DR Laser(SZ:300776) Zheng Quan Shi Bao Wang·2025-08-11 14:57Core Viewpoint - Despite losses in the main photovoltaic industry chain, the equipment manufacturer Dier Laser (300776) has maintained stable growth in performance, achieving a revenue of 1.17 billion yuan and a net profit of 327 million yuan in the first half of 2025, representing year-on-year growth of 29.20% and 38.37% respectively [1][2]. Group 1: Financial Performance - In the first half of 2025, Dier Laser reported a revenue of 1.17 billion yuan, a year-on-year increase of 29.20% [1]. - The net profit attributable to the parent company reached 327 million yuan, reflecting a year-on-year growth of 38.37% [1]. - As of June 30, 2025, the company had a net accounts receivable of 993 million yuan, accounting for 14.89% of total assets [3]. Group 2: Technological Innovations - Dier Laser has achieved significant technological innovations, including the development of laser micro-etching technology for BC batteries, which simplifies processes and reduces equipment costs [1]. - The company has enhanced welding quality and stability in the component segment through laser welding solutions, improving production flexibility and efficiency [1]. - The LIF equipment has effectively increased the photoelectric conversion efficiency of batteries, while TCP technology has stabilized improvements in conversion efficiency, component power, and bifacial rates [1]. Group 3: Client Base and Contracts - Dier Laser's main clients include major solar cell manufacturers such as Longi Green Energy, Tongwei Co., and JA Solar [2]. - The company has secured significant contracts, including a major contract worth approximately 1.229 billion yuan, which represents 76.36% of the company's 2023 annual revenue [2]. - Another significant contract with a total amount of 976 million yuan has been partially recognized in sales revenue, contributing to the company's steady performance [2]. Group 4: Market Outlook and Challenges - The company acknowledges potential uncertainties in the solar cell production industry due to technological updates, market cycle fluctuations, and increasing global barriers [3]. - Dier Laser aims to enhance its resilience by continuously innovating in technology and expanding into new fields such as new displays and semiconductors [3].