinforcing the "Outperform" rating [5].