FY2024年报业绩点评：业绩增长打破质疑，EUV系列产品收入大幅增加&需求旺盛

Core Insights - The report highlights that LASERTEC achieved significant revenue growth in FY2024, with total revenue reaching 213.5 billion JPY, a year-on-year increase of 39.7% [1] - The company reported a net profit attributable to shareholders of 59.1 billion JPY, reflecting a 28.0% increase compared to the previous year [1] - The report emphasizes the strong demand for LASERTEC's EUV series products, particularly the ACTIS series 24, which saw a revenue increase of 145% year-on-year, contributing 980 billion JPY to total revenue [2] Financial Performance - For FY2024, LASERTEC's total revenue was 213.5 billion JPY, with an operating profit of 81.4 billion JPY, marking a 30.6% increase [1] - The company secured new orders worth 272.8 billion JPY, a 46.2% increase year-on-year, and had a backlog of orders totaling 462.2 billion JPY, up 14.7% [1] - The earnings forecast for FY2025 to FY2027 indicates continued growth, with net profits projected at 81.4 billion JPY, 109.8 billion JPY, and 140.2 billion JPY respectively [1] Market Position and Outlook - LASERTEC is positioned as a leader in semiconductor testing equipment, particularly in the EUV mask inspection segment, where it holds a monopoly [2] - The report anticipates that the company will benefit significantly from the increasing demand for AI-driven semiconductor manufacturing, which is expected to drive further growth [2] - The target price for LASERTEC is set at 43,267 JPY, based on a projected P/E ratio of 50 for FY2025, reflecting confidence in the company's growth trajectory [2]