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]

证券研究报告·公司点评报告·医疗器械 联影医疗（688271） 2024 年报及 2025 年一季报点评：25Q1 季报 迎来拐点，期待逐季改善 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 11,411 | 10,300 | 11,599 | 13,892 | 16,493 | | 同比（%） | 23.52 | (9.73) | 12.61 | 19.77 | 18.72 | | 归母净利润（百万元） | 1,974 | 1,262 | 1,587 | 2,139 | 2,654 | | 同比（%） | 19.21 | (36.08) | 25.75 | 34.82 | 24.07 | | EPS-最新摊薄（元/股） | 2.40 | 1.53 | 1.93 | 2.60 | 3.22 | | P/E（现价&最新摊薄） | 55.48 | 86.80 | 69.03 | 51.20 | 41.27 | [T ...