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 ...

二、董事会会议审议情况 会议审议通过了如下议案： 1．以 9 票赞成，0 票反对，0 票弃权，审议通过了《关于回购注销公司首 期股权激励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》 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。 具体内容详见公司同日于巨潮资讯网（www.cninfo.com.cn）披露的《关于 回购注销公司首期股权激励剩余全部限制性股票的公告》。 第四届董事会第十三次会议决议公告 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、董事会会议召开情况 武汉锐科光纤激光技术股份 ...

证券代码：300747 证券简称：锐科激光 公告编号：2025-039 武汉锐科光纤激光技术股份有限公司 具体内容详见公司同日于巨潮资讯网（www.cninfo.com.cn）披露的《关于 回购注销公司首期股权激励剩余全部限制性股票的公告》。 本议案尚需提交 2025 年第三次临时股东大会审议。 三、备查文件 第四届监事会第九次会议决议公告 本公司及监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、监事会会议召开情况 武汉锐科光纤激光技术股份有限公司（以下简称"锐科激光"或"公司"） 根据《公司章程》及《监事会议事规则》的规定，公司第四届监事会第九次会议 召开经全体监事一致同意，临时发出监事会会议通知，并于 2025 年 7 月 22 日 9:30 以通讯会议的形式召开，会议由公司监事会主席刘华兵先生召集并主持。 本次会议应参加监事 5 人，实际参加监事 5 人。会议的召集、召开与表决程序符 合《中华人民共和国公司法》和《公司章程》及相关法律法规的规定，所作决议 合法有效。 二、监事会会议审议情况 会议审议通过了如下议案： 1、以 5 票赞成，0 票反对，0 票弃权 ...

Investment Rating - The report indicates a positive investment outlook for the consumer-grade 3D printing industry, highlighting significant growth potential driven by various demand factors and technological advancements [3][79]. Core Insights - The consumer-grade 3D printing market is expected to reach USD 7.1 billion by 2028, with a compound annual growth rate (CAGR) of 19.2% from 2022 to 2028 [3][83]. - Key demand drivers include the rise of the maker movement in Europe and the U.S., the DIY culture, and the increasing consumer interest in personalized products [3][39]. - The supply side is characterized by technological advancements, a diverse material spectrum, and the establishment of community ecosystems that enhance customer engagement [3][91]. Summary by Sections 1. Market Overview - The consumer-grade 3D printing market is primarily designed for individual users and small businesses, offering ease of use and lower costs compared to industrial-grade printers [3][10]. - The market is witnessing rapid growth, with significant contributions from the U.S. and European markets, driven by high consumer spending power and interest in technology [3][47]. 2. Demand Drivers - The report identifies four main demand drivers: 1. The "garage innovation" culture in the U.S. and Europe, which promotes the adoption of desktop devices [3][39]. 2. The DIY trend among consumers, allowing for personalized product creation [3][40]. 3. The tool-like attributes of 3D printers for small businesses and educational institutions [3][59]. 4. The influence of trendy collectible products that enhance consumer interest [3][70]. 3. Supply Trends - The supply side is evolving with advancements in technology, including multi-functional devices and AI integration, which lower operational barriers for users [3][91]. - The materials used in 3D printing are becoming more diverse, allowing for a wider range of applications [3][106]. - Community ecosystems are being built to retain customer loyalty and encourage new entrants through crowdfunding opportunities [3][110]. 4. Key Players - Core companies identified in the report include: 1. Key components: Jieput, Ruike Laser, and Jinchengzi [3]. 2. 3D scanning accessories: Sikan Technology and Orbbec [3]. 3. Materials: Haizheng Materials, Huitong Technology, and Jialian Technology [3]. 4. Complete machines: Anker Innovation and others [3][28]. 5. Market Statistics - In 2024, China's 3D printer exports are projected to reach USD 1.147 billion, with a year-on-year growth of 31.09% [3][80]. - The report notes that over 90% of entry-level 3D printers globally are supplied by Chinese manufacturers, indicating a strong competitive position in the market [3][88].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][9]. Core Viewpoints - Ruike Laser is a leading manufacturer of fiber lasers in China, focusing on the research, production, and sales of high-power fiber lasers and their core components. The company's products are widely used across various industries, including laser marking, cutting, welding, and medical applications [1][14]. - The company emphasizes R&D investment, with a 2024 R&D expenditure of 35.48 million yuan, representing a year-on-year increase of 4.97%, accounting for 11.10% of its revenue [2][29]. - The traditional market for mid-to-low power applications is becoming saturated, leading to price competition and a decline in revenue and profit for 2024. However, the report highlights growth potential in high-power and ultrafast laser markets, particularly in sectors like new energy vehicles and aerospace [3][32]. - The report forecasts revenue for 2025-2027 to be 3.532 billion, 4.040 billion, and 4.559 billion yuan, respectively, with net profits of 233 million, 306 million, and 380 million yuan, indicating a recovery trend [4][35]. Summary by Sections Company Overview - Ruike Laser specializes in high-power fiber lasers and offers a diverse product matrix, including continuous, pulsed, and ultrafast lasers, serving various industries such as automotive, aerospace, and medical [1][14][18]. R&D and Technological Advancements - The company has launched 13 new products in 2024, including a 200kW ultra-high power fiber laser, which has achieved several global firsts [2][29]. The focus on high-end manufacturing and precision processing is evident in its R&D strategy [29][31]. Market Dynamics - The report notes that while the traditional low-to-mid power market faces challenges, there is significant room for growth in high-power applications, particularly in defense and emerging technologies like anti-drone systems [3][33][32]. Financial Projections - The financial outlook includes projected revenues and net profits for 2025-2027, with corresponding EPS and PE ratios indicating a positive growth trajectory [4][35]. The company is expected to recover from the current downturn in 2024, with a forecasted revenue increase of 10.48% in 2025 [5][35].

证券代码：300747 证券简称：锐科激光 公告编号：2025-036 武汉锐科光纤激光技术股份有限公司 2024 年年度权益分派实施公告 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、股东大会审议通过利润分配方案情况 1、2025 年 5 月 19 日，武汉锐科光纤激光技术股份有限公司（以下简称"公 司"或者"本公司"）2024 年年度股东大会审议通过了《关于公司 2024 年度利 润分配预案的议案》，具体内容如下：公司以 564,821,828 股为基数，每 10 股 派发现金股利 0.18 元（含税），合计派发现金股利 10,166,792.90 元，不实施 公积金转股本及派发股票股利等其他措施。若在利润分配方案实施前股本总数发 生变动的，则以未来实施分配方案的股权登记日的总股本为基数，按照分配比例 不变的原则对分配总额进行调整。 2、自上述利润分配方案披露至实施期间，公司回购注销了限制性股票 19,337 股，公司总股本由 564,821,828 股变更为 564,802,491 股。具体内容详 见公司 2025 年 6 月 20 日刊登于巨潮资 ...