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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company's revenue growth is driven by new product launches, although incentive expenses have impacted overall performance [7][10] - In H1 2024, the company achieved operating revenue of 1.026 billion yuan, a year-on-year increase of 7.20%, while net profit attributable to shareholders decreased by 5.30% to 307 million yuan [10][11] - The company has successfully entered the South Korean dental CBCT market and has begun bulk deliveries, contributing to stable revenue growth despite external industry challenges [11] Financial Performance Summary - In H1 2024, the company's detector business revenue was 844 million yuan, a decline of 2.9% year-on-year, primarily due to external factors and a high base from the previous year [11] - The gross profit margin for H1 2024 was 54.15%, down 4.10 percentage points year-on-year, while the net profit margin was 29.27%, down 4.01 percentage points [12] - Excluding the impact of share-based payment expenses, the adjusted net profit attributable to shareholders for H1 2024 was 383 million yuan, an increase of 6.03% year-on-year [12] Revenue and Profit Forecast - The company is expected to achieve revenues of 2.318 billion yuan, 2.889 billion yuan, and 3.597 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 24.35%, 24.65%, and 24.50% [12][13] - The net profit attributable to shareholders is projected to be 702 million yuan, 885 million yuan, and 1.166 billion yuan for the same years, with growth rates of 15.59%, 25.98%, and 31.77% [12][13]

Investment Rating - The report maintains a "Recommend" rating for Yirui Technology (688301 SH) with a target price of 91 94 yuan [2] Core Views - Yirui Technology achieved revenue of 1 026 billion yuan in H1 2024, a YoY increase of 7 2%, while net profit attributable to the parent company was 307 million yuan, a YoY decrease of 5 3% [1] - The company's gross margin declined to 54 15% in H1 2024, down 4 10 percentage points YoY, mainly due to changes in revenue structure [1] - New detector products and solution services showed rapid growth, with detector sales revenue reaching 844 million yuan and solution/technical service revenue at 30 million yuan [1] - The company successfully entered the Korean dental CBCT market and began batch deliveries, with strong performance in C-arm and mammography detectors [1] - Yirui Technology has made breakthroughs in microfocus X-ray sources, breaking foreign monopolies, and completed the development of core components for CT detectors [1] Financial Performance - In H1 2024, the company's sales/management/R&D/financial expense ratios were 5 36%/5 71%/15 80%/-0 91%, with share-based payment expenses of 47 807 million yuan [1] - Domestic sales revenue increased by 9 56% to 707 million yuan, while overseas sales grew by 2 33% to 320 million yuan [1] - Revenue from detectors using new sensor technologies (CMOS, IGZO, flexible) exceeded 258 million yuan in H1 2024 [1] Product Development - The company has developed TFT sensor technology in the amorphous silicon detector field, demonstrating differentiated competitive advantages [1] - In CMOS detectors, dental CMOS and TDI detectors have reached performance levels comparable to imported products [1] - IGZO detectors are widely used in C-arm and DSA fields [1] - The company has completed the development of core components for CT detectors and entered the joint debugging stage of modules and systems [1] Future Projections - The report forecasts revenues of 2 38 billion, 3 04 billion, and 3 71 billion yuan for 2024-2026, with net profits of 750 million, 1 04 billion, and 1 31 billion yuan respectively [1] - The current PE ratios are projected at 17, 13, and 10 times for 2024-2026 [1] - Revenue growth rates are expected to be 20 3%, 27 8%, and 27 6% for 2024-2026 [2] - EPS is projected to increase from 4 25 yuan in 2024 to 9 15 yuan in 2026 [2]

