DR Laser(SZ:300776) Changjiang Securities·2025-08-21 02:42Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company reported a significant increase in performance for Q2 2025, with revenue reaching 609 million, a year-on-year increase of 33.81%, and net profit of 164 million, up 61.91% year-on-year [7][12]. - The growth is supported by a strong order backlog due to the rapid penetration of TOPCon's LIF technology and ongoing capacity expansion by leading BC manufacturers [12]. - The company is expected to benefit from continued demand for BC expansion and the implementation of TOPCon+ technology, which will provide order resilience [12]. - Profitability has improved due to optimized expense ratios, with a gross margin of 47.40% and a net profit margin of 27.92% for H1 2025 [12]. Summary by Sections Financial Performance - For H1 2025, the company achieved revenue of 1.17 billion, a year-on-year increase of 29.20%, and a net profit of 327 million, up 38.37% year-on-year [7]. - The Q2 2025 results show a revenue of 609 million and a net profit of 164 million, reflecting strong growth rates [7][12]. Market Position and Growth Drivers - The company has a robust order backlog, with significant unrecognized revenue contracts amounting to 4.85 billion and 12.29 billion from key clients [12]. - The demand for BC components is expected to remain strong, with the company holding a high market share in BC laser equipment [12]. - The company is advancing new laser technology products, which are anticipated to enhance its growth capabilities in both photovoltaic and semiconductor sectors [12]. Future Outlook - The company is projected to achieve net profits of 700 million and 850 million for 2025 and 2026, respectively, with corresponding PE ratios of 29x and 24x [12].