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].

Core Insights - The company is a leading domestic manufacturer of core components for X-ray imaging equipment, with a continuously increasing market share and rapid growth in new core components and comprehensive solution businesses, maintaining a buy rating [1] Financial Performance - In 2024, the company achieved revenue of 1.831 billion yuan (-1.74%) and a net profit attributable to shareholders of 465 million yuan (-23.43%), with a non-recurring net profit of 439 million yuan (-25.84%) [2] - In Q1 2025, the company reported revenue of 482 million yuan (-1.92%) and a net profit attributable to shareholders of 143 million yuan (+2.74%), with a non-recurring net profit of 141 million yuan (-9.19%) [2] - The EPS forecasts for 2025-2026 have been adjusted to 4.07 and 5.02 yuan, respectively, with a new forecast for 2027 set at 6.22 yuan, maintaining a target price of 143.10 yuan, corresponding to a PE of 35X for 2025 [2] Market Position - The company's market share in the detector segment continues to rise, with sales revenue from detectors projected at 1.49 billion yuan in 2024 (-11.99%), actively increasing market share despite weak demand [2] - The sales volume of digital X-ray detectors is expected to grow from 91,300 units in 2022 to 119,200 units in 2024, with a global market share reaching 20.09% in 2023, positioning the company as a leader in the global digital X-ray detector industry [2] Business Growth - The new core components and comprehensive solutions business is experiencing rapid growth, with revenue from new core components reaching 126 million yuan (+45.49%) and comprehensive solutions and technical services generating 86.8 million yuan (+226.25%) in 2024 [3] - The company has completed its business layout in high-voltage generators, radiation sources, and tubes, with the economic and mid-to-high-end CT high-voltage generators starting mass production in 2024 [3] Market Expansion - The company is actively expanding both domestic and international markets, enhancing its global service platform with sales or customer service centers established in various countries including the USA, Germany, South Korea, India, Japan, Mexico, Pakistan, Brazil, and South Africa [4] - In 2024, several major clients continued to show healthy growth, with dental products achieving small batch sales overseas and industrial new core components and solutions generating nearly 100 million yuan in revenue [4]

Core Insights - The company Yirui Technology closed at 122.58 yuan, with a 1.30% increase, resulting in a rolling PE ratio of 37.39 times and a total market capitalization of 17.537 billion yuan [1] - In comparison to the medical device industry, which has an average PE ratio of 48.90 times and a median of 36.41 times, Yirui Technology ranks 76th [1] - As of the first quarter of 2025, 47 institutions hold shares in Yirui Technology, with a total of 82.5452 million shares valued at 9.443 billion yuan [1] Company Overview - Yirui Technology specializes in the research, production, sales, and service of digital X-ray detectors, high-voltage generators, combination ray sources, and tube components [1] - The company has successfully mass-produced flat panel detectors and linear array detectors, mastering four sensor technologies: amorphous silicon, IGZO, CMOS, and flexible substrates [1] - These advancements are expected to enhance the company's product line, service diverse customers, and improve market competitiveness and brand influence [1] Financial Performance - In the first quarter of 2025, Yirui Technology reported revenue of 482 million yuan, a year-on-year decrease of 1.92%, while net profit was 143 million yuan, reflecting a year-on-year increase of 2.74% [1] - The sales gross margin stood at 48.92% [1]

