Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [4][7]. Core Insights - The company has successfully delivered export orders for panel-level laser micro-hole equipment used in glass substrate semiconductor packaging, marking a significant step in the industrialization of TGV (Through-Glass Via) technology [1]. - The company has achieved breakthroughs in its non-photovoltaic business layout, which is expected to open up growth opportunities [7]. Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2024: 2,014 million - 2025: 2,453 million - 2026: 2,745 million - 2027: 3,290 million - Year-on-year growth rates are projected at 25.2% for 2024, 21.8% for 2025, 11.9% for 2026, and 19.9% for 2027 [3][8]. - Net profit attributable to the parent company is forecasted as: - 2025: 6.69 billion - 2026: 7.35 billion - 2027: 8.88 billion - The company’s PE ratios are projected to be 34 for 2025, 31 for 2026, and 26 for 2027, which are below the average PE of comparable companies [7][8]. Market Data - As of January 27, 2026, the closing price of the company's stock is 83.47 yuan, with a market capitalization of 14,027 million yuan [4]. - The stock has a price-to-book ratio of 6.1 and a dividend yield of 0.47% [4].

证券日报网讯1月28日，联赢激光在互动平台回答投资者提问时表示，公司将顺应行业发展趋势，不断 加强技术研发，积极响应客户新需求，公司产能可以满足下游市场需求。 ...

Core Viewpoint - The company has provided solid-state battery equipment for two leading industry clients and has more partnerships for semi-solid batteries, indicating a strong position in the battery technology sector [1] Group 1: Company Developments - The company has supplied solid-state battery equipment to two major clients in the industry for pilot production lines [1] - The company has more partnerships with manufacturers for semi-solid batteries, suggesting an expanding market presence [1] Group 2: Industry Applications - The company's laser welding equipment is primarily used in sectors such as power batteries, consumer electronics, automotive manufacturing, and optical communications [1] - Currently, the company does not have involvement in the aerospace sector [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company has successfully delivered export orders for panel-level laser micro-hole equipment used in glass substrate semiconductor packaging, marking a significant step in the industrialization of TGV (Through-Glass Via) technology [1] - The glass substrate is expected to be applied in advanced packaging due to its superior properties, supporting high-density interconnects and large-size chip packaging, thus meeting the stringent requirements of applications like artificial intelligence and high-performance computing [9] - The TGV laser micro-hole equipment enhances the electrical and thermal performance of glass substrates, facilitating subsequent metallization processes, and has received high recognition in both domestic and international markets [9] Financial Data and Profit Forecast - Total revenue is projected to reach 2,014 million yuan in 2024, with a year-on-year growth rate of 25.2%. By 2027, revenue is expected to grow to 3,290 million yuan, reflecting a growth rate of 19.9% [3] - The net profit attributable to the parent company is forecasted to be 528 million yuan in 2024, with a growth rate of 14.4%, and is expected to reach 888 million yuan by 2027, with a growth rate of 20.9% [3] - The earnings per share (EPS) is estimated to be 1.94 yuan in 2024, increasing to 3.24 yuan by 2027 [3] - The company maintains a gross margin of approximately 46.6% from 2025 to 2027, with a return on equity (ROE) around 15% [3] Valuation and Comparison - The company’s price-to-earnings (PE) ratio is projected to be 34 in 2025, 31 in 2026, and 26 in 2027, which is below the average PE of 49X for comparable companies in the photovoltaic and advanced packaging sectors [9] - The company is expected to benefit from strong competitiveness in the photovoltaic sector and is actively expanding into consumer electronics, new displays, and integrated circuits, indicating potential growth in non-photovoltaic areas [9]

Core Viewpoint - Delong Laser (688170.SH) aims to enhance its long-term development strategy by collaborating with professional investment institutions to diversify investment channels and improve investment returns and asset management capabilities [1] Investment Details - The company plans to invest 10 million yuan as a limited partner to subscribe for 2.8986% of the initial fund shares of Yuanhe Zhongyuan Zhanxin Fund, which is still in the fundraising stage [1] - The total subscription amount and the company's share in the fund will depend on the final fundraising completion [1] Investment Focus - The fund will primarily invest in innovative areas related to core next-generation information technology and future communications, including but not limited to future communications, semiconductors, cloud computing, artificial intelligence, and the Internet of Things [1] - Additionally, the fund will focus on technology-driven application scenarios such as AI + robotics, smart manufacturing, and smart energy [1]

格隆汇1月28日｜有投资者在互动平台向联赢激光提问：请问公司在氢能源方面有哪些布局？业务营收 占比是多少？联赢激光回复称，公司激光焊接产品和自动化解决方案可以应用于氢能源领域，目前该领 域业务营收占比较低。 ...

格隆汇1月28日丨联赢激光(688518.SH)在投资者互动平台表示，公司激光焊接产品和自动化解决方案可 以应用于氢能源领域，目前该领域业务营收占比较低。 ...

格隆汇1月28日丨联赢激光(688518.SH)在投资者互动平台表示，公司激光焊接产品和自动化解决方案可 以应用于氢能源领域，目前该领域业务营收占比较低。 ...

25Q4 业绩扭亏，多领域持续发力 海目星(688559) 25 年业绩预告点评 公司 25 年业绩整体承压，25Q4 单季度扭亏，盈利拐点已至。公司在手订单充足、 非锂电领域持续拓展，未来业绩有望改善。 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 肖群稀(分析师) | 0755-23976830 | xiaoqunxi@gtht.com | S0880522120001 | | | | 赵玥炜(分析师) | 021-23185630 | zhaoyuewei@gtht.com | S0880525040040 | [Table_Target] 目标价格： | 88.22 | | 毛冠锦(分析师) | 021-23183821 | maoguanjin@gtht.com | S0880525040081 | | | 投资要点： 本报告导读： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | ...

证券日报网讯1月27日，锐科激光（300747）在互动平台回答投资者提问时表示，公司股票价格主要受 二级市场供求关系、市场走势等多重因素影响，公司经营情况稳定，公司所有重大事项均会及时进行披 露。 ...