格隆汇12月1日｜中信建投证券研报指出，联影医疗超声产品获批NMPA注册证，覆盖超高端、高端、 中端、经济型等全系列产品，支持在全身、心脏、心内科、产科、血管、重症监护、急救、麻醉及床旁 等多种科室和应用场景中的使用。超声产品的获批进一步丰富了公司的医学影像产品矩阵，有望为公司 带来新的业绩增长点。展望Q4，随着2025年新一轮设备更新项目逐步落地， 行业招标预计维持较高景 气度，叠加今年前三季度国内部分订单在Q4确认收入以及海外市场高增长态势，Q4收入在去年低基数 下有望实现较好的增长，25全年利润率有望显著提升。展望明年，公司国内外市场份额有望持续提升， 5.0T MR、uMI Panorama、光子计数能谱CT等高端产品有望快速放量，全年收入和净利润有望实现稳健 增长。维持"买入"评级。 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 156 CNY based on a 68X PE ratio for 2025 [4][9]. Core Insights - The company is positioned as a leading domestic high-end medical imaging manufacturer, significantly reshaping the market previously dominated by "GPS" [8][9]. - The report highlights the company's robust growth trajectory, with a 39.9% CAGR in revenue from 2019 to 2023, and a strong focus on R&D, maintaining a research expense ratio above 13% [8][11]. - Future growth is anticipated from both domestic and international markets, with significant potential in high-end and grassroots markets in China, as well as a strong overseas expansion strategy [2][9]. Summary by Sections 1. Domestic Market Potential - The medical imaging market in China is expected to reach a turning point in 2025, driven by high-end domestic replacements and significant potential in grassroots markets [2][12]. - The company is expected to benefit from improved equipment updates starting from Q4 2024, with a notable increase in imaging resources per capita [2][12]. 2. International Market Expansion - The global medical imaging market is five times larger than China's and continues to grow, providing ample opportunities for the company to establish a strong international presence [2][12]. - The company is adopting a high-profile strategy to penetrate international markets, leveraging its advanced PET/CT technology to build brand recognition among high-end clients [2][12]. 3. Ultrasound Market Entry - The global ultrasound market is projected to approach 10 billion USD in 2024, with significant room for growth, particularly in the high-end segment where imports currently dominate [2][12]. - The company plans to leverage its strong R&D capabilities to enter the ultrasound market, expecting rapid growth post-product launch [2][12]. 4. Maintenance Services - The revenue share from maintenance services is steadily increasing, which is expected to enhance profitability as the installed base grows [3][13]. - The maintenance revenue is projected to reach 30-40% of total revenue, similar to the "GPS" model, contributing positively to the company's overall profit margins [3][13]. 5. Financial Projections - The company forecasts total revenue of 10,300 million CNY in 2024, with a projected net profit of 1,262 million CNY, reflecting a year-on-year decline due to external pressures [4][9]. - By 2026, the company anticipates revenue growth to 15,188 million CNY and net profit to reach 2,314 million CNY, indicating a recovery and growth trajectory [4][9].