Han's Laser(SZ:002008) NORTHEAST SECURITIES·2024-07-23 04:01Investment Rating - The report assigns an "Accumulate" rating to the company [1] Core Views - The company, Dazhu Laser, is experiencing a gradual recovery in downstream demand and is continuously expanding its product offerings and market reach [1] - The company forecasts a net profit range of 1.21 to 1.26 billion yuan for the first half of 2024, representing a year-on-year increase of 181.34% to 192.97% [1] - The company has a vertical integration advantage, providing comprehensive solutions from basic components to complete equipment and process solutions [1] Financial Forecasts - The projected operating revenues for 2024, 2025, and 2026 are 15.11 billion, 17.20 billion, and 18.49 billion yuan respectively [1] - The expected net profits for the same years are 1.84 billion, 1.25 billion, and 1.45 billion yuan respectively [1] - The company anticipates continued improvement in profitability through the synergistic development of its product lines [1] Market Position and Product Lines - The company’s main products include general components, industry-specific machines, and extreme manufacturing products, with the latter being the primary source of revenue and profit [1] - In the information industry equipment sector, the company is actively updating products and processes to support stable growth in consumer electronics [1] - The company is also focusing on large customer strategies and accelerating its international expansion in the new energy equipment sector [1] Operational Efficiency - The company has established factories in multiple locations to enhance production delivery and service capabilities, thereby improving profitability [1] - The company has achieved breakthroughs in key industries such as steel structures and shipbuilding, forming close collaborations with leading industry clients [1]