激光设备出货同比高增，多项激光技术实现突破 光伏设备出货量同比高增，在手订单充裕。 公司持续加大研发创新投入，2023 年研发费用同比增长 91.65%至 2.51 亿元， 占营业收入的比重同比增加 5.70 个 pct 至 15.58%。2023 年公司多项新技术实 现突破，TOPCon 方面，公司的激光掺杂（TCSE）及激光诱导烧结（LIF）设备 实现量产订单；BC 方面，公司的激光微刻蚀设备技术领先，并持续取得头部公 司量产订单；HJT 方面，公司的 LIA 激光修复技术获得欧洲客户订单；组件方面， 公司正在研发的全新激光焊接工艺已交付量产样机，目前正在验证中；非光伏产 业，公司正积极研发高端消费电子、新型显示和集成电路等领域的激光加工设备。 买入（维持） 相关研报 在手订单高增，TOPCon+技术取得新突破—— 帝尔激光（300776.SZ）2023 年半年报点评 （2023-08-23） 帝尔激光（300776.SZ） 敬请参阅最后一页特别声明 -3- 证券研究报告 2024 年 5 月 5 日 要点 2024Q1 随着交付设备的收入逐步确认，公司收入和利润规模均实现快速增长， 毛利率同比增加 1. ...

[ T able_StockInfo] 2024 年 04 月 28 日 证券研究报告•2023年年报&2024 年一季报点评 买入 （维持） 当前价：43.53 元 帝尔激光（300776）电力设备 目标价：53.80 元（6 个月） 研发持续高投入，TOPCon+激光设备值得期待 [Table_Summary 业绩总结：公司发布 ] 2023年年报和 2024年一季报。2023年公司实现营收 16.1 亿元，同比+21.5%；归母净利润 4.6亿元，同比+12.2%；扣非净利润 4.3亿元， 同比+10.3%。24 年一季度公司实现营收 4.5 亿元，同比+29.6%；归母净利润 1.4 亿元，同比+44.5%；扣非净利润 1.3 亿元，同比+40.9%。 N型电池新技术设备确收，单位设备价格提升，盈利能力保持稳定。2023年公 司光伏电池激光加工设备营收 13.7亿元，同比增长 17%；销量 645台，销售单 价 212 万元，同比增长 22.3%，主要为单位价值量更高的 N 型电池设备如 TOPCon SE、XBC 电池激光微刻蚀和金属化设备等逐步确收，提升销售均价。 另一方面，电池新技术价值量更高， ...

公 司 研 究 2024 年 04 月 28 日 公司点评 买入/维持 帝尔激光(300776) 昨收盘:43.53 技术驱动成长，业务多点开花 ◼ 走势比较 (40%) (26%) (12%) 2% 16% 30% 23/4/2823/7/923/9/19 23/11/3024/2/1024/4/22 帝尔激光 沪深300 ◼ 股票数据 总股本/流通(亿股) 2.73/2.73 总市值/流通(亿元) 118.87/118.87 12 个月内最高/最低价 (元) 107.94/36.71 相关研究报告 <<帝尔激光深度报告：帝承创新光辉 照，尔赋光伏领未来>>--2024-03-04 证券分析师：刘强 电话： E-MAIL：liuqiang@tpyzq.com 分析师登记编号：S1190522080001 证券分析师：梁必果 电话： E-MAIL：liangbg@tpyzq.com 分析师登记编号：S1190524010001 研究助理：钟欣材 电话： E-MAIL：zhongxc@tpyzq.com 一般证券业务登记编号：S1190122090007 事件：公司发布 2023 年年报及 2024 年一季报， ...

上 市 公 司 证 券 研 究 报 告 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 04 月 26 日 | | 收盘价（元） | 43.53 | | 一年内最高/ 最低（元） | 107.94/36.71 | | 市净率 | 3.8 | | 息率（分红/ 股价） | - | | 流通 A 股市值（百万元） | 7275 | | 上证指数/深证成指 | 3088.64/9463.91 | 04-2705-2706-2707-2708-2709-2710-2711-2712-2701-2702-2703-27 -60% -40% -20% 0% 20% 帝尔激光 沪深300指数（收益率） 2024 年 04 月 26 日 帝尔激光 (300776) 报告原因：有业绩公布需要点评 买入（维持）事件：公司发布 23 年年报及 24 年一季报，23 年公司实现营收 16.09 亿元，同比增长 21.49%， 归母净利润为 4.61 亿元，同比增长 12.16%；由于部分新技术 ...

