Investment Rating - The report maintains a "Recommendation" rating for the company [3][14]. Core Views - The company has shown significant revenue growth driven by new technologies and an expanding application of laser equipment across multiple fields. In 2023, the company achieved a revenue of 1.609 billion yuan, a year-on-year increase of 21.49%, and a net profit of 461 million yuan, up 12.16% year-on-year. The first quarter of 2024 saw a revenue increase of 29.60% year-on-year [9][10]. Financial Performance Summary - **2023 Financials**: - Revenue: 1.609 billion yuan, up 21.49% YoY - Net Profit: 461 million yuan, up 12.16% YoY - EPS: 1.69 yuan - **2024 Q1 Financials**: - Revenue: 450 million yuan, up 29.60% YoY - Net Profit: 135 million yuan, up 44.48% YoY [9][10]. Revenue and Profit Forecast - The company is expected to continue its growth trajectory with projected net profits of 626 million yuan in 2024, 772 million yuan in 2025, and 920 million yuan in 2026. The EPS is forecasted to be 2.29 yuan in 2024, 2.83 yuan in 2025, and 3.37 yuan in 2026 [14][15]. Market Position and Technology - The company leads in the market share of XBC laser micro-etching technology and is expected to benefit from the growth of new laser technologies such as TOPCon, HJT, and perovskite. The company has secured significant orders from leading firms in the photovoltaic sector [11][19]. R&D and Innovation - The company has significantly increased its R&D investment, with expenses reaching 251 million yuan in 2023, a 91.65% increase year-on-year. The R&D expense ratio stands at 15.58% [20]. The company holds 262 domestic and international patents and is actively developing laser processing equipment for various high-tech fields [20]. Contractual Obligations and Inventory - The company has seen a rapid increase in contract liabilities and inventory, with contract liabilities reaching 1.96 billion yuan by the end of 2023, a 170.32% increase from the previous year. Inventory also grew to 1.918 billion yuan, a 123.48% increase [19].

关于武汉帝尔激光科技股份有限公司 2023 年年度持续督导跟踪报告 | 保荐机构名称：长江证券承销保荐有限公司 | 被保荐公司简称：帝尔激光 | | --- | --- | | 保荐代表人姓名：梁彬圣 | 联系电话：021-61118978 | | 保荐代表人姓名：张俊青 | 联系电话：021-61118978 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1．公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 不适用 | | 2．督导公司建立健全并有效执行规章制度的 情况 | | | （1）是否督导公司建立健全规章制度（包括 | | | 但不限于防止关联方占用公司资源的制度、募 | 是 | | 集资金管理制度、内控制度、内部审计制度、 | | | 关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3．募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 2 次 | | （2）公司募集资金项目进展是否与信息披露 | 是 | | 文件一致 | | | 4．公 ...

