Delphi Laser(SH:688170) Xin Lang Cai Jing·2025-12-25 12:40Core Viewpoint - Delong Laser is focusing on advanced technology layout and capacity expansion in solid-state batteries and optical communications to address the "revenue growth without profit" issue in its financial reports [1][5]. Group 1: Solid-State Battery Developments - The company has launched an insulation solution for electrode manufacturing and has received small batch orders while validating new processes such as laser heating and ultrafast laser film production [1][6]. - Delong Laser is investing in a high-end equipment manufacturing project for new energy in Jiangyin, which has completed the main construction and is expected to start production in the first half of 2026, enhancing order delivery capabilities [1][3]. - In its 2024 annual report, the company emphasized its focus on solid-state battery technology and has introduced new solutions to address four major challenges in all-solid-state battery manufacturing [6]. Group 2: Optical Communications Innovations - The company has developed laser bonding equipment for silicon photonic chips, which replaces traditional reflow soldering to solve issues related to temperature differences during chip bonding [2][6]. - Although the optical module production equipment business has a small revenue share, it has secured orders from several leading domestic clients and is positioned to benefit from the upcoming market opportunities as optical modules transition to core infrastructure in the computing era [2][6]. - According to Lightcounting, the global market for optical modules is expected to exceed $37 billion by 2029, presenting a significant growth opportunity for Delong Laser's bonding equipment [2][6]. Group 3: Research and Development Collaborations - The company has won a bid for the procurement of precision five-axis galvanometer and related mobile platform systems from Tsinghua University, highlighting its commitment to partnerships with academic institutions [2][7]. - The semiconductor and new energy high-end equipment project has completed acceptance and property registration, with a total investment of 1.08 billion yuan, aiming to produce 300 sets of semiconductor and new energy high-end laser equipment annually [3][7]. Group 4: Financial Performance - In the first three quarters of 2025, the company reported total revenue of 451 million yuan, an increase of 8.45% year-on-year, but recorded a net loss attributable to shareholders of 16.86 million yuan, an improvement from a loss of 21.35 million yuan in the same period last year [5][9]. - The company is under observation to see if it can break the "revenue growth without profit" situation in the fourth quarter [5][9].