请务必阅读正文后的声明及说明 [Table_Info1] [Table_Title] 证券研究报告 / 公司动态报告 国内领先光纤激光器制造商，关注反无装备等新兴领域放量 报告摘要： [Table_Summary] 锐科激光是中国领先的光纤激光器制造商，专注于研发、生产和销售高 功率光纤激光器及其核心器件。公司业务覆盖连续光纤激光器、脉冲光 纤激光器、准连续光纤激光器、窄线宽光纤激光器、超快激光器、直接 半导体激光器等产品，并为客户提供定制化解决方案和应用技术支持。 公司产品广泛应用于激光打标、切割、焊接、熔覆、清洗、增材制造、 钣金加工、汽车、新能源、光伏、3C 电子、船舶、航空航天、激光医疗、 雷达传感等行业领域。 公司重视研发投入，激光器产品技术实力领先。2024 年公司研发投入 35478.62 万元，同比提升 4.97%，占公司营业收入的 11.10%。公司不断 向高端制造和精密加工领域拓展，共计推出了 13 款新产品。2024 年先 后研制出 200kW 超高功率光纤激光器、电光转换效率超过 50%的 12kW 光纤激光器、100W 高能量固体绿光激光器、250W 掺铥光纤激光器等一 系列国际和国 ...

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].

收入下滑致费用率有所提升。2024 年公司销售/管理/研发/财务费用率分别同比+0.3/+0.5/+1.9/-0.1ppt； 1Q25 公司销售/管理/研发/财务费用率分别同比-2.4/+0.2/+1/-0.6ppt。2024 年/1Q25 公司净利率为 4.2%/2.4%，同比-1.7/-5.6ppt。 关注新兴产业和特种领域拓展。根据年报，24 年公司在半导体芯片制造、TGV 加工的诱导刻蚀和微孔 加工等、PCB 材料生产加工等领域投入研发力量，并计划在激光雷达、激光测量、激光医疗、激光美 容等领域进行拓展。 发展趋势 24 年主业业务下滑，盈利能力承压。分业务来看2024 年1）连续光纤激光器：收入25.27 亿元，同 比-14.76%；毛利率18.77%，同比-6.27ppt。2）脉冲光纤激光器：收入4.02 亿元，同比-8.25%；毛利率 25.49%，同比-1.06ppt。3）特种光纤：收入0.71 亿元，同比-5.96%；毛利率43.12%，同比+1.66ppt。 4）超快激光器：收入0.70 亿元，同比+2.33%；毛利率31.33%，同比-18.23ppt。全年出货量达到17.47 万台，同 ...

研发驱动。 作者 | 塔山 编辑 | 小白 近年来，随着国家政策的引导以及国内激光行业企业大力推动，国产激光器正不断替代进口产品。 （来源：2023年报） 工业激光器种类繁多，目前光纤激光器是主流产品，光纤激光器又可分脉冲光纤激光器和连续光纤激 光器。 2009-2018年，光纤激光器市场份额从13.7%提升至51.5%，成为市场最大激光器品种。 （来源：创鑫激光招股书（注册稿）） 在国内光纤激光器市场，此前美国IPG占据主要市场份额，近年来国产厂商锐科激光（300747.SZ） 的市场份额已经反超IPG。 风云君注意到，除了锐科激光外，还有一家公司也表现不俗。 （来源：锐科激光2023年报） ...