Core Viewpoint - Shanghai United Imaging Healthcare Co., Ltd. (United Imaging) has rapidly developed into a leading player in the high-end medical equipment sector, achieving a market value exceeding 100 billion yuan within just 15 years through a commitment to independent research and development and a comprehensive global strategy [6][7][8]. Group 1: Company Overview - United Imaging has established a comprehensive industrial matrix covering medical imaging, radiotherapy products, life science instruments, medical robots, smart wearable devices, and medical chips, achieving full-chain coverage from core technology to key components [6][8]. - The company has products installed in over 2,700 tertiary hospitals across China and has expanded its presence to more than 90 countries and regions, including the United States, Germany, France, India, and South Korea [6][11]. Group 2: Development Strategy - The company adheres to three core principles: full-line independent research and development, mastery of all core technologies, and alignment with international top standards, which have guided its development for over a decade [8][9]. - United Imaging has launched over 260 products, including advanced systems like the 5.0T whole-body MRI and the first integrated CT linear accelerator, setting multiple industry benchmarks [10]. Group 3: Global Expansion - United Imaging has adopted a "high-profile" global strategy, focusing on high-end self-researched innovative equipment to penetrate key markets and establish brand recognition in developed countries [12][13]. - The company has successfully entered the U.S. market, with over 400 units installed across more than 70% of state-level administrative regions, including over 150 PET/CT devices [13]. Group 4: Future Goals - The company aims to leverage national policy support to enhance its role as a "chain master" in the high-end medical equipment industry, focusing on innovation and integration of technology, industry, finance, and talent [15][16]. - United Imaging plans to build a multi-layered, international talent pool by 2030 and continue to deepen its international strategy, targeting Southeast Asia, Europe, India, and the U.S. for market expansion [17][18].

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The report emphasizes that the company, as a leading domestic medical imaging equipment manufacturer, has made significant breakthroughs in product high-endization, market globalization, and technological intelligence. With high product barriers, deepening global layout, and the formation of an AI ecosystem, the company's business is expected to maintain rapid growth and continuous improvement in profitability [6][10][12] Summary by Sections Company Overview - The company focuses on R&D and has established a comprehensive product line covering MR, CT, XR, MI, and RT. As of the end of 2024, it has launched over 140 products, achieving multiple "first in the country/industry" breakthroughs [13][14] Financial Performance - The company's revenue has grown from 2.035 billion yuan in 2018 to 10.3 billion yuan in 2024, with a compound annual growth rate (CAGR) of 31%. The net profit for 2024 is projected to be 1.262 billion yuan, reflecting a year-on-year decrease of 36.1% due to short-term policy impacts [6][20][23] Product Matrix - The company has a complete product line and is gradually achieving advantages in mid-to-high-end products, with a focus on high-end product development to break the import monopoly. The company is the only one in China with a 320-slice/640-layer CT product and has a leading market share in PET/CT [33][34] Market Expansion - The company is actively expanding its domestic and international markets. In 2024, its domestic revenue reached 7.664 billion yuan, and it ranked first in the new market share for imaging products in China. The company has also established a presence in over 70% of U.S. states and has expanded into key European markets [11][12][20] AI Integration - The company is integrating AI technology into its medical imaging devices throughout their lifecycle, creating a comprehensive digital platform. The launch of the intelligent CT, uCT Orion, has already received over 100 orders by early 2025, showcasing the successful application of AI in enhancing product performance [12][10][6] Revenue Forecast - The company is expected to achieve revenues of 12.062 billion yuan, 14.156 billion yuan, and 16.657 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 1.748 billion yuan, 2.197 billion yuan, and 2.749 billion yuan [6][7][20]