銳科激光: 國內光纖激光器龍頭,新興應用築基長期成長,行業競爭趨緩、盈利能力開啓修復

（以下内容从天风国际证券《銳科激光: 國內光纖激光器龍頭,新興應用築基長期成長,行業競爭趨緩、盈利能力開啓修復》研报附件原文摘录）
　　Wuhan Raycus Fiber Laser Technologies (300747 CH) 国内光纤激光器龙头，新兴应用筑基长期成长，行业竞争趋缓、盈利能力开啓修复 Resuming coverage: Chinese fiber laser pioneer adds emerging market applications to build long-term growth TP：RMB25.99 BUY 投资要点/Investment Thesis 投资要点/Investment Thesis （一）锐科激光：国内首家光纤激光器生产企业，创造国产光纤激光器产业链。 1）锐科激光是国内首家光纤激光器生产企业，主营业务包括爲激光制造装备集成商提供各类光纤激光器产品和应用解决方案，并爲客户提供技术研发服务和定制化产品，产品线丰富齐全。其中主要产品爲脉冲光纤激光器、连续光纤激光器两大系列，均爲自主研发，设计水平、产品质量与性能整体处於行业先进水平。 2）锐科激光保持国内光纤激光器市场领先的地位，公司是国内第一家专门从事光纤激光器及核心器件研发并实现规模化生产的国家级高新技术企业，是全球有影响力的光纤激光器研发和生产企业。通过增加研发投入、加大智慧工厂的自动化建设，采取积极的市场策略和有效的降本增效手段，多措并举继续保持国内光纤激光器市场领先的地位，2022年国内市场占有率约爲26.8%。锐科激光在2022年喜获多项成果及榮誉。 Chinese fiber laser pioneer: a manufacturer with supply chain coverage First mover: the first Chinese fiber laser manufacturer in the market, Raycus supplies fiber laser products and application solutions to laser manufacturing equipment integrators. It also provides technical R&D services and customized products that flesh out its comprehensive product line-up. Its two main product categories of pulse fiber lasers and continuous fiber lasers have both been developed inhouse. Raycus is positioned at the industry forefront on design, product quality and product performance. Influential beyond China: Raycus is comfortably positioned at the industry helm. It was China‘s first high-tech corporation to specialize in R&D into fiber lasers and core devices, which led it to achieve scale production. Its influence as a fiber laser developer and producer extends to the global industry. Raycus worked to entrench its domestic leadership by increasing R&D investments, deepening automation in its smart factories and deploying proactive market strategies to reduce costs and lift efficiency. （二）收购国神光电，加快布局超快激光器技术领域 1）超快激光器毛利率在公司所有主营业务中处於第一位。2019年7月10日，锐科激光完成收购国神光电科技(上海)有限公司，锐科激光由此加快了超快激光器的产业布局。虽然2022年行业价格竞争较爲激烈，收入和毛利有所下降，但超快激光器业务的毛利率在公司所有主营业务中始终处於第一位。 2）超快激光器的优势：超精细，冷加工，应用广。超精细：超快激光将光能集中在极短时间、极小空间内，并释放巨大单脉冲能量和极高峯值功率，加工时切面整齐、无热扩散、无微裂纹。冷加工：超快激光与材料作用时间极短，加工过程中不对所涉及空间周围材料造成影响，避免了热产生和热扩散，真正做到“冷加工”。应用广：超快激光几乎可以加工任何材料，并具有精准靶向定位的特点，下游应用领域包括军工、半导体、新能源、医疗等，十分广泛。 GaussLaser Technology acquisition spurs ultrafast laser business External growth: ultrafast lasers are one of the company‘s core businesses and the one with the highest gross margin. After it completed the acquisition of GaussLaser Technology on 10 July 2019, Raycus revved up the industrial buildout of the ultrafast laser business, which despite stiff price competition and falling revenue and gross profit in 2022, held its perch as the highest-gross-margin core business. Advantages of ultrafast lasers: ·Ultra-fine: ultrafast lasers concentrate light energy in a very short time and within a tiny space, releasing enormous single-pulse energy and ultra-high peak power. The process produces neatly cut surfaces without heat diffusion or micro-cracks. ·Cold processing: ultrafast lasers interact with the materials for a really short time. As the process does not affect surrounding materials in the space and avoids heat generation and heat diffusion, it achieves cold processing. ·Wide applications: ultrafast lasers process almost any material and allow precise targeting. They have wide downstream application markets, including the military, semiconductors, new energy and medical treatments. （三）坚持技术创新与研发体系建设，成本管控显成效。 