盈利预测和估值。我们预计2025 年至2027 年公司营业收入分别为123.96 亿元、149.26 亿元和178.08 亿 元，同比增速分别为20.3%、20.4%和19.3%；归母净利润分别为18.61 亿元、23.65 亿元和29.62 亿元， 同比增速分别为47.5%、27.1%和25.2%，以11 月19 日收盘价计算，对应PE 分别为58.1 倍、45.7 倍和 36.5 倍，维持"增持"评级。 风险提示：国内医疗设备需求复苏速度低于预期；受地缘政治等因素影响，海外市场拓展速度低于预 期。 国内业务持续复苏，海外业务多个重点区域实现突破。分区域来看，2025年前三季度国内市场收入为 68.66 亿元（+23.70%），我们认为主要是受益于国内影像设备招标采购需求回暖以及医疗设备更新政 策落地。公司持续推进以创新为核心的产品策略，在MR、CT、MI、XR 及放疗等重点领域实现中高 端、高端以及超高端设备的快速放量，我们认为公司国内业务将持续受益于行业结构性设备升级趋势。 2025 年前三季度，公司海外业务收入实现19.93 亿元（+41.97%），占总营收比重提升至22.50%，其中 北美区域收入同 ...

Summary of GE HealthCare Technologies Conference Call Company Overview - **Company**: GE HealthCare Technologies (NasdaqGS:GEHC) - **Event**: 2025 Conference at Jefferies Global HealthCare Conference - **Key Speakers**: Jay Saccaro (CFO), Carolynne Borders (Investor Relations) Core Industry Insights - **Healthcare Mission**: GE HealthCare aims to create a world where healthcare has no limits, focusing on innovation and growth across its business segments [2][3] - **Business Segments**: The company operates in four segments, with a strong emphasis on imaging, ultrasound, and surgical products [3][4] Financial Performance - **Sales Growth**: The AVS (ultrasound and surgical) business grew by 6% in Q3, indicating strong innovation and product refreshment [4] - **Order Growth**: The company reported a 6% growth in orders, with a near-record backlog and a book-to-bill ratio of 1.06 [7][11] - **Revenue Growth Goals**: GE HealthCare aims for mid-single digit growth (4%-6%) over the next several years, with expectations of acceleration in 2026 [12][15] Market Dynamics - **CapEx Environment**: The capital expenditure environment is described as robust, with strong interest in radiology equipment across various markets, including the U.S., EMEA, and China [6][10] - **Challenges in China**: The Chinese market has been challenging, but there are signs of recovery and increased tender activity [9][10] Margin and Cost Management - **Margin Expansion**: The company targets a margin of 17%-20% in the midterm, with a focus on revenue growth, margin expansion, and free cash flow conversion [18][20] - **Tariff Impact**: In 2025, GE HealthCare faced a tariff impact of approximately $260 million, but expects to reduce this in the following year due to improved supply chain strategies [19][21] Product Innovation - **New Product Launches**: Upcoming product launches at RSNA include advancements in photon counting and next-generation MR devices, expected to drive sales growth in 2027 [14][15] - **AI Integration**: The company has 100 FDA-approved AI modules, enhancing imaging quality and efficiency, with significant traction in products like Air Recon DL [35][37] Strategic Initiatives - **Flyrcado Product**: The Flyrcado product is positioned as a game changer in myocardial perfusion imaging, with partnerships and pilot studies indicating strong demand [26][27] - **Contrast Agents Market**: Despite new generic entrants, GE HealthCare expects to maintain its market position due to its consistency of supply and broad product portfolio [30][33] Conclusion - **Outlook**: GE HealthCare is optimistic about future growth driven by innovation, a strong product pipeline, and strategic partnerships, while managing challenges in tariffs and market dynamics effectively [28][29]

