FANGDA PARTNERS http://www.fangdalaw.com 中国深圳市福田区中心四路 1 号 电子邮件 E-mail: email@fangdalaw.com 嘉里建设广场 T1 座 9 楼 电 话 Tel.: 86-755-8159-3999 邮政编码：518048 传 真 Fax: 86-755-8159-3900 9/F, Tower One, Kerry Plaza 1 Zhong Xin Si Road Futian District Shenzhen 518048, China 上海市方达（深圳）律师事务所 本法律意见书仅就本次股东大会的召集和召开程序、出席会议人员、召集人、 表决程序是否符合相关中国法律法规及《公司章程》的规定以及表决结果是否合 法、有效发表意见，并不对任何中国法律法规以外的国家或地区的法律发表任何 意见。本法律意见书的出具基于以下假设：（1）公司所提供的所有文件正本及副 本均为真实、准确、完整的；（2）公司已向本所披露一切足以影响本法律意见书 出具的事实和文件，且无任何隐瞒、疏漏之处。 本所及指派律师依据《中华人民共和国证券法》《律师事务所从事证券法律 业 ...

| 证券代码：688301 | 证券简称：奕瑞科技 公告编号：2024-032 | | --- | --- | | 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 2023 年年度股东大会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 5 月 24 日 （二） 股东大会召开的地点：上海浦东新区金海路 1000 号 45 幢上海奕瑞光电 子科技股份有限公司一楼会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 28 | | --- | --- | | 普通股股东人数 | 28 | | 2、出席会议的股东所持有的表决权数量 | 48,444,114 | | 普通股股东所持有表决权数量 | 48,444,114 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的 | 47 ...

公司代码：688301 公司简称：奕瑞科技 上海奕瑞光电子科技股份有限公司 2023 年年度股东大会会议资料 2024 年 5 月 1 / 57 上海奕瑞光电子科技股份有限公司 2023 年年度股东大会会议资料 上海奕瑞光电子科技股份有限公司 2023 年年度股东大会会议资料目录 | 年年度股东大会会议须知 4 2023 | | | | --- | --- | --- | | 2023 年年度股东大会会议议程 6 | | | | 2023 年年度股东大会会议议案 8 | | | | 议案一：关于公司《2023 年度董事会工作报告》的议案 8 | | | | 议案二：关于公司《2023 年度监事会工作报告》的议案 9 | | | | 议案三：关于公司《2023 年度财务决算报告》的议案 10 | | | | 议案四：关于公司《2023 年年度报告》及摘要的议案 11 | | | | 议案五：关于公司 2023 年年度利润分配及资本公积转增股本方案的议案 12 | | | | 议案六：关于聘任 | 2024 年度财务审计机构及内控审计机构的议案 14 | | | 2024 年度董事薪酬的议案 18 | | 议案七 ...

证券研究报告 公 2024年05月14日 司 报 告 奕瑞科技(688301) │ 行 业： 医药生物/医疗器械 公 投资评级： 买入（首次） 司 深 全球化 X 线部件综合解决方案供应商 当前价格： 213.27元 度 目标价格： 284.27元 研 投资要点： 究 基本数据  国产数字化X线探测器龙头 总股本/流通股本(百万股) 102.00/102.00 奕瑞科技是国产数字化X线探测器龙头，经过10多年的耕耘，成为全球少 流通A股市值(百万元) 21,753.31 数同时掌握非晶硅、IGZO、CMOS和柔性基板四种传感器技术的公司，聚 每股净资产(元) 41.42 焦X线探测器产业链中游，并往上游拓展自产能力。公司业务涉及医疗、工 资产负债率(%) 44.34 业、安防等领域，与国内外知名X线设备厂家建立长期稳定合作，持续打造 全球知名度，截至2021年公司全球数字化X线探测器市占率为16.90%。 一年内最高/最低(元) 338.89/184.16  数字化X线探测器行业需求持续增长 股价相对走势 数字化X射线探测器能够对穿透人体、物体后剩余的X射线进行检测，通 奕瑞科技 沪深300 过转换完成图 ...

