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 ...

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"X线真空器件及综合解决方 案建设项目"正按计划推动建设中，但相关产品的研发及客户导入已在推进中。目前，公司已完成微焦 点球管、透射靶球管、齿科球管、DR球管、C-arm球管、部分CT球管研发。微焦点球管、透射靶球 管、齿科口内球管、CBCT球管已实现量产，C-arm球管已完成注册正在转产，部分DR球管、CT球管预 计2026年一季度启动注册。随着公司球管产品逐步完成注册与商业化，以及综合解决方案业务的拓展， 预计未来订单、自用数量将逐步增加。 （文章来源：证券日报） ...

奕瑞科技（688301.SH）1月5日在投资者互动平台表示，公司"X线真空器件及综合解决方案建设项 目"正按计划推动建设中，但相关产品的研发及客户导入已在推进中。目前，公司已完成微焦点球管、 透射靶球管、齿科球管、DR 球管、C-arm球管、部分CT球管研发。微焦点球管、透射靶球管、齿科口 内球管、CBCT球管已实现量产，C-arm球管已完成注册正在转产，部分DR球管、CT球管预计2026年一 季度启动注册。随着公司球管产品逐步完成注册与商业化，以及综合解决方案业务的拓展，预计未来订 单、自用数量将逐步增加。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请介绍一下募投项目的C-Arm/DR 球管、医疗CT球管 等部分关键产品研发进度情况。 ...

在推进医疗行业国产替代领域，无锡企业再下一城。记者从相关方面获悉，位于无锡惠山经开区的一家医疗企业，正打破长期被海外垄断，实现了CT球 管制造技术从零到一的突破，为国产替代奠定坚实基础。 5年前，中国CT核心零部件仍高度依赖进口，关键技术被"卡脖子"。麦默真空迎难而上，实现从零到一的突破。公司创始人表示："做高端医疗影像核心 部件，是一条'从无到有、从跟跑到并跑'的艰难路。"近年来，该企业团队啃下一个个技术"硬骨头"，完成从滚珠轴承到液态金属轴承的技术跨越，实现 CT球管核心部件自主研发，让国产影像设备的"心脏"真正自主跳动。 从"市场认可"到"自信崛起"，麦默真空以实力赢得口碑。目前，该企业产品已服务全国数百家医院，并远销俄罗斯、东南亚、巴西、乌兹别克斯坦等国 家。2024年销售额实现翻倍增长，今年继续稳中有增。"下一步，我们将继续向高端球管研发发力，推动与整机厂的OEM合作，让国产球管'出厂即装 配'，同时加大海外市场拓展，将出口占比由20%提升至40%。"公司市场方面负责人透露。 取得这一成绩的企业，位于惠山经开区生命健康产业园内，名叫麦默真空技术无锡有限公司（下称：麦默真空），深耕高端医疗影像核心部件 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 111.68 yuan [5]. Core Views - The company achieved a cumulative operating revenue of 1.55 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 14.2%. The net profit attributable to the parent company was 470 million yuan, up 20.6% year-on-year [1]. - In Q3 2025, the company reported an operating revenue of 480 million yuan, a significant year-on-year increase of 46.2%, and a net profit of 140 million yuan, up 64.4% year-on-year [1]. - The increase in net profit is attributed to the growth in solution services, core component business, and detector business compared to the same period last year [1][2]. Summary by Sections Financial Performance - The gross profit margin for Q3 2025 was 49.8%, a decrease of 3.8 percentage points year-on-year, while the net profit margin increased by 64.4% to 1.4% [1]. - The company’s expense ratio decreased by 2.7 percentage points year-on-year, with sales, management, R&D, and financial expense ratios at 5.1%, 4.8%, 15.3%, and 0.2%, respectively [1]. Market Trends - The medical device bidding market in China showed robust growth, with overall market sizes in the first three quarters of 2025 increasing by 67.5%, 61.7%, and 29.8% year-on-year, respectively [2]. - The public bidding market for medical imaging equipment grew by 55.02% year-on-year in Q3 2025, indicating strong demand [2]. Business Development - The company has made significant progress in the development of various medical tube products, including micro-focus tubes and dental tubes, with several products entering the commercialization phase [2]. - The solution business is expected to continue driving growth, benefiting from the recovery in downstream demand, with projected revenues of 2.16 billion, 2.61 billion, and 3.20 billion yuan for 2025, 2026, and 2027, respectively [3][4].

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].

