DR Laser(SZ:300776) Haitong Securities·2024-06-25 00:31Investment Rating - The report assigns an "Outperform" rating for the company [5]. Core Views - The company is a leading supplier of photovoltaic laser equipment, benefiting from the iteration of new technologies in the solar energy sector. It has shown steady revenue growth and is actively investing in research and development to enhance its competitive edge [3][7][8]. Summary by Sections Financial Performance - In 2023, the company achieved operating revenue of 1.609 billion yuan, a year-on-year increase of 21.49%, and a net profit attributable to shareholders of 461 million yuan, up 12.16% year-on-year. In Q1 2024, the operating revenue reached 450 million yuan, growing 29.60% year-on-year, with a net profit of 135 million yuan, up 44.48% year-on-year [7][10]. Research and Development - The company has consistently increased its R&D investment, with expenses rising from 104 million yuan in 2021 to 251 million yuan in 2023, representing a R&D expense ratio of 15.58%. This investment supports the development of new technologies in the TOPCon and BC routes [8]. Business Segmentation - The company’s revenue from solar cell laser processing equipment is projected to grow by 25% in 2024, with a gross margin of 45%. Revenue from parts, maintenance, and technical services is expected to increase by 50%, with a gross margin of 65% [12][13]. Profit Forecast - The forecasted net profits for 2024, 2025, and 2026 are 610 million yuan, 740 million yuan, and 898 million yuan, respectively, reflecting year-on-year growth rates of 32.3%, 21.3%, and 21.4% [8][10]. Valuation - The report estimates a reasonable valuation range for the company at 53.61 to 58.08 yuan based on a PE ratio of 24-26 times for 2024 [8].