Group 1: 2024 Annual Performance - In 2024, the company shipped 174,700 units, a year-on-year increase of 9.77% [3] - The revenue for 2024 was 3,197.31 million yuan, a decrease of 13.11% compared to the previous year [3] - The gross margin level remained stable, with a slight decline of 0.85% year-on-year [3] - R&D expenses totaled 355 million yuan, accounting for 11.10% of revenue, with a year-on-year increase of 4.97% [3] Group 2: Q1 2025 Performance - In Q1 2025, the company reported revenue of 715.25 million yuan, a year-on-year decrease of 10.72% [5] - Net profit for Q1 2025 was 16.93 million yuan, down 73.36% year-on-year [5] - The company experienced a 15.41% year-on-year increase in product shipments during Q1 2024 [5] Group 3: Strategic Goals and Market Expansion - The company aims to shift market focus from traditional markets to high-end manufacturing and overseas markets [5] - Plans to enhance R&D capabilities and introduce customized solutions to meet client needs [5] - The company is committed to not initiating price wars, maintaining a stable financial system to handle market fluctuations [6] Group 4: International Market Growth - Overseas revenue reached 197 million yuan, a year-on-year increase of nearly 40% [8] - The company plans to establish offices in Germany, Mexico, Thailand, and South Korea to enhance global service capabilities [8] - The CE continuous product sales saw a significant increase of 123.92% year-on-year in 2025 [8] Group 5: R&D and Innovation - Continuous R&D investment focuses on both traditional product iteration and emerging technology breakthroughs [9] - The company successfully developed the first domestic integrated device for fiber stripping, cutting, and welding [9] - Future R&D efforts will prioritize product miniaturization, lightweight innovation, and stability upgrades [9]

Investment Rating - The industry investment rating is "Positive" (maintained) [5] Core Insights - The recent escalation of the India-Pakistan conflict has highlighted the urgent demand for anti-drone technologies, particularly laser weapons [1] - The rapid development and effectiveness of drone technology have made drones a crucial platform in modern warfare, as evidenced by their extensive use in conflicts such as Ukraine and the Middle East [1] - The global anti-drone market is projected to grow significantly, from $843 million in 2021 to $5.7 billion by 2029, reflecting a compound annual growth rate (CAGR) of 27% [2] - Laser weapons offer distinct advantages over traditional weaponry, including minimal collateral damage, low operational costs, and rapid response times, making them ideal for countering low-altitude drone threats [2] Company Summaries - **Raycus Laser**: A leading fiber laser manufacturer, with product shipments expected to reach 174,700 units in 2024, a year-on-year increase of 9.77%. The company is actively investing in laser applications for anti-drone systems, which could unlock a market potential worth billions in low-altitude security [3] - **Lianchuang Optoelectronics**: The company specializes in laser components, with its laser countermeasure system successfully passing inspections in early 2023. The approval for export of its laser countermeasure systems is anticipated to further enhance growth driven by domestic and international demand [3] - **Changguang Huaxin**: The report emphasizes the importance of focusing on leading companies with high market shares that will benefit from the improving downstream market conditions [3]

Investment Rating - The industry investment rating is "Positive" (maintained) [5] Core Insights - The recent escalation of the India-Pakistan conflict has highlighted the urgent demand for anti-drone technologies, particularly laser weapon systems [1] - The rapid development and effectiveness of drone technology have made drones a crucial platform in modern warfare, as evidenced by their extensive use in conflicts such as Ukraine and the Middle East [1] - The global anti-drone market is projected to grow significantly, from USD 843 million in 2021 to USD 5.7 billion by 2029, reflecting a compound annual growth rate (CAGR) of 27% [2] Summary by Sections Section 1: Industry Overview - The conflict between India and Pakistan has led to increased military drone usage, emphasizing the need for effective countermeasures [1] - Drones are now recognized as vital combat platforms in various global conflicts, performing tasks such as reconnaissance and electronic warfare [1] Section 2: Market Growth - The anti-drone market is expected to expand rapidly due to both military applications and the rise of unauthorized civilian drone flights [2] - Laser weapon systems are particularly advantageous for countering drones due to their low collateral damage, cost-effectiveness, and rapid response capabilities [2] Section 3: Investment Recommendations - Key companies to focus on include: - Raycus Laser, a leader in fiber laser technology, with a projected shipment of 174,700 units in 2024, a year-on-year increase of 9.77% [3] - Lianchuang Optoelectronics, which has successfully developed laser countermeasure systems and is expected to see growth driven by domestic and foreign demand [3] - Changguang Huaxin, which is also positioned to benefit from the rising demand in the laser weapon sector [3]