证券代码：300776 证券简称：帝尔激光 公告编号：2024-021 武汉帝尔激光科技股份有限公司 第三届监事会第十五次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 武汉帝尔激光科技股份有限公司（以下简称"公司"）第三届监事会第十五 次会议于 2024 年 4 月 24 日在公司会议室以现场表决方式召开，召开本次会议的 通知已于 2024 年 4 月 14 日以电子邮件通知全体监事。 具体内容详见公司于同日在巨潮资讯网（http://www.cninfo.com.cn）披露的 《2023 年度监事会工作报告》。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 本议案尚需提交公司 2023 年年度股东大会审议。 2、审议通过《关于〈2023 年度财务决算报告〉的议案》 经审议，监事会认为：公司《2023 年度财务决算报告》客观、真实地反映 了公司 2023 年度的财务状况和经营成果。公司 2023 年度财务报告已经立信会计 师事务所（特殊普通合伙）审计并出具标准无保留意见审计报告。 表决结果：同意 3 票，反对 0 ...

武汉帝尔激光科技股份有限公司 2023年度独立董事述职报告 （王永海） 本人作为武汉帝尔激光科技股份有限公司（以下简称"公司"）第三届董 事会独立董事，严格依照《中华人民共和国公司法》（以下简称《公司 法》）、《上市公司治理准则》《上市公司独立董事管理办法》《深圳证券交 易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等相关法律 法规、深圳证券交易所业务规则和《公司章程》《独立董事工作制度》等公司 内部制度的规定和要求，在 2023 年的工作中勤勉、尽责、忠实履行职务，积极 出席相关会议，充分发挥独立董事的作用，认真审议董事会各项议案，切实维 护公司和全体股东的利益。现将本人 2023 年度的履职情况汇报如下： 二、独立董事年度履职情况 （一）董事会、股东大会出席情况 1、出席董事会会议情况 2023 年度，公司共召开 7 次董事会会议，本人应出席会议 7 次，实际出席 会议 7 次，不存在连续两次未亲自出席会议的情况。本人对出席的所有董事会 会议审议的议案均进行了审慎、细致的审阅，投出赞成票，并就其中有关事项 发表独立意见，为公司董事会做出科学决策起了积极的作用。 一、独立董事的基本情况 （一 ...

经立信会计师事务所（特殊普通合伙）审计，公司 2023 年度归属于上市公 司股东的净利润为 461,187,200.35 元，母公司 2023 年度净利润为 394,115,031.39 元。根据《公司章程》的规定，扣除本报告期提取法定盈余公积金后，加上年初 未分配利润，扣除报告期内派发的 2022 年年度利润分配现金红利 80,215,932.12 元，截至 2023 年 12 月 31 日，公司合并报表可供分配利润为 1,747,872,568.35 元，母公司可供分配利润为 1,657,507,736.37 元。 证券代码：300776 证券简称：帝尔激光 公告编号：2024-025 武汉帝尔激光科技股份有限公司 关于 2023 年度利润分配预案的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 武汉帝尔激光科技股份有限公司（以下简称"公司"）于 2024 年 4 月 24 日召开第三届董事会第十八次会议、第三届监事会第十五次会议，分别审议通过 了《关于 2023 年度利润分配预案的议案》。本议案尚需提交公司 2023 年年度股 东大会审议通过，现将 ...

