IPG Photonics Corporation
Information Technology · Electronic Equipment, Instruments & Components
Structural: dominant Western high-power fiber laser pure-play, vertically integrated diode-to-system. Materials-processing TAM tied to industrial capex cycles - auto body in white, EV battery cell/pack welding, electronics, aerospace. Revenue down sharply from 2022 peak as Chinese fiber laser entrants (Raycus, Maxphotonics) collapsed sub-6kW pricing and Russia exposure unwound.
- EV battery welding + foil cutting structural tailwind; high-power kW segment still IPGP-defended
- New product mix (handheld welding, beam-shaping, medical urology lasers) less commoditized than legacy cutting heads
- Net cash balance sheet, no debt, buyback authorization active - downside cushioned
- Reshoring + US auto EV capex any reaccel directly hits IPGP order book
- Medical (urology, aesthetics) growing double-digit off small base
- Chinese fiber laser competition is permanent - gross margins compressed from ~50%+ to ~35-40% range and unlikely to revert
- Industrial capex sensitive - order book swings with auto/EV plant build cycles ($TSLA $F $GM)
- Russia legacy ops (IRE-Polus) still material to cost base and geopolitically exposed
- Revenue compounding negative since 2022; no clear inflection catalyst
- Sub-6kW segment effectively lost to Chinese; growth depends on holding 10kW+ premium tier
No major news in the last 7 days for IPGP - only listicles and opinion pieces, which we filter out by default. See everything anyway.
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