Zhu Ye of Tianfeng Securities Co., Ltd. recently conducted research on Yirui Technology and released a research report "iDE Integrated Solution Helps Efficient Development", this report gives a neutral rating to Yirui Technology, and the current stock price is 116.96 yuan.

Yirui Technology (688301).

iDE integrated solutions for efficient development

1) The iDE solution integrates a high-voltage generator, a flat panel detector and image processing software, providing flexible configuration to adapt to different complete systems and imaging needs. The complete set of components in the iDE solution works together seamlessly, and the high-voltage generator and software system have been optimized for dual-energy applications with special synchronous control timing, which can significantly improve development efficiency and quality assurance.

2) Fast dual-energy map acquisition, enabling accurate diagnosis, with the high integration and seamless collaboration of the iDE solution, two fast map acquisition modes have been realized:

A) In the soft trigger mode, the interval between the acquisition of two images is within 200ms, which provides the possibility for applications that require fast and continuous imaging.

B) In hard trigger mode, the acquisition interval between two frames of images is further shortened to less than 150ms, which can be applied to occasions where higher imaging speed is required.

Continue to increase R&D investment, and gradually increase the volume of new core products

In the first half of 2024, the company invested 153 million yuan in R&D, accounting for 14.92% of operating income, and added a total of 103 new IP registrations or authorizations, including 22 invention patents.

1) Strengthen the core technologies such as sensor design and process technology for existing detectors.

2) Continue to promote the "digital X-ray detector key technology research and development and comprehensive innovation base construction project", increase investment in the research and development of new detectors, and successfully launch a number of new products, 24H1, CMOS, IGZO, flexible and other new sensor technology detector product revenue of more than 258 million yuan.

3) The basic layout of new core components such as high-voltage generators, ray sources, and ball tubes has been completed, and a variety of microfocus ray sources have entered mass production and sales, and 225kV/240kV microfocus ray sources have been developed to break the monopoly of imports of the same type of products in this field.

4) Launched the QRGAOIS series, the first series of residual gas analyzers with independent intellectual property rights, to achieve cross-field innovation in scientific instruments.

Set up funds to support the construction of X-ray vacuum devices and comprehensive solutions

1) The purpose of fixed increase: to further improve the product layout and expand the business scale of X-ray core components.

2) Private placement plan: The company intends to invest no more than 1.45 billion yuan in X-ray vacuum devices and comprehensive solutions to no more than 35 specific investors who meet the requirements of laws and regulations.

3) Expected results: The raised funds investment project will build a new production capacity of X-ray tubes and comprehensive solution products, which will help the company further improve the strategic layout of the X-ray industry chain, enhance the business capabilities of multi-category X-ray core components and comprehensive solutions, help the technological progress and industrialization process of domestic tube products, and accelerate the import substitution of the three core components of domestic X-ray.

Profit forecast: Based on the company's 24-year semi-annual report data and the complexity of the external environment, we downgrade the company's 24-26 net profit attributable to the parent company to 6.58/6.98/812 million yuan (24/25 years ago were 11.28/1.467 billion yuan), and the corresponding PE was 25.4/23.9/20.6X, which was downgraded to a "hold" rating!

Risk warning: the risk that the sales of new products are less than expected, the risk that the industry prosperity is less than expected, and the risk that the research and development of new products is less than expected

According to the calculation of the research report data released in the past three years, the research team of Huang Leping of Huatai Securities has studied the stock in depth, with an average forecast accuracy of 79.82% in the past three years, and its forecast attributable net profit in 2024 is 839 million yuan, and the predicted PE is 14.21 based on the current price.

The breakdown of the latest earnings estimates is as follows:

A total of 10 institutions have rated the stock in the last 90 days, 8 have given buy ratings and 2 have overweight ratings. The average institutional price target over the last 90 days is 128.22.

The above content is compiled by Securities Star based on public information, generated by intelligent algorithms, and does not constitute investment advice.