来源：环球网 自身实力方面，联影集团凭借着自主创新实力，已向市场推出超220款硬件和软件产品；具备产学研医 融合创新实力，通过科研合作助力当地医疗水平发展；提供全生命周期服务，7*24小时响应，完善的远 程技术支持系统等。这些优势，为联影拓展海外市场提供了强劲的内源动力，助力其在国际市场竞争中 稳步前行。 此外，在8月15日召开的China-Hospeq 2025全体会议上，中非医院联盟正式成立。联影医疗作为牵头单 位，联合北京协和医院、埃塞俄比亚华盛顿医院，发起中非医院联盟肿瘤防治联合工作组，联合复旦大 学附属中山医院、东南大学附属中大医院、四川省遂宁市中心医院、摩洛哥穆罕默德六世大学医院等共 同发起中非医院联盟数字化医学影像及介入联合工作组，计划通过中国自主研发的高端医学装备，以人 工智能辅助诊断、信息化技术平台为支撑，通过联合人才培养、学术技术交流、科研合作等多种方式， 提升非洲医学影像与介入治疗、肿瘤临床诊断及治疗水平。 在中非联盟-埃塞俄比亚援外班学员参观联影展台后，学员Dr. Fekadu Negash向环球网记者表示，对于 医生而言，拥有优质高效的诊断模式至关重要。另一个援外班学员Samuel ...

Investment Rating - The report maintains a "Hold" rating for the company, indicating that the stock is expected to perform in line with the market benchmark over the next six months [4][18]. Core Insights - The company reported a revenue of 10.3 billion in 2024, a decrease of 9.7% year-on-year, and a net profit of 1.262 billion, down 36.1% year-on-year. However, in Q1 2025, the company achieved a revenue of 2.48 billion, reflecting a growth of 5.4% year-on-year, and a net profit of 370 million, up 1.9% year-on-year [2][4]. - The domestic bidding trend is accelerating, leading to a recovery in performance in Q1 2025, supported by policy implementation and market recovery. The company is expected to continue to see growth as installations increase [2][3]. - The company achieved a market share increase of over 3 percentage points in 2024, despite an overall industry slowdown, with high-end products seeing a 5 percentage point increase in market share [3]. Financial Performance Summary - In 2024, the company’s revenue from CT was 3.04 billion (down 25%), MR revenue was 3.19 billion (down 2.7%), MI revenue was 1.3 billion (down 16.3%), XR revenue was 590 million (down 22.8%), and RT revenue was 320 million (up 18.1%). Maintenance revenue grew significantly to 1.356 billion, up 26.8% [3]. - The company’s overseas revenue reached 2.2 billion in 2024, a 34% increase year-on-year, with nearly 300 high-end machines sold globally [2][3]. - The report projects revenues for 2025-2027 to be 12.5 billion, 15 billion, and 17.5 billion respectively, with corresponding year-on-year growth rates of 21%, 21%, and 16% [4][6]. Product Development and Market Strategy - The company is launching several innovative products, including the uMR Jupiter 5T and uLinac HalosTx, which are expected to enhance its competitive edge in the market [3]. - The company is also focusing on AI integration with its imaging devices, which is anticipated to open new avenues for market penetration [3].

Investment Rating - The report assigns a "Hold" rating for the company, indicating a cautious approach towards investment in the current market conditions [5]. Core Insights - The company has established itself as a leader in the domestic medical imaging equipment market, with a strong focus on innovation and global market penetration [3][4]. - The domestic market is expected to recover significantly starting from Q4 2024, driven by large-scale equipment upgrades and a favorable policy environment [4]. - The company is actively expanding its product line, including the introduction of groundbreaking products and the integration of AI technologies, which are expected to enhance its competitive edge [5][40]. Summary by Sections Company Overview - Founded in 2011, the company has rapidly developed a comprehensive product line in medical imaging, radiation therapy, and life sciences, achieving leading market shares in MR, CT, PET, and DR categories [3][17]. - The company has established regional headquarters and R&D centers in various countries, enhancing its global presence and collaboration with international partners [17]. Market Trends - The global medical imaging equipment market is projected to exceed $60 billion by 2030, with the domestic market expected to reach over 100 billion yuan [48][53]. - The company is well-positioned to benefit from the increasing demand for high-end medical imaging equipment, as domestic brands gradually replace imported products [67]. Financial Performance - The company has shown a compound annual growth rate (CAGR) of over 25% in revenue from 2020 to 2023, with a significant recovery in net profit following a period of losses [23][28]. - Revenue from medical imaging equipment sales constitutes approximately 87% of total revenue, with CT and MR products accounting for nearly 70% of sales [28][30]. Innovation and R&D - The company invests heavily in R&D, with an average of 19.63% of revenue allocated to research activities from 2018 to 2023, positioning it among the leaders in the industry [40][42]. - The company has developed a robust patent portfolio, with over 4,134 authorized patents, ensuring a strong competitive position in the market [47]. Product Development - The company has launched several innovative products, including the uMR Jupiter 5T and uLinac HalosTx, which have received high industry recognition [5][71]. - The integration of AI technologies into its product offerings is expected to create new business opportunities and enhance operational efficiency [5][71].