Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to CN¥98.48, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 23x in the Medical Equipment industry in China. Total returns to shareholders of 4.1% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥147 per share. Price Target Changed • Jul 07
Price target increased by 11% to CN¥124 Up from CN¥112, the current price target is an average from 5 analysts. New target price is 9.1% above last closing price of CN¥114. Stock is up 81% over the past year. The company is forecast to post earnings per share of CN¥2.86 for next year compared to CN¥2.29 last year. Announcement • Jun 30
iRay Group to Report First Half, 2026 Results on Aug 14, 2026 iRay Group announced that they will report first half, 2026 results on Aug 14, 2026 Buy Or Sell Opportunity • Jun 26
Now 24% undervalued Over the last 90 days, the stock has risen 39% to CN¥106. The fair value is estimated to be CN¥140, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.6% over the last 3 years. Earnings per share has declined by 4.5%. Revenue is forecast to grow by 93% in 2 years. Earnings are forecast to grow by 59% in the next 2 years. New Risk • Jun 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 8.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (20% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.7% average weekly change). Buy Or Sell Opportunity • Jun 11
Now 39% undervalued Over the last 90 days, the stock has risen 1.6% to CN¥119. The fair value is estimated to be CN¥195, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.6% over the last 3 years. Earnings per share has declined by 4.5%. Revenue is forecast to grow by 88% in 2 years. Earnings are forecast to grow by 59% in the next 2 years. Declared Dividend • Jun 08
Dividend of CN¥1.00 announced Shareholders will receive a dividend of CN¥1.00. Ex-date: 12th June 2026 Payment date: 12th June 2026 Dividend yield will be 0.6%, which is lower than the industry average of 2.2%. Sustainability & Growth Dividend is covered by earnings (30% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 22% per year over the past 5 years. However, payments have been volatile during that time. EPS is expected to grow by 78% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to CN¥141, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 26x in the Medical Equipment industry in China. Total returns to shareholders of 6.9% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥188 per share. Price Target Changed • May 09
Price target increased by 8.7% to CN¥138 Up from CN¥127, the current price target is an average from 5 analysts. New target price is 19% above last closing price of CN¥116. Stock is up 26% over the past year. The company is forecast to post earnings per share of CN¥4.00 for next year compared to CN¥3.20 last year. Price Target Changed • Apr 24
Price target increased by 7.1% to CN¥133 Up from CN¥124, the current price target is an average from 4 analysts. New target price is 16% above last closing price of CN¥115. Stock is up 35% over the past year. The company is forecast to post earnings per share of CN¥4.03 for next year compared to CN¥3.20 last year. New Risk • Apr 24
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 20% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (20% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Announcement • Apr 24
iRay Group, Annual General Meeting, May 14, 2026 iRay Group, Annual General Meeting, May 14, 2026, at 14:30 China Standard Time. Location: 1F, No. 99, Huanqiao Road, Pudong New Area, Shanghai China Major Estimate Revision • Apr 11
Consensus revenue estimates increase by 12% The consensus outlook for revenues in fiscal year 2026 has improved. 2026 revenue forecast increased from CN¥3.07b to CN¥3.45b. EPS estimate increased from CN¥3.82 to CN¥3.93 per share. Net income forecast to grow 23% next year vs 29% growth forecast for Medical Equipment industry in China. Consensus price target up from CN¥124 to CN¥127. Share price was steady at CN¥107 over the past week. Reported Earnings • Mar 31
Full year 2025 earnings: EPS in line with analyst expectations despite revenue beat Full year 2025 results: EPS: CN¥3.20 (up from CN¥2.33 in FY 2024). Revenue: CN¥2.25b (up 23% from FY 2024). Net income: CN¥650.0m (up 40% from FY 2024). Profit margin: 29% (up from 25% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 26% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Medical Equipment industry in China. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 4% per year. Announcement • Mar 30
