Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's revenue and net profit declined in 24Q1-Q3, with revenue at 13.56 billion yuan (-2.91% YoY) and net profit at 3.90 billion yuan (-9.88% YoY) [3] - The decline in revenue is attributed to delayed domestic medical equipment tenders and reduced demand for flat panel detectors [3] - The company's gross margin in 24Q3 decreased by 5.03 percentage points compared to the same period last year, partly due to increased equity incentive expenses [3] - The company's 14.5 billion yuan private placement project has been accepted by the Shanghai Stock Exchange, aiming to expand production capacity for X-ray core components [3] - The company has mastered multiple core technologies, including non-crystalline silicon, IGZO, CMOS, and flexible substrate sensor technologies, which support its long-term growth [3] - The company is expected to achieve net profits of 6.3, 8.3, and 9.7 billion yuan in 2024-2026, with corresponding P/E ratios of 28x, 21x, and 18x [3] Financial Performance and Projections - The company's revenue in 2023 was 1,864 million yuan, with a projected slight decline to 1,843 million yuan in 2024, followed by growth to 2,282 million yuan in 2025 and 2,692 million yuan in 2026 [5] - Net profit in 2023 was 607 million yuan, expected to increase to 629 million yuan in 2024, 833 million yuan in 2025, and 965 million yuan in 2026 [5] - Gross margin is projected to decline slightly from 57.8% in 2023 to 55.7% in 2024, 55.0% in 2025, and 54.4% in 2026 [5] - The company's ROE is expected to improve from 14.0% in 2023 to 15.5% in 2026 [5] Market and Industry Context - The company operates in the medical/medical device sector, with its main products being flat panel detectors used in medical X-ray machines, industrial non-destructive testing, and security checks [3] - The company is actively developing new markets overseas and strengthening relationships with major clients in the medical and industrial sectors [3] - The company's private placement project is expected to accelerate the localization of X-ray core components and enhance technological self-reliance [3] Valuation Metrics - The company's P/E ratio is projected to decrease from 54.48x in 2023 to 18.16x in 2026 [7] - The P/B ratio is expected to decline from 7.66x in 2023 to 2.81x in 2026 [7] - The P/S ratio is forecasted to drop from 17.80x in 2023 to 6.51x in 2026 [7]

奕瑞科技(688301) 证券研究报告 | 公司点评 | 医疗器械 | --- | --- | |---------------------------------|-------------------------| | | 报告日期:2024年11月04日 | | 战略升级窗口期,看好长期发展潜力 | | 投资要点 □ 业绩表现: 2024Q1-3，收入 13.6 亿元，YOY -2.91%，归母净利润 3.9 亿元，YOY -9.9%。扣 非归母净利润 3.9亿元，YOY -21.6%。 2024Q3，收入 3.3 亿元，YOY -24.9%，归母净利润 0.83 亿元，YOY -23.6%。扣 非归母净利润 0.5 亿元，YOY -65.5%。 口 2024Q3 因受招投标放缓以及新能源检测需求波动等因素影响,公司 2024Q3 业绩 仍然略有承压。从公司在建工程和产线布局节奏来看,我们认为,公司目前正处 于战略升级的关键窗口期,短期来看,在建工程转固后固定资产折旧摊销或对利 润端产生一定压力,但从中长期来看,公司所涉猎的领域在快速壮大,在新产品 和新客户拓展方面也在有序的推进,助力公司从平板探测器供 ...

奕瑞科技（688301.SH） 医疗器械 证券研究报告/公司点评报告 2024 年 10 月 27 日 2024Q3 收入承压，定增申请获上交所受理 | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

上海奕瑞光电子科技股份有限公司 2024 年第三季度报告 证券代码：688301 证券简称：奕瑞科技 转债代码：118025 转债简称：奕瑞转债 上海奕瑞光电子科技股份有限公司 2024 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | --- | |------------------------------------------------|-------|----------------|---------------------------------------|------ ...

