Summary of Wuhan Raycus Fiber Laser Tech (300747.SZ) Conference Call Company Overview - **Company**: Wuhan Raycus Fiber Laser Tech (300747.SZ) - **Industry**: Fiber Laser Generators within China Industrial Tech & Machinery Key Points and Arguments 1. **Share Price Performance**: Raycus' share price increased by 27% year-to-date in 2025, outperforming the China Industrial Tech coverage median of 8% due to positive sentiment around its defense business, particularly low-altitude laser anti-drone systems [1][2] 2. **Defense Business Contribution**: The defense segment is expected to contribute less than Rmb100 million (or <3% of total sales) in 2024, indicating limited earnings impact in the near term [1][2] 3. **Challenges in Core Business**: The main business of fiber laser generators faces several challenges: - High base and tariff concerns leading to a softening of domestic automation capital expenditure demand in the second half of 2025 [1] - Stagnation in market share gains since 2021 due to intense competition [1] - Pressure on margins, with gross profit margin declining by 6 percentage points year-over-year in Q1 2025 and 1 percentage point in 2024 [1] 4. **Revenue and Earnings Forecasts**: The 2025-2030 net income forecasts have been cut by an average of 30%, leading to a target price decline of approximately 14% to Rmb13.4 [2] 5. **Valuation Metrics**: Current share price levels are considered premium, trading at 45x 12-month forward P/E against a 24% earnings CAGR for 2026-2030 [2] 6. **Market Share**: Raycus holds a 23% market share in the domestic fiber laser generator market, but growth potential appears limited due to competition from higher-end suppliers like IPG [34][17] 7. **ASP Decline**: Continuous wave (CW) laser average selling prices (ASP) have declined by 23% over the past five years, with expectations of an additional 11% CAGR decline from 2024 to 2030 due to competition [33][34] 8. **Long-term Growth Outlook**: Despite challenges, the long-term growth outlook for the fiber laser generator market is projected at a 6% CAGR from 2024 to 2030, with higher growth anticipated in high-power applications [34] Additional Important Content 1. **Financial Projections**: - Revenue projections for 2025E are Rmb3,405.1 million, with a net income of Rmb173.1 million [4][13] - EPS is expected to grow from Rmb0.24 in 2024 to Rmb0.31 in 2025 [4][13] 2. **Cash Flow and Capital Expenditures**: Cash flow from operations is projected to be Rmb325.8 million in 2025, with capital expenditures of Rmb170.3 million [13] 3. **Risks and Upside Potential**: - Risks include intense pricing competition and limited market share improvement [34] - Upside potential exists if overseas expansion or defense business progress exceeds expectations, or if pricing pressure is less severe than anticipated [33][35] Conclusion Wuhan Raycus Fiber Laser Tech is facing significant challenges in its core business of fiber laser generators, with limited contributions from its defense segment. The company is currently rated as a "Sell" due to overvaluation and a modest long-term growth outlook, despite a strong market position in the fiber laser generator industry.

天眼查商业履历信息显示，武汉锐科光纤激光技术股份有限公司，成立于2007年，位于武汉市，是一家 以从事计算机、通信和其他电子设备制造业为主的企业。企业注册资本56482.1828万人民币，实缴资本 9493.3846万人民币。公司法定代表人为陈正兵。 通过天眼查大数据分析，武汉锐科光纤激光技术股份有限公司共对外投资了6家企业，参与招投标项目 190次，知识产权方面有商标信息33条，专利信息1381条，此外企业还拥有行政许可62个。 来源：金融界 金融界消息 截至2025年8月4日收盘，锐科激光（300747）报收于31.38元，上涨5.55%，换手率9.26%， 成交量47.15万手，成交金额14.36亿元。 资金流向方面，今日主力资金净流入1.40亿元，占比成交额9.77%。其中，超大单净流入8042.92万元、 占成交额5.6%，大单净流入5990.76万元、占成交额4.17%，中单净流出流出1506.55万元、占成交额 1.05%，小单净流出12527.12万元、占成交额8.72%。 锐科激光最新一期业绩显示，截至2025一季报，公司营业总收入7.15亿元、同比减少10.72%，归属净利 润1693.5 ...

