BC 产业趋势

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帝尔激光(300776):控费效果突出,受益BC产业趋势
Ping An Securities· 2025-08-13 03:41
Investment Rating - The investment rating for the company is "Recommended" (maintained) [8][11]. Core Views - The company has demonstrated significant cost control effectiveness, resulting in a notable increase in performance. In the first half of the year, revenue grew by 29.2% year-on-year, while net profit attributable to the parent company increased by 38.4% [4][7]. - The company is positioned as a core beneficiary of the BC battery industry trend, with its innovative laser micro-etching technology successfully replacing traditional photolithography processes, thereby simplifying workflows and reducing equipment costs [7][8]. Financial Summary - For the first half of 2025, the company achieved revenue of 1.17 billion yuan, a year-on-year increase of 29.2%, and a net profit of 327 million yuan, up 38.37% year-on-year [4]. - The company’s comprehensive expense ratio decreased to 13.8%, down 6.1 percentage points year-on-year, indicating effective cost management [7]. - Forecasted net profits for 2025-2027 are 662 million, 789 million, and 1.061 billion yuan respectively, with EPS projected at 2.42, 2.88, and 3.88 yuan [8]. Industry Trends - The market share of BC components is expected to continue rising, reaching 62% by 2030, with major players like Longi Green Energy and Aiko Solar expanding their production capacity [7]. - The company has already secured bulk orders for laser graphic equipment in the BC battery sector, positioning itself advantageously within the industry [7][8].