股票代码：688301 股票简称：奕瑞科技 债券代码：118025 债券简称：奕瑞转债 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为中金公司所作的承诺 或声明。在任何情况下，投资者依据本报告所进行的任何作为或不作为，中金公 司不承担任何责任。 1 中国国际金融股份有限公司作为奕瑞电子科技集团股份有限公司（以下简称 "奕瑞科技"、"发行人"、或"公司"）向不特定对象发行可转换公司债券（债券 简称："奕瑞转债"，债券代码：118025，以下简称"本次债券"）的保荐机构、 主承销商和受托管理人，持续密切关注对债券持有人权益有重大影响的事项。根 据《公司债券发行与交易管理办法》《公司债券受托管理人执业行为准则》《可转 换公司债券管理办法》等相关规定、本次债券《受托管理协议》的约定以及发行 人于 2025 年 4 月 26 日披露的《奕瑞电子科技集团股份有限公司关于变更注册地 资本、经营范围并修订公司章程的公告》及《奕瑞电子科技集团股份有限公司 2024 年年度报告》，现就本次债券重大事项报告如下： 奕瑞电子科技集团股份有限公司 向不特定对象发 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][6][7]. Core Insights - The company's main business is stabilizing, with new technologies flourishing, as evidenced by the launch of various innovative products in the medical and industrial sectors [3][4]. - The company reported a revenue of 1.831 billion yuan in 2024, a slight decrease of 1.74% year-on-year, with a net profit of 465 million yuan, down 23.43% year-on-year [3]. - The company is actively expanding its product matrix and has made significant advancements in the development of new core components and X-ray comprehensive solutions [4][6]. Financial Performance Summary - In 2024, the company achieved a revenue of 1.831 billion yuan, with a gross margin of 50.11% and a net margin of 24.59% [3]. - For Q1 2025, the company reported a revenue of 482 million yuan, a year-on-year decrease of 1.92%, but a net profit increase of 2.74% to 143 million yuan [3]. - The company forecasts revenues of 2.162 billion yuan in 2025, with a projected net profit of 574 million yuan, reflecting a growth rate of 18% and 23% respectively [5][6]. Product Development and Market Position - The company has successfully launched several new products, including high-resolution detectors and various X-ray sources, enhancing its competitive edge in the market [3][4]. - The company is focusing on R&D investments in CMOS detectors, CT detectors, and photon counting detectors, which are expected to drive future growth [3][4]. - The company aims to strengthen its position as a core supplier of digital X-ray components and comprehensive solutions through continuous innovation and global business expansion [6].

Core Viewpoint - The financial performance of Yirui Technology in 2024 shows a decline in revenue and net profit, indicating potential challenges in the market despite growth in cash flow from operating activities and increased investment in R&D [1][2][3]. Financial Performance - The company reported a revenue of 1.83 billion, a decrease of 1.74% compared to 2023 [2]. - The net profit attributable to shareholders was 465 million, down 23.43% year-on-year [1][2]. - The gross profit margin was 50.15%, reflecting a decline of 6.83 percentage points from the previous year [2]. Expense Changes - Sales expenses decreased by 13.10% to 69.68 million [3]. - Management expenses increased by 36.02% to 138 million [3]. - R&D expenses reached 310 million, an increase of 18.08%, representing 16.94% of total revenue [3][6]. Cash Flow - The net cash flow from operating activities was 360 million, up 5.91% year-on-year [3]. - The net cash flow from investing activities was -1.13 billion, primarily for ongoing construction projects [3]. - The net cash flow from financing activities increased by 219.67% to 1.15 billion, mainly for project loan financing [3]. Company Overview - Yirui Technology, established on March 7, 2011, specializes in the R&D, production, sales, and service of digital X-ray detectors and related core components [5]. - The company is headquartered in Shanghai, with production bases in Jiangsu, Zhejiang, Anhui, South Korea, and the United States [5]. R&D Investment - R&D investment in 2024 reached 310 million, marking an 18.08% increase [6]. - The company completed 78 IP applications in new core components and scientific instruments, with 37 granted [6]. Sales and Market Position - In 2024, the sales volume of digital X-ray detectors reached 119,200 units, showing a steady growth trend [7]. - Revenue from solutions and technical services amounted to 96.46 million, a significant increase of 262.56% [7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the next 6-12 months [1][5]. Core Views - The company reported a revenue of 1.831 billion RMB in 2024, a decrease of 1.74% year-on-year, and a net profit of 465 million RMB, down 23.43% year-on-year. In Q1 2025, revenue was 482 million RMB, a decrease of 1.92%, while net profit increased by 2.74% to 143 million RMB [3][8]. - The company plans to distribute a cash dividend of 10.00 RMB for every 10 shares to all shareholders, reflecting its commitment to returning value to investors [3]. - Despite short-term performance pressures due to industry challenges, the company is viewed as a leader in the detector market, with a strong long-term growth potential [3][5]. Summary by Sections Financial Performance - The company’s revenue and net profit for 2024 were 1.831 billion RMB and 465 million RMB, respectively. The projected net profits for 2025-2027 are 680 million RMB, 743 million RMB, and 836 million RMB, with corresponding EPS of 4.75, 5.19, and 5.84 RMB [7][9]. - The company’s EBITDA for 2024 is projected at 472 million RMB, with a significant increase expected in subsequent years [7]. Market Position and Strategy - The company is focusing on increasing R&D investments, with 310 million RMB allocated in 2024, aimed at developing new products such as digital X-ray detectors and various types of industrial detectors [8]. - The company has completed its layout for comprehensive solutions, including key components like high-voltage generators and X-ray sources, with several products entering mass production in 2024 [8]. Valuation Metrics - The company’s projected P/E ratios for 2025, 2026, and 2027 are 25.8, 23.6, and 21.0, respectively, indicating a potential for valuation improvement as earnings grow [5][7]. - The projected dividend per share for 2025 is 1.5 RMB, with a dividend yield of 1.2% [7].

