丨证券研究报告丨 公司研究丨点评报告丨锐科激光（300747.SZ） [Table_Title] 锐科激光：静待格局改善，未来产业有望逐步发 力 报告要点 [Table_Summary] 公司发布 2025 一季报，2025Q1 实现营收 7.15 亿元，同比-10.72%；归母净利润 0.17 亿元， 同比-73.36%；扣非归母净利润 0.02 亿元，同比-94.02%。往后看，公司龙头格局基本稳固， 制造业需求有望修复，公司有望继续受益于高功率+激光出海大趋势。看好公司持续推进降本 增效，夯实核心业务优势，并通过战略业务、国际业务持续打开成长空间。 赵智勇 臧雄 SAC：S0490517110001 SAC：S0490518070005 SFC：BRP550 SFC：BVO790 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 锐科激光（300747.SZ） cjzqdt11111 分析师及联系人 [Table_Author] [Table_Title 锐科激光：静待格局改善，未来产业有望逐步发 2] 力 [Table_Summary2] 事件描述 公司发 ...

Summary of Haimeixing Conference Call Company Overview - **Company**: Haimeixing - **Industry**: Lithium-ion battery, photovoltaic, medical devices, and plastic welding technology Key Points Financial Performance - In 2024, Haimeixing achieved revenue of 4.525 billion yuan, with a net profit attributable to shareholders of -163 million yuan. In Q1 2025, revenue was 539 million yuan, with a net profit of -189 million yuan [3][5][50] - New orders in 2024 were approximately 5 billion yuan, representing a year-on-year growth of 4.5%. As of March 31, 2025, the company had a backlog of orders exceeding 9.5 billion yuan, with Q1 2025 new orders exceeding 3 billion yuan [2][3][9] Order Structure and Growth Drivers - In Q1 2025, lithium battery business accounted for 75%-85% of new orders, while photovoltaic and 3C businesses accounted for 15%-20% and approximately 10%, respectively [2][9] - The growth in orders is primarily driven by the lithium-ion battery sector, with significant contributions from leading domestic and international companies expanding their production capacity [2][10] - Overseas orders are heavily concentrated in the lithium battery sector, accounting for 60%-70% of total overseas orders, with notable demand from Europe and Southeast Asia [2][10] Research and Development - Haimeixing invested 480 million yuan in R&D in 2024, representing 10.7% of revenue, supported by a research team of 1,978 people [2][7] - The company is focusing on laser technology innovation and expanding applications in downstream sectors to enhance market competitiveness [8][16] New Business Developments - In the medical sector, Haimeixing launched a high-power tunable mid-infrared femtosecond solid-state laser and obtained registration for a portable UV therapy device [2][6][40] - The acquisition of Laidan Group's plastic welding business is expected to enhance capabilities in automotive, consumer electronics, and medical applications [2][11][12][25] Cost Management and Cash Flow - The company has implemented measures to improve efficiency and restructure personnel, saving over 200 million yuan annually [2][8] - Operating cash flow is expected to remain healthy throughout 2025, supporting stable performance growth [2][8] Challenges and Risks - The primary reasons for the company's losses include supply-demand imbalances in the lithium and photovoltaic industries, leading to decreased revenue and profit margins [5][18] - Inventory impairment assessments have been conducted, with a balance of approximately 4.27 billion yuan as of December 2024, increasing to 4.9 billion yuan by March 2025 [15] Future Outlook - Haimeixing aims to continue focusing on laser technology innovation and expanding its market presence, particularly in the lithium battery and medical device sectors [8][10] - The company anticipates a 50% growth in 3C business orders in 2025, driven by projects related to consumer batteries [3][36] Market Expansion - The company is actively expanding its presence in the Chinese market, with plans to open a customer service center in Shanghai by May 2025 [13] - Collaborations with major clients in the automotive and robotics sectors are underway, leveraging advanced laser welding technology [14][27] Conclusion - Haimeixing is positioned for growth with a robust order backlog and strategic investments in R&D and new business areas. However, it faces challenges related to market volatility and operational efficiency that need to be managed for sustainable development [50]