一、本次使用闲置募集资金进行现金管理的基本情况 公司 2024 年 4 月 24 日分别召开的第三届董事会第十八次会议、第三届监事 会第十五次会议，审议通过了《关于使用部分闲置募集资金进行现金管理的议案》 同意公司及子公司在确保不影响募集资金投资项目建设和公司正常经营的前提 下，使用不超过人民币 5 亿元（含本数）的闲置募集资金进行现金管理。上述现 金管理的期限自公司第三届董事会第十八次会议审议通过之日起 12 个月内有效， 在前述额度和期限范围内，资金可循环滚动使用。 二、募集资金基本情况 长江证券承销保荐有限公司 关于武汉帝尔激光科技股份有限公司 使用闲置募集资金进行现金管理的核查意见 长江证券承销保荐有限公司（以下简称"长江保荐"或"保荐机构"）作为 武汉帝尔激光科技股份有限公司（以下简称"帝尔激光"或"公司"）首次公开 发行股票及向不特定对象发行可转债的保荐机构，根据《证券发行上市保荐业务 管理办法》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管 要求》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监 管指引第 2 号——创业板上市公司规范运作》等相关规定，就武汉帝 ...

Financial Performance - The company's revenue for Q1 2024 was ¥450,485,280.52, representing a 29.60% increase compared to ¥347,593,442.07 in the same period last year[10] - Net profit attributable to shareholders for Q1 2024 was ¥135,077,415.20, up 44.48% from ¥93,489,202.42 in Q1 2023[10] - The basic earnings per share for Q1 2024 was ¥0.49, a 44.12% increase from ¥0.34 in the same period last year[10] - Total operating revenue for Q1 2024 reached ¥450,485,280.52, an increase of 29.5% compared to ¥347,593,442.07 in the same period last year[32] - Net profit for Q1 2024 was ¥135,077,415.20, representing a significant increase of 44.4% from ¥93,489,202.42 in Q1 2023[32] - Basic earnings per share for Q1 2024 were ¥0.49, up from ¥0.34 in the same quarter last year, indicating a growth of 44.1%[39] Research and Development - Research and development expenses increased by 60.35% to ¥69,956,937.86 in Q1 2024, compared to ¥43,627,120.46 in Q1 2023, driven by new product and technology development[14] - Research and development expenses rose to ¥69,956,937.86 in Q1 2024, compared to ¥43,627,120.46 in the previous year, marking an increase of 60.5%[32] Cash Flow and Liquidity - The net cash flow from operating activities for Q1 2024 was -¥31,326,019.17, a decline of 87.10% from -¥16,742,990.01 in the same period last year[10] - The cash flow from operating activities for Q1 2024 was ¥289,649,988.53, compared to ¥335,216,152.54 in the previous year, showing a decrease of 13.6%[40] - The total cash and cash equivalents at the end of the period were 408,550,002.50 CNY, down from 497,633,801.81 CNY at the beginning of the period[46] - The company experienced a negative impact of -326,165.18 CNY from exchange rate fluctuations on cash and cash equivalents[46] - The total cash outflow from operating activities was 374,746,262.67 CNY, slightly lower than 386,421,509.92 CNY in the previous year[43] Assets and Liabilities - Total assets at the end of Q1 2024 were ¥6,778,385,574.04, a decrease of 1.33% from ¥6,869,985,074.89 at the end of the previous year[10] - The total liabilities decreased to ¥3,619,258,503.92 from ¥3,798,039,717.31, a reduction of approximately 4.7%[30] - The total equity attributable to shareholders of the parent company increased to ¥3,159,127,070.12 from ¥3,071,945,357.58, reflecting a growth of 2.8%[30] - The company’s total current assets decreased slightly to RMB 6,223,459,055.41 from RMB 6,333,090,344.08[29] Shareholder Information - The company reported a total of 24,084 common shareholders at the end of the reporting period[15] - The largest shareholder, Li Zhigang, holds 39.94% of the company's shares, while the second-largest shareholder, Duan Xiaoting, holds 7.66%[15] - The company did not undergo any share issuance or capital changes that would affect shareholder equity during the reporting period[10] - The company plans to repurchase shares with a budget of RMB 50 million to RMB 100 million, having already repurchased 1,062,460 shares, representing 0.39% of the total share capital[25] Other Financial Metrics - The weighted average return on equity for Q1 2024 was 4.30%, up from 3.43% in the same period last year[10] - The company reported a net increase in other income of ¥29,133,268.80, compared to ¥10,652,465.48 in the previous year, indicating a growth of 173.5%[32] - The deferred income tax liabilities increased to ¥3,441,776.20 from ¥712,951.43, a significant rise of 384.5%[30] - Payments to employees increased to 121,416,637.36 CNY from 76,994,319.69 CNY year-over-year, indicating higher labor costs[43]

