最新一期业绩显示，2025年一季报，公司实现营业收入4.82亿元，同比-1.92%；净利润1.43亿元，同比 2.74%，销售毛利率48.92%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13奕瑞科技37.8038.113.91177.29亿行业平均 52.0649.724.58107.83亿行业中值37.2238.112.4752.18亿1九安医疗10.3010.410.81173.78亿2英科医疗 10.8811.730.97171.88亿3新华医疗14.4413.391.1892.58亿4振德医疗15.4114.530.9855.95亿5奥美医疗 15.5115.201.5956.04亿6山东药玻15.6115.661.79147.65亿7康德莱16.0916.111.3334.68亿8维力医疗 16.6017.261.9537.87亿9奥泰生物16.6317.541.3453.04亿10九强生物16.7915.612.0683.13亿11安杰思 17.5917.802.1352.22亿12三鑫医疗18.9718.983.1243.15亿 来源：金融界 7月11日，奕瑞科技今日收盘88.5 ...

证券研究报告 奕瑞科技 (688301 CH) 下游景气回升，新品值得期待 | 华泰研究 | | --- | 2025 年 7 月 03日│中国内地 专用设备 奕瑞科技是全球领先的 X 线核心部件及方案供应商，下游分布分散，其中探 测器业务在全球已形成局部领先地位，球管等 X 光核心部件产品线正不断扩 张。我们认为 25 年以来公司下游医疗、口腔、工业景气均有所回升，CT 球 管、硅基 OLED 微显示背板等新业务具备较大成长空间，维持"买入"评级。 下游医疗、口腔、工业景气均边际回升，业绩复苏值得期待 公司 24 年收入同比-2%，主要系下游景气不佳，而 25 年医疗、口腔、锂电 等下游景气均呈现边际复苏态势。24Q4 以来医疗设备公开招中标量持续复 苏，据众成数科，24Q1~25Q1 我国医疗设备公开招中标市场金额分别同比 -48.4%/-29%/-9%/+20.9%/+67.5%，逐季改善。齿科方面，25Q1 国产 CBCT 龙头美亚光电整体收入同比+18%，恢复增长。锂电方面，24Q1~25Q1 宁 德 时 代 购 建 固 定 资 产 、 无 形 资 产 支 付 的 现 金 分 别 同 比 -32%/ ...

Group 1 - The core viewpoint of the news is that Yirui Technology's stock performance and financial metrics indicate a stable position within the medical device industry, despite a slight decline in revenue [1] - As of July 1, Yirui Technology's closing price was 88.5 yuan, with a PE ratio of 37.78 times and a total market capitalization of 17.719 billion yuan [1] - The average PE ratio for the medical device industry is 51.70 times, with a median of 37.36 times, positioning Yirui Technology at the 77th rank within the industry [1][2] Group 2 - Yirui Technology reported a revenue of 482 million yuan for Q1 2025, reflecting a year-on-year decrease of 1.92%, while net profit was 143 million yuan, showing a year-on-year increase of 2.74% [1] - The company's gross profit margin stands at 48.92% [1] - As of March 31, 2025, Yirui Technology had 5,745 shareholders, a decrease of 883 from the previous count, with an average holding value of 352,800 yuan per shareholder [1]

6月26日，奕瑞科技今日收盘88.77元，下跌1.31%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到37.90倍，总市值177.73亿元。 从行业市盈率排名来看，公司所处的医疗器械行业市盈率平均49.45倍，行业中值35.92倍，奕瑞科技排 名第80位。 最新一期业绩显示，2025年一季报，公司实现营业收入4.82亿元，同比-1.92%；净利润1.43亿元，同比 2.74%，销售毛利率48.92%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13奕瑞科技37.9038.213.92177.73亿行业平均 49.4547.484.57105.42亿行业中值35.9237.582.3948.69亿1英科医疗9.6210.370.86152.00亿2九安医疗 10.1110.220.80170.60亿3新华医疗14.2313.191.1691.24亿4奥美医疗14.7414.451.5253.26亿5康德莱 15.1015.111.2532.54亿6振德医疗15.5614.670.9956.49亿7山东药玻15.7915.831.81149.31亿8维力医疗 15.9016.531.8 ...

