United Imaging (688271 CH) Buy: Globalisation and product premiumisation to continue, driving future growth

研报英文原文证据摘录

United Imaging (688271 CH) Buy: Globalisation and product premiumisation to continue, driving future growth

yst. ROE (%) 9.0 10.7 12.1 13.2

Estimate revision: We raise our 2026-27 earnings estimates by 4% each, as 1) we 52-WEEK PRICE (CNY)

raise 2026-27e revenue by 1% each year to reflect the solid growth momentum in

170.00

overseas markets and product premiumisation in the domestic market; and 2) we lift

2026-27e NP margin by 47-51bps mainly to factor in improved cost control for UIH in 135.00

2025. We expect 2026 GPM to improve by 135bps y-o-y on increasing contribution of 05/25 11/25 05/26100.00

high-end products especially in overseas markets and also the service business. Target price: 140.00 High: 158.30 Low: 109.60 Current: 116.56

Product premiumisation and globalisation trends to continue; liquid helium Source: LSEG IBES, HSBC Qianhai Securities estimates

supply stable: At the conference call, the company shared that its medical equipment

ASP increased by over 20% in 2025, and we expect the trend to continue, supported Linda Shu*, PhD (Reg. No. S1700522120001)

Head of China Healthcare Research

by the installation of newly launched ultra-high-end products, including PCCT and HSBC Qianhai Securities Limited

5.0T MRI. We see a pick-up in UIH’s overseas sales y-o-y growth to 51% in 2025, linda.y.l.shu@hsbcqh.com.cn

+86 755 88983246

driven by 56% and 50% y-o-y growth in the North America and Europe markets, and

Oliver Wang* (Reg. No. S1700523100003)

we forecast 51% growth for 2026 with ramp-up of high-end products. Supported by Analyst, China Healthcare Research

UIH’s diversified supply chain, the impact of liquid helium supply disruption by the HSBC Qianhai Securities Limited

oliver.h.y.wang@hsbcqh.com.cn

Middle East tension is manageable. +86 21 5066 2058