股东户数明显下降，往往意味着筹码趋向集中，这类个股通常备受市场关注。 据证券时报.数据宝统计，以半年报披露的股东户数与一季度末相比，共有241股股东户数降幅超过 20%，其中77股降幅超过30%，非ST股中，天普股份（605255）、开发科技、浙江华业（301616）降幅 在50%以上。 从行业分布上来看，股东户数下降超20%的个股中，机械行业筹码集中股数量最多，共有38只；基础化 工行业紧随其后，共有19只；此外，电子、汽车、医药生物行业个股分别有16只。 据数据宝统计，上述241只筹码集中股中，有65股7月以来获得机构调研，联影医疗、华明装备 （002270）、九丰能源（605090）等9股调研机构家数超过100家。从调研内容来看，机构较为关注上市 公司上半年整体的业绩表现和对下半年的展望。 联影医疗7月以来获得306家机构调研，居于首位。公司在调研活动中表示，上半年公司持续推出具有市 场竞争力的创新产品，MR、CT、MI、XR及放疗等重点领域的中高端产品收入占比保持快速增长趋 势。公司海外业务展现出较强的韧性和稳健的增长态势，海外业务收入实现11.42亿元，同比增长 22.48%，占总营收比重提升至18 ...

Core Insights - The healthcare industry is undergoing a transformation driven by disruptive technologies such as artificial intelligence and precision medicine, evolving from single diagnostic equipment innovation to a comprehensive digital health management ecosystem covering prevention, diagnosis, treatment, and rehabilitation [1] - The global medical device market is expanding, with a projected growth from over $480 billion in 2021 to $848 billion by 2030, indicating a compound annual growth rate of 6.4% from 2021 to 2030, providing ample opportunities for leading companies [2] - Domestic medical device manufacturers, including United Imaging Healthcare, are gaining market share and improving product quality, with the company achieving a 3.4 percentage point increase in its market share in the medical imaging and radiation therapy equipment sector [3][4] Company Performance - United Imaging Healthcare reported a revenue of 6.016 billion yuan for the first half of 2025, a year-on-year increase of 12.79%, and a net profit of 966 million yuan, up 21.01% year-on-year [1] - The company has implemented a cash dividend plan, distributing 1.3 yuan per 10 shares to shareholders, totaling 107 million yuan, and launched a new stock incentive plan for 1,368 key personnel [1] - The company’s revenue from the Chinese market reached 4.873 billion yuan, reflecting a growth of 10.74% amid the domestic upgrade of medical imaging equipment [5] Product and Market Development - United Imaging Healthcare's MR equipment generated 1.968 billion yuan in revenue, a 16.81% increase, with significant advancements in MR technology leading to a market share increase of over 20 percentage points [3] - The CT business maintained steady growth with revenue of 1.515 billion yuan, while the MI products achieved 841 million yuan in revenue, a 13.15% increase [4] - The company’s service business grew by 32.21% to 816 million yuan, accounting for 13.56% of total revenue, enhancing customer loyalty and market competitiveness [4] Global Expansion - United Imaging Healthcare's overseas revenue reached 1.142 billion yuan, a 22.48% increase, constituting 18.99% of total revenue, with expectations for continued growth in the second half of the year [7] - The company has successfully penetrated the North American market, with its high-end imaging equipment covering over 70% of U.S. states and achieving significant installations in top research and clinical institutions [7][8] - In emerging markets, the company has seen substantial growth, with orders and revenue increasing significantly in Latin America and Africa, establishing a regional office in Brazil to enhance market presence [8][9] Technological Innovation - United Imaging Healthcare invested 766 million yuan in R&D during the first half of 2025, with a research expense ratio of 12.74%, focusing on next-generation platform technologies [11] - The company has filed over 260 new patent applications, with a total of over 9,700 patent applications, including significant advancements in AI and imaging technology [11][12] - The introduction of the uCT SiriuX, a dual-source CT system, and the uIPW intelligent contouring system for radiation therapy highlights the company's commitment to innovation and leadership in the medical imaging field [12][13]