Investment Rating - The report does not explicitly state an investment rating for the defense and military industry but highlights a positive outlook for long-term growth potential [4]. Core Insights - The defense and military industry is expected to experience a recovery in demand as the "14th Five-Year Plan" approaches its final year, with a clear directive for modernization by 2035 and a world-class military by 2050 [4]. - The report emphasizes the significant impact of AI technology on military equipment and decision-making, showcasing its transformative value in modern warfare, particularly highlighted by the ongoing Russia-Ukraine conflict [2][39]. - The report identifies specific investment opportunities in the military sector, particularly in AI applications, low-altitude economy developments, and the upcoming commissioning of the Fujian aircraft carrier [3][38]. Summary by Sections Market Review - The defense and military index rose by 0.08% last week, ranking 6th among 31 primary industries, while the overall market indices declined [2][13]. - The current PE (TTM) for the defense and military sector is 84.92, with sub-sectors showing varied valuations, such as aerospace equipment at 146.02 and ground armaments at 189.72 [2][21]. Key Recommendations - The report recommends focusing on companies involved in downstream manufacturing, military technology, underwater equipment, missile supply chains, titanium materials, electronic components, and laser weapons [4]. - Specific companies highlighted include Hongdu Aviation, AVIC Shenyang Aircraft, and Reicoh Laser among others [4]. Industry Dynamics - The report discusses the emergence of low-altitude economy opportunities, driven by recent policy initiatives and technological advancements in drone logistics and infrastructure [3][32][37]. - The military AI sector is identified as a core growth driver, with expectations for a surge in orders for AI-enabled equipment by 2025 [40].

Group 1 - The report indicates that the "bull market atmosphere" is continuously strengthening, with the main logic of "anti-involution" significantly improving the supply-demand structure for midstream manufacturing in 2026 [6][14] - The report suggests that the conditions for residents to fully allocate equity are still lacking, but the profit effect is accelerating, potentially leading to an earlier time for comprehensive incremental speculation in A-shares [6][14] - The report recommends actively seeking new structural opportunities in the current market phase, which is seen as a transitional stage for the market to find the main structure of the bull market [6][14] Group 2 - The report highlights the "iron triangle" stocks: Ruike Laser, Giant Network, and Heng Rui Medicine, which are expected to perform well due to their strong market positions and growth potential [6][17] - Other recommended stocks include: Pengding Holdings, Yangnong Chemical, Sun Paper, Zhongmin Resources, China Shipbuilding, Maifusi (Hong Kong), and Jianfa International Group (Hong Kong) [6][17] - The report emphasizes the importance of technology with industrial trend catalysts and midstream manufacturing with improved supply-demand dynamics as key investment themes [6][14] Group 3 - The previous stock combination from July 1 to July 31, 2025, achieved a return of 5.11%, with A-shares averaging a 3.53% increase, while the Hang Seng Index saw an increase of 2.91% [6][2] - Since the first release of the stock combination on March 28, 2017, the cumulative increase has reached 322.85%, with A-shares up 251.34% and Hong Kong stocks up 809.47% [6][2] - The report provides detailed performance metrics for the recommended stocks, including market capitalization and price changes, indicating a strong performance relative to benchmarks [6][15]

天眼查商业履历信息显示，武汉锐科光纤激光技术股份有限公司，成立于2007年，位于武汉市，是一家 以从事计算机、通信和其他电子设备制造业为主的企业。企业注册资本56482.1828万人民币，实缴资本 9493.3846万人民币。公司法定代表人为陈正兵。 金融界消息 截至2025年7月30日收盘，锐科激光（300747）报收于29.97元，下跌0.33%，换手率 5.93%，成交量30.20万手，成交金额9.00亿元。 资金流向方面，今日主力资金净流出4486.40万元，占比成交额4.98%。其中，超大单净流出2175.92万 元、占成交额2.42%，大单净流出2310.48万元、占成交额2.57%，中单净流出流入4407.14万元、占成交 额4.9%，小单净流入79.26万元、占成交额0.09%。 锐科激光最新一期业绩显示，截至2025一季报，公司营业总收入7.15亿元、同比减少10.72%，归属净利 润1693.51万元，同比减少73.36%，扣非净利润243.86万元，同比减少94.02%，流动比率2.155、速动比 率1.667、资产负债率37.02%。 通过天眼查大数据分析，武汉锐科光纤激光技术股份有限 ...

