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%/ ...

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]

Core Viewpoint - The company plans to invest in a silicon-based OLED microdisplay backplane production project in collaboration with Visionary Technology and specific clients [1] Group 1: Investment Details - The company intends to invest no more than 1.8 billion yuan in the project, with an additional 600 million yuan allocated for capital increase in its wholly-owned subsidiary, Yirui Hefei [1] - The investment will be funded through the company's own funds and a deposit provided by Visionary Technology [1] Group 2: Production Capacity - Upon completion of the project, the company will add a production capacity of 5,000 silicon-based OLED microdisplay backplanes per month [1] - The project aims to achieve large-scale mass production of the backplanes [1]

奕瑞科技公告，公司拟对全资子公司奕瑞合肥增资6亿元，并投资不超过18亿元建设硅基OLED微显示 背板生产项目。项目预计建设周期为12个月，预计内部收益率为11.01%，预计投资回收期(所得税后)为 6.7年。资金来源为公司自有及自筹资金、视涯科技股份有限公司履约保证金。项目旨在新增硅基OLED 微显示背板产能5000张/月，以满足特定客户及视涯科技需求。 ...