Core Insights - The Sullivan report indicates that China's X-ray detection industry is accelerating its localization process, with leading companies like Dayun Technology emerging as global leaders due to their self-sufficiency and high R&D investment [1][2] Industry Overview - Historically, X-ray detection technology has been dominated by companies from Europe, the United States, and Japan, with China relying heavily on imports. However, breakthroughs in core components have allowed Chinese companies to increase their global market share [2] - The market for industrial X-ray sources is projected to reach 23.8 billion yuan globally and 8 billion yuan in China by 2030, with compound annual growth rates of 9.7% and 10.1% respectively [3] Company Performance - Dayun Technology has achieved significant milestones, including being the only company in China to cover the entire spectrum of X-ray sources, including micro-focus and high-power X-ray sources, which are critical for high-precision applications [2] - The company is a leader in the semiconductor and electronic manufacturing detection sector, with major clients including well-known firms like BYD Semiconductor and Infineon [4] Market Opportunities - The demand for X-ray detection equipment is driven by various downstream applications, including semiconductor manufacturing, new energy battery testing, and food safety inspections. The market for X-ray detection in the semiconductor sector is expected to grow at a compound annual growth rate of 20.6% from 2020 to 2024 [5][6] - In the new energy battery detection market, domestic X-ray detection equipment has captured 75% of the market share, with a projected growth rate of 18.5% from 2020 to 2024 [6] Growth Strategies - Dayun Technology is focusing on domestic substitution in high-end markets, particularly in semiconductor detection, where it aims to increase its market share against international competitors [7] - The company is also expanding its global footprint, having established overseas bases in countries like Singapore, Malaysia, and Hungary, with overseas sales revenue reaching 59.16 million yuan in 2024, a 20.18% increase [8]