Event On December 21, the company announced that it intends to invest in Shanghai United Imaging Intelligent Medical Technology Co., Ltd. with its own funds to obtain 0.2849% of its equity after the capital increase, and the transaction price is 28.4872 million yuan.

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United Imaging Intelligence is a full-stack and full-spectrum medical artificial intelligence company, with rapid revenue growth in recent years, United Imaging Intelligence is one of the few full-stack and full-spectrum medical artificial intelligence companies in the market, with a pre-investment valuation of 9 billion yuan. From 2020 to 2023, United Imaging Intelligence's operating revenue maintained a compound growth rate of about 90%. The controlling shareholder of United Imaging Intelligence is United Imaging Group.

As of December 31, 2023, United Imaging Intelligence's total unaudited assets were RMB313 million, and owners' equity was RMB407 million. In the first three quarters of 2024, the operating income will be 166 million yuan and the net profit will be -82.9218 million yuan, and the operating income will be 254 million yuan and the net profit will be -136 million yuan in 2023.

United Imaging Intelligence's AI products perform well in clinical applications

United Imaging Intelligence is a medical AI company that can provide multi-scenario, multi-disease, full-process, and integrated intelligent solutions, which is an important strategic layout of United Imaging Group in the field of AI, and its technology is widely used in medical image analysis, intelligent diagnosis assistance, data management, and disease prediction.

United Imaging Intelligence has launched more than 100 medical AI products, and United Imaging Intelligence's AI products have excellent performance in clinical applications, especially in scenarios such as disease screening, early diagnosis, and treatment path planning.

After the capital increase, United Imaging Intelligence will provide intelligent support for United Imaging Healthcare's products, optimize the use experience of medical equipment through efficient diagnostic assistance and data processing capabilities, meet the needs of end users such as hospitals for efficient and precise medicine, and build stronger competitive barriers for the company in the high-end market.

Profit forecast: We expect the company's operating income in 2024-2026 to be 114.25/137.18/16.634 billion yuan respectively (the previous value in 2024/2025 was 15.037/18.723 billion yuan), and the reason for the downward adjustment is that product sales are affected by downstream demand, and the net profit attributable to the parent company in 2024-2026 will be 14.72/20.52/2.543 billion yuan (2024/2025) respectively The previous year values were 2.558/3.148 billion yuan, respectively), maintaining a "buy" rating.

Risk warning: the risk that the income from the capital increase is less than expected, the uncertainty of overseas market policies, the intensification of market competition, the inability to continue tax incentives, exchange rate fluctuations and other risks