IRAY TECHNOLOGY(SH:688301) Guohai Securities·2024-05-03 06:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance is under short-term pressure, but its deepening layout in the X-ray industry chain is promising [1] - The company achieved a revenue of 4.91 billion yuan in Q1 2024, a year-on-year increase of 11.48%, and a net profit of 1.39 billion yuan, up 1.88% year-on-year [3] - In 2023, the company reported a revenue of 18.64 billion yuan, a year-on-year growth of 20.31%, but a net profit decrease of 5.27% due to fair value losses on financial assets [4] Summary by Sections Financial Performance - In Q1 2024, the company reported a revenue of 4.91 billion yuan, with a net profit of 1.39 billion yuan, and a non-recurring net profit of 1.56 billion yuan [3] - For the full year 2023, the company achieved a revenue of 18.64 billion yuan, with a net profit of 6.07 billion yuan, and a non-recurring net profit of 5.91 billion yuan [3][4] Product Development and Market Position - The company launched several new products in 2023, generating over 4.15 billion yuan in revenue from new sensor technology products, with core component revenue doubling to nearly 1 billion yuan [4] - The company is focused on R&D, with an investment of 263 million yuan in 2023, representing 14.09% of its revenue [4] Future Outlook - The company expects revenues of 23.38 billion yuan in 2024, 28.73 billion yuan in 2025, and 34.51 billion yuan in 2026, with net profits projected at 8.24 billion yuan, 10.17 billion yuan, and 12.33 billion yuan respectively [5][6] - The company aims to enhance its market position by expanding its overseas customer base and improving domestic demand for medical and industrial applications [5]