Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 155.20 [1]. Core Views - The company achieved a revenue of RMB 2.251 billion in 2025, representing a year-over-year increase of 22.90%, and a net profit of RMB 650 million, up 39.73% year-over-year. The fourth quarter alone saw revenue of RMB 702 million, a significant increase of 47.65% year-over-year and 45.45% quarter-over-quarter [1]. - The company is expected to benefit from the performance of new products such as CT detectors, tubes, and silicon-based OLED microdisplay backplanes, which are anticipated to drive future growth [1]. - The core components and comprehensive solutions business are gradually completing major customer onboarding and beginning bulk deliveries, contributing to steady sales growth [2]. - The silicon-based microdisplay backplane business generated revenue of RMB 55.62 million, supported by the production capacity from the Hefei factory [2]. Financial Performance - The company reported a gross margin of 51.36% and a net margin of 28.09% for 2025, reflecting improvements of 1.25 and 3.5 percentage points year-over-year, respectively [3]. - The sales, management, R&D, and financial expense ratios showed varied changes, with management expenses decreasing due to effective cost control and revenue growth [3]. - The company completed a 6-year employee stock ownership plan, which is expected to enhance employee motivation and stabilize operational goals [4]. Profit Forecast and Valuation - The profit forecast for the company has been slightly adjusted downwards due to a slight contraction in the medical equipment bidding market. The expected net profits for 2026-2028 are RMB 820 million, RMB 1.05 billion, and RMB 1.25 billion, respectively [5]. - The company is valued at a PE ratio of 40 times for 2026, with an updated target price of RMB 155.20, reflecting a 53 times PE ratio for 2025 [5].

Investment Rating - The report upgrades the investment rating to "Buy" for the company, indicating an expected relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [17]. Core Insights - The company achieved a significant revenue increase of 22.90% year-on-year in 2025, reaching 2.251 billion yuan, and a net profit increase of 39.73%, amounting to 650 million yuan, exceeding market expectations [4][5]. - The fourth quarter of 2025 saw a remarkable revenue growth of 47.66% year-on-year, with net profit soaring by 139.17% [4][5]. - The company is positioned as a leader in the detector industry, with a focus on expanding its product and technology offerings, particularly in the context of the AI application wave and the growth of silicon-based OLED backplanes [12][13]. Financial Performance Summary - Revenue projections for the company are as follows: 1.831 billion yuan in 2024, 2.251 billion yuan in 2025, 3.512 billion yuan in 2026, 4.693 billion yuan in 2027, and 5.736 billion yuan in 2028, with growth rates of -2%, 23%, 56%, 34%, and 22% respectively [3]. - The net profit forecast shows a trajectory from 465 million yuan in 2024 to 1.238 billion yuan in 2028, with growth rates of -23%, 40%, 27%, 25%, and 20% respectively [3]. - The company maintains a stable gross margin of 51.36% in 2025, reflecting a year-on-year increase of 1.25 percentage points, and a net profit margin of 28.09%, up by 3.50 percentage points [7]. Operational and Cash Flow Analysis - The company improved its inventory turnover days to 266.43 days, a decrease of 44.85 days year-on-year, indicating enhanced inventory management [8]. - The net cash flow from operating activities reached 1.302 billion yuan in 2025, representing a year-on-year increase of 261.19% [8]. - R&D expenses for 2025 were 340 million yuan, accounting for 15.09% of revenue, with a year-on-year growth of 9.52% [8]. Market Position and Growth Potential - The global market for digital X-ray imaging equipment is projected to grow significantly, with a compound annual growth rate (CAGR) of 4.79% from 2021 to 2030, reaching 47.61 billion USD by 2030 [9]. - The company holds a 19.83% market share in the global digital X-ray detector market as of 2024, positioning it as a leading player [10]. - The silicon-based OLED microdisplay market is expected to grow at a CAGR of 34.3%, with the company aiming to become a core supplier in this segment [12][13].