证券代码：300776 证券简称：帝尔激光 公告编号：2024-035 武汉帝尔激光科技股份有限公司 关于回购股份进展的公告 1、公司未在下列期间内回购公司股份： 武汉帝尔激光科技股份有限公司（以下简称"公司"）于 2024 年 2 月 23 日召开第三届董事会第十七次会议，逐项审议通过了《关于回购公司股份方案的 议案》，同意公司使用自有资金以集中竞价交易方式回购公司部分社会公众股份， 回购股份的资金总额不低于人民币 5,000 万元且不超过人民币 10,000 万元（均含 本数），用于实施员工持股计划或股权激励。本次回购股份的回购价格不超过人 民币 74.29 元/股（含本数），回购股份的实施期限自公司董事会审议通过回购方 案之日起 12 个月内。 具体内容详见公司分别于 2024 年 2 月 23 日、2024 年 2 月 28 日在巨潮资讯 网上（www.cninfo.com.cn）披露的《关于回购公司股份方案的公告》及《回购 股份报告书》。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等有关规定，公司应当在回购期间每个月的前三个交易日内 披露截至上月末的回购 ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [7] Core Views - The company reported a revenue of 1.609 billion yuan in 2023, representing a year-on-year increase of 21.49%, and a net profit of 461 million yuan, which is a 12.16% increase year-on-year [7][9] - The company is focusing on expanding its original laser technology into the photovoltaic industry, successfully applying laser processing technology to various solar cell technologies [7][8] - The company is actively developing new products in high-end consumer electronics and integrated circuits, with significant growth potential in these areas [7][8] Financial Summary - The projected revenues for 2024, 2025, and 2026 are 2.361 billion yuan, 2.850 billion yuan, and 3.944 billion yuan, respectively, with corresponding net profits of 631 million yuan, 792 million yuan, and 1.070 billion yuan [8][9] - The gross profit margin is expected to remain stable around 48% over the forecast period, with a slight decrease in net profit margin from 28.66% in 2023 to 27.13% in 2026 [9][10] - The earnings per share (EPS) are projected to be 2.31 yuan, 2.90 yuan, and 3.92 yuan for the years 2024, 2025, and 2026, respectively [8][9] Market Position and Growth Potential - The company is a leader in the photovoltaic laser equipment sector, with a strong order book for new products, indicating a robust growth trajectory [7][8] - The company has increased its R&D investment significantly, with R&D expenses reaching 251 million yuan in 2023, accounting for 15.58% of its revenue [8][9] - The company holds 262 domestic and international patents, showcasing its commitment to innovation and technology advancement [8]

Group 1 - The investment rating for the company is "Buy" with a target price of 61.93 CNY per share, while the current price is 45.38 CNY [2][4] - The company reported a revenue of 1.609 billion CNY for 2023, representing a year-on-year growth of 21.49%, and a net profit of 461 million CNY, up 12.16% year-on-year [1][5] - The company has made significant advancements in laser technology across various fields, including TOPCon, IBC, HJT, and perovskite, with new production orders achieved [1][5] Group 2 - The company is actively expanding into other sectors, including TGV laser micro-hole equipment for glass substrate chip packaging and plans for significant transfers in the display semiconductor field in 2024 [1][5] - Profit forecasts for the company indicate net profits of 677 million CNY, 810 million CNY, and 972 million CNY for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 18x, 15x, and 13x [1][5] - The company's core laser products are expected to have high value variation and order elasticity in new processes, justifying a 2024 P/E valuation of 25x [1][5]

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. ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 53.80 CNY over the next six months [1]. Core Insights - The company reported a revenue of 1.61 billion CNY in 2023, representing a year-on-year increase of 21.5%. The net profit attributable to shareholders was 460 million CNY, up 12.2% year-on-year. In Q1 2024, revenue reached 450 million CNY, a 29.6% increase year-on-year, with a net profit of 140 million CNY, up 44.5% year-on-year [1]. - The company has successfully developed new N-type battery technology equipment, leading to an increase in unit equipment prices and stable profitability. The revenue from photovoltaic laser processing equipment was 1.37 billion CNY in 2023, a 17% increase year-on-year, with a sales volume of 645 units and an average selling price of 2.12 million CNY, up 22.3% year-on-year [1]. - The company has completed the development of new technologies such as TOPCon+ and TGV laser micro-hole technology, which are expected to enhance efficiency and reduce costs in various applications, including semiconductor packaging [1]. - The company has significantly increased its R&D investment, with R&D expenses reaching 250 million CNY in 2023, a 92% increase year-on-year, and the R&D expense ratio rising to 15.6% [1]. Financial Summary - The company forecasts revenue of 2.09 billion CNY for 2024, with a growth rate of 29.6%. The net profit is expected to be 611 million CNY, a 32.5% increase. The projected compound annual growth rate (CAGR) for net profit over the next three years is 24.7% [3][20]. - The company’s gross margin for 2023 was 45.7%, increasing to 48.7% in Q1 2024, with a net profit margin of 28.7% for the full year and 30.0% for Q1 2024 [1].

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 ...