DR Laser(SZ:300776) EBSCN·2024-08-16 08:07Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company achieved a revenue of 906 million yuan in H1 2024, representing a year-on-year growth of 34.40%, and a net profit of 236 million yuan, up 35.51% year-on-year [1]. - In Q2 2024, the company reported a revenue of 455 million yuan, with a year-on-year increase of 39.51%, and a net profit of 101 million yuan, growing 25.12% year-on-year [1]. - The company is experiencing a steady increase in orders and is entering a period of intensive equipment delivery [2]. - The company has accelerated its expansion in overseas markets, achieving 137 million yuan in revenue outside mainland China in H1 2024, a significant increase of 131.48% year-on-year [2]. - R&D expenses increased by 44.56% to 140 million yuan in H1 2024, accounting for 15.41% of revenue, indicating a strong commitment to innovation [3]. Summary by Sections Financial Performance - H1 2024 revenue: 906 million yuan, up 34.40% YoY; net profit: 236 million yuan, up 35.51% YoY [1]. - Q2 2024 revenue: 455 million yuan, up 39.51% YoY; net profit: 101 million yuan, up 25.12% YoY [1]. - Contract liabilities as of Q2 2024: 1.905 billion yuan, up 37.79% YoY, down 3.32% QoQ [2]. - Inventory as of Q2 2024: 1.979 billion yuan, up 37.03% YoY, down 1.74% QoQ [2]. R&D and Technological Advancements - R&D expenses in H1 2024: 140 million yuan, up 44.56% YoY, representing 15.41% of revenue [3]. - The company has made breakthroughs in non-photovoltaic technologies, including the shipment of panel-level glass substrate through-hole equipment [3]. Profit Forecast and Valuation - Revised profit forecasts for 2024-2026: net profits of 634 million yuan, 762 million yuan, and 915 million yuan, respectively [3]. - Current stock price corresponds to a PE ratio of 19 times for 2024 [3]. - The company has sufficient orders and technological reserves across various sectors, including high-end consumer electronics and integrated circuits [3].