Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 17.38 RMB per share [4] Core Views - The fiber laser market is highly competitive, with domestic fiber lasers showing significant potential. The global laser equipment market revenue expanded from $9.7 billion in 2015 to $20.1 billion in 2022, with domestic fiber lasers capturing over 60% market share in 2022 [2] - The company has established itself as a leading domestic fiber laser manufacturer, breaking foreign monopolies and achieving rapid growth in laser sales from 18,000 units in 2017 to 159,000 units in 2023 [10] - The company is expected to achieve net profits of 327 million, 427 million, and 565 million RMB in 2024-2026, with year-on-year growth rates of 50.5%, 30.4%, and 32.5% respectively [11] Company Overview - The company is a leading domestic fiber laser manufacturer, focusing on fiber lasers and building a first-class laser enterprise in China [21] - It has participated in the formulation of national and international standards, including the "JB/T 12632-2016 Fiber Laser" and the international standard for "Industrial Fiber Laser Parameters and Testing Methods" [22] - The company has achieved vertical integration of the upstream supply chain and actively explored downstream markets such as laser medical and photovoltaic applications [10] Market and Industry Analysis - The global laser equipment market revenue grew from $9.7 billion in 2015 to $20.1 billion in 2022, with a CAGR of 10.95%. The Chinese laser equipment market revenue grew from 34.5 billion RMB in 2015 to 91 billion RMB in 2023, with a CAGR of 12.89% [78] - Fiber lasers have become the mainstream in the laser industry, with their market share in China increasing from around 50% in 2016 to nearly 70% in 2022 [106] - The domestic fiber laser market is highly competitive, with the top three companies (including the report company) accounting for over 73% of the market share in 2022 [114] Financial Performance and Projections - The company's revenue grew from 2.01 billion RMB in 2019 to 3.68 billion RMB in 2023, with a CAGR of 16.32%. However, revenue declined in 2022 due to the impact of the pandemic and price adjustments [64] - The company's gross margin and net margin have shown signs of recovery, with gross margin improving from 26% in 2022 to 28.49% projected for 2026 [159] - The company's overseas revenue grew significantly from 51 million RMB in 2021 to 141 million RMB in 2023, with a CAGR of 66.69% [125] Strategic Initiatives - The company has achieved vertical integration of the upstream supply chain, mastering key technologies for core components such as pump sources, fiber couplers, and power combiners [120] - It has actively expanded into overseas markets, with overseas revenue growing rapidly and accounting for an increasing share of total revenue [125] - The company has focused on R&D innovation, with R&D expenses reaching 338 million RMB in 2023, accounting for 8-9% of revenue [149] Product Portfolio - The company offers a comprehensive range of laser products, including continuous fiber lasers, pulsed fiber lasers, and ultrafast lasers, covering a wide range of applications from industrial processing to medical and scientific research [52] - Its product portfolio includes high-power fiber lasers, direct semiconductor lasers, and ultrafast lasers, with applications in welding, cutting, marking, and medical fields [54][58][63]

