证券日报网讯1月5日，奕瑞科技在互动平台回答投资者提问时表示，公司于2025年5月24日披露了《关 于对全资子公司增资暨对外投资的公告》，公司计划通过奕瑞影像科技(合肥)有限公司作为实施主体， 计划投资不超过人民币180000万元，建设硅基OLED微显示背板生产项目，通过本次项目建设，预计将 新增硅基OLED微显示背板产能5000张/月，本项目建设周期预计为12个月，目前该项目仍在建设期间。 ...

证券研究报告：医药生物 | 公司点评报告 发布时间：2026-01-05 股票投资评级 公司基本情况 | 最新收盘价（元） | 101.11 | | --- | --- | | 总股本/流通股本（亿股）2.11 | / 2.00 | | 总市值/流通市值（亿元）214 | / 203 | | 52 周内最高/最低价 | 135.10 / 84.77 | | 资产负债率(%) | 48.8% | | 市盈率 | 31.02 | | 第一大股东 | 上海奕原禾锐投资咨询 | | 有限公司 | | 研究所 l 前三季度业绩表现亮眼，主要受益于上游订单充裕 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 2025Q1-3 公司实现营业收入 15.49 亿元（+14.22%），归母净利润 4.71 亿元（+20.61%），扣非净利润 4.4 亿元（+14.00%），经营现金流 净额 10.99 亿元（+453.59%）。分季度来看，2025Q1、Q2、Q3 营业收 入分别为 4.82 亿元（-1.92%）、5.85 亿元（+9.32%）、4.82 ...

一、停复牌 1、奥联电子：控股股东拟变更为潮成创新，股票复牌。 2、天创时尚：控股股东将变更为安徽先睿，股票复牌。 三、股权变动 襄阳轴承：控股股东股权结构变动，实际控制人恢复为湖北省国资委。 四、对外投资、日常经营 1、金太阳：参股公司领航电子核心产品钨抛光液在国内头部FAB厂实现了重大突破。 2、芯原股份：今年10月1日至12月25日，公司新签订单24.94亿元，较去年第四季度全期大幅增长 129.94%，较今年第三季度全期进一步增长56.54%，继2025年第二、三季度单季度新签订单屡创历史新 高后，再创历史单季度新高。第二大股东大基金拟减持不超1.7%股份。 3、读客文化：公司控股股东、华与华创始人华楠和华杉终止筹划控制权变更事项，股票复牌。 4、百花医药：筹划控制权变更，股票停牌。 二、并购重组 1、中油资本：全资子公司拟11.29亿元收购英大期货100%股权。 2、TCL科技：子公司TCL华星成功竞买福建兆元光电80%股权及相关债权，交易价格为4.9亿元。此次 交易旨在完善TCL华星在新一代显示技术领域的布局，强化核心技术储备，构建可持续竞争力。 3、通业科技：拟现金收购思凌科半导体91.69%股 ...

