Securities abbreviation: Iray Technology Company Limited(688301) securities code: 688301 Iray Technology Company Limited(688301)
iRay Technology Company Limited
(Room 202, floor 2, building 9, No. 590, Ruiqing Road, Pudong New Area, Shanghai)
Issue convertible corporate bonds to unspecified objects
Feasibility analysis report on the use of raised funds
January 2002
1、 Application plan of the raised funds
The proposed fund-raising for the issuance of convertible corporate bonds to unspecified objects is no more than 1435.01 million yuan (including 1435.01 million yuan). The net raised funds after deducting the issuance expenses will be used for the following projects:
No. project name total project investment amount of raised funds to be used (10000 yuan) (10000 yuan)
1 new detector and scintillator material industrialization project 107584.02 98886.00
2 key technology R & D and comprehensive 143876.87 44615.00 innovation base construction project of digital X-ray detector
Total 251460.89 143501.00
Before the funds raised from the issuance of convertible corporate bonds are in place, the company will invest in advance through self raised funds according to the actual situation of the implementation progress of the investment project with raised funds, and replace them in accordance with the procedures specified in relevant laws and regulations after the raised funds are in place. If the actual raised funds (after deducting the issuance expenses) are less than the amount of raised funds to be used, the board of directors of the company will arrange the specific use of the raised funds according to the importance and urgency of the purpose of the raised funds, and the insufficient part will be solved by self financing. On the premise of not changing the investment project of the raised funds, the board of directors of the company may appropriately adjust the investment sequence and amount of the raised funds of the above projects according to the actual needs of the project. 2、 Implementation background of the investment project with raised funds (I) the downstream application field of digital X-ray detector continues to expand and the market space continues to grow
With the progress of digital X-ray photography technology, the image quality of digital X-ray detector continues to improve, the imaging speed continues to accelerate, the radiation dose continues to decrease, and the cost continues to decline. The application of digital X-ray equipment with detector as the core component continues to expand in medical, industrial and other fields, and the market space continues to grow.
Main equipment in application field
Fixed or mobile Dr, DRF, etc. for common amplifier equipment
Mammary gland machine
Surgical and interventional equipment small C, medium C, large C, etc
Medical radiotherapy EPID (electronic radiation field imaging system), radiotherapy CBCT, etc
Dental CBCT, intraoral X-ray photography system, etc
CT system
Fixed or mobile Dr for animals, etc
New energy battery testing equipment, electronic and semiconductor testing equipment, industrial testing equipment for food inspection, industrial flaw detection equipment for castings and pipeline welds, etc
Cargo and traffic safety inspection equipment
1. Medical field
Medical treatment is the largest application field of X-ray detector at present. In 2020, the global market scale of medical imaging equipment was about US $43 billion, with an average annual compound growth rate of about 3.2% from 2016 to 2020. China’s medical imaging industry started late and is currently in a stage of rapid development. Driven by market demand and policy dividends, China’s medical imaging equipment market will continue to grow. In 2020, the market scale has reached 53.7 billion yuan. It is expected that the market scale will be close to 110 billion yuan in 2030, and the average annual compound growth rate is expected to reach 7.3%. CT system is the largest market for medical imaging equipment. In 2020, the global CT system market will reach about US $13.53 billion, and it is expected to reach about US $21.54 billion in 2030, with an annual compound growth rate of 4.8%. In 2019, the scale of China’s CT market will reach about 11.76 billion yuan. Driven by the strong demand brought by the covid-19 epidemic, the scale of China’s CT market will reach about 17.27 billion yuan in 2020. It is expected to reach 29.05 billion yuan in 2030, with an annual compound growth rate of 5.3%. According to yole D é veloppement data, the global shipment of medical X-ray detectors (excluding intraoral detectors) was about 99000 in 2018. By 2024, the shipment is expected to increase to 143000, with a compound growth rate of 6.3%. With the increasing demand for lesion image detection in clinical medical applications and the continuous improvement of detector performance, the demand for medical imaging equipment will further increase.