Investment Rating - The report maintains a **Buy** rating for the company, citing strong growth in core, strategic, and international businesses, as well as favorable valuation metrics compared to industry peers [15] Core Views - The company's revenue and profitability are expected to grow steadily, with projected revenue increasing from RMB 3,680 million in 2023 to RMB 6,414 million in 2026, and net profit attributable to parent company shareholders rising from RMB 217 million in 2023 to RMB 763 million in 2026 [1][9] - Gross margin improved significantly, reaching 27.02% in Q1 2024, up 3.25 percentage points from 23.77% in 2023, driven by cost control measures and process improvements [8] - The company's core business continues to dominate the domestic market for high-power fiber lasers, while strategic and international businesses are expanding rapidly, particularly in sectors like new energy, automotive, and shipbuilding [15] Financial Summary - Revenue growth is expected to accelerate, with year-on-year growth rates projected at 19.9% in 2024, 20.3% in 2025, and 20.9% in 2026 [9] - Net profit attributable to parent company shareholders is forecasted to grow at a compound annual growth rate (CAGR) of 52.2% from 2023 to 2026, reaching RMB 763 million by 2026 [1][9] - Earnings per share (EPS) are expected to increase from RMB 0.38 in 2023 to RMB 1.35 in 2026, reflecting strong profitability growth [9] Business Performance - In Q1 2024, the company achieved revenue of RMB 801 million, a year-on-year increase of 1.94%, and net profit attributable to parent company shareholders of RMB 64 million, up 44.3% year-on-year [8][9] - The company's comprehensive expense ratio decreased slightly to 15.98% in Q1 2024, down from 16.50% in Q1 2023, with notable reductions in sales expenses [8] - R&D expenses remained high at 8.70% of revenue in Q1 2024, reflecting the company's continued investment in innovation and technological advancement [8] Valuation and Market Position - The company's price-to-earnings (PE) ratio is projected to decline from 54 in 2023 to 15 in 2026, indicating improving valuation metrics [9] - Compared to industry peers, the company's PE ratio is lower, with an average PE of 43 for comparable companies in the laser industry, suggesting potential undervaluation [15] - The company's market share in high-power fiber lasers remains strong, and its strategic focus on international markets and high-end applications is expected to drive future growth [15]

三、其他重要事项 （一） 财务报表 5 6 7 8 3、合并现金流量表 武汉锐科光纤激光技术股份有限公司 2024 年第一季度报告 □适用 不适用 武汉锐科光纤激光技术股份有限公司董事会 2024 年 04 月 25 日 武汉锐科光纤激光技术股份有限公司 2024 年第一季度报告 武汉锐科光纤激光技术股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 3.第一季度报告是否经过审计 1 一、主要财务数据 | --- | --- | --- | --- | |-----------------------------------------------------|------------------|------------------|--------------------------------| | □是 否 | 本报告期 | 上年同期 | 本报告期比上年同期增减 （ % ） | | 营业收入（元） | ...

公司研究 | 点评报告 在遵守适用的法律法规情况下，本报告亦可能由长江证券经纪（香港）有限公司在香港地区发行。长江证券经纪（香港）有限 公司具有香港证券及期货事务监察委员会核准的"就证券提供意见"业务资格（第四类牌照的受监管活动），中央编号为：AXY608。 本报告作者所持香港证监会牌照的中央编号已披露在报告首页的作者姓名旁。 本公司保留一切权利。 市场表现对比图(近 12 个月) 更多研报请访问 长江研究小程序 公司研究 | 点评报告 | --- | --- | --- | |-------|----------------|---------------------------------------------------------------------------------------------| | | | | | | 报告发布日后的 | 12 个月内行业股票指数的涨跌幅相对同期相关证券市场代表性指数的涨跌幅为基准，投资建议的评 | | | 级标准为： | | | 看 | 好： | 相对表现优于同期相关证券市场代表性指数 | | 中 | 性： | 相对表现与同期相关证券市场代表性指数持平 | ...

风险提示：行业需求景气度下滑、高功率及海外出口不及预期、行业竞争加剧、高端业务 进展不及预期的风险等。 公司点评 华东组 茅炯 021-33388488 maojiong@swhysc.com 银行团队 李庆 021-33388245 liqing3@swhysc.com 华北组 肖霞 010-66500628 xiaoxia@swhysc.com 华南组 李昇 0755-82990609 lisheng5@swhysc.com 华东创新团队 朱晓艺 021-33388860 zhuxiaoyi@swhysc.com 华北创新团队 潘烨明 15201910123 panyeming@swhysc.com 机构销售团队联系人 本报告仅供上海申银万国证券研究所有限公司（以下简称"本公司"）的客户使用。本公司不会因接收人收到本报告而视其为客户。 客户应当认识到有关本报告的短信提示、电话推荐等只是研究观点的简要沟通，需以本公司 http://www.swsresearch.com 网站 刊载的完整报告为准，本公司并接受客户的后续问询。本报告首页列示的联系人，除非另有说明，仅作为本公司就本报告与客户的 联络人，承担联络 ...

