日联科技 20250928 摘要 日联科技是国内领先的 X 射线智能检测系统提供商，已实现 X 射线源、 AI 影像软件和检测装备全产业链技术布局，产品应用于半导体、新能源 电池、汽车零部件等高精度检测领域，客户包括比亚迪、宁德时代等龙 头企业。 公司营收与利润保持高速增长，过去四年营收复合增速接近 38%，利润 及扣非利润复合增速达到 60%。2025 年上半年新签订单增长接近 100%，预计三、四季度报表表现强劲，下游市场及应用场景持续扩展。 日联科技是国内唯一能够量产 X 射线源的企业，打破了国外垄断，该核 心部件占设备成本约 30%，毛利率高达 70%-80%，净利率较高，且中 短期内难有新的竞争者进入，具备持续享受红利并向海外扩张的潜力。 公司 IPO 后账上现金约 20 亿元，计划通过境内外投资并购团队进行外 延扩张，实现内生与外延双驱动，打造全球检测平台，并通过已有客户 渠道推广更多检测设备，提高单客户 ARPU 值。 工业 X 射线源主要分为微焦点、大功率和普通射线源，日联科技在微焦 点 X 射线源领域打破海外垄断，产品应用于晶圆检测、芯片封装、新能 源电池制造等领域。 Q&A 请介绍一下日联 ...

Group 1 - The stock price of Rilun Technology (688531.SH) fell by 3.93% to 55.96 yuan as of the market close on September 12, 2023 [1] - Rilun Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on March 31, 2023, with an initial public offering (IPO) of 19.851367 million shares at a price of 152.38 yuan per share [1] - The highest price recorded for Rilun Technology since its listing was 241.11 yuan on the first trading day, indicating the stock is currently in a state of decline [1] Group 2 - The total funds raised from the IPO amounted to 302.49513 million yuan, with a net amount of 273.07907 million yuan, exceeding the original plan by 213.07907 million yuan [1] - The company planned to use the raised funds for projects including X-ray source industrialization, construction of an X-ray detection equipment production base in Chongqing, R&D center establishment, and working capital [1] - The total issuance costs for the IPO were 29.41606 million yuan (excluding tax), with underwriting fees accounting for 26.17879 million yuan [1] Group 3 - Rilun Technology announced a dividend plan on May 31, 2024, proposing a stock bonus of 4.5 shares for every 10 shares held, along with a pre-tax cash dividend of 8 yuan [3] - Another dividend plan was released on July 4, 2025, proposing a similar stock bonus of 4.5 shares for every 10 shares held, but with a reduced pre-tax cash dividend of 6 yuan [4]

Core Viewpoint - The company reported strong financial performance in the first half of 2025, with significant revenue growth driven by technological innovation and global expansion [2][5][15]. Financial Performance - The company achieved a revenue of 460.39 million yuan, representing a year-on-year increase of 38.34% [4]. - The net profit attributable to shareholders was 82.79 million yuan, up 7.80% year-on-year, while the net profit after deducting non-recurring gains was 59.66 million yuan, reflecting a growth of 15.34% [4][2]. - The net cash flow from operating activities surged by 240.93%, reaching 51.12 million yuan [4]. Order Growth - New orders nearly doubled year-on-year, indicating robust demand across various sectors, including electronics, lithium batteries, and food safety [5][7]. - The company’s strong order growth is attributed to high market demand, solid technical barriers, and enhanced brand and global channel advantages [7]. Technological Advancements - The company has achieved comprehensive industrialization of its X-ray source products, becoming the only domestic company to cover the entire value chain from theory to reliability verification [8]. - The launch of the first industrial X-ray AI model significantly improved detection accuracy and efficiency [9]. Strategic Acquisitions - Recent acquisitions of innovative electronics and Zhuhai Jiuyuan have strengthened the company’s market position in the Americas and enhanced its technology collaboration in the new energy detection sector [11]. Global Expansion - The company’s overseas revenue exceeded 10% for the first time, with products reaching over 70 countries [13]. - The ongoing "3+3" global industrial layout includes domestic bases in Wuxi, Chongqing, and Shenzhen, and overseas bases in Singapore, Malaysia, Hungary, and the USA [13]. Talent and Investor Relations - The company has implemented a restricted stock incentive plan to motivate core talent, with 142 individuals receiving 595,600 shares [14]. - A dividend plan was announced, distributing 6 yuan per 10 shares and increasing share capital by 4.5 shares, with a cash dividend ratio of 47.53% of net profit [14]. Future Outlook - Despite lower net profit growth compared to revenue due to short-term expenses, the company anticipates faster revenue and profit growth as new orders convert into income [15][16].

