联赢激光(688518)2025年半年报点评：业绩重回增长轨道 消费电子业务未来可期

Core Viewpoint - The company is a leading player in the domestic laser welding industry, with revenue returning to growth in the first half of 2025 [2] Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.533 billion yuan, a year-on-year increase of 5.30% [1] - The net profit attributable to shareholders reached 58 million yuan, up 13.16% year-on-year [1] - The net profit excluding non-recurring items was 42 million yuan, reflecting a year-on-year growth of 10.52% [1] Market Position - The company is a leading supplier of precision laser welding equipment and automation solutions, with applications in various sectors including power and energy storage batteries, automotive manufacturing, consumer electronics, hardware appliances, optical communications, and medical devices [2] - According to the "China Laser Industry Development Report," the company's market share in laser welding equipment was 34%, 30%, and 26% for the years 2022-2024, maintaining its industry leadership [2] Industry Trends - The demand for equipment is recovering due to the accelerated expansion pace of lithium battery customers, with significant growth in the new energy power battery and energy storage battery sectors [3] - The company has delivered solid-state battery assembly lines, including laser welding equipment, in collaboration with leading industry players [3] Non-Lithium Business Development - The company is actively expanding its non-lithium business, particularly in the consumer electronics sector, where it continues to secure orders for small cylindrical battery welding equipment from top international clients [4] - The company currently has a sufficient order backlog, with production capacity utilization nearing saturation, which supports future profitability improvements [4] Investment Outlook - The recovery of the lithium battery equipment business and the strong momentum in non-lithium sectors like consumer electronics are expected to drive continued performance improvement [5] - Projected net profits attributable to shareholders for 2025-2027 are estimated at 282 million, 411 million, and 578 million yuan, corresponding to price-to-earnings ratios of 30.14, 20.70, and 14.71 times based on the closing price on September 1, 2025 [5]