Investment Rating - The report assigns a "Buy-A" investment rating to the company with a 6-month target price of 161.52 CNY, representing a dynamic price-to-earnings ratio of 60 times for 2025 [4][9]. Core Viewpoints - The company is positioned as a leading domestic player in medical imaging, with a strong focus on innovation and technology, comparable to top international manufacturers [1][14]. - The medical imaging industry is experiencing sustained growth, with China's market expected to grow at a compound annual growth rate (CAGR) of around 10% until 2030, significantly outpacing global growth [2][3]. - The company is witnessing a notable increase in both domestic and international market shares, with a CAGR of 93% in overseas revenue from 2018 to 2024 [3][9]. Summary by Sections Company Overview - The company has established itself as a leader in the domestic medical imaging sector since its inception in 2011, with a focus on high-quality product offerings and a robust R&D capability [14][16]. - The product line includes high-end medical imaging diagnostic products and radiation therapy products, aligning closely with offerings from international competitors like GE Healthcare and Siemens [1][21]. Core Growth Logic 1: Industry Growth - The global medical imaging equipment market surpassed 43 billion USD in 2020 and is projected to reach 63 billion USD by 2030, with a CAGR of nearly 4% [2]. - China's medical imaging market is expected to capture nearly 20% of the global market share by 2030, driven by high-end product demand and expanding market needs [2]. Core Growth Logic 2: Market Share Increase - The company has been rapidly increasing its market share domestically, with significant room for growth as current market shares for various product categories hover around 20% [3]. - The company's international strategy has led to a substantial increase in overseas revenue, which now accounts for approximately 20% of total revenue [3]. Marginal Catalysts - The medical equipment industry is experiencing a recovery in procurement and bidding processes, with a notable increase in tender amounts observed in early 2025 [4][8]. - The anticipated recovery in the industry is attributed to several factors, including a reasonable base for 2024, the revival of routine procurement, and accelerated construction of medical community systems [8]. Financial Forecast and Valuation - The company is expected to achieve revenue growth rates of 24.1%, 21.5%, and 20.2% for the years 2025 to 2027, with net profit growth rates of 75.8%, 19.8%, and 23.6% respectively [9][10].

小动物成像系统是一种用于对小动物（如鼠类、兔子、猫、狗等）进行非侵入式或微创式成像的设备。它通过多种成像技术（如光 学成像、核磁共振成像、 CT 成像等）获取小动物体内器官、组织或细胞的图像，用于临床诊断、生物医学研究、药物开发等领 域。小动物成像系统具有高分辨率、高灵敏度和多功能性，是现代生物医学的重要工具。 小动物成像系统根据成像原理可分为 光学成像、核磁共振成像（ MRI ）、超声波成像（ US ）、 X 射线成像（含 Micro-CT ） 四 大类，各自在分辨率、穿透深度、应用场景等方面具有独特优势。光学成像（如荧光成像、生物发光成像）利用可见光或近红外光 检测标记的荧光探针或生物发光信号，适用于肿瘤追踪、基因表达研究，具有高灵敏度但穿透深度有限（通常 <2 cm ）。核磁共振 成像（ MRI ） 通过强磁场和射频脉冲获取高分辨率解剖结构图像，适用于脑科学、软组织病变研究，无辐射但成本高、扫描时间 长。超声波成像（超声） 基于高频声波反射成像，实时、低成本，常用于心血管研究及肿瘤血流监测，但分辨率较低且依赖操作 者经验。 X 射线成像（如 Micro-CT ）利用 X 射线穿透性提供骨骼及高密度组织的 ...