点击注册小程序 查看完整报告 特别申明： 报告摘要 工业X射线检测设备龙头企业 日联科技是国内领先的工业X射线智能检测设备及核心部件供应商，为国家级专精特新"小巨人"。2019– 2024年，公司收入CAGR约38%，归母净利润CAGR约77%。产品覆盖全球70+国家和地区，2025H1海外收 入占比首次超过10%。 行业：下游应用广泛，需求持续扩容 根据日联科技2025年半年报援引沙利文咨询数据，预计2025–2030年全球工业X射线检测设备市场规模 CAGR约9.9%，中国市场规模CAGR约10.3%；预计2030年该领域全球市场规模有望突破千亿元，中国市 场规模有望突破300亿元。 公司：丰富产品线，开展收并购 公司已构建"检测设备+AI软件+射线源"一体化产品线，已形成百余款标准化设备。集成电路与电子制造领 域，业务已覆盖头部PCB/PCBA客户，市占率位居国内前列。新能源电池方面，公司设备覆盖动力/储能/ 消费电池在线与离线检测，并在半固态、固态等新工艺场景实现应用。核心部件方面，公司实现射线源全 链条自主可控并规模化量产，25H1电子电路检测设备自研射线源应用比例达94.3%。外延并购方面，公司 ...

2026 年 2 月 4 日 公司研究 工业 X 射线检测设备龙头，下游高景气度、国产替代趋势双轮驱动 ——日联科技（688531.SH）首次覆盖报告 要点 工业 X 射线检测设备龙头企业。日联科技是国内领先的工业 X 射线智能检测设 备及核心部件供应商，为国家级专精特新"小巨人"。2019–2024 年，公司收 入 CAGR 约 38%，归母净利润 CAGR 约 77%。产品覆盖全球 70+国家和地区， 2025H1 海外收入占比首次超过 10%。 行业：下游应用广泛，需求持续扩容。根据日联科技 2025 年半年报援引沙利文 咨询数据，预计 2025–2030 年全球工业 X 射线检测设备市场规模 CAGR 约 9.9%， 中国市场规模 CAGR 约 10.3%；预计 2030 年该领域全球市场规模有望突破千亿 元，中国市场规模有望突破 300 亿元。 公司：丰富产品线，开展收并购。公司已构建"检测设备+AI 软件+射线源"一 体化产品线，已形成百余款标准化设备。集成电路与电子制造领域，业务已覆盖 头部 PCB/PCBA 客户，市占率位居国内前列。新能源电池方面，公司设备覆盖 动力/储能/消费电池在线与离线 ...

证券日报网讯2月2日，日联科技发布公告称，2026年1月份，公司未实施股份回购。 ...

证券代码：688531 证券简称：日联科技 公告编号：2026-004 日联科技集团股份有限公司 因公司实施 2024 年度权益分派事项，本次以集中竞价交易方式回购股份价格 上限由不超过人民币 101.87 元/股（含）调整为不超过人民币 70.03 元/股（含）。 具体内容详见公司于 2025 年 7 月 10 日在上海证券交易所网站（www.sse.com.cn） 披露的《关于 2024 年度权益分派实施后调整回购股份价格上限的公告》（公告编 号：2025-048）。 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》的相关规定，公司在回购股份期间，应当在每个月的前 3 个交 易日内公告截至上月末的回购进展情况。现将公司回购进展情况公告如下： 2026 年 1 月，公司未实施股份回购。 关于以集中竞价交易方式回购公司股份的进展公告 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： | 回购方案首次披露日 | 2025/6/24 | | | | ...

1月29日，日联科技跌5.05%，截至发稿，报72.18元/股，成交2.00亿元，换手率2.52%，总市值119.53亿 元。 数据显示，富国基金旗下1只基金位居日联科技十大流通股东。富国天益价值混合A/B（100020）三季 度新进十大流通股东，持有股数119.52万股，占流通股的比例为1.12%。根据测算，今日浮亏损失约 458.97万元。 富国天益价值混合A/B（100020）成立日期2004年6月15日，最新规模33.2亿。今年以来收益3.68%，同 类排名5918/8866；近一年收益14.55%，同类排名5979/8126；成立以来收益1498.67%。 富国天益价值混合A/B（100020）基金经理为唐颐恒。 截至发稿，唐颐恒累计任职时间6年193天，现任基金资产总规模33.42亿元，任职期间最佳基金回报 35.3%， 任职期间最差基金回报-42.25%。 资料显示，日联科技集团股份有限公司位于江苏省无锡市新吴区漓江路11号，成立日期2009年7月22 日，上市日期2023年3月31日，公司主营业务涉及公司是国内领先的工业X射线智能检测装备供应商,主 要从事微焦点和大功率X射线智能检测装备的研发 ...

