60亿营收、近20%研发占比！联影半年报亮出硬实力

Financial Performance: Steady Improvement - The company reported a revenue of 6.016 billion yuan, a year-on-year increase of 12.79%, indicating steady expansion [5][6] - The net profit attributable to shareholders was 998 million yuan, up 5.03%, while the net profit excluding non-recurring items reached 966 million yuan, growing by 21.01% [5][6] - Operating cash flow turned positive at 48.76 million yuan, recovering from a negative 625 million yuan in the same period last year [5][6] R&D and Products: High Investment and Technical Depth - R&D expenses reached 1.14 billion yuan, accounting for 18.95% of revenue, maintaining a high level compared to industry peers [7] - The company leads several key national R&D projects, showcasing its capability in high-end imaging equipment [7] - The focus on self-developed core components establishes competitive advantages beyond just product offerings [7] Industry Environment: Policy Opportunities and Market Space - There is a pressing demand for medical equipment upgrades, supported by national policies promoting modernization [8][9] - The Chinese medical imaging equipment market is projected to grow from 53.7 billion yuan in 2020 to nearly 110 billion yuan by 2030, with a compound annual growth rate of approximately 7.3% [8] - The shift from single-device demand to comprehensive solutions aligns with the company's capabilities [9] Competitive Landscape: Competing with International Giants - The company’s product line now matches that of international leaders like GE Healthcare and Siemens, covering a wide range of medical imaging technologies [10][11] - It has achieved breakthroughs in high-end fields, establishing itself as a full-line competitor rather than a partial alternative [11] - The competitive focus is shifting from performance metrics to overall delivery capabilities and clinical reputation [11] Strategy and Globalization: Focus and Expansion - The company is advancing its global layout while concentrating on core business areas, divesting non-core assets [12][14] - It has established multiple R&D and production sites to support international sales and service [13][17] - The strategy of "globalization + focus" aims to maintain a sustainable expansion model in a high-investment environment [14][18]