Shanghai Friendess(SH:688188) Xin Lang Cai Jing·2026-01-20 00:26Group 1 - The core viewpoint of the report highlights the steady increase in market share for high-power laser cutting/welding control systems, with the company positioned for long-term growth through domestic substitution and international expansion [1] - The domestic market share of the company's high-power laser cutting systems is projected to rise from approximately 10% in 2019 to about 40% by 2025, driven by the upward shift in power segments and accelerated domestic substitution [1] - The company is transitioning from module supply to system-level solutions, showcasing a collaborative advantage with "control systems + intelligent cutting heads," leading to significant sales growth in key components [1] Group 2 - The company is recognized as a key player in the intelligent welding control system market, with over 15 out of 20 showcased companies at the upcoming exhibition adopting its solutions, indicating a clear second growth curve [2] - The company is focusing on high-precision processing equipment for semiconductor laser processing, high-end metal cutting, and ultrafast laser industries, establishing a clear long-term growth path [2] - The global laser processing market is expected to reach $25.92 billion by 2025, with the company enhancing its indirect overseas capabilities as domestic equipment manufacturers expand internationally [2] Group 3 - Revenue projections for the company are estimated at 2.162 billion, 2.795 billion, and 3.710 billion yuan for 2025-2027, with net profits expected to be 1.056 billion, 1.312 billion, and 1.695 billion yuan respectively, indicating strong support for growth [3] - The company is expected to maintain a steady increase in market share in the high-power cutting control system sector, with the intelligent cutting head business accelerating growth and the intelligent welding system opening up medium to long-term growth opportunities [3]