2026 年 3 月 2 日 医药: 超配 证券研究报告 / 公司更新报告 联影医疗 (688271 CH, 买入, 目标价: RMB185.31) 2H25 经营业绩迎拐点，2026 年医疗设备行业高景气有望延续 2H25 公司经营业绩进入拐点：根据公司 2025 年业绩快报，联影医疗预计实现营业收入 138.2 亿元，同比增长 34.2%；归母净利润 18.9 亿元，同比增长 49.6%；每股收益 （EPS）为 2.29 元。我们预计 4Q25 公司实现收入和净利润 49.6 亿元和 7.7 亿元，同比 分别增长 48.2%和 30.3%。分季度看，2025 年 1-3 季度公司实现收入和净利润增速分别为 5.4%/ 18.6%/ 75.4%和 1.9%/ 7.0%/ 143.8%。根据公司业绩快报，公司 2025 年业绩增长 主要受公司创新产品持续推出、高端产品市场认可度不断提升、全球营销及服务进一步体 系完善、海外业务快速增长、管理运营质量持续优化、国内设备更新政策逐步常态化落地 等多重因素推动。 赵冰, 分析师 证书编号：S1680519040001 电话：+86 21 6015 6766 注：历史 ...

一、2025年年度主要财务数据和指标 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审计，具体数据以上海联影医疗 科技股份有限公司（以下简称"公司"）2025年年度报告为准，提请投资者注意投资风险。 单位：人民币万元 2.以上财务数据及指标以合并报表数据填列，但未经审计，最终结果以公司2025年年度报告为准。 二、经营业绩和财务状况情况说明 （一）报告期的经营情况、财务状况及影响经营业绩的主要因素 1、经营情况、财务状况 公司2025年度实现营业总收入1,382,064.02万元，同比增长34.18%；实现归属于母公司所有者的净利润 188,779.84万元，同比增长49.60%；实现归属于母公司所有者的扣除非经常性损益的净利润178,834.08 万元，同比增长77.01%。 2025年末，公司总资产3,280,039.60万元，同比增长17.00%；归属于母公司的所有者权益2,159,024.54万 元，同比增长8.48%。 2、影响经营业绩的主要因素 ...

2月25日晚间，联影医疗（688271.SH）披露2025年度业绩快报。根据公告，公司全年实现营业总收入 138.21亿元，较上年同期增长34.18%；归属于母公司所有者的净利润达18.88亿元，同比增长49.60%； 扣除非经常性损益后的归母净利润为17.88亿元，同比大幅增长77.01%。基本每股收益2.29元，同比增 长48.70%；加权平均净资产收益率为9.09%，较上年同期增加2.56个百分点。 联影医疗在公告中表示，未来随着创新产品在全球市场加快导入、重点项目陆续交付及全球本土化服务 体系日益成熟，公司整体经营规模与运营质效有望进一步提升。 需要注意的是，上述财务数据为初步核算结果，尚未经会计师事务所审计，最终数据以公司正式披露的 2025年年度报告为准。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 从财务数据来看，公司营业利润、利润总额、归母净利润等多项核心指标增幅均超过30%，其中扣非净 利润增速接近八成，显示出主营业务盈利能力的显著改善。截至报告期末，公司总资产为328亿元，同 比增长17%；归属于母公司的所有者权益约215.9 ...

Core Insights - The article emphasizes the potential long-term boost in medical equipment procurement driven by the implementation of equipment renewal policies, recommending companies that are likely to benefit from this trend [1][3]. Group 1: Investment Recommendations - The investment rating is maintained at "Overweight," focusing on medical equipment companies that are expected to benefit from the rollout of equipment renewal policies [2]. - Monthly procurement data for January 2026 shows a decline in new equipment bidding, with MRI down 22.6%, CT down 25.6%, DR down 18.2%, and ultrasound down 10.1%, while endoscopes grew by 1.1% and surgical robots decreased by 20.1% [2]. Group 2: Policy Impact - The joint issuance of the "Implementation Plan for Promoting Equipment Renewal in the Medical and Health Sector" by four ministries aims for a 25% increase in medical equipment investment by 2027 compared to 2023, enhancing high-end equipment availability to levels seen in middle-income countries [3]. - Significant procurement plans for medical equipment have been announced across various provinces and cities in 2024, indicating a strong push for equipment renewal [3]. Group 3: Surgical Robot Market - The National Medical Insurance Administration released guidelines for pricing surgical robot services, which will standardize pricing and promote the widespread adoption of robotic surgery technologies [4]. - The guidelines focus on the clinical value and participation of robots in surgeries, encouraging companies to develop high-value technologies that enhance clinical outcomes [4]. - A new pricing project for "remote surgical assistance" has been established, providing a regulatory foundation for improving remote surgical capabilities and resource allocation [4].

