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]

| 证券代码：688301 | 证券简称：奕瑞科技 公告编号：2024-074 | | --- | --- | | 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关于股东 减持股份结果暨权益变动达到 1%的提示性公告 本公司董事会、全体董事及相关股东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： 大股东持股的基本情况 本次减持计划实施前，上海奕瑞光电子科技股份有限公司（以下简称"公司"、 "奕瑞科技"）股东天津红杉聚业股权投资合伙企业（有限合伙）（以下简称"天津 红杉"）、北京红杉信远股权投资中心（有限合伙）（以下简称"北京红杉"，天津红 杉、北京红杉合称为"信息披露义务人"）分别持有公司股份 10,360,832 股、 4,875,775 股，分别占公司总股本的 7.26%、3.41%。 减持计划的实施结果情况 2024 年 8 月 3 日，公司披露了《上海奕瑞光电子科技股份有限公司关于公 司股东减持股份计划的公告》（公告编号：2024-046），公司股东天津红杉、北京 红杉拟通过大宗交易 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - The company is currently in a strategic upgrade window, which is expected to enhance its long-term development potential despite short-term performance pressures due to factors such as slowed bidding processes and fluctuations in demand for new energy testing [3][4] - The company has made significant progress in expanding its new product lines and customer base, particularly in the development of medical CT detectors and other core components, which positions it well for future growth [4][5] Financial Performance - For the first three quarters of 2024, the company reported revenues of 1.36 billion yuan, a year-over-year decrease of 2.91%, and a net profit attributable to shareholders of 390 million yuan, down 9.9% year-over-year [2] - In Q3 2024, revenues were 330 million yuan, reflecting a year-over-year decline of 24.9%, with a net profit of 83 million yuan, down 23.6% year-over-year [2] Product Development and Market Position - The company has successfully developed and entered mass production for several new products, including 2D collimators for medical CT and various scintillation materials, which have achieved international leading performance indicators [4][5] - The company has also made strides in the high-voltage generator and ray source sectors, with multiple products entering mass production and expanding into new markets, including the dental CBCT market in South Korea [5] Profitability Analysis - The gross margin for the first three quarters of 2024 was 54.3%, a decrease of 4.4 percentage points year-over-year, while the net profit margin was 27.9%, down 2.4 percentage points year-over-year [9] - Operating cash flow for the first three quarters of 2024 was 200 million yuan, a significant increase of 56.9% year-over-year, indicating improved cash generation capabilities [9] Earnings Forecast and Valuation - The company is projected to have earnings per share (EPS) of 4.16, 4.92, and 5.92 yuan for the years 2024, 2025, and 2026, respectively, with a current price-to-earnings (P/E) ratio of 28.1 times for 2024 [10] - The long-term growth potential is supported by the successful expansion of new product lines and the company's strong market position in the upstream manufacturing sector [10]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company experienced revenue pressure in Q3 2024, with a year-on-year decline of 2.91% in revenue and a 9.88% drop in net profit attributable to shareholders [1] - The company continues to increase R&D investment, with R&D expenses accounting for 18.26% of revenue, reflecting a year-on-year growth of 34.58% [1] - The company is a leader in the domestic flat-panel detector industry, focusing on expanding its product and technology offerings despite short-term demand pressures [1] Financial Summary - **Revenue**: - 2023A: 1,864 million - 2024E: 1,863 million - 2025E: 2,235 million - 2026E: 2,651 million - Growth Rate: 2023A: 20%, 2024E: 0%, 2025E: 20%, 2026E: 19% [1] - **Net Profit**: - 2023A: 607 million - 2024E: 591 million - 2025E: 767 million - 2026E: 934 million - Growth Rate: 2023A: -5%, 2024E: -3%, 2025E: 30%, 2026E: 22% [1] - **Earnings Per Share (EPS)**: - 2023A: 4.25 - 2024E: 4.14 - 2025E: 5.37 - 2026E: 6.54 [1] - **Valuation Ratios**: - P/E: 2023A: 28.7, 2024E: 29.6, 2025E: 22.8, 2026E: 18.7 - P/B: 2023A: 4.0, 2024E: 3.6, 2025E: 3.1, 2026E: 2.7 [1] Operational Analysis - The company has seen an increase in accounts receivable turnover days to 138.63 days, reflecting a year-on-year increase [1] - The company’s cash flow from operating activities showed significant improvement, with a net cash flow of 2.48 billion in the first three quarters of 2024, a year-on-year increase of 56.89% [1] - The company’s gross profit margin for the first three quarters of 2024 was 46.62%, a decrease of 5.03 percentage points year-on-year [1]

属名单的核查意见 上海奕瑞光电子科技股份有限公司监事会 关于公司2021年限制性股票激励计划首次授予部分第三个归属期归 上海奕瑞光电子科技股份有限公司（以下简称"公司"）监事会依据《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、行政法规、规范性文件及《上海奕瑞光电子科技股份有限公司章程》 (以下简称"《公司章程》"）的有关规定，对《上海奕瑞光电子科技股份有限 公司2021年限制性股票激励计划（草案）》首次授予部分第三个归属期归属名 单进行审核,发表核查意见如下: VV 范训忠 （以下无正文，为《上海奕瑞光电子科技股份有限公司监事会关于公司 2021 年 限制性股票激励计划首次授予部分第三个归属期归属名单的核查意见》之签署页) 公司2021年限制性股票激励计划首次授予部分第三个归属期的激励对象共 188人，除因离职、提出辞职申请不符合归属条件的10名激励 ...

