证券研究报告 | 行业专题研究 gszqdatemark 2026 02 26 年 月 日 轻工制造 增持（维持） 行业走势 XTool：激光创意方兴未艾，驭光造物龙头引航 公司概况：全球激光类个人创意工具龙头 xTool 是全球激光类个人创意工具领域的龙头企业，于 2013 年在深圳成 立。按 2025 年前九个月 GMV 计，公司以 37%的份额位居全球激光类个 人创意工具市场首位；在细分的激光雕刻机及切割机市场，其市场份额高 达 47%，是第二大品牌的六倍。公司构建了以激光类工具为核心，材质打 印机、软件及配件耗材协同发展的产品矩阵，并通过免费软件 xTool Studio 与配套耗材销售提升用户粘性与复购。公司收入高度依赖海外市场，2024 年海外收入占比达 97%，全球化特征明显。 行业：科技赋能个人创意工具市场高速成长 科技赋能个人创意工具是利用激光、打印、数控等技术将数字创意转化为 实体产品的设备集群。该市场增长强劲，按 GMV 计，全球市场规模预计 将从 2024 年的 68 亿美元增长至 2035 年的 870 亿美元，复合年增长率达 17.3%。该市场主要分为增材类和非增材类，xTool ...

Group 1: Company Overview - The report identifies xTool as the global leader in the laser personal creative tools market, holding a 37% market share by GMV as of the first nine months of 2025, and a dominant 47% share in the laser engraving and cutting machine segment, significantly outpacing the second-largest brand by six times [1][10]. - xTool has established a product matrix centered around laser tools, collaborating with material printers, software, and accessory consumables, enhancing user retention and repurchase through its free software, xTool Studio [1][10]. Group 2: Industry Growth - The technology-enabled personal creative tools market is projected to grow from USD 6.8 billion in 2024 to USD 87 billion by 2035, with a compound annual growth rate (CAGR) of 17.3%, driven by advancements in laser, printing, and CNC technologies [2]. - The competitive landscape in the laser personal creative tools industry is highly concentrated, with the top 10 brands accounting for over 50% of GMV, and the top five brands in the laser engraving and cutting machine sector representing approximately 60% of the market [2]. Group 3: Competitive Advantages - xTool's competitive strength is built on its brand recognition, technological innovation, and effective marketing strategies, achieving high user recommendation rates and repurchase rates [3]. - The company has received multiple international design awards and has a robust community ecosystem with over 212,000 active users, 1.5 million social media followers, and an average monthly website traffic of 2.9 million [3]. Group 4: Financial Performance - xTool has demonstrated rapid revenue and net profit growth, with revenues of CNY 14.57 billion, CNY 24.76 billion, and CNY 17.77 billion for the years 2023, 2024, and the first nine months of 2025, respectively [34]. - The net profit figures for the same periods were CNY 1.11 billion, CNY 1.49 billion, and CNY 0.83 billion, indicating a strong upward trend in profitability [34].

Investment Rating - The report maintains a "Buy" recommendation for the light industry manufacturing sector, particularly focusing on xTool as a leading player in the laser tool market [5]. Core Insights - The personal creative tools market is rapidly growing, with a projected increase from USD 4 billion in 2022 to USD 6.8 billion in 2024, corresponding to a CAGR of 31.0%. The market is expected to reach USD 39.1 billion by 2030, with a CAGR of 33.8% from 2024 to 2030 [9][12]. - xTool has established a dominant position in the laser tool segment, achieving a market share of approximately 37% in the global personal creative tools market and 47% in the core laser engraving/cutting machine market as of September 2025 [23][24]. - The brand xTool, founded in 2021, has transitioned from STEAM education to consumer-grade laser engraving machines, creating a comprehensive ecosystem of hardware, software, and community engagement [27]. Industry Overview Market Size - The personal creative tools market is segmented into additive and non-additive tools, with non-additive tools, including laser tools, showing significant growth. The global penetration rate of laser tools is expected to rise from 11.2% in 2022 to 15.3% in 2024 [9][14]. - The market for additive tools is projected to grow from USD 2.3 billion in 2022 to USD 4.1 billion in 2024, with a CAGR of 32.7% [12]. Competitive Landscape - The laser tool market is characterized by a concentrated competitive structure, with xTool leading the market. The top five brands in the laser engraving and cutting machine market are expected to account for 60% of the GMV in 2024 [23][24]. - xTool's market share in the DTF printer segment is rapidly increasing, reaching 12.7% despite entering the market later than competitors [26]. Company Performance - xTool's revenue is projected to grow from CNY 1.457 billion in 2023 to CNY 2.476 billion in 2024, reflecting a year-on-year increase of 69.97%. However, the growth rate is expected to slow down in 2025 due to product launch timing [29]. - The average selling price of laser tools has increased from CNY 15,600 per unit in 2023 to CNY 21,100 per unit in 2025 [29][36]. Market Trends - The report highlights a positive trend in the light industry manufacturing sector, with the sub-sectors of entertainment products and packaging printing showing increases of 1.85% and 1.78%, respectively, outperforming the broader market [42][46].