2. Industrial field
According to yole D é veloppement data, the global market scale of industrial digital X-ray detectors was about US $440 million in 2018 and will reach US $780 million in 2024, with an average annual compound growth rate of more than 10%. New energy battery detection, semiconductor rear section packaging detection and safety inspection are the main new growth points of X-ray detector demand.
In terms of new energy batteries, according to the data of the Institute of advanced industry research (GGII), the global installed capacity of power batteries increased rapidly from 106 GWH in 2018 to 136 GWH in 2020. In the first half of 2021, the global installed capacity of power batteries was about 100 GWH, a year-on-year increase of 141%; It is estimated that the global power battery installed capacity will be close to 2000gwh in 2025.
Before the new energy battery leaves the factory, the electrode, cell and outer packaging of the battery need to be tested. The rapid and large capacity of lithium battery will bring huge market demand for X-ray detector. In addition, due to the high radiation dose and poor working environment, industrial detectors usually have a short service life. They not only have a large incremental market, but also have a large replacement market.
In terms of semiconductor packaging inspection, defects in the production process need to be detected, such as internal defects of PCB and its SMT process, as well as the welding of micro electronic devices in the circuit board. Because the resolution of detection equipment needs to reach micron or even nano level, CMOS detector with high resolution can better meet the detection requirements. Therefore, enterprises with solid CMOS technology reserves will obtain greater market development opportunities with the rapid growth of market demand for semiconductor testing equipment.
In terms of safety inspection, the upgrading of safety inspection requirements in global public places and the decline of X-ray detector cost will drive the rapid growth of X-ray safety inspection equipment demand. With the continuous attention of countries to public security issues and the construction of infrastructure such as airports, railways, highways, subways and ports, the demand for X-ray safety inspection equipment has maintained a rapid growth, which makes the application prospect of linear array detector products in the field of safety inspection broad. (II) downstream applications put forward higher requirements for detector performance, and digital detector technology is constantly updated and developed. Digital X-ray detectors can be divided into direct conversion and indirect conversion according to energy conversion mode. Direct conversion can directly convert X-ray into electrical signal, while indirect conversion needs to convert X-ray into visible light, and then convert visible light into electrical signal. At present, the common amorphous silicon, flexible, igzo and CMOS detectors belong to indirect conversion detectors, while CZT photon counting detectors belong to direct conversion detectors.
1. Development trend of indirect conversion detector
From the technical development trend, the indirect conversion digital X-ray detector has always been developing in the direction of lower dose, lower noise, fast imaging, multi working mode compatibility and intelligence. At present, the static digital X-ray detector generally adopts the intermittent working mode of relatively low speed, and the image performance emphasizes the large dynamic range of a single frame. The design idea of the static digital X-ray detector is to sacrifice the acquisition speed for a larger photosensitive area in the pixel, so as to improve the image signal-to-noise ratio, and is committed to improving the resolution as much as possible when the clinical dose is acceptable. Dynamic digital X-ray detector needs to adapt to high-speed continuous operation, emphasizing high stability and reliability under long-time operation; Image performance emphasizes high-throughput, low delay real-time image processing, and achieving high signal-to-noise ratio at low dose.
The sensor technology of indirect conversion detector mainly includes amorphous silicon, flexible, igzo and CMOS. Among them, amorphous silicon, flexible and igzo are derived from TFT technology, and CMOS is derived from monocrystalline silicon technology. Because the electron mobility of monocrystalline silicon is thousands of times that of amorphous silicon / flexibility and hundreds of times that of igzo, CMOS has the advantages of high resolution, high acquisition speed, very low noise and low hysteresis, which is obviously better than that of amorphous silicon / flexibility / igzo. It can meet the requirements of dynamic and static products at the same time and realize multi-mode compatibility. Although monocrystalline silicon is obviously superior to amorphous silicon / flexible / igzo in performance, it has certain disadvantages in size, radiation life and cost. At present, it is mainly used in medical small-size dynamic X-ray equipment (such as dental products). In the future, with the maturity of China’s wafer production process, CMOS splicing technology and radiation reinforcement technology, CMOS detectors will be more widely used in high-end static, large-size dynamic and industrial X-ray equipment, so as to meet the higher requirements of downstream applications for detector performance.
