DR Laser(300776) Changjiang Securities·2024-11-19 12:34Investment Rating - The report maintains a "Buy" rating for the company [9][11]. Core Views - The company has shown steady progress in acceptance and achieved rapid revenue growth, with a strong order backlog. However, due to a high base from the previous year and prudent impairment loss provisions, the performance in Q3 2024 has declined [6][7]. - The gross margin has shown slight fluctuations, while the net profit margin has decreased year-on-year due to impairment provisions. The company is expected to see strong resilience in new orders, particularly with the recent signing of a significant contract worth 1.23 billion (excluding tax) with a leading photovoltaic company [7][8]. - The company is expanding into the electronic semiconductor field, with TGV technology expected to drive new orders [8]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 1.44 billion, a year-on-year increase of 25.05%, and a net profit of 383 million, up 12.95%. In Q3 2024, revenue was 535 million, an increase of 11.86%, while net profit was 147 million, a decrease of 10.84% [6][7]. - The gross margin for the first three quarters of 2024 was 48.29%, down 0.49 percentage points year-on-year, and the net profit margin was 26.63%, down 2.85 percentage points [7]. Order and Market Outlook - The company has a robust order backlog, with contract liabilities at 1.707 billion, maintaining historical high levels. The expansion of BC technology and the increase in the value of single GW lasers are expected to enhance new order resilience [6][8]. - The company has made significant progress in various technology routes, including TOPCon and BC, and is well-positioned in the industry [8]. Future Projections - The company is projected to achieve net profits of 553 million and 755 million for 2024 and 2025, respectively, with corresponding price-to-earnings ratios of 41x and 30x [9].