Core Insights - The report emphasizes the undervaluation of consumer stocks in the Hong Kong market, particularly in the context of the recently introduced childcare subsidy policy, which is expected to catalyze a rebound in the consumer sector [3][11] - The report highlights the potential for a mid-term reversal in the consumer sector, driven by improving fundamentals and the market's previous pessimism towards certain industries [3][11] - The report identifies the continuous support from government policies, such as free preschool education, as a significant catalyst for enhancing consumer sentiment and boosting birth rates [3][11] Summary by Sections Hong Kong Consumer Sector Analysis - The report notes that consumer goods stocks are currently undervalued and are likely to experience a rebound due to policy catalysts, particularly the childcare subsidy policy [3][11] - It provides data showing significant price increases in various consumer sectors, with entertainment products and cosmetics seeing increases of 123.5% and 40.5% respectively from January to July 2025 [11] - The report suggests that the consumer sector is at a turning point, with the potential for a mid-term reversal as the market begins to reflect improved fundamentals [3][11] Company Analysis: Ruike Laser (300747) - Ruike Laser is recognized as a leading enterprise in the fiber laser sector, with a comprehensive vertical integration capability from semiconductor laser chips to various laser devices [4][15] - The company has demonstrated a compound annual growth rate (CAGR) of 30.01% in revenue and 25.89% in net profit from 2014 to 2024, indicating strong growth potential [15] - The report highlights the increasing demand for laser equipment in industrial applications, particularly due to the advantages of precision and efficiency over traditional processing methods [4][15] Special Applications and Market Potential - The report discusses the strategic positioning of Ruike Laser in special applications, particularly in defense systems, where laser technology is becoming crucial for modern warfare [4][15] - It notes the potential market space for laser defense systems, particularly in low-altitude anti-drone applications, which are gaining traction globally [4][15] Lithium Battery Equipment Sector - The report highlights the increasing application of laser technology in solid-state batteries, which is expected to enhance the value of equipment in this sector [14][16] - It outlines the advantages of solid-state batteries, including higher energy density and safety, which are driving demand for related equipment [14][16] - Key companies in the lithium battery equipment sector, such as Lianying Laser and Delong Laser, are identified as significant players in the development of solid-state battery production technologies [14][16]

