The leading enterprise of laser galvanometer control system, domestic substitute + new product development open development space company is the domestic leader in laser processing galvanometer control system, the business covers laser processing control system, laser system integration hardware, laser precision processing equipment and so on, of which laser processing control system accounts for about 70% of the income.

The company's income and performance have maintained a trend of rapid growth for many years. The slight decline in revenue and net profit in 2022 is mainly due to downstream consumption and weak 3C electronic demand, considering that the company is actively expanding new energy and semiconductor customers, in the future, the company's high-end galvanometer control system is expected to further expand, superposition company actively expand servo control systems, 3D printing control systems and other new products It is expected that the company's future revenue and performance are expected to return to the rapid growth path. We estimate that the company's operating income from 2023 to 2025 will be 249,405,000,000 yuan, the net profit of homing home will be 0.46plus 0.64pm, and the current stock price will correspond to PE of 70.5cm, 50.5cm, 38.3 times, the company's valuation level in 2023 will be lower than the average of comparable companies, and considering the high product barriers and good prospects for new product expansion, the company will be given a "Buy" rating for the first time.

The high-end galvanometer control system benefits from import substitution, and the company's market share is expected to improve the domestic middle and low-end galvanometer control system has basically achieved import substitution, high-end galvanometer control system market is still dominated by Scaps, Scanlab and other international manufacturers, the domestic production rate is still relatively low. The company actively expands customers in new energy, semiconductors and other fields, and launches high-end galvanometer control system products such as polar ear cutting and flight welding system, which is expected to continue to enhance the market share of high-end galvanometer control system products in the future.

The home-made laser galvanometer opens the growth space, or it will become the company's second growth curve, the high-precision digital galvanometer market keeps growing. Due to the late start in China, high-end galvanometer products have been mainly imported, and there are few domestic manufacturers with production capacity. The company actively develops galvanometer products, has the self-production capacity of high-end galvanometer, and has the strength to compete with international manufacturers. In addition, the company raised funds for the research and development of galvanometer products. With the gradual landing of the fundraising project, the high-end galvanometer is expected to become the company's second growth curve.

Risk tips: the prosperity of the laser industry is not as good as expected; the construction progress of fund-raising projects is not as expected; the market expansion is not as expected.