上海市锦天城（武汉）律师事务所 关于武汉帝尔激光科技股份有限公司 2024 年年度股东大会的 法律意见书 地址：武汉市江汉区云霞路 187 号民生金融中心 8 层 电话：027-83828888 传真：027-83826988 邮编：430000 上海市锦天城（武汉）律师事务所 法律意见书 法律意见书 致：武汉帝尔激光科技股份有限公司 上海市锦天城（武汉）律师事务所（以下简称"本所"）接受武汉帝尔激光 科技股份有限公司（以下简称"公司"）委托，就公司召开 2024 年年度股东大会 （以下简称"本次股东会"）的有关事宜，根据《中华人民共和国公司法》（以下 简称"《公司法》"）《上市公司股东会规则》（以下简称"《股东会规则》"）等法律、 法规、规章和其他规范性文件以及《武汉帝尔激光科技股份有限公司章程》（以 下简称"《公司章程》"）的有关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东会所涉及的相关事项 进行了必要的核查和验证，核查了本所认为出具 ...

减持计划实施完毕 2025年2月20日，帝尔激光曾披露《关于股东及部分董事、高级管理人员减持股份预披露的公告》，武 汉速能拟自减持计划公告之日起15个交易日后3个月内通过集中竞价或大宗交易减持公司股份不超过 1,522,466股。 近日，公司收到武汉速能出具的《股份减持计划实施完毕的告知函》，武汉速能于2025年5月13日通过 大宗交易减持公司股份1,520,000股，减持均价为55.11元/股，减持比例为0.5556%，股份来源为首发前 已取得的股份（包括因权益分派实施资本公积转增股本部分），至此本次减持计划已实施完毕。 2025年5月14日，武汉帝尔激光科技股份有限公司发布《关于控股股东及其一致行动人权益变动触及1% 整数倍暨减持计划实施完毕的公告》，披露了控股股东、实际控制人李志刚先生及一致行动人武汉速能 企业管理合伙企业（有限合伙）（以下简称"武汉速能"）的权益变动情况，以及武汉速能减持计划的实 施结果。 权益变动触及1%整数倍 公告显示，因公司可转债转股、股权激励归属导致总股本增加，以及武汉速能自身主动减持，李志刚先 生及一致行动人武汉速能合计持股比例由前次披露权益变动公告后的42.3123%下降至 ...

证券代码：300776 证券简称：帝尔激光 公告编号：2025-031 武汉帝尔激光科技股份有限公司 是否为第一大股东或实际控制人 是□ 否☑ 关于控股股东及其一致行动人权益变动触及 1%整数倍暨减持计划 实施完毕的公告 公司特定股东武汉速能企业管理合伙企业（有限合伙）保证向本公司提供 的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 武汉帝尔激光科技股份有限公司（以下简称"公司"）于 2025 年 2 月 20 日 披露了《关于股东及部分董事、高级管理人员减持股份预披露的公告》（公告编 号：2025-010），公司特定股东武汉速能企业管理合伙企业（有限合伙）（以下 简称"武汉速能"，武汉速能系公司控股股东、实际控制人李志刚先生之一致行 动人）拟自减持计划公告之日起 15 个交易日后 3 个月内通过集中竞价或大宗交 易减持公司股份不超过 1,522,466 股。 公司于近日收到武汉速能出具的《股份减持计划实施完毕的告知函》，获悉 武汉速能于 2025 年 5 月 13 日通过大宗交易减持公司股份 1,520,000 股，占公 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's annual and quarterly reports show sustained revenue and performance growth, primarily driven by the advancement of existing orders, highlighting operational stability [3][4]. - The industry is experiencing a slowdown in expansion trends, but the company is actively positioning itself in new technologies such as BC and LIF, maintaining a strong competitive edge in its core products [3][4]. - Despite facing pressure on profitability in 2024 due to factors like product acceptance structure and impairment provisions, the company continues to advance the development of new laser technology products [3][4]. - The company has secured significant orders, including a 1.229 billion order from a leading photovoltaic enterprise for BC laser etching equipment, reinforcing its leading position in the photovoltaic laser sector [3][4]. - The company is expected to benefit from unaccepted orders from major clients, which may support operations in 2025 [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 2.014 billion, a year-on-year increase of 25.20%, and a net profit attributable to shareholders of 528 million, up 14.40% year-on-year [3][4]. - For Q1 2025, the company reported revenue of 561 million, a 24.55% increase year-on-year, and a net profit of 163 million, reflecting a 20.76% year-on-year growth [3][4]. Market Position and Technology Development - The company is actively developing new laser technologies across various processes, including TOPCon, IBC, HJT, and perovskite, ensuring comprehensive coverage of laser technology [3][4]. - The company has made significant advancements in laser selective thinning TCP equipment, enhancing the stability of TOPCon battery mass production [3][4]. - The company is also working on new laser welding processes for components, aiming to simplify production and improve quality [3][4]. Future Outlook - The company is projected to achieve net profits of 706 million and 820 million in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 23x and 19x [3][4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company's annual and quarterly reports show sustained revenue and performance growth, primarily driven by the advancement of existing orders, highlighting operational stability [2][6]. - The industry is experiencing a slowdown in expansion trends, but the company is actively positioning itself in new technologies such as BC and LIF laser gain technologies, maintaining a strong