2. Development trend of direct conversion detector
Among the direct conversion detectors, CZT photon counting detector is the key research direction of direct conversion at present. Compared with the indirect conversion detector, CZT photon counting detector has the following advantages: (1) it has the ability of energy spectrum resolution, and the image changes from single energy black-and-white to multi-energy color; (2) No dark noise, high signal-to-noise ratio; (3) Because there is no need for scintillator, the energy loss after X-ray is converted by scintillator can be avoided in theory, and the sensitivity of detector can be improved; (4) The problem of “crosstalk” caused by the conversion of X-ray into visible light is reduced and the clarity of the detector is improved.
CZT photon counting detector can be widely used in medical and industrial fields. In the medical field, CZT photon counting detector has attracted more and more attention in the fields of CT, PET / CT and SPECT. In 2021, Siemens launched the world’s first FDA approved photon counting CT; In the industrial field, CZT photon counting detector with excellent energy spectrum resolution can effectively improve the foreign matter recognition rate of detection equipment and increase the yield of products. (III) as a leading enterprise guided by the technology development trend of the whole industry chain, the company still needs to continuously expand its product line and increase R & D investment to continuously improve its core competitiveness and brand influence
Over the past decade, China’s digital X-ray detector industry has experienced a development process from scratch, from small to large, from economic to high-end leading. At present, China has cultivated and attracted a group of core talents with world cutting-edge vision, gradually improved the digital X-ray detector industry chain, and has the ability to accept the global X-ray detector production capacity transfer. In the increasingly fierce market competition, China with obvious R & D advantages and cost advantages will become the base for the transfer of X-ray detector industry. In the process of industrial transfer, the company has grown into a leader in the import substitution process of China’s digital X-ray detectors. After its establishment in 2011, the company has successfully developed and industrialized domestic amorphous silicon flat panel detectors. Now it has grown into a digital X-ray detector manufacturer guided by the technical development trend of the whole industrial chain and in line with international standards, and has a certain market position and share in the world.
After continuous R & D and innovation, the company has formed a multi field, multi-size, multi-functional and relatively perfect product line, but its brand influence is still relatively weak in the application markets such as high-end, dynamic detector and downstream breast machine, C-arm, spiral CT, industrial detection and safety inspection.
In the future, the company is still in the stage of rapid development. On the one hand, the company needs to continuously increase the R & D investment in new detectors such as CMOS detector, TDI detector, CT detector, SIPM detector and CZT photon counting detector; On the other hand, it is necessary to accelerate the industrialization of R & D achievements of new detectors, optimize product structure, extend industrial chain layout, expand new business model, fully grasp the opportunities of industry development, and continuously improve core competitiveness and brand influence. 3、 Details of the project invested by the raised funds (I) industrialization project of new detector and scintillator materials
1. Project overview
At present, the company’s product structure is mainly amorphous silicon / igzo detectors, and CMOS is mainly used in the field of Dentistry, accounting for a relatively low proportion; In terms of CT detector, the company has arranged four core components such as collimator (ASG), scintillator, photodiode (PD) and electronic circuit, but it does not have mass production capacity; In terms of scintillator materials, the company already has cesium iodide evaporation and gadolinium sulfide film coupling process, but does not have the large-scale mass production capacity of scintillator crystals such as cesium iodide crystal (CSI), gadolinium sulfide ceramic (GOS) and cadmium tungstate crystal (CWO).
On the one hand, the project will focus on building production capacity of new detectors such as CMOS detector and CT detector (CMOS products can be widely used in high-end D
