DR Laser(SZ:300776) Huaan Securities·2024-05-08 08:30Investment Rating - The investment rating for the company is "Buy (Maintain)" [7] Core Views - The company reported a revenue of 1.609 billion yuan in 2023, representing a year-on-year increase of 21.49%, and a net profit of 461 million yuan, which is a 12.16% increase year-on-year [7][9] - The company is focusing on expanding its original laser technology into the photovoltaic industry, successfully applying laser processing technology to various solar cell technologies [7][8] - The company is actively developing new products in high-end consumer electronics and integrated circuits, with significant growth potential in these areas [7][8] Financial Summary - The projected revenues for 2024, 2025, and 2026 are 2.361 billion yuan, 2.850 billion yuan, and 3.944 billion yuan, respectively, with corresponding net profits of 631 million yuan, 792 million yuan, and 1.070 billion yuan [8][9] - The gross profit margin is expected to remain stable around 48% over the forecast period, with a slight decrease in net profit margin from 28.66% in 2023 to 27.13% in 2026 [9][10] - The earnings per share (EPS) are projected to be 2.31 yuan, 2.90 yuan, and 3.92 yuan for the years 2024, 2025, and 2026, respectively [8][9] Market Position and Growth Potential - The company is a leader in the photovoltaic laser equipment sector, with a strong order book for new products, indicating a robust growth trajectory [7][8] - The company has increased its R&D investment significantly, with R&D expenses reaching 251 million yuan in 2023, accounting for 15.58% of its revenue [8][9] - The company holds 262 domestic and international patents, showcasing its commitment to innovation and technology advancement [8]