Investment Rating - The report rates the medical device industry as "Outperforming the Market" [1][5]. Core Insights - 2026 is expected to be a year of value reconstruction for China's medical device sector, driven by policy support, innovation, and recovery of domestic demand [1][3]. - The industry is witnessing a shift from "approval optimization" to "payment optimization," with regulatory improvements supporting the innovation of high-end medical devices [1][3]. - The current market fundamentals show signs of a turning point, while institutional holdings are at historical lows, indicating potential investment opportunities [1][3]. Summary by Sections Overall Medical Device Situation - In the first three quarters of 2025, the SW medical device index reported total revenues of 178.4 billion yuan, a year-on-year decrease of 2.29%, primarily affected by low-value consumables and IVD [15]. - The overall net profit for the same period was 26.7 billion yuan, down 13.99%, with high-value consumables showing improved profitability [15][20]. Medical Equipment - The recovery of procurement orders is expected to peak in Q4 2025 to Q1 2026, driven by improved funding and the "old-for-new" policy [66]. - The domestic government procurement income is stabilizing, while overseas revenue is still in a low base phase, indicating significant growth potential [66]. - The report highlights that the economic benefits of equipment procurement are becoming evident, with domestic high-end equipment showing competitive pricing [71]. Innovation in Medical Devices - The report emphasizes three main investment themes: government support, recovery of domestic demand, and accelerated overseas expansion [3][66]. - The innovation cycle is expected to accelerate, with a focus on companies that possess core competitiveness and a global perspective [3][66]. Market Trends - The report notes that the medical device sector is gradually stabilizing, with companies adapting to procurement pressures and showing signs of performance recovery [54]. - The overseas revenue share for medical device companies is increasing, with significant growth opportunities in regions with lower per capita equipment numbers [32][66].

步入"十五五"时期，技术突破、监管强化与全球竞争格局变化，将进一步重塑行业发展逻辑。而"让好 技术用得起、用得上"始终是贯穿行业发展的核心命题。 在这一浪潮中，作为现代医学四大影像技术之一的超声，因其无辐射、实时扫查、操作便捷、安全性 高、检出快速及性价比突出等优势，占据着临床应用的核心地位。据中国医学装备协会统计，截至2019 年，我国超声约占医学影像设备总保有量的74.44%。面对庞大的市场，产业端的竞争也在持续加速。 日前，在联影医疗uSONIQUE系列超声产品发布会上，联影集团董事长薛敏表示，"超声是联影必须布 局的关键领域，在当下，以人工智能为主的新一轮科技革命驱动下，超声正处在前所未有的技术变革窗 口期，有机会实现颠覆性的创新突破。" 据悉，这是联影继在PET/CT、CT、MR、XR等领域改变行业格局后，补齐其在医学影像领域的最后一 块拼图。这也意味着，此前竞争格局相对稳定的国内超声市场将迎来新一轮激烈竞争。如何通过技术创 新让优质超声技术惠及更多医疗机构和患者，将成为行业未来发展的核心看点。 突破高端壁垒 技术层面，海外巨头在超声领域深耕多年，掌握着超声探头等核心技术和芯片等上游核心零部件，长期 ...

Core Insights - The medical equipment bidding scale has shown significant growth, indicating a new round of equipment updates is expected to emerge in 2025 [1][3] Group 1: Medical Equipment Bidding Growth - In October 2025, the new equipment bidding scale showed substantial year-on-year growth: MR increased by 59.4%, CT by 81.6%, DR by 77.4%, ultrasound by 62.8%, endoscopes by 24.4%, and surgical robots by 42.7% [1] - For October 2025 alone, the month-on-month growth rates were: MR at 2.9%, CT at 49.4%, DR at 54.4%, ultrasound at 59.9%, endoscopes at 11.6%, and surgical robots at 108.9% [1] Group 2: Company Performance - In October 2025, company-specific performance showed varied results: - United Imaging's MR decreased by 5.9%, while CT increased by 74.7% - Mindray's ultrasound grew by 61.8% - Kaili's ultrasound and endoscope grew by 54.5% and 96.6% respectively - Aohua's endoscope increased by 4.8% [2] - Cumulatively for the year, United Imaging's MR grew by 46.6%, CT by 59.4%, Mindray's ultrasound by 74.1%, Kaili's ultrasound by 98.1%, Kaili's endoscope by 96.5%, and Aohua's endoscope by 19.7% [2] Group 3: Policy Impact on Market - The implementation of equipment update policies is expected to drive long-term procurement levels in the medical equipment sector [3] - A joint notice from four ministries in 2024 aims for a 25% increase in medical equipment investment by 2027 compared to 2023, enhancing high-end equipment availability [3] - The domestic market is showing signs of recovery, with increased procurement demand from medical institutions due to supportive macroeconomic policies [4] - United Imaging reported a revenue of 6.866 billion yuan in the domestic market for the first three quarters of 2025, reflecting a year-on-year growth of 23.7% [4]

