IRAY TECHNOLOGY(SH:688301) Zheng Quan Zhi Xing·2025-06-23 12:16Core Viewpoint - The credit rating agency maintains the credit rating of Yirui Technology Group Co., Ltd. at AA with a stable outlook, indicating strong financial health and operational performance in the digital X-ray detector industry [1][8]. Company Overview - Yirui Technology primarily engages in the research, production, and sales of digital X-ray detectors, and is one of the few manufacturers globally capable of mass production of amorphous silicon, IGZO, CMOS, and flexible substrate sensor technologies [9][11]. - As of March 2025, the company's total assets amounted to 91.34 billion yuan, with total liabilities at 35.81 billion yuan and equity at 47.83 billion yuan [12]. Financial Performance - The company reported total revenue of 18.31 billion yuan in 2024, with a profit of 5.07 billion yuan, reflecting a slight decline in revenue compared to the previous year [8][12]. - The gross profit margin remains high, although there was a decrease in revenue from digital X-ray detectors by 12.04% due to increased market competition and economic factors [21]. Market Position and Growth - The global digital X-ray detector market is expected to grow, driven by advancements in technology and increasing demand in the medical sector, with a projected market size of 50.3 billion USD by 2030 [16][19]. - The company has established a strong market presence in the medical and industrial sectors, with significant sales growth in new core components and comprehensive solutions [9][21]. Investment and Projects - The company issued 14.35 billion yuan in convertible bonds to fund projects related to new detector technologies and the establishment of a comprehensive innovation base [13]. - The projects are expected to enhance production capacity significantly, with an anticipated increase of 32,000 units for CMOS detectors and 2,000 units for CT detectors upon completion [13]. Industry Analysis - The digital X-ray detector industry is characterized by high technical barriers and a concentrated market, with major players including both domestic and international firms [20][21]. - The industry is poised for growth as domestic manufacturers improve their R&D capabilities, potentially leading to a shift in global production bases for X-ray core components [21].