JPT(SH:688025) Shenwan Hongyuan Securities·2025-08-27 06:38Investment Rating - The report maintains a "Buy" rating for the company, indicating expected strong performance relative to the market [2][8]. Core Insights - The company achieved a revenue of 881 million yuan in H1 2025, representing a year-on-year growth of 48.34%, and a net profit of 95 million yuan, up 73.84% year-on-year [5][8]. - In Q2 2025, the company reported a revenue of 538 million yuan, a year-on-year increase of 59.15% and a quarter-on-quarter increase of 56.84%, with a net profit of 59 million yuan, reflecting a year-on-year growth of 107.76% and a quarter-on-quarter growth of 64.12% [5][8]. - The company is experiencing robust growth in both industrial and consumer demand, particularly in laser equipment and devices, with significant contributions from new energy applications and consumer-grade laser products [8]. Financial Data and Profit Forecast - The company’s total revenue is projected to reach 2,083 million yuan in 2025, with a year-on-year growth rate of 43.3% [7]. - The net profit forecast for 2025 is 245 million yuan, reflecting an 84.9% year-on-year increase [7]. - The earnings per share (EPS) is expected to be 2.58 yuan in 2025, with a gross margin of 41.4% [7]. - The report anticipates continued strong performance with net profits projected at 393 million yuan in 2026 and 572 million yuan in 2027, corresponding to PE ratios of 33 and 23, respectively [8]. Revenue Breakdown - The growth in revenue is driven by a 41.41% increase in laser products and a 55.32% increase in intelligent equipment, particularly in mobile camera module testing equipment [8]. - The company is also expanding its presence in the optical connection and communication sectors, responding to the growing demand from data centers and cloud computing [8].