Investment Rating - The report upgrades the investment rating to "Buy" [3][13]. Core Insights - The company achieved a significant revenue increase of 22.90% year-on-year in 2025, reaching 2.251 billion yuan, with a net profit growth of 39.73% to 650 million yuan [4][6]. - The fourth quarter of 2025 saw a remarkable revenue growth of 47.66% year-on-year, with net profit soaring by 139.17% [4][5]. - The company is positioned as a leader in the detector industry, with expectations for continued growth driven by advancements in AI applications and the expansion of silicon-based OLED backplane production [13]. Financial Performance Summary - Revenue and Profit Forecasts: - 2024A: Revenue of 1.831 billion yuan, net profit of 465 million yuan - 2025A: Revenue of 2.251 billion yuan, net profit of 650 million yuan - 2026E: Revenue of 3.512 billion yuan, net profit of 826 million yuan - 2027E: Revenue of 4.693 billion yuan, net profit of 1.035 billion yuan - 2028E: Revenue of 5.736 billion yuan, net profit of 1.238 billion yuan [3][14]. - Profitability Metrics: - Gross margin for 2025 was 51.36%, an increase of 1.25 percentage points year-on-year - Net profit margin for 2025 was 28.09%, up by 3.50 percentage points year-on-year [7][8]. - Cash Flow and Operational Efficiency: - Operating cash flow for 2025 was 1.302 billion yuan, reflecting a 261.19% increase year-on-year - Inventory turnover days decreased by 44.85 days to 266.43 days, indicating improved inventory management [8][9]. Market Position and Growth Potential - The global X-ray imaging equipment market is projected to grow from $21.76 billion in 2015 to $47.61 billion by 2030, with a compound annual growth rate (CAGR) of 4.79% from 2021 to 2030 [9][10]. - The company holds a 19.83% market share in the global digital X-ray detector market as of 2024, indicating a strong competitive position [10][12]. - The silicon-based OLED microdisplay market is expected to grow at a CAGR of 34.3%, reaching 67.93 billion yuan by 2030, presenting significant growth opportunities for the company [12][13].

| 证券代码：688301 | 证券简称：奕瑞科技 | 公告编号：2026-014 | | --- | --- | --- | | 转债代码：118025 | 转债简称：奕瑞转债 | | 奕瑞电子科技集团股份有限公司 第三届董事会第二十五次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 2026 年 3 月 29 日，奕瑞电子科技集团股份有限公司（以下简称"公司"或"奕 瑞科技"）以现场及通讯方式召开了第三届董事会第二十五次会议（以下简称"本 次会议"），会议通知已于 2026 年 3 月 19 日以电子邮件形式发出。本次会议由董 事长 Tieer Gu 先生主持，会议应出席董事 9 人，实际出席并表决的董事 9 人。本 次会议的召开及表决程序符合《中华人民共和国公司法》（以下简称"《公司法》"） 等相关法律、法规以及《奕瑞电子科技集团股份有限公司章程》（以下简称"《公 司章程》"）的有关规定。 二、董事会会议审议情况 表决结果：9 票同意，0 票反对，0 票弃权。 此项议案尚需提交公 ...

| 证券代码：688301 | 证券简称：奕瑞科技 公告编号：2026-016 | | --- | --- | | 转债代码：118025 | 转债简称：奕瑞转债 | 奕瑞电子科技集团股份有限公司 关于 2025 年年度利润分配及资本公积转增股本 方案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 分配比例：公司拟向全体股东每 10 股派发现金红利 10.00 元（含税）； 转增比例：公司拟以资本公积向全体股东每 10 股转增 4 股； 本次利润分配及资本公积转增股本以实施权益分派股权登记日登记的总 股本扣减公司回购专用证券账户中的股份为基数，具体日期将在权益分派实施公 告中明确； 在实施权益分派的股权登记日前公司总股本扣除公司回购专用证券账户 中股份基数发生变动的，公司拟维持分配比例、转增比例不变，相应调整分配总 额和转增总额，并将另行公告具体调整情况； 本次利润分配及资本公积转增股本方案已经公司第三届董事会第二十五 次会议审议通过，尚须提交股东会审议； 本次利润分配及资本公积转增股本方案不会触及 ...

2025 年限制性股票激励计划预留授予激励对象名单 奕瑞电子科技集团股份有限公司 2025 年限制性股票激励计划预留授予激励对象名单（截至授予日 ) 奕瑞电子科技集团股份有限公司 (截至授予日) 2025 年限制性股票激励计划预留授予部分的分配情况 | 姓名 | 职务 | 国籍 | 获授的第二类限制性 | 占本激励计划 拟授出全部权 | 占 2026年3 月 29 日公司 | | --- | --- | --- | --- | --- | --- | | | | | 股票数量(万股) | 益数量的比例 | 股本总额的 | | | | | | | 比例 | | 核心骨干(合计 74人) | | | 19.70 | 9.56% | 0.09% | | 合计 | | | 19.70 | 9.56% | 0.09% | 変瑞I 公司 t th 29 日 注: 1、公司全部在有效期内的股权激励计划所涉及的标的股票总数累计未超过公司股本总额的 20.00%。上述任何一名激励对象通过全部在有效期内的股权激励计划获授的公司股票数量累计未 超过公司股本总额的 1.00%。 2、本计划预留授予激励对象不包括独立董事、单独或合计持 ...

