Summary of the Conference Call for 联影医疗 (United Imaging Healthcare) Company Overview - **Company**: 联影医疗 (United Imaging Healthcare) - **Industry**: Medical Equipment and Healthcare Technology Key Financial Performance - **Revenue Growth**: 2025 H1 revenue reached 6.016 billion CNY, a year-on-year increase of 12.79% [2][4] - **Net Profit**: Net profit attributable to shareholders was 999.8 million CNY, up 5.03% year-on-year [4][22] - **Domestic vs. Overseas Revenue**: Domestic revenue was 4.873 billion CNY (up 10.74%), while overseas revenue was 1.142 billion CNY (up 22.48%), accounting for 18.99% of total revenue [2][4] - **Regional Performance**: North America saw a significant revenue increase of 67%, while Europe grew by 94% [4][20] Research and Development - **R&D Investment**: R&D expenses accounted for 18.95% of total revenue, totaling 1.14 billion CNY, with over 3,300 R&D personnel [2][4] - **Patents**: The company has filed 9,700 patents, with over 83% being invention patents [2][4] - **Innovative Products**: Launched several world-class products, including a new generation of 3T MRI and photon technology CT, which have received regulatory approvals [5][25] Market Expansion and Strategy - **Global Market Presence**: The company has expanded into nearly 90 countries and regions, enhancing its global competitiveness through innovative product offerings and a robust after-sales service network [2][6] - **High-End Product Leadership**: Established a leading position in the ultra-high field MRI market with a 5.0T MRI, significantly increasing market share in China [2][6] - **Service Revenue Growth**: Service revenue grew by 32.21%, with overseas service revenue increasing by over 50% [2][15] Sustainability and ESG Initiatives - **Sustainability Strategy**: The UCT780 CT product received ISO carbon footprint verification, and the company achieved an MSCI ESG rating of A, reflecting its commitment to sustainable development [2][12] Future Outlook - **Growth Projections**: The company expects to accelerate growth in H2 2025, with a projected net profit margin between 16% and 18% for the full year [3][22] - **Market Trends**: Anticipates continued demand for high-end products in North America and Europe, with significant projects expected to drive revenue growth [20][21] Challenges and Responses - **Impact of Policies**: The company is navigating challenges from macroeconomic policies and geopolitical tensions, but has prepared adequately to mitigate risks [10][18] - **Cost Control**: Sales expenses are expected to remain around 15%, with management expenses projected to stay between 4% and 5% [22][23] Key Innovations and Technologies - **AI Integration**: The company has integrated AI into nearly all new products, enhancing operational efficiency and imaging quality [30][31] - **Future Product Launches**: Plans to release new ultrasound products and further enhance its MRI and CT product lines by the end of 2025 [25][39] Conclusion - **Overall Performance**: Despite challenges, the company has demonstrated robust growth and innovation, positioning itself as a leader in the medical equipment industry with a strong focus on R&D and global expansion [35][36]

Group 1 - The average price of CT equipment has decreased from 30 million to 10 million yuan, raising questions about whether service fees should also be reduced [1] - The guidelines issued by the National Medical Insurance Administration clarify that bedside X-ray photography can only charge once for multiple body parts during the same examination [1] - The guidelines aim to promote reasonable pricing for medical services, helping patients access high-quality and affordable healthcare [1] Group 2 - The previous uniform pricing for different types of examinations, such as cardiac MRI and other body parts, has been criticized for not reflecting the varying technical difficulties and time requirements [2] - The guidelines allow for separate pricing for more complex and time-consuming examinations, enabling hospitals to allocate medical resources more effectively [2] - The shift from physical film to electronic film in medical imaging has been facilitated by the guidelines, which also require hospitals to upload data for better efficiency [2] Group 3 - The guidelines have introduced over 100 new pricing items for innovative medical technologies and equipment, such as boron neutron capture therapy [4] - The introduction of a 5.0T MRI, which significantly improves early detection rates for diseases, is part of the new pricing structure [4] - The guidelines emphasize clinical significance over technical indicators when setting prices, allowing new technologies that meet clinical needs to reach patients more effectively [4]

