There is a tool that can cut steel plates tens of centimeters thick and engrave characters on hair; it can assemble power batteries for new energy vehicles and build 6G satellite laser links in space - it is the laser, the sharpest "scalpel" in modern high-end manufacturing.
Laser technology is deeply tied to many popular tracks such as new energy vehicles, AI computing infrastructure, photovoltaic semiconductors, and low-altitude economy. However, the profit structure of the laser industry chain is undergoing drastic differentiation: some companies are struggling in the price war, while others are experiencing a blowout of orders due to technology lag and the explosion of emerging scenarios.
Today, we dismantle the laser track from multiple dimensions: industrial chain fit, technological evolution, competitive landscape, and core targets.
1. The fit between laser technology and current hot spots
The underlying logic of laser is very simple - through the precise coupling of light, electricity, heat and machinery, the three major functions of material processing, signal transmission and measurement and perception are realized. Lasers with different wavelengths, different pulse widths, and different powers correspond to completely different application scenarios.
New energy vehicles and power batteries. In power battery manufacturing, laser technology is commonly used in key processes such as tab welding, top cover sealing, and explosion-proof valve welding. Almost 100% of the production lines of head power battery manufacturers use laser solutions. Public data shows that the domestic laser welding equipment market size will be approximately 12.25 billion yuan in 2024, and is expected to exceed 12.5 billion yuan in 2025. In the body manufacturing process, some companies' laser welding equipment can reduce the body-in-white welding time to 43 seconds per unit, and the domestic market share exceeds 90%.
AI and computing infrastructure. The high speed of AI servers places higher demands on PCBs. With the upgrade of PCB layers and miniaturization of apertures, laser drilling equipment has become a necessity. The PCB equipment business revenue of some enterprises will reach 5.773 billion yuan in 2025, a year-on-year increase of approximately 72.68%. In terms of optical communications, lasers are the core component of 800G/1.6T optical modules. At the same time, inter-satellite laser communications are becoming a key technology for low-orbit satellite networking. A domestic manufacturer has achieved the country's first in-orbit verification of 400Gbps inter-satellite laser communications in 2025.
Photovoltaics and semiconductors. In the field of perovskite cells, laser scribing equipment is used in the P1 to P4 scribing process in battery preparation. The multi-beam optical system of some companies has enabled small batch shipments of large-size perovskite cell laser scribing equipment. In terms of through-glass via (TGV) laser microvia equipment, some manufacturers have completed shipments of panel-level glass substrate through-hole equipment, covering wafer-level and panel-level TGV packaging laser technologies. In the field of semiconductor wafer cutting, the penetration rate of ultrafast lasers (picosecond/femtosecond level) continues to increase.
Low-altitude economy and intelligent driving. In terms of automotive lidar, the 1550nm wavelength solution has gradually become the mainstream choice for high-end intelligent driving. Industry data shows that the global 1550nm automotive lidar laser market size will be approximately 15.54 billion yuan in 2025, and is expected to be close to 31.16 billion yuan in 2032, with a compound annual growth rate of approximately 10.5%. In the field of low-altitude defense, the laser anti-missile system led by a certain unit has entered the mass production stage.
2. Dismantling of the laser industry chain: profit distribution is extremely unbalanced
The laser industry chain can be broken down into four links: upstream core devices, midstream laser manufacturing, downstream laser equipment integration, and terminal applications. The technical barriers and profit margins of each link are significantly different.
Upstream: core optical devices and chips. Including laser chips, optical crystals, special optical fibers, high damage threshold lenses, etc. This layer has the highest technical barriers, and some core components have long been dependent on imports. Taking laser chips as an example, a domestic company's revenue in 2025 will be approximately 477 million yuan, a year-on-year increase of approximately 75%, and it has successfully turned losses into profits. In terms of optical crystals, some companies are in the leading position in terms of global market share.
Midstream: laser manufacturing. Covering fiber lasers, ultrafast lasers, semiconductor lasers, etc., it is the master of technology in the entire industry chain. In 2025, the global ultrafast laser market will be approximately 15.109 billion yuan, and the domestic market will be approximately 3.812 billion yuan. The localization rate of high-power fiber lasers has increased rapidly in recent years.
Downstream: laser processing equipment integration. Including laser cutting, welding, marking, cleaning and other complete sets of equipment, the market competition is the most fierce. The domestic laser equipment market size will be approximately 89.7 billion yuan in 2024, of which the complete laser cutting equipment market will decline for the first time, with sales revenue of approximately 30.43 billion yuan, a year-on-year decrease of approximately 5.1%. In terms of competitive landscape, the top ten companies collectively account for more than 50% of the market share.
Terminal application. New energy vehicles, consumer electronics, photovoltaics, communications, medical care, etc., laser equipment completes the value closed loop here.
3. Technology route evolution and current competitive focus
The evolution of laser technology has been addressing two core issues: higher power and higher precision. There has been a clear differentiation between these two routes.
