Raycus(300747) Changjiang Securities·2024-11-06 01:54Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company reported a revenue of 2.349 billion yuan for the first three quarters of 2024, a year-on-year decrease of 9.06%. The net profit attributable to the parent company was 120 million yuan, down 30.33% year-on-year. The non-recurring net profit attributable to the parent company was 70 million yuan, a decline of 56.81% year-on-year [4][5]. - In Q3 2024, the company achieved a revenue of 762 million yuan, a decrease of 3.76% year-on-year, with a net profit of 24 million yuan, down 59.90% year-on-year. The non-recurring net profit was 18 million yuan, a decline of 69.08% year-on-year [4][5]. - The company maintained a leading position in the industry, with manufacturing demand expected to recover, benefiting from the trends of high-power lasers and international expansion [4][5]. Summary by Sections Revenue and Profitability - The total shipment volume of the company's products reached 123,500 units in the first three quarters of 2024, representing a year-on-year increase of 9.89%. The shipment of continuous products was 57,500 units, up 30.56% year-on-year, with high-power products maintaining growth [5]. - The gross margin in Q3 2024 improved by 1.5 percentage points year-on-year, attributed to enhanced operational efficiency and a nearly 30% reduction in overall costs. However, the decline in profit was mainly due to a 5.7 percentage point increase in expense ratios [5]. Cost Reduction and Efficiency - The company is continuously advancing cost reduction efforts, with a focus on improving operational efficiency. The sales expense ratio was 8.07%, up 0.7 percentage points year-on-year, while the management expense ratio was 2.83%, up 0.4 percentage points year-on-year [5]. International Expansion - The company has established offices and service networks in 13 countries and regions, including Turkey, Germany, and India, forming a global integrated service structure. The sales volume of the CE series products specifically targeting overseas markets increased by over 200% year-on-year [5][6]. - The international market strategy is expected to continue driving growth as laser equipment manufacturers expand their overseas operations [5][6]. Strategic Development - The company showcased several new products at the Shanghai Industrial Expo in September, including enhanced continuous series lasers and specialized lasers for aerospace 3D printing, catering to high-end applications in various industries [5][6]. - Collaborations with major state-owned enterprises in fields such as thick plate welding and new material processing have been initiated, with some projects already in implementation [5][6]. Future Profit Projections - The company is expected to achieve net profits attributable to the parent company of 200 million, 320 million, and 480 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 58x, 37x, and 25x [5][6].