UNICOMP(SH:688531) Xin Lang Cai Jing·2026-01-15 00:27Core Viewpoint - The company is positioned as a leading domestic player in the industrial X-ray detection equipment market, with accelerating revenue growth driven by increased market share and high demand from downstream sectors [1][2]. Group 1: Revenue Growth and Market Position - The company’s revenue growth is expected to accelerate quarterly, with projected growth rates of 33%, 43%, and 55% for Q1, Q2, and Q3 of 2025 respectively [1]. - The company is the only domestic enterprise that has achieved full self-research capabilities for micro-focus and high-power X-ray sources, with a projected market size of 6.5 billion and 2 billion CNY for micro-focus X-ray sources in 2025 [1][2]. - The global industrial X-ray detection equipment market is projected to reach 57.4 billion CNY in 2024, with the company’s market share increasing from 1.2% in 2020 to 2.2% in 2024 [2]. Group 2: Technological Advancements and Product Development - The company plans to establish the Riheng Research Institute and Shanghai AI Large Model Research Center in 2025 to enhance detection efficiency through AI [2]. - The company aims to increase the proportion of 3D, CT, and online products, which will drive up product prices [2]. Group 3: Downstream Demand and Market Trends - The global PCB equipment market is expected to reach 7.8 billion USD in 2025, with a year-on-year growth of 10% [2]. - The expected CAGR for the shipment volume of power and energy storage batteries from 2025 to 2030 is 24% [2]. Group 4: Global Expansion and Strategic Acquisitions - The company has established factories in Malaysia and Hungary, and has gained capacity and channel networks in the U.S., with overseas revenue of 47 million CNY in H1 2025, representing an 83% year-on-year increase [3]. - The company plans to acquire a 55% stake in Zhuhai Jiuyuan to enter the battery performance testing sector, with profit commitments for the following years [3]. Group 5: Financial Projections and Valuation - The company is projected to achieve net profits of 180 million, 330 million, and 450 million CNY for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 1.09, 1.99, and 2.70 CNY [4]. - A target price of 99.33 CNY is set for 2026, based on a 50x PE ratio, with an initial "buy" rating [4].