iRay Group to Report Q1, 2026 Results on Apr 24, 2026 iRay Group announced that they will report Q1, 2026 results on Apr 24, 2026 Reported Earnings • Jan 29
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: CN¥3.30 (up from CN¥2.33 in FY 2024). Revenue: CN¥2.30b (up 26% from FY 2024). Net income: CN¥661.3m (up 42% from FY 2024). Profit margin: 29% (up from 25% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.9%. Earnings per share (EPS) also surpassed analyst estimates by 7.6%. Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Medical Equipment industry in China. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 11% per year. Price Target Changed • Jan 13
Price target increased by 10% to CN¥124 Up from CN¥112, the current price target is an average from 4 analysts. New target price is 10% above last closing price of CN¥112. Stock is up 61% over the past year. The company is forecast to post earnings per share of CN¥3.05 for next year compared to CN¥2.33 last year. Announcement • Dec 26
iRay Group to Report Fiscal Year 2025 Results on Mar 31, 2026 iRay Group announced that they will report fiscal year 2025 results on Mar 31, 2026 Price Target Changed • Nov 01
Price target increased by 12% to CN¥117 Up from CN¥104, the current price target is an average from 6 analysts. New target price is 7.3% above last closing price of CN¥109. Stock is up 30% over the past year. The company is forecast to post earnings per share of CN¥3.07 for next year compared to CN¥2.33 last year. Reported Earnings • Oct 29
Third quarter 2025 earnings released: EPS: CN¥0.68 (vs CN¥0.41 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.68 (up from CN¥0.41 in 3Q 2024). Revenue: CN¥482.4m (up 46% from 3Q 2024). Net income: CN¥136.0m (up 64% from 3Q 2024). Profit margin: 28% (up from 25% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Medical Equipment industry in China. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 14% per year. New Risk • Oct 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 7.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.4% average weekly change). Announcement • Sep 30
iRay Group to Report Q3, 2025 Results on Oct 29, 2025 iRay Group announced that they will report Q3, 2025 results on Oct 29, 2025 Reported Earnings • Aug 19
Second quarter 2025 earnings released: EPS: CN¥0.96 (vs CN¥0.84 in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.96 (up from CN¥0.84 in 2Q 2024). Revenue: CN¥585.1m (up 9.3% from 2Q 2024). Net income: CN¥191.5m (up 14% from 2Q 2024). Profit margin: 33% (up from 31% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Medical Equipment industry in China. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 15% per year. Price Target Changed • Aug 18
Price target increased by 7.3% to CN¥106 Up from CN¥98.41, the current price target is an average from 5 analysts. New target price is 11% above last closing price of CN¥95.35. Stock is up 44% over the past year. The company is forecast to post earnings per share of CN¥3.00 for next year compared to CN¥2.33 last year. Valuation Update With 7 Day Price Move • Aug 12
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥98.00, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 27x in the Medical Equipment industry in China. Total loss to shareholders of 45% over the past three years. Announcement • Jun 30
iRay Group to Report First Half, 2025 Results on Aug 29, 2025 iRay Group announced that they will report first half, 2025 results on Aug 29, 2025 Declared Dividend • Jun 16
Dividend of CN¥1.00 announced Shareholders will receive a dividend of CN¥1.00. Ex-date: 19th June 2025 Payment date: 19th June 2025 Dividend yield will be 0.8%, which is lower than the industry average of 2.2%. Sustainability & Growth Dividend is covered by earnings (30% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 18% per year over the past 4 years. However, payments have been volatile during that time. EPS is expected to grow by 80% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Board Change • May 15
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent director Xiangli Chen was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Major Estimate Revision • May 14
Consensus revenue estimates fall by 11% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from CN¥2.47b to CN¥2.20b. EPS estimate fell from CN¥5.41 to CN¥4.29 per share. Net income forecast to grow 35% next year vs 37% growth forecast for Medical Equipment industry in China. Consensus price target broadly unchanged at CN¥142. Share price rose 2.4% to CN¥127 over the past week. Reported Earnings • Apr 28
