UNICOMP(SH:688531) Xinda Securities·2026-01-23 11:09Investment Rating - The report assigns a "Buy" rating to the company, Rilian Technology (688531) [2]. Core Insights - Rilian Technology is a leading enterprise in the field of industrial X-ray intelligent detection in China, focusing on the research, production, and sales of micro-focus and high-power industrial X-ray intelligent detection equipment and core components, with a dual strategy of domestic substitution and international expansion. The company has achieved rapid revenue growth, with a CAGR of 37.76% for revenue and 76.70% for net profit from 2019 to 2024 [5][28]. Company Overview - Rilian Technology is recognized as a national-level specialized and innovative "little giant" enterprise, listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board in 2023. The company has established a comprehensive product line covering integrated circuits, electronic manufacturing, and new energy battery detection, widely applied in high-end manufacturing quality control [14][22]. Industry Analysis - The global industrial X-ray detection equipment market is projected to grow from 35.12 billion yuan in 2020 to 57.39 billion yuan in 2024, with a CAGR of 13.1%. The Chinese market is expected to grow from 10.69 billion yuan to 18.79 billion yuan during the same period, with a CAGR of 15.1% [6][39]. - The X-ray source market, a core component of detection equipment, is expected to reach 8 billion yuan in China by 2030, with a CAGR of 10.1% [6][56]. Investment Logic - Rilian Technology has established a comprehensive R&D coverage of core high-tech components, making it the only domestic company capable of mass application of X-ray intelligent detection equipment across nearly all industrial sectors. The company is actively pursuing both horizontal and vertical mergers and acquisitions, having completed investments in several companies, which is expected to accelerate the development of a platform enterprise and enhance performance [7][28]. - The company is also increasing its overseas market promotion and construction efforts, with product sales covering over 70 countries and regions, and has established subsidiaries and factories in Singapore, Hungary, Malaysia, and the United States [7][28]. Financial Forecast - The company is expected to achieve total revenues of 1.058 billion yuan, 1.591 billion yuan, and 2.132 billion yuan for the years 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 43.1%, 50.3%, and 34.0%. The net profit attributable to the parent company is projected to be 190 million yuan, 315 million yuan, and 448 million yuan for the same years, with growth rates of 32.8%, 65.3%, and 42.6% [7][8].