2025-06-04-Jefferies-瓦里克斯影像（VREX）_帝国心态_Varex_Imaging无关税基本面稳固；关税情况改善_7页_104kb

Varex Imaging Equity Research Summary

Key Highlights

• Fundamentals remain strong with improving tariff impacts since the F2Q call on May 8.
• CEO and CFO discussions indicate positive trends: earlier debt retirement ($200 MM), successful mitigation efforts including supply chain redirection and India manufacturing expansion.
• Tariff updates are incrementally favorable; end-market demand stable with no China order cancellations, though lead times affect F3Q shipments.
• MOFCOM anti-dumping investigation paused, allowing temporary tariff relief.
• Balance sheet strengthened by debt reduction to $370 MM, with plans to lower further; annual interest expense stabilizes at $28-30 MM.
• India manufacturing progress: detector factory nearing completion, tubes factory underway for ~12-15 months.
• China tender activities increasing due to anti-corruption easing, supporting new sales opportunities.
• Medical market inventory normalizing, with top customer Canon stable at 16-18% revenue share; no macro-driven changes expected soon.
• Dollar revenues flat but yen-denominated growth positive.

Rating and Price Target

• Rating: HOLD
• Price Target: $10.00 (up 21% from current $8.26)
• Valuation based on ~7x F25E EBITDA multiple.

Company Description

Varex Imaging designs, manufactures, and sells X-ray imaging components for the Medical segment (services, detectors, tubes, etc.) and Industrial segment (security, nondestructive testing). Headquartered in Salt Lake City, Utah.

Risks

• Macro headwinds, global supply chain disruptions, inflationary pressures, and potential slowdown in China market growth.

Analyst Certification

All views reflect personal analyst perspectives, with no compensation tied directly to recommendations. Rating influenced by ongoing tariff uncertainties.