Core Viewpoint - The company, 帝尔激光, reported strong financial performance in the first half of 2025, with significant year-on-year growth in both revenue and net profit, indicating resilience in a challenging industry environment [3][4]. Financial Performance - In H1 2025, the company achieved revenue of 1.17 billion yuan, a year-on-year increase of 29.2%, and a net profit attributable to shareholders of 327 million yuan, up 38.37% [3]. - In Q2 2025, revenue reached 609 million yuan, reflecting a year-on-year growth of 33.81%, with net profit of 164 million yuan, marking a 61.91% increase year-on-year and a 0.26% increase quarter-on-quarter [3]. Revenue Drivers - The company's battery laser processing equipment generated revenue of 1.156 billion yuan in H1 2025, representing a 29.64% year-on-year growth, with a gross margin increase of 1.16 percentage points to 47.57% [4]. - The company effectively controlled costs during the industry downturn, reducing the expense ratio by 6.05 percentage points to 13.84% [4]. Contract Liabilities and Receivables - As of the end of Q2 2025, the company's contract liabilities stood at 1.58 billion yuan, a decrease of 17.09% year-on-year and 9.51% quarter-on-quarter, primarily due to slowed capital expenditure in the downstream sector [5]. - Inventory decreased to 1.753 billion yuan, down 11.45% year-on-year and 0.32% quarter-on-quarter, as the company entered a period of intensive equipment delivery [5]. - Accounts receivable and notes totaled 1.142 billion yuan, a year-on-year increase of 17.33%, but a quarter-on-quarter decrease of 5.57%, indicating ongoing efforts to control receivables [5]. R&D Investment - The company maintained high levels of R&D investment during the industry downturn, with H1 2025 R&D expenses of 121 million yuan, a decrease of 13.54% year-on-year, accounting for 10.31% of revenue [6]. - Significant breakthroughs were achieved in the photovoltaic sector, including the successful development of laser micro-etching technology for BC batteries, enhancing production efficiency and reducing costs [6]. - Innovations in laser welding solutions and LIF equipment for TOPCon technology have improved solar cell efficiency and production flexibility [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [4][15]. Core Views - The company achieved steady revenue growth, with H1 2025 revenue reaching 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 [1]. - The company has made significant technological breakthroughs in the BC battery sector, particularly in laser micro-etching technology, which has replaced traditional photolithography processes, thereby reducing costs and enhancing production efficiency [4]. - The company is expected to continue its growth trajectory, with projected net profits of 615 million yuan, 675 million yuan, and 717 million yuan for 2025, 2026, and 2027, respectively [4]. Financial Performance - In H1 2025, the company's laser processing equipment for batteries generated revenue of 1.156 billion yuan, a 29.64% increase year-on-year, with a gross margin of 47.57% [2]. - The company has effectively controlled costs during the industry downturn, reducing its expense ratio by 6.05 percentage points to 13.84% [2]. - As of the end of Q2 2025, the company's contract liabilities decreased by 17.09% year-on-year to 1.58 billion yuan, primarily due to slowed capital expenditures in the downstream sector [3]. Research and Development - The company maintained high R&D investment levels, with H1 2025 R&D expenses amounting to 121 million yuan, accounting for 10.31% of revenue [4]. - The company achieved breakthroughs in the photovoltaic sector, enhancing the quality and efficiency of component production through innovative laser welding solutions [4]. Profitability and Valuation - The company is projected to have a P/E ratio of 34 for 2025, with expected revenue growth rates of 15.10% for 2025 and 5.28% for 2026 [5][4]. - The report forecasts a steady increase in net profit margins, with a projected return on equity (ROE) of 15.47% for 2025 [5][13].