上 市 公 司 机械设备 2025 年 04 月 22 日 锐科激光 (300747) ——业绩短期承压，期待高端及特种业务放量 | 报告原因：有业绩公布需要点评 | | --- | | 买入（维持） | | 市场数据： | 2025 年 04 月 21 日 | | --- | --- | | 收盘价（元） | 18.16 | | 一年内最高/最低（元） | 27.19/13.28 | | 市净率 | 3.1 | | 股息率%（分红/股价） | 0.84 | | 流通 A 股市值（百万元） | 9,171 | | 上证指数/深证成指 | 3,291.43/9,905.53 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 5.79 | | 资产负债率% | 36.69 | | 总股本/流通 A 股（百万） | 565/505 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-22 05-22 06-22 07-22 08-22 09-22 10-22 11 ...

会计准则调整影响毛利率，实际毛利率仅略降。由于质保金从销售费用集中调整至营业成本，单Q4 毛 利率意义不大。24 年公司毛利率20.50%，同比-0.85pct，其中连续光纤/脉冲光纤毛利率分别同 比-0.92pct、+1.06pct。在市场竞争激烈环境下，公司降本增效措施仍取得了显著效果，营业成本同步下 降，保障了毛利率相对稳定。 产业布局持续优化，海外市场稳步拓展。分子公司来看，24 年智慧光子、无锡锐科、武汉睿芯的营收 贡献分别为59.8%、27.0%、8.4%，其中武汉睿芯和智慧光子仍然贡献了主要利润来源，利润占比分别 达54%/40%。分地区来看，24 年海外收入1.97 亿元，同比增长近40%，目前海外已形成16 家销售与服 务网点。 新兴应用、特种领域持续拓展。公司24 年推出多款新品，超高功率家族覆盖60kW、80kW、100kW、 120kW 以及200kW（目前全球最高）光纤激光器。与华曙高科、上海船舶工艺研究所、航天增材等达 成战略合作，拓展3D 打印、船舶、航空航天等激光应用市场。特种领域也在持续加快低空激光反无人 机系统等应用的落地。 事件描述 加快机器人、AI 等未来产业布局。新产 ...

丨证券研究报告丨 公司研究丨点评报告丨锐科激光（300747.SZ） [Table_Title] 锐科激光：销量增长、降本推进，积极布局未来 产业 报告要点 [Table_Summary] 公司 2024 年实现营收 31.97 亿元，同比-13.11%；归母净利润 1.34 亿元，同比-38.24%。按此 计算，24Q4 营收 8.48 亿元，同比-22.65%；归母净利润 0.14 元，同比-68.43%。往后看，公 司龙头格局基本稳固，制造业需求有望修复，公司有望继续受益于高功率+激光出海大趋势。看 好公司持续推进降本增效，夯实核心业务优势，并通过战略业务、国际业务持续打开成长空间。 分析师及联系人 [Table_Author] 赵智勇 臧雄 SAC：S0490517110001 SAC：S0490518070005 SFC：BRP550 SFC：BVO790 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 锐科激光（300747.SZ） cjzqdt11111 [Table_Title 锐科激光：销量增长、降本推进，积极布局未来 2] 产业 [Table ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company experienced a significant decline in performance in 2024, with revenue of 3.197 billion RMB (down 13.11% year-on-year) and a net profit of 134.27 million RMB (down 38.24% year-on-year) [1][4] - Despite the short-term pressure on performance, the expansion of laser applications is expected to drive growth in the laser industry, with the company positioned as a leader through continuous high R&D investment [1][3] - The company's gross margin for 2024 was 20.51%, a decrease of 5.49 percentage points year-on-year, primarily due to accounting policy adjustments and ongoing price pressures [2] Summary by Sections Financial Performance - In Q4 2024, the company achieved revenue of 848 million RMB (down 22.65% year-on-year, up 11.34% quarter-on-quarter) and a net profit of 14.27 million RMB (down 68.43% year-on-year, down 40.84% quarter-on-quarter) [1] - The net profit margin for 2024 was 4.41%, a decrease of 1.71 percentage points year-on-year [2] R&D and Product Development - The company has increased its R&D expense ratio to 11.10%, up 1.91 percentage points year-on-year, launching 13 new products to support future growth in niche application areas [2] Market Opportunities - The expansion of high-power laser applications in industries such as shipping and rail transport, along with advancements in high-end applications like renewable energy, is expected to support the company's performance [3] - Strategic collaborations with companies like Huazhu High-Tech and Aerospace Additive have been established to enhance competitive laser source products for high-precision 3D printing and advanced manufacturing [3] Profit Forecast and Valuation - Due to a sluggish macroeconomic recovery, the profit forecast for 2025-2027 has been adjusted, with expected net profits of 234 million RMB, 298 million RMB, and 327 million RMB respectively [4] - The target price for the company is set at 21.32 RMB, based on a 52 times PE ratio for 2025 [4][8]

