事件：公司发布 2025年中报，2025H1实现营业收入60.2亿元（+12.8%），归母净利润10.0 亿元 （+5.0%）。 业绩稳健增长，高端产品线与服务业务表现亮眼。分业务看，1）医学影像设备实现收入48.9 亿元 （+7.6%），其中MR 设备实现收入19.7 亿元（+16.8%），中高端线uMR Jupiter 5T 累计装机超40 台， 在3T以上超高场磁共振中国市场的市占率同比提高20%以上。CT 设备实现收入15.2 亿元，高端及超高 端线装机超700 台。MI设备实现收入8.4亿元，XR 设备实现收入3.2亿元，IXR 收入同比提高190%。RT 设备实现收入2.4 亿元，公司核心产品线市场地位持续巩固，高端线产品表现亮眼。2）服务业务实现收 入8.2 亿元（+32.2%），保持高速增长，主要因全球装机量持续提升，客户粘性不断增强。 股权激励彰显信心。2025 年6 月公司推出新一期股权激励计划，拟向1368 位激励对象授予500 万股限制 性股票，约占公司总股本的0.6%，首次授予价格为95 元/股，考核目标为：以2024 年营收为基数， 2025-2027 年收入复合增速目标值为20% ...

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]