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].

Investment Rating - The report gives a "Buy" rating for the company, Union Medical, marking its first coverage [2][5]. Core Views - Union Medical is positioned as a leading player in the Chinese medical imaging sector, leveraging its technological innovation and market expansion capabilities to become a significant participant in the global medical imaging industry. The company is expected to continue its strong growth trajectory, driven by increasing domestic market share and rapid overseas installations [2][3]. Summary by Sections Company Overview - Union Medical, established in 2011, focuses on the research and development of high-performance medical imaging diagnostic and treatment equipment, as well as life science instruments. The company has launched over 120 products, including MRI, CT, X-ray, and molecular imaging systems, and aims to enhance the accessibility of medical devices and services globally [11][13]. Market Position and Growth - The company has successfully broken the monopoly of international giants in the medical imaging field by introducing competitive and innovative products. Its diverse product matrix has contributed to a significant increase in market penetration both domestically and internationally [3][4]. Financial Performance - Union Medical's revenue has shown a compound annual growth rate (CAGR) of 39.90% from 2019 to 2023, with 2023 revenue reaching 11.41 billion yuan, a year-on-year increase of 23.52%. The net profit attributable to shareholders for the same year was 1.97 billion yuan, reflecting a 19.21% increase [25][28]. Future Projections - The report forecasts net profits for 2024, 2025, and 2026 to be 1.26 billion, 1.95 billion, and 2.55 billion yuan respectively, with corresponding earnings per share (EPS) of 1.53, 2.36, and 3.10 yuan. The current price-to-earnings (P/E) ratios are projected to be 86.6, 56.2, and 42.8 times for the same years [2][4]. Market Dynamics - The domestic market is experiencing a surge in demand for imaging services due to an aging population and rising chronic disease rates, while the overseas market is expanding through strategic partnerships with top international medical institutions [4][3]. Product and Technology Development - Union Medical has a robust product line that includes advanced imaging systems and software, which are essential for both clinical and research applications. The company emphasizes continuous innovation and has made significant investments in R&D to maintain its competitive edge [11][15]. Management and Governance - The company has a clear and concentrated ownership structure, with experienced management leading its strategic direction. The leadership team comprises industry veterans with extensive backgrounds in medical technology [16][22].

2025 年 03 月 03 日 王睿哲 C0062@capital.com.tw 目标价(元) 155 公司基本资讯 | 产业别 | | | 医药生物 | | | --- | --- | --- | --- | --- | | A 股价(2025/2/28) | | | | 134.95 | | 上证指数(2025/2/28) | | | 10611.24 | | | 股价 12 个月高/低 | | 151.86/91.91 | | | | 总发行股数(百万) | | | | 824.16 | | A 股数(百万) | | | | 593.30 | | A 市值(亿元) | | | | 800.66 | | 主要股东 | | 联影医疗技术集 | | | | | | | 团有限公司 | | | | | | (20.33%) | | | 每股净值(元) | | | | 24.15 | | 股价/账面净值 | | | | 5.59 | | 一个月 | | 三个月 | 一年 | | | 股价涨跌(%) | 8.8 | -3.6 | | -3.3 | 近期评等 | 日期 | 收盘价 | 评级 | | --- | -- ...