Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][6][7]. Core Insights - The company's main business is stabilizing, with new technologies flourishing, as evidenced by the launch of various innovative products in the medical and industrial sectors [3][4]. - The company reported a revenue of 1.831 billion yuan in 2024, a slight decrease of 1.74% year-on-year, with a net profit of 465 million yuan, down 23.43% year-on-year [3]. - The company is actively expanding its product matrix and has made significant advancements in the development of new core components and X-ray comprehensive solutions [4][6]. Financial Performance Summary - In 2024, the company achieved a revenue of 1.831 billion yuan, with a gross margin of 50.11% and a net margin of 24.59% [3]. - For Q1 2025, the company reported a revenue of 482 million yuan, a year-on-year decrease of 1.92%, but a net profit increase of 2.74% to 143 million yuan [3]. - The company forecasts revenues of 2.162 billion yuan in 2025, with a projected net profit of 574 million yuan, reflecting a growth rate of 18% and 23% respectively [5][6]. Product Development and Market Position - The company has successfully launched several new products, including high-resolution detectors and various X-ray sources, enhancing its competitive edge in the market [3][4]. - The company is focusing on R&D investments in CMOS detectors, CT detectors, and photon counting detectors, which are expected to drive future growth [3][4]. - The company aims to strengthen its position as a core supplier of digital X-ray components and comprehensive solutions through continuous innovation and global business expansion [6].

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].