锐科激光：防务业务敞口过度带来的上行空间有限，光纤激光发生器前景具挑战性；下调至卖出评级-Wuhan Raycus Fiber Laser Tech (.SZ)_ Upside from defense exposure overdone, fiber laser generator outlook challenging; dg to Sell

6 August 2025 | 10:24PM HKT Wuhan Raycus Fiber Laser Tech (300747.SZ) Upside from defense exposure overdone, fiber laser generator outlook challenging; d/g to Sell 300747.SZ 12m Price Target: Rmb13.40 Price: Rmb30.16 Downside: 55.6% Raycus' share price is up +27% in 2025 YTD (vs. China Industrial Tech coverage median at +8%), in our view driven by positive market sentiment on its defense business (especially the low-altitude laser anti-drone systems). However, we expect limited earnings contribution from th ...