奕瑞科技（688301.SH）深度报告： 视有界，奕无界 2024年05月14日 ➢ 国产数字化X线探测器龙头，前沿科学家带领公司快速成长。公司是全球少数几家 推荐 首次评级 同时掌握非晶硅、IGZO、CMOS和柔性基板四大传感器技术并具备量产能力的X射线探 当前价格： 213.27元 测器公司之一，强产品力俘获了医疗、齿科、工业安检领域的多家龙头厂商青睐。公司医 用领域客户包括柯尼卡、西门子、联影医疗等；齿科领域包括美亚光电、朗视等；工业领 域包括宁德时代、正业科技等。公司发于创新，忠于创新，核心成员具备行业领先的生产 管理及产品研发经验，公司董事长曾参与美国第一条2代 TFT-LCD生产线的组建、领导 [T able_Author] 了世界第一台胸腔数字 x 光机的研发与制造。 ➢ 数字化X线探测器全球市场超20亿美元，公司走在登顶之路。据Yole统计，2021 年全球 X 线探测器市场规模为 20.79 亿美元，预计 2027 年将达到 24.93 亿美元。IHS Markit 统计，2018年，全球前五大医疗领域探测器供应商市场份额超过50%。根据公 司年报，公司2021年数字化探测器全球市占率达到1 ...

中国国际金融股份有限公司 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 14 | 发现以下情形之一的，督促上市公司做出说明并限期改 员出具的专业意见可能存在虚假记载、误导性陈述或重大 | 年度，奕瑞科技未发生 2023 前述情况 | | | 正，同时向上海证券交易所报告：（一）涉嫌违反《上市 | | | | 规则》等相关业务规则；（二）证券服务机构及其签名人 | | | | 遗漏等违法违规情形或其他不当情形；（三）公司出现《保 | | | | 荐办法》第七十条规定的情形；（四）公司不配合持续督导 | | | | 工作；（五）上海证券交易所或保荐人认为需要报告的其 | | | | 他情形 | | | 15 | | 保荐机构已制定对上市公 | | | 制定对上市公司的现场检查工作计划，明确现场检查工作 | 司的现场检查工作计划，明 | | | 要求，确保现场检查工作质量 | 确现场检查工作要求 | | 16 | 上市公司出现下列情形之一的，保荐机构、保荐代表人 | 年度，奕瑞科技未发生 2023 前述情形 | | | 应当自知道或者应当知道之日起十五日内进行专项现场 | ...

