Hymson(688559) 太平洋·2024-11-07 05:43Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook on its future performance [1]. Core Insights - The company has a strong growth momentum driven by over a decade of experience in laser technology innovation, focusing on industrial and medical laser applications [1]. - The lithium battery market presents significant growth opportunities, with the company making early investments in solid-state battery equipment technology [1]. - The photovoltaic sector continues to expand, with advancements in TOPCon+ and BC technologies, and the company has established itself as a key player in this field [1]. - In the medical sector, the company has achieved breakthroughs in mid-infrared femtosecond laser technology, with substantial potential for domestic market replacement [1]. - The company's revenue projections for 2024-2026 are 5.17 billion, 5.80 billion, and 6.62 billion yuan, respectively, with net profits of 221 million, 312 million, and 457 million yuan [1]. Summary by Sections 1. Company Overview - Established in 2008, the company focuses on laser technology applications, developing innovative technologies and equipment for various sectors including consumer electronics, energy storage batteries, photovoltaic cells, and medical lasers [4][6]. 2. Business Segments - Lithium Battery Equipment: The company offers a range of products from front-end to back-end equipment, actively developing solid-state battery assembly lines [6][7]. - Photovoltaic Equipment: The company provides precision laser processing solutions for the photovoltaic industry, focusing on TOPCon and XBC technologies [6]. - 3C Electronics: The company produces laser marking, cutting, and welding equipment, targeting high-margin business areas [7]. - Medical Laser Equipment: The company specializes in mid-infrared laser technology for medical applications, with a focus on minimally invasive treatments [7][42]. 3. Revenue Structure - The lithium battery segment has been the primary revenue source, accounting for 56% in 2021 and projected to be 54% in 2024H1. The photovoltaic segment has rapidly grown, contributing 30% in 2024H1 [9]. 4. Performance Analysis - The company has experienced a compound annual growth rate (CAGR) of 53.80% in revenue from 2021 to 2023, although growth has slowed in 2024 due to increased competition and capital expenditure reductions [13]. 5. Financial Analysis - The company maintains stable expense ratios while increasing R&D investments, with R&D expenses rising from 1.07 billion yuan in 2020 to 5.40 billion yuan in 2023 [17]. 6. Profit Forecast and Valuation - The report forecasts revenue growth driven by recovery in the lithium battery and photovoltaic sectors, with expected revenues of 5.17 billion yuan in 2024 and net profits of 221 million yuan [48][53].