投资建议:联影医疗是国产医疗影像设备制造龙头,拥有丰富产品线和先进产品性能，有望充分受益医疗 新基建及大型设备更新等政策，海外市场前景亦颇为广阔，公司长期发展动力丰沛。考虑到国内招采活 力仍有待进一步恢复，我们调整并预测公司2025-2027年归母净利润至18.60/24.24/31.41亿元，同比增长 47.41%/30.32%/29.57%，EPS分别为2.26/2.94/3.81元，当前股价对应2025-2027年PE55/42/33倍，维持"推 荐"评级。风险提示:海外拓展不及预期的风险、政策不确定的风险、招投标活力恢复不及预期的风险。 2024年:国内业务阶段性承压，海外拓展持续取得新突破。公司销售医学影像诊断设备及放射治疗设备 业务实现收入84.45亿元(-14.93%)，毛利率为47.05%(+0.87pct)，其中CTMR/MI/XR/RT产品分别实现销 售收入30.48131.92112.9915.8713.19亿元，同比-25.03%、-2.66%、-16.31%、22.80%、+18.05%;维修服务 业务实现收入13.56亿元(+26.809)。分地区来看，1)境内:实现收入76.64 ...

2025 年 06 月 16 日 王睿哲 C0062@capital.com.tw 目标价(元) 155 股价相对大盘走势 C o m p a n y U p d a t e 公司基本资讯 | 产业别 | | | 医药生物 | | --- | --- | --- | --- | | A 股价(2025/6/13) | | | 129.50 | | 上证指数(2025/6/13) | | | 3377.00 | | 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) | | | 768.32 | | 主要股东 | | | 联影医疗技术集 | | | | | 团有限公司 | | | | | (20.33%) | | 每股净值(元) | | | 24.61 | | 股价/账面净值 | | | 5.26 | | 一个月 | | 三个月 | 一年 | | 股价涨跌(%) | -5.9 | 0.3 | 12.1 | 近期评等 | 日期 | 收盘价 | 评级 | | --- | -- ...

2025年4月 30 日 每日晨报 www.chinastock.com.cn 证券研究报告 银河观点集萃 责任编辑 周颖 ☎：010-80927635 网:zhouying_yj@chinastock.com.cn 分析师登记编码：S0130511090001 要闻 国家发改委、能源局印发《电力辅助服务市场 基本规则》 请务必阅读正文最后的中国银河证券股份有限公司免责声明 ● 固收:供给高峰将至,把握超调机会—5月利率展望。利率方面,5月债市资 金面或边际均衡偏稳,主要需关注央行配合发债加速和支持实体经济的宽松操 作,以及关税政策下外需对宏观经济的实质冲击影响落地的情况,短期债市不 空。十债收益率在 4 月收于 1.65%低位,4 月底政治局会议未显著超预期的情 况下,预计短期债市利率仍以震荡磨底为主,可逢调整适当增配进行波段交易, 关注前期供给冲击预期下超调的超长债利差压降的配置价值以及可能受益央 行对冲操作的短久期。 CGS-NDI:坚持自立自强,促进合作共赢---中央政治局第二十次集体学习 ● 解读。本次集中学习,总书记有关人工智能的重要论述中包含六大要点。 (1) 加强基础研究,坚持自立自强,进一步 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% from the current price [2][5]. Core Insights - The company reported a revenue of 10.3 billion RMB for 2024, a decrease of 9.7% year-on-year, with a net profit of 1.26 billion RMB, down 36.1% year-on-year. However, the first quarter of 2025 showed signs of recovery with a revenue of 2.48 billion RMB, up 5.4% year-on-year, and a net profit of 370 million RMB, up 1.9% year-on-year [5]. - The company plans to distribute a dividend of 0.8 RMB per 10 shares and may consider an additional mid-year dividend if conditions are met [5]. - International sales have shown strong growth, with overseas revenue reaching 2.27 billion RMB in 2024, up 35% year-on-year, accounting for 22% of total revenue. The domestic market is expected to recover in 2025 [5]. - Maintenance service revenue increased by 26.8% year-on-year to 1.36 billion RMB in 2024, while equipment sales were impacted by domestic policy changes [5]. - Profit forecasts for 2025-2027 are 1.64 billion RMB, 2.00 billion RMB, and 2.42 billion RMB, representing year-on-year growth rates of 30.3%, 22.0%, and 20.8% respectively [5][7]. Financial Summary - The company achieved a net profit of 1.974 billion RMB in 2023, with projections of 1.644 billion RMB for 2025, and an EPS of 2.0 RMB for the same year [7][10]. - The price-to-earnings ratio (P/E) is projected to be 63 times for 2025, decreasing to 42 times by 2027 [7][10]. - The company’s total revenue is expected to grow from 11.41 billion RMB in 2023 to 12.98 billion RMB in 2025 [10].