First quarter 2025 earnings released: EPS: CN¥1.00 (vs CN¥0.98 in 1Q 2024) First quarter 2025 results: EPS: CN¥1.00 (up from CN¥0.98 in 1Q 2024). Revenue: CN¥481.5m (down 1.9% from 1Q 2024). Net income: CN¥143.1m (up 2.7% from 1Q 2024). Profit margin: 30% (up from 28% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 27% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Medical Equipment industry in China. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings. Announcement • Apr 26
iRay Group, Annual General Meeting, May 20, 2025 iRay Group, Annual General Meeting, May 20, 2025, at 14:30 China Standard Time. Location: No. 99, Huanqiao Road, Pudong New Area, Shanghai China Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to CN¥135, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 20x in the Medical Equipment industry in China. Total loss to shareholders of 23% over the past three years. Announcement • Mar 28
iRay Group to Report Q1, 2025 Results on Apr 26, 2025 iRay Group announced that they will report Q1, 2025 results on Apr 26, 2025 Reported Earnings • Mar 02
Full year 2024 earnings released: EPS: CN¥3.51 (vs CN¥4.26 in FY 2023) Full year 2024 results: EPS: CN¥3.51 (down from CN¥4.26 in FY 2023). Revenue: CN¥1.86b (flat on FY 2023). Net income: CN¥500.5m (down 18% from FY 2023). Profit margin: 27% (down from 33% in FY 2023). Revenue is forecast to grow 24% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Medical Equipment industry in China. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Major Estimate Revision • Jan 17
Consensus revenue estimates fall by 14% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥2.14b to CN¥1.85b. EPS estimate fell from CN¥4.40 to CN¥4.15 per share. Net income forecast to grow 43% next year vs 50% growth forecast for Medical Equipment industry in China. Consensus price target down from CN¥173 to CN¥143. Share price rose 11% to CN¥106 over the past week. Price Target Changed • Jan 01
Price target decreased by 11% to CN¥173 Down from CN¥194, the current price target is an average from 5 analysts. New target price is 82% above last closing price of CN¥95.57. Stock is down 55% over the past year. The company is forecast to post earnings per share of CN¥4.40 for next year compared to CN¥4.26 last year. Announcement • Dec 27
iRay Technology Company Limited to Report Fiscal Year 2024 Results on Apr 26, 2025 iRay Technology Company Limited announced that they will report fiscal year 2024 results on Apr 26, 2025 Price Target Changed • Dec 07
Price target decreased by 11% to CN¥173 Down from CN¥194, the current price target is an average from 5 analysts. New target price is 55% above last closing price of CN¥112. Stock is down 36% over the past year. The company is forecast to post earnings per share of CN¥4.40 for next year compared to CN¥4.26 last year. Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥128, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 21x in the Medical Equipment industry in China. Total loss to shareholders of 46% over the past three years. Reported Earnings • Oct 26
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: CN¥0.58 (down from CN¥0.76 in 3Q 2023). Revenue: CN¥330.0m (down 25% from 3Q 2023). Net income: CN¥82.7m (down 24% from 3Q 2023). Profit margin: 25% (in line with 3Q 2023). Revenue missed analyst estimates by 31%. Earnings per share (EPS) also missed analyst estimates by 51%. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Medical Equipment industry in China. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to CN¥124, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 19x in the Medical Equipment industry in China. Total loss to shareholders of 37% over the past three years. Announcement • Sep 30
iRay Technology Company Limited to Report Q3, 2024 Results on Oct 26, 2024 iRay Technology Company Limited announced that they will report Q3, 2024 results on Oct 26, 2024 Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to CN¥112, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 18x in the Medical Equipment industry in China. Total loss to shareholders of 46% over the past three years. New Risk • Sep 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (52% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.0% average weekly change). Reported Earnings • Sep 05