Investment Rating - The report maintains a "Recommendation" rating for the light industry manufacturing sector [5] Core Insights - The personal creative tools market is rapidly growing, with a projected increase from USD 4 billion in 2022 to USD 6.8 billion in 2024, corresponding to a CAGR of 31.0%. The market is expected to reach USD 39.1 billion by 2030, with a CAGR of 33.8% from 2024 to 2030 [9][12] - The market for laser tools is concentrated, with xTool being the leading player, holding approximately 37% market share in the global laser personal creative tools market as of September 2025 [23][24] - xTool, established in 2021, has developed a strong brand presence and ecosystem, focusing on hardware, software, and community engagement [27] Summary by Sections Industry Scale - The personal creative tools market is expected to grow significantly, with non-additive tools showing strong performance. The market size is projected to increase from USD 4 billion in 2022 to USD 6.8 billion in 2024, with a CAGR of 31.0% [9][12] - The market for additive tools is also expected to grow, from USD 2.3 billion in 2022 to USD 4.1 billion in 2024, with a CAGR of 32.7% [12] Industry Structure - The laser tools market is dominated by a few key players, with xTool leading the market with a 37% share. The top five brands account for 60% of the market share in laser engraving and cutting machines [23][24] - xTool's market share in the core laser engraving and cutting machine segment is approximately 47%, significantly higher than its competitors [23] Company Overview - xTool has established itself as a leader in the laser manufacturing sector, with a strong brand identity and a comprehensive product matrix that caters to various customer segments [27] - The company has seen revenue growth from CNY 1.457 billion in 2023 to CNY 2.476 billion in 2024, representing a year-on-year increase of 69.97% [29] - xTool's average selling price for laser tools increased from CNY 15,600 to CNY 21,100, despite a decrease in sales volume [29][36]

Core Viewpoint - xTool, a laser creative tool brand, has submitted an application for listing on the Hong Kong Stock Exchange, aiming to become the first publicly listed company in the consumer-grade laser engraving machine sector [1]. Group 1: Business Model and Revenue - xTool generates over 80% of its revenue from e-commerce channels, including Amazon, independent sites, and Walmart [1][10]. - The company has launched a new clothing printer that has achieved nearly 100 million yuan in sales within three months of its release, capitalizing on the growing demand for print-on-demand (POD) services [3]. - In the first nine months of 2025, xTool's revenue reached approximately 1.777 billion yuan, a significant increase from 1.498 billion yuan in the same period of 2024 [7][11]. Group 2: Product Offerings and Market Position - xTool's product line includes laser engraving machines, laser cutting machines, and recently, laser welding machines and CNC cutting machines, targeting various markets from education to small industrial applications [3][14]. - The company has a strong presence in the U.S. market, with revenue of approximately 973 million yuan, accounting for 54.8% of total revenue in the first nine months of 2025 [25]. Group 3: Marketing and Advertising Expenditure - xTool's marketing and advertising expenses have increased from 216 million yuan in 2023 to 314 million yuan in 2024, reflecting a growing investment in brand promotion [4][5]. - The company has also invested heavily in overseas e-commerce promotion, with expenditures rising from 133 million yuan to 176 million yuan [27]. Group 4: User Engagement and Community Building - xTool has established an online community called Atomm, with over 210,000 registered users and more than 40,000 uploaded works, enhancing user engagement and feedback [21]. - The company has created a user-led offline experience network, xToolSquad, with 470 locations across 32 countries, allowing users to showcase devices and conduct basic training [24]. Group 5: Financial Performance and Profitability - Despite high revenue growth, xTool's net profit margin is under 2%, indicating pressure on profitability due to high marketing and operational costs [4][6]. - The company reported a net profit of approximately 42 million yuan in the first nine months of 2025, a slight increase from 31 million yuan in the same period of 2024 [7].

