Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 53.03 RMB based on a 25X PE for 2024 [2][4]. Core Insights - The company is a pioneer in photovoltaic laser technology, having introduced laser technology into the solar industry and maintaining a leading position in the market for 15 years [2][16]. - The demand for laser equipment in photovoltaic applications is increasing, particularly for BC (Back Contact) battery manufacturing, which requires three laser processes [1][2]. - The company has successfully expanded its product offerings to include various high-efficiency solar cell technologies such as TOPCon, HJT, XBC, and perovskite [2][16]. - Revenue from solar cell laser processing equipment is projected to grow significantly, with expected revenues of 1.72 billion, 2.19 billion, and 2.87 billion RMB from 2024 to 2026, reflecting year-on-year growth rates of 25.9%, 27.1%, and 31.1% respectively [2][4]. - The company is also exploring new markets in consumer electronics and semiconductor fields, which could provide additional growth opportunities [2][16]. Summary by Sections Investment Logic - The company has a broad application of laser technology across mainstream and next-generation high-efficiency battery routes, with increasing demand for its products [1][2]. Company Overview - The company has a stable shareholding structure, with the actual controller holding 43.17% of shares, and has established five wholly-owned subsidiaries for various operational functions [20][21]. Financial Projections - The company is expected to achieve revenues of 2.0 billion, 2.51 billion, and 3.23 billion RMB from 2024 to 2026, with corresponding net profits of 580 million, 720 million, and 910 million RMB [4][25]. - The company has maintained a gross margin above 45% and has a consistent history of cash dividends to investors [22][29]. Market Position - The company holds a dominant position in the photovoltaic laser equipment market, with a market share of over 80% in its core products [29][30]. - The laser equipment market in China is fragmented, with the top three companies accounting for only 24% of the market share, highlighting the company's strong competitive position [29][30]. Product Matrix - The company's product matrix covers three application areas: photovoltaic cell and module manufacturing, display panel manufacturing, and semiconductor wafer manufacturing [18][19].

帝尔激光（ 300776） 公司点评 半年度业绩持续增长，光伏海外占比提升，拓展半导体等新领域 | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance shows steady growth in line with expectations, with a significant increase in revenue and net profit in the first half of 2024, driven by continuous acceptance of TOPCon orders [2] - The company is increasing its R&D investment and actively expanding into the semiconductor field, particularly in laser equipment for photovoltaic applications [2] - The company has stable inventory and contract liabilities, but operating cash flow is under pressure due to reduced cash receipts from sales [2] Financial Performance Summary - Total revenue for H1 2024 reached 906 million yuan, a year-on-year increase of 34.4%, while net profit attributable to shareholders was 236 million yuan, up 35.5% year-on-year [2] - The gross margin for H1 2024 was 48.1%, an increase of 1.3 percentage points year-on-year, while the net margin was 26.1%, a decrease of 2.4 percentage points year-on-year [2] - The company’s contract liabilities stood at 1.905 billion yuan, a decrease of 3% year-on-year, and inventory was 1.979 billion yuan, an increase of 3% year-on-year [2] R&D and Market Position - The company is focusing on laser equipment for photovoltaic cells, enhancing efficiency and reducing production costs through advanced technologies [2] - The company has also developed laser equipment for consumer electronics and integrated circuits, expanding its market reach [2] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted to 610 million, 770 million, and 910 million yuan respectively, with corresponding dynamic P/E ratios of 19, 15, and 13 times [2]

证券代码：300776 证券简称：帝尔激光 公告编号：2024-065 武汉帝尔激光科技股份有限公司 关于公司与武汉东湖新技术开发区管理委员会 签署合作协议的进展公告 一、交易概述 武汉帝尔激光科技股份有限公司于2024年7月2日召开第三届董事会第十九 次会议，审议通过了《关于公司拟与武汉东湖新技术开发区管理委员会签署合作 协议的议案》，同意公司拟在武汉东湖新技术开发区投资人民币30亿元建设帝尔 激光研发生产基地三期项目，主要包含固定资产投资、研发及其他经营费用等， 其中固定资产投资额为人民币10.25亿元。具体内容详见公司于2024年7月2日在 巨潮资讯网（www.cninfo.com.cn）披露《关于公司拟与武汉东湖新技术开发区管 理委员会签署合作协议的公告》（公告编号：2024-051）。 二、对外投资进展情况 公司于近日收到与武汉东湖新技术开发区管理委员会签署的《武汉东湖新技 术开发区管理委员会与武汉帝尔激光科技股份有限公司关于帝尔激光总部暨研 发生产基地三期项目的合作协议》（以下简称"合作协议"）。该合作协议主要 内容与公司在《关于公司拟与武汉东湖新技术开发区管理委员会签署合作协议的 公告》（公告编 ...

[Table_MainInfo] 公司研究/机械工业/新能源板块 证券研究报告 帝尔激光（300776）公司半年报点评 2024 年 08 月 19 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------------------|-------------| | 股票数据 | | | 08 [ Table_StockInfo 月 19 日收盘价（元） ] | 42.52 | | 52 周股价波动（元） | 36.71-74.98 | | 总股本 / 流通 A 股（百万股） | 273/167 | | 总市值 / 流通市值（百万元） | 11611/7106 | | 相关研究 | | | [Table_ReportInfo] 《光伏激光设备龙头，持续受益于新技术迭 | | | 代》 2024.06.24 | | 市场表现 [Table_QuoteInfo] -27.76% -14.76% -1.76% 11.24% 24.24% 37.24% 帝尔激光 海通综指 | -- ...