Core Insights - The medical equipment bidding scale continues to grow, with a new round of equipment updates expected in 2025, which is anticipated to drive long-term procurement levels in the medical equipment industry [1][2][3] Industry Summary - The bidding scale for medical equipment has shown consistent growth, with significant year-on-year increases in October 2025: MRI up 2.9%, CT up 49.4%, DR up 54.4%, ultrasound up 59.9%, endoscopes up 11.6%, and surgical robots up 108.9%. Cumulatively, for the first ten months of 2025, MRI increased by 59.4%, CT by 81.6%, DR by 77.4%, ultrasound by 62.8%, endoscopes by 24.4%, and surgical robots by 42.7% [2] - Specific company performance in October 2025 shows that while Union Medical's MRI decreased by 5.9%, its CT increased by 74.7%. Mindray's ultrasound grew by 61.8%, and Kailing's endoscope increased by 96.6% [2] Policy Impact - The continuous implementation of equipment update policies is expected to significantly boost procurement levels. A joint notice from four ministries in 2024 aims for a 25% increase in medical equipment investment by 2027 compared to 2023, enhancing high-end equipment availability to levels seen in middle-income countries [3] - In 2025, the domestic market is expected to recover effectively due to policy support and increased procurement demand from medical institutions, with Union Medical reporting a revenue of 6.866 billion yuan in the first three quarters of 2025, reflecting a 23.7% year-on-year growth [3]

Core Viewpoint - The medical equipment bidding scale continues to grow, driven by the implementation of equipment renewal policies, which is expected to boost procurement levels over a long period. Companies benefiting from these policies are recommended for investment [1][4]. Summary by Sections Medical Equipment Bidding Scale - The bidding scale for new medical equipment has shown significant growth. In October 2025, the year-on-year growth rates for various equipment types were as follows: MR increased by 2.9%, CT by 49.4%, DR by 54.4%, ultrasound by 59.9%, endoscopes by 11.6%, and surgical robots by 108.9%. Cumulatively, from January to October 2025, MR grew by 59.4%, CT by 81.6%, DR by 77.4%, ultrasound by 62.8%, endoscopes by 24.4%, and surgical robots by 42.7% [3]. Equipment Renewal Policies - The implementation of equipment renewal policies is expected to drive procurement levels in the medical equipment sector. A notice issued by four ministries in 2024 aims for a 25% increase in medical equipment investment by 2027 compared to 2023. This policy is anticipated to enhance the configuration of high-end equipment to levels comparable to middle-income countries. In 2024, significant procurement plans have been announced across various provinces, indicating a robust demand for innovative diagnostic and therapeutic equipment [4]. Market Recovery and Company Performance - The domestic market is showing signs of recovery, supported by macroeconomic policies that favor public welfare and technological innovation. The medical equipment renewal policies are gradually being implemented, leading to increased procurement demand from medical institutions. For instance, in the first three quarters of 2025, the domestic revenue of United Imaging Healthcare reached 6.866 billion yuan, reflecting a year-on-year growth of 23.7%, indicating a recovery and structural upgrade in the medical equipment industry [4].