Financial Performance - In the first half of 2025, the company reported revenue of 460 million yuan, a year-on-year increase of 38.34% [1] - The net profit attributable to shareholders was 82.79 million yuan, up 7.8% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 59.66 million yuan, reflecting a year-on-year growth of 15.34% [1] - Operating cash flow net amount reached 51.12 million yuan, a significant increase of 240.93% year-on-year [1] - R&D expenses totaled 54.46 million yuan, representing a year-on-year increase of 32.34%, accounting for 11.83% of revenue [1] Market Position and Product Development - The company is the only domestic enterprise to achieve large-scale application of X-ray intelligent detection equipment across almost all industrial sectors [1] - It has accumulated nearly 4,000 downstream customers, maintaining a leading advantage in customer resources within the industry [1] - The company has developed over a hundred standardized devices, showcasing strong product R&D and industrialization capabilities [1] Business Expansion and Technological Advancements - The company is expanding from back-end packaging testing to front-end wafer testing in the integrated circuit and electronics manufacturing sectors, opening up further market space [2] - Benefiting from rapid growth in consumer electronics, automotive electronics, and AI sectors, the business in this area maintains high growth [2] - The company has achieved full coverage in online and offline detection for various battery types, including power, consumer, and energy storage batteries [2] - It is a leading player in the detection technology for new processes such as semi-solid and solid-state batteries, ensuring ample technical strength for future market growth [2] Strategic Initiatives and Global Expansion - The company has developed into a domestic leader in the casting, welding, and materials sector, particularly in the automotive manufacturing field [2] - It has successfully expanded its business into food foreign object detection, developing multiple series of X-ray intelligent detection devices and AI deep learning algorithms [2] - The company has achieved full-spectrum coverage of X-ray sources, becoming the only domestic enterprise to cover the entire chain from basic theory to preparation processes [3] - The company has established a global strategic layout with domestic bases in Wuxi, Chongqing, and Shenzhen, and overseas bases in Singapore, Malaysia, Hungary, and the USA [3] - Overseas revenue exceeded 10% for the first time, indicating that international markets are becoming a new growth point for the company [3] - The company is pursuing a strategy of horizontal expansion and vertical deepening through acquisitions, enhancing its industrial layout and creating new business growth points [3]

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]

Group 1 - The stock price of Riheng Technology (688531.SH) fell by 5.19% to 68.10 yuan as of the market close [1] - Riheng Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on March 31, 2023, with an initial public offering of 19.851367 million shares at a price of 152.38 yuan per share [1] - The highest price reached on the first trading day was 241.11 yuan, indicating the stock is currently in a state of decline [1] Group 2 - The total funds raised from the IPO amounted to 302.49513 million yuan, with a net amount of 273.07907 million yuan, exceeding the original plan by 213.07907 million yuan [1] - The funds are intended for projects including X-ray source industrialization, construction of an X-ray detection equipment production base in Chongqing, and a research and development center [1] - The total issuance costs for the IPO were 29.41606 million yuan (excluding tax), with underwriting fees accounting for 26.17879 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] - The restructuring marks the completion of the merger between Guotai Junan and Haitong Securities [2] - Riheng Technology announced a dividend plan on May 31, 2024, proposing a bonus issue of 4.5 shares for every 10 shares held and a pre-tax dividend of 8 yuan [2]

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]