DR Laser(SZ:300776)2024-09-04 09:10Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's H1 2024 performance met expectations, with revenue of 906 million yuan, a year-on-year increase of 34.40%, and a net profit of 236 million yuan, up 35.51% year-on-year [2][3] - The growth in revenue is primarily driven by the photovoltaic sector, which contributed 905 million yuan in revenue, reflecting a year-on-year growth of 35.94% [2] - The company has maintained robust profitability, with a gross margin of 48.06% and a net margin of 26.07% in H1 2024 [2] - The demand for laser equipment is expected to rise due to advancements in photovoltaic technology, particularly with the large-scale industrialization of N-type battery technologies [2] - The company is also actively expanding into non-photovoltaic sectors, including high-end consumer electronics and integrated circuits, which may provide new growth opportunities [2] Financial Summary - For H1 2024, the company reported total revenue of 906 million yuan, with a year-on-year growth rate of 34.4% [4] - The projected net profits for 2024 to 2026 are 562 million yuan, 689 million yuan, and 858 million yuan, respectively, with corresponding year-on-year growth rates of 21.9%, 22.7%, and 24.4% [4][3] - The earnings per share are expected to increase from 2.06 yuan in 2024 to 3.14 yuan in 2026 [4] - The company's gross margin is projected to remain stable around 48.4% to 48.9% over the next few years [4] Market Data - As of September 3, 2024, the company's closing price was 41.17 yuan, with a market capitalization of 6.88 billion yuan [5] - The company has a price-to-earnings ratio projected at 20, 16, and 13 for 2024, 2025, and 2026, respectively [4][5]