Raycus(SZ:300747) Xin Lang Cai Jing·2025-04-21 23:35Core 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].