Core Insights - The Sullivan report indicates that China's X-ray detection industry is accelerating its localization process, with leading companies like Dayun Technology emerging as global leaders due to their self-sufficiency and high R&D investment [1][2] Industry Overview - Historically, X-ray detection technology has been dominated by companies from Europe, the United States, and Japan, with China relying heavily on imports. However, breakthroughs in core components have allowed Chinese companies to increase their global market share [2] - The market for industrial X-ray sources is projected to reach 23.8 billion yuan globally and 8 billion yuan in China by 2030, with compound annual growth rates of 9.7% and 10.1% respectively [3] Company Performance - Dayun Technology has achieved significant milestones, including being the only company in China to cover the entire spectrum of X-ray sources, including micro-focus and high-power X-ray sources, which are critical for high-precision applications [2] - The company is a leader in the semiconductor and electronic manufacturing detection sector, with major clients including well-known firms like BYD Semiconductor and Infineon [4] Market Opportunities - The demand for X-ray detection equipment is driven by various downstream applications, including semiconductor manufacturing, new energy battery testing, and food safety inspections. The market for X-ray detection in the semiconductor sector is expected to grow at a compound annual growth rate of 20.6% from 2020 to 2024 [5][6] - In the new energy battery detection market, domestic X-ray detection equipment has captured 75% of the market share, with a projected growth rate of 18.5% from 2020 to 2024 [6] Growth Strategies - Dayun Technology is focusing on domestic substitution in high-end markets, particularly in semiconductor detection, where it aims to increase its market share against international competitors [7] - The company is also expanding its global footprint, having established overseas bases in countries like Singapore, Malaysia, and Hungary, with overseas sales revenue reaching 59.16 million yuan in 2024, a 20.18% increase [8]

Group 1 - Dayun Technology's stock price fell by 2.24% to 45.82 yuan as of the close on July 23, 2023 [1] - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on March 31, 2023, with an initial public offering of 19.85 million shares at a price of 152.38 yuan per share [1] - On its first trading day, Dayun Technology reached a peak price of 241.11 yuan, which remains its highest price since listing [1] Group 2 - The total funds raised from the IPO amounted to 302.50 million yuan, with a net amount of 273.08 million yuan, exceeding the original plan by 213.08 million yuan [1] - The company planned to use the raised funds for X-ray source industrialization, construction of an X-ray detection equipment production base in Chongqing, R&D center construction, and to supplement working capital [1] - The total issuance costs for the IPO were 29.42 million yuan (excluding tax), with underwriting fees accounting for 26.18 million yuan [1] Group 3 - On April 11, 2025, Guotai Haitong Securities Co., Ltd. held a restructuring and renaming ceremony at the Shanghai Stock Exchange, changing its A-share name from "Guotai Junan" to "Guotai Haitong" while retaining the A-share code "601211" [2] - Dayun Technology announced a dividend plan on May 31, 2024, proposing a stock bonus of 4.5 shares for every 10 shares held and a pre-tax dividend of 8 yuan [2] - On July 4, 2025, Dayun Technology released another dividend plan, offering a stock bonus of 4.5 shares for every 10 shares held and a pre-tax dividend of 6 yuan [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated steady growth in operating performance, with a revenue increase of 25.9% year-on-year in 2024, reaching 740 million yuan, and a net profit increase of 25.4%, amounting to 140 million yuan [5] - In Q1 2025, the company achieved a revenue of 200 million yuan, reflecting a year-on-year growth of 33.2%, and a net profit of 40 million yuan, up 4.5% year-on-year [5] - The growth in performance is attributed to the rising demand in downstream sectors such as integrated circuits and casting welding, alongside breakthroughs in domestic substitution of core components like X-ray sources [5] - The company has adjusted its profit forecasts for 2025-2026 and added a forecast for 2027, expecting net profits of 182 million yuan, 238 million yuan, and 313 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.59 yuan, 2.07 yuan, and 2.73 yuan [5] Financial Performance Summary - In 2024, the company generated revenues of 739 million yuan, with a year-on-year growth of 25.9% and a net profit of 143 million yuan, reflecting a growth of 25.4% [6] - The revenue from integrated circuits and electronic manufacturing reached 332 million yuan, growing by 40.75%, while the revenue from other sectors also showed positive growth [6] - The company has achieved significant milestones in the production of X-ray sources, with the 90kV-150kV micro-focus X-ray source entering mass production and new models being industrialized [6] - The financial projections indicate a steady increase in revenue and net profit, with a projected revenue of 980 million yuan in 2025, 1.246 billion yuan in 2026, and 1.596 billion yuan in 2027 [10] Industry Outlook - The industrial X-ray industry is expected to experience structural growth opportunities due to the increasing demand for precision testing in sectors like integrated circuits and automotive components, as well as the ongoing domestic substitution [7] - The company is well-positioned to leverage its full industry chain layout and technological innovation advantages to capture more market share through capital operations and acquisitions [7]