Core Viewpoint - The company reported a decline in revenue and net profit for the year 2024, but showed signs of recovery in the first quarter of 2025, indicating a potential turnaround in performance [3][4]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 10.3 billion, a decrease of 9.7% year-on-year; net profit attributable to shareholders was 1.262 billion, down 36.1% year-on-year; and the net profit excluding non-recurring items was 1.010 billion, down 39.3% year-on-year [3]. - For Q1 2025, the company reported operating revenue of 2.478 billion, an increase of 5.4% year-on-year, and net profit attributable to shareholders of 370 million, up 1.87% year-on-year, with net profit excluding non-recurring items at 379 million, up 26.1% year-on-year [3]. Group 2: Business Segments - The decline in equipment sales was influenced by changes in industry policies, with 2024 equipment revenue reaching 8.44 billion, a decrease of 14.93% year-on-year. Breakdown by business line shows CT revenue at 3.048 billion (down 25.03%), MR revenue at 3.192 billion (down 2.66%), MI revenue at 1.299 billion (down 16.31%), XR revenue at 587 million (down 22.80%), and RT revenue at 319 million (up 18.05%) [4]. - The company’s maintenance service revenue in 2024 was 1.356 billion, reflecting a growth of 26.80% [4]. Group 3: R&D and International Expansion - The company maintained strong R&D investment in 2024, totaling 2.261 billion, which accounted for 21.95% of revenue. New strategic innovative products were launched, including the uLinacHalosTx precision radiotherapy system and the uMR Max next-generation 3.0T MRI [5]. - International revenue reached 2.220 billion in 2024, marking a year-on-year increase of 33.81%, with international revenue accounting for 22.46% of total revenue [5].

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but showed growth in Q1 2025, indicating a potential recovery trend in the near future [1][2]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 10.3 billion yuan, a year-on-year decrease of 9.7%, and a net profit attributable to shareholders of 1.262 billion yuan, down 36.1% year-on-year [1]. - For Q1 2025, the company reported operating revenue of 2.478 billion yuan, a year-on-year increase of 5.4%, and a net profit attributable to shareholders of 370 million yuan, up 1.87% year-on-year [1]. Group 2: Business Segments - The company's equipment sales were affected by industry changes, with 2024 equipment revenue reaching 8.44 billion yuan, a year-on-year decrease of 14.93% [2]. - The CT business line generated 3.048 billion yuan, down 25.03% year-on-year, while the MR business line brought in 3.192 billion yuan, a decrease of 2.66% [2]. - The maintenance service revenue grew to 1.356 billion yuan in 2024, reflecting a year-on-year increase of 26.8% [2]. Group 3: R&D and International Expansion - The company maintained strong R&D investment of 2.261 billion yuan in 2024, accounting for 21.95% of revenue [3]. - The company launched several strategic innovative products in 2024, including the uLinac HalosTx precision radiotherapy system and the uMR Max next-generation 3.0T MRI [3]. - International revenue reached 2.22 billion yuan in 2024, a year-on-year increase of 33.81%, representing 22.46% of total revenue [3]. Group 4: Profit Forecast and Valuation - The company is a leader in the domestic medical imaging equipment sector, with ongoing R&D and technological innovation enhancing its global competitiveness [3]. - The net profit forecasts for 2025 and 2026 have been revised down to 1.966 billion yuan and 2.281 billion yuan, respectively, reflecting reductions of 33.9% and 39.5% from previous estimates [3]. - A new net profit forecast for 2027 is set at 2.817 billion yuan, with a "buy" rating maintained due to increasing installation volumes and a structured product pipeline [3].