IRAY TECHNOLOGY(SH:688301) Minsheng Securities·2025-08-18 14:12Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6][12]. Core Insights - The company achieved a revenue of 1.067 billion yuan in H1 2025, representing a year-on-year increase of 3.94%, and a net profit attributable to shareholders of 335 million yuan, up 8.82% year-on-year [1]. - The company's gross margin was 52.97%, with a slight year-on-year decrease of 1.18 percentage points, while the net profit margin improved by 1.20 percentage points to 30.47% [2]. - The company is expected to benefit from the medical equipment upgrade policy, with projected revenues of 2.29 billion, 3.02 billion, and 3.83 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 627 million, 851 million, and 1.053 billion yuan [4]. Financial Performance Summary - In H1 2025, the company's revenue from the detector business was 866 million yuan, a year-on-year increase of 2.65%, while the core components business generated 82 million yuan in revenue with a gross margin of 18.2% [2]. - The company invested 154 million yuan in R&D in H1 2025, representing a R&D expense ratio of 14.46% [2]. - The company forecasts a net profit growth rate of 34.9% for 2025, with an expected PE ratio of 34 [5][10].