DR Laser(SZ:300776) Soochow Securities·2024-08-20 17:06Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance shows steady growth in line with expectations, with a significant increase in revenue and net profit in the first half of 2024, driven by continuous acceptance of TOPCon orders [2] - The company is increasing its R&D investment and actively expanding into the semiconductor field, particularly in laser equipment for photovoltaic applications [2] - The company has stable inventory and contract liabilities, but operating cash flow is under pressure due to reduced cash receipts from sales [2] Financial Performance Summary - Total revenue for H1 2024 reached 906 million yuan, a year-on-year increase of 34.4%, while net profit attributable to shareholders was 236 million yuan, up 35.5% year-on-year [2] - The gross margin for H1 2024 was 48.1%, an increase of 1.3 percentage points year-on-year, while the net margin was 26.1%, a decrease of 2.4 percentage points year-on-year [2] - The company’s contract liabilities stood at 1.905 billion yuan, a decrease of 3% year-on-year, and inventory was 1.979 billion yuan, an increase of 3% year-on-year [2] R&D and Market Position - The company is focusing on laser equipment for photovoltaic cells, enhancing efficiency and reducing production costs through advanced technologies [2] - The company has also developed laser equipment for consumer electronics and integrated circuits, expanding its market reach [2] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted to 610 million, 770 million, and 910 million yuan respectively, with corresponding dynamic P/E ratios of 19, 15, and 13 times [2]