Raycus(300747) 广发证券·2024-07-18 06:31Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 17.38 RMB per share [4] Core Views - The fiber laser market is highly competitive, with domestic fiber lasers showing significant potential. The global laser equipment market revenue expanded from 20.1 billion in 2022, with domestic fiber lasers capturing over 60% market share in 2022 [2] - The company has established itself as a leading domestic fiber laser manufacturer, breaking foreign monopolies and achieving rapid growth in laser sales from 18,000 units in 2017 to 159,000 units in 2023 [10] - The company is expected to achieve net profits of 327 million, 427 million, and 565 million RMB in 2024-2026, with year-on-year growth rates of 50.5%, 30.4%, and 32.5% respectively [11] Company Overview - The company is a leading domestic fiber laser manufacturer, focusing on fiber lasers and building a first-class laser enterprise in China [21] - It has participated in the formulation of national and international standards, including the "JB/T 12632-2016 Fiber Laser" and the international standard for "Industrial Fiber Laser Parameters and Testing Methods" [22] - The company has achieved vertical integration of the upstream supply chain and actively explored downstream markets such as laser medical and photovoltaic applications [10] Market and Industry Analysis - The global laser equipment market revenue grew from 20.1 billion in 2022, with a CAGR of 10.95%. The Chinese laser equipment market revenue grew from 34.5 billion RMB in 2015 to 91 billion RMB in 2023, with a CAGR of 12.89% [78] - Fiber lasers have become the mainstream in the laser industry, with their market share in China increasing from around 50% in 2016 to nearly 70% in 2022 [106] - The domestic fiber laser market is highly competitive, with the top three companies (including the report company) accounting for over 73% of the market share in 2022 [114] Financial Performance and Projections - The company's revenue grew from 2.01 billion RMB in 2019 to 3.68 billion RMB in 2023, with a CAGR of 16.32%. However, revenue declined in 2022 due to the impact of the pandemic and price adjustments [64] - The company's gross margin and net margin have shown signs of recovery, with gross margin improving from 26% in 2022 to 28.49% projected for 2026 [159] - The company's overseas revenue grew significantly from 51 million RMB in 2021 to 141 million RMB in 2023, with a CAGR of 66.69% [125] Strategic Initiatives - The company has achieved vertical integration of the upstream supply chain, mastering key technologies for core components such as pump sources, fiber couplers, and power combiners [120] - It has actively expanded into overseas markets, with overseas revenue growing rapidly and accounting for an increasing share of total revenue [125] - The company has focused on R&D innovation, with R&D expenses reaching 338 million RMB in 2023, accounting for 8-9% of revenue [149] Product Portfolio - The company offers a comprehensive range of laser products, including continuous fiber lasers, pulsed fiber lasers, and ultrafast lasers, covering a wide range of applications from industrial processing to medical and scientific research [52] - Its product portfolio includes high-power fiber lasers, direct semiconductor lasers, and ultrafast lasers, with applications in welding, cutting, marking, and medical fields [54][58][63]