Core Viewpoint - The company, Dier Laser, has a strong technical foundation in ultrafast solid-state laser technology and is expanding its applications in the PCB industry through laser drilling technology development [1] Group 1: Technology Development - The company has significant technical accumulation in ultrafast solid-state laser technology [1] - The focus is on the development of laser drilling technology, driven by the demand for high-density multilayer boards in the PCB industry [1] - The company is leveraging its previous work in MWT battery perforation technology and ongoing research in TGV micropore technology [1] Group 2: Business Status - The laser drilling business is currently in the testing phase and has not yet generated revenue [1]

格隆汇8月13日丨帝尔激光(300776.SZ)于近期投资者关系活动表示，公司与全球顶尖激光源厂商保持紧 密合作，合作多年，互信良好，供应稳定，外部环境变化未影响商务合作，同时与国内激光源公司开展 合作以应对贸易风险带来的不确定性。 ...

Group 1 - The core viewpoint is that the company, 帝尔激光, anticipates a continuous growth in BC production capacity over the next few years, with an expected expansion demand of 50-60 GW by 2025 [1]

Core Viewpoint - The company has a strong technical foundation in ultrafast solid-state laser technology and is expanding its application in the PCB industry through laser drilling technology development [1] Group 1: Technology Development - The company has significant technical accumulation in ultrafast solid-state laser technology [1] - The focus is on the development of laser drilling technology, driven by the demand for high-density multilayer boards in the PCB industry [1] - The company is leveraging its previous work in MWT battery perforation technology and ongoing research in TGV micropore technology [1] Group 2: Business Status - The laser drilling business is currently in the testing phase and has not yet generated revenue [1]

Group 1 - The core viewpoint of the article indicates that Dier Laser (300776.SZ) has announced new orders for TGV in 2025, primarily focused on pilot lines [1] - The technology is applicable in advanced packaging and new display industries [1]

Core Viewpoint - The company has successfully achieved pilot orders for its laser welding solutions in the component segment, with positive verification results, and is looking forward to breakthroughs in GW-level mass production orders in the second half of the year [1] Company Summary - The company, 帝尔激光 (300776.SZ), has recently engaged in investor relations activities to discuss its advancements in laser welding technology [1] - The successful pilot orders indicate a strong potential for scaling up production and meeting market demands [1] Industry Summary - The laser welding technology sector is witnessing advancements that could lead to significant production capabilities, particularly in the context of GW-level orders [1] - The company's focus on component-level solutions positions it well within the competitive landscape of the laser technology industry [1]

Financial Performance - In the first half of 2025, the company's operating revenue reached 1.17 billion CNY, representing a year-on-year growth of 29.20% [3] - The net profit attributable to shareholders was 327 million CNY, with a year-on-year increase of 38.37% [3] - The net cash flow from operating activities was -143 million CNY, a decline of 35.03% compared to the previous year [3] - The gross profit margin for the first half of 2025 was 47.64%, an increase of 1.07 percentage points year-on-year [3] - The net profit margin improved to 27.92%, up from 26.07% in the same period of 2024 [3] - As of June 30, 2025, the company's inventory was 1.753 billion CNY, a slight increase of 1.72% from the beginning of the year [3] Business Operations - The company has achieved new orders for laser micro-etching equipment applied to back-contact batteries (BC) and has successfully introduced mass production orders for laser selective thinning (TCP) equipment for TOPCon batteries [5] - The company is developing a new laser welding process that simplifies production, reduces damage to battery cells, and enhances welding quality and component efficiency [5] - The TGV laser micro-hole equipment has completed the shipment of panel-level glass substrate through-hole equipment, achieving comprehensive coverage of wafer-level and panel-level TGV packaging laser technology [5] Industry Outlook - The company has a strong technical reserve in various photovoltaic processes and will continue to promote new laser technologies in the photovoltaic industry, as well as in non-photovoltaic fields such as display panels and integrated circuits [6] - The expected expansion demand for BC capacity is projected to be 50-60 GW in 2025 [9] Investor Interaction - The company is actively developing laser drilling technology for the PCB industry, with the current laser drilling business in testing and not yet generating revenue [7] - The company maintains close cooperation with top global laser source manufacturers, ensuring stable supply and addressing trade risks through partnerships with domestic laser source companies [6]