摘要 中国半导体 X 射线检测设备市场规模巨大，2030 年预计前后道市场将 分别达到 243 亿元和 65 亿元，但国产渗透率仅 5%，国产替代空间广 阔，为国内企业如日联科技带来发展机遇。 日联科技在后道封装测试 X 射线检测设备领域已取得技术突破， 2D、3D 设备达到国内领先或国际先进水平，并成功进入中芯国际、长 电科技等客户供应链，2025 年量产纳米级射线源，拓展至前道晶圆检 测。 日联科技于 2026 年 1 月完成对新加坡 SSTR 66%股权的收购。SSTR 掌握高端半导体检测诊断与失效分析设备技术，客户包括 AMD、三星、 美光等全球前 20 大半导体制造商。 日联科技与 SSTR 在技术上形成互补，实现从物理缺陷检测到功能检测 分析的覆盖；在制造上，利用马来西亚工厂提升产能并降低成本；在市 场上，通过渠道优势拓展国内外市场。 通过收购 SSTR，日联科技将结合自身经验与 SSTR 专利技术，共同研 发适配中国市场的先进制程检测试验，并建立研发基地推动国产化，提 升整体竞争力。 Q&A 日联科技 20260127 日联科技在高端半导体检测设备领域的布局和发展情况如何？ 日联科技在高端半导体 ...

Investment Rating - The report assigns a "Buy" rating for the company, Rilian Technology (688531) [2]. Core Insights - Rilian Technology is a leading enterprise in the industrial X-ray intelligent detection field in China, focusing on the R&D, production, and sales of micro-focus and high-power industrial X-ray intelligent detection equipment and core components, with a dual strategy of domestic substitution and international expansion. The company has achieved rapid revenue growth, with a CAGR of 37.76% for operating income and 76.70% for net profit attributable to the parent company from 2019 to 2024 [5][28]. Company Overview - Rilian Technology has established itself as a national-level specialized and innovative "little giant" enterprise, listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board in 2023. The company has a comprehensive product range that includes X-ray sources, AI imaging software, and industrial X-ray intelligent detection equipment, which are widely used in high-end manufacturing quality control [14][22]. Industry Analysis - The global industrial X-ray detection equipment market is projected to grow from 35.12 billion yuan in 2020 to 57.39 billion yuan in 2024, with a CAGR of 13.1%. The Chinese market is expected to grow from 10.69 billion yuan to 18.79 billion yuan during the same period, with a CAGR of 15.1% [6][39]. The growth is driven by advancements in semiconductor processes and the increasing demand for new energy batteries, alongside the acceleration of domestic substitution [39]. Investment Logic - Rilian Technology has successfully achieved comprehensive R&D coverage of core high-tech components, making it the only domestic company capable of mass application of X-ray intelligent detection equipment across nearly all industrial sectors. The company is rapidly expanding through horizontal and vertical mergers and acquisitions, which are expected to enhance its platform capabilities and performance [7][14]. Financial Forecast - The company is projected to achieve total operating revenues of 1.058 billion yuan, 1.591 billion yuan, and 2.132 billion yuan for the years 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 43.1%, 50.3%, and 34.0%. Net profits attributable to the parent company are expected to be 190 million yuan, 315 million yuan, and 448 million yuan for the same years, with growth rates of 32.8%, 65.3%, and 42.6% [7][8]. Market Position - Rilian Technology has established a strong market presence, particularly in the integrated circuit and electronic manufacturing sectors, where it holds the highest market share in China. The company has built a solid customer base, including major clients such as SMIC, Foxconn, and CATL [22][23]. Research and Development - The company has consistently increased its R&D investment, with R&D expenses reaching 86.26 million yuan in the first three quarters of 2025, a year-on-year increase of 43.94%, representing 11.70% of total revenue. This ongoing investment supports innovation in core technology areas such as X-ray sources [28][30]. Global Expansion - Rilian Technology has expanded its international footprint, with sales covering over 70 countries and regions. The establishment of subsidiaries and factories in Singapore, Hungary, Malaysia, and the United States is expected to accelerate the growth of its overseas business [7][14]. Competitive Landscape - The market for X-ray sources is characterized by a layered structure based on focal size, with micro-focus products facing high technical barriers. The company is positioned to benefit from the increasing demand for high-precision imaging in sectors such as semiconductors and new energy batteries [6][56]. Conclusion - Rilian Technology's strong market position, robust growth prospects, and strategic focus on R&D and international expansion make it a compelling investment opportunity in the industrial X-ray detection sector [7][39].