武汉锐科光纤激光技术股份有限公司 证券代码：300747 证券简称：锐科激光 公告编号：2025-033 第四届董事会第十二次会议决议的公告 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、董事会会议召开情况 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"） 于 2025 年 5 月 14 日 10:00 以通讯会议形式召开了第四届董事会第十二次会议， 会议由公司董事长陈正兵先生召集并主持。通知已于 2025 年 5 月 9 日以电子邮 件方式送达全体董事。本次会议应参加董事 9 人，实际参加董事 9 人，公司全体 监事、部分高级管理人员列席会议。会议的召集、召开与表决程序符合《中华人 民共和国公司法》（以下简称"《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、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《关于公司拟设立德国、 墨西哥、泰国、韩国办事处的议案》。 公司为深化国际化战略布局，提升海外本土市场推广、技术服务和应用工艺 等，增强整体竞争实力，在德 ...

Group 1: 3D Printing Technology Development - The development of smart manufacturing technology has made 3D printing an important force in cultivating new productive forces in China [1] - 3D printing technology is transitioning from an optional choice to a necessary option in high-end manufacturing fields such as aerospace [7] - The global 3D printing market is expected to reach $88.3 billion by 2030, while the Chinese 3D printing equipment market is projected to exceed 120 billion yuan by 2029, with a compound annual growth rate of approximately 19.5% from 2024 to 2029 [7] Group 2: Company Activities in 3D Printing - Companies like Protolabs predict significant growth in the 3D printing market, indicating a robust future for the industry [7] - A-share market has over 30 stocks related to 3D printing, with companies like Jinggong Technology focusing on robot-related 3D printing equipment [7] - Aitide has developed 3D printing zirconia ceramic technology and has received FDA and NMPA registration for its high solid content printing materials [7] Group 3: Market Performance and Trends - The average increase of 3D printing concept stocks is 17.18% year-to-date, with four stocks seeing cumulative gains over 50% [10] - Sixteen 3D printing concept stocks have seen a daily average trading volume increase of over 10% since May, with five stocks doubling their trading volume [11] - As of May 12, eight stocks have a rolling price-to-earnings ratio below 40, indicating potential investment opportunities [11]

Core Insights - The China Central Enterprise Innovation Driven Index (000861) has shown a strong increase of 1.37% as of May 12, 2025, with notable gains in constituent stocks such as Ruike Laser (300747) up 11.37% and Guorui Technology (600562) up 9.99% [3] - The Central Enterprise Innovation Driven ETF (515900) has also risen by 1.34%, with a latest price of 1.44 yuan, and has a trading volume of 562.87 million yuan [3] - The ETF's scale has reached 3.3 billion yuan, ranking it in the top quarter among comparable funds [3] Performance Metrics - As of May 9, 2025, the Central Enterprise Innovation Driven ETF has achieved a net value increase of 24.83% over the past three years, ranking 312 out of 1747 in equity funds, placing it in the top 17.86% [4] - The ETF has recorded a maximum monthly return of 15.05% since inception, with the longest consecutive monthly gain being five months and a total gain of 24.91% [4] - The average return for the months with gains is 4.08%, and the annual profit percentage stands at 80.00%, with a historical three-year holding profit probability of 97.34% [4] Risk and Fee Structure - The management fee for the Central Enterprise Innovation Driven ETF is 0.15%, and the custody fee is 0.05%, which are the lowest among comparable funds [4] - The tracking error over the past five years is 0.038%, indicating the highest tracking precision among comparable funds [4] Index Composition - The top ten weighted stocks in the Central Enterprise Innovation Driven Index include Hikvision (002415), State Grid NARI (600406), and China Telecom (601728), collectively accounting for 34.48% of the index [5][6] - The individual weights of the top stocks range from 5.08% for Hikvision to 2.60% for China Railway (601390) [8]