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Insights - The company achieved a revenue of 1.864 billion yuan in 2023, representing a year-over-year growth of 20.31%, while the net profit attributable to shareholders was 607 million yuan, down 5.27% year-over-year [2]. - In Q1 2024, the company reported a revenue of 491 million yuan, an increase of 11.48% year-over-year, and a net profit of 139 million yuan, up 1.88% year-over-year [2]. - The gross margin for 2023 was 57.84%, a slight increase of 0.5 percentage points year-over-year, with the core product detector's gross margin at 61.12%, up 2.46 percentage points year-over-year [2]. - The decline in net profit was primarily due to a loss of 81.06 million yuan from the fair value change of shares held in a related company [2]. - The company has made significant progress in new product development, with new core components such as high-voltage generators and X-ray tubes entering mass production, contributing to over 100 million yuan in revenue, more than doubling year-over-year [2]. - A private placement plan was announced to raise up to 1.45 billion yuan for the development of X-ray vacuum devices and comprehensive solutions, which is expected to enhance domestic production capacity and technology [2]. Financial Summary - Revenue for 2024 is projected to reach 2.306 billion yuan, with a growth rate of 23.71%, and net profit is expected to be 829 million yuan, reflecting a growth rate of 36.43% [3]. - Earnings per share (EPS) are forecasted at 8.13 yuan for 2024, 9.98 yuan for 2025, and 11.79 yuan for 2026, with corresponding price-to-earnings (P/E) ratios of 24, 20, and 17 [2][3]. - The company is positioned as a leading supplier of flat panel detectors in China, with a comprehensive product line and expected steady growth in overall performance [2].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][11]. Core Views - The company achieved a revenue of 491 million yuan in Q1 2024, representing a year-on-year growth of 11.48% and a quarter-on-quarter growth of 5.14% [6][7]. - The net profit attributable to the parent company for Q1 2024 was 139 million yuan, a year-on-year increase of 1.88% [6][7]. - The company is focusing on expanding its product layout and increasing the scale of its X-ray core components business through a planned capital increase of no more than 1.45 billion yuan [11]. Financial Performance Summary - **Revenue Forecasts**: - 2022A: 1,549 million yuan - 2023A: 1,864 million yuan - 2024E: 2,352 million yuan - 2025E: 2,851 million yuan - 2026E: 3,406 million yuan - Year-on-year growth rates are projected at 30%, 20%, 26%, 21%, and 19% respectively [5]. - **Net Profit Forecasts**: - 2022A: 641 million yuan - 2023A: 607 million yuan - 2024E: 813 million yuan - 2025E: 1,025 million yuan - 2026E: 1,239 million yuan - Year-on-year growth rates are projected at 32%, -5%, 34%, 26%, and 21% respectively [5]. - **Earnings Per Share (EPS)**: - 2024E: 6.29 yuan - 2025E: 7.97 yuan - 2026E: 10.05 yuan [5]. Industry and Product Development - The company is expanding its CT core component production, focusing on domestic production capabilities [8][10]. - The global CT detector market was valued at approximately 1.68 billion USD in 2021, with an expected annual growth rate of around 4.3% from 2022 to 2027 [8]. - The company has made significant advancements in its R&D, with 62 new intellectual property applications in 2023, including 32 invention patent applications [7][8].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance is under short-term pressure, but its deepening layout in the X-ray industry chain is promising [1] - The company achieved a revenue of 4.91 billion yuan in Q1 2024, a year-on-year increase of 11.48%, and a net profit of 1.39 billion yuan, up 1.88% year-on-year [3] - In 2023, the company reported a revenue of 18.64 billion yuan, a year-on-year growth of 20.31%, but a net profit decrease of 5.27% due to fair value losses on financial assets [4] Summary by Sections Financial Performance - In Q1 2024, the company reported a revenue of 4.91 billion yuan, with a net profit of 1.39 billion yuan, and a non-recurring net profit of 1.56 billion yuan [3] - For the full year 2023, the company achieved a revenue of 18.64 billion yuan, with a net profit of 6.07 billion yuan, and a non-recurring net profit of 5.91 billion yuan [3][4] Product Development and Market Position - The company launched several new products in 2023, generating over 4.15 billion yuan in revenue from new sensor technology products, with core component revenue doubling to nearly 1 billion yuan [4] - The company is focused on R&D, with an investment of 263 million yuan in 2023, representing 14.09% of its revenue [4] Future Outlook - The company expects revenues of 23.38 billion yuan in 2024, 28.73 billion yuan in 2025, and 34.51 billion yuan in 2026, with net profits projected at 8.24 billion yuan, 10.17 billion yuan, and 12.33 billion yuan respectively [5][6] - The company aims to enhance its market position by expanding its overseas customer base and improving domestic demand for medical and industrial applications [5]

Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Views - The company achieved a revenue of RMB 491 million in Q1 2024, representing a year-on-year growth of 11.48%, while the net profit attributable to shareholders was RMB 139 million, up 1.88% year-on-year [4] - The company is focusing on high-end manufacturing capabilities and has mastered core technologies in X-ray flat panel detectors [4] - A directed share issuance plan has been announced to raise up to RMB 1.45 billion for the construction of X-ray vacuum devices and comprehensive solutions [4] Financial Summary - The company’s revenue is projected to grow from RMB 1,864 million in 2023 to RMB 2,303 million in 2024, reflecting a growth rate of 23.6% [5][7] - The net profit is expected to increase from RMB 607 million in 2023 to RMB 834 million in 2024, with a growth rate of 37.3% [5][7] - The projected EPS for 2024 is RMB 8.18, with corresponding P/E ratios of 25.3 for 2024, 20.4 for 2025, and 16.4 for 2026 [4][5][7]