证券分析师： 张钰莹 S0350524100004 zhangyy03@ghzq.com.cn [Table_Title] 主业筑底企稳，新技术百花齐放 ——奕瑞科技（688301）科创板公司动态研究 最近一年走势 | 相对沪深 | 表现 300 | | | 2025/04/30 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 奕瑞科技 | | 6.1% | 18.8% | -13.9% | | 沪深 300 | | -3.7% | -1.2% | 4.6% | | 市场数据 | 2025/04/30 | | --- | --- | | 当前价格（元） | 121.01 | | 52 周价格区间（元） | 82.51-223.90 | | 总市值（百万） | 17,312.03 | | 流通市值（百万） | 17,312.03 | | 总股本（万股） | 14,306.28 | | 流通股本（万股） | 14,306.28 | | 日均成交额（百万） | 180.09 | | 近一月换手（%） | 0.00 | 2025 年 05 月 ...

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].