Investment Rating - The report assigns a "Hold" rating for the company, indicating a cautious approach towards investment in the current market conditions [5]. Core Insights - The company has established itself as a leader in the domestic medical imaging equipment market, with a strong focus on innovation and global market penetration [3][4]. - The domestic market is expected to recover significantly starting from Q4 2024, driven by large-scale equipment upgrades and a favorable policy environment [4]. - The company is actively expanding its product line, including the introduction of groundbreaking products and the integration of AI technologies, which are expected to enhance its competitive edge [5][40]. Summary by Sections Company Overview - Founded in 2011, the company has rapidly developed a comprehensive product line in medical imaging, radiation therapy, and life sciences, achieving leading market shares in MR, CT, PET, and DR categories [3][17]. - The company has established regional headquarters and R&D centers in various countries, enhancing its global presence and collaboration with international partners [17]. Market Trends - The global medical imaging equipment market is projected to exceed $60 billion by 2030, with the domestic market expected to reach over 100 billion yuan [48][53]. - The company is well-positioned to benefit from the increasing demand for high-end medical imaging equipment, as domestic brands gradually replace imported products [67]. Financial Performance - The company has shown a compound annual growth rate (CAGR) of over 25% in revenue from 2020 to 2023, with a significant recovery in net profit following a period of losses [23][28]. - Revenue from medical imaging equipment sales constitutes approximately 87% of total revenue, with CT and MR products accounting for nearly 70% of sales [28][30]. Innovation and R&D - The company invests heavily in R&D, with an average of 19.63% of revenue allocated to research activities from 2018 to 2023, positioning it among the leaders in the industry [40][42]. - The company has developed a robust patent portfolio, with over 4,134 authorized patents, ensuring a strong competitive position in the market [47]. Product Development - The company has launched several innovative products, including the uMR Jupiter 5T and uLinac HalosTx, which have received high industry recognition [5][71]. - The integration of AI technologies into its product offerings is expected to create new business opportunities and enhance operational efficiency [5][71].

股票代码：688271 上市公司名称：上海联影医疗科技股份有限公司 股票简称：联影医疗 股票上市地点：上海证券交易所 五、本次权益变动是根据本报告书所载明的资料进行的。除信息披露义务 人外，没有委托或者授权任何其他人提供未在本报告中列载的信息和对本报告 做出任何解释或者说明。 六、信息披露义务人承诺本报告书不存在虚假记载、误导性陈述或重大遗 漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 信息披露义务人1：上海中科道富投资合伙企业（有限合伙） 住所及通讯地址：中国(上海)自由贸易试验区临港新片区环湖西二路888号C楼 信息披露义务人2：上海北元投资合伙企业（有限合伙） 住所及通讯地址：中国(上海)自由贸易试验区临港新片区环湖西二路888号C楼 股份变动性质：股份减少（询价转让） 签署日期：2025年3月21日 1 一、信息披露义务人依据《中华人民共和国公司法》、《中华人民共和国证 券法》、《上市公司收购管理办法》、《公开发行证券的公司信息披露内容与 格式准则第15号——权益变动报告书》及相关的法律、法规和规范性文件编写。 二、信息披露义务人签署本报告书已获得必要的授权和批准。 三、依据《中华人民共 ...

证券代码：688271 证券简称：联影医疗 公告编号：2025-005 上海联影医疗科技股份有限公司 股东询价转让结果报告书暨持股 5%以上股东 持有权益比例降至 5%以下的权益变动提示性公告 上海中科道富投资合伙企业（有限合伙）（以下简称"中科道富"）、上海北元 投资合伙企业（有限合伙）（以下简称"北元投资"）（以下合称"转让方"）保证向 上海联影医疗科技股份有限公司（以下简称"公司"、"上市公司"、"联影医疗"） 提供的信息内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其真实性、 准确性和完整性依法承担法律责任。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示: 本次询价转让的价格为 108.66 元/股，转让的股票数量为 29,086,400 股。 公司控股股东、实际控制人、董事、监事及高级管理人员不参与本次询 价转让。 本次转让不会导致公司控股股东、实际控制人发生变化。 本次权益变动后，中科道富及其一致行动人持股比例持股比例由 8.52922% 减少至 4.99999%，持有权益比例将至 5%以下。 一、 转让方情况 (一)转让方基本情况 截至 2025 年 3 ...

