Raycus(SZ:300747)2022-12-03 09:18Group 1: Market Trends and Growth Projections - The laser industry experienced rapid explosive growth in 2017, but the growth rate has slightly slowed down in 2018 [5] - Fiber laser applications are primarily focused on cutting, but there is significant potential for expansion in welding markets due to the rise of industrial robots and new energy vehicles [6] - The company anticipates continued relatively rapid growth in fiber lasers, driven by decreasing prices and improved stability [6] Group 2: Competitive Strategy and Pricing - The company will not adopt aggressive pricing strategies; instead, it will focus on technological advancements and maintaining a leading position in the market [7] - The company aims to maintain stable gross margins, with limited room for further increases [12] Group 3: Impact of Trade Policies - The company’s main raw material suppliers are in Europe, and the proportion of imports from the U.S. is relatively low, thus trade tensions have not significantly impacted operations [8] Group 4: Production and Cost Structure - The cost structure of high-power fiber lasers shows that pump sources account for 60-70% of costs, which can be reduced to around 30% through in-house production [11] - The company has a high self-manufacturing ratio for core components and materials, with room for further increases [9] Group 5: Research and Development - The company has a strong technical foundation due to high-end talent and various national projects, which has resulted in relatively low R&D expenditures [10] - Future R&D spending is expected to increase as the company scales up [10] Group 6: Industry Barriers and Drivers - The main barriers to entry in the fiber laser industry include technological expertise and the complexity of high-power laser structures [15] - Industry drivers include macroeconomic factors, the rise of smart manufacturing, and the increasing penetration of laser applications in traditional processes [16]