联影医疗（688271.SH） 国内市场稳健增长，海外市场表现亮眼，AI 赋能战略坚定推进 证券研究报告 | 半年报点评 gszqdatemark 2025 09 04 年 月 日 联影医疗发布 2025 年半年度报告。2025H1 公司实现营业收入 60.16 亿元，同比增长 12.79%；归母净利润 9.98 亿元，同比增长 5.03%；扣非后归母净利润 9.66 亿元，同比增 长 21.01%。分季度看，2025Q2 实现营业收入 35.38 亿元，同比增长 18.60%；归母净利润 6.28 亿元，同比增长 6.99%；扣非后归母净利润 5.87 亿元，同比增长 17.96%。 观点：招采需求稳步复苏，设备与服务协同增长，MR、XR 等产品增长靓丽，重点产品线海 内外市场均有所突破。海外市场高速增长，高端市场与新兴市场均有所突破。AI 已赋能至 各产品线，助力产品力提升，国产医学影像龙头强者恒强。 招采需求逐步复苏，公司业绩稳健增长，服务业务表现亮眼。2025H1公司实现设备收入48.90 亿元（同比+7.61%），服务收入 8.16 亿元（同比+32.21%），随着招采活动稳步恢复，设备 与服务协同 ...

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]

事件：公司发布 2025年中报，2025H1实现营业收入60.2亿元（+12.8%），归母净利润10.0 亿元 （+5.0%）。 业绩稳健增长，高端产品线与服务业务表现亮眼。分业务看，1）医学影像设备实现收入48.9 亿元 （+7.6%），其中MR 设备实现收入19.7 亿元（+16.8%），中高端线uMR Jupiter 5T 累计装机超40 台， 在3T以上超高场磁共振中国市场的市占率同比提高20%以上。CT 设备实现收入15.2 亿元，高端及超高 端线装机超700 台。MI设备实现收入8.4亿元，XR 设备实现收入3.2亿元，IXR 收入同比提高190%。RT 设备实现收入2.4 亿元，公司核心产品线市场地位持续巩固，高端线产品表现亮眼。2）服务业务实现收 入8.2 亿元（+32.2%），保持高速增长，主要因全球装机量持续提升，客户粘性不断增强。 股权激励彰显信心。2025 年6 月公司推出新一期股权激励计划，拟向1368 位激励对象授予500 万股限制 性股票，约占公司总股本的0.6%，首次授予价格为95 元/股，考核目标为：以2024 年营收为基数， 2025-2027 年收入复合增速目标值为20% ...

事件：公司发布2025 年半年度报告。2025 年1-6 月实现营业收入60.16 亿元（+12.79%），归母净利润 9.98 亿元（+5.03%）， 扣非净利润9.66 亿元（+21.01%），经营性现金流0.49 亿元（由负转正）。 2025Q2 实现营业收入35.38 亿元（+18.60%），归母净利润6.28 亿元（+6.99%），扣非净利润5.87亿元 （+17.96%），经营性现金流4.02 亿元（+1,139.16%）。 国内需求稳步复苏，海外业务加速放量。2025H1 公司医学影像诊断设备及放射治疗设备业务实现收入 48.90 亿元（+7.61%），综合市场占有率同比提升3.4pct，位列行业第二；维修服务业务延续快速增 长，实现收入8.16 亿元（+32.21%） ，占总收入比重提升至13.56%。 同时，公司在MR、MI 等多个产品线实现核心部件的全面自主研发，保障供应链安全和成本优势，进 一步稳固行业领先地位。 投资建议：联影医疗是国产医疗影像设备制造龙头，拥有丰富产品线和先进产品性能，有望充分受益医 疗新基建及大型设备更新等政策，海外市场前景亦颇为广阔，公司长期发展动力丰沛。考虑到海 ...

根据《证券期货投资者适当性管理办法》及配套指引，本资料仅面向华创证券客户中的金融机构专业投资者，请勿对本资料进行任何形式的转发。若 您不是华创证券客户中的金融机构专业投资者，请勿订阅、接收或使用本资料中的信息。 本资料难以设置访问权限，若给您造成不便，敬请谅解。感谢您的理解与配合。 摘要 国产高端医学影像龙头，重塑GPS垄断格局 。公司围绕高端医学影像设备形成了丰富的产品线。随着营收在 2019-2023年间以39.9%的CAGR快速增长，2024年公司的MR、CT、MI、常规DR在国内市占率分别位居第 二、第一、第一、并列第二，重新塑造了以往由"GPS"垄断的国内医学影像市场格局。在海外市场，公司高 举高打，2019-2023年，公司海外收入CAGR达102%。 研发为基，塑造核心竞争力。 医学影像设备是医疗器械行业中技术壁垒最高的细分市场之一，公司保持高强 度的研发投入，研发费用率维持在13%以上的高水平。公司形成了架构完善的高效率研发平台，助力产品线 完善程度比肩"GPS"，并且uMR Jupiter 5T、uMR Omega、uEXPLORER（Total-body PET/CT）等产品已具备 行业领 ...