股东户数明显下降，往往意味着筹码趋向集中，这类个股通常备受市场关注。 据证券时报.数据宝统计，以半年报披露的股东户数与一季度末相比，共有241股股东户数降幅超过 20%，其中77股降幅超过30%，非ST股中，天普股份（605255）、开发科技、浙江华业（301616）降幅 在50%以上。 从行业分布上来看，股东户数下降超20%的个股中，机械行业筹码集中股数量最多，共有38只；基础化 工行业紧随其后，共有19只；此外，电子、汽车、医药生物行业个股分别有16只。 据数据宝统计，上述241只筹码集中股中，有65股7月以来获得机构调研，联影医疗、华明装备 （002270）、九丰能源（605090）等9股调研机构家数超过100家。从调研内容来看，机构较为关注上市 公司上半年整体的业绩表现和对下半年的展望。 联影医疗7月以来获得306家机构调研，居于首位。公司在调研活动中表示，上半年公司持续推出具有市 场竞争力的创新产品，MR、CT、MI、XR及放疗等重点领域的中高端产品收入占比保持快速增长趋 势。公司海外业务展现出较强的韧性和稳健的增长态势，海外业务收入实现11.42亿元，同比增长 22.48%，占总营收比重提升至18 ...

Core Insights - The healthcare industry is undergoing a transformation driven by disruptive technologies such as artificial intelligence and precision medicine, evolving from single diagnostic equipment innovation to a comprehensive digital health management ecosystem covering prevention, diagnosis, treatment, and rehabilitation [1] - The global medical device market is expanding, with a projected growth from over $480 billion in 2021 to $848 billion by 2030, indicating a compound annual growth rate of 6.4% from 2021 to 2030, providing ample opportunities for leading companies [2] - Domestic medical device manufacturers, including United Imaging Healthcare, are gaining market share and improving product quality, with the company achieving a 3.4 percentage point increase in its market share in the medical imaging and radiation therapy equipment sector [3][4] Company Performance - United Imaging Healthcare reported a revenue of 6.016 billion yuan for the first half of 2025, a year-on-year increase of 12.79%, and a net profit of 966 million yuan, up 21.01% year-on-year [1] - The company has implemented a cash dividend plan, distributing 1.3 yuan per 10 shares to shareholders, totaling 107 million yuan, and launched a new stock incentive plan for 1,368 key personnel [1] - The company’s revenue from the Chinese market reached 4.873 billion yuan, reflecting a growth of 10.74% amid the domestic upgrade of medical imaging equipment [5] Product and Market Development - United Imaging Healthcare's MR equipment generated 1.968 billion yuan in revenue, a 16.81% increase, with significant advancements in MR technology leading to a market share increase of over 20 percentage points [3] - The CT business maintained steady growth with revenue of 1.515 billion yuan, while the MI products achieved 841 million yuan in revenue, a 13.15% increase [4] - The company’s service business grew by 32.21% to 816 million yuan, accounting for 13.56% of total revenue, enhancing customer loyalty and market competitiveness [4] Global Expansion - United Imaging Healthcare's overseas revenue reached 1.142 billion yuan, a 22.48% increase, constituting 18.99% of total revenue, with expectations for continued growth in the second half of the year [7] - The company has successfully penetrated the North American market, with its high-end imaging equipment covering over 70% of U.S. states and achieving significant installations in top research and clinical institutions [7][8] - In emerging markets, the company has seen substantial growth, with orders and revenue increasing significantly in Latin America and Africa, establishing a regional office in Brazil to enhance market presence [8][9] Technological Innovation - United Imaging Healthcare invested 766 million yuan in R&D during the first half of 2025, with a research expense ratio of 12.74%, focusing on next-generation platform technologies [11] - The company has filed over 260 new patent applications, with a total of over 9,700 patent applications, including significant advancements in AI and imaging technology [11][12] - The introduction of the uCT SiriuX, a dual-source CT system, and the uIPW intelligent contouring system for radiation therapy highlights the company's commitment to innovation and leadership in the medical imaging field [12][13]

