Delphi Laser(SH:688170) Great Wall Securities·2024-06-13 03:01Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company is experiencing a decline in net profit due to increased R&D expenses and changes in product sales structure, leading to a decrease in gross margin [12][35] - Despite the challenges, the company has a stable order backlog in the semiconductor and new energy sectors, which is expected to drive revenue growth [14][23] - The company has adjusted its earnings forecast downwards but continues to focus on expanding its business and product offerings [35] Financial Summary - Revenue for 2023 is projected at 5.82 billion yuan, a year-on-year increase of 2.35%, while net profit is expected to decline by 42.06% to 0.39 billion yuan [25] - The company’s gross margin for 2023 is reported at 46.61%, down 3.10 percentage points year-on-year, with a net profit margin of 6.71%, down 5.15 percentage points year-on-year [12] - For 2024, the company anticipates a significant recovery in net profit, projecting 0.65 billion yuan, with an EPS of 0.62 yuan [35] Product and Market Insights - The company has launched several new products in the semiconductor and new energy sectors, which have received positive customer feedback and orders [22][23] - The sales revenue from precision laser processing equipment is 419 million yuan, accounting for 71.94% of total revenue, with notable performance in new energy-related products [22] - The company is focusing on technological innovation in laser processing equipment, which is expected to enhance its market position and revenue streams [23]