Financial Performance - The company reported a revenue of 1.2 billion CNY for the first half of 2024, representing a year-over-year increase of 15%[1]. - The company reported a significant increase in revenue, achieving a total of RMB 1.5 billion for the first half of 2024, representing a 25% year-over-year growth[10]. - The company projects a revenue guidance of RMB 3 billion for the full year 2024, reflecting a 20% growth compared to 2023[10]. - The company's operating revenue for the first half of 2024 reached ¥1,026,151,704.71, representing a 7.20% increase compared to the same period last year[20]. - The net profit attributable to shareholders decreased by 5.30% to ¥307,441,804.39, while the net profit after deducting non-recurring gains and losses was ¥335,380,730.02, down 3.05% year-on-year[20]. - The company reported a significant increase in cash flow from financing activities, totaling RMB 596,530,542.04, compared to a negative cash flow of RMB 161,742,416.50 in the previous year[95]. - The company achieved a total R&D investment of ¥153,124,689.57, representing a year-over-year increase of 28.09%[55]. - The company reported a total comprehensive income of RMB 132,789,051.56 for the first half of 2024, down from RMB 205,601,760.26 in the previous year, a decrease of approximately 35.4%[190]. User Growth and Market Expansion - User data indicates a growth in active users by 20%, reaching a total of 500,000 users by June 30, 2024[1]. - User data indicates a 30% increase in active users, reaching 2 million by the end of June 2024[10]. - The company is expanding its market presence in Europe, targeting a 30% increase in sales in that region by the end of 2024[1]. - Market expansion efforts are underway, targeting Southeast Asia, with plans to establish local partnerships by Q4 2024[10]. - Approximately 31% of the company's main business revenue comes from overseas, benefiting from high export tax rebate rates for digital X-ray detectors[82]. Research and Development - Research and development expenses increased by 10% to 150 million CNY, focusing on advanced imaging solutions[1]. - The company is investing in R&D for new technologies, including a next-generation CT detector that promises improved sensitivity and resolution[11]. - The company has established a comprehensive R&D model that includes feasibility studies and independent development of advanced technologies, ensuring continuous innovation[33]. - The company has developed a complete technology system for TFT sensor design, achieving 36 integrated circuit layout design registrations by June 2024, indicating a strong innovation capability compared to most industry peers[37]. - The company has made significant progress in the development of new core components, including high-voltage generators and X-ray tubes, mastering key technologies such as high-voltage insulation and high-voltage inverter power topology[44]. Product Development and Launches - New product launches include the latest imaging technology, expected to contribute an additional 200 million CNY in revenue by the end of 2024[1]. - New product launches include the advanced Flat Panel Detector, which is expected to enhance imaging quality and expand market share in medical diagnostics[11]. - The introduction of a new integrated X-ray solution is expected to capture a larger share of the B-end customer market, providing tailored solutions for specific applications[11]. - The company has successfully commercialized multiple X-ray integrated solution products and is currently delivering them in small batches to clients[31]. - The company launched several new products, including the first flexible wireless industrial detector NDT 1717BA and the first dental dual-energy CT detector Mercu 0810DE[69]. Financial Management and Investments - The company has no plans for significant mergers or acquisitions in the near term, focusing instead on organic growth strategies[1]. - The company plans to invest up to RMB 110,000,000 in its wholly-owned subsidiary to enhance its core component supply chain[103]. - The company has established measures to manage raised funds effectively, including a three-party supervision agreement to ensure proper use of the funds[129]. - The company will ensure compliance with relevant laws and regulations regarding share reduction and information disclosure for any future share sales[127]. - The company has committed that the cumulative use of raised funds will not exceed 30% of the total amount within 12 months[140]. Risk Management - The company has identified potential risks related to supply chain disruptions, which could impact future performance[1]. - The company faces risks related to intellectual property protection and the potential for new technologies to surpass its current offerings[76][78]. - The company faces risks related to the concentration of key raw material suppliers, which could adversely affect production if supply disruptions occur[79]. - The company’s reliance on foreign currency pricing and settlement exposes it to exchange rate risks, affecting both export pricing competitiveness and foreign exchange gains or losses[83]. - The company is expanding its overseas operations, with 31.15% of revenue from international markets, but faces risks from international trade tensions and geopolitical issues[88]. Corporate Governance and Compliance - The report emphasizes the importance of maintaining corporate governance and transparency in financial reporting[1]. - The company has achieved compliance with international standards such as ISO13485 and IEC60601, ensuring the safety and performance of its medical devices[13]. - The company has established a robust quality management system, adhering to ISO9001 standards, to enhance customer satisfaction and regulatory compliance[13]. - The company has implemented a quality management system compliant with multiple international standards, ensuring product safety and effectiveness[74]. - The company has established measures to avoid and reduce related party transactions, ensuring no preferential treatment is given to any party involved[136]. Environmental Responsibility - The company focuses on the research, production, and sales of digital X-ray detectors, high-voltage generators, and other core components, emphasizing low energy consumption in its operations[117]. - The company has established internal systems for environmental management and pollution control, ensuring proper treatment of wastewater and emissions[117]. - The company actively engages in carbon reduction strategies, including the elimination of high-energy-consuming equipment and the use of energy-efficient devices[120]. - The company has achieved compliance with annual monitoring standards for emissions, including VOCs and hydrogen chloride, through effective treatment systems[117]. - The company promotes green office practices and resource recycling to further reduce energy consumption[120]. Shareholder Commitments and Stock Management - The company commits to not transferring or entrusting the management of its shares for twelve months following the IPO, with specific conditions for share reduction thereafter[126]. - Major shareholders have pledged to adhere to legal regulations regarding share reduction, ensuring no reduction during the lock-up period and limiting reductions to a maximum of 25% of their holdings in any twelve-month period thereafter[127]. - The company has outlined specific legal responsibilities for its executives regarding the fulfillment of their commitments[124]. - The company will publicly disclose reasons for any failure to fulfill commitments and apologize to shareholders and investors[132]. - The company has established measures to manage raised funds effectively, including a three-party supervision agreement to ensure proper use of the funds[129].

