帝尔激光（300776）：TGV激光微孔设备出口订单顺利发货，非光伏业务布局取得突破：帝尔激光（300776）：

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [4][7]. 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 company has achieved breakthroughs in its non-photovoltaic business layout, which is expected to open up growth opportunities [7]. Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2024: 2,014 million - 2025: 2,453 million - 2026: 2,745 million - 2027: 3,290 million - Year-on-year growth rates are projected at 25.2% for 2024, 21.8% for 2025, 11.9% for 2026, and 19.9% for 2027 [3][8]. - Net profit attributable to the parent company is forecasted as: - 2025: 6.69 billion - 2026: 7.35 billion - 2027: 8.88 billion - The company’s PE ratios are projected to be 34 for 2025, 31 for 2026, and 26 for 2027, which are below the average PE of comparable companies [7][8]. Market Data - As of January 27, 2026, the closing price of the company's stock is 83.47 yuan, with a market capitalization of 14,027 million yuan [4]. - The stock has a price-to-book ratio of 6.1 and a dividend yield of 0.47% [4].