【招银国际】联影医疗（688271）-Strong recovery in Q3-251031（6页）.pdf

1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 MN 31 Oct 2025 CMB International Global Markets|Equity Research|Company Update United Imaging(688271 CH)United Imaging(688271 CH)-Strong recovery in Q3 Strong recovery i

2、n Q3 United Imaging(UIH)reported strong 9M25 results,with revenue of RMB8.9bn(+27%YoY),reaching 69%of our prior full-year estimate and exceeding the historical average of 65%.The sharp 75%YoY revenue growth in 3Q25 was driven by a significant recovery in domestic equipment procurement,sustained over

3、seas growth momentum,and a low base in 3Q24.Domestic demand remained solid,with the value of medical imaging tenders up by 55%YoY in 3Q25,according to Joinchain.Overseas growth was supported by strong order intake and improved order-to-revenue conversion.Therefore,we raise our 2025E revenue forecast

4、 to RMB13.3bn,implying 28.8%YoY growth.Robust performance of high-end portfolios.UIHs domestic revenue grew 24%YoY to RMB6.9bn in 9M25,driven by procurement recovery and market share gain of over 4ppts.High-end products remained a key growth driver.1)MR revenue grew 40%YoY,with notable share gains i

5、n 5T(+52ppts)and 3T(+over 4ppts).2)CT revenue increased 8%YoY with high-end CT up 30%YoY.We expect photon-counting CT uCT Ultima and uCT Siriux to further strengthen UIHs position in the high-end CT market.3)MI revenue rose 22%YoY with PET/CT maintaining its decade-long leading position in China.uMI

6、 Panorama has contributed 40%of MI revenue.4)XR and RT both delivered double-digit growth with continued share gains.The increasing revenue contribution from mid-to high-end products is expected to offset margin pressures from lower-end portfolios.Moreover,the upcoming launch of a comprehensive ultr