[Table_Summary] 投资要点 2025 年 08 月 19 日 证券研究报告·公司点评报告·光伏设备 帝尔激光（300776） CoWoP 搭配 HDI 带动激光微孔设备需求， 设备龙头有望充分受益 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,609 | 2,014 | 2,514 | 2,889 | 3,177 | | 同比（%） | 21.49 | 25.20 | 24.80 | 14.92 | 9.96 | | 归母净利润（百万元） | 461.19 | 527.61 | 642.54 | 720.22 | 760.31 | | 同比（%） | 12.16 | 14.40 | 21.78 | 12.09 | 5.57 | | EPS-最新摊薄（元/股） | 1.69 | 1.93 | 2.35 | 2.63 | 2.78 | | P/E（现价&最新摊薄） | 43.19 | 37.76 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 1.17 billion yuan in H1 2025, representing a year-on-year increase of 29.2%, with a net profit attributable to shareholders of 330 million yuan, up 38.4% year-on-year [2] - In Q2 2025, the company reported a revenue of 610 million yuan, a year-on-year increase of 33.8% and a quarter-on-quarter increase of 8.5%, with a net profit of 160 million yuan, reflecting a year-on-year growth of 61.91% [2] - The company's gross margin for H1 2025 was 47.6%, a decrease of 0.4 percentage points year-on-year, while the net profit margin increased by 1.8 percentage points to 27.9% [3] - As of the end of H1 2025, the company's contract liabilities decreased by 17% year-on-year to 1.58 billion yuan, and inventory decreased by 11% to 1.75 billion yuan [4] - The company is actively advancing its business layout in the semiconductor field, focusing on laser equipment for photovoltaic cells and components, as well as laser devices for consumer electronics and integrated circuits [5] Financial Summary - The company forecasts total revenue of 2.514 billion yuan for 2025, with a year-on-year growth of 24.8%, and a net profit of 642.54 million yuan, reflecting a growth of 21.78% [1][11] - The projected earnings per share (EPS) for 2025 is 2.35 yuan, with a price-to-earnings (P/E) ratio of 31.93 based on the current price [1][11] - The company's operating cash flow for H1 2025 was -143 million yuan, a decrease of 35% year-on-year, primarily due to increased cash payments for goods and services [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].

Financial Performance - In 2024, the company achieved a revenue of 2.014 billion CNY, a year-on-year increase of 25.20% [3] - The net profit for 2024 was 528 million CNY, reflecting a growth of 14.40% compared to the previous year [3] - The operating cash flow for 2024 was -164 million CNY, a decline of 121.09% year-on-year [3] - As of Q1 2025, the company reported a revenue of 561 million CNY, up 24.55% year-on-year [4] - The net profit for Q1 2025 was 163 million CNY, representing a 20.76% increase [4] Business Developments - The company has made significant technological breakthroughs in 2024, particularly in TOPCon and XBC laser technologies [4] - A major contract worth 1.229 billion CNY (excluding tax) was signed, expanding the product line and enhancing production capabilities [4] - The company has completed the shipment of TGV laser micro-hole equipment, achieving comprehensive coverage of laser technology for wafer-level and panel-level packaging [4] Market Position and Strategy - The company maintains a strong market position in the micro-level laser precision processing sector, particularly in the photovoltaic industry [3] - As of 2024, overseas revenue accounted for 9.5% of total revenue, with a focus on expanding production in Southeast Asia, Korea, and Europe [7] - The company is actively developing new laser welding processes for components, which enhance production efficiency and reduce material costs [9] Challenges and Outlook - The photovoltaic industry faced significant challenges in 2024, including capacity oversupply and increased pressure on profit margins [3] - The company anticipates a growing demand for BC (Back Contact) battery production, with an expected capacity expansion of 50-60 GW in 2025 [8] - The impact of US-China tariff policies on the company is limited, as exports to the US represent a small portion of total sales [5][6]