金吾财讯 | 招银国际研报指，讯飞医疗科技（02506）1H26实现营收人民币4.46亿元（+49.4% YoY），占该机构全年预测的40%，显著高于历史均值（~33%）。运营效率持续改善，SG&A及研发费用率分别同比下降18.5pct和4.4pct，净亏损率收窄至13.3%（-11.5pct YoY）。该机构指，公司核心亮点在于：1）AI健康助手收入1.82亿元（+75% YoY），影像云成功在广西省中标，并在上半年成功连通370+家二级以上医院，年付费数字影像服务收费人次由2025年的3600万人次翻倍至26年上半年的7200万人次。近期新中标宁夏项目有望支撑下半年保持快速增长；诊后管理收入同比大增222%，已超2025年全年水平，主要得益于公司加快了医院覆盖和患者触达；2）AI诊疗助理收入+47.5%，新增覆盖22个区县、77家等级医院。该机构认为公司长期的数据积累将构筑模型迭代飞轮，持续巩固其领先地位。基于1H26强劲表现，该机构上调2026E营收预测7.6%，目标价上调至99.58港元（基于9倍2026E市销率不变；前值：92.55港元）。予买入评级。
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