Raycus(SZ:300747) Shenwan Hongyuan Securities·2025-05-23 01:42Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a Q1 revenue of 715 million yuan, a year-over-year decrease of 10.72%, and a net profit attributable to shareholders of 17 million yuan, down 73.36% year-over-year, which aligns with expectations [5][8] - The company is focusing on the development of manufacturing and new production capabilities, actively expanding into emerging industries such as robotics, semiconductor manufacturing, and laser applications in various fields [8] - The company plans to increase investment in special laser applications, enhancing the performance and stability of laser products to meet high precision and reliability requirements in specialized fields [8] - Profit forecasts for 2025 to 2027 indicate a net profit attributable to shareholders of 178 million, 275 million, and 361 million yuan respectively, with corresponding year-over-year growth rates of 32.8%, 54.2%, and 31.2% [8] Financial Data and Profit Forecast - Q1 2025 total revenue is projected at 3,466 million yuan, with a year-over-year growth rate of 8.4% [7] - The company expects to achieve a gross margin of 22.4% in 2025, increasing to 24.2% by 2027 [7] - The return on equity (ROE) is forecasted to improve from 0.5% in Q1 2025 to 8.9% by 2027 [7]