IRAY TECHNOLOGY(SH:688301) Guoxin Securities·2025-05-09 07:50Investment 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, in the first quarter of 2025, the company achieved a revenue of 482 million yuan, a year-on-year decrease of 1.92%, while the net profit attributable to the parent company increased by 2.74% to 143 million yuan, indicating a stabilization in performance [1][5]. - The detector business faced short-term pressure due to weak downstream demand, but the company is actively expanding overseas markets and enhancing customer cooperation, which is expected to improve market share [3][5]. - The new core components and solutions have completed their layout and are entering a rapid growth phase, with significant revenue growth in these segments [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 year-on-year [2]. - The company expects to achieve net profits of 593 million yuan, 707 million yuan, and 878 million yuan for 2025, 2026, and 2027, respectively, reflecting a growth of 27.5%, 19.2%, and 24.2% year-on-year [25][26]. Revenue Breakdown - The revenue from the detector business in 2024 was 1.49 billion yuan, a decrease of 11.99% year-on-year, while the revenue from new core components was 126 million yuan, up 45.49% year-on-year. The solutions and technical services segment saw a revenue increase of 262.56% to 96 million yuan [3][4][23]. - The company anticipates that the detector business will recover with expected growth rates of 15% for 2025-2027, while the solutions and technical services segment is projected to grow at rates of 65.87%, 50%, and 50% for the same period [20][21].