Core Insights - The company reported a revenue of 2.014 billion yuan for 2024, representing a year-on-year increase of 25.20%, and a net profit attributable to shareholders of 528 million yuan, up 14.40% year-on-year [1] - For Q1 2025, the company achieved a revenue of 561 million yuan, reflecting a year-on-year growth of 24.55%, and a net profit attributable to shareholders of 163 million yuan, an increase of 20.76% year-on-year [1] Group 1: Revenue and Profit Growth - The revenue from laser processing equipment for solar cells reached 1.994 billion yuan in 2024, with a significant year-on-year increase of 45.86% and a gross margin of 45.86%, up 3.56 percentage points [2] - The company secured a substantial order worth 1.229 billion yuan (excluding tax) from a leading photovoltaic enterprise for its laser micro-etching equipment used in back-contact batteries [2] Group 2: Research and Development - The company has increased its R&D investment, with the number of R&D personnel rising to 553, accounting for 36.26% of the total workforce, and R&D expenses reaching 283 million yuan, a year-on-year increase of 12.73% [2] - The newly developed laser selective thinning TCP equipment has shown stable improvements in TOPCon battery efficiency and component power, with small-scale applications already in place [2] Group 3: Future Projections - The company is expected to benefit from the accelerated industrialization of back-contact (BC) batteries, with projected revenues of 2.456 billion yuan, 3.194 billion yuan, and 4.932 billion yuan for 2025-2027, respectively [3] - The forecasted net profits attributable to shareholders for 2025-2027 are 717 million yuan, 919 million yuan, and 1.133 billion yuan, respectively, with current stock prices corresponding to PE ratios of 22, 17, and 14 times for the same periods [3]
帝尔激光(300776):激光设备收入盈利亮眼 激光龙头微蚀刻技术保持领先