DR Laser(SZ:300776) Ping An Securities·2024-05-10 01:30Investment Rating - The report maintains a "Recommendation" rating for the company [3][14]. Core Views - The company has shown significant revenue growth driven by new technologies and an expanding application of laser equipment across multiple fields. In 2023, the company achieved a revenue of 1.609 billion yuan, a year-on-year increase of 21.49%, and a net profit of 461 million yuan, up 12.16% year-on-year. The first quarter of 2024 saw a revenue increase of 29.60% year-on-year [9][10]. Financial Performance Summary - 2023 Financials: - Revenue: 1.609 billion yuan, up 21.49% YoY - Net Profit: 461 million yuan, up 12.16% YoY - EPS: 1.69 yuan - 2024 Q1 Financials: - Revenue: 450 million yuan, up 29.60% YoY - Net Profit: 135 million yuan, up 44.48% YoY [9][10]. Revenue and Profit Forecast - The company is expected to continue its growth trajectory with projected net profits of 626 million yuan in 2024, 772 million yuan in 2025, and 920 million yuan in 2026. The EPS is forecasted to be 2.29 yuan in 2024, 2.83 yuan in 2025, and 3.37 yuan in 2026 [14][15]. Market Position and Technology - The company leads in the market share of XBC laser micro-etching technology and is expected to benefit from the growth of new laser technologies such as TOPCon, HJT, and perovskite. The company has secured significant orders from leading firms in the photovoltaic sector [11][19]. R&D and Innovation - The company has significantly increased its R&D investment, with expenses reaching 251 million yuan in 2023, a 91.65% increase year-on-year. The R&D expense ratio stands at 15.58% [20]. The company holds 262 domestic and international patents and is actively developing laser processing equipment for various high-tech fields [20]. Contractual Obligations and Inventory - The company has seen a rapid increase in contract liabilities and inventory, with contract liabilities reaching 1.96 billion yuan by the end of 2023, a 170.32% increase from the previous year. Inventory also grew to 1.918 billion yuan, a 123.48% increase [19].