根据中国证监会核发的《关于同意上海奕瑞光电子科技股份有限公司首次公开发行 股票注册的批复》（证监许可〔2020〕1823 号），同意奕瑞电子科技集团股份有限公司 （以下简称"奕瑞科技"或"公司"）首次公开发行股票的注册申请。公司本次向社会 公开发行人民币普通股（A）股 1,820 万股，每股发行价格为人民币 119.60 元，募集资 金总额为人民币 217,672.00 万元；扣除发行费用 19,055.06 万元后，实际募集资金净额为 198,616.94 万元。 根据中国证监会核发的《关于同意上海奕瑞光电子科技股份有限公司向不特定对象 发行可转换公司债券注册的批复》（证监许可〔2022〕2167 号），同意奕瑞科技向不特 定对象发行可转换公司债券的注册申请。公司本次发行面值总额为 143,501.00 万元的可 转换公司债券；扣除发行费用 1,369.65 万元后，实际募集资金净额为 142,131.35 万元。 中国国际金融股份有限公司 关于奕瑞电子科技集团股份有限公司 持续督导保荐总结报告书 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）担任奕瑞科 技的持续督导机构，根据《证券发行上市 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][27]. Core Views - The company's revenue for 2024 decreased by 1.74% year-on-year to 1.831 billion yuan, and the net profit attributable to the parent company decreased by 23.43% to 465 million yuan. However, the first quarter of 2025 showed signs of stabilization with a net profit increase of 2.74% year-on-year [1][5]. - The detector business remains under pressure due to weak downstream demand, but the company is actively expanding its overseas market and enhancing customer cooperation to maintain its leading global market share [3][5]. - New core components and solutions have completed their layout and are entering a rapid growth phase, with significant revenue increases expected in the coming years [4][5]. Financial Performance Summary - In 2024, the company's gross margin was 50.11%, down 7.73 percentage points year-on-year, primarily due to an increase in the proportion of low-margin non-detector businesses. The net margin was 24.59%, down 7.86 percentage points [2][5]. - The first quarter of 2025 saw a gross margin of 48.92% and a net margin of 28.17%, indicating a slight recovery in profitability [2][5]. - The company expects revenue growth of 19.12% in 2025, reaching 2.181 billion yuan, with net profit projected to increase by 27.5% to 593 million yuan [25][26]. Business Segment Performance - The detector segment generated revenue of 1.49 billion yuan in 2024, a decrease of 11.99% year-on-year, with a gross margin of 56.65% [3][23]. - The new core components segment achieved revenue of 126 million yuan in 2024, growing by 45.49%, while the solutions and technical services segment saw a remarkable increase of 262.56% to 96 million yuan [4][23]. - The company is focusing on expanding its product lines and application areas, particularly in the medical and industrial fields, which are expected to drive future growth [5][21].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][27]. Core Views - The company's revenue for 2024 decreased by 1.74% year-on-year to 1.831 billion yuan, and the net profit attributable to the parent company decreased by 23.43% to 465 million yuan. However, in the first quarter of 2025, the company achieved a revenue of 482 million yuan, a year-on-year decrease of 1.92%, while the net profit attributable to the parent company increased by 2.74% to 143 million yuan, indicating a stabilization in performance [1][5]. - The detector business faced short-term pressure due to weak downstream demand, but the company is actively expanding overseas markets and enhancing customer cooperation, which is expected to improve market share [3][5]. - The new core components and solutions have completed their layout and are entering a rapid growth phase, with significant revenue growth in these segments [4][5]. Financial Performance Summary - In 2024, the company's gross margin was 50.11%, down 7.73 percentage points year-on-year, primarily due to an increase in the proportion of low-margin non-detector businesses. The net margin was 24.59%, down 7.86 percentage points year-on-year [2]. - The company expects to achieve net profits of 593 million yuan, 707 million yuan, and 878 million yuan for 2025, 2026, and 2027, respectively, reflecting a growth of 27.5%, 19.2%, and 24.2% year-on-year [25][26]. Revenue Breakdown - The revenue from the detector business in 2024 was 1.49 billion yuan, a decrease of 11.99% year-on-year, while the revenue from new core components was 126 million yuan, up 45.49% year-on-year. The solutions and technical services segment saw a revenue increase of 262.56% to 96 million yuan [3][4][23]. - The company anticipates that the detector business will recover with expected growth rates of 15% for 2025-2027, while the solutions and technical services segment is projected to grow at rates of 65.87%, 50%, and 50% for the same period [20][21].

