IRAY TECHNOLOGY(SH:688301) Guoxin Securities·2025-05-09 08:16Investment Rating - The investment rating for the company is "Outperform the Market" [5][27]. Core Views - The company's revenue for 2024 decreased by 1.74% year-on-year to 1.831 billion yuan, and the net profit attributable to the parent company decreased by 23.43% to 465 million yuan. However, the first quarter of 2025 showed signs of stabilization with a net profit increase of 2.74% year-on-year [1][5]. - The detector business remains under pressure due to weak downstream demand, but the company is actively expanding its overseas market and enhancing customer cooperation to maintain its leading global market share [3][5]. - New core components and solutions have completed their layout and are entering a rapid growth phase, with significant revenue increases expected in the coming years [4][5]. Financial Performance Summary - In 2024, the company's gross margin was 50.11%, down 7.73 percentage points year-on-year, primarily due to an increase in the proportion of low-margin non-detector businesses. The net margin was 24.59%, down 7.86 percentage points [2][5]. - The first quarter of 2025 saw a gross margin of 48.92% and a net margin of 28.17%, indicating a slight recovery in profitability [2][5]. - The company expects revenue growth of 19.12% in 2025, reaching 2.181 billion yuan, with net profit projected to increase by 27.5% to 593 million yuan [25][26]. Business Segment Performance - The detector segment generated revenue of 1.49 billion yuan in 2024, a decrease of 11.99% year-on-year, with a gross margin of 56.65% [3][23]. - The new core components segment achieved revenue of 126 million yuan in 2024, growing by 45.49%, while the solutions and technical services segment saw a remarkable increase of 262.56% to 96 million yuan [4][23]. - The company is focusing on expanding its product lines and application areas, particularly in the medical and industrial fields, which are expected to drive future growth [5][21].