公司以原创技术策源地爲抓手，系统性研究研发顶层规划、新产品新技术路径规划及预研工作；系统研究市场需求、产品规划；系统研究新兴应用领域规划。同时研发中心成立围绕市场及产品开发的产品线和技术平台开发的研究部，推行了IPD模式的组织架构和管理体系，形成以市场爲导向、产研结合的研发体系，进一步提升了公司核心竞争力。公司设立了降本增效专项奖励，推动了降本增效工作的实施。公司通过推进产业空间布局实施，已初步形成武汉、无锡、上海、黄石、嘉兴五地联动的产业发展格局。随着公司多项能力建设项目的布局与落地，公司产业布局更加完善，研发生产能力进一步增强。 Tech innovation and R&D system buildout in tandem aids cost control Production and research synchrony: staying true to its tech innovation origins, Raycus systematically conducts R&D planning into new products and technologies, laying strategic pathways and conducting pre-research work. It studies market demand and product planning, and assesses plans for emerging application markets. It set up a unit dedicated to product lines within its R&D center, along with a technology platform for market and product development. Its organizational structure and management system is based on the Integrated project delivery model. The confluence of these efforts forms a market-oriented R&D system that integrates research and production, and which enhances its core competencies. Firm cost control: the company put in place special incentives to encourage the implementation of cost reduction and efficiency measures. Raycus initially set up a development cluster comprising Wuhan, Wuxi, Shanghai, Huangshi and Jiaxing to push its industrial space buildout. As the company completes multiple projects to construct capacity expansion, it moves closer to realizing industrial buildout plans, while boosting its R&D and production capabilities. 投资建议/Investment Ideas 盈利预测及估值模型： 预计公司2023-2025年营业收入38.33亿元、48.54亿元、61.62亿元，同比增长20.21%、26.62%、26.96%；2023-2025年归母净利润2.49亿元、4.45亿元、7.30亿元，同比增长510.00%、78.39%、64.22%；2023-2025年净利率6.50%、9.16%、11.85%，同比增长5.22pct、2.66pct、2.69pct。给予其2024年33倍PE，对应目标市值爲146.78亿元，对应目标价爲25.99元/股，给予“买入”评级。 Valuation and risks We are projecting that Raycus will generate revenue of RMB3.83bn/4.86bn/6.16bn in 2023/24/25E, up 20.21/26.62/ 26.96%; net profit of RMB249m/445m/730m, up 510.00/ 78.39/64.22%; with net margin at 6.50/9.16/11.85%, up 5.22/2.66/ 2.69ppt. We assign a 33x PE for 2024E, corresponding to a target market cap of RMB14.68bn and our target price of RMB25.99. Hence, we resume coverage of the stock with a BUY rating. 风险提示：价格竞争加剧的风险；原材料价格波动的风险；下游行业需求波动风险；核心竞争力风险；人才流失风险；盈利预算具有主观性的风险 Risks include: stiff price competition; raw material price fluctuations; demand volatility in downstream markets; core competency risks; loss of key talents; and note that the estimates are subjective and serve only as a reference. Email: equity@tfisec.com TFI research report website: (pls scan the QR code) 本文件由天风国际证券集团有限公司, 天风国际证券与期货有限公司（证监会中央编号：BAV573）及天风国际资产管理有限公司（证监会中央编号：ASF056）（合称“天风国际集团”）编制，所载资料可能以若干假设为基础，仅供作非商业用途及参考之用途，会因经济、市场及其他情况而随时更改而毋须另行通知。任何媒体、网站或个人未经授权不得转载、连结、转贴或以其他方式复制发表本档及任何内容。已获授权者，在使用本档或任何内容时必须注明稿件来源於天风国际集团，并承诺遵守相关法例及一切使用的国际惯例，不为任何非法目的或以任何非法方式使用本档，违者将依法追究相关法律责任。本档所引用之资料或资料可能得自协力厂商，天风国际集团将尽可能确认资料来源之可靠性，但天风国际集团并不对协力厂商所提供资料或资料之准确性负责。且天风国际集团不会就本档所载任何资料、预测及／或意见的公平性、准确性、时限性、完整性或正确性，以及任何该等预测及／或意见所依据的基准作出任何明文或暗示的保证、陈述、担保或承诺而负责或承担任何法律责任。本档中如有类似前瞻性陈述之内容，此等内容或陈述不得视为对任何将来表现之保证，且应注意实际情况或发展可能与该等陈述有重大落差。本档并非及不应被视为邀约、招揽、邀请、建议买卖任何投资产品或投资决策之依据，亦不应被诠释为专业意见。阅览本文件的人士或在作出任何投资决策前，应完全瞭解其风险以及有关法律、赋税及会计的特点及後果，并根据个人的情况决定投资是否切合个人的投资目标，以及能否承担有关风险，必要时应寻求适当的专业意见。投资涉及风险。敬请投资者注意，证券及投资的价值可升亦可跌，过往的表现不一定可以预示日後的表现。在若干国家，传阅及分派本档的方式可能受法律或规例所限制。获取本档的人士须知悉及遵守该等限制。

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