帝尔激光：年报及一季报业绩维持增长，经营稳健性凸显

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's annual and quarterly reports show sustained revenue and performance growth, primarily driven by the advancement of existing orders, highlighting operational stability [3][4]. - The industry is experiencing a slowdown in expansion trends, but the company is actively positioning itself in new technologies such as BC and LIF, maintaining a strong competitive edge in its core products [3][4]. - Despite facing pressure on profitability in 2024 due to factors like product acceptance structure and impairment provisions, the company continues to advance the development of new laser technology products [3][4]. - The company has secured significant orders, including a 1.229 billion order from a leading photovoltaic enterprise for BC laser etching equipment, reinforcing its leading position in the photovoltaic laser sector [3][4]. - The company is expected to benefit from unaccepted orders from major clients, which may support operations in 2025 [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 2.014 billion, a year-on-year increase of 25.20%, and a net profit attributable to shareholders of 528 million, up 14.40% year-on-year [3][4]. - For Q1 2025, the company reported revenue of 561 million, a 24.55% increase year-on-year, and a net profit of 163 million, reflecting a 20.76% year-on-year growth [3][4]. Market Position and Technology Development - The company is actively developing new laser technologies across various processes, including TOPCon, IBC, HJT, and perovskite, ensuring comprehensive coverage of laser technology [3][4]. - The company has made significant advancements in laser selective thinning TCP equipment, enhancing the stability of TOPCon battery mass production [3][4]. - The company is also working on new laser welding processes for components, aiming to simplify production and improve quality [3][4]. Future Outlook - The company is projected to achieve net profits of 706 million and 820 million in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 23x and 19x [3][4].