DR Laser(SZ:300776) Shenwan Hongyuan Securities·2026-01-28 10:12Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company has successfully delivered export orders for panel-level laser micro-hole equipment used in glass substrate semiconductor packaging, marking a significant step in the industrialization of TGV (Through-Glass Via) technology [1] - The glass substrate is expected to be applied in advanced packaging due to its superior properties, supporting high-density interconnects and large-size chip packaging, thus meeting the stringent requirements of applications like artificial intelligence and high-performance computing [9] - The TGV laser micro-hole equipment enhances the electrical and thermal performance of glass substrates, facilitating subsequent metallization processes, and has received high recognition in both domestic and international markets [9] Financial Data and Profit Forecast - Total revenue is projected to reach 2,014 million yuan in 2024, with a year-on-year growth rate of 25.2%. By 2027, revenue is expected to grow to 3,290 million yuan, reflecting a growth rate of 19.9% [3] - The net profit attributable to the parent company is forecasted to be 528 million yuan in 2024, with a growth rate of 14.4%, and is expected to reach 888 million yuan by 2027, with a growth rate of 20.9% [3] - The earnings per share (EPS) is estimated to be 1.94 yuan in 2024, increasing to 3.24 yuan by 2027 [3] - The company maintains a gross margin of approximately 46.6% from 2025 to 2027, with a return on equity (ROE) around 15% [3] Valuation and Comparison - The company’s price-to-earnings (PE) ratio is projected to be 34 in 2025, 31 in 2026, and 26 in 2027, which is below the average PE of 49X for comparable companies in the photovoltaic and advanced packaging sectors [9] - The company is expected to benefit from strong competitiveness in the photovoltaic sector and is actively expanding into consumer electronics, new displays, and integrated circuits, indicating potential growth in non-photovoltaic areas [9]