competitive edge in core products [2][12]. - Despite facing pressure on profitability in 2024 due to factors like product acceptance structure and impairment provisions, the company continues to advance the development of new laser technology products [2][12]. - The company has secured significant orders, including a 1.229 billion order from a leading photovoltaic enterprise for BC laser etching equipment, reinforcing its leading position in the photovoltaic laser sector [12]. - The company is expected to benefit from unaccepted orders from major clients, which may support operations in 2025 [2][12]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 2.014 billion, a year-on-year increase of 25.20%, and a net profit attributable to shareholders of 528 million, up 14.40% year-on-year [6]. - For Q1 2025, revenue reached 561 million, reflecting a 24.55% year-on-year growth, with a net profit of 163 million, up 20.76% year-on-year [6]. Operational Insights - The company is actively developing new laser technologies across various processes, including TOPCon, IBC, HJT, and perovskite, ensuring comprehensive coverage of laser technology [12]. - The TGV laser micro-hole equipment has achieved full coverage of wafer-level and panel-level TGV packaging laser technology, indicating a strong technological advancement [12]. Future Outlook - The company is projected to achieve net profits of 706 million and 820 million in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 23x and 19x [12].

Investment Rating - The industry investment rating is "Overweight" [3][30]. Core Viewpoints - The humanoid robot industry is expected to see significant growth, with a projected cumulative demand of approximately 2 million units by 2030, indicating a critical breakthrough phase from 0 to 1 [6][24]. - The report highlights key companies to watch in the humanoid robot supply chain, including Tier 1 suppliers and core component manufacturers [6][24]. - The report emphasizes the importance of technological advancements in various sectors, including photovoltaic equipment, energy storage, semiconductor equipment, automation, and hydrogen energy, suggesting a favorable outlook for leading companies in these areas [6][25][26]. Summary by Sections Humanoid Robots - Recent developments include the launch of the first domestic AI-powered exoskeleton robot by Zhiyuan, which features advanced technology for various applications [7]. - The first batch of 220 humanoid robots was delivered by Chery, showcasing their capabilities in customer service and sales guidance [17]. - The World Humanoid Robot Sports Competition is set to take place in August, highlighting the growing interest and innovation in the humanoid robotics field [23]. Photovoltaic Equipment - The penetration rate of N-type photovoltaic technology is accelerating, strengthening the competitive edge of leading companies [25]. - The report suggests focusing on companies that are innovating in cost-reduction technologies and expanding production capacity [25]. Energy Storage - Favorable policies are expected to drive growth in both generation-side and user-side energy storage [25]. - Companies like Xingyun Co. are positioned to benefit from strategic partnerships in the energy storage sector [25]. Semiconductor Equipment - The semiconductor equipment market is projected to reach $140 billion by 2030, with a focus on domestic alternatives due to low current localization rates [26]. - The report recommends monitoring companies that are well-positioned to capitalize on this trend [26]. Automation - The market for industrial tools is expected to grow from approximately 40 billion to 55.7 billion by 2026, with opportunities for leading companies to gain market share through increased concentration and import substitution [26]. Hydrogen Energy - The report highlights the potential of green hydrogen in achieving carbon neutrality, with a focus on companies that integrate the hydrogen supply chain [25].

