2025-06-10-Jefferies-联影医疗（688271）_追求GPS的导航_首次评级为买入_45页_9mb

United Imaging Equity Research Summary

• Market Position: United Imaging has emerged as a game-changer in China's mid-to-high-end medical imaging market, challenging the long-standing dominance of GPS (GEHC, Philips, Siemens). In 2024, it achieved No.1 market share in CT and MI, and No.2 in MR and XR, with revenue CAGR of 40% from 2019-2023. The company projects 23% revenue CAGR through 2024-2027E.

• Business Strategy: Focuses on international expansion, with overseas revenue contributing 22% in 2024, expected to reach 41% by 2027E, driven by localized supply chain management and service offerings. AI integration enhances product efficiency and accuracy, such as in CT and MRI systems. The proprietary service revenue model includes lower-than-GPS fees from Year 4.

• Financial Outlook: Initiated with "Buy" rating and price target of RMB218, based on DCF model. Analysts highlight recovery expected in 2H25 despite China's weak 1Q25, aided by equipment renewal policies. Over five years, profitability has improved due to cost advantages.

• Risks: Key risks include healthcare policy changes, intense competition, slower-than-anticipated overseas network growth, and uncertainties in AI development. Competitors like GPS may mitigate tariffs, minimizing direct impact on UIH.

This report underscores UIH's potential for sustained growth through innovation and strategic international reach.