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：静待格局改善，未来产业有望逐步发 力 报告要点 [Table_Summary] 公司发布 2025 一季报，2025Q1 实现营收 7.15 亿元，同比-10.72%；归母净利润 0.17 亿元， 同比-73.36%；扣非归母净利润 0.02 亿元，同比-94.02%。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。 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 分析师及联系人 [Table_Author] [Table_Title 锐科激光：静待格局改善，未来产业有望逐步发 2] 力 [Table_Summary2] 事件描述 公司发 ...

Core Viewpoint - The article highlights the significance of returning overseas students in contributing to China's technological innovation and industrial development, particularly in the context of the "China Light Valley" in Wuhan, showcasing advancements in laser technology and new energy vehicles [5][9][10]. Group 1: Education and Cultural Exchange - A study program titled "Understanding National Conditions, Talking Confidence" was held in Wuhan, attended by over 20 returning overseas students from various provinces [5]. - The program included visits to historical sites and museums, emphasizing the importance of cultural heritage and national pride among overseas students [6][7]. Group 2: Technological Innovation - Wuhan's East Lake New Technology Development Zone, known as "China Light Valley," is a hub for observing China's technological innovation, particularly in optoelectronic information [8]. - Raycus Fiber Laser Technologies, founded in 2007, has made significant strides in laser technology, developing the first domestic 10,000-watt continuous fiber laser and later a 20,000-watt version, positioning China as the second country to master this high-end technology [9]. - The establishment of the Hubei Jiufeng Mountain Laboratory has led to the emergence of new technologies, including the world's first 8-inch silicon optical thin-film lithium niobate photonic integrated wafer [9]. Group 3: Industry Development - The article discusses the rapid production capabilities of new energy vehicles at Lantu's digital factory, where a vehicle can be assembled in under two minutes, highlighting advancements in information, digital, and intelligent manufacturing [11]. - The establishment of a "Home for Returning Overseas Students" in Jiangxi aims to foster innovation and cultural exchange, serving as a resource hub for returning students [11][12]. Group 4: Strategic Alignment - The article emphasizes the need for returning overseas students to align their expertise with national strategies, particularly in emerging industries such as digital economy and green energy, to contribute effectively to China's development [12].

Core Viewpoint - The laser medical equipment industry in China is experiencing rapid growth driven by national policy support, increasing market demand, and technological breakthroughs, with a projected market size of approximately 5.8 billion yuan in 2024 and expected to exceed 6 billion yuan in 2025 [1][5][9]. Industry Definition and Classification - Laser medical equipment refers to devices that utilize laser technology for disease diagnosis, treatment, or rehabilitation, characterized by precision, minimally invasive procedures, and high efficiency [1][3]. - The industry can be categorized into laser medical equipment manufacturing and laser medical services, with applications across various clinical departments [1][3]. Current Development Status - The application of laser technology in medicine has made significant progress, with a wide range of laser medical devices available for treating hundreds of diseases in various clinical settings [5][9]. - The domestic market for laser medical devices has entered a phase of "mid-end dominance and high-end breakthroughs," with the low-end market largely self-sufficient, while high-precision and ultra-fast laser fields require long-term technological accumulation [9][23]. Market Size and Growth - The market size for laser medical equipment in China is projected to be around 5.8 billion yuan in 2024, with expectations to surpass 6 billion yuan in 2025, indicating a positive long-term trend for the industry [1][9]. Domestic Production and Market Dynamics - The domestic production rate of laser medical equipment is expected to reach approximately 67.01% in 2024 and is projected to reach 70% in 2025, reflecting a rapid increase in domestic substitution [9][23]. - The industry is characterized by a competitive landscape where local companies are gradually gaining market share, particularly in the mid and low-end segments, while high-end markets remain dominated by international giants [13][15]. Key Companies - Major companies in the laser medical equipment sector include Qizhi Laser, Ruike Laser, United Imaging Healthcare, Pudong Medical, and others, with a focus on innovation and technology development [13][15]. - Qizhi Laser has achieved significant milestones with 22 medical device product registrations and 112 patents, focusing on various medical fields [15]. - Ruike Laser has expanded into the medical sector, developing solutions for aesthetic and dental applications, with reported revenues of 3.68 billion yuan in 2023 [19][21]. Industry Trends - The laser medical equipment industry is undergoing a transformation towards smart, high-end, compact, specialized, and environmentally friendly technologies, with advancements in various scientific fields enhancing the capabilities of laser medical technology [23]. - The future of laser medical technology is expected to benefit a broader audience, including public and private hospitals, beauty markets, and home-use devices, indicating a wide application and strong demand [23].

