Core Viewpoint - The company, Dier Laser, continues to demonstrate strong performance driven by technological innovation and significant orders, achieving substantial revenue and profit growth in the first half of 2025 [1][4][5]. Financial Performance - In the first half of 2025, Dier Laser reported 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% [1]. - For the full year of 2024, the company achieved revenue of 2.014 billion yuan, a growth of 25.20%, and a net profit of 528 million yuan, increasing by 14.40% [3]. - The gross margin for solar cell laser processing equipment rose from 46.93% to 47.57% in the first half of 2025 [4]. Business Expansion and Innovation - Dier Laser has focused on its core business while actively expanding into consumer electronics, new displays, and integrated circuits, creating new growth points [1][2]. - The company has made breakthroughs in various laser technologies, including TOPCon and perovskite, enhancing its competitive edge in the photovoltaic industry [1][5]. - Dier Laser has developed innovative laser micro-etching technology that replaces traditional photolithography, simplifying processes and reducing costs in the BC battery sector [5][6]. Client Base and Orders - The company has established a strong client base, including major photovoltaic manufacturers such as Longi Green Energy and Trina Solar, becoming a comprehensive solution provider [3][4]. - In October 2024, Dier Laser signed significant contracts worth 1.229 billion yuan with leading photovoltaic companies, representing 76.36% of its audited revenue for 2023 [3][7]. Research and Development - Dier Laser maintains a high level of investment in R&D, with 439 domestic and international patents as of June 30, 2025, and has established multiple R&D centers globally [6][7]. - The company is involved in various national strategic emerging industry projects and has built a strong international R&D team to drive innovation [6].

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].

Core Viewpoint - Despite losses in the main photovoltaic industry chain, the equipment manufacturer Dier Laser has maintained stable growth in performance, with significant revenue and profit increases in the first half of 2025 [2][3]. Financial Performance - In the first half of 2025, Dier Laser achieved revenue of 1.17 billion yuan, a year-on-year increase of 29.20% - The net profit attributable to shareholders was 327 million yuan, reflecting a year-on-year growth of 38.37% [2]. Technological Innovation - Dier Laser focuses on the innovative application of laser technology in high-efficiency solar cells, enhancing photoelectric conversion efficiency and optimizing production costs [2]. - The company has developed laser micro-etching technology to replace traditional photolithography in the BC battery sector, simplifying processes and reducing equipment costs [2]. - Laser welding solutions have improved welding quality and stability in the component segment, increasing production flexibility and efficiency [2]. - LIF equipment has effectively enhanced the photoelectric conversion efficiency of batteries, while TCP technology has stabilized improvements in conversion efficiency, component power, and bifacial rates [2]. Patent and R&D Investment - As of June 30, 2025, Dier Laser holds 439 domestic and international patents, with R&D investment reaching 120 million yuan in the first half of 2025 [3]. Client Base and Contracts - The company's main clients include major solar cell manufacturers such as Longi Green Energy, Tongwei Co., and JA Solar [3]. - Dier Laser signed significant contracts totaling approximately 1.229 billion yuan with leading photovoltaic companies, representing 76.36% of the company's 2023 annual revenue [3]. - The company has confirmed sales revenue of 323 million yuan from a contract worth 976 million yuan, with cumulative sales revenue of 491 million yuan recognized [3]. Accounts Receivable - As of the end of the reporting period, the net accounts receivable amounted to 993 million yuan, accounting for 14.89% of total assets [4]. Future Outlook - Dier Laser aims to continue technological upgrades and innovations while expanding into new fields such as new displays and semiconductors to enhance its product portfolio and risk resilience [4].