IRAY TECHNOLOGY(SH:688301) Guoxin Securities·2024-04-22 11:30Investment Rating - The investment rating for the company is "Buy" [1][4][10] Core Views - The company achieved a revenue of 1.864 billion yuan in 2023, representing a year-on-year growth of 20.31%, while the net profit attributable to shareholders decreased by 5.27% to 607 million yuan [1][2] - The company plans to expand its production capacity for CMOS detectors, which is expected to enhance its market position in high-end medical applications [1][2] - The company is positioned as a leader in the domestic digital X-ray detector market, with significant growth potential driven by the trend of domestic substitution [1][2] Financial Performance Summary - Revenue for 2023 was 1.864 billion yuan, up 20.31% from the previous year, while the net profit attributable to shareholders was 607 million yuan, down 5.27% [1][2] - The gross margin for 2023 was 57.84%, with a net profit margin of 32.45% [1][6] - The company’s operating expenses showed a decrease in sales, management, and R&D expense ratios, while the financial expense ratio increased due to higher interest costs [1][6] Future Earnings Forecast - The forecasted net profit for 2024, 2025, and 2026 is expected to be 811 million yuan, 1.056 billion yuan, and 1.269 billion yuan respectively, with corresponding P/E ratios of 24, 18, and 15 [1][2][11] - The company anticipates a revenue growth of 27.5% in 2024 and 26.3% in 2025 [2][11] Market Position and Strategy - The company is expanding its product line and application areas, particularly in the high-end market for medical imaging [1][2] - The investment in the expansion of CMOS detector production capacity is aimed at meeting the demand for 150,000 units, indicating a strategic move to capture a larger market share [1][2]