招银国际：联影医疗（688271）-Robustoverseasgrowthoffsetsoftdomesticdemand

联影医疗(688271) UnitedImaging(UIH)reported1H26revenueofRMB7,052mn,up17%YoY,representing42%ofourpriorfull-yearforecastandbelowthe~47%historicalaverage.Overseasrevenueremainedstrong,up54.5%YoYwhiledomesticrevenuegrewamodest8.5%YoYagainstaweakdomesticmarket.Attributablenetprofitdecreased10%YoYtoRMB897mn,primarilyduetoFXlosses.Onanex-FXbasis,bottom-linegrewaresilient9%YoY.Givenweaker-than-expecteddomesticprocurementin1H26andthelagbetweentenderwinsandrevenuerecognition,welowerour2026Erevenueforecastby3.