Oriental Fortune ** shares *** He Wei recently conducted research on United Imaging Medical and released a research report "Dynamic Review: Performance is basically in line with expectations, the global market is promising", this report gives an overweight rating to United Imaging Medical, and the current stock price is 14164 yuan.
United Imaging Healthcare (688271).
Matters] The company released its 2023 performance report. It is expected to achieve an operating income of 1141.1 billion yuan, a year-on-year increase of 2352%；It is expected to achieve a net profit attributable to the parent of 197.4 billion yuan, a year-on-year increase of 1921%；It is expected to achieve a net profit of 166.5 billion yuan, a year-on-year increase of 2538%。In 2023Q4 alone, it is expected to achieve operating income of 397.8 billion yuan, a year-on-year increase of 1772%；It is expected to achieve a net profit attributable to the parent of 9100 million yuan, a year-on-year increase of 2017%；It is expected to achieve a net profit of 83.6 billion yuan, a year-on-year increase of 3755%。It is expected that the company's total assets will reach 253 by the end of 20233.6 billion yuan, a year-on-year increase of 468%；Owners' equity attributable to the parent company 1886.6 billion yuan, a year-on-year increase of 791%。
Comment] High R&D promotes the launch of innovative products, adhering to the strategy of "high and high". The company deeply integrates technological innovation with products, continuously increases investment in research and development of new products and technologies, and accelerates the iteration and breakthrough of core technologies, key components and complete machine systems. By the end of 2023Q3, the company has launched more than 100 products with leading performance indicators to the market, including PET MR UPMR890 equipped with deep learning artificial intelligence PET and MR reconstruction algorithms and intelligent optical shuttle MR imaging technology, and **150T magnetic resonance UMR585E. The continuous introduction of innovative products not only consolidates the company's existing market position, but also lays a good foundation for the development of new markets.
Promote the construction of a localized marketing system in the global market and enhance the influence of overseas brands. The company actively responds to the challenges of different regions of the global market, and rapidly expands its global business with strong product strength and technological innovation. The company has established new subsidiaries in Southeast Asia and Latin America in Singapore, Jakarta, Indonesia and Bogota, Colombia to build a comprehensive marketing system and platform capacity building of "localization, diversification and three-dimensionalization" in the global market to accelerate the company's global business expansion. In 2023, the company has participated in large-scale industry conferences and top academic conferences such as the 36th Annual Meeting of the European Association of Nuclear Medicine (EANM), the Annual Meeting of the Japanese Society of Magnetic Resonance (JSMRM), the Korean Annual Meeting of Radiology (KCR), and the Annual Meeting of Radiology of North America (RSNA2023), effectively enhancing its global brand influence.
Strengthen the best chain and sales management to enhance customer satisfaction and market competitiveness. By strengthening the management of the first chain and sales links, the company has further improved the operational efficiency and market response speed, thereby bringing about the improvement of customer satisfaction. The company provides 7x24-hour technical support to global customers through the construction of a global service team of more than 1,000 people and 17 overseas service centers, and conducts technical training for engineers through on-site and remote methods, which further drives the continuous improvement of service revenue.
Investment Suggestion] The company is a leading enterprise of domestic medical imaging equipment, with a keen insight into policies and market changes and active response, through continuous product and technological innovation, as well as a comprehensive layout and operation management optimization in the domestic and foreign markets, the company's performance is expected to grow steadily. We have adjusted our previous earnings** and expect the company's operating income to be 114 in 2023, 2024 and 2025, respectively1/142.69/177.3.1 billion yuan, and the net profit attributable to the parent company was 1974/24.05/30.1.8 billion yuan, EPS was 240/2.92/3.66 yuan, the corresponding PE is 5845/47.98/38.23 times, maintaining an "overweight" rating.
Risk Warning] The risk that the policy will not be implemented as expected.
The risk of increased competition in the industry.
The risk that commercial sales will fall short of expectations.
* Chain risk. *According to the calculation of the research report data released in the past three years, the research team of Chen Tielin of Debang has conducted in-depth research on the stock, and the average accuracy of the past three years is as high as 9326%, and its **2023 attributable net profit is 201.5 billion, 57 per cent based on current prices93。
The latest profit** breakdown is as follows:
A total of 7 institutions have rated the stock in the last 90 days, ** 3 have rated and 4 have overweight ratings; The average institutional price target over the last 90 days is 15906。
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