Core Viewpoint - Laplace, a leading provider of high-efficiency photovoltaic cell core process equipment and solutions, is set to be listed on the Shanghai Stock Exchange on October 29, 2024, with a focus on the research, production, and sales of high-performance equipment for photovoltaic cell manufacturing [1] Group 1: Business Performance - In Q3 2025, Laplace achieved a revenue of 4.321 billion yuan, ranking 6th in the industry, surpassing the industry average of 4.294 billion yuan but below the top competitors [2] - The revenue composition includes 2.807 billion yuan from photovoltaic equipment (91.69%), 250 million yuan from supporting products and services (8.17%), and 138,000 yuan from semiconductor equipment (0.05%) [2] - The net profit for the same period was 589 million yuan, ranking 4th in the industry, exceeding the industry average of 521 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Laplace's debt-to-asset ratio was 60.17%, down from 72.53% year-on-year but still above the industry average of 53.27% [3] - The gross profit margin for Q3 2025 was 31.24%, an increase from 30.64% year-on-year and higher than the industry average of 29.12% [3] Group 3: Management and Shareholder Information - The chairman and general manager, Lin Jiajie, received a salary of 2.82 million yuan in 2024, an increase of 1.0195 million yuan from 2023 [4] - As of September 30, 2025, the number of A-share shareholders decreased by 8.38%, while the average number of circulating A-shares held per account increased by 9.14% [5] Group 4: Analyst Ratings and Future Projections - Guojin Securities maintains a "buy" rating for Laplace, projecting profits of 763 million, 784 million, and 854 million yuan for 2025-2027, with corresponding EPS of 1.88, 1.93, and 2.11 yuan [5] - Guotai Haitong Securities raised the EPS estimates for 2025 and 2026 to 1.96 and 2.22 yuan, respectively, with a target price adjustment to 49 yuan while maintaining an "overweight" rating [6] - Key business highlights include growth in operating performance, a robust balance sheet, and advancements in technology enhancing product competitiveness [5][6]
拉普拉斯的前世今生：董事长林佳继掌舵，光伏设备营收占比超九成，积极拓展半导体领域