High-power route: the main battlefield of price war. After the maturity of 10,000-watt fiber laser technology, the homogeneity of products in the mid- and low-power segments has become serious, and price competition has become fierce. Industry data shows that the average price of fiber lasers is under pressure. The revenue of a leading domestic manufacturer in 2025 will be approximately 3.467 billion yuan, a year-on-year increase of approximately 8.43%, and the gross profit margin will be approximately 20.36%.
Ultrafast laser route: a new blue ocean with high growth. Picosecond and femtosecond lasers are in high demand in semiconductor wafer cutting, flexible material processing, medical device manufacturing and other fields due to their high processing accuracy and small heat-affected zone. The price of picosecond lasers has dropped significantly compared with before, which has promoted the need to update micro-processing equipment in the 3C industry. It is expected that the domestic ultrafast laser market will continue to grow in 2025.
Localization of core devices: breakthroughs and bottlenecks coexist. Laser chip autonomy has made progress. One company's high-power single-tube chip revenue accounted for more than 84%. At the same time, VCSEL and optical communication chip revenue increased by more than 1,000% year-on-year. However, the import dependence of key optical components such as high damage threshold lenses is still high.
4. Three major misunderstandings about the market
Myth 1: The laser industry is growing rapidly. The actual situation is that the structural differentiation is significant. The market for laser cutting equipment has shrunk due to the slowdown in downstream demand for construction machinery and steel structures. Emerging application areas such as PCB drilling, perovskite scribing, laser cleaning, etc. are growing rapidly.
Myth 2: Domestic substitution dividends benefit all companies equally. The position of different companies in the substitution chain varies greatly. The core device segment has wider profit margins and stronger customer stickiness; while the price competition in the mid- to low-end equipment integration segment is fierce and profits are under pressure.
Misunderstanding 3: Technical barriers are not high and there will be a large number of new entrants soon. The laser industry, especially upstream devices and midstream lasers, has a large investment in research and development and a long certification cycle. It usually takes a long time for new entrants to make technological breakthroughs and gain recognition from industry customers. The first-mover advantage brings a wider moat.
5. Major players in the laser industry chain
The following is based on announcements and industry research information publicly disclosed by listed companies. The information sources are as of June 2026.
Han's Laser (002008). The domestic enterprise with the highest comprehensive strength in the field of laser equipment will achieve operating income of approximately 18.759 billion yuan in 2025, a year-on-year increase of approximately 27%, setting a record high. Net profit after deducting non-attributed profits was approximately 810 million yuan, a year-on-year increase of approximately 82.28%. The information industry equipment business is the core growth engine. Among them, the PCB equipment segment is driven by the demand for AI computing infrastructure construction, with revenue of approximately 5.773 billion yuan, a year-on-year increase of approximately 72.68%. New energy equipment business revenue was approximately 2.256 billion yuan, a year-on-year increase of approximately 49.65%. The company provides a complete set of PCB solutions for mechanical drilling and laser drilling, and has a strong influence in the AI server PCB special equipment market.
Huagong Technology (000988). It occupies an important position in the field of laser welding of automobile body-in-white. Its products occupy more than 90% of the domestic market. It has served more than 45 million vehicles and can weld a car body in 43 seconds. In addition, in the field of hydrogen energy equipment, bipolar plate laser welding equipment has a high global share. The company also develops optical connection and sensing businesses, and has independent research and development capabilities in the field of optical chips.
Raycus Laser (300747). A major domestic manufacturer of fiber lasers and a holding company of China Aerospace Science and Industry Corporation. In 2025, operating income will be approximately 3.467 billion yuan, a year-on-year increase of approximately 8.43%, and net profit attributable to the parent company will be approximately 162 million yuan, a year-on-year increase of approximately 20.52%. The product structure continues to be optimized. The gross profit margin of ultrafast lasers is approximately 39.09%, and the gross profit margin of special optical fibers is approximately 43.39%, both of which are at relatively high levels. Benefiting from the trend of domestic substitution of high-power fiber lasers, orders in downstream military and high-power application fields have remained stable.
Guangxun Technology (002281). It has technical advantages in the field of inter-satellite laser communications. In 2025, it will achieve the first in-orbit verification of 400Gbps inter-satellite laser communication in China through a test satellite. It is one of the few companies that has the mass production capability of 100Gbps inter-satellite laser communication modules. The company has vertical integration capabilities from optical chips to modules, and its chip self-sufficiency rate exceeds 70%. In the commercial aerospace field, it has obtained low-orbit satellite networking orders, and satellite Internet-related businesses are gradually releasing revenue.
Dier Laser (300776). Has deep accumulation in the field of photovoltaic laser processing equipment. The company has realized small batch shipments of large-size perovskite cell laser scribing equipment, using a self-developed multi-beam optical system. Through-glass via (TGV) laser microvia equipment has completed shipments of panel-level glass substrate through-hole equipment, covering wafer-level and panel-level TGV packaging laser technologies. New laser micro-etching equipment for back contact cells (BC) also continues to receive mass production orders.
