奕瑞科技（688301）：探测器份额稳固，新核心部件快速拓展

Investment Rating - The report maintains an "Outperform" rating for the company [1][10]. Core Insights - In 2024, the company achieved revenue of RMB 1.83 billion (-1.74%), net profit attributable to shareholders of RMB 465 million (-23.43%), and recurring net profit attributable to shareholders of RMB 439 million (-25.84%). For Q1 2025, revenue was RMB 482 million (-1.92%), net profit attributable to shareholders was RMB 143 million (+2.74%), and recurring net profit attributable to shareholders was RMB 141 million (-9.19%) [10][11]. - The EPS forecasts for 2025-2026 have been revised to RMB 4.07 and RMB 5.02, with a new forecast for 2027 at RMB 6.22. The target price is set at RMB 143.10, corresponding to a 2025 PE of 35X [10][12]. Financial Summary - The company’s revenue for 2024 was RMB 1.83 billion, with a slight decline of 1.74% compared to the previous year. The net profit attributable to shareholders decreased by 23.43% to RMB 465 million [4][10]. - The company’s revenue for Q1 2025 was RMB 482 million, reflecting a decrease of 1.92% year-on-year, while net profit attributable to shareholders increased by 2.74% to RMB 143 million [10][11]. - The company’s financial forecasts indicate a revenue increase to RMB 2.22 billion in 2025 and RMB 2.70 billion in 2026, with net profit expected to rise to RMB 583 million and RMB 717 million respectively [4][10]. Market Position - The company continues to increase its market share in the detector market, achieving a global market share of 20.09% in 2023, despite a decline in sales revenue of digital X-ray detectors to RMB 1.49 billion in 2024 [11][12]. - The new core components business saw significant growth, with revenue increasing by 45.49% to RMB 126 million in 2024, while integrated solutions and technical services revenue surged by 226.25% to RMB 86.80 million [12][13]. Strategic Initiatives - The company is actively expanding its domestic and international markets, establishing overseas sales or customer service platforms in multiple countries including the USA, Germany, and India [13][12]. - The company has completed its business layout in high-voltage generators, radiation sources, and tubes, with several products beginning mass production in 2024 [12][13].