Shanghai United Imaging Healthcare Co: Risk Reward Update

研报英文原文证据摘录

Shanghai United Imaging Healthcare Co: Risk Reward Update

UpdateM

RiskRisk RewardReward– Shanghai- ShanghaiUnited ImagingUnitedHealthcareImagingCo (688271.SS)Healthcare Co

(688271.SS)Domestic Imaging Leader with Compelling Overseas Potential

PRICE TARGET Rmb155.00 EQUAL-WEIGHT THESIS

Base case, derived from a discounted cash flow (DCF) methodology captures UIH's healthy ▪CIC estimates the China medical imaging

operating cash flow in the outer years. Our key assumptions include a WACC of 8.8%, a equipment market to rise at a 7.4% CAGR

terminal growth rate of 4.0%, and a steady corporate tax rate of 13.5%. Our DCF model over 2020-30, driven by low penetration.

starts from 2026. ▪Domestically, we believe UIH will continue

to benefit from favorable policies and Rmb168.22

maintain its cost edge vs. global peers.

Consensus Price Target Distribution Rmb137.60 Rmb218.00 ex-China sales should outpace its MS PT ▪UIH's

Source: Refinitiv, Morgan Stanley Research Mean Morgan Stanley Estimates domestic growth in the near term.

▪Recurring revenue (i.e., maintenance

service, software) is likely to expand with

increasing high-end equipment installations

RISK REWARD CHART and penetration into top-tier clients,

favorable to margin expansion.

CNY ▪Pioneer in AI integration along with sister

company.

Rmb195.00Rmb195.00(+74.11%)Rmb195.00(+74.11%)(+74.11%) ▪Premium valuation fairly reflects UIH's

200 scarcity value and long-term potential but

near-term industry uncertainties lead us to

EW.

150 Rmb155.00Rmb155.00(+38.39%)Rmb155.00(+38.39%)(+38.39%)

Rmb112.00Rmb112.00Rmb112.00 Consensus Rating Distribution

100 95% Overweight

5% Equal-weight

Rmb87.00Rmb87.00(-22.32%)Rmb87.00(-22.32%)(-22.32%)

50 0% Underweight

MS Rating

Source: Refinitiv, Morgan Stanley Research

MAY '25 NOV '25 MAY '26 MAY '27