证券研究报告 | 2025年09月02日 联影医疗（688271.SH） 优于大市 25Q2 营收同比增长 19%，国内业务稳步复苏 分产品线看，2025 上半年设备销售收入 48.9 亿元（+7.6%），其中 CT/MR/MI/XR/RT 产品线收入分别同比-6%/+17%/+13%/+26%/持平；维修 服务业务快速增长，实现收入 8.16 亿元（+32.2%），收入占比达 13.6%。 国内市场稳步复苏，海外市场增速亮眼。分地区看，公司 2025 上半年国 内市场实现收入 48.7 亿元（+10.7%）， 受益于设备更新政策加速落地， 招投标市场回暖显著；海外市场收入 11.4 亿元（+22.5%），增速亮眼， 收入占比提升至 19%。公司秉承"高举高打"策略，北美（+67%）和欧 洲（+94%）市场增长迅猛，品牌影响力持续提升。 毛利率略有下降，费用控制良好。2025 上半年公司毛利率 47.93% （-2.45pp），毛利率略下滑，主要系部分产品受集采带来的价格竞争 影响。销售费用率 15.60%（-1.12pp），管理费用率 4.28%（-0.20pp）， 研发费用率 12.74%（-2.75pp ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com [Table_StockAndRank] 联影医疗(688271) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | 贺鑫 医药行业联席首席分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 相关研究 [Table_OtherReport] "高端化+全球化+智能化"三擎驱动，打 造医疗影像领军者 国内海外双轮驱动，数智化产品引领 高质量发展 国内海外双轮驱动，研发支出同比增 长 58% 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 收入增长逐季提速，AI 赋能驱动智能跃升 [ ...

Core Viewpoint - The company reported a revenue of 6.016 billion yuan (+12.79% YoY) and a net profit attributable to shareholders of 999.8 million yuan (+5.03% YoY) for 1H25, aligning with expectations [1] Revenue Trends - The revenue recovery trend is beginning to materialize, with a breakdown of 1H25 revenue by segment: - Equipment sales revenue was 4.890 billion yuan (+7.6% YoY), including CT revenue of 1.515 billion yuan (-6.4% YoY), MR revenue of 1.968 billion yuan (+16.8% YoY), MI revenue of 841 million yuan (+13.2% YoY), XR revenue of 324 million yuan (+26.6% YoY), and RT revenue of 242 million yuan (flat YoY) - Maintenance service revenue was 816 million yuan (+32.2% YoY), accounting for 13.6% of total revenue (+2.0 percentage points YoY) - Software and other revenue reached 310 million yuan (+79.9% YoY) - The company anticipates revenue growth of 5.4% and 18.6% in 1Q25 and 2Q25, respectively, following a 15.9% decline in 4Q24 [2] - Domestic revenue was 4.873 billion yuan (+10.74% YoY), while overseas revenue was 1.142 billion yuan (+22.48% YoY), with overseas revenue accounting for approximately 19% of total revenue (+1.50 percentage points YoY) [2] Gross Margin and Product Development - The company's gross margin for 1H25 was 47.9%, down 1.3 percentage points from 49.2% in 1H24, primarily due to changes in product mix and pricing pressures from equipment procurement projects [3] - The company is expanding its global presence and R&D investments, with over 70% of U.S. state-level administrative regions covered by its high-end imaging equipment, totaling over 400 units installed, including more than 150 PET/CT units [3] - The approval of photon-counting CT in August is seen as a significant milestone, indicating that domestic brands are achieving global competitiveness in high-end medical imaging equipment [3] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 remain unchanged, with an 11% increase in the target price to 161 yuan based on DCF analysis (WACC 6.7%, perpetual growth rate 2.0%), indicating a potential upside of 13.5% [4]

