JPT(688025) 财通证券·2025-03-07 08:47Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company continues to experience growth driven by the dual engines of new energy and module testing [5] - The company achieved a revenue of 1.457 billion yuan in 2024, representing a year-on-year increase of 18.87%, and a net profit of 138 million yuan, up 28.85% year-on-year [5] - The laser business remains stable, with progress in module testing and perovskite equipment [5] - The company is expected to maintain a growth trajectory with projected net profits of 138 million yuan, 225 million yuan, and 279 million yuan for 2024, 2025, and 2026 respectively [5] Financial Performance Summary - Revenue growth rates are projected at 18.87% for 2024, 28.62% for 2025, and 19.57% for 2026 [4] - Net profit growth rates are forecasted at 28.85% for 2024, 62.31% for 2025, and 24.09% for 2026 [4] - Earnings per share (EPS) is expected to increase from 1.46 yuan in 2024 to 2.93 yuan in 2026 [4] - The price-to-earnings (PE) ratio is projected to decrease from 36.36 in 2024 to 18.06 in 2026 [4] Business Development Summary - The company is focusing on the demand for laser processing in the new energy sector and is developing new types of lasers and monitoring modules to enhance customer processing efficiency [5] - The module testing business has expanded to cover all camera testing projects, with significant contributions expected in the next two years [5] - The perovskite film cutting equipment has gained industry-leading status, with ongoing orders and delivery progress [5]