DR Laser(SZ:300776) SINOLINK SECURITIES·2025-08-12 01:35Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings per share (EPS) of 2.37, 2.41, and 2.38 yuan for the years 2025, 2026, and 2027 respectively, corresponding to price-to-earnings (PE) ratios of 32, 31, and 31 times [4]. Core Insights - The company reported a revenue of 1.17 billion yuan for the first half of 2025, representing a year-on-year increase of 29.20%, and a net profit attributable to shareholders of 327 million yuan, up 38.27% year-on-year. In the second quarter alone, revenue reached 609 million yuan, a 33.81% increase year-on-year, with net profit of 164 million yuan, reflecting a significant 61.91% growth year-on-year [2]. - The company's profitability remains robust, with a gross margin of 47.4% and a net margin of 26.9% in Q2 2025. The operating cash flow turned positive, amounting to 37.02 million yuan, primarily due to the large-scale recognition of orders related to BC equipment [2]. - The company is focusing on innovation in the photovoltaic sector, introducing TOPCon+ laser solutions and expanding its laser processing equipment into consumer electronics and semiconductor fields, which is expected to create a second growth curve [3]. Summary by Sections Performance Review - In H1 2025, the company achieved a revenue of 1.17 billion yuan and a net profit of 327 million yuan, with Q2 figures showing 609 million yuan in revenue and 164 million yuan in net profit [2]. Operational Analysis - The gross margin for Q2 2025 was 47.4%, and the net margin was 26.9%. The company reported a positive operating cash flow of 37.02 million yuan, with a debt-to-asset ratio of 44.3%, down 3.3 percentage points from the end of 2024 [2]. Business Outlook - The company is enhancing its innovation capabilities in the photovoltaic sector with new laser technologies and is also expanding into semiconductor applications, which may provide additional growth opportunities [3]. Financial Forecast - The projected earnings for 2025, 2026, and 2027 are 650 million, 660 million, and 652 million yuan respectively, with corresponding EPS figures of 2.37, 2.41, and 2.38 yuan [4].