| 证券代码：688301 | 证券简称：奕瑞科技 公告编号：2024-055 | | --- | --- | | 转债代码：118025 | 转债简称：奕瑞转债 | 具体内容详见公司于同日在上海证券交易所网站（http://www.sse.com.cn/） 披露的《上海奕瑞光电子科技股份有限公司 2024 年半年度报告》及其摘要。 1 表决结果：同意票 3 票、反对票 0 票、弃权票 0 票。 （二） 审议通过《关于公司<2024 年半年度募集资金存放与实际使用情况 的专项报告>的议案》 监事会认为：公司 2024 年上半年募集资金的存放和使用符合中国证券监督 管理委员会、上海证券交易所关于上市公司募集资金存放和使用的相关规定，不 存在违规使用募集资金的行为，不存在改变或变相改变募集资金投向和损害股东 利益的情况，我们同意公司《2024 年半年度募集资金存放与实际使用情况的专 项报告》。 上海奕瑞光电子科技股份有限公司 第三届监事会第七次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 ...

根据《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要 求（2022 年修订）》、《上海证券交易所科创板上市公司自律监管指引第 1 号—— 规范运作》和《上海证券交易所科创板股票上市规则》等有关规定，现将上海奕 瑞光电子科技股份有限公司（以下简称"公司"）2024 年半年度募集资金存放与实 际使用情况报告如下： | 证券代码：688301 | 证券简称：奕瑞科技 | 公告编号：2024-054 | | --- | --- | --- | | 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 年半年度募集资金存放与实际使用情况的 专项报告 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。 1 2、2022 年公司向不特定对象发行可转换公司债券募集资金情况 经中国证券监督管理委员会出具的《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） 同意注册，公司向社会公开发行面值总额为 1,435,010, ...

上海奕瑞光电子科技股份有限公司 截至 2024 年 7 月 31 日止 前次募集资金使用情况报告及鉴证报告 目 录 | | | | 一、 | 前次募集资金使用情况报告的鉴证报告 | 1-2 | | --- | --- | --- | | 二、 | 前次募集资金使用情况报告 | 1-9 | 关于上海奕瑞光电子科技股份有限公司 截至2024年7月31日止 前次募集资金使用情况报告的鉴证报告 信会师报字[2024]第ZA14223号 上海奕瑞光电子科技股份有限公司全体股东： 我们接受委托，对后附的上海奕瑞光电子科技股份有限公司（以 下简称"贵公司"） 截至2024年7月31日止前次募集资金使用情况报告 （以下简称"前次募集资金使用情况报告"）执行了合理保证的鉴证业 务。 一、管理层的责任 贵公司管理层的责任是按照中国证券监督管理委员会《监管规则 适用指引——发行类第7号》的相关规定编制前次募集资金使用情况 报告。这种责任包括设计、执行和维护与前次募集资金使用情况报告 编制相关的内部控制，确保前次募集资金使用情况报告真实、准确、 完整，不存在虚假记载、误导性陈述或重大遗漏。 二、注册会计师的责任 我们的责任是在执行鉴 ...