天风证券（601162）发布研报称，预计一脉阳光(02522)2025-2027年营业收入为10.5、13.9、16.8亿元， 同比+38.1%、+32.2%、+21.2%;净利润为0.25、0.60、1.05亿元，2026、2027年同比增速为137.7%、 76.5%;EBITDA为2.36、2.82、3.41亿元，同比+43.0%、+19.5%、+20.9%。考虑到公司作为中国三方医 学影像行业领导者的稀缺性以及作为医疗数据资产运营商的未来发展空间，该行给予公司2026年8倍 PS，对应市值111.1亿元，折合港币为121.9亿港元(2025年11月17日汇率：1人民币约等于1.097港元)，对 应目标价30.4港元，首次覆盖，给予"买入"评级。 天风证券主要观点如下： AI+医疗驱动的第三方影像平台领导者，业绩进入修复期 重资产影像网络构筑"数据入口"，为AI与数据资产化提供稀缺底座 公司通过重资产投入建立了覆盖全国的影像中心网络，截至2025年6月30日已运营115家影像中心，覆盖 17个省份，并持有国内领先数量的第三方影像中心牌照，形成设备、牌照、医生资源和品牌等多重壁 垒。影像中心既是收入"压舱 ...

Core Insights - The meeting between Changsha Flying Fish Medical Imaging Diagnosis Center and the Hunan Enterprise Culture Promotion Association aimed to explore collaboration in healthcare and corporate culture, focusing on resource sharing and member service upgrades [1][3] Group 1: Company Overview - Flying Fish Imaging has been operating in the independent third-party medical imaging diagnosis sector for six years, emphasizing its core value of "benevolence" and providing high-quality imaging diagnostic solutions for cardiovascular and cancer screenings [1][3] - The company has served over 200,000 individuals with MRI, CT, and ultrasound services, showcasing its strong clinical service experience [1] Group 2: Future Plans - The company plans to establish "Flying Fish Health Stations" across various provinces, offering a one-stop service for patients visiting Changsha, which includes consultation, accompaniment, and imaging checks without waiting [3] - There is an intention to deepen cooperation with member units in areas such as customized health check-ups and health education, aiming to create a more convenient and professional healthcare service system [3] Group 3: Collaboration and Support - The Hunan Enterprise Culture Promotion Association recognizes Flying Fish Imaging's technical strength and innovative service models, emphasizing the importance of resource sharing and mutual benefits for joint development [5] - The association will act as a bridge to facilitate cross-industry exchanges and project collaborations, proposing joint initiatives like health seminars and customized health screenings for employees [5][7] Group 4: Next Steps - A regular communication mechanism will be established between the association and Flying Fish Imaging to implement the discussed topics, aiming to inject new momentum into the development of corporate culture and healthcare in Hunan Province [7]

Core Viewpoint - The company is expected to achieve steady growth in H1 2025, driven by its light-asset, modular imaging solution service model, which is anticipated to increase revenue and customer numbers [1][3] Financial Performance - In H1 2025, the company reported revenue of 467 million yuan, a year-on-year increase of 12.9%, and a net profit attributable to shareholders of 16.44 million yuan, a year-on-year increase of 328.6% [1][2] - The adjusted EBITDA after deducting non-recurring items was 135 million yuan, reflecting an 18.7% year-on-year growth [1] Business Segmentation - Imaging center service revenue was 300 million yuan, down 6.1% year-on-year, primarily due to macroeconomic fluctuations and stricter medical industry regulations [2] - Imaging solution revenue reached 161 million yuan, up 88.9% year-on-year, attributed to a significant increase in customer numbers [2] - OneCloud service revenue was 65 million yuan, down 31.9% year-on-year, mainly due to a decrease in one-time software sales [2] Strategic Initiatives - The company has implemented a "one certificate, multiple sites" model to facilitate efficient expansion through regional shared sub-centers [2] - In June, the company completed the acquisition of 70% of Gaomai Health, enhancing its capabilities in nuclear medicine [2] - As of June 30, 2025, the company had 11 imaging centers under construction, expected to begin operations in the second half of the year [2] Market Expansion - The company has successfully adopted a light-asset modular product strategy, lowering customer entry barriers and adding 354 new clients during the reporting period [3] - The company has signed 15 project contracts in overseas markets, marking significant progress in its international expansion [3] Data and AI Development - The company is advancing its data and AI initiatives, establishing a complete "data-algorithm-scenario" ecosystem [3] - The launch of the "CT chest lesion annotation data" product on the Shanghai Data Exchange signifies a transition of data from "resource" to "asset" [3] - Strategic partnerships with industry leaders like iFlytek Medical and Huawei Cloud are being formed to develop smart medical solutions [3] Outlook - The company anticipates continued revenue improvement in H2 2025, supported by the operation of new imaging centers and the light-asset model [3] - The OneCloud platform, along with policies for imaging result recognition and cloud indexing, is expected to enhance operational efficiency and synergy [3] Profitability and Cost Management - The gross margin for H1 2025 was 29.4%, a decrease of 9.2 percentage points year-on-year, due to increased competition and regulatory changes [4] - Effective cost control measures led to a reduction in sales expenses by 18.42% and administrative expenses by 32.50% [4][5] - The net cash flow from operating activities increased by 172.6% to 93.02 million yuan, attributed to improved management of receivables [5] Profit Forecast and Valuation - Short-term revenue growth is expected to be driven by the rapid expansion of light-asset imaging solutions and new imaging centers [5] - Long-term growth is anticipated through the synergistic effects of the company's three main business segments, supported by AI technology [5] - Revenue projections for 2025-2027 are 1.005 billion, 1.241 billion, and 1.494 billion yuan, with corresponding net profit estimates of 33 million, 79 million, and 122 million yuan [5]

Core Insights - The stock of Yimai Sunshine (02522) surged over 8% in early trading, reaching a price of HKD 18.74, with a trading volume of HKD 216 million, following the strong performance of HeartFlow and RadNet in the U.S. market [1] Group 1: Company Performance - Yimai Sunshine is positioned in the same third-party medical imaging sector as RadNet and HeartFlow, but has adopted a differentiated development path through a combination of traditional service sharing models and AI data ecosystems [2] - The company announced a positive earnings forecast on August 4, projecting revenue for the first half of 2025 to be between RMB 450 million and RMB 480 million, representing a year-on-year growth of 8.8% to 16% [2] - Yimai Sunshine expects net profit to be between RMB 14.5 million and RMB 16.5 million, indicating a substantial year-on-year increase of 1350% to 1550% [2] Group 2: Market Context - HeartFlow's stock price increased by 74.9% to a peak of USD 33.24, with a market capitalization of USD 2.698 billion, just four days after its IPO [1] - RadNet also reached a historical high of USD 68.41, with a total market capitalization of USD 5.26 billion, providing a valuable reference for Yimai Sunshine in the Hong Kong market [1]