Core Viewpoint - Shanghai Chaoqun Detection Technology Co., Ltd. has received approval for its IPO guidance registration, aiming to list on the A-share market with China International Capital Corporation as its advisory institution [1][3]. Company Overview - Established in August 2001, Chaoqun Detection is a leading global enterprise in X-ray core components, with extensive experience and technical strength in R&D, production, and innovation [3]. - The company is recognized as a national high-tech enterprise and has been selected as a "little giant" enterprise under the national specialized and innovative program [3]. Market Position and Opportunities - The domestic medical CT equipment market has seen significant growth, with local products capturing about 50% of the market share. However, the CT tube segment still heavily relies on imports, with international companies like GE Healthcare, Philips, and Siemens holding approximately 70% of the market [4]. - The Ministry of Commerce announced an anti-dumping investigation into imported X-ray tubes from the U.S. and India, presenting new market opportunities for Chaoqun Detection [4]. Development History - Chaoqun Detection has a rich history in X-ray technology, tracing back to the first industrial X-ray machine produced in 1959. The company has made significant strides in the medical sector, acquiring Shanghai Medical Equipment No. 9 Factory in 2016 [5]. - The company expanded into the high-end medical CT tube market by acquiring the DUNLEE factory in Chicago, a pioneer in X-ray tube manufacturing [5]. Product Development - In 2019, Chaoqun Detection established a CT tube factory named Coronos, becoming the only domestic company capable of independent, multi-variety, and large-scale production of high-power medical CT tubes [6]. - The company has developed and launched several products, including the AU200C40L and AU240 CT tubes, which have gained over 10% of the domestic replacement tube market share within a year of their launch [6]. Strategic Partnerships - In late 2024, Chaoqun Detection signed a strategic cooperation agreement with China Medical Device Co., Ltd. to promote the localization of CT systems through joint R&D efforts [7]. Financing and Growth Potential - Prior to its IPO, Chaoqun Detection completed three rounds of financing, with the latest round in January 2024 raising nearly 200 million yuan to enhance product development and R&D capabilities [8]. - The market for 8MHU tubes is projected to reach approximately 6 billion yuan by 2025, with a compound annual growth rate of 7%, indicating strong growth potential for the company [9]. Industry Impact - The company's IPO is expected to set a benchmark for domestic high-end medical core components, potentially reducing reliance on imported products and attracting more resources to the sector [10].

Core Insights - The 25th China International Industry Fair opened on September 23, showcasing achievements in industrial foundation innovation during the 14th Five-Year Plan period [1] - The exhibition focuses on the theme of "Achievements in Advanced Industrial Foundation," highlighting various applications in daily life, such as home, healthcare, and smart cities [1] Group 1: Exhibition Highlights - The exhibition is divided into four sections: Preface, Six Key Leaders, Stringing Together Chains, and Micro Insights, demonstrating how advanced industrial foundations support daily life [1] - The "Stringing Together Chains" section emphasizes a "one-stop" application promotion model that helps innovative results overcome challenges in usability and performance [1] - Examples include the performance enhancement of hydrogen storage bottles through supply chain collaboration and the iteration of core components for ultra-high voltage power grids [1] Group 2: Innovation Development Directory - The Industrial Foundation Innovation Development Directory, compiled by the National Industrial Foundation Expert Committee, includes a list of 1,047 products and technologies [2] - The directory aims to implement the spirit of advanced industrial foundation and modernized industrial chains, facilitating supply-demand matching activities during the innovation exhibition [2]

Group 1 - The core viewpoint of the report is that Yirui Technology (688301.SH) is rated as a "buy" due to its strong performance and growth potential [2] - The company disclosed its semi-annual report for the first half of 2025, highlighting significant achievements [2] - High-end dynamic detector products showed impressive performance, with new core components and solutions growing over 50% year-on-year [2] - The company is increasing its R&D efforts for various types of ball tube products, achieving key indicators that reach international leading levels, further promoting the localization of domestic ball tube products [2] - There is a continuous strengthening of global business layout and overseas market promotion, resulting in significant growth in overseas revenue [2] Group 2 - Risks mentioned include a potential slowdown in business development due to declining industry prosperity [2] - There are concerns regarding core competitiveness and risks related to the supply of certain raw materials [2] - Other risks include exchange rate fluctuations and shareholder reduction risks [2]

Core Viewpoint - Shanghai Chaoqun Detection Technology Co., Ltd. has established itself as a leader in the X-ray equipment manufacturing industry, transitioning from security inspection components to medical applications through strategic acquisitions and technological integration [3][4][5]. Group 1: Company Development - Founded in 2001, the company initially focused on technology and quality, quickly becoming a key player in the global security inspection market due to rising demand [4]. - The acquisition of Shanghai Medical Equipment No. 9 Factory in 2016 marked the company's entry into the medical X-ray product sector, supported by the chairman's background in medical physics [4]. - In 2018, the company acquired the former Dunlee factory in the U.S., aiming to build an international team and enhance its global presence in high-end CT tube manufacturing [4][5]. Group 2: Product Matrix - The company has developed a diverse product matrix across three major fields: medical, industrial, and special applications, with leading technologies in CT tubes and DSA tubes [5]. - Key products include the 8MHU CT tube and liquid metal bearing CT tube, which have been approved for mass production, and DSA radiation source products that have entered international markets [5]. Group 3: Mergers and Acquisitions - The integration of the Dunlee factory highlighted the importance of cultural and operational fusion rather than mere integration, fostering collaboration across different teams [6][7]. - The company emphasizes the need to respect local business practices and enhance operational efficiency post-acquisition, which has built trust among foreign teams [7]. Group 4: Innovation and Future Strategy - The company holds over 140 national patents, with nearly 30 invention patents, and is actively involved in drafting national and industry standards for X-ray equipment [8]. - Future plans include increasing R&D efforts for high-end CT tubes and next-generation CT products, while expanding applications in industrial and special fields [8][9]. - The overarching strategy is to leverage China's manufacturing and R&D strengths to establish itself as a leading global X-ray enterprise [9].