最新一期业绩显示，2025年一季报，公司实现营业收入4.82亿元，同比-1.92%；净利润1.43亿元，同比 2.74%，销售毛利率48.92%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13奕瑞科技37.8038.113.91177.29亿行业平均 52.0649.724.58107.83亿行业中值37.2238.112.4752.18亿1九安医疗10.3010.410.81173.78亿2英科医疗 10.8811.730.97171.88亿3新华医疗14.4413.391.1892.58亿4振德医疗15.4114.530.9855.95亿5奥美医疗 15.5115.201.5956.04亿6山东药玻15.6115.661.79147.65亿7康德莱16.0916.111.3334.68亿8维力医疗 16.6017.261.9537.87亿9奥泰生物16.6317.541.3453.04亿10九强生物16.7915.612.0683.13亿11安杰思 17.5917.802.1352.22亿12三鑫医疗18.9718.983.1243.15亿 来源：金融界 7月11日，奕瑞科技今日收盘88.5 ...

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%/ ...

Group 1 - The core viewpoint of the news is that Yirui Technology's stock performance and financial metrics indicate a stable position within the medical device industry, despite a slight decline in revenue [1] - As of July 1, Yirui Technology's closing price was 88.5 yuan, with a PE ratio of 37.78 times and a total market capitalization of 17.719 billion yuan [1] - The average PE ratio for the medical device industry is 51.70 times, with a median of 37.36 times, positioning Yirui Technology at the 77th rank within the industry [1][2] Group 2 - Yirui Technology reported a revenue of 482 million yuan for Q1 2025, reflecting a year-on-year decrease of 1.92%, while net profit was 143 million yuan, showing a year-on-year increase of 2.74% [1] - The company's gross profit margin stands at 48.92% [1] - As of March 31, 2025, Yirui Technology had 5,745 shareholders, a decrease of 883 from the previous count, with an average holding value of 352,800 yuan per shareholder [1]

6月26日，奕瑞科技今日收盘88.77元，下跌1.31%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到37.90倍，总市值177.73亿元。 从行业市盈率排名来看，公司所处的医疗器械行业市盈率平均49.45倍，行业中值35.92倍，奕瑞科技排 名第80位。 最新一期业绩显示，2025年一季报，公司实现营业收入4.82亿元，同比-1.92%；净利润1.43亿元，同比 2.74%，销售毛利率48.92%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13奕瑞科技37.9038.213.92177.73亿行业平均 49.4547.484.57105.42亿行业中值35.9237.582.3948.69亿1英科医疗9.6210.370.86152.00亿2九安医疗 10.1110.220.80170.60亿3新华医疗14.2313.191.1691.24亿4奥美医疗14.7414.451.5253.26亿5康德莱 15.1015.111.2532.54亿6振德医疗15.5614.670.9956.49亿7山东药玻15.7915.831.81149.31亿8维力医疗 15.9016.531.8 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company experienced a revenue of 1.83 billion yuan in 2024, a year-over-year decrease of 1.7%, and a net profit attributable to shareholders of 470 million yuan, down 23.4% year-over-year. In Q1 2025, the revenue was 480 million yuan, a decrease of 1.9% year-over-year, while the net profit attributable to shareholders was 140 million yuan, an increase of 2.7% year-over-year [1][2] Performance Summary - In 2024, the company faced pressure on performance due to a slowdown in bidding and fluctuations in demand for new energy testing. However, the company is in a strategic upgrade phase, with ongoing construction projects expected to enhance long-term growth potential. The company is transitioning from a flat detector supplier to a comprehensive imaging solution provider, indicating strong medium to long-term investment value [2][4] - The company launched new medical products, including a 64-row medical CT detector module, and high-end DSA detectors have entered mass production. The new core component business generated revenue of 126 million yuan in 2024, a year-over-year increase of 45.5%, while the comprehensive solutions and technical services business achieved revenue of 86.8 million yuan, a year-over-year increase of 226.3% [2][3] Growth Potential - The company has established overseas sales or customer service platforms in various countries, including the USA, Germany, South Korea, India, Japan, Mexico, Pakistan, Brazil, and South Africa. The company has seen positive growth from major customers, with dental products achieving small batch sales overseas and industrial core components performing well, generating nearly 100 million yuan in revenue [4] - The company is expected to see a gradual recovery in gross margin and a decrease in operating expense ratios as low-margin new products scale up. The operating cash flow for 2024 was 360 million yuan, a year-over-year increase of 5.9% [9][10] Financial Forecasts - The company forecasts revenues of 2.23 billion yuan in 2025, representing a year-over-year growth of 22.01%, and a net profit attributable to shareholders of 599 million yuan, an increase of 28.67% year-over-year. The expected EPS for 2025 is 4.18 yuan, with a current price-to-earnings ratio of 29.7 times [10][12]