公司2021年限制性股票激励计划预留授予部分第二个归属期的激励对象共 60人,除因离职不符合归属条件的4名激励对象及考核结果为"I"的3名激励对象, 本次拟归属的53名激励对象符合《公司法》《证券法》等法律、法规和规范性 文件以及《公司章程》规定的任职资格,符合《管理办法》《上市规则》等法 律、法规和规范性文件规定的激励对象条件,符合本次激励计划规定的激励对 象范围,其作为公司2021年限制性股票激励计划预留授予部分激励对象的主体 资格合法、有效,激励对象获授限制性股票的归属条件已成就。 监事会同意本次符合条件的53名激励对象办理归属,对应限制性股票的归 属数量为2.4755万股。上述事项符合相关法律、法规及规范性文件所规定的条 件，不存在损害公司及股东利益的情形。 上海奕瑞光电子科技股份有限公司监事会 关于公司2021年限制性股票激励计划预留授予部分第二个归属期归 属名单的核查意见 上海奕瑞光电子科技股份有限公司（以下简称"公司"）监事会依据《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》")、 ...

| 证券代码：688301 | 证券简称：奕瑞科技 | 公告编号：2024-068 | | --- | --- | --- | | 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 第三届董事会第十次会议决议公告 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 表决结果：6 票同意，0 票反对，0 票弃权。关联董事 TIEER GU、RICHARD AUFRICHTIG 回避表决。 2024 年 10 月 25 日，上海奕瑞光电子科技股份有限公司（以下简称"公司"） 以现场及通讯方式召开了第三届董事会第十次会议（以下简称"本次会议"），会 议通知已于 2024 年 10 月 22 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 8 人，实际出席并表决的董事 8 人。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《上海奕瑞光电子科技股份有限公司章程》（以下简称"《公司 章程》" ...

| 证券代码：688301 | 证券简称：奕瑞科技 公告编号：2024-073 | | --- | --- | | 转债代码：118025 | 转债简称：奕瑞转债 | 本次业绩说明会以网络互动形式召开，公司将针对 2024 年第三季度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 会议召开时间：2024 年 12 月 3 日（星期二）14:00-15:00 会议召开地点：上海证券交易所上证路演中心 上海奕瑞光电子科技股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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： （http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 26 日（星期二）至 12 月 2 日（星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 （ir@iraygroup.com）进行提问。公司将在说明会上 ...

一、本次股权激励计划批准及实施情况 （一）本次股权激励计划方案及履行的程序 1、本次激励计划主要内容 | 证券代码：688301 | 证券简称：奕瑞科技 | 公告编号：2024-071 | | --- | --- | --- | | 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 关于2021年限制性股票激励计划预留授予部分 第二个归属期符合归属条件的公告 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： （1）股权激励方式：第二类限制性股票。 （2）授予数量（调整后）：授予的限制性股票总量为107.8000万股，占 《上海奕瑞光电子科技股份有限公司2021年限制性股票激励计划（草案）》 （以下简称"《激励计划》"、"本次激励计划" 或"本激励计划"）公告时公司股 本总额的0.76%。其中，首次授予97.5688万股，占本次激励计划公告时公司股 本总额的0.69%；预留授予10.2312万股，占本次激励计划公告时公司股本总额 的0.07%。 （3）授予价格（调整后）：8 ...

| 证券代码：688301 | 证券简称：奕瑞科技 | 公告编号：2024-072 | | --- | --- | --- | | 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 关于作废部分已授予尚未归属的2021年限制性股票的 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。 上海奕瑞光电子科技股份有限公司（以下简称"公司"）于2024年10月25日召 开第三届董事会第十次会议、第三届监事会第九次会议，审议通过了《关于作废 部分已授予尚未归属的2021年限制性股票的议案》，根据《上海奕瑞光电子科技 股份有限公司2021年限制性股票激励计划（草案）》（以下简称"《激励计划》" 或"本激励计划"）的有关规定，现将有关事项说明如下： 一、本激励计划已履行的决策程序和信息披露情况 1、2021年9月22日，公司召开第二届董事会第六次会议，审议通过了《关 于公司<2021年限制性股票激励计划（草案）>及其摘要的议案》《关于公司 <2021年限制性股票激励计划实施考核管理办法>的议案》以 ...