The performance of the laser industry increased significantly in 2021, and the growth rate slowed down in 2022q1 affected by the epidemic. We select 11 key targets of the laser industry that we choose to select from 11 key targets of the laser industry, including the leading of control system [ Shanghai Friendess Electronic Technology Corporation Limited(688188) Shenzhen Hymson Laser Intelligent Equipments Co.Ltd(688559) ] [ Shenzhen United Winners Laser Co.Ltd(688518) ] [ Wuhan Dr Laser Technology Corp.Ltd(300776) ]. 1) Overall, in 2021, 11 laser enterprises achieved a total revenue and net profit of 39.5 billion yuan and 4.8 billion yuan, with a year-on-year increase of + 45% and + 60% respectively. Their performance increased rapidly and their profitability was also in an upward channel. The net sales interest rate in 2021 was 12.2%, with a year-on-year increase of + 1.26pct. Affected by the epidemic in Shanghai in 2022q1, the demand of the laser industry is under short-term pressure. In 2022q1, 11 laser enterprises achieved a total revenue and net profit of 9.3 and 9 billion yuan, with a year-on-year increase of + 30% and + 9%. The performance growth slowed significantly, and the net profit margin of sales was - 1.9pct year-on-year. 2) In terms of subdivided areas: ① the control system link 2022q1 is obviously dragged down by logistics, and the profitability is still excellent. 2022q1 Shanghai Friendess Electronic Technology Corporation Limited(688188) revenue and net profit attributable to the parent company were + 1.4% and - 13% respectively year-on-year, mainly due to the confirmation of the revenue affected by the epidemic logistics in Shanghai at the end of March. The net profit margin of 2022q1 Shanghai Friendess Electronic Technology Corporation Limited(688188) sales was 55.2%, and the performance was still excellent. ② Under the background of the continuous downturn of downstream demand, the price war of fiber laser has intensified Wuhan Raycus Fiber Laser Technologies Co.Ltd(300747) in order to increase the market share, the price of the products has been greatly reduced. In 2022q1, the net profit attributable to the parent company was only 21 million yuan, a year-on-year - 81%, and the net sales interest rate was only 3.06%, a year-on-year - 17.26pct. ③ Under the wave of power battery production expansion, the field of special equipment for new energy has accelerated Shenzhen United Winners Laser Co.Ltd(688518) & Shenzhen Hymson Laser Intelligent Equipments Co.Ltd(688559) entered a period of rapid growth in performance. In 2021, the newly signed orders were 3.599 billion yuan (tax included) and about 5.7 billion yuan (tax included), with a year-on-year increase of + 139% and + 128%.
The laser industry is a golden growth track and is optimistic about the concentrated and large-scale demand in the downstream in the post epidemic era. Historical data show that there is a certain correlation between the growth rate of China's laser industry and manufacturing industry, but it can still maintain a high growth rate when the manufacturing industry is weak. It is less negatively affected by the cyclical fluctuations of the manufacturing industry. The CAGR of China's laser equipment sales in 20102021 was as high as 21%, a typical growth track. 1) In the short term, the 2022q1 epidemic in Shanghai will affect the demand of the laser industry. We are optimistic that after the gradual easing of the current round of epidemic, the previously suppressed downstream demand is expected to be released quickly, and the industry will return to the rapid growth channel. 2) In the medium and long term, the penetration rate of laser in the macro processing field (cutting and welding) continues to increase, and the superposition application scenarios continue to expand (consumer electronics, new energy, photovoltaic, etc.), and China's laser industry is expected to maintain a steady growth trend for a long time.
Investment suggestion: with the gradual easing of the epidemic in Shanghai, we are optimistic about the recovery of the demand of the laser industry and pay attention to some oversold high-quality laser leaders. It is recommended to focus on [ Shanghai Friendess Electronic Technology Corporation Limited(688188) ], [ Shenzhen United Winners Laser Co.Ltd(688518) ], [ Han'S Laser Technology Industry Group Co.Ltd(002008) ], [ Wuhan Raycus Fiber Laser Technologies Co.Ltd(300747) ] and other subdivided track leaders, and it is recommended to pay attention to [ Shenzhen Hymson Laser Intelligent Equipments Co.Ltd(688559) ], [Changguang Huaxin].
Risk tip: the competition in the laser industry intensifies, the macroeconomic growth is less than expected, the impact of the Sino US trade war on the import of upstream components and the export of downstream equipment, and the localization process of lasers and core components is less than expected.