公 司 半 年 报 点 评 证 券 研 究 报 告 公 司 报 告 请通过合法途径获取本公司研究报告，如经由未经许可的渠道获得研究报告，请慎重使用并注意阅读研究报告尾页的声明内容。 帝尔激光(300776.SZ) 业绩平稳较快增长，持续加大研发投入 | --- | --- | |----------------------------|--------------------| | | | | 主要数据 | | | 行业 | 电力设备及新能源 | | 公司网址 | www.drlaser.com.cn | | 大股东 / 持股 | 李志刚 /39.94% | | 实际控制人 | 李志刚 | | 总股本 ( 百万股 ) | 273 | | 流通 A 股 ( 百万股 ) | 167 | | 流通 B/H 股 ( 百万股 ) | | | 总市值（亿元） | 119 | | 流通 A 股市值 ( 亿元 ) | 73 | | 每股净资产 ( 元 ) | 11.07 | | 资产负债率 (%) | 51.9 | | | | 推荐（维持） 皮秀 投资咨询资格编号 S1060517070004 PIXIU809@pingan ...

公 司 研 究 2024 年 08 月 16 日 公司点评 买入/维持 帝尔激光(300776) 昨收盘:45.01 研发保持高投入，做市场领先的阿尔法 ◼ 走势比较 (40%) (24%) (8%) 8% 24% 40% 23/8/16 23/10/2824/1/924/3/2224/6/324/8/15 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) 122.91/122.91 12 个月内最高/最低价 (元) 74.98/36.71 相关研究报告 <<【太平洋新能源】光伏新技术系列： 帝尔激光 2023 年年报及 2024 年一季 报业绩点评：技术推动成长，业务多 点开花>>--2024-04-29 <<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： ...

[ T able_StockInfo] 2024 年 08 月 16 日 证券研究报告•2024 年中报点评 买入 （维持） 当前价：45.01 元 帝尔激光（300776）电力设备 目标价：——元（6 个月） 基础数据 [Table_BaseData] 总股本(亿股) 2.73 流通 A 股(亿股) 1.67 52 周内股价区间(元) 38.21-72.95 总市值(亿元) 122.91 总资产(亿元) 65.86 每股净资产(元) 11.07 风险提示：全球光伏装机不及预期的风险；原材料价格上涨，公司盈利能力下 降的风险；汇率波动的风险；海外关税等政策变化的风险。 减值影响二季度利润，海外电池扩产带来机遇 [Table_Summary 业绩总结：公司]发布 24年半年度报告。24H1公司营收 9.06亿元，同比+34.40%； 归母净利润 2.36亿元，同比+35.51%；扣非净利润 2.25亿元，同比+34.19%。 其中 Q2营收 4.55亿元，环比+1.02%；归母净利润 1.01亿元，环比-25.22%； 扣非净利润 0.98 亿元，环比-23.26%。H1 光伏激光设备毛利率 47.91%，同比 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company achieved a revenue of 906 million yuan in H1 2024, representing a year-on-year growth of 34.40%, and a net profit of 236 million yuan, up 35.51% year-on-year [1]. - In Q2 2024, the company reported a revenue of 455 million yuan, with a year-on-year increase of 39.51%, and a net profit of 101 million yuan, growing 25.12% year-on-year [1]. - The company is experiencing a steady increase in orders and is entering a period of intensive equipment delivery [2]. - The company has accelerated its expansion in overseas markets, achieving 137 million yuan in revenue outside mainland China in H1 2024, a significant increase of 131.48% year-on-year [2]. - R&D expenses increased by 44.56% to 140 million yuan in H1 2024, accounting for 15.41% of revenue, indicating a strong commitment to innovation [3]. Summary by Sections Financial Performance - H1 2024 revenue: 906 million yuan, up 34.40% YoY; net profit: 236 million yuan, up 35.51% YoY [1]. - Q2 2024 revenue: 455 million yuan, up 39.51% YoY; net profit: 101 million yuan, up 25.12% YoY [1]. - Contract liabilities as of Q2 2024: 1.905 billion yuan, up 37.79% YoY, down 3.32% QoQ [2]. - Inventory as of Q2 2024: 1.979 billion yuan, up 37.03% YoY, down 1.74% QoQ [2]. R&D and Technological Advancements - R&D expenses in H1 2024: 140 million yuan, up 44.56% YoY, representing 15.41% of revenue [3]. - The company has made breakthroughs in non-photovoltaic technologies, including the shipment of panel-level glass substrate through-hole equipment [3]. Profit Forecast and Valuation - Revised profit forecasts for 2024-2026: net profits of 634 million yuan, 762 million yuan, and 915 million yuan, respectively [3]. - Current stock price corresponds to a PE ratio of 19 times for 2024 [3]. - The company has sufficient orders and technological reserves across various sectors, including high-end consumer electronics and integrated circuits [3].

2024 年半年度募集资金存放与使用情况的专项报告 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。 根据《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 证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》《武汉帝尔激光 科技股份有限公司募集资金管理制度》及相关规则指引等规定，武汉帝尔激光科技股份有 限公司（以下简称"公司"或"本公司"）董事会编制了截至 2024 年 6 月 30 日止的《公 司 2024 年半年度募集资金存放与使用情况的专项报告》，本公司 2024 年半年度募集资金 存放与使用情况专项说明如下： 一、募集资金基本情况 | 证券代码：300776 | 证券简称：帝尔激光 | 公告编号：2024-061 | | --- | --- | --- | | 债券代码：123121 | 债券简称：帝尔转债 | | 武汉帝尔激光科技股份有限公司 （一）募集资金专户存放情况 截至 2024 年 6 月 30 日，公司 2021 年向不特定对象发行可转换公司债券募集资金账户 （一）实际募集资金金额和资金到账时间 经中 ...