Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown a clear performance inflection point with rapid growth in overseas markets and a recovery in domestic business [3][7] - In the first half of 2025, the company achieved revenue of 6.016 billion yuan, representing a year-on-year increase of 12.79%, and a net profit attributable to shareholders of 999.8 million yuan, up 5.03% [7] - The domestic market revenue reached 4.873 billion yuan, growing by 10.74%, with a 3.4 percentage point increase in market share in the medical imaging and radiation therapy equipment sector [7] - The overseas business revenue was 1.142 billion yuan, up 22.48%, accounting for 18.99% of total revenue, with significant growth in the US and European markets [7] - The company has a strong order backlog, with contract liabilities of 2.463 billion yuan, reflecting good order conditions [7] - The company has implemented a stock incentive plan with ambitious growth targets, indicating confidence in future growth [7] - Revenue forecasts for 2025 to 2027 are adjusted to 12.396 billion yuan, 14.926 billion yuan, and 17.808 billion yuan, with corresponding net profits of 1.861 billion yuan, 2.365 billion yuan, and 2.962 billion yuan [8] Financial Summary - The company’s current price-to-earnings (PE) ratio is 96.27, and the price-to-book (PB) ratio is 6.06 [1] - The total market capitalization is 126.08 billion yuan, with a total share count of 824 million shares [1] - The projected earnings per share (EPS) for 2025 is 2.26 yuan, with a PE ratio of 67.8 [8]