First Read: Shanghai United Imaging Healthcare

研报英文原文证据摘录

First Read: Shanghai United Imaging Healthcare

Global Research

2 July 2026ab

First Read

EquitiesShanghai United Imaging Healthcare

Healthcare virtual tour takeaways: FY26 revenue China

guide reiterated despite likely FX headwinds Advanced Medical Devices

12-month rating Buy

12m price target Rmb184.00

FY26 guidance: 20% revenue growth; NPM likely pressured by FX impact

We hosted UIH at our Healthcare Virtual Tour (register for the meetings on 3 July).

Company noted stronger sales momentum in Q226 vs. Q126, mainly driven by overseas Price (02 Jul 2026) Rmb103.88

market. While FY26 revenue guide (+20% YoY) remains intact, H126 figures might RIC: 688271.SS BBG: 688271 CH

come in below the full year target. In terms of margins, mgmt expects GPM in FY26 to

Trading data and key metrics

be broadly flat or slightly down YoY, due to changes in product mix and higher upstream

costs. At bottom line level, NPM for FY26 might face pressure from FX headwinds. 52-wk range Rmb158.30-98.23

However, the operating efficiency of underlying business remains solid excl. FX impact. Market cap. Rmb85.6b/US$12.6b

Shares o/s 824m (ORDA)

China: tender recovery since June; aim for 10-20% sales expansion in FY26 Free float 33%

On tender activities, company noted a slowdown in Apr-May. That said, following the Avg. daily volume ('000) 7,744

implementation of equipment renewal stimulus in May, procurement started to recover Avg. daily value (m) Rmb873.9

in June as evidenced by the increase in the number of tenders. Company estimates a Common s/h equity (12/26E) Rmb23.6b

total of Rmb20bn+ stimulus for medical equipment procurement this year. On anti- P/BV (12/26E) 3.6x

corruption, mgmt saw limited impacts on the business and believes the government's Net debt to EBITDA (12/26E) NM