In 2023, the heat of the power battery market is gradually fading, and the photovoltaic industry is also facing a restructuring and reshuffle.
Looking back on 2022, in the extensive market of metal processing blanking, many manufacturers have lost their way in the fierce homogenization competition and are mired in endless internal friction. In 2023, which continues this "involution" trend, how will the laser industry be interpreted?
As of April 30, 2024, laser companies such as Han's Laser, Huagong Technology, Baichu Electronics, and Ruike Laser (excluding NEEQ companies) have successively disclosed their 2023 annual reports.
Revenue Ranking:
Han's and Huagong led 15 companies with revenues of more than 1 billion
In terms of operating income, the two giants are still Han's Laser and Huagong Technology, both of which are slightly inferior in revenue compared with last year, but both broke the 10 billion level, 14.09 billion yuan and 10.21 billion yuan respectively. Li Yuanheng and Hymson ranked third and fourth with 4.994 billion yuan and 4.805 billion yuan respectively.
In addition to the top four, companies with revenue of more than 1 billion yuan include Ruike Laser (3.680 billion yuan), United Win Laser (3.512 billion yuan), Guangfeng Technology (2.213 billion yuan), Yawei shares (1.928 billion yuan), Han's CNC (1.634 billion yuan), Dier Laser (1.609 billion yuan), Baichu Electronics (1.407 billion yuan), BLT (1.232 billion yuan), Jiepute (1.226 billion yuan), Guangyunda (1.073 billion yuan), Guangzhi Technology (1.011 billion yuan). Compared with 2022 (11), the number of companies with revenue of more than 1 billion this year has increased to 15.
Revenue Growth Ranking:
Baichu soared, and the growth rate of a large number of enterprises was "cut in half"
The top three in terms of revenue growth are Bochu Electronics, BLT, and Yifei Laser. Among them, the revenue of Baichu Electronics in 2023 will rise sharply, mainly due to the continuous increase in investment in technology research and development and market development, continuous exploration of new markets, further optimization of product structure, continuous growth in orders for laser processing control system business, and substantial growth in orders for intelligent cutting head business.
In 2022, Hymson, United Win Laser, and Li Yuanheng will all benefit from the popularity of the power battery market to double their revenue, but in 2023, their growth rates will slow down to varying degrees. The reason is that in the second half of the year, the lithium battery industry as a whole entered a period of decline in growth, which in turn affected the revenue of related equipment companies. Yifei Laser, which is also a beneficiary of the prosperity of the power battery market, successfully landed on the Science and Technology Innovation Board on July 28, 2023, ranking third in terms of revenue growth. BLT, which focuses on metal additive manufacturing in the aerospace field, ranked second with an increase of 34.24%.
The overall recession of the industry has also led to a slight weakness in the revenue of enterprises after the first echelon of growth, and there are still 22 laser companies that have felt the pressure of the market to maintain positive growth, but only 2 companies have a growth rate of more than 30%. Among them, 10 positive growth enterprises such as Xinguang Optoelectronics and Guangzhi Technology have a growth rate of less than 10%.
There are 7 companies with a year-on-year decline in revenue, and 6 companies with a decline of more than 10%, which also reflects the current situation of most laser equipment companies related to metal processing and consumer electronics industries. Among them, the largest declines were Han's CNC (down 41.34%), Changyingtong (down 29.82%), and Changguang Huaxin (down 24.74%).
Net Profit Ranking:
Huagong topped the list, followed by Han's 6 companies are now losing money
In terms of net profit, Huagong Technology ranked first with a score of 1.007 billion yuan, and Han's Laser ranked second with a score of 820 million yuan. In addition, Baichu Electronics (729 million yuan), Dier Laser (461 million yuan), Hymson (322 million yuan), United Win Laser (286 million yuan), Ruike Laser (217 million yuan), Fujing Technology (209 million yuan), BLT (142 million yuan), Han's CNC (136 million yuan), Jiepute (107 million yuan), Guangfeng Technology (103 million yuan), Yifei Laser (101 million yuan) 11 companies have a net profit of more than 100 million yuan, ranking 3-13 respectively.
There are 6 loss-making companies this year, namely Innova Laser, Jinyun Laser, Xinguang Optoelectronics, Changguang Huaxin, Li Yuanheng, and Guangzhi Technology.
Among them, the net profit of Innova Laser, Changguang Huaxin and Li Yuanheng this year has turned from profit to loss year-on-year, and the main reasons for the loss are:
Innova Laser: Expense growth is the primary factor, and the decline in gross profit margin is the secondary factor. The increase in expenses includes R&D expenses and selling expenses. In 2023, Innova Laser's sales expenses will be 33.97 million yuan, an increase of 26.40% over last year, while R&D expenses will be 79.8 million yuan, a year-on-year increase of 46.97%, mainly due to the significant expansion of the company's R&D team. In 2023, the number of R&D personnel will increase from 134 to 212, a year-on-year increase of 58.21%. At the same time, the main factor for the decline in gross profit margin, from the perspective of business structure, the gross profit margin of the laser business remained stable, and
Changguang Huaxin: In 2023, the laser market is fiercely competitive, and the company has adopted to build industry price barriers to maintain the market, which has affected revenue and gross profit margin; Under the influence of factors such as the price decline caused by market competition, more provisions were made for inventory price decline, and the asset impairment loss increased by 45.0869 million yuan compared with the previous year; the company's purchase of Zhongrong International Trust Co., Ltd. (hereinafter referred to as "Zhongrong Trust") products had a redemption risk, and the company's other income decreased by 26.1981 million yuan compared with the previous year.
