最新一期业绩显示，2025年三季报，公司实现营业收入3.42亿元，同比增加17.83%；净利润2209.04万 元，同比增加2464.79%，销售毛利率45.07%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13英诺激光135.54267.345.8458.37亿行业平均 77.71101.827.51195.80亿行业中值60.2966.984.0867.27亿1法拉电子20.1922.394.06232.65亿2海星股份 21.4627.212.1243.78亿3合肥高科23.3819.852.5715.13亿4依顿电子24.0524.062.50105.24亿5世华科技 24.2334.713.4497.07亿6鹏鼎控股25.6628.733.181040.11亿7超声电子26.9830.841.4166.53亿8振华科技 27.1726.571.69257.80亿9中航光电27.8821.433.03718.73亿10可立克28.3838.254.1188.03亿11澳弘电子 28.4429.752.4142.09亿12顺络电子28.7333.744.31280.76亿 交易所数据显示， ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6]. Core Views - The company is a leading domestic solid-state laser manufacturer, expanding its product spectrum to unlock significant growth potential [10]. - The demand for laser micro-machining is driven by WLG optical innovations and advanced packaging, with sustained high growth in niche markets [2]. - The supply side is characterized by a high-barrier market structure, with accelerated domestic substitution processes [3]. Financial Summary - Revenue projections show a growth trajectory from 368 million yuan in 2023 to 903 million yuan by 2027, with a compound annual growth rate (CAGR) of 28.9% [1]. - The net profit is expected to turn from a loss of 4 million yuan in 2023 to a profit of 131 million yuan by 2027, reflecting a significant recovery [1]. - The company's return on equity (ROE) is projected to improve from -0.5% in 2023 to 10.6% in 2027 [1]. Demand Side Analysis - The solid-state laser market is experiencing continuous high growth due to its applications in precision micro-machining, particularly in the semiconductor sector [2]. - WLG technology is a critical innovation in the optical field, enhancing laser processing demand in consumer electronics and advanced packaging [2]. - The semiconductor capital expenditure is expected to rise, driven by AI demand, positioning advanced packaging as a new engine for laser processing demand [2]. Supply Side Analysis - The domestic laser industry is evolving towards high power, high precision, and intelligent manufacturing, with solid-state lasers playing a crucial role in micro-machining [3]. - The domestic supply chain is growing, accelerating the process of localization and substitution in the laser market [3]. Profitability Forecast and Investment Recommendations - The company is expected to achieve net profits of 51 million yuan, 80 million yuan, and 131 million yuan from 2025 to 2027, with corresponding earnings per share (EPS) of 0.34 yuan, 0.52 yuan, and 0.86 yuan [6]. - The price-to-earnings (P/E) ratio is projected to decrease from 86.5x in 2025 to 34.0x in 2027, indicating an attractive valuation as earnings grow [1].