Investment Rating - The report maintains a positive outlook on leading equipment manufacturers in the photovoltaic industry, anticipating their ability to navigate through the current cycle [1]. Core Insights - The photovoltaic equipment industry is experiencing short-term performance pressure, with a focus on waiting for industry recovery [6][42]. - The industry is characterized by both growth and cyclical attributes, influenced by supply, demand, and technological factors [3]. Summary by Sections Industry Performance - In 2024, the total revenue of the photovoltaic equipment industry reached 848.6 billion, a year-on-year increase of 2%, while the net profit attributable to shareholders was 54.8 billion, down 57% year-on-year [10]. - The first quarter of 2025 saw a total revenue of 158.3 billion, a decrease of 19% year-on-year, with net profit dropping to 15 billion, down 40% year-on-year [10]. Profitability Analysis - The industry's gross margin for 2024 was 24%, a decrease of 6 percentage points year-on-year, while the net profit margin was 6%, down 9 percentage points year-on-year [16]. - The report highlights that leading equipment manufacturers maintain higher profitability compared to the industry average, with gross margins around 30% [28]. Equipment Segment Insights - In the silicon wafer equipment segment, low-oxygen single crystal furnaces and tungsten wire diamond saws are expected to have promising futures, with ongoing international expansion [43]. - The battery equipment segment is seeing accelerated cost reduction and efficiency improvements, particularly with HJT technology, and overseas orders are expected to increase [43]. Market Trends - The report notes a slowdown in the expansion of silicon wafer production capacity in 2024, with a focus on the introduction of new technologies as downstream markets recover [60]. - The Middle East is emerging as a significant market for photovoltaic equipment, with expected growth in installed capacity driven by energy diversification efforts [65]. Cash Flow and Financial Health - The industry has seen a significant improvement in cash flow since Q3 2024, with a net operating cash flow of 9.25 billion in Q1 2025 [40].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated steady revenue growth, with a 25.20% year-on-year increase in revenue for 2024, reaching 2.014 billion yuan, and a 14.40% increase in net profit, amounting to 528 million yuan [2][4] - The gross margin remains stable at 46.93%, although it has decreased by 1.45 percentage points year-on-year, while the net margin has decreased by 2.47 percentage points to 26.19% due to increased asset impairment losses [2] - The company is a leader in the photovoltaic laser equipment sector, with significant breakthroughs in packaging equipment and ongoing research in semiconductor and other new fields [4][5] Financial Performance Summary - For 2024, the company achieved a revenue of 2.014 billion yuan, with a gross margin of 46.93% and a net profit margin of 26.19% [2][8] - The fourth quarter of 2024 saw a revenue of 574 million yuan, a 25.59% increase year-on-year, and a net profit of 144 million yuan, an 18.46% increase year-on-year [2] - In the first quarter of 2025, the company reported a revenue of 561 million yuan, a 24.55% increase year-on-year, and a net profit of 163 million yuan, a 20.76% increase year-on-year [2] Product and Market Position - The company has a competitive advantage in various photovoltaic product lines, with 99.96% of its revenue coming from the photovoltaic industry in 2024 [4] - The company is actively developing laser processing equipment for consumer electronics, new displays, and integrated circuits, indicating a diversification strategy [4] - The company has secured significant orders, including a 1.229 billion yuan order