本报告导读： 公司聚焦光伏电池片激光技术，助力行业降本增效，充分受益BC 扩产潮。此外，积极布局泛半导体领 域，实现激光技术多维度拓展加速新产品放量。 以自主创新激光技术为核心的精密装备商，深耕光伏并向新型显示、半导体延伸。公司2008 年在武汉 创立，2019 年登陆创业板，并在无锡设研发生产基地、在以色列和新加坡设海外研发中心。公司主要 面向光伏、新型显示和半导体等领域提供一体化加工解决方案。客户主要为大中型光伏电池制造企业， 包括隆基绿能、通威股份、爱旭股份、晶科能源、晶澳科技、天合光能等。 覆盖光伏技术路线全面，电池端把握BC/钙钛矿迭代，组件端导入激光焊接提升良率、稳定性。公司致 力于光伏激光提效，BC 激光微刻蚀系列设备用于背接触电池图形化生产，可替代传统光刻并简化工艺 流程、降低设备与生产成本，从而促进BC 规模化产业化。钙钛矿方向，公司薄膜激光刻划设备面向大 尺寸玻璃衬底各膜层，提升大尺寸钙钛矿电池效率。组件端，组件焊接设备/整线以激光焊接替代传统 红外焊接以提升焊接质量与稳定性，方案覆盖自动上料到组件完成并集成自动返修，且支持不同主栅设 计与多规格电池片快速切换，尤其适合无主栅与高精度BC ...

Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 73.08 CNY [5][15]. Core Insights - The company focuses on laser technology for photovoltaic cells, contributing to cost reduction and efficiency improvements in the industry, and is well-positioned to benefit from the expansion wave in the BC (Back Contact) segment [2][15]. - The company is actively expanding into the semiconductor sector, accelerating the launch of new products through multidimensional applications of laser technology [2][15]. Financial Summary - The company’s total revenue is projected to grow from 1,609 million CNY in 2023 to 3,333 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 19.9% [13][14]. - Net profit attributable to shareholders is expected to increase from 461 million CNY in 2023 to 889 million CNY in 2027, with a notable growth rate of 24.8% in 2027 [13][14]. - Earnings per share (EPS) are forecasted to be 2.41 CNY, 2.60 CNY, and 3.24 CNY for the years 2025, 2026, and 2027, respectively [13][15]. Market Position and Competitive Landscape - The company is a leading precision equipment manufacturer specializing in laser technology, primarily serving the photovoltaic, new display, and semiconductor sectors [13][15]. - Major clients include prominent photovoltaic manufacturers such as Longi Green Energy, Tongwei Co., and JinkoSolar, indicating a strong market presence [13][15]. - The company’s laser micro-etching equipment for BC cells is designed to replace traditional photolithography, simplifying processes and reducing costs, which is crucial for scaling up production [13][15]. Product Development and Innovation - The company is developing laser processing equipment for consumer electronics, new displays, and integrated circuits, including TGV laser micro-hole equipment for advanced packaging applications [13][15]. - The TGV laser micro-hole equipment is capable of processing various glass materials and achieving precise specifications, which positions the company well in the semiconductor packaging market [13][15].

Core Viewpoint - The company reported strong financial performance in Q3 2025, with significant year-on-year growth in both revenue and net profit, indicating resilience and effective cost management in a challenging industry environment [1][2]. Financial Performance - In the first three quarters of 2025, the company achieved revenue of 1.781 billion yuan, a year-on-year increase of 23.69%, and a net profit attributable to shareholders of 496 million yuan, up 29.39% [1]. - For Q3 2025, the company recorded revenue of 611 million yuan, reflecting a year-on-year growth of 14.35%, and a net profit of 169 million yuan, which is a 14.99% increase year-on-year [1]. Operational Analysis - The company demonstrated improved cost control capabilities, achieving a gross margin of 43.42% in Q3, despite a quarter-on-quarter decline of 3.98% due to a higher proportion of lower-margin TOPCon laser equipment sales [2]. - The net profit margin increased to 27.72%, up 0.86% quarter-on-quarter, supported by enhanced cost management and a significant improvement in impairment loss provisions [2]. - Operating cash flow showed a substantial improvement, with a net cash flow of 154 million yuan in Q3, representing a quarter-on-quarter growth of 317.2% [2]. - The company's debt-to-asset ratio decreased to 41.57%, down 2.76 percentage points, indicating ongoing optimization of asset structure and enhanced financial stability [2]. Strategic Expansion - The company is strategically expanding its portfolio in photovoltaic laser equipment and the semiconductor sector, launching new technologies such as laser selective thinning (TCP) and laser isolation passivation (TCI) to enhance TOPCon component efficiency [3]. - In the component segment, the company introduced laser welding equipment compatible with new technology routes, improving production efficiency and component reliability [3]. - The company is also diversifying into consumer electronics, new displays, and integrated circuits, with the introduction of TGV laser micro-hole equipment and TGV appearance inspection AOI equipment, broadening future growth opportunities [3]. Profit Forecast and Valuation - Based on current orders and business developments, the company is projected to achieve profits of 670 million yuan in 2025 and 2026, and 650 million yuan in 2027, with corresponding EPS of 2.45, 2.46, and 2.36 yuan [4]. - The current stock price corresponds to a PE ratio of 28 for 2025 and 2026, and 29 for 2027, maintaining a "buy" rating [4].