Second quarter 2024 earnings released: EPS: CN¥1.17 (vs CN¥1.32 in 2Q 2023) Second quarter 2024 results: EPS: CN¥1.17 (down from CN¥1.32 in 2Q 2023). Revenue: CN¥535.2m (up 3.6% from 2Q 2023). Net income: CN¥168.2m (down 11% from 2Q 2023). Profit margin: 31% (down from 36% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Medical Equipment industry in China. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Announcement • Jun 28
iRay Technology Company Limited to Report First Half, 2024 Results on Aug 31, 2024 iRay Technology Company Limited announced that they will report first half, 2024 results on Aug 31, 2024 Announcement • May 01
iRay Technology Company Limited, Annual General Meeting, May 24, 2024 iRay Technology Company Limited, Annual General Meeting, May 24, 2024, at 14:30 China Standard Time. Location: The Company's Meeting Room, Shanghai China Buy Or Sell Opportunity • Apr 30
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.3% to CN¥199. The fair value is estimated to be CN¥255, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Earnings per share has grown by 26%. For the next 3 years, revenue is forecast to grow by 20% per annum. Earnings are also forecast to grow by 24% per annum over the same time period. Announcement • Apr 23
iRay Technology Company Limited Debuts at Hannover Messe 2024 iRay Technology Company Limited shown itself with a high profile at Hannover Messe 2024 in Germany. InfiRay presented its innovated technologies and highlighted thermal imaging products in hall 11 booth C81/2 at Hannover Exhibition Grounds, Germany. At Hannover Messe 2024, InfiRay has presented a series of comprehensive solutions and industrial temperature measurement products to support intelligent transformation in various industries. The most impressive product is the newly launched wireless thermal camera for smartphones called IX2. It weighs only 132 grams and can transmit images at a distance of up to 8 meters, featuring clear images and accurate temperature measurement. When used together with the professional temperature measurement and analysis app, IX2 shows excellent performance. In addition, the hero products for industrial temperature measurement, such as C200Pro+, M320, T630, and S1280, are also presented. These products have different resolutions to meet the temperature measurement needs in different scenarios. The handheld gas thermal camera G600C can detect dozens of gases such as methane and Freon, playing an important role in many fields like the petrochemical industry. Additionally, InfiRay has also showcased various online temperature measurement products with features such as fixed focus, zooming, and ultra-high temperature. Among these products, AT400, the new online fixed-focus temperature measurement series has made its debut. The AT400 series has two models: AT430 (384×512) and AT460 (640×512). They have a wide measurement range from -20°C to +650°C and provide multiple lenses to meet the temperature measurement requirements of different scenarios and temperature ranges. They can be widely used in new energy, electric power, petrochemical, hazardous waste, metallurgy, and other industries to provide solutions covering infrared image and temperature monitoring. Products of this series are compact and equipped with the latest temperature measurement algorithm, demonstrating the strong competitiveness of InfiRay in industrial temperature measurement. The combination of different types of products can provide all-round safety guarantee for industrial production. Reported Earnings • Apr 20
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CN¥5.97 (down from CN¥6.31 in FY 2022). Revenue: CN¥1.86b (up 20% from FY 2022). Net income: CN¥607.5m (down 5.3% from FY 2022). Profit margin: 33% (down from 41% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.9%. Earnings per share (EPS) also missed analyst estimates by 12%. Revenue is forecast to grow 24% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Medical Equipment industry in China. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Mar 29
iRay Technology Company Limited to Report Q1, 2024 Results on Apr 30, 2024 iRay Technology Company Limited announced that they will report Q1, 2024 results on Apr 30, 2024 Reported Earnings • Feb 28
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CN¥6.08 (down from CN¥6.31 in FY 2022). Revenue: CN¥1.89b (up 22% from FY 2022). Net income: CN¥618.7m (down 3.5% from FY 2022). Profit margin: 33% (down from 41% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) also missed analyst estimates by 7.0%. Revenue is forecast to grow 24% p.a. on average during the next 2 years, compared to a 20% growth forecast for the Medical Equipment industry in China. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Announcement • Feb 03
