Raycus(SZ:300747) Xin Lang Cai Jing·2025-04-29 06:48Core 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].