X 射线检测平台型企业，内生外延共筑成长 [Table_CoverStock] —日联科技(688531)首次覆盖报告 [Table_ReportTime] 2026 年 01 月 23 日 [Table_StockAndRank] 日联科技(688531) 投资评级 买入 上次评级 [Table_Chart] 资料来源：聚源，信达证券研发中心 [Table_CoverAuthor 王锐 机械行业首席]分析师 韩冰 机械行业分析师 S1500523080006 S1500523100001 wangrui1@cindasc.com hanbing1@cindasc.com 证券研究报告 公司研究 [Table_ReportType] 首次覆盖报告 [Table_BaseData] 公司主要数据 | 收盘价（元） | 77.60 | | --- | --- | | 52 周内股价 | 78.69-33.46 | | 波动区间(元) | | | 最近一月涨跌幅(％) | 25.08 | | 总股本(亿股) | 1.66 | | 流通 A 股比例(％) | 64.59 | | 总市值(亿元) | 128.50 | ...

Core Viewpoint - Shenzhen Panhai Tonglian Intelligent Equipment Co., Ltd. has been established with a registered capital of 20 million RMB, fully owned by Shenzhen Panhai Tonglian Precision Manufacturing Co., Ltd. [1] Company Overview - The legal representative of the new company is Yang Hu [1] - The registered capital is 20 million RMB [1] - The company is located at 282 Huan Guan Zhong Road, Building D, Fan Hai Technology Park, Longhua District, Shenzhen [1] - The business scope includes additive manufacturing, manufacturing and sales of additive manufacturing equipment, 3D printing services, and various technical services [1] Shareholding Structure - Shenzhen Panhai Tonglian Precision Manufacturing Co., Ltd. holds 100% of the shares in Shenzhen Panhai Tonglian Intelligent Equipment Co., Ltd. [1] Industry Classification - The company falls under the manufacturing industry, specifically in the specialized equipment manufacturing sector, focusing on electronic and electrical machinery [1]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Taiwan PCB & Laminates, specifically focusing on the ABF (Ajinomoto Build-up Film) and BT (Bismaleimide Triazine) sectors - **Context**: The conference call discusses the recent price adjustments in the ABF CCL (Copper Clad Laminates) and Prepreg sectors announced by Resonac Core Insights - **Price Increase Announcement**: Resonac announced a 30% price increase for all CCLs and prepregs, effective from March 1, 2026, primarily due to rising costs of T glass and other raw materials like copper foil [1] - **Market Implications**: The price increase indicates a server shortage in T glass, suggesting strong demand from AI-related chips with larger body sizes [1] - **Cost Pass-Through**: Downstream ABF substrate manufacturers are expected to pass through these costs and potentially earn premiums due to robust demand [1] - **Future Price Trends**: Anticipation of further price increases in BT CCL in upcoming quarters due to market tightness [1] - **Sector Tightness**: Observations of tightness in the ABF/BT sector, with expectations that more fabless companies may be affected by a widespread substrate shortage in the near future [1] - **Outlook**: The overall sentiment remains bullish on the ABF/BT sector, indicating positive growth prospects [1] Additional Important Points - **Raw Material Costs**: The price adjustments reflect significant increases in raw material costs, particularly T glass, which is critical for the production of ABF substrates [1] - **Demand Drivers**: The demand for AI-related chips is a key driver for the current market dynamics, influencing both pricing and production strategies in the sector [1] - **Potential Risks**: While the outlook is positive, the sector may face risks related to supply chain disruptions and fluctuations in raw material availability [1]