2Q26F preview and FY26F forecast revisions: Higher growth in overseas markets should help offset a downbeat domestic market

研报英文原文证据摘录

2Q26F preview and FY26F forecast revisions: Higher growth in overseas markets should help offset a downbeat domestic market

Global Markets Research

United Imaging 688271.SS 688271 CH 31 July 2026

EQUITY: HEALTH CARE & PHARMACEUTICALS

Rating2Q26F preview and FY26F forecast revisions Remains Buy

Target priceHigher growth in overseas markets should help offset a Increased from CNY 143.48downbeat domestic market CNY 137.60

We estimate 2Q26F sales/earnings grew 18%/24% y-y Closing30 July 2026price CNY 116.50

We estimate United Imaging’s 2Q26F revenue registered 18% y-y (vs 17% y-y in 1Q26)

growth to CNY4.2bn (above the Bloomberg consensus estimate of CNY4.1bn), on the Implied upside +23.2%

back of domestic market share gains, despite an overall sluggish environment, and rapid

overseas sales ramp-up. By product, we estimate MR/CT/MI sales registered 22%/10%/ Market Cap (USD mn) 14,209.2

20% y-y growth to CNY2.4bn/1.7bn/1.0bn in 1H26F, and revenue of after-sales repair ADT (USD mn) 144.0

service grew 25% y-y to CNY1.0bn.

Relative performance chartWe forecast a higher gross margin of 48.0% (+1.9pp y-y) in 2Q26F, to reflect a better

product mix. Together with a flat OPEX of 30.0%, we estimate net profit to shareholders

achieved 24% y-y growth to CNY778mn in 2Q26F.

For 2H26F, we expect the company’s topline/bottom-line further grew 23%/47% y-y to

CNY9.6bn/1.3bn, considering potential demand recovery in the domestic market and

continued overseas growth of over 50% y-y.

Overall China medical equipment market remains downbeat

According to market data provider Medical Device Data Intelligence (MDDi), the end

markets for CT and MRI declined 18% y-y, and 3% y-y, respectively, while that for PET

and CT rose 46% y-y each in 1H26.