DR Laser(SZ:300776)2024-11-06 00:23Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for investment [6]. Core Insights - The company is a pioneer in photovoltaic laser equipment, with significant potential in the post-N-type era. It has successfully integrated laser technology into solar cell applications, achieving a global market share of over 70% in PERC laser equipment by 2018 [1][2]. - The company has introduced several key new devices for the N-type era, enhancing the application and value of laser technology in TOPCon battery processes. The BC battery technology is identified as a potential key variable for mid-term growth [2][34]. - The company is also strategically positioned in the electronic sector with its early investment in TGV technology, which is expected to create a second growth curve [3][6]. Summary by Sections 1. Photovoltaic Laser Equipment Pioneer - The company has been at the forefront of integrating laser technology into photovoltaic solar cells since its establishment in 2008. It has developed various laser equipment applicable to multiple solar cell technologies, maintaining a leading global market share [1][18]. - The company has successfully launched several technologies that have driven the second round of photovoltaic industry upgrades, particularly in the PERC era [1][2]. 2. Photovoltaic: Huge Development Potential for Laser Equipment - The company has maintained its leading position in the laser equipment market, with a focus on BC technology, which is expected to become a core variable in the mid-term. The company has already secured mass production orders from leading clients in this area [34][35]. - The report highlights that the company’s laser equipment is crucial for the production of high-efficiency solar cells, with a significant market share in the PERC and TOPCon processes [34][35]. 3. Electronic Sector: Early Layout of TGV Technology - The company has proactively invested in TGV technology, which is anticipated to become a new growth point. It has achieved comprehensive coverage of wafer-level and panel-level TGV packaging laser technology [3][6]. - The company has also developed various laser equipment for display panels and semiconductor wafer packaging, which are expected to contribute to future revenue growth [3][6]. 4. Profit Forecast and Investment Recommendations - The company is projected to achieve revenues of 20.04 billion, 25.47 billion, and 31.14 billion yuan from 2024 to 2026, with corresponding net profits of 5.49 billion, 6.61 billion, and 7.95 billion yuan. This reflects a growth rate of approximately 24.56%, 27.10%, and 22.23% respectively [6][7][14]. - The report emphasizes the company's leading position in the photovoltaic laser field and its unique status as a domestic TGV equipment supplier, justifying the "Accumulate" rating [6][14].