全面加强技术创新，全面推进市场拓展。2023 年公司全面推行IPD 管理改革，并围绕“全脉宽、全波段、全功率、全应用”产品发展战略开展研发工作，产品性能、产品服务和产品型谱整体进行了规划和战略升级。与此同时，公司持续在传统激光切割领域不断发力提升公司产品的市场占有率，并把握新兴市场机遇，不断迭代技术开辟新赛道。2023 年全年激光器销售15.9 万台，同比+16.39%，其中万瓦以上销售近6,000 台，同比增长近80%。Incident: On April 25, 2024, the company released its 2024 quarterly report. 24Q1 achieved revenue of 801 million yuan, +1.94% year over year; net profit to mother was 164 million yuan, +44.30% year over year; net profit after deducting non-return to mother was 41 million yuan, +1.37% year over year.
The performance was in line with expectations. The sharp increase in net profit attributable to mother in 24Q1 was mainly due to non-recurring profit and loss of 22.79 million yuan during the reporting period (3.82 million in the same period last year).
The gross margin increased year over year, and the expense ratio fluctuated slightly during the period. 1) Gross profit margin: The company's gross margin in 24Q1 was 27.02%, +3.25pct year on year, and -1.80pct month-on-month. 2) Period expenses: The 24Q1 period cost rate of the company was 15.98%, -0.51 pct year on year. Among them, sales, management, R&D, and financial expense ratios were 4.09%, 2.94%, 8.70%, and 0.25%, respectively, -1.43, +0.71, +0.05, and +0.15pct year-on-year, respectively.
Comprehensively strengthen technological innovation and comprehensively promote market expansion. In 2023, the company fully implemented IPD management reforms and carried out R&D work around the “full pulse width, full band, full power, full application” product development strategy. The overall product performance, product service and product type spectrum were planned and strategically upgraded. At the same time, the company continues to make efforts to increase the market share of the company's products in the field of traditional laser cutting, seize opportunities in emerging markets, and continuously iterate technology to open up new tracks. In 2023, 159,000 lasers were sold, +16.39% year-on-year, with sales of nearly 6,000 units above 10,000 watts, an increase of nearly 80% over the previous year.
Accelerate the improvement of the industrial layout and enhance the company's overall competitiveness. In order to further promote the optimization of resource allocation and the clustered development of the laser industry, optimize the industrial structure, improve the industrial layout, and invest in the establishment of a wholly-owned subsidiary Smart Photonics. The construction of a smart photonic intelligent manufacturing base has greatly improved the company's production capacity, laid a solid foundation for the construction of an industrialization base for fiber lasers and core devices, promoted the company to form a “1+4" industrial pattern with Wuhan as the company headquarters and R&D center and Huangshi as the intelligent manufacturing center, covering East China, South China and North China, effectively enhancing the company's overall competitiveness.
Profit forecast: We expect net profit to be 3.32 billion yuan, 4.32 billion yuan, and 556 million yuan respectively in 2024-26, maintaining the “increase in holdings” rating.
Risk warning: Downstream demand recovery falls short of expectations, new product release falls short of expectations, and industry competition intensifies.
