信用等级通知书 东方金诚债跟踪评字【2025】0182 号 奕瑞电子科技集团股份有限公司： 东方金诚国际信用评估有限公司根据跟踪评级安排对贵公司及"奕 瑞转债"的信用状况进行了跟踪评级，经信用评级委员会评定，此 次跟踪评级维持贵公司主体信用等级为 AA，评级展望为稳定，同 时维持"奕瑞转债"信用等级为 AA。 东方金诚国际信用评估有限公司 信评委主任 二〇二五年六月二十日 信用评级报告声明 东方金诚债跟踪评字【2025】0182 号 为正确理解和使用东方金诚国际信用评估有限公司（以下简称"东方金诚"）出具的信用 报告（以下简称"本报告"），声明如下： 的关联关系，本次项目评级人员与评级对象之间亦不存在任何影响本次评级行为独立、 客观、 公正的关联关系。 勤勉尽责和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 和第三方组织或个人的干预和影响。 准确性、完整性均由资料提供方和/或发布方负责，东方金诚按照相关性、可靠性、及 时性的原 则对评级信息进行合理审慎的核查分析，但不对资料提供方和/或发布方提供的信息合 法性、真 实性、准确性及完整性作任何形式的保证。 诚不对发行人使用/引用本报告产生的任何 ...

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].

Core Viewpoint - Yirui Technology (688301.SH), a domestic core component supplier for medical imaging, is accelerating its industrial layout through an investment of up to 1.8 billion yuan in a silicon-based OLED microdisplay backplane production project [1][2]. Investment and Expansion - The company plans to increase its investment in its wholly-owned subsidiary, Yirui Imaging Technology (Hefei) Co., Ltd., by 600 million yuan to implement the silicon-based OLED microdisplay backplane production project [2][3]. - The project aims to add a production capacity of 5,000 units per month, with a construction period of 12 months and an expected payback period of 6.7 years, yielding an internal rate of return of 11.01% [2][3]. R&D Investment - From 2020 to 2024, Yirui Technology's cumulative R&D investment reached 1.053 billion yuan, with annual investments showing a growth trend: 96 million yuan in 2020, 146 million yuan in 2021, 239 million yuan in 2022, 262 million yuan in 2023, and 310 million yuan in 2024 [3][4]. Market Position and Performance - Yirui Technology is a leading player in the digital X-ray detector market, with production bases located in Shanghai, Jiangsu, Zhejiang, and Seoul, South Korea [4]. - In 2024, the company reported a revenue of 1.831 billion yuan, a year-on-year decrease of 1.74%, and a net profit of 465 million yuan, down 23.43% [5][6]. Globalization Efforts - In 2024, Yirui Technology enhanced its global presence by establishing sales or customer service platforms in the United States, Germany, and South Korea [6]. - The company also plans to issue shares to specific investors to raise funds for the construction of X-ray vacuum devices and comprehensive solution projects, which will add significant production capacity [6].

以下文章来源于LEDinside ，作者Irving LEDinside . TrendForce集邦咨询旗下光电研究处。研究领域包括MicroLED、MiniLED、照明、显示屏、紫外线（UV LED）、红外线 (IR LED/VCSEL)、化合物半导体等，提供以上各领域的产业研究报告及资讯。 【LEDinside】 AI人工智能等技术驱动下，AR眼镜市场热度持续回升，并带动了上游近眼显示项 目的投资热度上升。就在近日，国内又有企业宣布拟建设一项大型硅基OLED(Micro OLED)微显示 背板项目，以满足下游近眼显示企业与终端客户的需求。 奕瑞科技 拟建 硅基OLED微显示背板项目，总投资18亿元 5月23日晚，奕瑞科技 发布 对全资子公司增资暨对外投资的公告， 宣布 拟投资不超过18亿元用于 硅基OLED微显示背板生产项目，其中 对 项目实施主体，即 全资子公司奕瑞影像科技（合肥）有 限公司 （ 简称：" 奕瑞合肥 "） 增资6亿元 。 | 证券代码:688301 | 证券简称:奕瑞科技 | 公告编号:2025-035 | | --- | --- | --- | | 转债代码:118025 | 转债简 ...

Investment Overview - The company plans to invest up to RMB 1.8 billion (approximately USD 270 million) in the silicon-based OLED microdisplay backplane production project, with an increase of RMB 600 million (approximately USD 90 million) to its wholly-owned subsidiary, Yirui Imaging Technology (Hefei) Co., Ltd [3][4] - The investment aims to enhance production capacity by adding 5,000 units per month and achieving large-scale production [4] Decision and Approval Process - The investment proposal was approved during the 15th meeting of the company's third board of directors on May 23, 2025, and will be submitted for shareholder approval [2][3] Project Background - The company aims to establish a partnership with Shiya Technology and specific clients, where Shiya Technology will provide silicon-based OLED microdisplay module products, and the company will supply the necessary core materials [3][4] - The project leverages existing production lines for CMOS sensors, allowing for efficient production of the new backplane [4] Impact on the Company - The investment is expected to create strong synergies with existing operations, enhance technological innovation, and improve collaboration with downstream clients, thereby strengthening the company's competitive edge [4] - The funding will come from the company's own resources and a performance bond from Shiya Technology, ensuring no adverse impact on normal operations [4]

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 ...

探测器市场份额持续提升，市场地位稳固。2024 年公司探测器销售收入14.9 亿元(-11.99%)，在市场需 求疲软的背景下，积极提升市场份额，保证现有客户高效稳定供应。2022 年至2024 年，公司数字化X 线探测器（包含口内探测器）销售数量分别为9.13 万台、10.55万台及11.92 万台，在全球数字化X 线探 测器行业市场占有率稳步提升，2023 年公司全球市场占有率达到了20.09%，在全球范围内处于领先地 位。 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，维持增持评级。 投资要点： 维持增持评级 。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1.41 亿元(-9.19%)。下调2025-2026 年预测EPS 为4.07/5.02 元，新增2027 年预测EPS 为6.22 元，维持目标价 143.10 元，对应2025年PE ...

现金流 正式报名：首届全球心血管大会 | 赠送纸质白皮书 合作伙伴征集：2025全球手术机器人大会 2025年4月26日， 奕瑞科技 发布了2024年年报。 | 主要会计数据 | 2024年 | 2023年 | 本期比上年同期增减(%) | 2022年 | | --- | --- | --- | --- | --- | | 营业收入 | 1,831,395,031.93 | 1,863,788,559.93 | -1.74 | 1,549,116,657.78 | | 归属于上市公司股东的净利润 | 465,176,804.27 | 607,497,288.52 | -23.43 | 641,300,445.36 | | 归属于上市公司股东的扣除非 经常性损益的净利润 | 438,536,093.51 | 591,345,651.53 | -25.84 | 516,793,469.55 | | 经营活动产生的现金流量净额 | 360,422,193.27 | 340,322,268.39 | 5.91 | 316,620,618.89 | | | 2024年末 | 2023年末 | 本期末比上年同期末增 | ...