Group 1 - The core viewpoint of the news highlights the performance and market position of Yirui Technology, noting its current stock price, market capitalization, and PE ratio compared to industry averages [1] - As of March 31, 2025, Yirui Technology has 5,745 shareholders, a decrease of 883 from the previous period, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] - The company specializes in the research, production, sales, and service of digital X-ray detectors, high-voltage generators, and other core components, having mastered four major sensor technologies [1] Group 2 - In the latest quarterly report for Q1 2025, Yirui Technology achieved a revenue of 482 million yuan, a year-on-year decrease of 1.92%, while net profit was 143 million yuan, an increase of 2.74%, with a gross profit margin of 48.92% [1] - The company's rolling PE ratio is 38.27, which is lower than the industry average of 49.20 and the industry median of 36.56, ranking 77th in the industry [2] - The industry average PE ratio is 49.20, with a median of 36.56, indicating that Yirui Technology is positioned below the average in terms of valuation metrics [2]

Summary of Conference Call Notes Company and Industry Overview - The report focuses on Yirui Technology (奕瑞科技, 688301.SH) and the CT tube industry, which is a critical component in medical CT machines, accounting for approximately 20% of the total BOM cost of a CT machine [1][1]. Key Points and Arguments - **CT Tube Characteristics**: The CT tube is described as the "core" of medical CT, characterized by six high attributes: high vacuum, high heat, high rotation, high voltage, high power, and high centrifugal force, indicating significant industry barriers to entry [1][1]. - **Replacement Demand**: CT tubes are high-value consumables with a rigid replacement demand. According to Wanruisi's financial report, the average replacement cycle for CT tubes globally is every 2-4 years, while in China, it is approximately 18 months due to high usage frequency, with some hospitals replacing tubes every 6-12 months [1][1]. - **Market Size**: The average bidding price for a 5MHU CT tube is between 400,000 to 800,000 CNY per unit. Projections indicate that the domestic CT tube market will exceed 20 billion CNY by 2025, highlighting significant market potential [2][2]. Industry Dynamics - **Market Concentration**: The CT tube market is highly monopolized by overseas manufacturers, with major global players including GPSC and independent manufacturers like Danli and Wanruisi dominating the market. Currently, domestic production is heavily reliant on imports, with a projected domestic replacement rate of less than 10% by 2024 [3][3]. - **Government Initiatives**: On April 4, 2025, the Ministry of Commerce announced an anti-dumping investigation and a competitiveness survey for CT tubes, which may provide crucial opportunities for the domestic CT tube industry and accelerate the process of domestic substitution [3][3]. Company Developments - **Technological Advancements**: Yirui Technology has established a dedicated CT tube team in 2022 and has overcome several technical challenges. The company plans to showcase a 3.5MHU CT tube component in February 2025, with small-scale production of a 5.0MHU liquid metal bearing CT tube expected in September 2025, and mass production of an 8.0MHU ball bearing CT tube anticipated in November 2025 [3][3]. - **Investment Plans**: The company intends to invest 1.563 billion CNY in the "X-ray vacuum device and comprehensive solution construction project," which will add production capacity for 77,000 CT tubes and 19,300 sets of X-ray comprehensive solution products, promoting technological advancement and industrialization of domestic CT tube products [3][3]. Financial Projections - **Profit Forecast**: The company is projected to achieve net profits attributable to shareholders of 702 million CNY, 920 million CNY, and 1.202 billion CNY for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 24.97x, 19.06x, and 14.59x [4][4].

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Viewpoints - The CT ball tube is a critical component of medical CT, accounting for approximately 20% of the total BOM cost of CT machines, and has high industry barriers due to its complex manufacturing requirements [1][18]. - The domestic market for CT ball tubes is expected to exceed 20 billion yuan by 2025, driven by high replacement demand and a shorter average replacement cycle compared to developed countries [2][47]. - The report highlights the urgent need for domestic substitution of CT ball tubes, as the current domestic substitution rate is less than 10% [4][50]. Summary by Sections 1. CT Ball Tube: The "Core" of Medical CT - The CT ball tube is essential for X-ray computed tomography systems, with its performance directly impacting image quality and diagnostic capabilities [15]. - The technology has evolved significantly, focusing on improving heat dissipation efficiency and overall performance [25]. 2. Market Size: High-Value Consumables with Broad Future Potential - The CT ball tube market is characterized by rigid replacement demand, with an average replacement cycle of 18 months in China due to high usage rates [2][45]. - The estimated market size for CT ball tubes in China is projected to reach over 20 billion yuan by 2025, with significant contributions from both new installations and replacement markets [47][48]. 3. Competitive Landscape: Overseas Manufacturers Dominate - Major global manufacturers like GPSC, Dunlee, and Varex dominate the CT ball tube market, with 85% of replacement tubes still relying on original manufacturer products [3][50]. - The report emphasizes the need for accelerated domestic production to reduce reliance on imports, as the current domestic substitution rate is low [4][50]. 4. Company Overview: Yirui Technology - Yirui Technology is positioned as a leading supplier of X-ray core components and comprehensive solutions, focusing on the development of CT ball tubes [5]. - The company plans to raise approximately 1.174 billion yuan to enhance its production capacity for X-ray vacuum components and solutions, aiming to significantly increase its output [9][10]. - Financial forecasts indicate strong revenue growth, with expected revenues of 2.405 billion yuan in 2025, reflecting a year-on-year increase of 31.3% [10].