ETF Market Inflows and Trends - Year-to-date net inflows into ETFs reach $623 billion, on track for another trillion-dollar year [2] - The industry is potentially heading towards $1.3 trillion in flows for the entire year, driven by low-cost and active strategies [3] - Stronger sector flows observed in the past three months compared to the prior three months, indicating tactical adjustments and improving sentiment [3][4] Communication Services ETFs (XLC) - Increased inflows driven by price and fundamental momentum, with the sector outperforming the broader market [4] - Communication services is the only sector with increased earnings estimates over the last three months, largely due to AI [5] - Beneficiary of the "one big beautiful bill act" due to high R&D expenditure that can be expensed at a higher rate, boosting cash flow [5] - Considered a safe haven due to its service-oriented nature, making it less impacted by tariffs [5] Small Cap ETFs - July saw $2 billion of outflows, contributing to net outflows year-to-date, reflecting a less robust economic outlook [6] - Small caps face challenges due to below-trend growth expected in 2025 and 2026, high interest costs, and significant debt financing [6][7] - Small caps have experienced negative earnings growth over the last three years, contrasting with the sizable positive earnings growth of large caps [7] - Sentiment favors large caps with AI tech benefits, higher cash flow, and less debt service, making them less tied to the economic cycle [8] ETF Recommendations for Current Market - Communication Services ETF (XLC) is recommended due to fundamental momentum, high earnings expectations, cash flow, earnings revisions, and limited tariff exposure [11][12] - Aerospace and Defense ETF (XR) is suggested due to macro momentum from increased defense spending driven by geopolitical conflicts [12][13]

Core Viewpoint - The company reported a decline in revenue and profit for 2024, but showed signs of recovery in Q1 2025, with a focus on both domestic and international market expansion [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 10.3 billion yuan, a decrease of 9.73%, and a net profit of 1.262 billion yuan, down 36.1% [1]. - Q4 2024 revenue was 3.35 billion yuan, down 15.91%, with a net profit of 591 million yuan, down 35.1% [1]. - In Q1 2025, revenue increased to 2.478 billion yuan, up 5.42%, with a net profit of 370 million yuan, up 1.87% [1]. Business Segments - Domestic sales of medical imaging and radiation therapy equipment generated 8.445 billion yuan, a decline of 14.93%, while the service segment grew by 26.81% to 1.356 billion yuan [2]. - International revenue reached 2.266 billion yuan, an increase of 35.08%, accounting for 22% of total revenue, driven by market penetration in high-end segments [2]. R&D and Innovation - The company invested 2.261 billion yuan in R&D in 2024, representing 21.95% of revenue, and 568 million yuan in Q1 2025, accounting for 22.92% of revenue [3]. - The company has achieved significant advancements in technology across various product lines, establishing a competitive edge in the market [3]. Market Strategy - The company is focusing on a dual strategy of high-end product development and comprehensive market penetration domestically, while enhancing localized operations internationally [3]. - The global service network now covers over 85 countries and regions, supporting the operational needs of more than 34,500 devices [3].

Group 1 - Garrett Group will establish its second innovation center in Wuhan, focusing on advanced technologies such as high-speed three-in-one electric drives, electric cooling compressors, and fuel cell electric air compressors for "zero emissions" [1] - This investment marks Garrett's third investment in Wuhan over the past 20 years, highlighting the city's rising position in the global new energy vehicle supply chain [1] - Garrett's production capacity has grown at an average annual rate of over 30% over the past decade, indicating the strategic importance of Wuhan as a key operational hub [2][3] Group 2 - Qualcomm's Chairman for China, Meng Pu, emphasized that technological innovation is the core driving force for urban development, aligning with Qualcomm's development philosophy [5] - Qualcomm is collaborating with Wuhan to accelerate the application of cutting-edge communication technologies like 5G-A in the industrial internet, showcasing the city's potential for technology validation [6] - The number of AI-enabled devices powered by Qualcomm has exceeded 2.5 billion, with significant growth expected in the AI smartphone and PC markets in China by 2025 [10]

