United Imaging (688271.SS): Earnings review: 3Q26 revenue in line while NP miss; TP down to Rmb169; Buy

United Imaging reported 3Q26 revenue of Rmb3,529mn (up 24.1% yoy, accelerating from 17.2% growth in 1H26), in line with GSe of Rmb3,392mn. However, attributable net profit increased only 13.0% yoy to Rmb138mn, missing GSe of Rmb384mn, reflecting continued pressure on profitability. We attribute the weakness primarily to higher R&D expenses (up ~35% yoy in 9M26), share-based compensation (an incremental Rmb146mn drag) and FX losses of approximately Rmb150mn versus just Rmb1.6mn a year ago. Excluding FX impacts, attributable net profit would have risen 9.5% yoy in 9M26 and 22.5% yoy in 3Q26. By geography, domestic revenue grew ~15% yoy in 3Q26 with overall domestic share up 2.2ppt in 9M26 (1.6ppt in MR, 7.8ppt in MI), while overseas revenue grew ~45% yoy led by Asia-Pacific;