公司深度参与新一代锂电池技术固态电池设备的开发，实现"双线突围"，成为业 内首家同时布局"氧化物+锂金属负极"和"硫化物+硅碳负极"两条技术路线的企业。 在继续深化与某固态电池头部企业合作的同时，还实现了向某全球领先的新能源科技企 业提供硫化物固态电池中试线前中段包括正负极涂布、硫化物电解质涂布、正负极辊压、 电解质和极片复合和叠片等关键设备的出货。 海目星激光科技集团股份有限公司 海目星激光科技集团股份有限公司（以下简称"公司"或"海目星"）为践行"以 投资者为本"的上市公司发展理念，维护公司全体股东利益，促进公司持续、健康发展， 基于对未来发展前景的信心和价值的认可，公司于2025年4月30日披露了2025年度"提 质增效重回报"行动方案。 将2025年"提质增效重回报"行动方案的半年度评估情况报告如下： 一、提升经营质量，加快发展新质生产力 海目星主要从事高端非标智能装备的研发设计、生产和销售，致力于成为全球领先 的激光及自动化技术创新企业。自成立以来，公司始终坚持以激光技术及自动化应用的 前沿需求为导向，先后开发了应用于锂电、消费电子、光伏等领域的激光创新技术和相 关设备，为上述领域龙头客户提供智能制 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 89.04 RMB [8][9]. Core Views - The company's revenue for 2024 is projected to be 9.83 billion RMB, a year-on-year increase of 21.53%, while the net profit attributable to the parent company is expected to be 0.93 billion RMB, a slight increase of 1.31% year-on-year [1][5]. - The company is facing pressure on net profit margins due to challenges in the photovoltaic industry and delays in order acceptance, but there is optimism regarding the growth potential of its non-photovoltaic business [1][4]. - The company has seen a significant decline in operating cash flow, with a net cash flow from operating activities of 0.06 billion RMB in 2024, down 92.57% year-on-year, primarily due to increased bank acceptance bill payments and slow customer payments [3]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 2.23 billion RMB, a year-on-year increase of 0.47% and a quarter-on-quarter increase of 8.01%. However, the net profit attributable to the parent company was 0.16 billion RMB, a decrease of 37.69% year-on-year and 3.18% quarter-on-quarter, mainly due to significant credit impairment losses [1][2]. - The gross margin for 2024 was 28.11%, down 2.40 percentage points year-on-year, while the net margin was 9.80%, down 1.01 percentage points year-on-year. In Q1 2025, the gross margin improved to 29.10%, although the net margin decreased to 6.98% [2]. Market Outlook - The report highlights the potential for the company's HJT equipment in overseas markets, noting that HJT technology has lower labor and operational costs and higher photoelectric conversion efficiency. The company is expected to benefit from expanding its presence in these markets [4]. - In the semiconductor and display sectors, the company achieved revenue of 0.67 billion RMB in 2024, representing a year-on-year increase of 88.41%, indicating strong growth potential in these areas [4]. Profit Forecast and Valuation - The forecast for net profit attributable to the parent company has been revised downwards for 2025 and 2026 by 21% each, now expected to be 1.19 billion RMB and 1.31 billion RMB, respectively. The estimated EPS for 2025 is 4.24 RMB [5][7]. - The company is valued at a PE ratio of 21 times for 2025, with a target price set at 89.04 RMB, reflecting a significant adjustment from the previous target price of 150.36 RMB [5].

Core Insights - The company reported a revenue of 9.83 billion yuan for 2024, a year-on-year increase of 21.53%, while the net profit attributable to shareholders was 926 million yuan, a slight increase of 1.31%, which was below expectations due to pressure in the photovoltaic industry and delays in order acceptance [1] - In Q1 2025, the company generated a revenue of 2.23 billion yuan, showing a year-on-year and quarter-on-quarter increase of 0.47% and 8.01% respectively, but the net profit dropped to 162 million yuan, a decrease of 37.69% year-on-year and 3.18% quarter-on-quarter, primarily due to significant credit impairment losses [1][2] Financial Performance - The company faced a significant decline in operating cash flow, with a net cash flow from operating activities of 561 million yuan in 2024, down 92.57% year-on-year, and a negative cash flow of 352 million yuan in Q1 2025, attributed to increased bank acceptance bill payments and slow customer payments [3] - The gross margin for 2024 was 28.11%, down 2.40 percentage points year-on-year, while the net margin was 9.80%, down 1.01 percentage points, mainly due to changes in accounting policies [2] - In Q1 2025, the gross margin improved to 29.10%, with a year-on-year decrease of 1.84 percentage points but a quarter-on-quarter increase of 10.61 percentage points, while the net margin was 6.98%, reflecting a year-on-year and quarter-on-quarter decline [2] Market Outlook - The company is optimistic about the overseas market expansion for HJT equipment and the development of its display and semiconductor business, with HJT technology offering lower labor and operational costs and higher photoelectric conversion efficiency [3] - The company has achieved a leading market share in domestic wafer laser grooving equipment and has made significant progress in key equipment deliveries, with semiconductor and display sectors generating revenue of 67 million yuan in 2024, an increase of 88.41% year-on-year [3] Profit Forecast and Valuation - The company has revised down its net profit forecasts for 2025 and 2026 by 21% to 1.19 billion yuan and 1.31 billion yuan respectively, with an expected net profit of 1.46 billion yuan for 2027 [4] - The target price has been adjusted to 89.04 yuan, based on a 21 times PE ratio for 2025, maintaining a "buy" rating despite the downward revision due to potential short-term supply-demand mismatches in the photovoltaic sector [4]