Investment Rating - The investment rating for the company is "Outperform the Market" [6][24][29] Core Views - The company faced performance pressure in 2024 due to delays in medical equipment bidding, but saw a recovery in Q1 2025 as the market rebounded [1][9] - The domestic market was under pressure, while the overseas market showed significant growth, with revenue increasing by 32.3% [2][14] - The company's gross margin remained stable at 48.54%, while expenses increased due to higher R&D and sales costs [3][21] Financial Performance - In 2024, the company achieved revenue of 103.00 billion yuan, a decrease of 9.73%, and a net profit of 12.62 billion yuan, down 36.08% [1][9] - For Q1 2025, revenue was 24.78 billion yuan, up 5.42%, and net profit was 3.70 billion yuan, an increase of 1.87% [1][9] - The company expects revenue for 2025-2027 to be 120.4 billion yuan, 137.7 billion yuan, and 155.3 billion yuan, with corresponding net profits of 17.0 billion yuan, 20.8 billion yuan, and 23.3 billion yuan [24][27] Product Line Analysis - In 2024, equipment sales revenue was 84.45 billion yuan, down 14.9%, with specific product lines showing varied performance [2][14] - The repair service business grew rapidly, achieving revenue of 13.56 billion yuan, an increase of 26.8% [2][14] Market Dynamics - The domestic market revenue was 76.6 billion yuan, down 21.3%, while the overseas market revenue reached 22.2 billion yuan, up 32.3%, increasing its share to 21.6% [2][14] - The company's competitive edge in the global market was enhanced by technological innovation and product diversification [2][14] Expense and Margin Analysis - The company's gross margin was stable at 48.54%, while the total expense ratio increased to 39.11% [3][21] - Sales expense ratio rose to 17.70%, management expense ratio to 5.40%, and R&D expense ratio to 17.10% [3][21]

Core Viewpoint - In 2024, the company faced performance pressure due to delays in medical equipment bidding, but a market recovery in Q1 2025 led to a year-on-year performance rebound [1][2]. Financial Performance - In 2024, the company achieved revenue of 10.3 billion yuan (-9.73%) and a net profit attributable to shareholders of 1.262 billion yuan (-36.08%) [1]. - Q4 2024 revenue was 3.346 billion yuan (-15.90%), with a net profit of 591 million yuan (-35.09%) [1]. - Q1 2025 revenue increased to 2.478 billion yuan (+5.42%), with a net profit of 370 million yuan (+1.87%) [1]. Product Line Analysis - In 2024, equipment sales revenue was 8.445 billion yuan (-14.9%), with specific product line revenues showing varied performance: CT/MR/MI/XR/RT products down by 25%/-3%/-16%/-23% but RT business grew by 18% [1]. - The maintenance service business grew rapidly, achieving revenue of 1.356 billion yuan (+26.8%) due to increased installed capacity [1]. Market Performance - Domestic market revenue in 2024 was 7.66 billion yuan (-21.3%), impacted by industry restructuring and prolonged equipment update policies [2]. - Overseas market revenue reached 2.22 billion yuan (+32.3%), with its revenue share increasing to 21.6% (+6.9 percentage points) due to technological innovation and product diversification [2]. Profitability and Expenses - The company's gross margin in 2024 was 48.54% (+0.06 percentage points), remaining stable [2]. - Expense ratios increased: sales expense ratio at 17.70% (+2.19 percentage points), management expense ratio at 5.40% (+0.48 percentage points), R&D expense ratio at 17.10% (+1.95 percentage points) [2]. Investment Outlook - The domestic bidding recovery is expected to drive performance recovery, with a significant impact from the global strategy [3]. - Revised revenue forecasts for 2025-2027 are 12.04 billion yuan, 13.77 billion yuan, and 15.53 billion yuan, with corresponding net profits of 1.70 billion yuan, 2.08 billion yuan, and 2.33 billion yuan [3].