公司近一年市场表现 事件描述 公司披露 2025 年第三季度报告：报告期内，公司实现营收 7.37 亿元 （yoy+44.01%），归母净利润 1.25 亿元（yoy+18.83%），扣非后净利润 0.96 亿元（yoy+41.54%）。25Q3，公司实现营收 2.77 亿元（yoy+54.57%），归母 净利润为 0.42 亿元（yoy+48.84%），扣非后净利润 0.36 亿元（yoy+126.09%）。 事件点评 市场数据：2025 年 11 月 3 日 收盘价（元）： 67.41 年内最高/最低（元）： 75.50/43.99 流通A股/总股本（亿）： 1.07/1.66 流通 A 股市值（亿）： 72.10 总市值（亿）： 111.63 基础数据：2025 年 9 月 30 日 公司新签订单增速表现出色，在手订单执行情况良好，未来业绩有望逐 季度高增。截至 2025Q3 末，公司合同负债为 0.97 亿元，同比增长 46.97%， 相对 2025 上半年末增长 29.33%，在手订单充沛。公司新签订单增速表现出 色，主要系：（1）公司主营业务覆盖领域众多，下游电子半导体行业需求旺 盛，锂电池行业需 ...

公司近期公告拟收购SSTI 66%股权，标的为行业领先的半导体检测诊断与失效分析设备供应商，业绩 承诺2026-2028 年平均税后利润不低于6,270万元。目标公司客户已覆盖众多国内外知名芯片设计、晶圆 制造、封装测试厂商，目前全球前20 大半导体制造商中近一半为目标公司的客户。公司践行"横向拓 展、纵向深耕"的发展战略，此次收购有望进一步开拓在高端半导体检测装备领域的业务布局，在市场 拓展方面形成协同效应。 事件点评 公司新签订单增速表现出色，在手订单执行情况良好，未来业绩有望逐季度高增。截至2025Q3 末，公 司合同负债为0.97 亿元，同比增长46.97%，相对2025 上半年末增长29.33%，在手订单充沛。公司新签 订单增速表现出色，主要系：（1）公司主营业务覆盖领域众多，下游电子半导体行业需求旺盛，锂电 池行业需求修复改善以及汽车零部件、食品异物等领域检测需求稳步增长，下游各个领域新签订单均实 现同比增长；（2）公司深耕工业X 射线检测领域近二十年，在核心部件、AI 软件、检测设备等方面建 立了强大技术壁垒；（3）公司上市公司品牌效应凸显，积极拓展全球化制造能力及营销网络建设，目 前已形成"3 ...

Core Insights - The report by Frost & Sullivan highlights the "GUN" combination of GE (Baker Hughes), Unicomp (日联科技), and Nordson as the leaders in the global industrial X-ray detection equipment market, showcasing their comprehensive product offerings and technological capabilities [1][2] Group 1: Market Position and Competitors - The "GUN" combination represents a unique alliance of companies that cover all scenarios and technologies, demonstrating strong capabilities in high-end manufacturing and industrial sectors [2] - GE (Baker Hughes) has a deep-rooted presence in the energy and heavy industry sectors, with a product line ranging from nano-level to high-power X-ray sources [2] - Nordson specializes in electronic manufacturing and semiconductor packaging, serving as a key partner for leading electronic manufacturers [2] - Unicomp (日联科技) stands out as the only Chinese company in the "GUN" combination, having established a strong technological barrier in the industrial X-ray detection field over nearly two decades [2][4] Group 2: Technological Advancements - Unicomp has achieved breakthroughs in core technologies for industrial X-ray sources and has successfully industrialized a wide range of standardized detection equipment, enhancing its competitive edge [2] - The company has integrated AI technology into its detection systems, significantly improving detection efficiency and precision [3] - Unicomp's 160kV nano-level open X-ray source has recently entered mass production, breaking the overseas monopoly and providing domestic technological support for semiconductor processes [4] Group 3: Global Expansion and Market Strategy - The "GUN" combination is leading global innovation, with Nordson operating in 57 countries and holding significant influence in the semiconductor micro-focus detection field [3] - GE (Baker Hughes) leads in the high-end equipment market for nano-level 2D and 3D/CT technologies, while Unicomp has established a comprehensive industry chain connecting X-ray sources and detection equipment [3] - Unicomp is accelerating its global expansion through its overseas headquarters in Singapore and production bases in Malaysia, Hungary, and the United States [3]

