Founded in 2011, the company is mainly engaged in the research and development, production, sales and service of new core components such as digital X-ray detectors, high-voltage generators, combined ray sources, and ball tubes, which are widely used in medical diagnosis and treatment, industrial non-destructive testing, safety inspection and other fields.

Detector: a leader in domestic X-ray detectors, to create a performance of the basic diskWith excellent R&D and innovation capabilities, the company has become one of the few digital X-ray detector manufacturers in the world that has mastered all the main core technologies, and is also one of the few X-ray detector companies in the world that has mastered both amorphous silicon, IGZO, flexible and CMOS sensor technologies and has mass production capabilities. At present, the company's detector products are exported to more than 80 countries and regions in Asia, America, Europe, etc., and the total global detector shipments (including dental intraoral detectors, excluding linear array detectors and other core components) exceed 300,000 units, which have been widely recognized in the medical and industrial fields.

Detector+: Strategic transformation to "the world's leading supplier of products and solutions in the field of X-ray" to improve core competitiveness

Based on its own technical reserves, the company continues to carry out the horizontal expansion of product lines and the vertical extension of the industrial chain. On the one hand, the company actively lays out upstream parts and raw materials, and some products have been introduced into the mass production stage. On the other hand, the company actively expands other core components of X-ray, such as high-voltage generators, ball tubes and combined radiation sources. At the same time, the company has also extended the layout of X-ray integrated solutions, and has completed the development and commercialization of a number of X-ray integrated solution products used in different fields, and has now begun to deliver small batches to customers. We believe that the volume of new business and new products is expected to open the ceiling of the company's performance growth.

Investment Advice

We expect the company's operating income in 2024-26 to be 18.44, 23.77 and 2.959 billion yuan respectively, a year-on-year increase of -1.1%, +28.9% and +24.5%; The net profit attributable to the parent company was 5.80, 754 million and 949 million yuan respectively, a year-on-year increase of -4.6%, +30.1% and +25.8, and the EPS was 4.05, 5.27 and 6.63 yuan respectively. On February 13, 2025, the stock price is 101.03 yuan, and the corresponding PE is 24.93x, 19.16x, and 15.23x, respectively. First coverage, with a "buy" rating.

Risk Warning: The

risk that the sales of new technologies and new products are less than expected, the risk that downstream demand is less than expected, and the risk of exchange rate gains and losses.