Core Insights - The integration of technology, media, and culture is essential for unlocking the contemporary value and economic potential of Chinese culture, with technology serving as a critical driver for high-quality development in the cultural and tourism sectors [1][3] Group 1: Technology Empowerment - The digital transformation completion rate for 5A scenic spots is 100%, while 4A scenic spots stand at 92.3%, indicating significant advancements in digitalization within the tourism industry [1] - New technologies such as VR, XR, and AI are creating innovative experiences for tourists, enhancing the engagement and interaction with cultural heritage [1][2] - The application of digital technology is breaking down barriers to cultural understanding, making historical and cultural resources more accessible to a broader audience [2] Group 2: Cultural Consumption Expansion - The concept of "digital accessibility" is expanding the potential cultural consumer base, transforming previously exclusive cultural resources into shared digital assets for millions of internet users [2] - Cultural heritage is evolving from mere museum exhibits to shared resources in digital spaces, acting as a catalyst for social interest and potential consumer engagement [2] Group 3: Experience Reconstruction - The shift from passive observation to active participation in cultural experiences is a key goal of cultural tourism integration, exemplified by interactive projects like the AI restoration of "Lady Xin Chai" at Hunan Museum [2] - The dual-channel model of "online virtual experiences + offline physical consumption" is reshaping the logic of cultural tourism integration [2] Group 4: Value Creation and Innovation - The use of digital technology is revitalizing ancient cultural symbols and enabling new forms of cultural products, thereby driving value reconstruction and vitality in traditional cultural elements [3] - Initiatives like "pay after visiting" in Huangshan and the cultural technology integration system in Shenzhen are examples of innovative digital cultural consumption scenarios [3] - The deep integration of technology into cultural practices is seen as a long-term strategic necessity for enhancing the innovation capabilities of the cultural tourism sector [3]

Summary of Conference Call Notes Industry Overview - The conference call discusses the **Chinese consumer market**, highlighting its transition into a new consumption era characterized by emotional consumption and the integration of AI applications. [1][2][5] Key Insights and Arguments - The **fifth consumption era** in China emphasizes "well-being," which includes both physical and emotional health, leading to a diversification of emotional consumption patterns, especially in first-tier cities. [1][7] - The **media sector** is positioned as a dual attribute of technology and discretionary consumption, benefiting from both new consumer trends and AI applications, which are expected to drive valuation reassessment. [1][6][10] - **Policy support** from the government is crucial in driving market growth, with a focus on urban renewal and the application of new technologies to stimulate economic activity. [1][9] - The **Japanese experience** in transitioning through consumption eras serves as a model for China, particularly in understanding consumer behavior and the importance of emotional value in purchasing decisions. [2][3][6] Emerging Trends - Emotional consumption is gaining traction as it reflects changes in social and economic cycles, aligning with the "well-being" concept introduced in Japan's fifth consumption era. [8] - The **rise of new consumer demands** in sectors such as beauty care, fitness, and card games is noted, particularly in lower-tier markets, indicating potential growth opportunities. [1][5] Important but Overlooked Content - The **impact of AI and new media** on the media sector is highlighted, with a focus on the integration of AI applications in enhancing consumer engagement and content delivery. [3][10] - The **China Securities Regulatory Commission's** policies on mergers and acquisitions are expected to invigorate the market, allowing companies to leverage strategic partnerships for growth. [3][11] - Specific **media sector companies** to watch include cinema chains like Wanda Film and Hengdian Film, as well as companies involved in IP derivatives and digital marketing, indicating a diverse investment landscape. [12][13] Conclusion - The conference call emphasizes the importance of understanding the evolving consumer landscape in China, driven by emotional values and supported by government policies, while also recognizing the potential of AI applications in reshaping the media sector. [1][2][10]