Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company has a strong order backlog, with revenue and performance in Q3 2025 benefiting from order acceptance. However, the sales gross margin decreased due to the structure of revenue recognition [2]. - The company is expected to maintain growth in new orders despite the industry's expansion slowdown, reflecting its competitive advantage. The expected expansion scale for BC this year is 40-50 GW, showing a year-on-year increase [2]. - The company is actively expanding into the semiconductor industry, with new orders for TGV and development of PCB laser drilling equipment, aiming for domestic substitution [2]. Summary by Sections Financial Performance - In the first three quarters of 2025, the company achieved revenue of 1.781 billion, a year-on-year increase of 23.69%. The net profit attributable to the parent company was 496 million, up 29.39% year-on-year. For Q3 2025, revenue was 611 million, a year-on-year increase of 14.35%, and net profit was 169 million, up 14.99% year-on-year [6]. Order and Market Position - The company has a robust order backlog, with contract liabilities and inventory at 1.413 billion and 1.608 billion respectively, indicating strong resilience in new orders. The company is well-positioned in core processes such as BC laser grooving and welding, which significantly enhance order elasticity [2][6]. Industry Outlook - The company is strategically positioned in the photovoltaic laser equipment sector and is expanding into the semiconductor industry. It has completed shipments of TGV laser micro-hole equipment and is developing PCB laser drilling equipment to meet the high-density multilayer board demand [2]. Future Projections - The company is projected to achieve net profits of 680 million and 790 million in 2025 and 2026 respectively, corresponding to PE ratios of 28x and 24x [2].

Core Viewpoint - The company reported strong financial performance in Q1 2025, with significant year-on-year growth in revenue and net profit, driven by increasing demand for laser technology across various industries [1][3]. Financial Performance - In Q1 2025, the company achieved revenue of 343 million yuan, representing a year-on-year increase of 34.07% but a quarter-on-quarter decrease of 10.69% [1]. - The net profit attributable to shareholders was 36 million yuan, up 37.11% year-on-year and up 22.61% quarter-on-quarter [1]. - The non-recurring net profit was 33 million yuan, reflecting a year-on-year increase of 34.19% and a significant quarter-on-quarter increase of 140.71% [1]. - The gross margin stood at 37.49%, showing a year-on-year decrease of 3.22 percentage points but an increase of 6.80 percentage points quarter-on-quarter [1]. - Operating cash flow reached 225 million yuan, marking a substantial year-on-year increase of 657% [1]. - New orders received in Q1 totaled 585 million yuan, a year-on-year increase of 89.38% [1]. Business Development - The company plans to continue delivering 500W MOPA pulsed laser products in 2025 and is optimizing higher power laser products to reduce costs for customers [2]. - In the passive components sector, the company will develop second-generation laser tuning machines and improve capacitor testing and sorting machines [2]. - The company aims to track the development of perovskite solar cells and fulfill orders from 2024 while acquiring new ones in 2025 [2]. - For laser micro-nano processing, the company will provide customized laser processing solutions based on the latest customer demands [2]. - The company has sent PCB drilling products for trial use at well-known industry enterprises, with plans to advance technology and domestic substitution in this field [2]. - The company will optimize VCSEL module testing equipment to enhance detection efficiency for mobile camera module orders received in the second half of 2024 [2]. Investment Outlook - The company’s performance exceeded expectations, with multiple business segments expected to continue breakthroughs in 2025, particularly in optical module testing [3]. - Projected net profits for 2025-2027 are estimated at 202 million, 260 million, and 311 million yuan, with corresponding EPS of 2.12, 2.74, and 3.27 yuan, leading to PE ratios of 22.95, 17.81, and 14.89 times respectively [3].