Group 1 - The core viewpoint of the report indicates that Di'er Laser achieved a net profit attributable to shareholders of 327 million yuan in the first half of the year, representing a year-on-year increase of 38.37%, while the net profit after deducting non-recurring items was 316 million yuan, up 40.51% year-on-year [1] - The company has demonstrated significant cost control effects, contributing to rapid growth in performance [1] - According to the "Back Contact (BC) Battery Technology White Paper," the market share of BC components is expected to continuously increase starting from 2025, reaching 62% by 2030 [1] Group 2 - Major players like Longi Green Energy and Aiko Solar are actively expanding BC battery production capacity [1] - Traditional BC battery manufacturing involves multiple steps such as gluing, exposure, developing, etching, and cleaning, resulting in high production costs and low yield [1] - The use of laser patterning technology can significantly reduce production costs and improve yield [1] Group 3 - The company has already received bulk orders for BC battery laser patterning equipment and possesses a competitive advantage in this area, positioning it as a core beneficiary of the BC industry trend [1] - Considering the development of the BC industry and the company's cost control measures, the profit forecast for the company has been adjusted [1] - The report maintains a "recommended" rating for the company based on the trends in the BC industry and its advantageous position in laser patterning equipment [1]

Group 1 - The core viewpoint of the report indicates that Di'er Laser achieved a net profit attributable to shareholders of 327 million yuan in the first half of the year, representing a year-on-year increase of 38.37%, while the net profit after deducting non-recurring gains and losses was 316 million yuan, up 40.51% year-on-year [1] - The company has demonstrated significant cost control effects, leading to rapid growth in performance [1] - According to the "Back Contact (BC) Battery Technology White Paper," the market share of BC components is expected to continuously increase starting from 2025, reaching 62% by 2030 [1] Group 2 - Major players like Longi Green Energy and Aiko Solar are actively expanding BC battery production capacity [1] - Traditional BC battery manufacturing involves multiple steps such as gluing, exposure, development, etching, and cleaning, resulting in high production costs and low yield [1] - The use of laser patterning technology can significantly reduce production costs and improve yield [1] Group 3 - The company has already received bulk orders for BC battery laser patterning equipment and possesses a competitive advantage in this area [1] - Di'er Laser is expected to become a core beneficiary of the BC industry trend [1] - The company's profit forecast has been adjusted considering the development of the BC industry and its cost control situation, maintaining a "recommended" rating for the company [1]

Core Viewpoint - The report from Dongwu Securities indicates that Dier Laser is expected to achieve steady growth in performance in the first half of 2025, with a positive outlook on its business layout in the semiconductor sector [1] Group 1: Business Layout in Photovoltaics - Dier Laser is actively advancing its layout in the semiconductor sector, focusing on photovoltaic laser equipment [1] - The TOPCon battery laser-induced sintering (LIF) equipment improves photoelectric conversion efficiency by over 0.3% [1] - The laser micro-etching series equipment for back-contact batteries (BC) reduces production costs through large-area high-precision etching [1] - Laser-induced annealing (LIA) equipment significantly enhances battery conversion efficiency and stability by uniformly injecting high-intensity laser light across the entire battery surface [1] - Laser transfer technology greatly saves silver paste consumption and improves printing consistency [1] Group 2: Laser Equipment for Photovoltaic Modules - The fully automatic high-speed laser non-destructive scribing/splitting machine uses non-destructive technology to split battery cells into specified sizes, increasing the overall output power of modules [1] Group 3: Laser Equipment for Consumer Electronics and Other Fields - In the fields of consumer electronics, new displays, and integrated circuits, TGV laser micro-hole equipment achieves micro-hole and micro-groove processing on glass substrates through precise control systems and laser modification technology [1] - This technology is widely applied in semiconductor chip packaging and display chip packaging [1] - The company has completed the shipment of through-hole equipment for panel-level glass substrates, achieving comprehensive coverage of wafer-level and panel-level TGV packaging laser technology [1] Group 4: Financial Projections - Considering the order income recognition schedule, the company maintains its forecast for net profit attributable to shareholders for 2025-2027 at 640 million, 720 million, and 760 million yuan respectively [1] - The current market value corresponds to dynamic PE ratios of 32, 28, and 27 times for the years 2025, 2026, and 2027 respectively [1] - The report maintains a "buy" rating for the company [1]