[Table_Interest 权益披露Disclosure] (1)广发证券（香港）跟本研究报告所述公司在过去 12 个月内并没有任何投资银行业务的关系。 [Table_Copyright 版权声明] 未经广发证券事先书面许可，任何机构或个人不得以任何形式翻版、复制、刊登、转载和引用，否则由此造成的一切不良后果及法律责任 由私自翻版、复制、刊登、转载和引用者承担。 识别风险，发现价值 请务必阅读末页的免责声明 4 / 4 本报告所载资料的来源及观点的出处皆被广发证券认为可靠，但广发证券不对其准确性、完整性做出任何保证。报告内容仅供参考，报告 中的信息或所表达观点不构成所涉证券买卖的出价或询价。广发证券不对因使用本报告的内容而引致的损失承担任何责任，除非法律法规 有明确规定。客户不应以本报告取代其独立判断或仅根据本报告做出决策，如有需要，应先咨询专业意见。 广发证券可发出其它与本报告所载信息不一致及有不同结论的报告。本报告反映研究人员的不同观点、见解及分析方法，并不代表广发证 券的立场。广发证券的销售人员、交易员或其他专业人士可能以书面或口头形式，向其客户或自营交易部门提供与本报告观点相反的市场 评论或交易策 ...

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产业结构改善，盈利能力明显提升 本、研发设计降本、产品质量管控、精益生产管理、物流降本等方面全 面发力，综合毛利率同比提升 8.13%，营业利润率同比提升 6.20%。 ⚫ 盈利预测与投资建议：我们预计公司 24-25 年归母净利润分别为 3.29/ 4.32 亿元，同比增长 45.9%/ 31.5%，对应 PE 分别为 37.6/28.6 倍。 参考可比公司，考虑到公司在激光器领域为龙头企业，不断实现国产替 代，行业竞争格局逐渐优化，此外新基地的投产，有望助力公司竞争力 的进一步提升，我们给予公司 24 年归母净利润 45 倍 PE 估值，对应 合理价值 26.18 元/股，给予"买入"评级。 -42% -31% -20% -9% 2% 12% 03/23 05/23 07/23 09/23 11/23 01/24 03/24 锐科激光 沪深300 SFC CE No. BOS186 SAC 执证号：S0260520080002 SAC 执证号：S0260522080001 盈利预测： [Table_PageText] 锐科激光|公告点评 识别风险，发现价值 请务必阅读末页的免责声明 2 / 4 孙柏阳 ： ...

2024 年 03 月 12 日 锐科激光 (300747) ——盈利能力改善，持续看好高功率+海外出口+高端制 造需求 点评： 【盈利端】积极采取多种方式降本，公司盈利能力改善明显。公司于 2022 年第三季度开 始全面梳理"增量不增收，增收不增利"的专项问题，制定工作方案，通过加大研发投入， 持续在研发工艺、生产制造环节推动实施降本增效工作，降低综合成本，有效拓宽公司整 体盈利空间。2023 年，公司在原材料降本、研发设计降本、产品质量管控、精益生产管 理、物流降本等方面全面发力，2023 年公司综合毛利率同比提升 8.13%，营业利润率同 比提升 6.20%。 盈利预测及估值：维持 23 年盈利预测，考虑到下游行业需求景气度及公司黄石基地投产 爬坡短期或带来费用提升，略下调 24-25 年盈利预测，预计 23-25 年归母净利润分别为 2.24、3.55、5.37 亿元（前期为 2.24、4.10、5.40 亿元），对应 PE 分别为 53、34、22X。 依据 Wind 一致盈利预测，同产业链可比公司（德龙激光、长光华芯、杰普特、柏楚电子） 23-25 年 PE 均值分别为 72、43、28X。考虑到 ...

证券代码：300747 证券简称：锐科激光 公告编号：2023-036 武汉锐科光纤激光技术股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 3.第三季度报告是否经过审计 1 一、主要财务数据 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |------------------------------------------------------|------------------|-------------------------|--------------------------|-------------------------------| | | 本报告期 | 本报告期比上年同期 增减 | 年初至报告期末 | 年初至报告期末比上 年同期增减 | | 营业收入（元） | 791,614,992.61 | 2.34% | 2,583,0 ...