Financial Performance - In 2024, the company achieved an operating revenue of 27,507.30 million CNY, a slight increase of 0.03% compared to the previous year [2] - The net profit attributable to shareholders was 211.30 million CNY, marking a turnaround from previous losses [2] - The net profit after deducting non-recurring gains and losses was -209.96 million CNY, a reduction in losses by 92.86% compared to the previous year [2] Research and Development - R&D expenses decreased in 2024 due to a reduction in IP derivative business projects [3] - The company plans to strengthen technology research and development to enhance product competitiveness [3] Market and Industry Insights - The global laser equipment market sales revenue was approximately 21.8 billion USD in 2024, a decline of 3.4% from 2023 [6] - China's laser equipment market sales revenue was 897 billion CNY, down 1.4%, but its global market share increased by 0.6% to 56.6% [6] - The laser equipment market is expected to grow due to the high-end and intelligent transformation of manufacturing and government support [7] Future Strategies - The company aims to consolidate its profitability in the laser business while exploring opportunities in the AI integration and customized product development [3] - The IP derivative business will be adjusted towards the cultural tourism and creative product market to reduce losses [9] Shareholder and Financial Policies - The company reported a negative retained earnings balance at the end of 2024, thus no cash dividends or stock bonuses will be distributed [5] - Future financing plans will depend on improving financial conditions and will comply with disclosure obligations [4] Operational Status - As of Q1 2025, the company reported an operating revenue of 59,285,007.32 CNY, a decrease of 16.38% year-on-year [9] - The net profit attributable to shareholders was 2,769,930.84 CNY, down 11.37% compared to the previous year [9]

Core Insights - The sixth China Youth Skills Camp successfully concluded in Hubei, gathering around 140 skilled individuals, including representatives from various regions and vocational schools, to promote skill inheritance and development [1] Group 1: Event Overview - The skills camp included visits to several institutions such as Wuhan Industrial Innovation Development Research Institute and Hubei Provincial Intangible Cultural Heritage Skills Inheritance Institute, along with advanced report meetings and workshops [3] - Participants engaged in hands-on experiences with cutting-edge technologies and traditional crafts, enhancing their understanding of industry developments and the role of skills in improving quality of life [3] Group 2: Skills Development and Recognition - Li Junfei, the champion of the baking project at the 47th World Skills Competition, expressed gratitude for the national emphasis on skill talent development, highlighting improved training conditions and opportunities for learning and exchange [6] - Yang Shaohui, champion of the automotive technology project, emphasized the potential for individuals to achieve success through skills in a rapidly evolving environment [8] Group 3: National Skills Competition Framework - The Ministry of Human Resources and Social Security is actively preparing for the third National Skills Competition, aiming to enhance the impact of competitions on skill talent development [8] - The skills competition system in China is evolving, integrating World Skills standards and expanding competition content, which has led to improved skill levels among participants and reduced regional disparities [8]