中国国际金融股份有限公司 关于上海联影医疗科技股份有限公司 股东向特定机构投资者询价转让股份的核查报告 中国国际金融股份有限公司（以下简称"中金公司""组织券商"）受上海联影 医疗科技股份有限公司（以下简称"联影医疗""公司""上市公司"）股东上海中 科道富投资合伙企业（有限合伙）（以下简称"中科道富"）、上海北元投资合伙企 业（有限合伙）（以下简称"北元投资"）（以下合称"出让方"）委托，组织实施 本次联影医疗股东向特定机构投资者询价转让（以下简称"本次询价转让"）。 经核查，中金公司就本次询价转让的出让方、受让方是否符合《上海证券交易所 科创板上市公司自律监管指引第 4 号——询价转让和配售》（以下简称"《询价转让 和配售指引》"）要求，本次询价转让的询价、转让过程与结果是否公平、公正，是 否符合《询价转让和配售指引》的规定作出如下报告说明。 一、本次询价转让概述 （一）本次询价转让出让方 截至2025年3月14日，出让方所持公司股份的数量、比例情况如下： | 出让方名称 | 截至2025年3月14日收盘持股数量（股） | 持股比例 | | --- | --- | --- | | 中科道富 | 41,46 ...

联影医疗&奕瑞科技 20250320 摘要 Q&A 联影医疗在医疗影像设备领域的产品线布局和市场表现如何？ 联影医疗在医疗影像设备领域的产品线布局非常全面，涵盖了诊断性设备、治 疗性设备以及生命科学仪器。凭借创新产品，联影迅速打开市场，目前在国内 市场份额处于领先地位。公司成立于 2011 年，在短短 15 年内不断推出具有国 • 联影医疗作为国内医疗影像设备龙头，已推出超 120 款产品，覆盖全球 13,700 多家医疗机构，包括 1,000 多家三甲医院，2018-2023 年收入复合 增速达 41%，但 2024 年受下游需求波动影响，业绩承压，预计 2025 年需 求复苏后将回暖。 • 联影医疗收入结构中设备销售占比 89%，维保和软件业务仅占 11%，与西门 子医疗等国际龙头 50%的重复性收入占比相比，仍有较大提升空间，维保 业务有望成为未来收入增长的重要来源。 • 联影医疗约 80%的销售收入来自中国大陆地区，境外市场增速较快，国际 化发展将是公司未来增长的重要驱动力。公司毛利率和净利率均处于业内 较高水平，扣非净利率高达 15%，远超通用电气。 • 联影医疗管理团队经验丰富，多位高管拥有西门子 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, with a target price of RMB 194.39, indicating a potential upside of 54% from the current price of RMB 126.54 [1][6][26]. Core Insights - The company is positioned to benefit from a comprehensive product line in medical imaging, challenging the dominance of imported brands in the Chinese market. The product lines include CT, MR, XR, MI, and RT, with significant market shares in previously monopolized segments [6][20][40]. - The company is expected to experience a revenue CAGR of 14.2% from 2023 to 2026, driven by technological advancements and policy support, despite facing short-term impacts in 2024 [6][22][24]. - The overseas business has shown strong growth, with revenue reaching RMB 9.33 billion in the first half of 2024, a 29.9% increase year-on-year, indicating the company's expanding international influence [7][23]. - The report highlights the company's focus on R&D innovation, with significant investments leading to the launch of groundbreaking products, such as the world's first 5T whole-body clinical MR [24][25]. Financial Summary - The company's revenue is projected to grow from RMB 10.26 billion in 2024 to RMB 16.98 billion in 2026, with net profit expected to rise from RMB 1.26 billion to RMB 2.88 billion during the same period [8][22]. - The earnings per share (EPS) estimates for 2024, 2025, and 2026 are RMB 1.52, RMB 2.62, and RMB 3.50, respectively, reflecting a positive growth trajectory [2][8]. Market Context - The Chinese medical imaging equipment market is projected to grow at a CAGR of 10.9% from 2019 to 2023, with the CT segment holding the largest market share at 32% in 2023 [29][30]. - The report emphasizes the increasing demand for high-end medical imaging equipment driven by an aging population and rising health awareness, which is expected to sustain market growth [33][34].

Investment Rating - The report initiates coverage with a "Buy" rating for the company, with a target price of RMB 194.39, indicating a potential upside of 54% from the current price of RMB 126.54 [1][2][26] Core Views - The company is positioned to benefit from technological advancements and policy support, leading to significant growth in the medical imaging equipment market. The report anticipates a recovery in the company's performance starting in 2025, with a projected revenue CAGR of 14.2% from 2023 to 2026 [6][9][22] - The company has a comprehensive product line in medical imaging, including CT, MR, XR, MI, and RT, which allows it to compete effectively against established international brands in China [6][40] - The report highlights the company's strong market position, particularly in CT and MR products, with significant revenue contributions expected from these segments in the coming years [6][24][43] Summary by Sections Financial Performance - The company reported revenues of RMB 11.41 billion in 2023, with projections of RMB 10.26 billion for 2024, RMB 13.80 billion for 2025, and RMB 16.98 billion for 2026. The net profit is expected to decline to RMB 1.26 billion in 2024 before recovering to RMB 2.16 billion in 2025 and RMB 2.88 billion in 2026 [8][22][24] - The estimated EPS for 2024, 2025, and 2026 are RMB 1.52, RMB 2.62, and RMB 3.50 respectively, reflecting a recovery trajectory post-2024 [2][8] Market Position and Growth Drivers - The company has established a strong foothold in the domestic market, with a leading market share in CT products and significant positions in MR and MI segments. The report notes that the company is well-positioned to capitalize on the trend of domestic substitution in the medical imaging market [6][43][40] - The report emphasizes the company's global expansion strategy, with overseas revenue reaching RMB 9.33 billion in the first half of 2024, marking a 29.9% year-on-year increase, and accounting for 17.5% of total revenue [7][23] Product Line and Innovation - The company offers a wide range of medical imaging products, including advanced CT and MR systems, which are expected to drive future revenue growth. The report highlights the introduction of innovative products such as the uMR Jupiter 5T and uLinac HalosTx, which are set to enhance the company's competitive edge [6][24][25] - The report projects that the company's CT product line will experience a revenue CAGR of -4.6% in 2024, followed by a recovery with 18.2% and 13.6% growth in 2025 and 2026 respectively. The MR product line is expected to grow significantly, with a projected CAGR of 24.4% from 2024 to 2026 [6][24][25]

