Raycus(SZ:300747) Changjiang Securities·2025-11-02 23:30Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company achieved a revenue of 2.506 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 6.67%. The net profit attributable to the parent company was 123 million yuan, up 2.49% year-on-year. The net profit excluding non-recurring items was 67 million yuan, down 4.74% year-on-year. In Q3 2025, revenue reached 841 million yuan, a year-on-year increase of 10.45%, while the net profit attributable to the parent company was 50 million yuan, up 106.95% year-on-year [2][6][10]. - The company's gross margin showed a positive year-on-year growth of 0.12 percentage points, reaching 21.06% in Q3 2025, indicating a potential turning point in profitability [2][12]. - The company is focusing on solidifying its core business advantages and is experiencing a turning point in its main operations, with new applications continuing to flourish. Strategic and international business efforts are expected to open up growth opportunities [2][13]. Financial Performance Summary - For the first three quarters of 2025, the company reported total revenue of 2.506 billion yuan, with a net profit of 123 million yuan. In Q3 2025, the revenue was 841 million yuan, and the net profit was 50 million yuan [2][6]. - The gross margin improved to 21.06% in Q3 2025, marking a recovery in profitability [12][13]. - The company is projected to achieve net profits of 182 million yuan, 285 million yuan, and 356 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 83x, 53x, and 42x [13][18]. Strategic Developments - The company is advancing its international strategy, with overseas revenue growing nearly 40% in the first half of 2025. New customer centers in Turkey and Japan have commenced operations, and offices are being established in Germany, Mexico, Thailand, and South Korea to enhance market coverage [12][13]. - The company is diversifying into niche markets, including consumer-grade laser products, medical lasers, and laser security systems. It has launched a specialized thulium laser for urology and is making strides in the laser security sector [12][13].