奕瑞科技公告，全资子公司奕瑞合肥拟实施增资扩股并引入战略投资人建瑞壹号基金。建瑞壹号基金拟 现金出资5亿元认购奕瑞合肥新增注册资本4.55亿元，其余4545.45万元计入奕瑞合肥资本公积，公司放 弃优先认购权。本次增资完成后，奕瑞合肥注册资本将由16亿元增加至20.55亿元，建瑞壹号基金将持 有奕瑞合肥22.12%股权，公司持有77.88%股权。本次交易不构成关联交易或重大资产重组，已通过董 事会审议通过。增资资金将用于硅基OLED微显示背板项目，该项目总投资不超过18亿元。 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 153.17, up from the previous RMB 143.6, corresponding to a PE of 49 times for 2025 [6][5]. Core Insights - The company reported Q3 revenue of RMB 482 million, a year-over-year increase of 46.18%, but a quarter-over-quarter decrease of 17.55%. The net profit attributable to the parent company was RMB 136 million, up 64.43% year-over-year but down 28.97% quarter-over-quarter. For the first three quarters of 2025, total revenue reached RMB 1.549 billion, a year-over-year increase of 14.22%, with a net profit of RMB 471 million, up 20.61% year-over-year [1][2]. - The company expects rapid growth in its core components and solutions, with significant contributions from new business lines such as CT tubes, X-ray sources, and silicon-based OLED microdisplay backplanes [1][2]. - The gross margin for Q3 was 49.8%, down 4.9 percentage points year-over-year, while the net margin improved by 3.6 percentage points to 27.3%, attributed to a decrease in expense ratios across various categories [3]. Revenue and Profitability - The company experienced a recovery in revenue and profit in Q3, with a notable acceleration in growth compared to Q2. The core components and solutions business saw revenue growth of 17% and 110% respectively in the first half of 2025 [2]. - The company has successfully delivered C-arm solutions to major domestic clients and has entered the South Korean market, indicating strong demand for its products [2]. Financial Forecast and Valuation - The company has slightly raised its profit forecast for 2025, projecting net profits of RMB 610 million, RMB 854 million, and RMB 1.104 billion for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 41, 29, and 23 times [5][10]. - The report highlights that the company's estimated PE for 2025 is 53 times, suggesting a premium valuation compared to peers [5][20].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.067 billion yuan for H1 2025, a year-on-year increase of 3.94%, and a net profit attributable to shareholders of 335 million yuan, up 8.82% year-on-year [4][5] - In Q2 2025, the company achieved a revenue of 585 million yuan, representing a year-on-year growth of 9.32%, and a net profit of 191 million yuan, which is a 13.86% increase year-on-year [5] - The company is focusing on R&D and expanding into new business areas, with R&D investment reaching 154 million yuan in H1 2025, accounting for 14.46% of revenue [6][9] Summary by Sections Financial Performance - In H1 2025, the company's detector sales generated 866 million yuan, with a year-on-year growth of 2.65% and a gross margin of 60.57% [5] - The overall gross margin for Q2 2025 was 56.31%, with a sales expense ratio of 3.95% and a management expense ratio of 6.05% [5] R&D and Innovation - The company has increased its R&D efforts, registering 70 new IPs, including 32 invention patents [6] - The company is advancing the development of various new detectors and has successfully launched several micro-focus X-ray sources, breaking the import monopoly in this field [6][8] Market Expansion - The company is actively expanding its market presence by providing a range of core components and integrated solutions, with core component sales reaching 82 million yuan, up 16.90% year-on-year [7] - The company is also entering the silicon-based OLED backplane market, with an investment of up to 1.8 billion yuan to increase production capacity [8] Future Projections - Revenue projections for 2025-2027 are 2.266 billion yuan, 3.100 billion yuan, and 4.133 billion yuan, with year-on-year growth rates of 23.7%, 36.8%, and 33.3% respectively [9] - Expected net profits for the same period are 647 million yuan, 832 million yuan, and 1.101 billion yuan, with corresponding year-on-year growth rates of 39.1%, 28.6%, and 32.3% [9]

Core Viewpoint - The company Yirui Technology, known as the "first stock of digital X-ray detectors" on the Sci-Tech Innovation Board, is facing dual challenges from capital withdrawal and industry changes [1][2]. Group 1: Capital Movements - Early investors Sequoia Capital are planning to reduce their holdings by up to 2%, potentially cashing out approximately 350 million yuan at the current closing price, marking their sixth round of reductions [1][2]. - Sequoia Capital has cumulatively cashed out nearly 1.86 billion yuan over six rounds of reductions since 2021, with their current holding dropping to a historical low of 6.66% if the latest reduction is fully executed [2]. Group 2: Financial Performance - Yirui Technology has experienced a decline in profits for three consecutive years, with projected revenue of 1.831 billion yuan in 2024 (down 1.74% year-on-year) and a non-net profit of 439 million yuan (down 25.84% year-on-year) [3]. - In Q1 2025, the company reported revenue of 482 million yuan (down 1.92% year-on-year) and a non-net profit of 141 million yuan (down 9.19% year-on-year) [3]. - Shareholders are increasingly selling off their stakes, with a recent transaction involving a major shareholder selling shares at a 14% discount to market price, reflecting cautious expectations for short-term stock performance [3]. Group 3: Strategic Moves - In response to operational challenges, Yirui Technology is investing over 3 billion yuan in two major expansion projects, including an 1.8 billion yuan investment in a micro-display backplane project and an 1.174 billion yuan X-ray vacuum device project [4]. - The expansion projects represent 37% of the company's total assets for 2024 and are closely linked to the chairman's other company, Shiya Technology, which is preparing for an IPO despite not yet being profitable [4]. Group 4: Market Outlook - There are signs of potential recovery in the medical equipment procurement market, with a reported 41% year-on-year increase in procurement scale for the first half of 2025, particularly in CT and DR equipment, which are core applications for Yirui's detectors [5]. - However, Yirui Technology faces significant competition in the silicon-based OLED market from global giants like Sony, which dominate a market worth over 500 million USD, posing challenges in technology accumulation and cost control [6].