证券研究报告 | 2025年05月09日 奕瑞科技（688301.SH） 优于大市 一季报点评：探测器业务保持领先，核心部件及解决方案快速 增长 2024 年营业收入同比减少 1.74%，归母净利润同比减少 23.43%。公司 2024 年实现营业收入 18.31 亿元，同比减少 1.74%；归母净利润 4.65 亿元，同 比减少 23.43%；扣非归母净利润 4.39 亿元，同比减少 25.84%。单季度来看， 2024 年第四季度实现营业收入 4.75 亿元，同比增长 1.78%；归母净利润 0.75 亿元，同比减少 57.02%；扣非归母净利润 0.53 亿元，同比减少 46.91%。2025 年第一季度实现营业收入 4.82 亿元，同比减少 1.92%；归母净利润 1.43 亿 元，同比增长 2.74%；扣非归母净利润 1.41 亿元，同比减少 9.19%。2024 年 公司业绩承压受探测器下游需求疲软影响，2025 年一季度业绩企稳归母净利 润实现增长，随下游行业需求复苏及设备更新政策驱动公司有望受益。 盈利能力有所承压，主要系受产品结构变化与费用端影响。2024 年公司毛利 率/净利率分别为 50 ...

证券研究报告 | 2025年05月09日 奕瑞科技（688301.SH） 优于大市 一季报点评：探测器业务保持领先，核心部件及解决方案快速 增长 2024 年营业收入同比减少 1.74%，归母净利润同比减少 23.43%。公司 2024 年实现营业收入 18.31 亿元，同比减少 1.74%；归母净利润 4.65 亿元，同 比减少 23.43%；扣非归母净利润 4.39 亿元，同比减少 25.84%。单季度来看， 2024 年第四季度实现营业收入 4.75 亿元，同比增长 1.78%；归母净利润 0.75 亿元，同比减少 57.02%；扣非归母净利润 0.53 亿元，同比减少 46.91%。2025 年第一季度实现营业收入 4.82 亿元，同比减少 1.92%；归母净利润 1.43 亿 元，同比增长 2.74%；扣非归母净利润 1.41 亿元，同比减少 9.19%。2024 年 公司业绩承压受探测器下游需求疲软影响，2025 年一季度业绩企稳归母净利 润实现增长，随下游行业需求复苏及设备更新政策驱动公司有望受益。 盈利能力有所承压，主要系受产品结构变化与费用端影响。2024 年公司毛利 率/净利率分别为 50 ...

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 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the next 6-12 months [1][5]. Core Views - The company reported a revenue of 1.831 billion RMB in 2024, a decrease of 1.74% year-on-year, and a net profit of 465 million RMB, down 23.43% year-on-year. In Q1 2025, revenue was 482 million RMB, a decrease of 1.92%, while net profit increased by 2.74% to 143 million RMB [3][8]. - The company plans to distribute a cash dividend of 10.00 RMB for every 10 shares to all shareholders, reflecting its commitment to returning value to investors [3]. - Despite short-term performance pressures due to industry challenges, the company is viewed as a leader in the detector market, with a strong long-term growth potential [3][5]. Summary by Sections Financial Performance - The company’s revenue and net profit for 2024 were 1.831 billion RMB and 465 million RMB, respectively. The projected net profits for 2025-2027 are 680 million RMB, 743 million RMB, and 836 million RMB, with corresponding EPS of 4.75, 5.19, and 5.84 RMB [7][9]. - The company’s EBITDA for 2024 is projected at 472 million RMB, with a significant increase expected in subsequent years [7]. Market Position and Strategy - The company is focusing on increasing R&D investments, with 310 million RMB allocated in 2024, aimed at developing new products such as digital X-ray detectors and various types of industrial detectors [8]. - The company has completed its layout for comprehensive solutions, including key components like high-voltage generators and X-ray sources, with several products entering mass production in 2024 [8]. Valuation Metrics - The company’s projected P/E ratios for 2025, 2026, and 2027 are 25.8, 23.6, and 21.0, respectively, indicating a potential for valuation improvement as earnings grow [5][7]. - The projected dividend per share for 2025 is 1.5 RMB, with a dividend yield of 1.2% [7].