The company’s laser products and related devices continue to increase in volume – JPT

The company's laser products and related devices continue to increase in volume - JPT 

1. Industry Situation

The laser and intelligent equipment industry is one of the core supporting industries of global high-end manufacturing. In recent years, it has exhibited significant characteristics such as market expansion, accelerated technology iteration, and deepening domestic substitution, providing broad development opportunities for JPT.

1. Market Size and Growth

Global Market: In 2024, the global laser industry is expected to reach a size of USD 82 billion, with a compound annual growth rate (CAGR) remaining at a high level. Among them, the market share of high-power fiber lasers (power >1 kW) is expected to increase from 60% in 2025 to 75% in 2030, mainly used in industrial manufacturing, defense, and other fields; the market size of ultrafast fiber lasers (picosecond/femtosecond) is expected to grow from CNY 5 billion in 2025 to CNY 15 billion in 2030, with a CAGR of 24.6%, mainly applied in high-end areas such as precision processing and medical applications.

China Market: As the world's largest laser application market, China's laser industry has maintained rapid growth in recent years. In 2024, China's laser equipment market sales revenue accounts for 56.6% of the global market (ranked first globally), among which the localization rate of high-power fiber lasers has increased from 10% in 2018 to 45% in 2023. IPG's market share in China dropped to 26.2%, showing significant progress in domestic substitution.

2. Technology Trends

High-Power: High-power fiber lasers (>1 kW), with advantages such as high efficiency, high stability, and long life, have become the mainstream choice in industrial manufacturing, widely used in scenarios like power battery welding, automotive body welding, and additive manufacturing of aerospace titanium alloy components. CATL has introduced Han's Laser high-power laser welding equipment, increasing the yield rate of power battery welding to 99.5%; HG Laser's car body laser welding technology has achieved a domestic market share of 90%.

Ultrafast: Due to their ultra-short pulses and low thermal impact, ultrafast lasers (picosecond/femtosecond) are the core tools for precision processing, widely applied in semiconductor wafer cutting, smartphone panel glass module processing, VR glasses optical design, and other scenarios. JPT's ultrafast laser invisible cutting technology ranks third in domestic market share, with a gross margin of 48.68%, mainly used in consumer electronics precision manufacturing.

Intelligent: The integration of laser equipment with AI and big data enables real-time adaptive parameter adjustments and predictive maintenance, improving production efficiency and product quality. Han's Laser's 'Laser AI' integrated system has improved laser cutting efficiency by 30% and reduced material waste by 15%.

3. Competitive Landscape

Domestic Leaders: Domestic companies are gradually gaining market share through full-industry chain vertical integration (Raycus Laser's optical chips, specialty optical fibers) and R&D investment (JPT's ultrafast laser technology). Raycus Laser (market share 26.8%), Wuhan Chuangxin Laser (market share 20%), and JPT (market share 15%) have become the leading companies in the domestic fiber laser market, expected to account for a combined 71.8% of the market by 2025.

International Giants: IPG (high power), TRUMPF (industrial machine tools), and ASML (EUV light sources) continue to dominate the high-end market, but their market share is gradually being eroded by Chinese manufacturers. IPG's global market share is expected to decline from 50% in 2020 to 35% in 2025, while Chinese companies (Raycus, JPT) are projected to increase their global market share from 15% in 2020 to 28% in 2025.

4. Downstream Applications

Industrial Manufacturing (62% share): Key application scenarios include new energy vehicles (laser welding of power batteries, perovskite solar cell cutting), automobiles (laser body welding), and aerospace (laser additive manufacturing). CATL has adopted Han's Laser high-power welding equipment, increasing battery welding yield to 99.5%; HG Laser's laser body welding technology has enabled a 90% domestic market share.

Healthcare (18% share): Major applications include laser cosmetic treatments (picosecond laser for spot removal), laser surgery (laser ablation), and precision medicine (photodynamic therapy, laser confocal microscopy). Cynosure has reduced the picosecond laser spot removal treatment to 2 sessions with a market share of 60%; laser ablation procedures exceed 100,000 cases per year.

Emerging Fields (20% share): New growth areas for the laser industry include LiDAR (Lumentum VCSEL technology, cost reduced to $200/unit), quantum communication (air-core optical fiber transmission efficiency reaching 99.7%), and AR/VR (optical design). The global LiDAR market is projected to reach $5.35 billion by 2029, with a CAGR of 35%.

2. Company Overview

JPT's main business is lasers and intelligent equipment primarily used for precision inspection and micro-processing of integrated circuits and optoelectronic-related devices. The company is China's first commercial manufacturer of "adjustable pulse-width high-power pulsed fiber lasers (MOPA pulsed fiber lasers)" and a leading provider of optoelectronic precision inspection and laser processing intelligent equipment.

The company's various core laser and laser/optical intelligent equipment products have been recognized by global leading consumer electronics, semiconductor, optoelectronic component, and power battery manufacturers, including Company A, Company M, Intel, Yageo Corporation, Hopewind Electronics, STMicroelectronics, Fenghua Advanced Technology, Sunlord Electronics, Dongshan Precision Manufacturing, CATL, BYD, EVE Energy, and FAW Fudi.

The company's main products include lasers, laser/optical intelligent equipment, and fiber optic devices. Its laser products include pulsed fiber lasers, continuous fiber lasers, solid-state lasers, and ultrafast lasers. The company independently developed the MOPA pulsed fiber laser, which was the first in China to achieve mass production and sales, filling a domestic technical gap in this field.

The laser/optical intelligent equipment products are closely aligned with customers' needs for laser technology solutions and include intelligent spectroscopic inspection machines, laser trimming machines, integrated automatic processing and inspection equipment for inductors, capacitor testing and sorting machines, chip laser marking and traceability systems, laser scribing machines, VCSEL laser module inspection systems, silicon photonics wafer testing systems, MR glasses inspection systems, mobile phone camera optoelectronic inspection/calibration equipment, and laser welding module solutions for new energy power batteries. These are widely applied in semiconductor optical inspection, consumer electronics manufacturing, and surface-mount device component production fields.

The company's fiber optic device products focus on optical connection and optical communication applications. Targeting the industrial demands of data centers, cloud computing, and AI industries, the company has developed high-density fiber transmission jumpers (MPO - Multi-fiber Push-On), fiber array units (FAU), and various fiber optic component products.