联影医疗 20251009 联影医疗在高端医疗设备领域的发展情况如何？ 联影医疗是中国医学影像设备的龙头企业，成立于 2010 年。尽管起步较晚， 但凭借政策支持和自主创新，已成为国内领先的高端医疗设备制造商。近年来， 国家出台了多项鼓励科技创新和推动医疗设备国产化的政策，这为联影医疗提 供了重要机遇，加速了国产替代进口的进程。尽管 2023 年下半年行业整顿影 响了整体招投标市场，但预计 2024 年底至 2025 年期间，随着设备更新项目 逐步落地，招投标市场将显著回暖，从而带动公司业绩复苏。 联影医疗的产品矩阵及其创新能力如何？ 联影医疗拥有丰富的产品矩阵，覆盖了医学影像的大多数细分领域，包括 CT、MR、MI（分子影像）、XR、RT（放疗设备）等。目前超声领域也在逐 步补足，并已于 2024 年推出样机。此外，公司坚持自主创新，在核心技术和 联影医疗采取高举高打的海外市场策略，专注于高端机型，已覆盖美国 超过 70%的州级行政区，并进入顶尖大学，同时重视新兴市场，如印度， 市占率跃居前三。 联影医疗海外收入增长迅速，近五年年复合增速超过 30%，目前占比已 超 20%。公司构建了完善的营销和服务网络， ...

Group 1: Shareholder Concentration - A significant decrease in the number of shareholders often indicates a concentration of shares, which attracts market attention [1] - Among the 241 stocks with a shareholder count decline of over 20%, 38 are from the machinery industry, followed by 19 from the basic chemical industry, and 16 each from electronics, automotive, and pharmaceutical sectors [1] - The overall positive performance ratio among the concentrated stocks is 55.6%, with 14 stocks turning losses into profits and 88 stocks showing year-on-year net profit growth [1] Group 2: Company Performance Highlights - Huahong Technology achieved the highest profit growth, with a net profit of 79.63 million yuan, a year-on-year increase of 3480.57%, and a 26.48% decrease in shareholder count [2] - Tianpu Co., Ltd. experienced a remarkable 221.11% increase in stock price since July, with a 60.03% decrease in shareholder count [2] - Zhongji Xuchuang's net profit reached 3.995 billion yuan, a 69.4% increase, benefiting from the rising shipment of high-end products [3] Group 3: Institutional Research and Market Trends - Among the 241 concentrated stocks, 65 have received institutional research since July, with institutions focusing on overall performance and future outlook [3] - Lianying Medical received the most attention, with 306 institutional surveys, highlighting its competitive product offerings and strong overseas revenue growth [3] - Huaming Equipment and Jiufeng Energy reported positive growth in their respective sectors, with Huaming's export business performing well and Jiufeng maintaining stable profit margins in LNG despite price fluctuations [4]

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 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is positioned as a leader in medical imaging, driven by high-end, global, and intelligent product strategies. The domestic and overseas markets are both contributing to growth, with a significant increase in R&D spending by 58% year-on-year [1] - The company reported a revenue of 6.016 billion yuan for the first half of 2025, representing a year-on-year growth of 12.79%. The net profit attributable to the parent company was 999.8 million yuan, up 5.03% year-on-year [2][3] - The company is capitalizing on domestic substitution and overseas expansion, with domestic revenue reaching 4.873 billion yuan, a year-on-year increase of 10.74%. The overseas revenue grew by 22.49% to 1.142 billion yuan [3] - The company is enhancing its profitability through AI empowerment, with a gross margin of 47.93% in the first half of 2025. The company aims to increase the proportion of high-end equipment in its product lines [3] - Revenue forecasts for 2025-2027 are projected at 12.062 billion, 14.156 billion, and 16.657 billion yuan, with corresponding net profits of 1.803 billion, 2.277 billion, and 2.877 billion yuan [3][4] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 6.016 billion yuan, with a quarterly revenue of 3.538 billion yuan in Q2, reflecting an 18.60% year-on-year increase [2][3] - The gross margin is expected to improve as the company focuses on high-margin service revenue, which has seen a growth rate exceeding 30% [3] - The projected revenue growth rates for the next three years are 17.1%, 17.4%, and 17.7% [4] Product Performance - The company’s MR and MI products led the revenue growth, achieving 1.968 billion yuan and 841 million yuan respectively, with year-on-year growth rates of 16.81% and 13.15% [3] - The company has over 20 AI-enabled devices approved by the FDA, positioning it as a leader in the integration of AI in medical imaging [3] Market Position - The company holds the second-largest market share in the domestic market, benefiting from a recovery in procurement demand from medical institutions [3] - The overseas market expansion is supported by the company's technological advantages and increasing brand influence [3]

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].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][24][29] Core Views - The company faced performance pressure in 2024 due to delays in medical equipment bidding, but saw a recovery in Q1 2025 as the market rebounded [1][9] - The domestic market was under pressure, while the overseas market showed significant growth, with revenue increasing by 32.3% [2][14] - The company's gross margin remained stable at 48.54%, while expenses increased due to higher R&D and sales costs [3][21] Financial Performance - In 2024, the company achieved revenue of 103.00 billion yuan, a decrease of 9.73%, and a net profit of 12.62 billion yuan, down 36.08% [1][9] - For Q1 2025, revenue was 24.78 billion yuan, up 5.42%, and net profit was 3.70 billion yuan, an increase of 1.87% [1][9] - The company expects revenue for 2025-2027 to be 120.4 billion yuan, 137.7 billion yuan, and 155.3 billion yuan, with corresponding net profits of 17.0 billion yuan, 20.8 billion yuan, and 23.3 billion yuan [24][27] Product Line Analysis - In 2024, equipment sales revenue was 84.45 billion yuan, down 14.9%, with specific product lines showing varied performance [2][14] - The repair service business grew rapidly, achieving revenue of 13.56 billion yuan, an increase of 26.8% [2][14] Market Dynamics - The domestic market revenue was 76.6 billion yuan, down 21.3%, while the overseas market revenue reached 22.2 billion yuan, up 32.3%, increasing its share to 21.6% [2][14] - The company's competitive edge in the global market was enhanced by technological innovation and product diversification [2][14] Expense and Margin Analysis - The company's gross margin was stable at 48.54%, while the total expense ratio increased to 39.11% [3][21] - Sales expense ratio rose to 17.70%, management expense ratio to 5.40%, and R&D expense ratio to 17.10% [3][21]

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].