Core Viewpoint - The performance of Raycus Laser (300747.SZ) has significantly declined in Q4 2024, with a gross margin of only 2.88%, marking a new low for the company, and a substantial drop in revenue and net profit compared to the previous year [1][3]. Financial Performance - In 2024, Raycus Laser reported a revenue of 3.197 billion yuan, a year-on-year decrease of 13.11%, and a net profit of 29.837 million yuan, down 81.99% [1]. - The company's Q4 performance was particularly poor, with a revenue decline of 22.65% and a loss of 40.1876 million yuan, ending a streak of seven consecutive profitable quarters [1]. - The gross margin for Q4 2024 was the lowest recorded, significantly lower than the previous minimum of 11.24% in Q2 2022 [1]. Sales and Product Performance - Despite a 9.77% increase in shipment volume to 174,700 units in 2024, revenue declined due to a drop in average product prices, estimated to have fallen over 20% [3]. - The revenue contributions from the three main product categories—continuous fiber lasers, pulsed fiber lasers, and ultrafast lasers—were 79.03%, 12.56%, and 2.2%, respectively, with corresponding gross margin declines of 6.27, 1.06, and 18.22 percentage points [3]. Accounts Receivable and Credit Losses - The accounts receivable turnover days worsened from 70.03 days in 2023 to 80.08 days in 2024, indicating increased collection challenges [3]. - Credit impairment losses surged to 42.9957 million yuan in 2024, a significant increase from 7.0875 million yuan in the previous year [3]. International Business and R&D Investment - International revenue grew nearly 40% year-on-year to 190 million yuan, although it still only accounted for 6.16% of total revenue [4]. - R&D expenses increased by 4.97% to 355 million yuan in 2024, with the R&D expense ratio rising from 9.19% in 2023 to 11.1% in 2024 [4]. New Product Development - In 2024, Raycus Laser launched several new products across various sectors, including aerospace, medical lasers, photovoltaic industry, automotive manufacturing, and semiconductors [5]. - The company has established significant collaborations in the automotive sector and achieved a 99.9% qualification rate in its new energy business for battery welding applications [5]. Future Outlook - Raycus Laser anticipates a significant increase in order volume in 2025, with expectations of a business explosion by 2026-2027, although short-term performance remains weak [5]. - Market demand in early 2025 is expected to be low, but there has been a notable recovery in order volume since March [5]. Pricing Trends - Price fluctuations in 2024 were primarily influenced by competitors' financing strategies, with a slight downward trend expected in 2025, though not as severe as in 2024 [6].

2025 年 4 月 18 日武汉锐科光纤激光技术股份有限公司 投资者关系活动记录表 编号：2025-001 | | □特定对象调研 | | | ☑分析师会议 | | | --- | --- | --- | --- | --- | --- | | 投资者关系 | □媒体采访 | | | □业绩说明会 | | | 活动类别 | □新闻发布会 | | | □路演活动 | | | | □现场参观 | | | | | | | □其他 （请文字说明其他活动内容） | | | | | | | OCTO Rivers | | | | | | | piont72 | | | | | | | 博时基金管理有限公司 | | | | | | | 高盛基金 | | | | | | | 国联基金管理有限公司 | | | | | | | 国联基金管理有限公司 | | | | | | | 国泰海通 | | | | | | | 国泰海通 | | | | | | | 华安基金 | | | | | | 参与单位名 | | | | | | | 称及人员姓 | 华创证券 | | | | | | | 华泰柏瑞基金 | | | | | | 名 | 华泰 ...

关于武汉锐科光纤激光技术股份有限公司 非经营性资金占用及其他关联资金往来情况 的专项报告 2024 年度 目录 非经营性资金占用及其他关联资金往来情况 的专项报告 第 1 -2 页 非经营性资金占用及其他关联资金往来情况汇总 表 第 1 -4 页 关于武汉锐科光纤激光技术股份有限公司 非经营性资金占用及其他关联资金往来情况 的专项报告 信会师报字[2025]第 ZE10038 号 武汉锐科光纤激光技术股份有限公司全体股东： 我们审计了武汉锐科光纤激光技术股份有限公司(以下简称"贵 公司")2024 年度的财务报表，包括 2024 年 12 月 31 日的合并及母公 司资产负债表、2024 年度合并及母公司利润表、合并及母公司现金 流量表、合并及母公司所有者权益变动表和相关财务报表附注，并于 2025 年 4 月 17 日出具了报告号为信会师报字[2025]第 ZE10037 号的 无保留意见审计报告。 贵公司管理层根据中国证券监督管理委员会《上市公司监管指引 第 8 号——上市公司资金往来、对外担保的监管要求》（证监会公告 〔2022〕26 号）和《深圳证券交易所创业板上市公司自律监管指南 第 1 号——业务 ...

证券代码：300747 证券简称：锐科激光 公告编号：2025-023 武汉锐科光纤激光技术股份有限公司 关于向关联方租赁厂房的公告 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。 一、关联交易概述 根据武汉锐科光纤激光技术股份有限公司（以下简称"公司"）所属子公司 武汉睿芯特种光纤有限责任公司（以下简称"睿芯公司"）生产经营需要，睿芯 公司 2025 年拟向武汉光谷航天三江激光产业技术研究院有限公司（以下简称"激 光研究院"）租赁厂房作为研发、生产、办公及气源站使用，租赁激光科技园 2# 厂房 1-2 楼区域和 4＃气源站(面积为 9,434.14 平方米，其中生产用地约 7,907.14 平方米、研发用地约 1,267 平方米、气源站用地约 260 平方米），拟 由 2025 年 1 月 1 日租赁至 2025 年 12 月 31 日，租金预计为 567 万元，物业费为 51 万元；租赁激光科技园内 1#厂房 15 层（面积为 1,690.32 平方米），拟由 2025 年 1 月 1 日租赁至 2025 年 12 月 31 日，租金为 88.24 万元， ...