Core Viewpoint - The company reported a decline in revenue and net profit for 2024 and Q1 2025, primarily due to falling product prices, which pressured both revenue and profitability [1][2]. Financial Performance - In 2024, the company achieved revenue of 3.197 billion yuan, a year-on-year decrease of 13.1%, and a net profit attributable to shareholders of 134 million yuan, down 38.2% [1]. - For Q1 2025, revenue was 715 million yuan, a decline of 10.7% year-on-year, with a net profit of 17 million yuan, down 73.4% [1]. - The overall gross margin for 2024 and Q1 2025 was 20.5% and 18.9%, respectively, reflecting a year-on-year decrease of 5.5 and 8.1 percentage points [2]. Business Segment Analysis - Revenue from continuous fiber lasers in 2024 was 2.527 billion yuan, down 14.76% year-on-year, with a gross margin of 18.77%, a decrease of 6.27 percentage points [2]. - Revenue from pulsed fiber lasers was 402 million yuan, down 8.25%, with a gross margin of 25.49%, a decrease of 1.06 percentage points [2]. - Special fibers generated 71 million yuan in revenue, down 5.96%, with a gross margin of 43.12%, an increase of 1.66 percentage points [2]. - Ultra-fast lasers saw revenue of 70 million yuan, up 2.33%, but with a gross margin of 31.33%, down 18.23 percentage points [2]. - The total shipment volume for the year reached 174,700 units, a year-on-year increase of 9.77%, with over 6,800 units of high-power lasers shipped, up nearly 20% [2]. Cost and Expense Analysis - The company experienced an increase in expense ratios due to declining revenues, with sales, management, R&D, and financial expense ratios rising by 0.3, 0.5, 1.9, and decreasing by 0.1 percentage points, respectively, in 2024 [3]. - For Q1 2025, the sales expense ratio decreased by 2.4 percentage points, while management, R&D, and financial expense ratios increased by 0.2, 1, and decreased by 0.6 percentage points, respectively [3]. - The net profit margin for 2024 and Q1 2025 was 4.2% and 2.4%, reflecting a year-on-year decrease of 1.7 and 5.6 percentage points [3]. Strategic Focus - The company is focusing on emerging industries and special fields, investing in R&D for semiconductor chip manufacturing, TGV processing, PCB material production, and plans to expand into laser radar, laser measurement, laser medical, and laser beauty sectors [3]. - The company is accelerating the implementation of its low-altitude laser anti-drone system project in special fields [4]. Profit Forecast and Valuation - Due to lower-than-expected product prices, the company has revised its 2025 net profit forecast down by 55.6% to 182 million yuan and introduced a 2026 net profit forecast of 296 million yuan [5]. - The current stock price corresponds to a price-to-earnings ratio of 53.1 times for 2025 and 32.6 times for 2026 [5]. - The target price has been adjusted down by 20.8% to 19.00 yuan, reflecting a price-to-earnings ratio of 59.0 times for 2025 and 36.2 times for 2026, indicating an upside potential of 11.0% from the current stock price [5].