Investment Rating - The report maintains a "Buy" rating for the company, Ruike Laser [6][5][4]. Core Views - Ruike Laser is a leading enterprise in continuous fiber laser technology, with expanding demand in consumer and specialized applications. The company has a comprehensive vertical integration capability from semiconductor laser chips to various fiber and components, aiming for full spectrum, pulse width, power, and application coverage [5][13][19]. - The company has shown robust revenue growth with a CAGR of 30.01% from 2014 to 2024, and a net profit CAGR of 25.89% during the same period. Despite a projected revenue decline in 2024, the company is expected to recover with a focus on high-end applications and cost control measures [23][5][6]. Financial Data and Profit Forecast - Total revenue for 2024 is projected at 3,197 million yuan, with a year-on-year decline of 13.1%. The net profit attributable to the parent company is expected to be 134 million yuan, down 38.2% year-on-year [4][6]. - The company anticipates net profits of 178 million yuan, 275 million yuan, and 361 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 94, 61, and 46 [6][5]. - The gross profit margin is expected to improve from 20.5% in 2024 to 25.1% by 2027, reflecting enhanced profitability [6][5]. Industry Insights - The industrial laser market is experiencing a shift towards high-precision and efficient processing, with laser technology increasingly replacing traditional methods due to its advantages in speed and accuracy [29][32]. - The consumer segment is witnessing rapid growth in desktop laser equipment, driven by DIY culture and personalized customization trends in regions like Europe and North America [5][6]. - The special applications sector, particularly in defense and aerospace, is a key growth area, with the company positioned to capitalize on emerging opportunities in low-altitude anti-drone systems [5][6]. Competitive Landscape - The competitive landscape for industrial lasers is improving as smaller players exit the market, allowing for better pricing stability and market share retention for leading companies like Ruike Laser [5][6]. - The company is strategically positioned against comparable firms in the laser industry, with a focus on maintaining a competitive edge through innovation and cost management [6][5].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is a leading enterprise in the continuous fiber laser sector, with demand growth driven by consumer and specialized applications [5][15] - The company has demonstrated strong revenue growth with a CAGR of 30.01% from 2014 to 2024 and a net profit CAGR of 25.89% during the same period [25][26] - The company is positioned to benefit from improving market dynamics in the industrial sector, with a focus on high-precision applications and export opportunities [5][31] Financial Data and Profit Forecast - Total revenue is projected to be 3,197 million yuan in 2024, with a year-on-year decline of 13.1%, followed by an increase to 3,470 million yuan in 2025, representing an 8.5% growth [4] - The net profit attributable to the parent company is expected to be 134 million yuan in 2024, with a significant decline of 38.2%, and is forecasted to recover to 178 million yuan in 2025, reflecting a growth of 32.6% [4] - The earnings per share (EPS) is projected to be 0.24 yuan in 2024, increasing to 0.32 yuan in 2025 [4] Industry Overview - The laser industry is experiencing a shift towards high-precision and efficient processing methods, with laser technology increasingly replacing traditional manufacturing techniques [31][34] - The market for laser equipment is expected to grow steadily, with the Chinese laser equipment market projected to expand from 658 billion yuan in 2019 to 940 billion yuan by 2024, reflecting a CAGR of 7.39% [42][45] - The continuous fiber laser market is anticipated to grow from 82.60 billion yuan in 2019 to 140 billion yuan by 2024, with a CAGR of 11.13% [43][45] Product Development - The company has developed a diverse range of products, including six major categories of laser products, catering to various applications such as laser marking, cutting, welding, and 3D printing [21][22] - The continuous fiber laser products contribute significantly to revenue, accounting for approximately 79% of total revenue in 2024 [23][22] - The company is actively expanding its product offerings to include high-power and ultra-fast lasers, which are gaining traction in precision manufacturing and specialized applications [5][15]

证券代码：300747 证券简称：锐科激光 公告编号：2025-038 武汉锐科光纤激光技术股份有限公司 关于回购注销公司首期股权激励计划剩余全部限制性股票的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 武汉锐科光纤激光技术股份有限公司（以下简称"公司"）于 2025 年 7 月 22 日召开第四届董事会第十三次会议和第四届监事会第九次会议，审议通过了 《关于回购注销公司首期股权激励计划剩余全部限制性股票的议案》，鉴于公司 内外部经营环境与制定激励计划时相比发生了较大变化，2023 年、2024 年度经 营业绩未达到公司首期股权激励计划（以下简称"本激励计划"）解除限售期的 业绩考核目标，263 名激励对象因公司层面业绩考核不达标而不符合《公司首期 股权激励计划》（以下简称"《激励计划》"）第二个和第三个解除限售期的解 除限售条件，34 名激励对象因个人原因主动离职不再具备激励对象资格。对上 述已获授但尚未解除限售的 3,202,491 股限制性股票进行回购注销。资金来源为 自有资金，本次回购金额合计为 80,650,892.8458 元人民币。该事项 ...

关于武汉锐科光纤激光技术股份有限公司 回购注销剩余全部限制性股票 相关事项的 法 律 意 见 书 中国 深圳 福田区 益田路 6001 号太平金融大厦 11、12 层 邮编：518038 电话（Tel）：（0755）88265288 电子邮箱（E-mail）：info@sundiallawfirm.com 传真（Fax）：（0755）88265537 网站（Website）：www. sundiallawfirm.com 法律意见书 信达励字[2025]第100号 致：武汉锐科光纤激光技术股份有限公司 广东信达律师事务所（以下简称"信达"）接受武汉锐科光纤激光技术股份 有限公司（以下简称"公司"或"锐科激光"）的委托，担任公司限制性股票激 励计划（以下简称"本次激励计划"）的专项法律顾问。信达律师根据《中华人 民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以 下简称"《证券法》"）及中国证券监督管理委员会（以下简称"中国证监会"） 发布的《上市公司股权激励管理办法》（以下简称"《激励管理办法》"）等法 律、法规和规范性文件以及《武汉锐科光纤激光技术股份有限公司章程》（以下 简称"《公司 ...