奕瑞科技(688301)全球化X线部件综合解决方案供应商240514

Investment Rating - The report gives a "Buy" rating for the company with a target price of 284.27 CNY [7][12] Core Views - The company is a leading domestic digital X-ray detector manufacturer with a global market share of 16.90% in 2021 [1] - The global X-ray detector market is expected to reach 2.78 billion USD by 2024, with a CAGR of 5.9% from 2018 to 2024 [2] - The company has a strong competitive advantage due to its technical expertise and customer loyalty, with a projected 3-year CAGR of 31.79% for net profit from 2024 to 2026 [4][12] Industry Overview - The digital X-ray detector industry is experiencing sustained growth, driven by increasing demand in medical, industrial, and security applications [2] - Medical applications account for the largest share of the market, expected to exceed 69% by 2024 [2] - The company is positioned in the midstream of the X-ray detector industry, with plans to expand upstream capabilities and achieve economies of scale [3] Company Analysis - The company has mastered four sensor technologies (amorphous silicon, IGZO, CMOS, and flexible substrates) and is expanding its product portfolio to include high-voltage generators, tubes, and integrated X-ray solutions [1][56] - It has established long-term partnerships with major global X-ray equipment manufacturers, including Siemens, Philips, and GE Healthcare [19][66] - The company's revenue is projected to grow from 2.37 billion CNY in 2024 to 3.70 billion CNY in 2026, with a CAGR of 24.08% [12][69] Financial Projections - Revenue for 2024-2026 is forecasted at 2.37 billion CNY, 2.98 billion CNY, and 3.70 billion CNY, respectively, with net profit expected to grow at a CAGR of 31.79% [4][12] - Static products are expected to grow at 10% annually, while dynamic products are projected to grow at 35%, 30%, and 25% over the same period [11][69] - The company's PE ratio is estimated at 26x, 20x, and 16x for 2024-2026, with a target price of 284.27 CNY based on a 35x PE multiple for 2024 [12][75] Competitive Advantages - The company has a strong R&D focus, with 408 R&D personnel and a 63.86% increase in R&D investment in 2022 [59][60] - It has a diversified product portfolio, covering medical, dental, and industrial applications, with a significant presence in the dental CBCT market (40% domestic market share in 2021) [66] - The company's cost optimization strategies and scale advantages have led to a steady increase in gross margin, reaching 57.84% in 2023 [31][64]