海外市场持续拓展。公司在深耕国内市场同时，也积极拓展海外新兴市场。公司已向全球市场推出120 多款产品，业务网络覆盖全球70 个国家和地区，40款产品获得CE 认证，47款产品获得FDA 510(k)认证，销售网络覆盖全球主要发达市场及新兴市场。2024H1 海外收入9.3 亿元（+29.9%），海外收入占比提高至17.5%，同比23H1 提高3.9pp。Event: The company released its 2024 interim report, with 2024H1 revenue of 5.33 billion yuan (+1.2%) and net profit of 0.95 billion yuan (+1.3%) to mother.
The performance showed a rapid growth trend. By business, 2024H1 medical imaging equipment revenue was 4.54 billion yuan (-1.8%), maintenance service revenue was 0.62 billion yuan (+23.8%), and software revenue was 0.03 billion yuan (-44.6%). Looking at the medical imaging equipment segment, CT/MR/MI/XR/RT equipment revenue was 16.2/16.9/0.74/0.26/0.24 billion yuan, respectively, -22.7%/+12.3%/19.1%/-20.7%/+188.1%. Affected by macroeconomic policies, the company's CT, XR and other product lines declined slightly, but the core product line still maintained its leading position in the market. Maintenance service revenue is growing faster than equipment, mainly due to the continuous increase in installed equipment stock and the continuous increase in terminal customer satisfaction.
Medical equipment is traded in and overlaid with a new version of the configuration certificate, and it is expected that favorable policies will continue to be released. In March 2024, the State Council issued the “Action Plan to Promote Large-scale Equipment Renewal and Consumer Goods Trade-in”, which clearly calls for strengthening the upgrading of equipment and information technology facilities in medical institutions, and encouraging medical institutions that are in a position to do so to speed up the upgrading of medical equipment such as medical imaging, radiotherapy, and telemedicine treatment. Among them, medical imaging is one of the country's key renewal products. The trade-in policy is expected to gradually be implemented starting at 24H2, with the removal of configuration restrictions on the superposition of the new version of the configuration certificate, and the procurement demand for high-end video equipment is expected to accelerate. The company's product line basically covers high-end medical imaging diagnostic products and radiotherapy products, and it is expected that it will continue to be affected by favorable policies.
Overseas markets continue to expand. While the company is deeply involved in the domestic market, it is also actively expanding overseas emerging markets. The company has launched more than 120 products to the global market. The business network covers 70 countries and regions, 40 products have obtained CE certification, 47 products have obtained FDA 510 (k) certification, and the sales network covers major developed markets and emerging markets around the world. 2024H1's overseas revenue was 0.93 billion yuan (+29.9%), and the share of overseas revenue increased to 17.5%, up 3.9 pp from 23H1.
Profit forecast: The company's revenue for 2024-2026 is estimated to be 12.9/15.9/19.6 billion yuan, and net profit to mother is 2.3/2.8/3.4 billion yuan, respectively.
Risk warning: Market competition increases risk, risk of R&D failure, risk of overseas market development falling short of expectations, risk of policy fluctuations.