iRay Technology Company Limited (SHSE:688301) announces an Equity Buyback for CNY 20 million worth of its shares. iRay Technology Company Limited (SHSE:688301) announces a share repurchase program. Under the program, the company will repurchase up to CNY 20 million worth of its A shares. The shares will be repurchased at a price not more than CNY 400 per share. The repurchased shares will be used for employee stock ownership plan and/or equity incentive. The program will be valid for a period of 6 months. Valuation Update With 7 Day Price Move • Jan 31
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥214, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 20x in the Medical Equipment industry in China. Total returns to shareholders of 69% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥161 per share. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to CN¥325, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 23x in the Medical Equipment industry in China. Total returns to shareholders of 170% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥166 per share. Major Estimate Revision • Oct 20
Consensus EPS estimates fall by 22% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from CN¥2.04b to CN¥1.96b. EPS estimate also fell from CN¥7.96 per share to CN¥6.22 per share. Net income forecast to grow 59% next year vs 34% growth forecast for Medical Equipment industry in China. Consensus price target down from CN¥331 to CN¥300. Share price fell 6.3% to CN¥207 over the past week. Price Target Changed • Oct 18
Price target decreased by 7.3% to CN¥307 Down from CN¥331, the current price target is an average from 5 analysts. New target price is 43% above last closing price of CN¥215. Stock is down 36% over the past year. The company is forecast to post earnings per share of CN¥6.25 for next year compared to CN¥6.31 last year. New Risk • Oct 14
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 31% Last year net profit margin: 45% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (62% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.5% average weekly change). Profit margins are more than 30% lower than last year (31% net profit margin). Announcement • Oct 11
iRay Technology Company Limited (SHSE:688301) announces an Equity Buyback for CNY 20 million worth of its shares. iRay Technology Company Limited (SHSE:688301) announces a share repurchase program. Under the program, the company will repurchase up to CNY 20 million worth of its A shares. The shares will be repurchased at a price not more than CNY 345 per share. The company plans to use its own funds to repurchase its shares. The repurchased shares will be used for employee stock ownership plan and/or equity incentive. The program will be valid for a period of 6 months. Price Target Changed • Sep 02
Price target decreased by 9.1% to CN¥341 Down from CN¥375, the current price target is an average from 6 analysts. New target price is 41% above last closing price of CN¥242. Stock is down 33% over the past year. The company is forecast to post earnings per share of CN¥7.98 for next year compared to CN¥6.31 last year. Reported Earnings • Aug 29
Second quarter 2023 earnings released: EPS: CN¥1.44 (vs CN¥1.73 in 2Q 2022) Second quarter 2023 results: EPS: CN¥1.44. Revenue: CN¥516.8m (up 31% from 2Q 2022). Net income: CN¥187.9m (up 7.0% from 2Q 2022). Profit margin: 36% (down from 45% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Medical Equipment industry in China. Announcement • Jun 28
iRay Technology Company Limited to Report First Half, 2023 Results on Aug 29, 2023 iRay Technology Company Limited announced that they will report first half, 2023 results on Aug 29, 2023 Announcement • Jun 27
IRay Technology Co., Ltd. Shows Itself with High Profile at Laser-World of Photonics 2023 in Munich IRay Technology Co. Ltd. has shown itself with a high profile at LASER-World of Photonics 2023 in Munich. InfiRay presented its innovative technologies and highlighted thermal imaging products in hall B2 booth 112 at the Trade Fair Center Messe Munich. InfiRay will show the laser-related industries a series of thermal imaging cameras and systematic thermal imaging application solutions, such as machine fault detection, power supply system, fiber laser pump temperature monitoring, and 3D laser printing. P200 Handheld Thermal Imaging Camera has already been widely used in equipment