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：主业迎经营拐点，新应用逐步开花结 果 报告要点 [Table_Summary] 公司披露 2025 年半年报，2025Q2 公司营收 9.49 亿元，同比+20.73%；归母净利润 0.56 亿 元，同比+73.79%；扣非归母净利润 0.30 亿元，同比+155.28%。Q2 业绩高增，同环比均改 善，反映公司主业迎来经营拐点。往后看，公司龙头格局基本稳固，制造业需求有望修复，新 应用逐步开花结果，公司有望持续受益于新兴应用+激光出海大趋势。看好公司夯实核心业务 优势，新应用持续开花结果，并通过战略业务、国际业务持续打开成长空间。 分析师及联系人 [Table_Author] 赵智勇 臧雄 杨文建 SAC：S0490517110001 SAC：S0490518070005 SAC：S0490525070003 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 ...

Group 1 - The 20th "China Optics Valley" International Optoelectronic Exposition showcased nearly 100 cutting-edge technologies and innovations, linking global innovation resources to accelerate the development of a world-class optoelectronic information industry cluster in Wuhan [1][3] - The theme of this year's expo was "Light Connects Everything, Intelligence Guides the Future," covering an exhibition area of approximately 25,000 square meters, with over 20 conferences and special events across six major application areas [3][4] - The expo has become a significant platform for optoelectronic innovation in China, reflecting the core role of Optics Valley in scientific research, manufacturing, and market application in central and western China [3][4] Group 2 - More than 1,000 innovative achievements were released at the expo, with nearly 100 technologies making their debut, including advanced products in the global optical module field and industrial-grade semiconductor laser technology [4][5] - The expo featured a "Light + Intelligent Terminal Applications" section, showcasing products that demonstrate the integration of optoelectronic technology with artificial intelligence and other emerging fields [5][7] - A total of 20 major investment projects were signed at the opening ceremony, amounting to 19.52 billion yuan, covering various fields such as optical communication, integrated circuits, and artificial intelligence [7][8] Group 3 - By 2024, China Optics Valley has gathered 16,000 enterprises in the optoelectronic information sector, forming the most complete optoelectronic information industry chain globally, with the industry scale exceeding one trillion yuan [8][9] - The local government aims to position China Optics Valley among the top five high-tech zones in China by 2030 and to establish it as a globally influential "World Optics Valley" by 2035 [9]

Core Insights - The 20th "China Optics Valley" International Optoelectronics Expo opened in Wuhan, integrating the "International Light Day" global series of events, attracting 390 renowned companies from 12 countries and regions to showcase nearly 100 cutting-edge technologies in the optoelectronics field [1][2] - The expo resulted in the signing of 20 major investment projects in Hubei, totaling 19.52 billion yuan, covering areas such as optical communication, integrated circuits, compound semiconductors, new displays, and artificial intelligence [1] - Notable product launches included China's first 5 million pixel infrared detector and the world's most advanced 1.6T single-mode optical module, among others [1] Industry Highlights - The expo featured key players in the laser and optics sector, including local leaders like Huagong Technology and Ruike Laser, as well as international giants from France, the USA, and Russia [2] - The optical communication sector showcased major companies such as Huawei and China Information Communication Technologies, highlighting the expanding demand for optical communication in the AI era [2] - The "Light + Intelligent Terminal Applications" section allowed attendees to experience laser radar-enabled autonomous vehicles and robots, demonstrating the practical applications of optoelectronic technology in smart transportation [2] International Engagement - The event attracted 73 foreign guests from countries like Gambia and Malaysia, who expressed a desire to collaborate with Chinese companies, particularly in semiconductor materials [3] - The expo has a history of facilitating international dialogue, with 19 previous events attracting over 6,800 top enterprises from more than 30 countries [3] - This year's event is expected to draw 60,000 professional visitors and host over 20 meetings and special activities across six application areas [3]