本报告导读： 公司聚焦光伏电池片激光技术，助力行业降本增效，充分受益BC 扩产潮。此外，积极布局泛半导体领 域，实现激光技术多维度拓展加速新产品放量。 以自主创新激光技术为核心的精密装备商，深耕光伏并向新型显示、半导体延伸。公司2008 年在武汉 创立，2019 年登陆创业板，并在无锡设研发生产基地、在以色列和新加坡设海外研发中心。公司主要 面向光伏、新型显示和半导体等领域提供一体化加工解决方案。客户主要为大中型光伏电池制造企业， 包括隆基绿能、通威股份、爱旭股份、晶科能源、晶澳科技、天合光能等。 覆盖光伏技术路线全面，电池端把握BC/钙钛矿迭代，组件端导入激光焊接提升良率、稳定性。公司致 力于光伏激光提效，BC 激光微刻蚀系列设备用于背接触电池图形化生产，可替代传统光刻并简化工艺 流程、降低设备与生产成本，从而促进BC 规模化产业化。钙钛矿方向，公司薄膜激光刻划设备面向大 尺寸玻璃衬底各膜层，提升大尺寸钙钛矿电池效率。组件端，组件焊接设备/整线以激光焊接替代传统 红外焊接以提升焊接质量与稳定性，方案覆盖自动上料到组件完成并集成自动返修，且支持不同主栅设 计与多规格电池片快速切换，尤其适合无主栅与高精度BC ...

Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 73.08 CNY [5][15]. Core Insights - The company focuses on laser technology for photovoltaic cells, contributing to cost reduction and efficiency improvements in the industry, and is well-positioned to benefit from the expansion wave in the BC (Back Contact) segment [2][15]. - The company is actively expanding into the semiconductor sector, accelerating the launch of new products through multidimensional applications of laser technology [2][15]. Financial Summary - The company’s total revenue is projected to grow from 1,609 million CNY in 2023 to 3,333 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 19.9% [13][14]. - Net profit attributable to shareholders is expected to increase from 461 million CNY in 2023 to 889 million CNY in 2027, with a notable growth rate of 24.8% in 2027 [13][14]. - Earnings per share (EPS) are forecasted to be 2.41 CNY, 2.60 CNY, and 3.24 CNY for the years 2025, 2026, and 2027, respectively [13][15]. Market Position and Competitive Landscape - The company is a leading precision equipment manufacturer specializing in laser technology, primarily serving the photovoltaic, new display, and semiconductor sectors [13][15]. - Major clients include prominent photovoltaic manufacturers such as Longi Green Energy, Tongwei Co., and JinkoSolar, indicating a strong market presence [13][15]. - The company’s laser micro-etching equipment for BC cells is designed to replace traditional photolithography, simplifying processes and reducing costs, which is crucial for scaling up production [13][15]. Product Development and Innovation - The company is developing laser processing equipment for consumer electronics, new displays, and integrated circuits, including TGV laser micro-hole equipment for advanced packaging applications [13][15]. - The TGV laser micro-hole equipment is capable of processing various glass materials and achieving precise specifications, which positions the company well in the semiconductor packaging market [13][15].