inspection, hardware circuit design, and other fields. In addition, M620, which has been recently released, will be shown in this exhibition. It has 640x512 pixels and 0.63mrad IFOV to provide engineers with clearer thermal imaging quality and more accurate data. T600 with a detachable lens and auto-focusing system will bring users special experiences. Several online thermal imaging cameras, including AT/ATF/AT30, can help correlative corporations enhance productivity and reduce energy consumption, making it more environmentally friendly. By the way, InfiRay will bring a series of thermal imaging camera cores that can be widely used in civilian drones and vehicles in machine vision and other fields. Reported Earnings • Mar 17
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: CN¥8.84 (up from CN¥6.67 in FY 2021). Revenue: CN¥1.55b (up 31% from FY 2021). Net income: CN¥641.3m (up 33% from FY 2021). Profit margin: 41% (in line with FY 2021). Revenue missed analyst estimates by 5.3%. Earnings per share (EPS) also missed analyst estimates by 1.8%. Revenue is forecast to grow 30% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Medical Equipment industry in China. Board Change • Feb 25
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Yonggang Gao was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Dec 20
Price target increased to CN¥581 Up from CN¥543, the current price target is an average from 3 analysts. New target price is 45% above last closing price of CN¥402. Stock is down 20% over the past year. The company is forecast to post earnings per share of CN¥8.92 for next year compared to CN¥6.67 last year. Price Target Changed • Nov 16
Price target increased to CN¥543 Up from CN¥472, the current price target is an average from 3 analysts. New target price is 17% above last closing price of CN¥463. Stock is down 2.2% over the past year. The company is forecast to post earnings per share of CN¥8.71 for next year compared to CN¥6.67 last year. Reported Earnings • Oct 31
Third quarter 2022 earnings released: EPS: CN¥3.19 (vs CN¥1.60 in 3Q 2021) Third quarter 2022 results: EPS: CN¥3.19 (up from CN¥1.60 in 3Q 2021). Revenue: CN¥383.3m (up 43% from 3Q 2021). Net income: CN¥231.5m (up 99% from 3Q 2021). Profit margin: 60% (up from 43% in 3Q 2021). Revenue is forecast to grow 30% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Medical Equipment industry in China. Price Target Changed • Oct 23
Price target increased to CN¥543 Up from CN¥472, the current price target is an average from 3 analysts. New target price is 7.8% above last closing price of CN¥504. Stock is up 8.1% over the past year. The company is forecast to post earnings per share of CN¥8.64 for next year compared to CN¥6.67 last year. Reported Earnings • Aug 29
Second quarter 2022 earnings released: EPS: CN¥2.42 (vs CN¥1.86 in 2Q 2021) Second quarter 2022 results: EPS: CN¥2.42 (up from CN¥1.86 in 2Q 2021). Revenue: CN¥393.9m (up 19% from 2Q 2021). Net income: CN¥175.5m (up 30% from 2Q 2021). Profit margin: 45% (up from 41% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 44%, compared to a 27% growth forecast for the Medical Equipment industry in China. Announcement • Jun 29
iRay Technology Company Limited Debuts at MCE MOSTRA CONVEGNO EXPOCOMFORT 2022 iRay Technology Company Limited presented its innovative technologies and highlighted thermal imaging products. In MCE, InfiRay exhibited the thermal imaging products suitable for the HVAC industry, including handheld and online monitoring thermal cameras for air tightness detection of buildings, HVAC operation monitoring, electrical device security monitoring, pipe network/pipe leakage inspection, and defect detection of valves in heating stations. Application Advantages of InfiRay Thermal Camera: Thermal camera can be applied in heating equipment troubleshooting, equipment aging detection, and abnormal pipe temperature detection in heating stations. With thermal imaging technology, it screens and highlights abnormal areas to prevent accidents from the source. C200pro: C200pro Handheld Thermal Camera adopts InfiRay® self-developed high-performance 12µm infrared detector to provide thermal imaging pictures and videos with rich details and accurate temperature data. 15-hour long battery life and the pro-level USB plug-and-analysis functions help improve work efficiency. P200: P200 Compact Thermal Camera is small in size. With the 90° rotary lens, it can be used for fault detection in different narrow spaces without the need for moving other devices. Users can