Core Viewpoint - The company, Shanwaishan, has shown significant growth in its blood purification equipment and consumables sales, indicating a strong market position and potential for future expansion in both domestic and international markets. Group 1: Financial Performance - In Q3 2025, the revenue from blood purification equipment reached 393.08 million yuan, representing a year-on-year growth of 39.70% [7] - During the same period, revenue from blood purification consumables was 136.96 million yuan, with a year-on-year increase of 46.47% [7] - The total market capitalization of Shanwaishan is currently 5.456 billion yuan, ranking 68th in the medical device sector [1] Group 2: Market Position and Strategy - The company holds a leading position in the domestic market, with a market share of 21.44% for blood dialysis machines, making it the top domestic brand [3] - The market share for continuous blood purification equipment is 20.77%, also leading the industry [3] - The company is focusing on technological innovation and market demand to drive growth, aiming to expand both domestically and internationally [3] Group 3: International Expansion - The company has made strides in its international strategy, achieving breakthroughs in emerging markets such as Latin America and Africa, with 22 new overseas device registrations [4] - In Q3 2025, revenue from international markets reached 131.92 million yuan, reflecting a year-on-year growth of 43.04% [4] Group 4: Policy and Market Opportunities - The National Development and Reform Commission has proposed policies to enhance the efficiency of equipment update loans, which the company is actively following to explore new opportunities [2] - The company is closely monitoring the price trends and rhythm of centralized procurement for consumables, indicating a proactive approach to market changes [3] Group 5: Future Plans - The company is progressing with its fundraising projects and will continue to monitor market dynamics to ensure successful implementation [5] - Future stock incentive plans will be evaluated based on operational performance, with timely disclosures as necessary [6]

Core Viewpoint - The medical equipment procurement scale is expected to grow rapidly year-on-year due to the implementation of the 2025 equipment renewal policy, with a significant increase in demand for high-end medical devices [1][2][3] Group 1: Equipment Procurement Trends - In December 2025, the procurement scale for new medical devices showed a decline in MR by 11.8%, CT by 7.3%, DR by 3.9%, and ultrasound by 1.3%, while endoscopes increased by 1.4% and surgical robots decreased by 23.9% [1][2] - Cumulatively for the year 2025, the procurement scale for MR increased by 31.4%, CT by 53.2%, DR by 53.2%, ultrasound by 42.3%, endoscopes by 16.3%, and surgical robots by 21.9% [2] Group 2: Company Performance - In December 2025, the performance of specific companies showed that Union Medical's MR declined by 17.4%, while its CT increased by 17.4%. Mindray's ultrasound grew by 13.8%, and KAILI's ultrasound decreased by 13.5%. KAILI's endoscope increased by 61.1%, and Aohua's endoscope grew by 9.4% [2] - For the entire year of 2025, Union Medical's MR grew by 15.6%, CT by 47.7%, Mindray's ultrasound by 56.3%, KAILI's ultrasound by 69.7%, KAILI's endoscope by 85.0%, and Aohua's endoscope by 24.4% [2] Group 3: Policy Impact - The 2024 policy aims to increase medical equipment investment by over 25% compared to 2023 by 2027, enhancing the configuration of high-end equipment to levels seen in middle-income countries [3] - The implementation of the equipment renewal policy is expected to significantly boost procurement levels across various medical institutions, leading to a recovery in the domestic market and a turning point for equipment companies [3]

