新股覆盖研究：拉普拉斯

Investment Rating - The report assigns a positive investment rating to the company, indicating a potential for significant returns in the upcoming months [30]. Core Insights - The company, Laplace (688726.SH), is a leading provider of core process equipment and solutions for photovoltaic (PV) cell manufacturing, with a strong focus on next-generation battery technologies such as TOPCon and XBC [11][24]. - The company has demonstrated substantial revenue growth, with a projected revenue increase of 285.20% to 363.99% for the first nine months of 2024 compared to the previous year [12][27]. - The company is actively expanding its product offerings to include equipment for perovskite batteries and third-generation semiconductor devices, positioning itself for future growth [24]. Financial Performance - The company achieved revenues of 1.04 billion, 12.66 billion, and 29.66 billion yuan from 2021 to 2023, with year-over-year growth rates of 154.35%, 1122.08%, and 134.32% respectively [12][2]. - In the first half of 2024, the company reported revenues of 25.41 billion yuan, a year-over-year increase of 133.99%, and a net profit of 3.52 billion yuan, up 191.2% from the previous year [12][27]. - The main revenue source in 2023 was from PV equipment, contributing 92.64% of total revenue [12]. Industry Overview - The global PV cell production has grown from 38 GW in 2012 to 644 GW in 2023, with China being the primary contributor to this growth [19]. - The market has shifted from traditional multi-crystalline technologies to more efficient options like TOPCon and XBC, which are expected to dominate the market in the coming years [21][22]. Company Highlights - The company has established partnerships with leading clients in the PV industry, including LONGi Green Energy and JinkoSolar, and has received recognition for its innovative equipment that has helped clients achieve world records in conversion efficiency [24]. - The company is also focusing on developing equipment for the third-generation semiconductor market, which is currently dominated by foreign suppliers, indicating a potential for domestic market growth [24]. Investment Projects - The company plans to invest in two major projects through its IPO proceeds, including a high-end PV equipment R&D and manufacturing base in Shenzhen and a semiconductor equipment manufacturing base in Guangzhou, both expected to yield significant returns [25][26]. Peer Comparison - In the first half of 2024, the company reported revenues of 25.41 billion yuan, which is below the industry average revenue of 65.81 billion yuan, indicating room for growth [27]. - The company's sales gross margin of 30.23% is also lower than the industry average of 38.66% [27].