IRAY TECHNOLOGY(SH:688301)2026-01-20 02:10Company and Industry Summary Company: Yirui Technology (奕瑞科技) Key Points - Performance Growth Outlook: Yirui Technology is expected to achieve high growth in revenue and net profit in Q4 2025 due to a low base effect, with an overall performance growth trend anticipated to be front-loaded in the first half and accelerate in the latter half of the year [1] - 2026 Projections: The new core components and solutions/technical services business are expected to continue the high growth momentum from the previous year, with significant orders for silicon-based OLED micro-display modules from its affiliate, Shiya Technology, likely to enhance overall revenue and net profit [1] - Sample and Production Deliveries: In 2025, Yirui Technology plans to deliver samples and a small quantity of mass-produced products to Shiya Technology, with expected revenue not exceeding 100 million RMB, compared to the previous year's actual amount of 3.39 million RMB [1] Company: Shiya Technology (视涯科技) Key Points - Financial Commitment: Shiya Technology has agreed to pay Yirui Technology a guarantee amount not exceeding 1 billion RMB [2] - Industry Position: Shiya Technology operates in the VR/AR (augmented reality) glasses sector, providing silicon-based OLED micro-display modules to specific clients [2] - Growth Strategy: The company is transitioning from being an expert in X-ray flat panel detectors to a multi-dimensional core component supplier, with new core components such as high-voltage generators and CT detectors expected to create new growth avenues [2] - Market Expansion: Shiya Technology is accelerating its overseas market expansion, which is anticipated to further enhance growth potential [2] - Financial Projections: For 2025-2027, the expected net profit attributable to shareholders is projected to be 630 million, 770 million, and 946 million RMB, representing year-on-year growth rates of 35.35%, 22.33%, and 22.81% respectively. The price-to-earnings ratios (PE) based on the closing price on January 16, 2026, are projected to be 39X, 32X, and 26X [2] - Funding for Expansion: Shiya Technology plans to raise 1.45 billion RMB for the construction of X-ray vacuum devices and comprehensive solution projects, which will add significant production capacity [2]