重庆基地投产+收购珠海九源，内生+外延共促高成长 证券研究报告 | 公司点评 | 专用设备 ——日联科技点评报告 投资要点 q 事件 1：公司通过收购与增资，将持有珠海九源 55%股权 公司 2025-06-14 日公告，拟使用自有资金 6075 万元收购珠海九源 45%股份，并 对其增资 3000 万元。交易完成后，公司、屈世磊、珠海长乔中益投资合伙企业 将分别持有珠海九源 55%、41.63%、3.37%股份，珠海九源将成为公司控股子公 司，纳入合并报表。 q 珠海九源布局锂电池电性能检测、储能变流器、及电网模拟系统等领域 珠海九源是行业具有核心自主知识产权的新能源电能变换与智能检测设备供应 商，长期专注于锂电池电性能检测、储能变流器及电网模拟系统技术的研发与产 业化，已构建起较为完整的检测设备体系。 业绩承诺：2023、2024 年珠海九源的营业收入分别为 3048、3992 万元，主营业 务毛利率均超过 60%。珠海九源承诺 2025 年 7-12 月、2026 年、2027 年、2028 年实现的净利润分别不低于 500 万元、2,000 万元、2,250 万元、2,500 万元。 q 事件 2：2 ...

Core Viewpoint - The company has successfully transitioned from relying on imported X-ray sources to developing its own closed hot cathode micro-focus X-ray source, achieving industrial application and breaking foreign monopolies [1] Group 1: Financial Performance - In the latest annual report, the company achieved operating revenue of 739 million yuan, a year-on-year increase of 25.89%, and a net profit attributable to the parent company of 143 million yuan, up 25.44% [1] - The company's net profit after deducting non-recurring gains and losses reached 96 million yuan, reflecting a significant year-on-year growth of 56.82% [1] Group 2: Market Position and Product Development - The company has established a complete product matrix in the core component field of X-ray sources, including various models such as 90kV, 110kV, and 180kV, with successful mass production and sales [3] - In the integrated circuit and electronic manufacturing sector, the company's self-produced X-ray sources accounted for 90.02% of the X-ray intelligent detection equipment sold, an increase of 7.53 percentage points year-on-year [4] Group 3: Industry Growth and New Opportunities - The market for X-ray detection equipment in non-medical fields in China is expected to reach 24.14 billion yuan by 2026, providing multiple growth opportunities for the company [6] - The company has launched a subsidiary focused on foreign object detection, marking a strategic expansion into new application areas [6] Group 4: International Expansion - The company has been actively expanding its overseas market presence, establishing subsidiaries and factories in countries such as Singapore, Malaysia, and the United States, resulting in overseas sales revenue of 59.16 million yuan, a year-on-year increase of 20.18% [7] - The company signed new orders worth 436.49 million yuan from January to April 2025, reflecting a year-on-year growth of 100.87% [7]