from a leading photovoltaic enterprise for its back-contact battery laser micro-etching equipment [5][6] Earnings Forecast - The company’s projected revenues for 2025, 2026, and 2027 are 2.415 billion yuan, 2.840 billion yuan, and 3.546 billion yuan, respectively, with corresponding net profits of 635 million yuan, 838 million yuan, and 1.110 billion yuan [6][8] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are 2.32 yuan, 3.06 yuan, and 4.06 yuan, respectively [6][8] - The price-to-earnings (P/E) ratios for the same years are projected to be 25, 19, and 14, reflecting the company's strong market position and innovation capabilities [6][8]

证券代码：300776 证券简称：帝尔激光 公告编号：2025-030 武汉帝尔激光科技股份有限公司 关于董事、高级管理人员减持计划实施完毕的公告 公司董事兼副总经理朱凡先生、高级管理人员刘志波先生保证向本公司提 供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 武汉帝尔激光科技股份有限公司（以下简称"公司""本公司"）于2025年 2月20日披露了《关于股东及部分董事、高级管理人员减持股份预披露的公告》 （公告编号：2025-010），公司董事兼副总经理朱凡先生拟自减持计划公告之日 起15个交易日后3个月内通过集中竞价减持本公司股份不超过30,720股，占公司 当时剔除回购专用账户后的总股本的0.0113%；公司高级管理人员刘志波先生拟 自减持计划公告之日起15个交易日后3个月内通过集中竞价减持本公司股份不超 过19,200股，占公司当时剔除回购专用账户后的总股本的0.0071%。 公司于近日收到朱凡先生、刘志波先生分别出具的《股份减持计划实施完毕 的告知函》，截至本公告披露日，上述减持计划已实施完毕。现将朱凡先生、刘 ...

Core Viewpoint - The performance of photovoltaic companies has been significantly impacted by the decline in industry chain prices, leading to increased losses among major players while some equipment and storage companies have shown resilience and growth [1][2][5]. Group 1: Industry Performance - In Q1 2025, among 67 listed companies in the photovoltaic equipment sector, 30 companies reported revenue growth year-on-year, accounting for approximately 44.77% [1]. - 34 companies experienced losses, representing about 50% of the total, with major integrated companies like Tongwei Co., TCL Zhonghuan, and Longi Green Energy reporting significant losses [2]. - Tongwei Co. reported a revenue of 15.933 billion yuan, down 18.58% year-on-year, with a net loss of 2.593 billion yuan, a decline of 229.56% [2]. - TCL Zhonghuan's revenue fell to 6.101 billion yuan, down 38.58%, with a net loss of 1.906 billion yuan, worsening by 116.67% compared to the previous year [3]. Group 2: Segment Analysis - The battery segment is facing intense price competition, with JunDa Co. reporting a revenue decline of 49.52% and a net loss of 106 million yuan, a drop of 636.04% year-on-year [3]. - Major component manufacturers like JA Solar and Trina Solar have also shifted from profit to loss, with JA Solar reporting a revenue of 13.843 billion yuan, down 40.03%, and a net loss of 1.39 billion yuan [3][4]. - Trina Solar's revenue decreased by 21.48% to 14.335 billion yuan, with a net loss of 1.32 billion yuan compared to a profit of 516 million yuan in the previous year [4]. Group 3: Resilient Companies - In contrast, companies in the energy storage and equipment sectors have shown strong performance, with Sungrow Power achieving a revenue of 19.036 billion yuan, up 50.92%, and a net profit of 3.826 billion yuan, up 82.52% [5]. - DeYe Co. also reported a revenue increase of 36.24% to 2.566 billion yuan, with a net profit of 706 million yuan, up 62.98% [6]. - JinkoSolar and other equipment manufacturers have also reported significant revenue growth, with Jiejia Weichuang achieving a revenue of 4.099 billion yuan, up 58.95% [6]. Group 4: Global Expansion - Companies are increasingly focusing on international markets, with Hengdian East Magnetic reporting a revenue of 5.222 billion yuan, up 23.25%, and a net profit of 458 million yuan, up 29.65% [8]. - DeYe Co. has expanded its overseas sales significantly, with foreign sales revenue increasing by 83.2% [9]. - The global clean energy transition is expected to drive long-term growth in the photovoltaic industry, with a reported 59.71 GW of new photovoltaic installations in Q1 2025, a year-on-year increase of 30.5% [10].