Group 1: Commercial Aerospace Insights - The Shanghai Stock Exchange has introduced policies to support quality commercial rocket companies for listing, focusing on reusable rocket payloads as a core standard[6] - The commercial aerospace sector is expected to maintain stable or potentially increasing value under cost reduction trends, with key targets identified in satellite payloads and platforms[3] - Significant growth is anticipated in the satellite constellation deployment, with the G60 constellation aiming to launch 1,296 satellites by the end of 2027 and 15,000 by 2030[19] Group 2: Consumer-Level Engraving Machines - xTool plans to go public in Hong Kong, with revenue projected to grow from CNY 14.6 billion in 2023 to CNY 24.8 billion in 2024, reflecting a 70% year-on-year increase[29] - The company holds a 35.1% market share in the consumer-level laser engraving tool market, positioning it as a leading player[48] - The business model of xTool includes a closed loop of "equipment + consumables + software + ecosystem," enhancing customer retention and engagement[32] Group 3: Zhengli New Energy Developments - Zhengli New Energy reported a revenue of CNY 31.7 billion in the first half of 2025, a 71.9% increase year-on-year, with a net profit of CNY 2.2 billion, marking a successful turnaround[55] - The company is positioned to benefit from the growing demand in the electric vehicle and energy storage markets, with a projected increase in global energy storage battery shipments from 530 GWh in 2025 to 1,343 GWh by 2028[55]

Core Insights - The global laser welding machine market is projected to grow from $1.9 billion in 2025 to $2.48 billion by 2033, indicating a significant expansion driven by advancements in laser welding technology and its diverse applications across various industries [2][4]. Market Overview - Laser welding technology is increasingly popular in high-growth sectors such as entertainment electronics, photovoltaics, and medical devices, due to its ability to provide fast welding with minimal thermal distortion [2][4]. - The market is segmented into various types of laser welding machines, including fiber laser welding machines, CO2 laser welding machines, and solid-state laser welding machines, each suited for specific applications [4]. Industry Applications - Key industries benefiting from laser welding technology include medical devices, electronics, aerospace, and automotive, where high-quality welding is essential for manufacturing complex components and ensuring structural integrity [4][5]. - In the automotive sector, laser welding is utilized to assemble lightweight materials, enhancing fuel efficiency and vehicle safety [4][6]. - The aerospace industry relies on laser welding for creating strong, lightweight structures that meet stringent safety and regulatory requirements [5][6]. Technological Advancements - The growth of industrial automation is a major driver for the laser welding machine market, as traditional manual welding is being replaced by automated solutions that offer improved accuracy and efficiency [5][6]. - The integration of laser welding machines into automated production lines is becoming crucial with the rise of Industry 4.0 and smart factories, leading to increased demand for complex welding solutions [5][6]. Market Expansion - The demand for lightweight components and increased production volumes in the automotive industry necessitates efficient welding technologies [6]. - The electronics sector is moving towards smaller, more complex parts, requiring precise welding capabilities [6]. - The aerospace industry is expanding its need for robust, lightweight materials, which can only be produced through advanced welding processes [6].

Company Overview - xTool is a global high-end consumer technology brand focused on empowering creative creation from digital to physical [2] - It holds a 37% market share in the laser personal creative tools segment by GMV as of the first nine months of 2025, and a 47% market share in laser engraving and cutting machines, significantly surpassing its competitors [2] - The company has sold over 405,000 connected devices worldwide as of September 30, 2025, and aims to become a global leader in personal creative tools [2] Product Offerings - xTool's core product line includes laser engraving machines, laser cutting machines, laser welding machines, and CNC cutting machines [3] - In 2025, xTool began selling garment printers as part of its new material printing business line, marking the start of a broader product roadmap [3] - The company offers a flagship software, xTool Studio, which simplifies the creative workflow from design to engraving, cutting, and printing [3] Financial Performance - For the fiscal years ending in 2023, 2024, and the nine months ending September 30, 2025, the company reported revenues of approximately RMB 1.46 billion, RMB 2.48 billion, and RMB 1.78 billion respectively [4] - The net profit for the same periods was approximately RMB 111 million, RMB 149 million, and RMB 83 million [5] - The gross profit margins for these periods were 59.2%, 54.4%, and 56.0% respectively [8] Market Overview - The global market for technology-enabled personal creative tools is expected to grow from USD 6.8 billion in 2024 to USD 39.1 billion by 2030, with a CAGR of 33.8% [10] - The non-additive personal creative tools market is projected to expand significantly, driven by material printing tools, which are expected to grow from USD 100 million to an estimated USD 20.4 billion by 2035 [13] - The global penetration rate of laser personal creative tools is anticipated to rise from approximately 11.2% in 2022 to about 15.3% in 2024 [16]

