UBS: Shanghai United Imaging Healthcare - European Healthcare Conference Feedback
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UBS released a report following discussions with Shanghai United Imaging Healthcare's board secretary at the 2026 UBS European Healthcare Conference in London. The company expects continued market share gains in China, supported by an 8% to 10% expansion in the domestic addressable market. United Imaging's domestic revenue surged approximately 24% for the first nine months of 2025, with full-year growth anticipated to be even higher. Having become the tender market leader in 2024, the company expanded its market share to over 26% in 2025.
International momentum remains robust. Overseas revenue grew roughly 50% in 2025, accounting for about 25% of total revenue. Management targets another 50% increase in overseas revenue for 2026, with over 50% growth projected across Europe and the Asia-Pacific region. Within five years, United Imaging aims for international markets to represent more than 50% of total revenue.
The company expects overall gross margins to remain stable as higher sales of premium products offset volume-based procurement pricing pressures. Net margins should gradually improve through enhanced operational efficiency. UBS maintains a Buy rating and a DCF-based target price of RMB196.0 per share, implying 69.1 times forward earnings. A potential catalyst includes the possible release of stronger-than-expected first-quarter results on April 28, 2026.