Investment Rating - The report maintains an "Outperform" rating for the company [1][10]. Core Insights - In 2024, the company achieved revenue of RMB 1.83 billion, a decrease of 1.74%, with a net profit attributable to shareholders of RMB 465 million, down 23.43%. For Q1 2025, revenue was RMB 482 million, a decline of 1.92%, while net profit increased by 2.74% to RMB 143 million [10][11]. - The company has revised its EPS forecasts for 2025 and 2026 to RMB 4.07 and RMB 5.02, respectively, and introduced a new forecast for 2027 at RMB 6.22. The target price is set at RMB 143.10, corresponding to a 2025 PE of 35X [10][12]. Financial Summary - The company's revenue for 2024 is projected at RMB 2.22 billion, with a growth rate of 21.0% in 2025 and 22.0% in 2026. The net profit is expected to recover to RMB 583 million in 2025, with further growth anticipated in subsequent years [4][6]. - The company’s market share in the global digital X-ray detector industry reached 20.09% in 2023, indicating a solidified market position despite a decrease in sales revenue for detectors in 2024 [11][12]. Business Growth and Development - The new core components business saw a revenue increase of 45.49% in 2024, while integrated solutions and technical services revenue surged by 226.25% [12][13]. - The company is actively expanding its domestic and international markets, establishing sales and service platforms in various countries, including the USA, Germany, and India, which contributed to nearly RMB 100 million in revenue from new core components and solutions [13][12].

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Insights - The CT tube is a critical component of medical CT machines, accounting for approximately 20% of the total BOM cost. It has high technical barriers due to its complex requirements in development, design, and manufacturing [1][18]. - The domestic market for CT tubes is expected to exceed 20 billion yuan by 2025, driven by high replacement demand and a shorter average replacement cycle compared to developed countries [2][47]. - The report highlights the urgent need for domestic replacement of imported CT tubes, as the current domestic replacement rate is below 10%. Government policies are increasingly supportive of domestic innovation in this area [4][50]. Summary by Sections 1. CT Tubes: The "Core" of Medical CT - CT tubes are essential for X-ray computed tomography systems, with their performance directly impacting image quality and diagnostic capabilities [15]. - The technology has evolved significantly, focusing on improving heat dissipation, lifespan, and image quality [25][40]. 2. Market Size: High-Value Consumables with Broad Future Potential - The average replacement cycle for CT tubes in China is about 18 months, significantly shorter than the 2-4 years typical in developed countries [2][45]. - The market is segmented into OEM for new installations and aftermarket for replacements, with substantial growth expected in both areas [48]. 3. Competitive Landscape: Dominance of Overseas Manufacturers - Major global players like GE, Siemens, and Philips dominate the market, with a significant portion of the replacement tube market still relying on original manufacturer products [3][50]. - The report notes that 85% of replacement tubes globally are still original manufacturer tubes, indicating a strong market for domestic alternatives [3][50]. 4. Domestic Replacement: Urgent Need for Acceleration - The report emphasizes the low domestic replacement rate of CT tubes and the government's focus on promoting local production to reduce reliance on imports [4][50]. - Recent government initiatives, including anti-dumping investigations, are expected to create opportunities for domestic manufacturers [4]. 5. Company Overview: Yirui Technology as a Leading Supplier - Yirui Technology is positioned as a leading supplier of X-ray core components and comprehensive solutions, with a focus on expanding its product line in CT tubes [5]. - The company plans to raise approximately 1.174 billion yuan to enhance its production capacity for X-ray vacuum components and solutions [9]. 6. Financial Forecasts and Valuation - The company is projected to achieve revenues of 2.405 billion yuan in 2025, with a year-on-year growth of 31.3%. Net profits are expected to reach 702 million yuan, reflecting a growth of 51.0% [10][11]. - The report provides a detailed financial outlook, including EPS estimates and PE ratios, supporting the "Buy" rating [10].