easily capture clear thermal imaging pictures and videos. M600: M600 Professional Handheld Thermal Camera has built-in self-developed 12µm infrared detector, 640 × 512 thermal imaging resolution, and 5-megapixel visible light lens, which makes it very competitive in the industry. T600: T600 Handheld Thermal Camera has multiple professional lenses to satisfy the requirements of the power industry. Manual and automatic focusing modes, and continuous automatic zooming functions are all supported for thermal imaging in complex power industry sites. AT61F: AT61F Online Thermal Camera can provide high-quality thermal imaging pictures and videos for various application scenarios. -20°C~+550°C wide temperature measurement range makes it possible to monitor more industrial targets with high temperature requirements. Announcement • Jun 20
Iray Technology Company Limited Announces Release of Its New M620 Handheld Thermal Camera with Art-Of-State Infiray Thermal CMOS Technology IRay Technology Co. Ltd. announced the release of its new M620 Handheld Thermal Camera with art-of-state InfiRay thermal CMOS technology. Handheld thermal camera offers intuitive and intelligent mobile target detection and industrial thermal imaging with no contact temperature measurement required — providing them with a wide range of applications across a number of industries. InfiRay's latest handheld thermal camera can be used for industrial thermal imaging and temperature measurement in product R&D, HVAC inspection, equipment maintenance, electric inspection, electrical maintenance and more. InfiRay Tianxuan M620 Handheld Thermal Camera is another upgraded masterpiece of Tianxuan M family! Equipped with a self-developed and guaranteed detector of 12µm advanced technology, it brings industrial thermal imaging with the resolution of 640×512 and the high sensitivity of 35mK. Small hot spots can be easily captured. Its 23° narrow viewing angle is equivalent to about 2.4× optical zoom of 56° wide viewing angle, more conducive to medium and long distance measurement. The temperature measurement range is extended to 650°C, which is suitable for more industrial thermal imaging scenarios, such as mold steel temperature monitoring. The product comes standard with a 32GB Micro SD card, with a maximum expandable capacity of 512GB, providing sufficient memory for long-time video recording and outdoor troubleshooting. Thanks to the overall design brought by the 12µm detector, M620 has the advantages of small size and 68% lighter weight than that of similar thermal cameras!. Price Target Changed • May 01
Price target decreased to CN¥432 Down from CN¥474, the current price target is an average from 7 analysts. New target price is 24% above last closing price of CN¥347. Stock is up 40% over the past year. The company is forecast to post earnings per share of CN¥8.58 for next year compared to CN¥6.67 last year. Reported Earnings • Apr 27
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: CN¥1.39 (up from CN¥1.03 in 1Q 2021). Revenue: CN¥326.8m (up 46% from 1Q 2021). Net income: CN¥100.9m (up 36% from 1Q 2021). Profit margin: 31% (down from 33% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 9.3%. Over the next year, revenue is forecast to grow 39%, compared to a 25% growth forecast for the industry in China. Reported Earnings • Feb 27
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: CN¥6.65 (up from CN¥3.77 in FY 2020). Revenue: CN¥1.19b (up 51% from FY 2020). Net income: CN¥482.5m (up 117% from FY 2020). Profit margin: 41% (up from 28% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Over the next year, revenue is forecast to grow 33%, compared to a 24% growth forecast for the industry in China. Price Target Changed • Nov 02
Price target increased to CN¥378 Up from CN¥309, the current price target is an average from 6 analysts. New target price is 17% below last closing price of CN¥454. Stock is up 143% over the past year. The company is forecast to post earnings per share of CN¥5.74 for next year compared to CN¥3.77 last year. Reported Earnings • Oct 23
Third quarter 2021 earnings released: EPS CN¥1.60 (vs CN¥0.85 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: CN¥268.1m (up 58% from 3Q 2020). Net income: CN¥116.1m (up 151% from 3Q 2020). Profit margin: 43% (up from 27% in 3Q 2020). The increase in margin was driven by higher revenue. Announcement • Sep 09