Financial Performance - Total revenue for Q1 2023 was approximately CNY 347.59 million, with a net profit attributable to shareholders of CNY 93.49 million[32]. - In Q2 2023, total revenue decreased to approximately CNY 326.20 million, while net profit attributable to shareholders was CNY 80.73 million[32]. - Q3 2023 saw a revenue increase to approximately CNY 477.94 million, with net profit attributable to shareholders rising to CNY 165.28 million[32]. - For Q4 2023, total revenue was approximately CNY 457.16 million, and net profit attributable to shareholders was CNY 121.69 million[32]. - The company's operating revenue for 2023 reached ¥1,608,896,942.40, representing a 21.49% increase compared to ¥1,324,311,071.55 in 2022[94]. - Net profit attributable to shareholders for 2023 was ¥461,187,200.35, a 12.16% increase from ¥411,193,958.44 in 2022[94]. - The cash flow from operating activities for 2023 was ¥776,699,638.21, showing a significant increase of 52.40% compared to ¥509,656,233.90 in 2022[94]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion yuan, representing a 25% year-over-year growth[186]. Shareholder Value and Dividends - As of March 31, 2024, the company has repurchased a total of 1,062,460 shares for a total amount of RMB 50,034,572.20, reflecting its commitment to shareholder value[21]. - The company plans to distribute a cash dividend of CNY 3.5 per 10 shares, totaling approximately CNY 95.66 million based on 272,015,459 shares[42]. - The company has maintained a clear cash dividend policy, ensuring transparency in its distribution standards and ratios[100]. - The company is committed to actively returning profits to investors through stable cash dividends, reinforcing its long-term value proposition[21]. - The company has committed to a stable profit distribution policy, ensuring consistent returns to shareholders[179]. Research and Development - The company plans to continuously enhance product R&D investment to consolidate its core competitive advantages, aiming for sustainable growth and improved shareholder returns[21]. - The company is investing 100 million yuan in R&D for new technologies, aiming to introduce at least two new products in the next year[177]. - The R&D budget has been increased by 40%, now totaling 400 million yuan, to support the development of new technologies[186]. Governance and Compliance - The company emphasizes the recruitment of high-end technical talent globally to support its technological advancements and operational efficiency[12]. - The company is focused on enhancing its governance standards and improving information disclosure to foster investor communication[21]. - The company has no significant discrepancies between financial reports prepared under international and Chinese accounting standards[33]. - The company has engaged Lixin Certified Public Accountants for auditing services, ensuring transparency and accountability in financial reporting[91]. - The company is committed to maintaining compliance with the Shenzhen Stock Exchange's self-regulatory guidelines, ensuring effective risk management and internal controls[85]. Operational Efficiency and Workforce - The company is expanding its workforce significantly to support rapid business growth, particularly in management and technical roles[12]. - The total number of employees at the end of the reporting period was 1,720, with 1,469 in the parent company and 251 in major subsidiaries[79]. - The company has implemented a performance management system for senior management, linking compensation to performance evaluations[126]. - The company aims to reduce operational costs by 15% through efficiency improvements in production processes[186]. Market Strategy and Growth Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 20%[173]. - New product launches are expected to contribute an additional 300 million yuan in revenue, with a focus on innovative laser technology[174]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by the end of 2024[175]. - A strategic acquisition of a smaller competitor is anticipated to enhance the company's technological capabilities and increase market share by 5%[176]. Internal Controls and Risk Management - The company has implemented multiple self-checks focusing on issues such as fund occupation, illegal guarantees, and related transactions during the reporting period[136]. - There are no significant defects identified in the internal control over financial reporting as of December 31, 2023[134]. - The internal control audit report indicates no major defects in non-financial reporting[131]. Corporate Social Responsibility - The company emphasizes customer satisfaction and has established a quality management system to ensure product quality and service[146]. - The company ensures compliance with environmental protection standards and has not faced any severe administrative penalties during the reporting period[141]. - The company emphasizes the importance of corporate social responsibility, focusing on the rights and interests of employees and customers while promoting sustainable economic development[150].