3）背靠数据、场景优势，AI 浪潮加速释放数据价值。一脉云是公司数字化战略的载体，公司基于此形 成国内规模最大、增速最快的医学影像数据库之一。 机构：华创证券 研究员：郑辰/李婵娟 背靠数据、场景优势，公司推出全球首个全模态、全流程医学影像基座大模型，胸部CT 平扫AI 诊断产 品即将正式发布，与讯飞医疗、华为云、华西医院、联仁健康等多项重磅合作落地，加速AI 医学影像 落地。此外在鼓励数据要素流通的政策红利下，公司的数据资产价值有望得到重估。 行业：第三方医学影像服务潜力巨大，AI 全面赋能。1）我国公立医疗影像科存在资源不足、分配不 均、基层医疗机构能力薄弱的问题，赋能B 端医疗机构的第三方影像中心模式契合中国基层市场现状。 美国市场第三方医学影像中心渗透率已超40%，我国渗透率仅1%（2023 年），国内第三方医学影像服 务市场潜力巨大。2）当前AI 能够从设备、辅助诊断、辅助治疗、数据质控等多方面赋能医学影像行 业。第三方医学影像中心同时是影像数据的生产者和AI 医学影像的应用场景，AI 能够推动影像中心的 降本增效，并且影像中心还能够对外授权交易AI 算法、数据资产、数据标注服务等获得额外收益。AI ...

Investment Rating - The report gives a "Strong Buy" rating for the company with a target price of HKD 27.4 [1][9][12] Core Viewpoints - The company is positioned as a leader in the third-party medical imaging service sector in China, with significant growth potential driven by AI integration and a robust business model [10][11] - The imaging center business serves as the cornerstone of the company's revenue and competitive advantage, accounting for over 60% of total revenue [2][11] - The company aims to achieve 30% of its revenue from overseas markets within five years, leveraging its imaging solutions business [2][11] Summary by Sections Company Overview - The company, established in 2014, operates the largest number of medical imaging centers in China, with 115 centers and 33 valid third-party imaging center licenses as of June 2025 [15][17] - The business is divided into three main segments: imaging center services, imaging solutions services, and Yimai Cloud services, forming a comprehensive ecosystem [17][52] Industry Analysis - The third-party medical imaging service market in China has significant growth potential, with a current penetration rate of only 1% compared to over 40% in the U.S. [8][43] - The market size for medical imaging services in China is projected to grow from CNY 270.9 billion in 2023 to CNY 661.5 billion by 2030, with a CAGR of 13.6% [32][34] Business Model and Competitive Advantage - The imaging center business is the company's main revenue source and a key competitive moat, with various types of centers catering to different market needs [55][56] - The company has a strong management team with extensive industry experience, supported by notable institutional investors [22][25] Financial Projections - Revenue is expected to grow from CNY 10.11 billion in 2025 to CNY 15.88 billion by 2027, with net profits projected to increase significantly during the same period [4][12] - The company anticipates a recovery in 2025 after a decline in 2024 due to macroeconomic factors and increased operational costs [18][20]

根据《证券期货投资者适当性管理办法》及配套指引，本资料仅面向华创证券客户中的金融机构专业投资者，请勿对本资料进行任何形式的 转发。若您不是华创证券客户中的金融机构专业投资者，请勿订阅、接收或使用本资料中的信息。 投资建议： 我们预计公司25-27年营收分别为 10.11、12.86、15.88 亿元，同比增长 32.9%、27.3%、 23.5% ；净利润分别为 0.39、0.83、1.41 亿元，同比增长 186%、111%、69% 。考虑到国内第三方医 学影像市场仍有广阔渗透空间，公司作为国内龙头，三大业务相互协同的商业模式具有稀缺性，并且 在AI影像领域具备领先的数据、场景优势。我们选取PS估值法，参考可比公司2025年PS，我们给予公 司 25年10倍PS ，对应目标市值 110 亿港元，对应目标价约 27.4 港元。首次覆盖，给予" 强推 "评级。 风险提示： 1、医学影像服务收费降价；2、数据合规风险；3、并购整合不及预期；4、AI医学影像落 地不及预期；5、行业竞争加剧。 本资料难以设置访问权限，若给您造成不便，敬请谅解。感谢您的理解与配合。 摘要 行业：第三方医学影像服务潜力巨大，AI全面赋能 ...