Bank of China International **shares*** Liu Enyang and Liang Duanyu recently conducted research on Yirui Technology and released a research report "The overall growth of performance is stable, and the company is optimistic about the company's high-end manufacturing capacity for a long time", this report gives ** rating to Yirui Technology, and the current stock price is 245$6.
Yirui Technology (688301).
Yirui Technology released a performance report, and the company will achieve an operating income of 18 in 2023$8.6 billion (+21..)72%), and realized the net profit of 59.9 billion (+15..)97%)。There is still room for expansion in the downstream of the X-ray flat panel detector industry, and the company focuses on core technology and high-end manufacturing capabilities, and still has good growth in the long term. Maintain ** rating.
Key points in support of the rating.
The company's revenue grew steadily as a whole, and the single-quarter revenue growth slowed down in the fourth quarter. Yirui Technology will achieve an operating income of 18 in 20238.6 billion yuan, a year-on-year increase of 2172%。The company's net profit attributable to the parent company in 2023 will be 61.9 billion yuan, a year-on-year decrease of 353%, mainly due to changes in the fair value of financial assets. In 2023, the company will achieve a net profit of 59.9 billion yuan, a year-on-year increase of 1597%。After excluding the impact of share-based payments, the company's net profit attributable to the parent company in 2023 will be 66.3 billion yuan. In the fourth quarter of 2023, the company achieved operating income of 48.9 billion yuan, a year-on-year increase of 976%, the growth rate has slowed down compared with the whole year. The company achieved a net profit attributable to the parent company of 1 in the fourth quarter of 20238.6 billion yuan, a year-on-year increase of 3931%, to achieve a net profit of 10.8 billion yuan, a year-on-year decrease of 332%。
There is still room for growth in the downstream demand of the long-term flat panel detector industry, especially in the market share of domestic manufacturers in dynamic flat panel detectors. X-ray flat panel detector is an important core component of X-ray imaging equipment, more sensitive, higher image quality, faster speed is an important trend in industry research and development, especially dynamic application scenarios have higher requirements for flat panel detector performance. The downstream of X-ray flat panel detectors involves medical imaging equipment, radiotherapy, industrial non-destructive testing, security, etc., and there is still room for expansion in the market. According to Frost &Sullivan data, the global flat panel detector market is expected to grow by 22$8.2 billion to $502.9 billion US dollars, with an average annual compound growth rate of 92%。Especially in the dynamic flat panel detector market, there is still room for Chinese manufacturers to increase their market share.
The company is a leading enterprise of flat panel detectors, with comprehensive product coverage and a number of core technologies. The flat panel detector industry involves a high technical and technological threshold from scintillator evaporation to circuit board design and production. The company has mastered four major sensor technologies of amorphous silicon, IGZO, CMOS and flexible substrates: the company's amorphous silicon sensor technology has realized the mass production of dozens of products from small size to large size; IGZO sensor technology products have been widely used in C-arm, DSA, gastrointestinal, dental CBCT, industrial non-destructive testing and other markets; The company has mastered the technology of non-spliced CMOS detectors and achieved mass production, and large-area spliced CMOS flat panel detectors have achieved mass production.
Valuation. According to the company's performance to adjust the profit forecast, the company's performance growth in the fourth quarter of 2023 has slowed down: the company's net profit attributable to the parent company in 2023, 2024 and 2025 is expected to be 61.9 billion yuan, 91.6 billion yuan, 115.3 billion yuan, EPS was 607 yuan, 8$98 and $1131 yuan. Based on the ** price on February 27, 2024, the company is expected to have a P/E ratio of 42 for 2023, 2024 and 20255 times, 287x and 228 times. Maintain ** rating. (In January 2024, the company's net profit attributable to the parent company in 2023, 2024 and 2025 is expected to be 65.2 billion yuan, 95.5 billion and 122.8 billion yuan, EPS was 639 yuan, 9$36 and $1204 yuan. ）
Key risks to the rating.
R&D is less than expected risk, product promotion is less than expected risk, exchange rate fluctuation and overseas operation risk.
*According to the calculation of the research report data released in the past three years, the research team of Tianfeng **Yang Song has conducted in-depth research on the stock, and the average accuracy of the past three years is as high as 9897%, and its ** attributable net profit in 2023 is 86.4 billion, and the **PE converted according to the current price is 2894。
The latest profit** breakdown is as follows:
A total of 8 institutions have rated the stock in the last 90 days, with 4 ** ratings and 4 overweight ratings.
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