Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 156.55, representing a potential upside of 17% from the current price of RMB 132.90 [1][9]. Core Insights - The company achieved a revenue of RMB 10.30 billion in 2024, a decrease of 9.73% year-on-year, and a net profit attributable to shareholders of RMB 1.26 billion, down 36.08% [9][10]. - In Q1 2025, the company reported a revenue of RMB 2.48 billion, an increase of 5.42%, and a net profit of RMB 370 million, up 1.87% [9][10]. - The company is expected to have EPS of RMB 2.20 in 2025 and RMB 2.65 in 2026, with a new forecast for 2027 at RMB 3.18 [9][10]. Financial Summary - Revenue and Profit Forecasts: - 2023A: Revenue of RMB 11.41 billion, Net Profit of RMB 1.97 billion - 2024A: Revenue of RMB 10.30 billion, Net Profit of RMB 1.26 billion - 2025E: Revenue of RMB 12.44 billion, Net Profit of RMB 1.81 billion - 2026E: Revenue of RMB 14.97 billion, Net Profit of RMB 2.18 billion - 2027E: Revenue of RMB 17.99 billion, Net Profit of RMB 2.62 billion [2][5]. - Key Financial Ratios: - Net Asset Return Rate (ROE) is projected to be 6.3% in 2024 and 10.2% in 2027 [2][5]. - The Price-to-Earnings (P/E) ratio is expected to be 86.80 in 2024 and decrease to 41.84 by 2027 [2][5]. Market Position and Strategy - The company continues to increase its domestic market share, with a structural growth of over 3 percentage points year-on-year, particularly in high-end products [10][11]. - In 2024, the company achieved overseas revenue of RMB 2.27 billion, a growth of 35.07%, accounting for 22% of total revenue [11][12]. - The service revenue reached RMB 1.36 billion in 2024, representing a 26.80% increase and accounting for 13.16% of total revenue [12]. Conclusion - The report highlights the company's strong position in the medical imaging equipment sector, supported by ongoing domestic policy and international market expansion, justifying the "Outperform" rating and the target price increase [9][10][11].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 156.55, representing a potential upside of 17% from the current price of RMB 132.90 [1][10]. Core Insights - The company achieved a revenue of RMB 10.30 billion in 2024, a decrease of 9.73% year-on-year, with a net profit attributable to shareholders of RMB 1.26 billion, down 36.08% [5][10]. - In Q1 2025, the company reported a revenue of RMB 2.48 billion, an increase of 5.42%, and a net profit of RMB 370 million, up 1.87% [5][10]. - The company is expected to have EPS of RMB 2.20 in 2025 and RMB 2.65 in 2026, with a new forecast for 2027 at RMB 3.18 [5][10]. Domestic Market Performance - The company continues to increase its domestic market share, with a revenue of RMB 7.66 billion in 2024, reflecting a decline of 19.43% [11]. - The company achieved structural breakthroughs with a differentiated strategy, increasing overall business share by over 3 percentage points year-on-year, with high-end products contributing nearly 5 percentage points [11]. International Market Expansion - The company reported overseas revenue of RMB 2.27 billion in 2024, an increase of 35.07%, accounting for 22% of total revenue [12]. - The company has established a marketing team of over 700 and more than 1,000 service engineers, covering over 200 cities in more than 85 countries [12]. Service Revenue Growth - In 2024, service revenue reached RMB 1.36 billion, up 26.80%, accounting for 13.16% of total revenue [13]. - The after-sales service gross profit margin increased by 1.71 percentage points to 63.43%, supporting overall profitability [13].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 10.3 billion yuan in 2024, a year-over-year decrease of 9.73%, and a net profit attributable to shareholders of 1.262 billion yuan, down 36.09% year-over-year [2] - The company is actively expanding its overseas markets, having established sales networks in multiple countries, including the US, UK, Japan, and South Korea, with overseas revenue growing by 33.81% year-over-year to 2.22 billion yuan in 2024 [6][7] - The company has a strong focus on R&D, with an investment of 2.261 billion yuan in 2024, accounting for 21.95% of its revenue, and a patent application count exceeding 9,300 [7][8] Financial Performance Summary - In Q4 2024, the company achieved a revenue of 3.346 billion yuan, a decrease of 15.90% year-over-year, and a net profit of 591 million yuan, down 35.09% year-over-year [2] - For Q1 2025, the company reported a revenue of 2.478 billion yuan, an increase of 5.42% year-over-year, and a net profit of 370 million yuan, up 1.87% year-over-year [2] - The company expects revenues of 12.164 billion yuan, 14.488 billion yuan, and 17.612 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.802 billion yuan, 2.408 billion yuan, and 3.259 billion yuan [9][11] Market Position and Competitive Advantage - The company is a leading domestic medical imaging equipment manufacturer with strong product competitiveness and high R&D barriers [9] - The company has achieved 100% self-research capability in core components across various business lines, including MR, CT, and MI, positioning itself as a global leader in technology [8][9]