Core Viewpoint - The report from Dongwu Securities indicates that Dier Laser is expected to achieve steady growth in performance in the first half of 2025, with a positive outlook on its business layout in the semiconductor sector [1] Group 1: Business Layout in Photovoltaics - Dier Laser is actively advancing its layout in the semiconductor sector, focusing on photovoltaic laser equipment [1] - The TOPCon battery laser-induced sintering (LIF) equipment improves photoelectric conversion efficiency by over 0.3% [1] - The laser micro-etching series equipment for back-contact batteries (BC) reduces production costs through large-area high-precision etching [1] - Laser-induced annealing (LIA) equipment significantly enhances battery conversion efficiency and stability by uniformly injecting high-intensity laser light across the entire battery surface [1] - Laser transfer technology greatly saves silver paste consumption and improves printing consistency [1] Group 2: Laser Equipment for Photovoltaic Modules - The fully automatic high-speed laser non-destructive scribing/splitting machine uses non-destructive technology to split battery cells into specified sizes, increasing the overall output power of modules [1] Group 3: Laser Equipment for Consumer Electronics and Other Fields - In the fields of consumer electronics, new displays, and integrated circuits, TGV laser micro-hole equipment achieves micro-hole and micro-groove processing on glass substrates through precise control systems and laser modification technology [1] - This technology is widely applied in semiconductor chip packaging and display chip packaging [1] - The company has completed the shipment of through-hole equipment for panel-level glass substrates, achieving comprehensive coverage of wafer-level and panel-level TGV packaging laser technology [1] Group 4: Financial Projections - Considering the order income recognition schedule, the company maintains its forecast for net profit attributable to shareholders for 2025-2027 at 640 million, 720 million, and 760 million yuan respectively [1] - The current market value corresponds to dynamic PE ratios of 32, 28, and 27 times for the years 2025, 2026, and 2027 respectively [1] - The report maintains a "buy" rating for the company [1]

Core Viewpoint - The company, Di'er Laser, focuses on precision laser processing solutions, primarily for the photovoltaic industry, and is actively developing equipment for consumer electronics, new displays, and integrated circuits. Company Overview - Di'er Laser specializes in the design, research, production, and sales of precision laser processing solutions and related equipment, with a primary focus on laser processing equipment for the photovoltaic industry [4][5]. - The company has developed various advanced laser processing technologies, including laser micro-etching for back-contact solar cells, selective laser thinning for TOPCon batteries, and laser-induced sintering [5][6]. Main Products and Applications - The main products include laser equipment for photovoltaic cells, such as: - Laser micro-etching equipment for back-contact cells, which simplifies the manufacturing process and reduces costs [4]. - TOPCon battery laser selective thinning equipment, enhancing conversion efficiency and competitiveness [5]. - Laser-induced sintering equipment that addresses technical challenges in P-type silicon contacts [5]. - Laser-induced annealing equipment that improves battery efficiency and stability [5]. - Innovative laser transfer technology for non-contact surface metallization, applicable to various high-efficiency solar cells [6]. - Laser equipment for consumer electronics and new displays, such as TGV laser micro-hole equipment for glass substrates [8]. Business Model - The company adopts a self-research model for R&D, focusing on laser processing equipment technology and processes, with a strong emphasis on innovation [9][10]. - The procurement model includes centralized purchasing of raw materials to ensure operational continuity, with a focus on customized orders for high-value components [11]. - The production model is based on order-driven manufacturing, allowing for flexibility in meeting customer demands [12]. Performance Drivers - The photovoltaic industry is a strategic emerging industry supported by national policies, driving demand for advanced laser processing equipment [14]. - The rapid development and technological innovation in the photovoltaic sector are key factors driving the company's performance, with a strong focus on customer needs and technological advancements [14]. Financial Data and Shareholder Information - The company reported a cash dividend of 3.9 yuan per 10 shares for the current period, with no stock bonus [3]. - The company has undergone a change in its auditing firm to Lixin Certified Public Accountants [2]. - As of February 24, 2025, the company repurchased 1,062,460 shares, accounting for 0.39% of the total share capital [19].