证券研究报告 | 2025年09月02日 联影医疗（688271.SH） 优于大市 25Q2 营收同比增长 19%，国内业务稳步复苏 分产品线看，2025 上半年设备销售收入 48.9 亿元（+7.6%），其中 CT/MR/MI/XR/RT 产品线收入分别同比-6%/+17%/+13%/+26%/持平；维修 服务业务快速增长，实现收入 8.16 亿元（+32.2%），收入占比达 13.6%。 国内市场稳步复苏，海外市场增速亮眼。分地区看，公司 2025 上半年国 内市场实现收入 48.7 亿元（+10.7%）， 受益于设备更新政策加速落地， 招投标市场回暖显著；海外市场收入 11.4 亿元（+22.5%），增速亮眼， 收入占比提升至 19%。公司秉承"高举高打"策略，北美（+67%）和欧 洲（+94%）市场增长迅猛，品牌影响力持续提升。 毛利率略有下降，费用控制良好。2025 上半年公司毛利率 47.93% （-2.45pp），毛利率略下滑，主要系部分产品受集采带来的价格竞争 影响。销售费用率 15.60%（-1.12pp），管理费用率 4.28%（-0.20pp）， 研发费用率 12.74%（-2.75pp ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com [Table_StockAndRank] 联影医疗(688271) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | 贺鑫 医药行业联席首席分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 相关研究 [Table_OtherReport] "高端化+全球化+智能化"三擎驱动，打 造医疗影像领军者 国内海外双轮驱动，数智化产品引领 高质量发展 国内海外双轮驱动，研发支出同比增 长 58% 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 收入增长逐季提速，AI 赋能驱动智能跃升 [ ...

Core Viewpoint - The company reported a revenue of 6.016 billion yuan (+12.79% YoY) and a net profit attributable to shareholders of 999.8 million yuan (+5.03% YoY) for 1H25, aligning with expectations [1] Revenue Trends - The revenue recovery trend is beginning to materialize, with a breakdown of 1H25 revenue by segment: - Equipment sales revenue was 4.890 billion yuan (+7.6% YoY), including CT revenue of 1.515 billion yuan (-6.4% YoY), MR revenue of 1.968 billion yuan (+16.8% YoY), MI revenue of 841 million yuan (+13.2% YoY), XR revenue of 324 million yuan (+26.6% YoY), and RT revenue of 242 million yuan (flat YoY) - Maintenance service revenue was 816 million yuan (+32.2% YoY), accounting for 13.6% of total revenue (+2.0 percentage points YoY) - Software and other revenue reached 310 million yuan (+79.9% YoY) - The company anticipates revenue growth of 5.4% and 18.6% in 1Q25 and 2Q25, respectively, following a 15.9% decline in 4Q24 [2] - Domestic revenue was 4.873 billion yuan (+10.74% YoY), while overseas revenue was 1.142 billion yuan (+22.48% YoY), with overseas revenue accounting for approximately 19% of total revenue (+1.50 percentage points YoY) [2] Gross Margin and Product Development - The company's gross margin for 1H25 was 47.9%, down 1.3 percentage points from 49.2% in 1H24, primarily due to changes in product mix and pricing pressures from equipment procurement projects [3] - The company is expanding its global presence and R&D investments, with over 70% of U.S. state-level administrative regions covered by its high-end imaging equipment, totaling over 400 units installed, including more than 150 PET/CT units [3] - The approval of photon-counting CT in August is seen as a significant milestone, indicating that domestic brands are achieving global competitiveness in high-end medical imaging equipment [3] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 remain unchanged, with an 11% increase in the target price to 161 yuan based on DCF analysis (WACC 6.7%, perpetual growth rate 2.0%), indicating a potential upside of 13.5% [4]

Core Viewpoint - The company reported a decline in revenue and profit for 2024, but showed signs of recovery in Q1 2025, with a focus on both domestic and international market expansion [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 10.3 billion yuan, a decrease of 9.73%, and a net profit of 1.262 billion yuan, down 36.1% [1]. - Q4 2024 revenue was 3.35 billion yuan, down 15.91%, with a net profit of 591 million yuan, down 35.1% [1]. - In Q1 2025, revenue increased to 2.478 billion yuan, up 5.42%, with a net profit of 370 million yuan, up 1.87% [1]. Business Segments - Domestic sales of medical imaging and radiation therapy equipment generated 8.445 billion yuan, a decline of 14.93%, while the service segment grew by 26.81% to 1.356 billion yuan [2]. - International revenue reached 2.266 billion yuan, an increase of 35.08%, accounting for 22% of total revenue, driven by market penetration in high-end segments [2]. R&D and Innovation - The company invested 2.261 billion yuan in R&D in 2024, representing 21.95% of revenue, and 568 million yuan in Q1 2025, accounting for 22.92% of revenue [3]. - The company has achieved significant advancements in technology across various product lines, establishing a competitive edge in the market [3]. Market Strategy - The company is focusing on a dual strategy of high-end product development and comprehensive market penetration domestically, while enhancing localized operations internationally [3]. - The global service network now covers over 85 countries and regions, supporting the operational needs of more than 34,500 devices [3].

