IRAY TECHNOLOGY(SH:688301) China Post Securities·2026-01-05 13:43Investment Rating - The investment rating for the company is "Buy" [8] Core Insights - The company is expected to maintain high growth due to the expansion of its OLED microdisplay backplane business through a capital increase and introduction of strategic investors [3] - The company reported strong performance in the first three quarters of 2025, with revenue of 1.549 billion yuan, a year-on-year increase of 14.22%, and a net profit of 471 million yuan, up 20.61% [4] - The company is increasing its R&D investment to accelerate product innovation, with key products expected to launch in 2026, which will enhance its competitive edge [5] - Revenue projections for 2025-2027 are 2.32 billion yuan, 2.90 billion yuan, and 3.73 billion yuan respectively, with net profits of 629 million yuan, 838 million yuan, and 1.028 billion yuan [6] Company Overview - The latest closing price of the company's stock is 101.11 yuan, with a total market capitalization of 21.4 billion yuan [2] - The company has a total share capital of 211 million shares, with 200 million shares in circulation [2] - The company has a debt-to-asset ratio of 48.8% and a price-to-earnings ratio of 31.02 [2]