Raycus(300747) 华鑫证券·2024-08-28 13:11Investment Rating - The report assigns a "Buy" rating for the company, Ruike Laser (300747.SZ), marking its first coverage [1]. Core Insights - The company experienced a short-term decline in performance, with a focus on overseas expansion and production capacity enhancement. Despite a significant slowdown in downstream market demand, Ruike Laser managed to maintain a gross margin of 26.75% in H1 2024 through improved management and cost reduction strategies [1][2]. - The fiber laser market in China is projected to reach a total sales volume of 14.53 billion yuan in 2024, reflecting a year-on-year growth of 6.9% [1]. - The company has developed the first domestic 120kW ultra-high power fiber laser, filling a gap in the domestic market and achieving product sales in H1 2024 [1]. - Ruike Laser's overseas revenue reached 105 million yuan in H1 2024, marking an impressive year-on-year growth of 81.18% [1]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 1.587 billion yuan, a decrease of 11.40% year-on-year, and a net profit attributable to shareholders of 96 million yuan, down 14.46% year-on-year. However, the non-recurring net profit increased by 50.14% year-on-year [1]. - The company is expected to achieve revenues of 4.071 billion yuan, 4.846 billion yuan, and 5.978 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 0.55 yuan, 0.68 yuan, and 1.03 yuan [3]. Market Position and Strategy - The company is actively expanding its overseas market presence, having established 13 overseas sales and service outlets. The demand for Chinese laser equipment is expected to grow, with fiber laser exports showing signs of recovery [1][2]. - The construction of the Central China Industrial Park and the Huangshi project is anticipated to significantly enhance the company's production capacity and R&D potential, thereby increasing market share and solidifying its leading position [2]. Future Outlook - The report forecasts that the company will continue to lead in the fiber laser market, particularly in the ultra-high power segment, benefiting from its early mover advantage and expansion plans [3].