Core Viewpoint - The report highlights Yirui Technology as a leading domestic digital X-ray detector manufacturer, emphasizing its comprehensive product matrix and significant market share in the global landscape [2][5]. Product and Market Position - Yirui Technology has developed over 100 types of digital X-ray detectors, covering various medical and industrial applications, with a shipment increase from 67,000 units in 2021 to 105,500 units in 2023, representing a compound annual growth rate (CAGR) of over 25% [2]. - The company accounted for 20.09% of the global digital X-ray detector shipments in 2023, with a total global shipment forecast of 525,300 units [2]. Business Expansion and Growth Potential - The company is expanding into the core components and overall solutions market, with projected revenue from core components reaching 126 million yuan in 2024, a year-on-year growth of approximately 45.5% [3]. - The overall solutions segment is expected to generate around 96 million yuan in 2024, reflecting a staggering year-on-year growth of 262.56% [3]. - The company has initiated projects for medical DR, C-arm, and CT products, with an anticipated production value of nearly 5 billion yuan by 2030 [3]. Core Component Market Opportunity - The global tube market is projected to grow from $4.26 billion in 2023 to $9.53 billion by 2030, with a CAGR of 12.18% [4]. - Yirui Technology has begun developing various types of tubes since 2022, with some products nearing mass production and achieving international advanced standards [4]. Financial Projections - Revenue forecasts for Yirui Technology are expected to reach 2.266 billion yuan, 3.100 billion yuan, and 4.133 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 23.7%, 36.8%, and 33.3% [5]. - Net profit projections for the same years are 597 million yuan, 790 million yuan, and 1.044 billion yuan, with growth rates of 28.3%, 32.3%, and 32.2% [5].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company experienced a revenue of 1.83 billion yuan in 2024, a year-over-year decrease of 1.7%, and a net profit attributable to shareholders of 470 million yuan, down 23.4% year-over-year. In Q1 2025, the revenue was 480 million yuan, a decrease of 1.9% year-over-year, while the net profit attributable to shareholders was 140 million yuan, an increase of 2.7% year-over-year [1][2] Performance Summary - In 2024, the company faced pressure on performance due to a slowdown in bidding and fluctuations in demand for new energy testing. However, the company is in a strategic upgrade phase, with ongoing construction projects expected to enhance long-term growth potential. The company is transitioning from a flat detector supplier to a comprehensive imaging solution provider, indicating strong medium to long-term investment value [2][4] - The company launched new medical products, including a 64-row medical CT detector module, and high-end DSA detectors have entered mass production. The new core component business generated revenue of 126 million yuan in 2024, a year-over-year increase of 45.5%, while the comprehensive solutions and technical services business achieved revenue of 86.8 million yuan, a year-over-year increase of 226.3% [2][3] Growth Potential - The company has established overseas sales or customer service platforms in various countries, including the USA, Germany, South Korea, India, Japan, Mexico, Pakistan, Brazil, and South Africa. The company has seen positive growth from major customers, with dental products achieving small batch sales overseas and industrial core components performing well, generating nearly 100 million yuan in revenue [4] - The company is expected to see a gradual recovery in gross margin and a decrease in operating expense ratios as low-margin new products scale up. The operating cash flow for 2024 was 360 million yuan, a year-over-year increase of 5.9% [9][10] Financial Forecasts - The company forecasts revenues of 2.23 billion yuan in 2025, representing a year-over-year growth of 22.01%, and a net profit attributable to shareholders of 599 million yuan, an increase of 28.67% year-over-year. The expected EPS for 2025 is 4.18 yuan, with a current price-to-earnings ratio of 29.7 times [10][12]

证券分析师： 张钰莹 S0350524100004 zhangyy03@ghzq.com.cn [Table_Title] 主业筑底企稳，新技术百花齐放 ——奕瑞科技（688301）科创板公司动态研究 最近一年走势 | 相对沪深 | 表现 300 | | | 2025/04/30 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 奕瑞科技 | | 6.1% | 18.8% | -13.9% | | 沪深 300 | | -3.7% | -1.2% | 4.6% | | 市场数据 | 2025/04/30 | | --- | --- | | 当前价格（元） | 121.01 | | 52 周价格区间（元） | 82.51-223.90 | | 总市值（百万） | 17,312.03 | | 流通市值（百万） | 17,312.03 | | 总股本（万股） | 14,306.28 | | 流通股本（万股） | 14,306.28 | | 日均成交额（百万） | 180.09 | | 近一月换手（%） | 0.00 | 2025 年 05 月 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the next 6-12 months [1][5]. Core Views - The company reported a revenue of 1.831 billion RMB in 2024, a decrease of 1.74% year-on-year, and a net profit of 465 million RMB, down 23.43% year-on-year. In Q1 2025, revenue was 482 million RMB, a decrease of 1.92%, while net profit increased by 2.74% to 143 million RMB [3][8]. - The company plans to distribute a cash dividend of 10.00 RMB for every 10 shares to all shareholders, reflecting its commitment to returning value to investors [3]. - Despite short-term performance pressures due to industry challenges, the company is viewed as a leader in the detector market, with a strong long-term growth potential [3][5]. Summary by Sections Financial Performance - The company’s revenue and net profit for 2024 were 1.831 billion RMB and 465 million RMB, respectively. The projected net profits for 2025-2027 are 680 million RMB, 743 million RMB, and 836 million RMB, with corresponding EPS of 4.75, 5.19, and 5.84 RMB [7][9]. - The company’s EBITDA for 2024 is projected at 472 million RMB, with a significant increase expected in subsequent years [7]. Market Position and Strategy - The company is focusing on increasing R&D investments, with 310 million RMB allocated in 2024, aimed at developing new products such as digital X-ray detectors and various types of industrial detectors [8]. - The company has completed its layout for comprehensive solutions, including key components like high-voltage generators and X-ray sources, with several products entering mass production in 2024 [8]. Valuation Metrics - The company’s projected P/E ratios for 2025, 2026, and 2027 are 25.8, 23.6, and 21.0, respectively, indicating a potential for valuation improvement as earnings grow [5][7]. - The projected dividend per share for 2025 is 1.5 RMB, with a dividend yield of 1.2% [7].