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研報掘金丨華福證券:維持聯影醫療“持有”評級,預計業績端有望修復性增長

華福證券研報指出,聯影醫療(688271.SH)24全年歸母淨利潤12.6億(同比-36.1%),25Q1歸母淨利潤3.7億(同比+1.9%)。國內招投標趨勢加速、25Q1業績修復性增長。海外加速高端滲透、新興市場加速落地:2024年海外營收22億元(同比+34%),高端機型在全球簽單近300臺(海外毛利率47%,顯著同比提升6.2pct),歐美加深高端滲透。在24年國內行業整體增速放緩下,公司整體市佔率+超3pct,高端產品同比+5pct,構築“高端突破+基盤穩固”的雙輪驅動格局。此外,公司首創類+超聲等重磅新品持續加碼及上市在即、AI+設備商業閉環加速滲透。考慮到公司業績隨裝機落地加速向上,預計業績端有望修復性增長,維持“持有”評級。

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