UNICOMP(SH:688531) Dongxing Securities·2025-05-16 01:50Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][12][77] Core Viewpoints - The company is a leading domestic supplier of industrial X-ray intelligent detection equipment, having achieved significant breakthroughs in core components, particularly in X-ray sources, thus addressing critical supply issues and filling domestic gaps [3][21][12] - The industrial X-ray detection equipment market in China is expected to experience rapid growth, with a projected market size of approximately 241.4 billion yuan by 2026, driven by increasing demand from sectors such as integrated circuits, electronic manufacturing, and new energy batteries [4][29][31] - The company is well-positioned to benefit from the rapid development of the domestic integrated circuit industry, which is expected to drive demand for X-ray detection equipment [5][51] - The demand for X-ray detection equipment in the lithium battery sector is anticipated to rise significantly, with China's lithium battery shipments expected to exceed 960 GWh by 2025 [6][63] - The automotive industry represents a major application area for X-ray detection equipment, with demand expected to grow alongside the overall expansion of the automotive market [11][69] Summary by Sections Company Overview - The company specializes in the research, production, and sales of industrial X-ray intelligent detection equipment, with a comprehensive technology layout across the entire industry chain [3][21][26] - It has established itself as a benchmark enterprise in the domestic industrial X-ray detection equipment sector since its founding in 2009 [21][12] Market Growth Potential - The domestic industrial X-ray detection equipment market is projected to grow rapidly, with a compound annual growth rate of approximately 15.2% from 2021 to 2026 [4][29] - The company is expected to benefit from the increasing domestic production capabilities and the rising localization rate in the integrated circuit detection field [4][29] Financial Performance and Forecast - The company’s revenue is projected to grow at rates of 32.75%, 30.27%, and 28.18% from 2025 to 2027, with net profits expected to reach 1.85 billion yuan, 2.53 billion yuan, and 3.56 billion yuan respectively [12][77] - The company’s core business, X-ray detection equipment, accounted for 88.85% of total revenue in 2024, with significant contributions from integrated circuits and electronic manufacturing [40][12] Investment Recommendations - The report emphasizes the structural growth opportunities in the industrial X-ray sector, driven by the ongoing domestic substitution and increasing demand from the semiconductor and automotive industries [12][77]