公司IPO超募资金超20亿元，拥有充裕的现金流用于外延并购，并已制定"横向拓展、纵向深耕"的并购战略，横向拓展光 学、超声、涡流、量子等检测技术，纵向突破磁控管、射频真空管和探测器等关键零部件。2025年6月拟收购珠海九源后 正式开启收并购布局，未来拟通过持续收并购打造检测领域的全球龙头。 风险提示：下游需求不及预期、竞争加剧、收购失败或整合效果不及预期。 开源证券股份有限公司孟鹏飞,周佳,赵晨旭近期对日联科技进行研究并发布了研究报告《中小盘信息更新：订单高景气， 内生+外延打造全球检测平台型龙头》，给予日联科技买入评级。 日联科技(688531) 国内工业X射线检测龙头，内生+外延进军全球检测领域平台型龙头 公司长期专注于X射线全产业链技术研究，已经发展成为具备较强稀缺性的国内工业X射线检测龙头。一方面，公司是国 内少数既实现了自研工业X射线源产业化又从事工业X射线智能检测装备研发制造的企业。另一方面，公司是国内少数实 现了工业X射线源领域从普通射线源、闭管射线源、开管射线源再到大功率射线源全系列产品矩阵覆盖的厂商。此外，公 司还是国内少有的工业X射线智能检测装备大批量应用于几乎所有工业领域(半导体、电子制 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is positioned as a leading player in the domestic industrial X-ray detection sector, focusing on both organic growth and acquisitions to establish itself as a global detection platform leader [5][6] - The company has seen a significant increase in new orders, with a nearly 100% year-on-year growth in new orders in the first half of 2025, driven by strong demand in the semiconductor, lithium battery, and automotive parts inspection sectors [6] - The company plans to leverage its abundant cash flow from its IPO to pursue a merger and acquisition strategy, aiming to expand horizontally into various detection technologies and vertically into key components [7] Financial Summary and Valuation Metrics - The company’s projected revenue for 2025 is 1,216 million yuan, with a year-on-year growth of 64.4% [8] - The projected net profit attributable to the parent company for 2025 is 187 million yuan, reflecting a year-on-year increase of 30.2% [8] - The projected EPS for 2025 is 1.13 yuan, with a corresponding P/E ratio of 48.5 times [8] - The gross margin is expected to improve to 44.9% by 2025, while the net margin is projected to be 15.4% [11]