奕瑞电子科技集团股份有限公司 董事会薪酬与考核委员会 核查意见（截至授予日） 奕瑞电子科技集团股份有限公司（以下简称"公司"）董事会薪酬与考核委 员会依据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国 证券法》（以下简称"《证券法》"）、《上市公司股权激励管理办法》（以下简称"《管 理办法》"）、《上海证券交易所科创板股票上市规则》（以下简称"《上市规则》"）、 《科创板上市公司自律监管指南第 4 号——股权激励信息披露》等相关法律、法 规及规范性文件和《奕瑞电子科技集团股份有限公司章程》（以下简称"《公司章 程》"）的有关规定，对公司 2025 年股票增值权激励计划（以下简称"本次激励 计划"）预留授予激励对象名单（截至授予日）进行了核查，发表核查意见如下： 1、公司本次激励计划所确定的激励对象均不存在《管理办法》规定的不得 成为激励对象的下列情形： （5）法律法规规定不得参与上市公司股权激励的； （6）中国证监会认定的其他情形。 2、本次激励计划预留授予激励对象为公司董事、高级管理人员，不包括公 司独立董事、单独或合计持有公司 5%以上股份的股东或实际控制人及其配偶、 父母、子女。 ...

奕瑞电子科技集团股份有限公司 董事会薪酬与考核委员会 关于 2025 年限制性股票激励计划预留授予激励对象名单的 核查意见（截至授予日） 奕瑞电子科技集团股份有限公司（以下简称"公司"）董事会薪酬与考核委员 会依据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国 证券法》（以下简称"《证券法》"）、《上市公司股权激励管理办法》（以下简称"《管 理办法》"）、《上海证券交易所科创板股票上市规则》（以下简称"《上市规则》"）、 《科创板上市公司自律监管指南第 4 号——股权激励信息披露》等相关法律、法 规及规范性文件和《奕瑞电子科技集团股份有限公司章程》（以下简称"《公司章 程》"）的有关规定，对公司 2025 年限制性股票激励计划（以下简称"本次激励 计划"）预留授予激励对象名单（截至授予日）进行了核查，发表核查意见如下： 1、公司本次激励计划所确定的激励对象均不存在《管理办法》规定的不得 成为激励对象的下列情形： （1）最近 12 个月内被证券交易所认定为不适当人选； （2）最近 12 个月内被中国证监会及其派出机构认定为不适当人选； （3）最近 12 个月内因重大违法违规行为被中国证监会 ...

奕瑞电子科技集团股份有限公司 2025 年股票增值权激励计划预留授予激励对象名单（截至授予日） 注: 1、公司全部在有效期内的股权激励计划所涉及的标的股票总数累计未超过公司股本总额的 20.00%。上述任何一名激励对象通过全部在有效期内的股权激励计划获授的公司股票数量累计未 超过公司股本总额的 1.00%。 2、本计划预留授予激励对象不包括独立董事、单独或合计持有公司 5%以上股份的股东或实 际控制人及其配偶、父母、子女。 3、合计数与各明细数直接相加之和在尾数上如有差异,是由于四舍五入所造成。 奕瑞申子科 年3月 (截至授予日) 2025 年股票增值权激励计划的分配情况 í | | | | 获授的股票 | 占本激励计划拟 | 占2026年3月 | | --- | --- | --- | --- | --- | --- | | 姓名 | 职务 | 国籍 | 增值权数量 | 授出权益数量的 | 29 日公司股本 | | | | | (万份) | 出例 | 总额比例 | | 下韧 | 董事会秘书 | 中国 | 2.00 | 4.55% | 0.01% | | 范训思 | 职工董事 | 中国 | 1.00 | 2. ...

| 证券代码：688301 | 证券简称：奕瑞科技 公告编号：2026-021 | | --- | --- | | 转债代码：118025 | 转债简称：奕瑞转债 | 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 奕瑞电子科技集团股份有限公司 关于向 2025 年股票增值权激励计划激励对象 授予预留部分股票增值权的公告 重要内容提示： 《奕瑞电子科技集团股份有限公司 2025 年股票增值权激励计划》（以下简称 "本次激励计划"或"《激励计划》"）规定的奕瑞电子科技集团股份有限公司（以 下简称"公司"）2025 年股票增值权预留授予条件已经成就，根据公司 2025 年第 三次临时股东会授权，公司于 2026 年 3 月 29 日召开的第三届董事会第二十五次 会议，审议通过了《关于向 2025 年股票增值权激励计划激励对象授予预留部分 股票增值权的议案》，确定 2026 年 3 月 30 日为授予日，以 115.67 元/股的行权价 格向 2 名激励对象预留授予 3.00 万份股票增值权。现将有关事项说明如下： 一、股票增值 ...