Summary of the Conference Call for 日联科技 Company Overview - 日联科技 is a leading company in the domestic industrial X-ray detection equipment and radiation source market, characterized by high scarcity and growth potential. Revenue is projected to grow from 200 million in 2020 to 740 million in 2024, with a compound annual growth rate (CAGR) of nearly 40% and net profit CAGR exceeding 60% [2][5][6]. Core Industry Insights - The industrial X-ray detection industry is a rapidly growing market with significant potential for domestic substitution. The global market size is expected to reach 57.4 billion in 2024 and exceed 100 billion by 2030, with an annual CAGR of approximately 13.3% from 2025 to 2030 [3]. - The market is driven by increasing demand from sectors such as semiconductors, AI, food and drug testing, and casting and welding. The shift towards high-end equipment is also contributing to price increases [3][7]. Key Developments - In the first half of 2025, 日联科技's new orders doubled, driven by a recovery in lithium battery demand and rapid growth in PCB and AI-related needs. The Chongqing production base has commenced operations, and the acquisition of 55% of Zhuhai Jiuyuan enhances the company's capabilities in electrochemical performance testing [2][6]. - The company is expanding into the food foreign object detection market through its subsidiary 日联世界, with expectations of near doubling revenue in the next two to three years [2][9]. Competitive Advantages - 日联科技 is unique in its ability to produce both industrial X-ray detection equipment and radiation sources, covering a full range of products from standard to high-power radiation sources. It is also the only company applying industrial and visual detection equipment across nearly all industrial sectors [5][10]. Market Concerns - There are concerns regarding the sustainability of equipment growth, particularly with reliance on lithium battery demand. However, the company has diversified its coverage across various industrial sectors, mitigating risks from any single downstream market [7][10]. Future Strategies - 日联科技 aims to expand from the industrial X-ray detection market into the broader industrial detection market, targeting a global leadership position. The company plans to pursue horizontal expansion into optical, ultrasonic, and other technologies, as well as vertical integration to enhance profit margins [11][12]. - The company has over 2 billion in IPO surplus funds available for acquisitions, indicating a strong potential for future growth through strategic mergers and acquisitions [12][14]. Financial Projections - 瑞云科技's revenue is projected to reach 1.18 billion, 1.63 billion, and 2.25 billion from 2025 to 2027, with corresponding net profits of 180 million, 320 million, and 470 million. The market capitalization could reach 150 billion based on a 30x P/E ratio, with potential for further growth through accelerated radiation source sales [13][14]. Conclusion - 日联科技 is positioned for significant growth in the industrial X-ray detection market, with a strong focus on expanding its product offerings and market reach. The company's strategic initiatives and market dynamics suggest a promising outlook for future performance and profitability [2][11][12].

Group 1: Industrial X-ray Detection Market - The industrial X-ray detection market is experiencing structural growth opportunities driven by strong downstream demand in the electronic semiconductor and lithium battery sectors[2] - New orders for Dayun Technology have nearly doubled in the first half of 2025, indicating robust growth in the industrial X-ray detection market[2] - The company aims to build a global industrial detection platform through both organic growth and acquisitions, with over 2 billion yuan raised from its IPO for this purpose[2][18] Group 2: Market Performance and Trends - The A-share market experienced a general decline, with the Shanghai Composite Index falling by 0.94% and the Shenzhen Component Index down by 1.58%[19] - Small-cap indices such as the CSI 500 and CSI 1000 outperformed large-cap indices, indicating a shift in market dynamics favoring smaller companies[20] - The light module index saw the highest increase this week, with a rise of 7.96%[21] Group 3: Biodegradable Food Packaging - The global disposable tableware market is projected to grow to $43.95 billion by 2029, driven by the recovery of the catering industry and the rise of takeaway services[4] - The biodegradable food packaging market is expected to reach $18.6 billion by 2034, supported by increasing penetration rates and government policies limiting plastic use[4]