Core Insights - The company experienced a decline in its main detector business due to weak industry demand, but new products showed significant growth [1] - The overall gross margin decreased, coupled with increased management and financial expenses, leading to a drop in net profit margin [2] - The company is optimistic about a turnaround in performance for the full year 2025, supported by improved market conditions and contract liabilities growth [3] - The company is pursuing vertical integration and horizontal expansion to establish itself as a comprehensive component supplier [4] - The company plans to raise funds through a private placement to support the construction of X-ray vacuum devices and comprehensive solutions, which will enhance production capacity [5] Financial Performance - In 2024, the company achieved total revenue of 1.831 billion yuan, a year-on-year decrease of 1.74%, with the detector business revenue at 1.490 billion yuan, down 11.99% [1] - The overall gross margin for 2024 was approximately 50.11%, a decline of 7.73 percentage points year-on-year, with the detector gross margin at 56.65%, down 3.48 percentage points [2] - The net profit for 2024 was 465 million yuan, a year-on-year decline of 23.43%, resulting in a net profit margin of 25.40%, down 7.19 percentage points [2] Business Development - The company is actively developing upstream components and materials for detectors, with successful R&D and production of 2D collimators for medical CT and security CT applications [4] - The company has completed the R&D and initial production of high-voltage generators and combination ray sources, with plans for further expansion into more application areas [4] - The company aims to increase production capacity by 77,000 tubes and 19,300 sets of X-ray comprehensive solutions through a planned investment project [5] Future Outlook - The company expects revenue growth to reach 2.208 billion yuan in 2025, with net profit projected at 648 million yuan, indicating a potential performance reversal [5] - The company maintains a positive long-term growth outlook, supported by ongoing market recovery and expansion initiatives [5]

Event Overview - The company reported its Q1 2024 and Q1 2025 financial results, with 2024 revenue at 1.831 billion yuan, down 1.74% year-on-year, and net profit attributable to shareholders at 465 million yuan, down 23.43% year-on-year [1] - For Q1 2025, revenue was 482 million yuan, down 1.92% year-on-year but up 1.32% quarter-on-quarter, with net profit attributable to shareholders at 143 million yuan, up 2.74% year-on-year and up 90.72% quarter-on-quarter [1] Performance Meets Market Expectations - In 2024, the detector business generated revenue of 1.49 billion yuan, down 11.99% year-on-year, while solution/technical service revenue surged to 96 million yuan, up 262.56% year-on-year, and core component sales reached 126 million yuan, up 45.49% year-on-year [2] Margin Pressure and Increased R&D Investment - The company's gross margin for 2024 was 50.11%, down 7.73% year-on-year, while Q1 2025 gross margin was 48.92%, down 4.41 percentage points year-on-year but up 10.71 percentage points quarter-on-quarter [3] - The company increased its R&D expenses to 310 million yuan in 2024, up 18.08% year-on-year, reflecting a commitment to developing new technologies related to core components and solutions [3] Development of Digital X-ray Core Components and Comprehensive Solutions - In 2024, the company launched several new medical and industrial products, with high-end DSA detectors entering mass production and significant progress in photon counting detector technology [4] - The company began mass production of economical and mid-to-high-end CT high-voltage generators, achieving international leadership in the medical CT high-voltage generator sector [4] - The company successfully developed various types of X-ray tubes for industrial and medical applications, with some products nearing mass production [5] Investment Recommendations - Based on the 2024 and Q1 2025 reports, revenue forecasts for 2025 and 2026 have been adjusted to 2.405 billion yuan and 3.057 billion yuan, respectively, with a new revenue forecast for 2027 at 3.847 billion yuan, reflecting year-on-year growth of 31.3%, 27.1%, and 25.8% [7] - Expected net profits for 2025 and 2026 are projected at 702 million yuan and 920 million yuan, respectively, with a new forecast for 2027 at 1.202 billion yuan, indicating year-on-year growth of 51.0%, 31.0%, and 30.7% [7] - The company maintains a "buy" rating with a stock price of 119.06 yuan as of April 25, 2025, corresponding to PE ratios of 24.25x, 18.51x, and 14.17x for 2025, 2026, and 2027, respectively [7]