Core Viewpoint - The company, Wuxi Rilian Technology Co., Ltd., reported a revenue of 739 million yuan for 2024, representing a year-on-year growth of 25.89%, primarily driven by the increase in sales of X-ray intelligent detection equipment and improved gross margins [1][8]. Revenue and Gross Margin Analysis - The company's revenue from X-ray intelligent detection equipment reached 656 million yuan, with a gross margin of 40.95%, an increase of 5.59 percentage points year-on-year [1][8]. - The overall gross margin for the company was 43.68%, up by 4.96 percentage points compared to the previous year, attributed to increased sales of self-manufactured X-ray sources and high-value detection equipment [1][8]. Major Client Composition and Sales Volume Changes - The top five clients contributed to 22.78% of the total revenue, with significant growth in sales from the semiconductor and electronic manufacturing sectors [2][3]. - The company saw a 13.86% increase in production and a 12.29% increase in sales volume for semiconductor and electronic manufacturing detection equipment, indicating strong demand in this sector [3][4]. Growth Drivers in Key Application Areas - The growth in the semiconductor and electronic manufacturing sector was driven by the company's high penetration of self-manufactured X-ray sources, which accounted for 90.02% of sales in this area, enhancing competitiveness and reducing costs [4][8]. - The revenue from the new energy battery detection segment was 139.62 million yuan, with a growth rate of 4.41%, supported by a 1.89% increase in sales volume [5][8]. Non-Direct Sales Revenue Increase - The proportion of non-direct sales revenue has increased, with trade merchants contributing significantly to sales in the semiconductor and electronic manufacturing sectors, reflecting a strategic shift in sales channels [10][11]. - Non-direct sales revenue reached 150.50 million yuan, with trade merchants accounting for 99.70% of this figure, indicating a robust distribution network [10][11]. International Sales and Market Expansion - The company has been actively pursuing international markets, establishing a factory in Malaysia and service networks in Singapore, Hungary, and the United States, leading to a steady increase in overseas revenue [12][15]. - The overseas sales revenue reached 59.58% from Asia and 37.19% from Europe, with the majority coming from semiconductor and electronic manufacturing detection equipment [12][15].

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]

日联科技（688531.SH）：从"卡脖 子突围"到"全球智检"，国产替 代与结构性增长双引擎 2025 年 5 月 15 日 推荐/首次 日联科技 公司报告 公司是国内领先的工业 X 射线智能检测装备供应商、工业 X 射线领域的龙头 企业。公司主要产品包括工业 X 射线智能检测装备、影像软件和微焦点 X 射 线源，实现 X 射线检测全产业链技术布局。公司在核心部件 X 射线源领域实 现了重大突破，成功研制出国内首款封闭式热阴极微焦点 X 射线源并实现产 业化应用，打破了外国垄断，填补了国内空白，解决了"卡脖子"问题。公司 X 射线智能检测装备广泛应用于半导体封装、锂电生产、汽车零部件制造等高 精度检测场景，公司客户覆盖比亚迪、立讯精密等龙头企业，产品已出口到 70 余个国家及地区。 国内工业 X 射线检测设备有望迎来快速增长期，逐步实现国产替代。根据沙利 文咨询的统计和预测，除医疗健康外，2021 年我国 X 射线检测设备的市场规 模约为 119 亿元，受到下游集成电路及电子制造、新能源电池等行业需求的快 速增长影响，X 射线检测设备预计在 2021-2026 年将维持高速增长的趋势， 2026 年，我国 ...

奕瑞科技 2024A & 2025Q1 业绩点评 本报告导读： 公司是 X 线影像设备核心部件国产龙头企业，市场份额持续提升，新核心部件及综 合解决方案业务快速增长，维持优于大市评级。 投资要点： 探测器份额稳固，新核心部件快速拓展 [Table_Trend] 公 司 年 报 点 评 证 券 研 究 报 告 股票研究 /[Table_Date] 2025.04.29 2025-05-07 请务必阅读正文之后的免责条款部分 股 票 研 究 [table_Authors] 余文心(分析师) 赵峻峰(分析师) 江珅(研究助理) 021-38676666 021-38676666 021-38676666 登记编号 S0880525040111 S0880519080017 S0880125042234 [Table_Summary] 维持优于大市评级。24 年公司实现收入 18.31 亿元(-1.74%)，归母净 利润 4.65 亿元(-23.43%)，扣非净利润 4.39 亿元(-25.84%)。25Q1 实 现收入 4.82 亿元(-1.92%)，归母净利润 1.43 亿元(+2.74%)，扣非净利 润 1.4 ...