Core Viewpoint - The strategic cooperation between Yisray Technology and Brazil's VMI Group marks a significant step in enhancing bilateral trade and investment opportunities between China and Brazil, particularly in the medical and industrial sectors [1]. Group 1: Strategic Cooperation - Yisray Technology signed a strategic cooperation agreement with Brazil's VMI Group to deepen collaboration in the Brazilian market and explore opportunities in Latin America [1]. - VMI Group is a leading local manufacturer of X-ray imaging equipment in Brazil with 35 years of industry experience and a mature localized service network [1]. - This partnership aligns with China's Belt and Road Initiative and Brazil's Development Plan, showcasing a strong synergy between the two countries' economic strategies [1]. Group 2: Global Expansion and Production Capacity - As of 2024, Yisray Technology's products are sold in over 80 countries and regions, supported by nine technical service centers globally [2]. - The company has established a comprehensive customer service system and has set up overseas sales or service platforms in various countries, including the USA, Germany, and Brazil [2]. - Yisray Technology is expanding its production capacity with investments in its Hefei and Taicang production bases, aiming to enhance its global manufacturing footprint [2]. Group 3: Brand Development and Market Penetration - Yisray Technology is focused on enhancing its international brand influence while exploring new customer segments in various fields such as dental, industrial, and veterinary [3]. - The company actively participates in major global industry exhibitions to strengthen its market presence and customer engagement [3]. - The collaboration with VMI Group is expected to accelerate the penetration of X-ray technology in medical and industrial sectors, benefiting a wider audience [3].

Investment Rating - The report maintains a "Buy" rating for the company [6][20]. Core Views - The company is a leading global supplier of X-ray core components and solutions, with a diversified downstream distribution. The recovery in downstream medical, dental, and industrial sectors since 2025 is promising, and new products like CT tubes and silicon-based OLED microdisplay backplanes are expected to have significant growth potential [1][2]. - The company has announced an investment of up to RMB 1.8 billion for a silicon-based OLED microdisplay backplane production project, which is anticipated to add a capacity of 5,000 units per month [3][15]. - There is substantial domestic replacement potential for core components like CT tubes, with an estimated market space of RMB 1 to 5 billion due to the ongoing anti-dumping investigations against imports from the US and India [4][20]. Summary by Sections Financial Performance - The company expects a revenue decline of 2% in 2024, primarily due to poor downstream conditions, but anticipates a recovery in 2025 with a projected revenue increase of 17.18% [2][10]. - The forecasted net profit for 2025-2027 is RMB 5.9 billion, RMB 8.5 billion, and RMB 11.0 billion, representing year-on-year growth rates of 26%, 46%, and 29% respectively [5][19]. Revenue Breakdown - The detector segment is expected to grow at rates of 16%, 19%, and 19% from 2025 to 2027, with a recovery in demand from the medical and dental sectors [12][17]. - The core components segment is projected to see revenue growth of 43%, 39%, and 28% over the same period, driven by advancements in high-voltage generators and ray sources [13][17]. - The solutions and technical services segment is anticipated to grow significantly, with expected revenues of RMB 350 million, RMB 500 million, and RMB 700 million from 2025 to 2027 [14][17]. Valuation - The target price for the company is set at RMB 132, based on a price-to-earnings (PE) ratio of 45 times for 2025, reflecting a significant adjustment from previous estimates due to overall market conditions [5][20]. - The company's market capitalization is approximately RMB 17.36 billion, with a closing price of RMB 86.70 as of July 2, 2025 [7][10].

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].