IRay Technology Co., Ltd Announces Release of its New M200A and P200 Handheld Thermal Cameras IRay Technology Co. Ltd. ('InfiRay') announced the release of its new M200A and P200 handheld thermal cameras with art-of-state IRay thermal CMOS technology. Alongside the product launch, InfiRay also shared the latest R&D breakthroughs behind its two new products. Handheld infrared thermal imaging cameras offer intuitive, intelligent and discreet mobile target detection with no contact required — providing them with a wide range of applications across a number of industries. InfiRay's latest handheld thermal cameras can be used for product development, building inspections, property maintenance, equipment maintenance, and more. The InfiRay P200 is a pocket-sized thermal camera, and unlike traditional compact thermal cameras, is equipped with a 0-90° rotary lens, which makes it a perfect tool for inspecting places such as narrow gaps and under car chassis, among multiple other scenarios, where it can be challenging or inaccessible for traditional cameras. In addition, with the combination of 256×192 resolution, 56° FOV, up to 0.04°C sensitivity, and 550°C measuring range, the P200 it not just compact, but also a powerful tool for building inspections, facilities maintenance, HVAC, electrical inspections, etc. InfiRay also updated their M-series handheld thermal camera line, with the 256×192 resolution, focus-free model M200A adding a more budget-friendly choice to the M-series camera, besides the popular M300 and M600. With the inclusion of the new M200A, P200 and other upcoming products, InfiRay's thermography product line now provides handheld and fixed thermal cameras, ranging from entry level, all the way up to high-end solutions, meeting a wide variety of customer thermography needs. Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment deteriorated over the past week After last week's 17% share price decline to CN¥375, the stock trades at a forward P/E ratio of 61x. Average forward P/E is 32x in the Medical Equipment industry in China. Simply Wall St's valuation model estimates the intrinsic value at CN¥165 per share. Major Estimate Revision • Aug 11
Consensus EPS estimates increase to CN¥5.08 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from CN¥1.06b to CN¥1.15b. EPS estimate increased from CN¥4.14 to CN¥5.08 per share. Net income forecast to grow 39% next year vs 28% growth forecast for Medical Equipment industry in China. Consensus price target up from CN¥272 to CN¥309. Share price rose 8.1% to CN¥410 over the past week. Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improved over the past week After last week's 18% share price gain to CN¥322, the stock trades at a forward P/E ratio of 71x. Average forward P/E is 41x in the Medical Equipment industry in China. Simply Wall St's valuation model estimates the intrinsic value at CN¥238 per share. Reported Earnings • Apr 20
First quarter 2021 earnings released: EPS CN¥1.03 (vs CN¥1.01 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: CN¥223.4m (up 16% from 1Q 2020). Net income: CN¥74.5m (up 36% from 1Q 2020). Profit margin: 33% (up from 28% in 1Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment improved over the past week After last week's 32% share price gain to CN¥228, the stock trades at a forward P/E ratio of 57x. Average forward P/E is 34x in the Medical Equipment industry in China. Reported Earnings • Mar 25
Full year 2020 earnings released: EPS CN¥3.77 (vs CN¥1.77 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥784.1m (up 44% from FY 2019). Net income: CN¥222.2m (up 131% from FY 2019). Profit margin: 28% (up from 18% in FY 2019). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment deteriorated over the past week After last week's 15% share price decline to CN¥163, the stock is trading at a trailing P/E ratio of 42.7x, down from the previous P/E ratio of 50.3x. This compares to an average P/E of 40x in the Medical Equipment industry in China. Announcement • Mar 04
iRay Technology Company Limited to Report Fiscal Year 2020 Results on Mar 25, 2021 iRay Technology Company Limited announced that they will report fiscal year 2020 results on Mar 25, 2021 Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥180, the stock is trading at a trailing P/E ratio of 44.7x, up from the previous P/E ratio of 38.7x. This compares to an average P/E of 44x in the Medical Equipment industry in China. Is New 90 Day High Low • Jan 13
New 90-day low: CN¥154 The company is down 2.0% from its price of CN¥157 on 15 October 2020. The Chinese market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Medical Equipment industry, which is down 1.0% over the same period.