UNICOMP(SH:688531) 光大证券研究·2026-02-04 23:06Company - Dayun Technology is a leading domestic supplier of industrial X-ray intelligent detection equipment and core components, recognized as a national-level "specialized and innovative" small giant [4] - From 2019 to 2024, the company's revenue is expected to grow at a CAGR of approximately 38%, while net profit attributable to the parent company is projected to grow at a CAGR of about 77% [4] - The company has established an integrated product line of "detection equipment + AI software + radiation source," with over a hundred standardized devices [6] - In the field of integrated circuits and electronics manufacturing, the company has covered leading PCB/PCBA customers, ranking among the top in the domestic market share [6] - In the new energy battery sector, the company's equipment covers online and offline detection for power, energy storage, and consumer batteries, and has been applied in new process scenarios such as semi-solid and solid-state [6] - The company has achieved full-chain independent control and large-scale production of radiation sources, with 94.3% of self-developed radiation sources applied in electronic circuit detection equipment in the first half of 2025 [6] - The company has pursued horizontal expansion and vertical deepening through acquisitions, completing investments in companies like Innovation Electronics and Zhuhai Jiuyuan in 2025, which is expected to contribute to sustained revenue growth and profit [6] Industry - The global industrial X-ray detection equipment market is expected to grow at a CAGR of approximately 9.9% from 2025 to 2030, while the Chinese market is projected to grow at a CAGR of about 10.3% [5] - By 2030, the global market size in this field is expected to exceed 100 billion yuan, with the Chinese market expected to surpass 30 billion yuan [5] - In 2024, the market size for X-ray detection equipment in China's semiconductor and electronics manufacturing sector is projected to be 3.98 billion yuan, with an expected CAGR of 13% from 2025 to 2030 [7] - The market size for X-ray detection equipment in China's new energy battery sector is expected to reach 1.3 billion yuan in 2024, with an anticipated CAGR of 10% from 2025 to 2030 [7] - The market size for X-ray detection equipment in China's casting and welding sector is projected to reach 3.74 billion yuan in 2024, with an expected CAGR of 11% from 2025 to 2030, potentially reaching 7.18 billion yuan by 2030 [8]