Core Insights - The establishment of the National Commercial Space Administration and the introduction of specialized development plans mark 2026 as the "commercialization year" for the commercial space industry in China [1] Group 1: Company Overview - Dayun Technology is a leading supplier of industrial X-ray intelligent detection equipment in China, transitioning from a "pioneer" to a "leader" in the commercial space detection field [1] - The company has developed a unique competitive advantage through years of technological barriers and a rare industry position, being the only domestic enterprise to achieve the industrialization of self-developed industrial X-ray sources [1] Group 2: Technological Advancements - The company has released the industry's first industrial X-ray imaging AI vertical large model, which meets the high-efficiency detection needs of mass production in commercial space [1] - The 3D/CT detection technology has upgraded from 2D plane detection to 3D imaging, precisely adapting to the detection requirements of complex products such as rocket structural components and satellite electronic semiconductor devices [1] Group 3: Market Position and Client Base - Dayun Technology has successfully delivered products to key players in the commercial space sector, including China Aerospace Science and Technology Corporation and private enterprises like Galactic Glory, covering a range of components from rockets to satellites [2] - The company has made a critical leap from "technical validation" to "actual application," establishing a solid foundation for growth despite the current low revenue share from the aerospace sector [2] - The high customer stickiness and replacement costs in the aerospace detection industry suggest that once integrated into core supplier systems, the company will continue to benefit from downstream capacity expansion and order releases [2]

自主可控软硬兼修，剑指尖端市场。（1）微焦点和大功率射线源是高端射线源产品，根据沙利文， 2025 年微焦点射线源全球和中国市场空间分别为65/20 亿元，25-30 年CAGR 分别为16%/20%。（2）根 据沙利文和公司官方公众号，公司是唯一实现了微焦点和大功率射线源全型号全套工艺自研的国内企 业，并在2025 年量产我国首款纳米级开管射线源，设备配套自制射线源比例也快速提升。 （3）公司修炼AI 内功，2025 年成立日联研究院和上海AI 大模型研究中心，推出首款工业射线影像AI 垂直大模型，提高检测效率；同时提高3D/CT/在线型产品占比，带动单价提升。（4）根据沙利文和公 司公告，2024 年全球工业X 射线检测设备市场空间574 亿元，2030 年有望达1030 亿元，公司在全球/中 国市占率从2020 年的1.2%/3.7%提升到2024 年的2.2%/7.1%，未来有望继续提升。 投资逻辑： 工业X 射线国产替代龙头，收入加速释放。公司主营工业X 射线检测设备及其核心零部件X 射线源，受 自身份额提升和下游高景气影响，2025 年公司收入增速逐季度放大，1-3Q25 公司单季度收入增速分别 ...

Core Viewpoint - The commercial aerospace industry is entering a phase of rapid growth, defined as the "commercialization year" in 2026, with significant advancements in technology and infrastructure, particularly in the area of high-reliability engineering under extreme conditions [1][2]. Industry Overview - The essence of commercial aerospace lies in high reliability under extreme conditions, where failures can lead to losses of tens of millions to billions [2]. - The demand for X-ray non-destructive testing technology is increasing as it serves as the "gold standard" for ensuring material performance and structural reliability in rocket manufacturing and satellite development [2]. Company Positioning - The company, as a leading supplier of industrial X-ray intelligent detection equipment, is transitioning from a "pioneer" to a "leader" in the commercial aerospace testing sector, leveraging its technological barriers and customer breakthroughs [1][3]. - The company is the only domestic entity that has achieved the industrialization of self-developed X-ray sources and is engaged in the research and manufacturing of intelligent detection equipment, providing it with unique advantages in precision, stability, and cost control [3]. Technological Advancements - The company has launched the industry's first AI vertical large model for industrial X-ray imaging, which meets the high-efficiency detection needs of commercial aerospace mass production [3]. - The introduction of 3D/CT detection technology has upgraded the detection capabilities from 2D to 3D imaging, allowing for precise adaptation to complex products like rocket structural components and satellite electronic semiconductor devices [3]. Market Dynamics - The company has successfully delivered products to major players in the aerospace sector, including China Aerospace Science and Technology Corporation and private commercial aerospace leaders, marking a significant transition from "technical validation" to "practical application" [4]. - The high customer stickiness and high switching costs in the aerospace testing industry suggest that once the company enters the core supplier system, it will benefit from downstream capacity expansion and order releases [4]. Strategic Development - The company's strategy of "horizontal expansion and vertical deepening" aligns well with industry trends, as it diversifies into optical and ultrasonic detection technologies while deepening its presence in the aerospace sector [4]. - The company aims to become a platform-type enterprise in industrial detection, leveraging its unique barriers, AI-enabled technological upgrades, and a diverse customer matrix to secure a favorable position in the commercial aerospace testing field [4].