Core Viewpoint - The company reported strong financial performance in Q1 2025, with significant year-on-year growth in revenue and net profit, driven by increasing demand for laser technology across various industries [1][3]. Financial Performance - In Q1 2025, the company achieved revenue of 343 million yuan, representing a year-on-year increase of 34.07% but a quarter-on-quarter decrease of 10.69% [1]. - The net profit attributable to shareholders was 36 million yuan, up 37.11% year-on-year and up 22.61% quarter-on-quarter [1]. - The non-recurring net profit was 33 million yuan, reflecting a year-on-year increase of 34.19% and a significant quarter-on-quarter increase of 140.71% [1]. - The gross margin stood at 37.49%, showing a year-on-year decrease of 3.22 percentage points but an increase of 6.80 percentage points quarter-on-quarter [1]. - Operating cash flow reached 225 million yuan, marking a substantial year-on-year increase of 657% [1]. - New orders received in Q1 totaled 585 million yuan, a year-on-year increase of 89.38% [1]. Business Development - The company plans to continue delivering 500W MOPA pulsed laser products in 2025 and is optimizing higher power laser products to reduce costs for customers [2]. - In the passive components sector, the company will develop second-generation laser tuning machines and improve capacitor testing and sorting machines [2]. - The company aims to track the development of perovskite solar cells and fulfill orders from 2024 while acquiring new ones in 2025 [2]. - For laser micro-nano processing, the company will provide customized laser processing solutions based on the latest customer demands [2]. - The company has sent PCB drilling products for trial use at well-known industry enterprises, with plans to advance technology and domestic substitution in this field [2]. - The company will optimize VCSEL module testing equipment to enhance detection efficiency for mobile camera module orders received in the second half of 2024 [2]. Investment Outlook - The company’s performance exceeded expectations, with multiple business segments expected to continue breakthroughs in 2025, particularly in optical module testing [3]. - Projected net profits for 2025-2027 are estimated at 202 million, 260 million, and 311 million yuan, with corresponding EPS of 2.12, 2.74, and 3.27 yuan, leading to PE ratios of 22.95, 17.81, and 14.89 times respectively [3].

Group 1 - Jepter (688025.SH) reported its Q1 2025 results on April 30, 2025, with 18 institutional investors holding a total of 23.3041 million A-shares, representing 24.52% of the total share capital [1] - The top ten institutional investors collectively hold 24.35% of the shares, with a 0.10 percentage point increase compared to the previous quarter [1] Group 2 - In the public fund sector, four funds increased their holdings, accounting for a 0.66% increase, while two funds decreased their holdings by 0.22% [2] - Six new public funds were disclosed this period, including South Data 100 Index A and others, while 169 funds were not disclosed this quarter [2] - For social security funds, one fund, the National Social Security Fund 503 Combination, increased its holdings by 0.20% [2]

Group 1 - The company achieved steady growth in revenue and profit in Q1 2025, with revenue of 343 million yuan, a year-on-year increase of 34.07%, and a net profit attributable to shareholders of 36 million yuan, up 37.11% year-on-year [1] - In 2024, the company continued to deepen cooperation with major clients, achieving revenue of 1.454 billion yuan, an 18.62% increase year-on-year, with laser equipment revenue at 701 million yuan, up 5.36%, and laser/optical intelligent equipment revenue at 628 million yuan, a significant increase of 44.02% [1] - The overall gross margin for 2024 was 37.69%, down 3.42 percentage points year-on-year, with structural differences in gross margins across business segments [1] Group 2 - The company reported new signed orders of 585 million yuan in Q1, a year-on-year increase of 89.38%, indicating a strong growth trend [2] - The company maintains close cooperation with major clients in the consumer electronics sector, focusing on tailored laser processing and optical detection equipment to meet actual customer needs [2] - Revenue forecasts for 2025-2027 are projected at 1.744 billion, 2.145 billion, and 2.437 billion yuan, with net profits attributable to shareholders at 219 million, 261 million, and 323 million yuan respectively, corresponding to a PE ratio of 21X for 2025 [2]

近日，思创激光自主研发万瓦级单模光纤激光器在实地测试中取得重大突破——实测有效毁伤距离突破3公里，创下全球同类技术领域新纪录。这一成果充 分展现了思创激光在高端激光器领域的深厚技术积淀与创新能力，相关先进技术为工业精密加工、高端装备升级等场景提供了更具竞争力的激光解决方案。 硬核穿透力：实测3km击穿1mm碳钢板 钢板穿透测试数据： | | 环境参数 | | | --- | --- | --- | | 能见度 | 温度 | 相对湿度 | | 11km | 15°C | 40% | | 测试时间： 16:00~17:00 | | | | 打击距离 | | 击穿时长 | | 1800m | | 7s | | 2000m | | ૪૮ | | 2200m | | 15s | | 2400m | | 10s | | 2600m | | 16s | | 2800m | | 16s | | 3000m | | 16s | (击穿钢板测试) 定义下一代激光反无解决方案，从技术突破到体系革新 依托万瓦级单模光纤激光器的技术突破，思创激光正重塑行业技术标准，为新一代反无体系打造具备高能打击效能的激光解决方案： 从技术攻坚到行业 ...