Group 1 - The core viewpoint of the article highlights the positive impact of new policies on the medical industry, particularly in pathology services and medical equipment, which are expected to drive growth in the sector [1] - The medical industry ETF (159877.SZ) has seen a rise of 1.99%, with specific stocks like Lepu Medical increasing by 6.58%, indicating strong market interest [1] - The implementation of refined pricing policies for pathology services is set to standardize and digitize the sector, enhancing the value of digital technologies such as digital slicing and remote diagnosis [1] Group 2 - The government is expected to continue promoting medical equipment updates through 2026, focusing on optimizing application conditions and supporting small and medium-sized enterprises, which will likely boost the bidding environment for medical devices [1] - As company inventory levels clear, a turning point in industry performance is anticipated, with particularly strong demand for high-end medical equipment [1] - The dual policy benefits are expected to significantly benefit the medical industry ETF, especially in the areas of pathology diagnosis and high-end medical equipment [1]

Group 1 - The medical ETF (159828) has risen over 0.9%, with high-end medical devices and innovative drugs becoming focal points in the industry [1] - The high-end medical device sector is experiencing business growth driven by the recovery of hospital procurement, gradual recovery of domestic demand for consumer medical devices, and market share replacement of imported brands [1] - The orthopedic joint consumables price reduction has reached a bottom, with an increase in market share for orthopedic robots and new growth opportunities from international expansion [1] Group 2 - Innovative medical devices are expected to recover from the low point since the second half of 2023, supported by national policies promoting the update of medical equipment, with a forecasted stabilization in growth by Q3 2025 and a positive growth trend in 2026 [1] - The pharmaceutical equipment industry is seeing marginal recovery and continuous improvement in profitability, with rapid overseas growth opening new avenues for growth [1] - The recovery of innovative drug financing and frequent business development transactions are driving the recovery of Contract Manufacturing Organizations (CMOs), which is expected to gradually transmit to the pharmaceutical equipment industry, indicating a potential cycle reversal [1]

Core Viewpoint - The article maintains an "overweight" rating, recommending medical device companies that are expected to benefit from the implementation of equipment upgrade policies leading to performance recovery [1] Group 1: Market Growth and Equipment Procurement - The scale of medical device bidding continues to grow, with significant increases in November 2025: MR up 11.1%, CT up 26.4%, DR up 47.2%, ultrasound up 17.0%, endoscopes down 4.9%, and surgical robots up 8.6% [2] - Cumulatively, by November 2025, the bidding scale for new equipment shows substantial growth: MR up 50.4%, CT up 72.7%, DR up 74.0%, ultrasound up 56.1%, endoscopes up 19.7%, and surgical robots up 32.8% [2] - Specific company performance in November 2025 includes: United Imaging MR up 3.0%, United Imaging CT up 41.9%, Mindray ultrasound up 24.5%, KAILI ultrasound up 70.2%, KAILI endoscope up 47.4%, and Aohua endoscope up 60.3% [2] - Year-to-date performance by November 2025 shows: United Imaging MR up 39.7%, United Imaging CT up 56.4%, Mindray ultrasound up 68.4%, KAILI ultrasound up 92.6%, KAILI endoscope up 87.8%, and Aohua endoscope up 26.1% [2] Group 2: Policy Impact and Market Recovery - The implementation of equipment upgrade policies is expected to drive long-term procurement levels in the medical device sector, with a target of over 25% growth in equipment investment by 2027 compared to 2023 [3] - In 2024, significant procurement plans for medical equipment are expected to be announced across various provinces, indicating a robust demand for innovative diagnostic and treatment equipment [3] - The domestic market is showing signs of recovery, with a reported revenue of 6.866 billion yuan for United Imaging in the first three quarters of 2025, reflecting a year-on-year growth of 23.70% [3]

Group 1 - The core viewpoint of the articles highlights a positive market sentiment in the medical device sector, with the medical device ETF (562600) experiencing a slight decline of 0.34% but achieving net inflows for 17 consecutive trading days [1] - Major provinces in China, including Jiangsu, Guangdong, and Hainan, are set to launch large-scale medical equipment update projects with a total budget exceeding 4.3 billion yuan by the third quarter of 2025 [1] - The demand for home medical devices is stabilizing post-pandemic, with a gradual recovery expected in retail pharmacy non-drug segments, indicating a potential for sustained growth in the future [1] Group 2 - The long-term investment logic in the medical device sector is clear, with the medical device ETF (562600) tracking the CSI All-Share Medical Device Index, which includes 100 representative listed companies in core medical fields [2] - Investors can also consider convenient options such as the 华夏中证全指医疗器械ETF发起式联接A (021250) and 华夏中证全指医疗器械ETF发起式联接C (021251) for exposure to the medical device sector [2]