Jept (688025). Mainly engaged in lasers and laser/optical intelligent equipment, the laser business revenue in 2025 will be approximately 1.013 billion yuan, and the laser/optical intelligent equipment revenue will be approximately 730 million yuan. In the field of photovoltaic perovskite, its laser die-cutting equipment is used in the perovskite 100-megawatt mass production line, responsible for P1 to P4 laser die-cutting and laser edge cleaning processes, and continues to receive industry orders. New orders in the first quarter of 2025 will increase by approximately 89% year-on-year.
Lianying Laser (688518). Mainly engaged in laser welding automation equipment, revenue in 2025 will be approximately 3.261 billion yuan, a year-on-year increase of approximately 3.55%. Among them, the power and energy storage battery business revenue is approximately 2.119 billion yuan, still the largest source of income. The company cooperates with leading customers to develop solid-state battery production equipment and has delivered a solid-state battery research and development line including laser welding equipment. In the consumer electronics sector, small steel shell battery laser welding equipment provided to international leading customers continues to receive orders.
Inno Laser (301021). Revenue in 2025 will be approximately 513 million yuan, a year-on-year increase of approximately 14.92%; net profit attributable to the parent company will be approximately 48.32 million yuan, a year-on-year increase of approximately 121.35%. The company is engaged in multiple downstream application fields such as consumer electronics, semiconductors, new energy, and biomedicine. It has entered the supply chain of consumer electronics brands including Apple's industrial chain and some medical equipment manufacturers.
Changguang Huaxin (688048). Mainly engaged in laser chips, revenue in 2025 will be approximately 477 million yuan, a year-on-year increase of approximately 75.09%, achieving a turnaround from losses to profits. High-power single-tube chip revenue is approximately 386 million yuan, accounting for approximately 84% of total revenue; VCSEL and optical communication chip revenue is approximately 41.19 million yuan, a year-on-year increase of more than 1,000%, and has become the second growth curve. Downstream benefited from the recovery in demand for industrial laser equipment and the trend of localized substitution, both sales and prices increased.
Other companies to watch. Fujing Technology (002222) has a high global market share in the field of nonlinear optical crystals, and its products are used in laser precision processing, medical lasers, semiconductor testing and other fields. Revenue in 2025 will be approximately 1.158 billion yuan, a year-on-year increase of approximately 32.21%. Its BBO crystals and other products have a strong influence in the global ultrafast laser market. In the field of laser medical equipment, the market size is expected to exceed 6 billion yuan in 2025, and the localization rate is expected to reach 70%.
6. Sorting out the core logic of the industrial chain
Laser technology is the underlying support for high-end manufacturing and new generation information technology. Downstream applications continue to extend from traditional cutting and welding to high-growth tracks such as AI computing facilities, new energy, and satellite communications.
Profits in the industrial chain are unevenly distributed. The upstream core devices and midstream high-end lasers have deep technical barriers and large profit margins. The downstream general equipment integration links are fiercely competitive and profits are under pressure. Domestic companies are achieving breakthroughs from 0 to 1 in some core device fields, but they still rely on imports for some key optical components.
Emerging scenarios such as AI computing power, vehicle-mounted lidar, perovskite photovoltaics, and inter-satellite laser communications have opened up incremental space for the laser industry chain. Companies that have mastered relevant core technologies and entered the supply chain of leading customers will benefit more from the structural growth of the industry.
Han's Laser has outstanding performance in PCB equipment related to comprehensive equipment scale and AI computing power; Huagong Technology occupies a high share in the automotive welding track; Raycus Laser, Changguang Huaxin, etc. continue to benefit from the process of localization of lasers and chips; Guangxun Technology has differentiated card positions in the field of satellite Internet; Dier Laser and Jept have early launch positions in emerging tracks such as photovoltaic perovskite.
Risk warning and disclaimer
All data in this article come from publicly disclosed announcements of listed companies, industry media reports citing announcements, and public reports issued by industry research institutions. The information is as of June 2026. The content is only a review of the industry chain and public information compilation, and does not constitute investment advice on the securities of any listed company.
Special reminders are: first, traditional application areas such as laser cutting are facing intensified price competition, and the gross profit margins of some companies may be under pressure; second, emerging technologies such as perovskite laser equipment, TGV laser microhole equipment, etc. are still in the early stages of industrialization, and there are uncertainties in technology and market; third , the revenue contribution of some companies (such as the FSO business of an optical communications manufacturer) is still in the climbing stage, and attention needs to be paid to the implementation of subsequent orders and the pace of production capacity release; fourth, the gross profit margin of the VCSEL business of chip companies such as Changguang Huaxin is under periodic pressure, and attention needs to be paid to the optimization progress of subsequent product structures. The market is risky and investment must be cautious. Please consider your own risk tolerance and make decisions based on sufficient information verification and independent judgment.