Core Viewpoint - The company reported strong financial performance in the first half of 2025, with significant year-on-year growth in both revenue and net profit, indicating a robust operational capability and market position [1]. Financial Performance - In the first half of 2025, the company achieved revenue of 1.17 billion yuan, representing a year-on-year increase of 29.20% - The net profit attributable to the parent company was 327 million yuan, up 38.27% year-on-year - In Q2 2025, the company recorded revenue of 609 million yuan, a year-on-year growth of 33.81% [1]. Operational Analysis - The company's profitability remains stable, with a gross margin of 47.4% in Q2 2025, remaining relatively flat quarter-on-quarter - The net profit margin was 26.9%, down 2.2 percentage points quarter-on-quarter, but the overall profitability has been maintained within a stable range over the past year [1]. - The company is enhancing its innovation capabilities in the photovoltaic sector by launching TOPCon+ laser solutions, aiming to adapt to the industry's shift towards new production capabilities [1]. Growth Opportunities - The company is actively developing laser processing equipment for consumer electronics, new displays, and integrated circuits, which may open a second growth curve - The TGV laser micro-hole equipment and its TGV appearance detection AOI equipment are part of this expansion into the semiconductor field [1]. Profit Forecast and Valuation - Based on current orders and business developments, the company forecasts profits of 650 million yuan, 660 million yuan, and 652 million yuan for 2025, 2026, and 2027 respectively - Corresponding EPS is projected to be 2.37 yuan, 2.41 yuan, and 2.38 yuan, with current stock prices reflecting a PE ratio of 32, 31, and 31 times for the respective years [1].

Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings per share (EPS) of 2.37, 2.41, and 2.38 yuan for the years 2025, 2026, and 2027 respectively, corresponding to price-to-earnings (PE) ratios of 32, 31, and 31 times [4]. Core Insights - The company reported a revenue of 1.17 billion yuan for the first half of 2025, representing a year-on-year increase of 29.20%, and a net profit attributable to shareholders of 327 million yuan, up 38.27% year-on-year. In Q2 alone, revenue reached 609 million yuan, a 33.81% increase year-on-year, with net profit of 164 million yuan, reflecting a significant 61.91% growth year-on-year [2]. - The company's profitability remains robust, with a gross margin of 47.4% and a net margin of 26.9% in Q2 2025. The operating cash flow turned positive, amounting to 37.02 million yuan, primarily due to the large-scale recognition of orders related to BC equipment [2]. - The company is focusing on innovation in the photovoltaic sector, introducing TOPCon+ laser solutions and expanding its laser processing equipment into consumer electronics and semiconductor fields, which is expected to create a second growth curve [3]. Summary by Sections Performance Review - In the first half of 2025, the company achieved a revenue of 1.17 billion yuan, a 29.20% increase year-on-year, and a net profit of 327 million yuan, up 38.27% year-on-year. Q2 revenue was 609 million yuan, with a net profit of 164 million yuan, marking a 61.91% increase year-on-year [2]. Operational Analysis - The company maintained a gross margin of 47.4% and a net margin of 26.9% in Q2 2025. The operating cash flow was positive at 37.02 million yuan, driven by significant cash receipts from sales [2]. - The asset-liability ratio improved to 44.3%, down 3.3 percentage points from the end of 2024, indicating a more robust financial structure [2]. Innovation and Growth - The company is enhancing its innovation capabilities in the photovoltaic sector by launching new laser processing solutions for TOPCon batteries and expanding into semiconductor applications, which is anticipated to open new growth avenues [3]. Earnings Forecast - The projected earnings for 2025, 2026, and 2027 are 650 million, 660 million, and 652 million yuan respectively, with corresponding EPS of 2.37, 2.41, and 2.38 yuan [4].