Analysis of laser control system industry

Throughout the development history of the laser control system industry, domestic substitution is an important driving factor. In terms of servo control system, in the field of medium and low power, domestic enterprises led by Bacchus Electronics have reached the international leading technical level, and Bacchus Electronics, Weihong and Aosendico together account for more than 90% of the domestic market. In the field of high power, international enterprises represented by Germany Beifu, PA, Siemens, etc. still have a relatively obvious first mover advantage, and the proportion of domestic manufacturers is still at a low level, but the market share of the domestic leader, Bachu Electronics, is rising, accounting for 10% of the domestic high power laser market in 2019, and the market share data in 2020 (China Economic Research and Production) shows that this value has risen to 17%.

In terms of galvanometer control system, SCAPS and SCANLAB of Germany, as industry pioneers, occupy an important market position in the high-end field. In 2020, the localization rate of China's high-end galvanometer control system will be 15% (source: Golden Orange Prospectus), and there is a significant domestic alternative space.

Servo and galvanometer control systems, application fields and technology paths There are significant differences between galvanometer and servo laser technology paths, control principles and application scenarios. The galvanometer control adjusts the optical path by swinging the lens to point the laser to the target position, which is suitable for high-speed micro processing. The servo laser relies on the servo motor to drive the laser head to the correct position to complete laser irradiation, which is suitable for large area macro processing, and is widely used for large format cutting and welding, including sheet metal processing, automobile manufacturing, aerospace and other fields. The galvanometer laser is mainly used for marking, drilling, 3D printing, precision cutting and other scenes, with the core features of high speed, high precision and micro machining. At present, the galvanometer control system can reach 0.5 μ m-10 μ M, the servo motor is generally required to reach 50 μ M or so. We believe that with the rapid growth of galvanometer laser industry, it is expected to accelerate the differentiation of laser application fields and make it penetrate into more processing scenes.

Intelligent manufacturing continues to be intensified, high-quality enterprises continue to penetrate the field of high-power laser processing into other areas of the industry chain, and metal cutting, welding and cladding are the main application scenarios. From the perspective of market size, 85.7% of the market will grow at a high speed in 2020. From 2016 to 2020, CAGR will be 40.8%. The growth rate of the medium and low power market will be relatively low, and the CAGR will be 31.4% in the same period. Pacho Electronics, the leader of servo laser control system, has continuously broken through the high power servo operation control market, and at the same time, has launched the intelligent laser cutting head race track, opening up space for growth.

Huajing Industry Research predicts that from 2022 to 2025, China's intelligent laser cutting head is expected to grow from 845 million yuan to 2584 million yuan, and the CAGR will be 25.05% from 2020 to 2025.

In terms of galvanometer laser, after its IPO, Golden Orange will devote itself to the field of flexible processing and provide customers with comprehensive solutions including laser processing control systems, robots, three-dimensional galvanometers and visual processing. At the same time, its high-precision galvanometer products will also continue to be invested in research and development, trying to break through the core competitiveness indicators such as precision and speed, and accelerate domestic substitution.

Source: Hua'an Securities