公司报告 | 公司点评 iDE 集成化解决方案助力高效开发 iDE 集成化解决方案助力高效开发 1）iDE 解决方案集成了高压发生器、平板探测器及图像处理软件，提供灵 活配置以适应不同整机系统和成像需求。iDE 解决方案内的整套部件可无 缝协作，高压发生器与软件系统均已针对双能应用进行了特殊同步控制时 序的联调优化，能显著提升开发效率和质量保障。 2）快速双能采图，赋能精准诊断，凭借 iDE 解决方案的高度整合与无缝协 同，实现了两种快速采图模式： A） 软触发模式下，两帧图像的采集间隔时间在 200ms 内，这为需要 快速连续成像的应用场景提供了可能。 B） 硬触发模式下，两帧图像的采集间隔时间进一步缩短至 150ms 内， 可适用于对成像速度要求更高的场合。 持续增加研发投入，新核心产品逐步放量 2024 年上半年，公司研发投入 1.53 亿元，占营业收入的比重 14.92%，并 新增各类型 IP 登记或授权共计 103 项，其中发明专利授权 22 项。 1）加强对现有探测器的传感器设计和制程技术等核心技术。 2）持续推进"数字化 X 线探测器关键技术研发和综合创新基地建设项目"， 加大对新型探测器的研发 ...

感谢大家参加本次会议 大家好欢迎参加中泰机械抑锐科技消费设备优势上市公司系列电话会议下面开始播报名字声明声明播报完毕后主持人可直接开始发言本次电话会议服务于中泰证券正式签约 请勿对外传播本次会议的内容包括但不限于视频音频文字记录内容等信息感谢您的理解与配合中泰证券对违反上述要求的行为保留追究法律责任的权利市场有风险投资需谨慎本会议信息仅供参考不代表任何投资建议本公司不对任何人因使用本会议中的信息所引致的任何损失负担任何责任 好的,谢谢会议秘书,各位投资者,大家下午好,我是中泰机械联系手机分析师郑雅梦,欢迎大家参加我们消费设备优质上市公司的一个系列电话会议,然后今天是参会的第一家公司就是ERA科技,然后公司这边参会的领导是副总裁刘总,然后正在张总以及IR王总, 然后我们非常欢迎三位领导参与今天的一个交流那今天的会议的话主要分为以下两个环节一个是大家比较关心的当前公司的一个经营情况的一个介绍以及后续的一个展望然后第二个的话就是问答的一个环节那下面我们就进入第一个环节欢迎我们王总介绍一下公司当前的一个基本情况以及后续的一个经营展望谢谢王总 谢谢杨梦,欢迎各位投资者,各位投资者下午好。因为我们三季度的一个数据现在还在 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative market performance of 5%-15% over the next 6-12 months [2][11] Core Views - The company achieved record-high revenue in Q2 2024, but performance was impacted by equity incentive expenses and fair value changes [4][5] - Revenue growth was driven by new detector technologies and increased investment in core components [5] - The company continues to strengthen its R&D capabilities, with significant progress in sensor design and CT detector technology [5][6] Financial Performance Revenue and Profit - 2024H1 revenue reached 1,026 million yuan, up 7.20% YoY, while net profit declined 5.30% to 307 million yuan [4] - Q2 2024 revenue hit a record 535 million yuan, up 3.56% YoY and 9.03% QoQ [5] - Revenue from new sensor technology-based detectors exceeded 258 million yuan, and core component revenue approached 100 million yuan [5] Profitability - Gross margin declined to 54.15% in 2024H1, down 4.10 percentage points YoY [5] - Net profit margin decreased to 29.27%, down 4.01 percentage points YoY [5] - R&D expenses increased to 153 million yuan, accounting for 14.92% of revenue [5] Operational Efficiency - Inventory turnover days decreased to 292.16 days, down 19.85 days YoY [5] - Accounts receivable turnover days increased to 128.76 days, up 37.53 days YoY [5] - Operating cash flow improved significantly, with net cash flow from operations reaching 186 million yuan, up 68.91% YoY [5] Technology and Innovation - The company has developed a complete TFT sensor design system and made progress in CMOS and IGZO detector technologies [6] - Significant advancements have been made in CT detector technology, including the development of key components and system integration [6] - The company has expanded its core technology portfolio in high-voltage generators, tubes, and composite X-ray sources [6] Capital Raising and Investment - The company plans to raise up to 1.45 billion yuan through a private placement to invest in X-ray vacuum devices and integrated solutions [7] - The investment is expected to add significant production capacity for tubes and X-ray solutions, accelerating import substitution [7] Valuation and Forecast - The company's PE ratio is projected to decrease from 17.5x in 2024 to 11.4x in 2026 [1] - Revenue is expected to grow from 2,256 million yuan in 2024 to 3,416 million yuan in 2026, with a CAGR of 23% [1] - Net profit is forecasted to increase from 749 million yuan in 2024 to 1,150 million yuan in 2026 [1] Industry Position - The company is a leader in the domestic flat panel detector industry, with continuous breakthroughs in product and technology development [7] - It is actively promoting the localization of X-ray core components and comprehensive solutions [7]

