联赢激光：激光焊接平台公司，多元业务布局将迎新成长

Investment Rating - The report does not explicitly state an investment rating for the company Core Viewpoints - The company is positioned as a leader in the laser welding industry, focusing on the development of laser welding systems for the battery sector, particularly in the context of new technologies like 4680 and solid-state batteries, which are expected to drive demand for equipment [9][44] - The global market for new energy vehicles is experiencing rapid growth, with a projected increase in battery usage to 705.5 GWh in 2023, representing a year-on-year growth of 38.6% [10] - The company is actively expanding its international market presence, particularly in Europe and North America, to capitalize on the growing demand for battery production equipment [30][44] Summary by Sections Section 1: Company Overview - The company specializes in laser welding technology, which has become a standard in battery production due to its high efficiency and precision [33] - The company has a significant market share in the battery sector, with over 80% of its revenue derived from this area [63] Section 2: Market Trends - The demand for large cylindrical batteries is increasing, driven by their superior performance and the shift away from prismatic batteries [2][3] - The report highlights the importance of laser welding in the production of cylindrical batteries, noting that the welding process is more complex and requires advanced equipment [3][9] Section 3: Financial Performance - The company has shown a consistent revenue growth with a CAGR of 29.05% from 2018 to 2023, and a net profit CAGR of 27.98% during the same period [63] - The company has effectively managed its expenses, resulting in a decrease in the comprehensive expense ratio from 31.83% in 2020 to 24.86% in 2023 [22][28] Section 4: Future Outlook - The company plans to increase its focus on non-lithium battery applications, aiming for these to constitute over 25% of new orders by 2024 [29] - The report anticipates that the company's proactive approach in overseas markets and new technology developments will lead to increased order growth and improved profitability [44][48]