IRAY TECHNOLOGY(688301) 民生证券·2024-08-31 09:30Investment Rating - The report maintains a "Recommend" rating for Yirui Technology (688301 SH) with a target price of 91 94 yuan [2] Core Views - Yirui Technology achieved revenue of 1 026 billion yuan in H1 2024, a YoY increase of 7 2%, while net profit attributable to the parent company was 307 million yuan, a YoY decrease of 5 3% [1] - The company's gross margin declined to 54 15% in H1 2024, down 4 10 percentage points YoY, mainly due to changes in revenue structure [1] - New detector products and solution services showed rapid growth, with detector sales revenue reaching 844 million yuan and solution/technical service revenue at 30 million yuan [1] - The company successfully entered the Korean dental CBCT market and began batch deliveries, with strong performance in C-arm and mammography detectors [1] - Yirui Technology has made breakthroughs in microfocus X-ray sources, breaking foreign monopolies, and completed the development of core components for CT detectors [1] Financial Performance - In H1 2024, the company's sales/management/R&D/financial expense ratios were 5 36%/5 71%/15 80%/-0 91%, with share-based payment expenses of 47 807 million yuan [1] - Domestic sales revenue increased by 9 56% to 707 million yuan, while overseas sales grew by 2 33% to 320 million yuan [1] - Revenue from detectors using new sensor technologies (CMOS, IGZO, flexible) exceeded 258 million yuan in H1 2024 [1] Product Development - The company has developed TFT sensor technology in the amorphous silicon detector field, demonstrating differentiated competitive advantages [1] - In CMOS detectors, dental CMOS and TDI detectors have reached performance levels comparable to imported products [1] - IGZO detectors are widely used in C-arm and DSA fields [1] - The company has completed the development of core components for CT detectors and entered the joint debugging stage of modules and systems [1] Future Projections - The report forecasts revenues of 2 38 billion, 3 04 billion, and 3 71 billion yuan for 2024-2026, with net profits of 750 million, 1 04 billion, and 1 31 billion yuan respectively [1] - The current PE ratios are projected at 17, 13, and 10 times for 2024-2026 [1] - Revenue growth rates are expected to be 20 3%, 27 8%, and 27 6% for 2024-2026 [2] - EPS is projected to increase from 4 25 yuan in 2024 to 9 15 yuan in 2026 [2]