技术创新与大单支撑稳增长 帝尔激光上半年业绩双增

Core Viewpoint - Despite losses in the main photovoltaic industry chain, the equipment manufacturer Dier Laser has maintained stable growth in performance, with significant revenue and profit increases in the first half of 2025 [2][3]. Financial Performance - In the first half of 2025, Dier Laser achieved revenue of 1.17 billion yuan, a year-on-year increase of 29.20% - The net profit attributable to shareholders was 327 million yuan, reflecting a year-on-year growth of 38.37% [2]. Technological Innovation - Dier Laser focuses on the innovative application of laser technology in high-efficiency solar cells, enhancing photoelectric conversion efficiency and optimizing production costs [2]. - The company has developed laser micro-etching technology to replace traditional photolithography in the BC battery sector, simplifying processes and reducing equipment costs [2]. - Laser welding solutions have improved welding quality and stability in the component segment, increasing production flexibility and efficiency [2]. - LIF equipment has effectively enhanced the photoelectric conversion efficiency of batteries, while TCP technology has stabilized improvements in conversion efficiency, component power, and bifacial rates [2]. Patent and R&D Investment - As of June 30, 2025, Dier Laser holds 439 domestic and international patents, with R&D investment reaching 120 million yuan in the first half of 2025 [3]. Client Base and Contracts - The company's main clients include major solar cell manufacturers such as Longi Green Energy, Tongwei Co., and JA Solar [3]. - Dier Laser signed significant contracts totaling approximately 1.229 billion yuan with leading photovoltaic companies, representing 76.36% of the company's 2023 annual revenue [3]. - The company has confirmed sales revenue of 323 million yuan from a contract worth 976 million yuan, with cumulative sales revenue of 491 million yuan recognized [3]. Accounts Receivable - As of the end of the reporting period, the net accounts receivable amounted to 993 million yuan, accounting for 14.89% of total assets [4]. Future Outlook - Dier Laser aims to continue technological upgrades and innovations while expanding into new fields such as new displays and semiconductors to enhance its product portfolio and risk resilience [4].