Investment Rating - The report maintains an "Outperform" rating for the company [1][10]. Core Insights - In 2024, the company achieved revenue of RMB 1.83 billion (-1.74%), net profit attributable to shareholders of RMB 465 million (-23.43%), and recurring net profit attributable to shareholders of RMB 439 million (-25.84%). For Q1 2025, revenue was RMB 482 million (-1.92%), net profit attributable to shareholders was RMB 143 million (+2.74%), and recurring net profit attributable to shareholders was RMB 141 million (-9.19%) [10][11]. - The EPS forecasts for 2025-2026 have been revised to RMB 4.07 and RMB 5.02, with a new forecast for 2027 at RMB 6.22. The target price is set at RMB 143.10, corresponding to a 2025 PE of 35X [10][12]. Financial Summary - The company’s revenue for 2024 was RMB 1.83 billion, with a slight decline of 1.74% compared to the previous year. The net profit attributable to shareholders decreased by 23.43% to RMB 465 million [4][10]. - The company’s revenue for Q1 2025 was RMB 482 million, reflecting a decrease of 1.92% year-on-year, while net profit attributable to shareholders increased by 2.74% to RMB 143 million [10][11]. - The company’s financial forecasts indicate a revenue increase to RMB 2.22 billion in 2025 and RMB 2.70 billion in 2026, with net profit expected to rise to RMB 583 million and RMB 717 million respectively [4][10]. Market Position - The company continues to increase its market share in the detector market, achieving a global market share of 20.09% in 2023, despite a decline in sales revenue of digital X-ray detectors to RMB 1.49 billion in 2024 [11][12]. - The new core components business saw significant growth, with revenue increasing by 45.49% to RMB 126 million in 2024, while integrated solutions and technical services revenue surged by 226.25% to RMB 86.80 million [12][13]. Strategic Initiatives - The company is actively expanding its domestic and international markets, establishing overseas sales or customer service platforms in multiple countries including the USA, Germany, and India [13][12]. - The company has completed its business layout in high-voltage generators, radiation sources, and tubes, with several products beginning mass production in 2024 [12][13].

Core Viewpoint - Yirui Technology's 2024 annual report shows a slight decline in revenue and profit, but the company continues to focus on technological innovation, global expansion, and new business development to lay a solid foundation for future growth [2][3][5]. Financial Performance - In 2024, Yirui Technology achieved revenue of 1.831 billion yuan, a year-on-year decrease of 1.74% - The net profit attributable to shareholders was 465 million yuan, down 23.43% year-on-year [2][3]. Performance Review - The company faced short-term pressure due to weak global economic recovery, increased trade barriers, and sluggish downstream demand, leading to a slight decline in revenue and profit - Despite this, Yirui Technology demonstrated strong resilience by increasing R&D investment, optimizing the supply chain, and expanding into overseas markets - R&D investment reached 310 million yuan, accounting for 16.94% of revenue, with 115 new intellectual property rights added, including 30 invention patents [5]. Technological Innovation - Yirui Technology emphasizes technology as its core, achieving significant results in new product development and core technology breakthroughs in 2024 - In the medical field, the company launched high-resolution detectors and advanced products such as the 64-slice medical CT detector module - In the industrial sector, new products include flexible detectors and security CT detector modules, catering to diverse detection needs - The successful development of UEG series rare earth garnet scintillation ceramics fills a material gap in high-energy industrial CT imaging [6][7][8]. Global Expansion - To address domestic market pressures, Yirui Technology accelerated its global expansion - The company established sales or customer service platforms in various countries, including the USA, Germany, South Korea, and India, and participated in major global industry exhibitions to enhance brand influence - The production bases in Haining and Taicang (Phase II) have been put into operation, and the Cleveland factory in the USA is now operational, increasing the global factory layout to six locations, forming an international supply chain network [10][11]. Development Strategy - Yirui Technology has outlined six strategic directions, focusing on: - Technological self-control: Accelerating the localization of core components and promoting import substitution across the X-ray industry chain - Product high-end positioning: Focusing on cutting-edge technologies such as photon counting detectors and optimizing product structure - Global competition: Strengthening overseas R&D and sales networks to become the preferred brand for global customers - Cultivating new productive forces: Expanding into new businesses such as life science instruments to create a second growth curve [12][13][14][15]. Future Outlook - In 2025, Yirui Technology plans to continue increasing R&D investment, improving global layout, and enhancing operational efficiency through intelligent production and supply chain optimization - The company emphasizes a "big customer strategy" to deepen customer cooperation with differentiated products and services, further solidifying its global competitiveness in the X-ray core component field [16]. Conclusion - Despite short-term performance pressures in 2024, Yirui Technology showcases strong long-term growth potential through technological innovation and global strategies, steadily progressing towards its goal of becoming a leading global supplier of X-ray products and solutions [17].