Core Insights - The company reported a robust performance in H1 2025, achieving revenue of 6.02 billion yuan (+12.8%) and a net profit of 1 billion yuan (+5.0%) [1] - High-end product lines and service business showed strong growth, with medical imaging equipment revenue reaching 4.89 billion yuan (+7.6%) and service revenue increasing by 32.2% to 820 million yuan [1][2] Business Performance - Medical imaging equipment revenue breakdown: - MR equipment: 1.97 billion yuan (+16.8%), with over 40 units of the uMR Jupiter 5T installed, and a market share increase of over 20% in the 3T and above MRI segment [1] - CT equipment: 1.52 billion yuan, with over 700 units of high-end and ultra-high-end models installed [1] - MI equipment: 840 million yuan, XR equipment: 320 million yuan, IXR revenue increased by 190% [1] - RT equipment: 240 million yuan, indicating a solid market position for core product lines [1] Service Business - Service revenue reached 820 million yuan (+32.2%), driven by increased global installation volumes and enhanced customer loyalty [1] International Expansion - The company has expanded its overseas market presence, covering over 15,300 medical institutions in 90 countries and regions [2] - Overseas revenue in H1 2025 was 1.14 billion yuan (+22.5%), accounting for 19.0% of total revenue [2] - The U.S. market coverage exceeds 70% of state-level administrative regions, with over 150 PET/CT installations in North America [2] Stock Incentive Plan - In June 2025, the company launched a new stock incentive plan for 1,368 participants, granting 5 million restricted shares, representing 0.6% of total shares [2] - The target for revenue growth from 2024 as a base is set at a compound annual growth rate of 20% for 2025-2027, with a trigger value of 16% [2] Revenue Forecast - Projected revenues for 2025-2027 are 12.5 billion yuan, 15.1 billion yuan, and 18.2 billion yuan, with year-on-year growth rates of +21.8%, +20.3%, and +20.5% respectively [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 10.3 billion yuan in 2024, a year-over-year decrease of 9.73%, and a net profit attributable to shareholders of 1.262 billion yuan, down 36.09% year-over-year [2] - The company is actively expanding its overseas markets, having established sales networks in multiple countries, including the US, UK, Japan, and South Korea, with overseas revenue growing by 33.81% year-over-year to 2.22 billion yuan in 2024 [6][7] - The company has a strong focus on R&D, with an investment of 2.261 billion yuan in 2024, accounting for 21.95% of its revenue, and a patent application count exceeding 9,300 [7][8] Financial Performance Summary - In Q4 2024, the company achieved a revenue of 3.346 billion yuan, a decrease of 15.90% year-over-year, and a net profit of 591 million yuan, down 35.09% year-over-year [2] - For Q1 2025, the company reported a revenue of 2.478 billion yuan, an increase of 5.42% year-over-year, and a net profit of 370 million yuan, up 1.87% year-over-year [2] - The company expects revenues of 12.164 billion yuan, 14.488 billion yuan, and 17.612 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.802 billion yuan, 2.408 billion yuan, and 3.259 billion yuan [9][11] Market Position and Competitive Advantage - The company is a leading domestic medical imaging equipment manufacturer with strong product competitiveness and high R&D barriers [9] - The company has achieved 100% self-research capability in core components across various business lines, including MR, CT, and MI, positioning itself as a global leader in technology [8][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved a significant breakthrough in its globalization efforts, with high-end models signed in over 40 countries and nearly 300 units sold [7] - The domestic market share has further increased despite an overall slowdown in the industry, with a strong product mix enhancing competitive advantages [7] - The company's revenue for 2024 is projected to be 10.3 billion yuan, a decrease of 9.73% year-on-year, with a net profit of 1.262 billion yuan, down 36.08% year-on-year [7] - The first quarter of 2025 shows signs of recovery, with revenue of 2.478 billion yuan, an increase of 5.42% year-on-year, and a net profit of 370 million yuan, up 1.87% year-on-year [7] - The company maintains a strong competitive position due to high product barriers and is expected to benefit from a recovery in the domestic industry [7] Financial Summary - Total revenue for 2023 is 11.411 billion yuan, with a projected decline to 10.3 billion yuan in 2024, followed by a recovery to 11.599 billion yuan in 2025 [1][8] - The net profit for 2023 is 1.974 billion yuan, expected to drop to 1.262 billion yuan in 2024, and then rise to 1.587 billion yuan in 2025 [1][8] - The earnings per share (EPS) is projected to decrease from 2.40 yuan in 2023 to 1.53 yuan in 2024, before recovering to 1.93 yuan in 2025 [1][8] - The price-to-earnings (P/E) ratio is expected to be 86.80 in 2024, decreasing to 69.03 in 2025 and further to 51.20 in 2026 [1][8]