NEW YORK (TheStreet) -- Concern that the Federal Reserve may raise interest rates has caused stocks to pull back, but shareholders of fiber-laser company IPG Photonics (IPGP) - Get Report aren't feeling any effects.

In fact, considering its performance over the past five years, the company is poised for even more growth. Although IPG shares are no longer cheap already surging 30% thus far this year, new investors can still do well given the global growth projections for lasers intended for industrial use. 

The company specializes in high-performance fiber lasers, fiber amplifiers and diode lasers, which are used in telecommunications and medical technologies, among other applications.

IPG Photonics, headquartered in Oxford, Mass., is a company mentioned in TechNavio's recent report that projected that the global military-laser systems market will enjoy a compound annual growth rate of 8% in the next four years. While IPG Photonics has supplied the Navy and a company manager at one point was bullish about the potential of lasers for military uses, its products also have nuclear decomissioning applications.

The Massachusetts company has profited handsomely, posting a 25% revenue spike for the fourth quarter ended Dec. 31 over the same period a year earlier and 16% revenue spurt in the third quarter over the same stretch in 2013. All told, IPG's revenue last year climbed 19% over 2013's.

The company's integrated business model cuts out the "middleman" to retain more profits. And its investors have been enriched in the last five years, as shown by the chart below.

IPGP data by YCharts

Not only is the stock up 30% so far this year, besting the broader averages, but it also has beat every important index over the past five years, averaging 100% stock gains annually during that period.

The stock has a consensus buy rating and an average 12-month price target from analysts of $105, suggesting 9% gains over Tuesday's close of $96.54. Shares were changing hands midday Wednesday at $97.86, up $1.32, or 1.4%.

Although the company grew full-year 2014 earnings roughly 28%, analysts polled by CNN/Money project its earnings to climb at an annual rate of 25% over the next five years.

In the last 30 days, analysts polled by Yahoo! have boosted their estimates for the quarter ending in March and for the full year ending in December 6.5% and 2.6%, respectively. This means full-year earnings for 2015 are projected to spike more than 14% over the previous year's, assuming the company produces the estimated $4.33 per share.

This makes the stock a compelling buy, despite its trailing price-to-earnings ratio of 25, which is four points greater than the P/E of the average S&P 500 stock.

On the basis of expanding margins and accelerated revenue growth, IPG shares should reach $112 in the next 12 to 18 months, yielding 16% gains over current levels.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.