Core Insights - The report highlights Dazhu Laser (002008) as a global leader in intelligent manufacturing equipment, emphasizing its vertical integration advantage across various product lines, including information industry equipment, new energy equipment, semiconductor equipment, and general industrial laser processing equipment. The company is projected to achieve a CAGR of 11.77% in revenue and 11.36% in net profit from 2010 to 2024 [1][11]. Information Industry - The demand for PCB and consumer electronics equipment is expected to grow rapidly due to AI and export drivers. The PCB sector is benefiting from increased demand for AI servers and technological upgrades in smartphones and automotive electronics, particularly in Southeast Asia [1][11]. - Consumer electronics are seeing a surge in demand for AI terminal products, leading to a significant upgrade in equipment. The company maintains a high market share and anticipates a rapid increase in orders [1][11]. New Energy Sector - The new energy sector is witnessing a bottoming out of demand, with exports and new technologies driving equipment growth. Domestic battery companies are expanding overseas, and new technologies like solid-state batteries are emerging, creating new opportunities for the equipment industry [2][11]. - In the photovoltaic sector, high installation volumes and continuous technological iterations are expected to sustain demand. The company has secured bulk orders for key production equipment from mainstream battery manufacturers [2][11]. Semiconductor and New Display Equipment - The semiconductor industry is recovering, leading to increased equipment demand. Laser technology is becoming a critical processing method in semiconductor packaging [11]. - The new display sector is benefiting from laser technology applications, particularly in promoting the rapid industrialization of Micro LED displays [11]. General Industrial Equipment - The general industrial laser processing equipment market is large and showing steady demand growth, driven by increased penetration rates, power upgrades, and overseas exports. The domestic laser equipment market is estimated to be around 910 billion [11]. Investment Rating - The report initiates coverage with a "Buy" rating for Dazhu Laser, forecasting net profits of 1.074 billion, 1.575 billion, and 2.043 billion for 2025-2027. The current stock price corresponds to PE ratios of 32, 22, and 17 for the same years, which are significantly lower than the average PE ratios of comparable companies [2][11].

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3771 | 0.13 | 5.94 | 2.85 | | 深证综指 | 2358 | -0.2 | 8.35 | 4.26 | 今日重点推荐 2025 年 08 月 22 日 大族激光（002008）深度：全球智能装备提供商，多业务布局 助力穿越周期 ◼ 全球领先的智能制造装备整体解决方案提供商。公司具备从基础器件、整 机设备到工艺解决方案的垂直一体化优势；产品涵盖信息产业设备、新能 源设备、半导体设备、通用工业激光加工设备等。2010–2024 年，公司营 收及归母净利润 CAGR 分别为 11.77%、11.36%。 ◼ 信息产业：AI 及出口驱动下，PCB 及消费电子设备需求有望迎来高速增长。 1）PCB：AI 服务器及数通产品需求持续上升，加上智能手机、汽车电子 等电子终端产品的技术升级，共同推动 PCB 行业各类细分产品的成长；以 泰国为热点的东南亚地区 PCB 新建项目快速推进；2）消费电子：随着 AIPC ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][7]. Core Viewpoints - The company is a global leader in high-end intelligent manufacturing equipment, with a diversified business layout that helps it navigate through economic cycles. Its products span four major sectors: information industry equipment, new energy equipment, semiconductor equipment, and general industrial laser processing equipment [18][23]. - The company has demonstrated strong growth resilience, with a compound annual growth rate (CAGR) of 11.77% in revenue and 11.36% in net profit from 2010 to 2024 [28][29]. - The demand for PCB and consumer electronics equipment is expected to surge due to AI and export-driven growth, with the company maintaining a high market share in these sectors [9][50]. Financial Data and Profit Forecast - Total revenue is projected to reach 16,916 million yuan in 2025, with a year-on-year growth rate of 14.5% [2]. - Net profit attributable to the parent company is expected to be 1,074 million yuan in 2025, reflecting a decrease of 36.6% year-on-year, followed by a recovery in subsequent years [2]. - The company's earnings per share (EPS) is forecasted to be 1.04 yuan in 2025, with a projected increase to 1.98 yuan by 2027 [2]. Business Segments - **Information Industry**: The PCB sector is expected to benefit from AI server demand and technological upgrades in consumer electronics, driving significant growth in specialized equipment [9][37]. - **New Energy**: The lithium battery and photovoltaic sectors are anticipated to see increased demand due to domestic battery companies expanding overseas and new technologies emerging [9][50]. - **Semiconductor and Display Equipment**: The company is positioned to benefit from domestic substitution and innovations in new processes, with laser technology becoming increasingly critical in semiconductor packaging [9][24]. - **General Equipment**: The general industrial laser processing equipment market is expected to grow steadily, driven by increased penetration rates and technological upgrades [9][24]. Valuation and Comparison - The company's current stock price corresponds to a price-to-earnings (PE) ratio of 32 for 2025, which is significantly lower than the average PE of comparable companies [7]. - The report highlights that the company is well-positioned to capitalize on the rapid growth in the AI industry and the recovery in consumer electronics and new energy equipment sectors [7][9].

Group 1: Financial Performance - The net profit attributable to shareholders for Q1 is ¥163,470,377.43, a decrease of 83.47% compared to the same period last year, primarily due to a one-time gain from the disposal of shares in Dazhu Siter amounting to approximately ¥890 million in the previous year [3] - The net profit excluding non-recurring gains for Q1 is ¥71,901,945.12, an increase of 1,388.37% year-on-year, indicating no actual decline in performance [3][5] - The inventory turnover rate for 2023 is approximately 2.16, projected to increase to 2.41 in 2024, with measures in place to enhance inventory management [6] Group 2: Business Segments and Revenue - The general industrial laser processing equipment business achieved revenue of ¥5.971 billion, primarily from high-power laser cutting and welding equipment, as well as mid- and low-power laser marking and cutting equipment [3] - The company’s self-produced components, including laser devices and cooling systems, generated external sales of nearly ¥200 million in 2024 [6] - The overseas revenue proportion reached 14.26% in 2024, an increase of 88% compared to 2023, reflecting successful market expansion efforts [6] Group 3: Strategic Insights and Market Position - The company focuses on intelligent manufacturing equipment and key components, maintaining a vertical integration advantage and leveraging industry policy support [3] - In the semiconductor sector, the company provides various intelligent manufacturing equipment, with a high degree of localization achieved in core components [7] - The company is actively pursuing market opportunities in the electric vehicle sector, collaborating with leading manufacturers like BYD and Great Wall Motors [5] Group 4: Future Outlook and Challenges - The company is developing strategies to enhance profitability in consumer electronics and PCB equipment by innovating product offerings and improving production processes [5] - The anticipated compound growth rates for the PCB industry in Southeast Asia are projected at 7.1%, surpassing China's 4.3%, indicating a shift in market dynamics [4] - The company is formulating a market value management system in accordance with regulatory guidelines to address stock price volatility and enhance shareholder value [5][7]