DR Laser(SZ:300776) Tai Ping Yang·2024-10-31 10:30Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [4][8]. Core Views - The company achieved a revenue of 1.44 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 25.05%. The net profit attributable to shareholders was 383 million yuan, up 12.95% year-on-year [2]. - A significant breakthrough in XBC orders was noted, with a total contract amount of 1.23 billion yuan signed on October 7, 2024, which accounts for 76.4% of the company's audited revenue for 2023. This order is expected to lead to long-term growth and technological upgrades in the photovoltaic industry [2][3]. Summary by Sections Financial Performance - For Q3 2024, the company reported a revenue of 535 million yuan, a year-on-year increase of 11.86% and a quarter-on-quarter increase of 17.48%. The net profit for the same period was 147 million yuan, reflecting a quarter-on-quarter increase of 45.89% [2]. - The gross profit margin for the first three quarters of 2024 was 48.29%, with a slight year-on-year decrease of 0.49 percentage points. The net profit margin for Q3 was 27.56%, showing a quarter-on-quarter increase of 5.37 percentage points [2]. Research and Development - The company maintained a high R&D expense ratio of 14.63% in the first three quarters of 2024, which is an increase of 0.60 percentage points year-on-year, indicating a strong commitment to innovation and technology development [2]. Future Projections - The report forecasts the company's net profit attributable to shareholders for 2024-2026 to be 569 million, 672 million, and 845 million yuan, respectively, with expected growth rates of 23.34%, 18.09%, and 25.81% [3].