Q3强劲复苏

Strongrecovery in Q3 Target PriceRMB162.29(Previous TPRMB163.49)Up/Downside15.1%Current PriceRMB141.03 United Imaging (UIH) reportedstrong9M25 results, with revenueofRMB8.9bn(+27% YoY), reaching69%of our prior full-year estimate andexceeding thehistorical average of ~65%. The sharp75% YoYrevenuegrowth in 3Q25wasdriven by a significant recovery in domestic equipment procurement,sustainedoverseasgrowth momentum,and a low base in 3Q24.Domestic demandremained solid,withthe value ofmedical imaging tenders upby55% YoY in 3Q25,accordingto Joinchain.Overseas growth was supported by strong order intakeandimproved order-to-revenue conversion.Therefore,we raise our 2025Erevenue forecast toRMB13.3bn, implying28.8% YoYgrowth. China Healthcare Jill WU, CFA(852) 3900 0842jillwu@cmbi.com.hk Robust performance of high-end portfolios.UIH’s domesticrevenue grew24%YoY to RMB6.9bnin 9M25, driven byprocurement recovery andmarketshare gain of over 4ppts.High-end products remained a key growth driver.1)MR revenue grew 40% YoY,with notable share gains in 5T (+ ~52ppts) and3T (+over 4ppts). 2)CTrevenue increased 8% YoYwith high-end CT up~30%YoY. Weexpectphoton-counting CT uCT UltimaanduCT Siriuxtofurtherstrengthen UIH’s position in thehigh-endCTmarket. 3) MIrevenuerose 22%YoY with PET/CT maintainingitsdecade-long leading position in China.uMIPanoramahascontributed~40% of MI revenue.4) XR and RT both delivereddouble-digit growth with continued share gains.The increasing revenuecontribution from mid-to high-end products is expected to offset marginpressuresfrom lower-end portfolios.Moreover, theupcoming launch of acomprehensiveultrasoundportfolioin Nov 2025shouldfurthersupportUIH’s“diagnosis-to-treatment” strategy and high-end imaging leadership, in ourview. Cathy WANG(852) 3916 1729cathywang@cmbi.com.hk Shareholding Structure Overseas business maintained strong momentum.Overseas revenuerose 42% to RMB2.0bn,representing 22.5%(+2.3ppts)of total revenuein9M25.Revenue in North America grew by over 50%YoYto~RMB700mnin9M,with US service revenue up 80%+YoYon the back ofan expandinginstalled base.A diversified supply chain andproactive inventory managementhelpedmitigate tariff pressure, while recurring service revenue mayenhancelong-term resilience.European revenue more than doubled YoY to overRMB400mnin 9M.Notably, uMI Panorama GS and uMI Panvivo havepenetratedintothe high-end marketinWestern Europe.Asia-Pacific andemerging markets alsodelivereddouble-digit growth.Management indicatedrobust overseas order intake. With stronger sales conversion from orders,weexpectoverseas growth to remain solid in 4Q25E. Source: FactSet Maintain BUY.Considering therapid domestic recovery in2025Eand strongoverseas growth momentum, weraise ourforecasts of2025–2027E revenueCAGR from 22.6%to24.1%. Based on a 9-year DCF model (WACC: 8.1%,terminal growth: 4.0%), weraiseour target price to RMB162.29. Disclosures& Disclaimers Analyst CertificationThe research analyst who is primary responsible for the content of this research report, in whole or in part, certifies thatwith respect to thesecurities or issuer that the analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2)no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by that analyst in this report.Besides, the analyst confirms that neither the analyst nor his/her associates (as defined in the code of conduct issued by The Hong Kong Securities and Futures Commission)(1) have dealt in or traded in the stock(s) covered in this research report within 30 calendar days prior to the date of issue of this report; (2) willdeal in or trade in the stock(s) covered in this research report 3 business days after the date of issueof this report; (3) serve as an officer of any of the HongKong listed companies covered in this report; and (4) have any financial interests in the Hong Kong listed companies coveredin this report. CMBIGM RatingsBUY : Stock with potentialreturn of over 15% over next 12 months: Stock with potential return of +15% to-10% over next 12 months: Stock with potential loss of over 10% over next 12 months: Stock is not rated byCMBIGM HOLDSELLNOT RATED :Industry expected to outperform the relevant broad market benchmark over next 12 months:Industry expected to perform in-line with the relevant broad market benchmark over next 12 months:Industry expected to underperform the relevant broad market benchmark over next 12 months CMB InternationalGlobal MarketsLimited Address: 45/F, Champion Tower, 3 Garden Road, Hong Kong, Tel: (852) 3900 0888 Fax: (852) 3900 0800CMB InternationalGlobalMarketsLimited (“CMBIGM”) is a wholly owned subsidiary of CMB International Capital Corporation Limited (a wholly ownedsubsidiary of China Merchants Bank) Important DisclosuresThere are risks involved in transacting in any securities. The inform