奕瑞科技：iDE集成化解决方案助力高效开发

Investment Rating - The investment rating for the company is "Hold" with a downward adjustment [4] Core Viewpoints - The company is focusing on integrated solutions that enhance development efficiency through seamless collaboration of components [1] - Significant R&D investment is being made, with 153 million yuan allocated in the first half of 2024, representing 14.92% of revenue, and 103 new IP registrations [2] - The company is raising funds through a private placement to expand its X-ray core components business, targeting 1.45 billion yuan for investment [3] - Profit forecasts have been adjusted downwards for 2024-2026, with expected net profits of 658.05 million yuan, 698.22 million yuan, and 812.11 million yuan respectively [3] Summary by Sections Integrated Solutions - The iDE solution integrates high-voltage generators, flat panel detectors, and image processing software, allowing flexible configurations for various imaging needs [1] - Two rapid dual-energy imaging modes are enabled: soft trigger mode with a 200ms interval and hard trigger mode with a 150ms interval [1] R&D Investment - In the first half of 2024, R&D investment reached 153 million yuan, with a focus on sensor design and process technology [2] - The company has launched several new products, generating over 258 million yuan in revenue from new sensor technologies [2] - The company has completed foundational layouts in new core components, breaking the import monopoly in the micro-focus X-ray source sector [2] Fundraising and Financial Projections - The company plans to raise up to 1.45 billion yuan through a private placement to enhance its X-ray vacuum devices and integrated solutions [3] - The financial forecast indicates a decrease in net profit expectations for 2024-2026, with corresponding P/E ratios of 25.4, 23.9, and 20.6 [3] - Revenue projections for 2024, 2025, and 2026 are 2.26 billion yuan, 2.79 billion yuan, and 3.48 billion yuan respectively, with growth rates of 21.47%, 23.23%, and 24.82% [3][9]