Li Yuanheng: Mainly due to the fact that the acceptance progress of overseas projects is less than expected, the decline in gross profit margin due to the increase in the proportion of power lithium battery equipment business, the high management expenses such as personnel remuneration and benefits, depreciation and amortization, the loss provision for inventory decline in the implementation of some projects in the power lithium battery equipment business, and the large amount of credit impairment losses accrued for power lithium battery customers, resulting in losses in the reporting period.
In addition, Jinyun Laser has been losing money since 2020, and although it insists on innovation under the strategic positioning of digital technology commercialization, it has not yet seen the dawn of profitability.
Ranking of net profit growth:
The power battery "residual temperature has dissipated" The cold wave swept again
From the ranking point of view, Yawei shares are far ahead with an increase of 1221.50%, mainly due to the risk matters of its shareholding company LIS Co., Ltd. in South Korea in 2022, and the impairment provision of 233.1987 million yuan for its long-term equity investment, reducing the net profit attributable to shareholders of listed companies by 104.9394 million yuan in the current period, which has had a significant impact on the 2022 annual performance. During the reporting period, Yawei shares did not have this matter.
In terms of the growth of net profit, aside from the 6 loss-making companies (Guangzhi Technology, Innova Laser, Li Yuanheng, Changguang Huaxin, Xinguang Optoelectronics, Jinyun Laser), the number of enterprises that have achieved profit growth and profit decline is close.
It is worth mentioning that last year, the net profit of several companies benefiting from the power battery market declined or slowed down to varying degrees, Hymson (-15.42%), United Win Laser (7.24%), Li Yuanheng (-164.94%), Yifei Laser (7.70%) and other companies temporarily withdrew from the "strong list competition", the most direct reason is the slowdown in the growth rate of the lithium battery industry. Despite this, companies such as Hymson and United Win Laser are also actively seeking and exploring new development paths, such as Hymson in the fields of photovoltaic and medical lasers, and United Win Laser in semiconductor, photovoltaic, consumer electronics and other industries.
Ruike Laser ranked second in the net profit growth list with 431.95%. In the third quarter of 2022, the company began to comprehensively sort out the special issue of "increasing revenue without increasing revenue, increasing revenue without increasing profits", and formulated a work plan to bring users a product solution with higher efficiency and higher processing quality with "from high power to high performance, high stability and high intelligence".
Bangsan BLT focuses on industrial-grade metal additive manufacturing (3D printing), and its business covers the R&D and production of metal 3D printing equipment, metal 3D printing customized product manufacturing, metal 3D printing raw material R&D and production, metal 3D printing structure optimization design and development and process technology services (including the development of metal 3D printing customized engineering software, etc.), building a relatively complete metal 3D printing industry ecological chain. During the reporting period, BLT continued to deepen the aerospace field, and constantly explored new markets and application fields to achieve steady growth in the operating income of its self-developed products, thereby ensuring profit growth. Among them, the operating income of 3D printing customized products, self-developed 3D printing equipment and 3D printing raw materials increased by 34.45%, 26.46% and 98.98% respectively over the previous year.
Among the other 13 companies that maintained profitability but saw a decline in net profit, the largest decline was Changyingtong (-80.72%), Han's CNC (-68.82%), and optical library technology (-49.38%).
Gross Profit Margin Ranking:
Baichu Electronics is unbeatable
In the ranking of gross profit margin, Baichu Electronics can be said to be a perennial leader, and has been at the forefront of the industry for many years. In 2023, the gross profit margin of Baichu Electronics will still lead the industry at the level of 80.33%. In addition, there are 4 companies with a gross profit margin of more than 50%, and 4 companies, including BLT, Deer Laser, Focuslight Technology, and Delong Laser, which are close to 50%.
Enterprises with gross profit margins of less than 30% are Guangzhi Technology, Huagong Technology, Ruike Laser, Yawei Shares, Li Yuanheng, and Hymsing. Among them, the gross profit margin of Ruike Laser rebounded significantly compared with the same period last year.
Net Profit Margin Ranking:
Bai Chu is the most profitable technology first to maintain a competitive advantage
There is no doubt that Baichu Electronics, which has a gross profit margin of 80.33%, is also the first in terms of net profit margin. With only 1.407 billion yuan of revenue, Baichu Electronics won a net profit of 729 million yuan, with a net profit margin of 51.81%, which is currently the company with the strongest profitability in the laser industry. With the development of the domestic laser industry, relying on the leading position in the field of laser cutting motion control system, Baichu Electronics has now extended its business to intelligent cutting heads, intelligent welding robots and control systems, etc., and has achieved growth.
Dier Laser and Fujing Technology have their own highly competitive products to ensure high profitability. With the high market share advantage of PERC laser ablation equipment and SE laser doping equipment, Dier Laser has maintained a market share of more than 80% for a long time with the LBO and BBO crystals of Fujing Technology. The net profit margin of the two companies is more than 20%, ranking 2-3 respectively.
In addition to 6 loss-making companies, the net profit margin of Guangfeng Technology (4.65%) is less than 5%, the net profit margin of Ruike Laser, a leading enterprise in fiber lasers, is 5.90%, and the net profit margin of Han's Laser, a leading enterprise in the mainland laser industry, is 5.82%.
From: ofweek
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