IRAY TECHNOLOGY(SH:688301) HUAXI Securities·2025-05-08 00:40Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Viewpoints - The CT ball tube is a critical component of medical CT, accounting for approximately 20% of the total BOM cost of CT machines, and has high industry barriers due to its complex manufacturing requirements [1][18]. - The domestic market for CT ball tubes is expected to exceed 20 billion yuan by 2025, driven by high replacement demand and a shorter average replacement cycle compared to developed countries [2][47]. - The report highlights the urgent need for domestic substitution of CT ball tubes, as the current domestic substitution rate is less than 10% [4][50]. Summary by Sections 1. CT Ball Tube: The "Core" of Medical CT - The CT ball tube is essential for X-ray computed tomography systems, with its performance directly impacting image quality and diagnostic capabilities [15]. - The technology has evolved significantly, focusing on improving heat dissipation efficiency and overall performance [25]. 2. Market Size: High-Value Consumables with Broad Future Potential - The CT ball tube market is characterized by rigid replacement demand, with an average replacement cycle of 18 months in China due to high usage rates [2][45]. - The estimated market size for CT ball tubes in China is projected to reach over 20 billion yuan by 2025, with significant contributions from both new installations and replacement markets [47][48]. 3. Competitive Landscape: Overseas Manufacturers Dominate - Major global manufacturers like GPSC, Dunlee, and Varex dominate the CT ball tube market, with 85% of replacement tubes still relying on original manufacturer products [3][50]. - The report emphasizes the need for accelerated domestic production to reduce reliance on imports, as the current domestic substitution rate is low [4][50]. 4. Company Overview: Yirui Technology - Yirui Technology is positioned as a leading supplier of X-ray core components and comprehensive solutions, focusing on the development of CT ball tubes [5]. - The company plans to raise approximately 1.174 billion yuan to enhance its production capacity for X-ray vacuum components and solutions, aiming to significantly increase its output [9][10]. - Financial forecasts indicate strong revenue growth, with expected revenues of 2.405 billion yuan in 2025, reflecting a year-on-year increase of 31.3% [10].