开源证券：给予日联科技买入评级

Core Viewpoint - 日联科技 is positioned as a leading player in the domestic industrial X-ray detection sector, focusing on both organic growth and acquisitions to establish itself as a global leader in the detection field [2][3]. Group 1: Company Overview - 日联科技 specializes in the entire industrial X-ray chain, being one of the few companies in China that has achieved the industrialization of self-developed X-ray sources and the manufacturing of intelligent detection equipment [2]. - The company has a comprehensive product matrix covering various types of X-ray sources, including ordinary, closed-tube, open-tube, and high-power sources [2]. - 日联科技's intelligent detection equipment is widely applied across multiple industrial sectors, including semiconductors, electronics, new energy batteries, castings, food safety, and security [2]. Group 2: Growth Drivers - The company has seen a significant increase in new orders, with a nearly 100% year-on-year growth in new orders in the first half of 2025, driven by strong demand in electronics, lithium batteries, and automotive parts inspection [3]. - Future growth is expected to be supported by expanding downstream demand, particularly in AI-related fields and new applications for foreign object detection, as well as overseas market expansion [3]. - Upgrades in high-end equipment, transitioning from offline to online devices and from 2D to 3D/CT devices, are anticipated to further broaden the company's growth boundaries [3]. Group 3: Acquisition Strategy - 日联科技 has raised over 2 billion yuan from its IPO, providing ample cash flow for acquisitions, with a strategy focused on both horizontal and vertical expansion [4]. - The company plans to acquire technologies in optical, ultrasonic, eddy current, and quantum detection, while also aiming to develop key components such as magnetrons, RF vacuum tubes, and detectors [4]. - The acquisition of Zhuhai Jiuyuan is set to officially kick off the company's acquisition strategy in June 2025, with the goal of becoming a global leader in the detection field through continuous acquisitions [4]. Group 4: Profit Forecast - The profit forecast for 日联科技 has been adjusted upwards, with projected net profits for 2025, 2026, and 2027 being 187 million yuan, 312 million yuan, and 426 million yuan respectively, corresponding to EPS of 1.13 yuan, 1.88 yuan, and 2.57 yuan [2]. - The current stock price reflects a PE ratio of 48.5, 29.0, and 21.3 times for the years 2025, 2026, and 2027 respectively, maintaining a "buy" rating [2].