Group 1 - The "Suggestions" document emphasizes the importance of technology and innovation in driving economic growth, mentioning "technology" 46 times and "innovation" 61 times [1] - Overseas institutions have accelerated their research on A-share listed companies, with 233 companies being investigated since the release of the "Suggestions" [1] - Notable companies such as United Imaging Healthcare and Luxshare Precision have attracted significant attention, with over 20 overseas institutions conducting research on them [1] Group 2 - United Imaging Healthcare reported a research and development investment of 1.855 billion yuan in the first three quarters of the year, reflecting a year-on-year increase of 13.48% [2] - The company is focused on an innovation-driven strategy, enhancing its core resources in forward-looking research and continuously launching differentiated high-end medical equipment [2] - Goldman Sachs has raised its GDP growth forecast for China to 5.0% for 2025, indicating a positive outlook for the advanced manufacturing sector and exports [2] Group 3 - The dual catalysts of policy dividends and market vitality are expected to accelerate the technological iteration and maturity of future industries in China, enhancing its position in the global innovation landscape [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company reported significant revenue growth in Q3 2025, with a total revenue of 8.859 billion yuan, representing a year-on-year increase of 27.39%. The net profit attributable to shareholders reached 1.122 billion yuan, up 66.91% [1][2] - The domestic market is steadily recovering, with revenue of 6.866 billion yuan in the first three quarters of 2025, an increase of 23.7%. The overseas market showed remarkable growth, with revenue of 1.993 billion yuan, up 42.0%, increasing its revenue share to 22.5% [2] - The gross margin slightly decreased to 47.02%, down 2.40 percentage points, primarily due to price competition from centralized procurement. However, the company effectively controlled expenses, with significant reductions in sales, management, and R&D expense ratios [2] Summary by Sections Financial Performance - In Q3 2025, the company achieved a quarterly revenue of 2.843 billion yuan, a 75.41% increase year-on-year, and a net profit of 122 million yuan, up 143.80% [1] - For the first three quarters of 2025, equipment sales revenue was 7.071 billion yuan, a 23.7% increase, with specific product lines showing varied growth rates: CT (+8%), MR (+40%), MI (+22%), XR (+25%), and RT (+28%) [1] - The maintenance service business also grew rapidly, generating 1.243 billion yuan in revenue, a 28.4% increase, accounting for 14% of total revenue [1] Market Dynamics - The recovery in the domestic market is attributed to accelerated implementation of equipment update policies and a significant rebound in the bidding market [2] - The overseas market's revenue growth is notable, with a 42.0% increase, reflecting the company's successful expansion efforts [2] Profitability and Expense Management - The company's gross margin decreased slightly to 47.02%, influenced by price competition from centralized procurement [2] - The expense ratios showed improvement, with sales expense ratio at 17.19% (-2.73pp), management expense ratio at 5.05% (-0.87pp), and R&D expense ratio at 14.11% (-4.83pp) [2] Future Projections - The company maintains its profit forecast, expecting revenues of 12.41 billion yuan, 14.51 billion yuan, and 16.94 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 20.4%, 16.9%, and 16.8% [2] - The projected net profits for the same years are 1.95 billion yuan, 2.37 billion yuan, and 2.77 billion yuan, with growth rates of 54.5%, 21.7%, and 16.7% [2]

Core Insights - The company reported a significant increase in revenue and profit for Q1-Q3 2025, with total revenue reaching 8.859 billion yuan (YoY +27.39%) and net profit attributable to shareholders at 1.12 billion yuan (YoY +66.91%) [1] Group 1: Business Performance - The core equipment business showed steady growth, with equipment sales amounting to 7.071 billion yuan (+23.9%), driven by strong performance in MR (2.879 billion yuan, +40.2%) and CT (2.236 billion yuan, +7.9%) segments [2] - The domestic market experienced a notable recovery, achieving revenue of 6.866 billion yuan (+23.7%), while the overseas market saw revenue of 1.993 billion yuan (+41.97%), contributing to 22.5% of total revenue [3] Group 2: Profitability and Cost Management - The company optimized its product structure and improved profitability, with net profit margin reaching 12.44% (+2.97 percentage points) due to effective cost control measures [4] - The company expects total revenue for 2025-2027 to grow to 12.376 billion yuan, 14.807 billion yuan, and 17.687 billion yuan, respectively, with net profit projections of 1.803 billion yuan, 2.334 billion yuan, and 3.058 billion yuan [4]