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 156.55, representing a potential upside of 17% from the current price of RMB 132.90 [1][9]. Core Insights - The company achieved a revenue of RMB 10.30 billion in 2024, a decrease of 9.73% year-on-year, and a net profit attributable to shareholders of RMB 1.26 billion, down 36.08% [9][10]. - In Q1 2025, the company reported a revenue of RMB 2.48 billion, an increase of 5.42%, and a net profit of RMB 370 million, up 1.87% [9][10]. - The company is expected to have EPS of RMB 2.20 in 2025 and RMB 2.65 in 2026, with a new forecast for 2027 at RMB 3.18 [9][10]. Financial Summary - Revenue and Profit Forecasts: - 2023A: Revenue of RMB 11.41 billion, Net Profit of RMB 1.97 billion - 2024A: Revenue of RMB 10.30 billion, Net Profit of RMB 1.26 billion - 2025E: Revenue of RMB 12.44 billion, Net Profit of RMB 1.81 billion - 2026E: Revenue of RMB 14.97 billion, Net Profit of RMB 2.18 billion - 2027E: Revenue of RMB 17.99 billion, Net Profit of RMB 2.62 billion [2][5]. - Key Financial Ratios: - Net Asset Return Rate (ROE) is projected to be 6.3% in 2024 and 10.2% in 2027 [2][5]. - The Price-to-Earnings (P/E) ratio is expected to be 86.80 in 2024 and decrease to 41.84 by 2027 [2][5]. Market Position and Strategy - The company continues to increase its domestic market share, with a structural growth of over 3 percentage points year-on-year, particularly in high-end products [10][11]. - In 2024, the company achieved overseas revenue of RMB 2.27 billion, a growth of 35.07%, accounting for 22% of total revenue [11][12]. - The service revenue reached RMB 1.36 billion in 2024, representing a 26.80% increase and accounting for 13.16% of total revenue [12]. Conclusion - The report highlights the company's strong position in the medical imaging equipment sector, supported by ongoing domestic policy and international market expansion, justifying the "Outperform" rating and the target price increase [9][10][11].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 156.55, representing a potential upside of 17% from the current price of RMB 132.90 [1][10]. Core Insights - The company achieved a revenue of RMB 10.30 billion in 2024, a decrease of 9.73% year-on-year, with a net profit attributable to shareholders of RMB 1.26 billion, down 36.08% [5][10]. - In Q1 2025, the company reported a revenue of RMB 2.48 billion, an increase of 5.42%, and a net profit of RMB 370 million, up 1.87% [5][10]. - The company is expected to have EPS of RMB 2.20 in 2025 and RMB 2.65 in 2026, with a new forecast for 2027 at RMB 3.18 [5][10]. Domestic Market Performance - The company continues to increase its domestic market share, with a revenue of RMB 7.66 billion in 2024, reflecting a decline of 19.43% [11]. - The company achieved structural breakthroughs with a differentiated strategy, increasing overall business share by over 3 percentage points year-on-year, with high-end products contributing nearly 5 percentage points [11]. International Market Expansion - The company reported overseas revenue of RMB 2.27 billion in 2024, an increase of 35.07%, accounting for 22% of total revenue [12]. - The company has established a marketing team of over 700 and more than 1,000 service engineers, covering over 200 cities in more than 85 countries [12]. Service Revenue Growth - In 2024, service revenue reached RMB 1.36 billion, up 26.80%, accounting for 13.16% of total revenue [13]. - The after-sales service gross profit margin increased by 1.71 percentage points to 63.43%, supporting overall profitability [13].

过去几年，联影高端医疗装备陆续破冰美、日、欧等海外高端市场，产品进驻美国、日本、意大利、新西兰、波兰、印度、韩国等超85个国家和地区。 这些国产高端医疗装备背后，是联影打造的业内唯一覆盖"整机系统-核心部件-关键元器件"垂直创新体系。据介绍，联影已实现了PET数字光导探测器、MR 超导磁体、谱仪、梯度功率放大器、射频功率放大器、CT时空探测器、球管、X光高压发生器、RT多叶光栅、加速管等全线高端医学影像及放疗产品核心 部件的自主研发，核心部件自研比例全球领先。 北京商报讯（记者 徐慧）像DeepSeek惊艳全球一样，在高端医疗装备领域，中国智造正在跻身世界一流。在4月22日举行的2025年服贸会"高管谈服贸"系列 采访活动上，联影医疗中国区副总裁李晶珏介绍，联影已推出一批掌握完全自主知识产权的"世界首款""中国首款"高端医疗装备，部分产品和技术实现世界 范围内的引领。目前，联影正以前瞻性布局，深度融合AI等技术，加速推动医疗服务业的数智化升级。 l ■ | 高 A UN it 随着中国智造的崛起，来自中国的高端医疗装备正在增进全球患者福祉。以联影在业界首创的CT一体化直线加速器为例，据介绍，该设备创新性地将放 ...