Core Viewpoint - In 2024, the company faced performance pressure due to delays in medical equipment bidding, but a market recovery in Q1 2025 led to a year-on-year performance rebound [1][2]. Financial Performance - In 2024, the company achieved revenue of 10.3 billion yuan (-9.73%) and a net profit attributable to shareholders of 1.262 billion yuan (-36.08%) [1]. - Q4 2024 revenue was 3.346 billion yuan (-15.90%), with a net profit of 591 million yuan (-35.09%) [1]. - Q1 2025 revenue increased to 2.478 billion yuan (+5.42%), with a net profit of 370 million yuan (+1.87%) [1]. Product Line Analysis - In 2024, equipment sales revenue was 8.445 billion yuan (-14.9%), with specific product line revenues showing varied performance: CT/MR/MI/XR/RT products down by 25%/-3%/-16%/-23% but RT business grew by 18% [1]. - The maintenance service business grew rapidly, achieving revenue of 1.356 billion yuan (+26.8%) due to increased installed capacity [1]. Market Performance - Domestic market revenue in 2024 was 7.66 billion yuan (-21.3%), impacted by industry restructuring and prolonged equipment update policies [2]. - Overseas market revenue reached 2.22 billion yuan (+32.3%), with its revenue share increasing to 21.6% (+6.9 percentage points) due to technological innovation and product diversification [2]. Profitability and Expenses - The company's gross margin in 2024 was 48.54% (+0.06 percentage points), remaining stable [2]. - Expense ratios increased: sales expense ratio at 17.70% (+2.19 percentage points), management expense ratio at 5.40% (+0.48 percentage points), R&D expense ratio at 17.10% (+1.95 percentage points) [2]. Investment Outlook - The domestic bidding recovery is expected to drive performance recovery, with a significant impact from the global strategy [3]. - Revised revenue forecasts for 2025-2027 are 12.04 billion yuan, 13.77 billion yuan, and 15.53 billion yuan, with corresponding net profits of 1.70 billion yuan, 2.08 billion yuan, and 2.33 billion yuan [3].

Core Insights - The report highlights the growth in the domestic financial market, with major indices showing positive performance, indicating a bullish sentiment among investors [4][12]. - Key macroeconomic indicators suggest a robust recovery, with retail and catering sales increasing by 6.3% year-on-year during the holiday period [6]. - The report emphasizes the importance of technological advancements, particularly in the fields of AI and medical devices, which are expected to drive future growth [8]. Industry Dynamics - The Ministry of Industry and Information Technology plans to enhance the development of general and industry-specific large models, accelerating the construction of high-quality datasets in the industrial sector [6]. - Breakthrough devices such as Elon Musk's brain-machine interface have received FDA approval, positively impacting related stocks like Mindray (688273) and Aipeng Medical (300753) [8]. - The U.S. has implemented tariffs on auto parts, while maintaining zero tariffs with Mexico, affecting companies like Jinrong Tianyu (300988) and Kaizhong Co., Ltd. (603037) [8]. Company Focus - Weir Shares (603501) is focusing on the CIS and automotive chip sectors, with automotive CIS revenue accounting for over 80% of its image sensor business, and a 37% year-on-year increase in automotive analog chip revenue [10]. - Sanhua Intelligent Controls (002050) leads the global market for core refrigeration and air conditioning components, benefiting from policies encouraging upgrades and stable demand [10]. - United Imaging Healthcare (688271) continues to lead in market share for core product lines such as CT, MR, MI, and X-ray, with a significant increase in market share for radiation therapy equipment orders, rising 8 percentage points year-on-year to rank third in the industry [10]. Market Review and Outlook - On May 6, the total trading volume in the two markets reached 13.362 trillion yuan, with 4,702 stocks rising and 373 falling, indicating a strong market performance [12]. - The report notes that the three major indices opened high and closed at their daily peaks, with small-cap stocks leading the gains, suggesting a healthy market environment for further growth [12]. - Key sectors such as metals and controlled nuclear fusion saw significant gains, while sectors like banking and tourism lagged behind, indicating a shift in investor interest [12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown impressive growth in overseas business and has made significant breakthroughs in high-end products [5] - Revenue forecasts for 2025-2027 are projected at 126.04 billion, 151.57 billion, and 182.24 billion yuan, with year-on-year growth rates of 22.37%, 20.25%, and 20.24% respectively [6] - The net profit attributable to the parent company for the same period is expected to be 18.71 billion, 22.87 billion, and 27.87 billion yuan, with growth rates of 48.26%, 22.23%, and 21.85% respectively [6] Financial Performance Summary - In 2024, the company achieved a revenue of 103.00 billion yuan (down 9.73% year-on-year) and a net profit of 12.62 billion yuan (down 36.09% year-on-year) [8] - For Q1 2025, the company reported a revenue of 24.78 billion yuan (up 5.42% year-on-year) and a net profit of 3.70 billion yuan (up 1.87% year-on-year) [8] - The company's main business gross margin for 2024 was 49.40%, an increase of 1.85 percentage points year-on-year [8] Market Position and Product Development - The company has seen a steady increase in domestic market share, with a rise of over 3 percentage points, and a nearly 5 percentage point increase in high-end product market share [8] - The company launched over 140 innovative products by the end of 2024, with 49 products receiving FDA registration [8]