Guojin Securities: Grant a Buy rating to Rilian Technology

Guojin Securities Co., Ltd. Man Zai Peng, Li Zian recently conducted research on NichiLian Technology and released a research report titled “Performance Express Meets Expectations, Acquisition Integration Continues to Advance,” giving NichiLian Technology a “Buy” rating.

NichiLian Technology (688531)

Event

On February 27, the company released its 2025 performance quick report, estimating full-year revenue of 1.071 billion yuan, a year-on-year increase of 44.9%; net profit attributable to parent company of 175 million yuan, up 21.8%. In Q4, revenue is expected to reach 334 million yuan, up 46.8%; net profit attributable to parent is expected to be 50 million yuan, up 30%.

Operational Analysis

Performance quick report meets expectations. According to the report, the significant profit growth is mainly due to focusing on core business, continuously increasing R&D investment, and consolidating core technologies and products. The company’s industrial X-ray sources achieve full spectrum coverage, micro-focus X-ray sources achieve large-scale shipments, nano-level tube-opening X-ray sources and high-power X-ray sources are successfully industrialized, breakthroughs are made in AI intelligent inspection software, 3D/CT inspection technology, and other fields, enhancing product market competitiveness. New orders have increased significantly.

Acquisition and integration continue to progress. In 2025, the company successfully completed several major acquisitions. On June 14, 2025, the company announced the acquisition of a 55% stake in Zhuhai Jiuyuan, which mainly deals with high-end new energy power conversion equipment and testing products. This acquisition allowed the company to enter the battery electrical performance testing sector. On January 10, 2026, the company announced the acquisition of a 66% stake in SSTI in Singapore, which is one of the few high-end semiconductor testing, diagnosis, and failure analysis equipment companies globally. This acquisition enabled the company to enter wafer failure analysis and fault localization sectors. On February 27, 2026, the company announced the joint establishment of SemiconKang Semiconductor (Wuxi) Co., Ltd. with SSTI, aiming to achieve deep synergy in semiconductor testing technology, extending the product system into semiconductor functional testing and analysis, and enhancing comprehensive services for wafer fabs, design companies, packaging enterprises, and other semiconductor clients.

Profit Forecast, Valuation, and Rating

Forecast for 2025/26/27: net profit attributable to parent of 170 million/330 million/460 million yuan, year-on-year +21.8%/+87.6%/+39.7%. Corresponding current P/E ratios are 63/37/27x, maintaining a “Buy” rating.

Risk Tips

Lower-than-expected downstream demand; changes in overseas policies; intensified competition; unlocking of restricted shares.

Latest profit forecast details are as follows:

In the past 90 days, five institutions have given ratings for this stock, all “Buy”; the average target price among these institutions is 99.33 yuan.

The above content is compiled by Securities Star based on public information, generated by AI algorithm (Wangxin Suanbei 310104345710301240019), and does not constitute investment advice.