Raycus(SZ:300747) Changjiang Securities·2024-04-25 03:02Investment Rating - The report maintains a "Buy" rating for the company [16][29]. Core Insights - The company achieved a revenue of 3.68 billion yuan in 2023, representing a year-on-year increase of 15.40%. The net profit attributable to shareholders reached 217 million yuan, a significant increase of 431.95% year-on-year [28]. - The sales volume of laser devices reached 159,000 units, up 16.39% year-on-year, with sales of high-power lasers (over 10,000 watts) nearly reaching 6,000 units, marking an increase of nearly 80% [28][31]. - The company is expected to benefit from high-power laser applications and international market expansion, with projected net profits of 340 million, 440 million, and 580 million yuan for 2024, 2025, and 2026, respectively [29][34]. Financial Summary - The company's gross profit margin improved to 26.00% in 2023, an increase of 7.94 percentage points year-on-year, driven by product structure optimization and cost reduction efforts [36]. - The operating income for 2024 is projected to be 4.40 billion yuan, with a net profit of 352 million yuan, corresponding to a PE ratio of 33x [23][29]. - The report highlights a significant increase in non-recurring gains, contributing 52 million yuan to net profit in 2023, primarily due to increased government subsidies [36].