Core Viewpoint - The Central Enterprise Innovation-Driven Index (000861) has shown a slight decline of 0.16% as of April 30, 2025, with mixed performance among constituent stocks, indicating a volatile market environment for central enterprises [3][4]. Group 1: Index and ETF Performance - The Central Enterprise Innovation-Driven ETF (515900) has decreased by 0.14%, with the latest price at 1.4 yuan, and has a trading volume of 413.75 million yuan, reflecting a turnover rate of 0.12% [3][4]. - Over the past year, the ETF has achieved an average daily trading volume of 38.99 million yuan, ranking first among comparable funds [3]. - The ETF has recorded a net value increase of 20.30% over the past three years, placing it in the top 16.57% among 1,744 index equity funds [5]. Group 2: Fund Characteristics - The ETF's management fee is 0.15% and the custody fee is 0.05%, which are the lowest among comparable funds [5]. - The tracking error of the ETF over the past five years is 0.038%, indicating the highest tracking precision among similar funds [5]. - The current price-to-book ratio (PB) of the index is 1.37, which is below the historical average for over 84.64% of the past year, suggesting a favorable valuation [5]. Group 3: Key Holdings - As of March 31, 2025, the top ten weighted stocks in the index account for 34% of the total index, with notable companies including Hikvision (002415) and State Grid NARI (600406) [6][8]. - The performance of individual stocks within the top ten has varied, with Hikvision showing a slight increase of 0.36% and China Merchants Bank declining by 3.19% [8].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 56.78 CNY per share [6][10]. Core Views - The company achieved a revenue of 1.454 billion CNY in 2024, representing a year-on-year increase of 18.62%, and a net profit of 133 million CNY, up 23.53% year-on-year [2][3]. - In Q1 2025, the company reported a revenue of 343 million CNY, a 34.07% increase year-on-year, and a net profit of 36 million CNY, up 37.11% year-on-year [2][3]. - The growth in revenue is attributed to increased sales of optical detection equipment related to mobile camera modules, laser processing systems for power batteries, and recognition of precision processing equipment in consumer electronics [3][4]. - The company is expected to continue its growth trajectory with projected revenues of 1.814 billion CNY, 2.159 billion CNY, and 2.559 billion CNY for 2025, 2026, and 2027 respectively [10][12]. Summary by Sections Financial Performance - The company’s overall gross margin for 2024 was 37.69%, a decrease of 3.42 percentage points year-on-year, while the net profit margin was 8.53%, an increase of 0.03 percentage points [3][12]. - The company’s operating expenses as a percentage of revenue have improved, with sales, management, and R&D expense ratios at 7.77%, 8.44%, and 11.53% respectively, showing slight decreases year-on-year [3][12]. Business Segments - The laser segment includes the development of a 500W high-power MOPA pulsed fiber laser for the power battery industry, enhancing efficiency in electrode cutting and cleaning processes [4]. - The detection segment has seen growth due to the rapid expansion of production lines for mobile camera modules, with several projects being exclusive supply contracts [4]. - The company has also made strides in the photovoltaic sector with its perovskite laser cutting equipment, which is now being utilized in large-scale production lines [4]. Future Outlook - The company is positioned as a leader in the domestic laser industry, particularly in the context of domestic substitution in the new energy lithium battery sector, which is expected to drive future growth [10][12]. - The projected earnings per share (EPS) for 2025 is estimated at 2.18 CNY, with a price-to-earnings (PE) ratio of 26 times [10][12].