GE Healthcare Technologies Inc: Order Strength Balanced by Margin and China Risks

研报英文原文证据摘录

GE Healthcare Technologies Inc: Order Strength Balanced by Margin and China Risks

Global Research

30 July 2026ab

GE Healthcare Technologies Inc Equities

United StatesOrder Strength Balanced by Margin and China

Risks Medical Supplies

12-month rating Neutral

12m price target US$73.00Q2 was mixed and still leaves us cautious and well below consensus

Prior : US$67.00

We think Q2 was a mixed quarter for GEHC with EBIT missing underlying, but strong

order growth of 11% more than offset this. From here we understand the bulls' Price (30 Jul 2026) US$69.09

optimism on accelerating revenue growth with new products potentially able to sustain RIC: GEHC.O BBG: GEHC US

order intake growth at mid single digits or better. However, we remain cautious as 1) we

expect order growth to moderate given new products are entering increasingly Trading data and key metrics

competitive markets, and 2) there are incremental areas of margin pressure (inflation, 52-wk range US$88.16-59.49

Omnipaque generics), and 3) China VBP looks underappreciated within the company's Market cap. US$31.4b

mid-term guidance. We reiterate our Neutral. Shares o/s 454m (ORD)

Free float 100%

What did we learn from Q2? Avg. daily volume ('000) 5,559

GE HealthCare delivered a strong 11% organic order intake, well ahead of Philips' -1%, Avg. daily value (m) US$352.5

with management highlighting broad-based strength across divisions and limited Common s/h equity (12/26E) US$12.4b

benefit from the $500m Catholic Health contract, of which around 20% was booked in P/BV (12/26E) 2.5x

Q2. By contrast, PCS reported -13.5% organic growth and a -4% margin, its weakest Net debt to EBITDA (12/26E) 1.6x

performance since the spin-off, driven by execution issues and component shortages,

while a strategic review remains underway.