Core Viewpoint - The company, Shenzhen Lianying Laser Co., Ltd., reported a decline in overall revenue for 2024, with specific business segments experiencing varying performance, prompting regulatory inquiries regarding its financial disclosures and business operations [1][2]. Business Performance Summary - The company achieved a total revenue of 3.15 billion yuan in 2024, representing a year-on-year decrease of 10.33% [2]. - The revenue from the power and energy storage battery segment was 2.253 billion yuan, down 23.75% year-on-year, with a gross margin decrease of 3.54 percentage points [2]. - The consumer electronics segment saw a significant increase in revenue to 551 million yuan, up 261.95% year-on-year, with a gross margin increase of 2.6 percentage points [2]. - The automotive and hardware segment generated 194 million yuan, down 16.2% year-on-year, with a gross margin decrease of 4.63 percentage points [2]. Customer Sales Dynamics - The company provided insights into the sales changes among its top five customers across major business segments, indicating that sales fluctuations were due to uneven procurement and new capacity releases [9][10]. - The sales from the top five customers in the power and energy storage battery segment accounted for 60.91% of total sales, with a significant year-on-year decline of 33.51% [10]. - The company confirmed that the majority of its major customers are well-established, with long-term relationships, and that new customers do not have any significant related-party relationships [9][10]. Order and Revenue Recognition - The company reported that as of the end of 2024, its order backlog amounted to 3.5 billion yuan, with a year-on-year growth rate of 17.54%, indicating a positive trend in order acquisition [11]. - The revenue recognition for the fourth quarter of 2024 was 950 million yuan, reflecting a quarter-on-quarter increase of 27.69%, and accounted for 30.16% of the total annual revenue [19][20]. - The company confirmed that its revenue recognition practices comply with accounting standards, with detailed explanations provided for the timing of contract signing, delivery, and acceptance [20][23]. Accounts Receivable and Credit Risk - The accounts receivable balance at the end of 2024 was 1.843 billion yuan, an increase of 14.18% year-on-year, with over one year of accounts receivable amounting to 1.004 billion yuan [24][27]. - The company outlined its credit policies and the aging of accounts receivable, indicating that the transactions possess commercial substance and comply with accounting standards [27][28].

海外订单高增长，但难言拐点已至。 | 作者 | | 塔山 | | --- | --- | --- | | 编辑 | | 小白 | 专注激光焊接，深度绑定宁德时代 联赢激光（688518.SH，下称公司）成立于2005年，于2015年挂牌新三板，2020年顺利登陆科创板， 并成为"科创板激光焊接第一股"。 公司控股股东为韩金龙，实际控制人为韩金龙和牛增强，第三大股东李瑾为韩金龙配偶。 公司股权结构较为分散。截至2024年三季度末，实控人合计持有上市公司12.22%的股份。 韩金龙和牛增强分别为公司董事长、副董事长，牛增强博士在创业之前曾长期在深圳大学担任讲师。 （来源：2023年报） （来源：招股书） 自成立以来，公司一直专注于激光焊接领域，主要产品为激光焊接自动化成套设备，还包括工作台、 激光器及激光焊接机，产品以定制化为主。 激光焊接与激光切割、激光打标共同构成激光加工技术的三驾马车，相比于后两者，激光焊接的发展 时间较短，工艺难度也相对更高。 公司产品广泛应用于动力电池、汽车制造、消费电子、光通讯等领域，客户包括宁德时代、比亚迪、 欣旺达、国轩高科、泰科电子、松下、三星等。 （来源：公司公告） 公司在宁德 ...