[Table_Stock] 奕瑞科技（688301） 证 券 研 究 报 告 公 司 点 评 奕瑞科技 沪深300 -48% -37% -26% -16% -5% 6% 16% 27% 38% 09/23 11/23 01/24 04/24 06/24 09/24 [Table_QuotePic] 最近一年股票与沪深 300 比较 投资建议 [Table_RiskWarning] 风险提示 2024年09月04日 [行业Table_Industry] : 医药生物 日期: shzqdatemark | --- | --- | |-------------------------|------------------------| | | | | [Table_Author] 分析师 : | 王真真 | | Tel: | 021 -53686246 | | E-mail: | wangzhenzhen@shzq.co m | | SAC 编号 : | S0870524030001 | | 联系人 : | 尤靖宜 | | Tel: | 021-53686160 | | E-mail: | youjingyi@sh ...

证券研究报告 非金融公司|公司点评|奕瑞科技（688301） 新品推动收入增长，激励费用影响业绩 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月04日 证券研究报告 |报告要点 公司发布 2024 年半年报。2024H1 公司实现营业收入 10.26 亿元，同比增长 7.20%；归母净利 润为 3.07 亿元，同比下降 5.30%；扣非归母净利润为 3.35 亿元，同比下降 3.05%。剔除股份 支付影响后，2024H1 公司扣非归母净利润为 3.83 亿元，较上年同期同口径增加 6.03%。 |分析师及联系人 郑薇 许津华 SAC：S0590521070002 SAC：S0590523070004 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年09月04日 奕瑞科技(688301) 新品推动收入增长，激励费用影响业绩 | --- | --- | |----------------------------|-------------------| | | | | 行 业： | 医药生物/医疗器械 | | 投资评级： | 买入（ ...

奕瑞科技(688301.SZ)2024 年半年报业绩点评： 核心部件研发多点突破，解决方案业务快速增长 2024 年 08 月 31 日 ➢ 公司事件：2024H1 公司实现营业收入 10.26 亿元，同比+7.2%，实现归母 净利润为 3.07 亿元，同比-5.3%，扣非归母净利润为 3.35 亿元，同比-3.05%。 2024Q2 营业收入实现 5.35 亿元，同比+3.56%，归母净利润 1.68 亿元，同比 -10.51%，扣非归母净利润为 1.8 亿元，同比-9.72%。 ➢ 毛利率下降主要系受收入结构变化影响，利润端扣除股权激励费用影响后同 比+6.03%。2024H1 毛利率为 54.15%，同比-4.10pct，净利率为 29.27%，同 比-4.01pct，主要系公司非探测器业务占比提升，探测器/材料销售/技术服务/其 他 核 心 部 件 销 售 业 务 毛 利 率 分 别 为 60.83%/19.18%/46.17%/19.02% ； 2024H1，公司销售/管理/研发/财务费用率为 5.36%/5.71%/15.80%/-0.91%， 其中因为实施股权激励计划产生的股份支付费用为 478 ...