格隆汇11月20日｜华创证券研报指出，联影医疗国内市场回暖，海外持续高增长。25Q1-3在国内市场 实现收入68.66 亿元，同比增长23.70%，充分反映国内医疗市场的回暖趋势与结构性改善。国内市场在 政策逐步落地与医疗需求复苏的带动下，呈现稳中向好的发展态势。25Q1-3，海外市场实现营业收入 19.93亿元，同比增长41.97%，海外收入占比提升至22.50%，海外市场已成为公司营收持续增长的重要 战略驱动力。公司在手订单储备丰富，下半年以来，海外重点项目交付与收入确认节奏明显加快，预计 2025年公司海外业务全年将继续保持高速增长态势。另外，公司拓展超声产品线，光子计数、双宽体双 源CT 巩固高端CT优势。参考可比公司，结合公司较高的历史PE 中枢，给予公司2026年60倍估值，对 应目标价约167元，维持"推荐"评级。 ...

Core Insights - The company reported a revenue of 8.859 billion yuan for the first three quarters, representing a year-on-year growth of 27.39%, and a net profit attributable to shareholders of 1.12 billion yuan, up 66.91% year-on-year [1] - The company has maintained high-quality growth, with a non-recurring net profit of 1.053 billion yuan, reflecting a significant increase of 126.94% year-on-year [1] - The company has been a leader in the domestic medical equipment sector, with continuous advancements in R&D and significant technological innovations [1][2] Financial Performance - Revenue for the first three quarters reached 8.859 billion yuan, a 27.39% increase year-on-year [1] - Net profit attributable to shareholders was 1.12 billion yuan, marking a 66.91% increase year-on-year [1] - Non-recurring net profit stood at 1.053 billion yuan, showing a remarkable growth of 126.94% year-on-year [1] Market Position - The company has ranked first in the PET/CT market in China for ten consecutive years, leading the second competitor by over 30 percentage points for two consecutive quarters [2] - The market share for MRI has increased by over 7 percentage points year-on-year, with 3.0T and above high-field equipment leading the sub-market [2] - The company has a cumulative global installation of over 10,000 CT devices, and its breast DR market share has increased by over 10 percentage points year-on-year [2] Innovation and R&D - The company has submitted a total of 9,700 patent applications, with 82% being invention patents, showcasing its commitment to innovation [3] - The company is actively involved in multiple national key R&D projects, including high-resolution dual-energy flat-panel detector technology and AI applications in CT imaging [2][3] - The company aims to leverage its technological advancements to expand its international market presence [3]