依托规模化影像中心网络，公司累积了覆盖200+病种、超千万例的高质量医学影像数据库，日均新增 结构化数据2–3 万例，并率先完成"数据资源→数据资产→数据交易"的全流程探索，多项影像数据产品 在数据交易所完成挂牌与交易、数据产品在国资平台"数据沙盒"中完成千万级数据服务收入，验证了医 疗数据资产化的商业路径。公司参股的"影禾医脉"推出全模态全流程医学影像基座大模型 MIIA，并发 布路径级AI 辅助诊断产品 AIR，在图像理解、报告生成等领域取得领先效果。依托一脉云平台，公司 形成"数据驱动模型迭代—模型优化诊断服务—服务反哺数据积累"的闭环生态，商业模式上与海外医疗 AI 领导者 Tempus AI 高度类比，有望成长为中国医疗AI 数据平台型公司。 我们预计公司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 ...

Core Viewpoint - The company is positioned as a leader in China's third-party medical imaging industry, with significant growth potential driven by AI and data asset management, leading to a "buy" rating with a target price of 30.4 HKD for 2026 [1][2]. Financial Projections - Expected revenue for the company from 2025 to 2027 is projected at 1.05 billion, 1.39 billion, and 1.68 billion RMB, reflecting year-on-year growth rates of 38.1%, 32.2%, and 21.2% respectively [1]. - Net profit is forecasted to be 25 million, 60 million, and 105 million RMB for the same years, with significant growth rates of 137.7% and 76.5% in 2026 and 2027 [1]. - EBITDA is anticipated to reach 236 million, 282 million, and 341 million RMB, with year-on-year growth of 43.0%, 19.5%, and 20.9% [1]. Business Model and Operations - The company operates a leading third-party medical imaging service platform in China, with a focus on imaging center services, imaging solutions, and the "Yimai Cloud" platform, achieving a revenue of 467 million RMB in the first half of 2025, a 12.9% increase year-on-year [2]. - Imaging solutions revenue reached 161 million RMB, showing an impressive growth of 88.9%, and accounting for 34.5% of total revenue [2]. - The company has established a nationwide network of imaging centers, with 115 centers operational across 17 provinces, creating multiple barriers to entry through equipment, licenses, and brand resources [3]. Data Asset Management and AI Integration - The company has built a high-quality medical imaging database covering over 200 diseases, with daily additions of 20,000 to 30,000 structured data entries, facilitating the exploration of data asset management and commercialization [4]. - The company has launched a full-modal AI-assisted diagnostic product, achieving leading results in image understanding and report generation, and has developed a closed-loop ecosystem for data-driven model iteration and service feedback [4].