联影智能是一家能够提供多场景、多疾病、全流程、一体化智能解决方案的医疗AI企业，是联影集团 在AI领域的重要战略布局，联影智能的技术广泛应用于医疗影像分析、智能诊断辅助、数据管理和疾 病预测等领域。联影智能已推出100多款医疗AI产品，联影智能的AI产品在临床应用中表现卓越，尤其 是在疾病筛查、早期诊断和治疗路径规划等场景，AI技术赋能不仅能够提升医疗设备的功能与价值， 为临床应用提供更高效、更精准的解决方案，而且能够通过优化诊疗流程和资源配置，助力医疗机构降 本增效。 经过审慎研究，公司决定对联影智能进行投资，本次投资能够为公司产品提供智能化支持，通过高效的 诊断辅助和数据处理能力，优化医疗设备的使用体验，满足医院等终端用户对高效、精准医疗的需求， 更能为公司在高端市场构建更强的竞争壁垒。同时，关联方联影集团、上海联和因看好联影智能的未来 发展前景，决定以同等价格共同参与本轮融资。 格隆汇3月18日丨联影医疗(688271.SH)公布，公司拟以自有资金增加投资上海联影智能医疗科技有限公 司（以下简称"联影智能"或"目标公司"），取得其增资后0.70%的股权，交易价格为7,000万元（以下简 称"本次交易"） ...

中信证券股份有限公司、中国国际金融股份有限公司 关于上海联影医疗科技股份有限公司 关于增加投资上海联影智能医疗科技有限公司 0.70%股权暨关联交 易的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐机构"）、中国国际金 融股份有限公司（以下简称"中金公司"、"保荐机构"）为上海联影医疗科技股份 有限公司（以下简称"公司"、"联影医疗"）首次公开发行股票并上市的保荐机构。 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市规则 （2024 年 4 月修订）》等相关规定履行持续督导职责，对公司增加投资上海联 影智能医疗科技有限公司（以下简称"联影智能"或"目标公司"）0.70%股权 暨关联交易事项进行了核查，核查情况如下： 一、关联交易概述及进展情况 2024 年 12 月 20 日，公司第二届董事会第十八次会议审议通过《关于投资 上海联影智能医疗科技有限公司 0.2849%股权暨关联交易的议案》，同意公司使 用 2,848.72 万元自有资金投资联影智能。 截至本核查意见披露日，嘉兴鸿信强基股权投资合伙企业（有限合伙）（以 下简称"鸿信强基"）未能按照《上海联影智能医疗科技有限公司 ...

证券代码： 688271 证券简称： 联影医疗 公告编号： 2025-004 上海联影医疗科技股份有限公司关于增加投资上海联影智 能医疗科技有限公司 0.70%股权暨关联交易的公告 2025 年 3 月 18 日，公司第二届董事会第十九次会议审议通过《关于增加投 资上海联影智能医疗科技有限公司 0.70%股权暨关联交易的议案》（表决结果： 5 票同意、0 票反对、0 票弃权，关联董事张强、TAO CAI、丁君、沈思宇回避表 上海联影医疗科技股份有限公司（以下简称"公司"或"联影医疗"）拟 以自有资金增加投资上海联影智能医疗科技有限公司（以下简称"联影 智能"或"目标公司"），取得其增资后 0.70%的股权，交易价格为 7,000 万元（以下简称"本次交易"），本次交易后合计取得联影智能增资后 0.9849%的股权。 鉴于联影医疗技术集团有限公司（以下简称"联影集团"）为公司控股股 东，上海联和投资有限公司（以下简称"上海联和"）为直接持有公司 5% 以上股份的法人，联影智能受公司控股股东联影集团控制，联影集团、 上海联和本次同时拟以自有资金分别取得联影智能增资后 2.0000%、 1.7901%的股权，本次交 ...