点击注册小程序 查看完整报告 特别申明： 公司持续配合客户研发、完善多款XR相关检测设备，目前多个项目为独家供应。另一方面，得益于客户在 国内快速铺设手机摄像头生产产线，公司手机摄像头相关检测设备相关订单及收入增长迅速。2024年公司 持续获得手机摄像头相关检测设备相关项目订单，部分2024年下半年订单将在2025年陆续完成交付验收。 新能源订单交付顺利，500瓦MPOA大批量交付 （1）在锂电激光加工方面，公司积极配合客户研发新材料、新工艺所需的激光器产品，2024年公司向客 户大批量交付500瓦MOPA脉冲激光器产品，该产品较之前向客户交付的350W激光器产品加工效率进一步 提升。2024年，公司为客户研发用于激光焊接加工工艺的焊接实时监控系统，该产品获得了行业头部客户 订单并完成了订单交付。（2）光伏钙钛矿领域，公司生产的激光模切设备目前用于客户钙钛矿百兆瓦量 产线，负责钙钛矿生产中P1至P4的激光模切以及激光清边工艺。公司持续获得行业客户关于公司光伏钙钛 矿领域的激光模切设备订单，部分订单已完成验收。 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 56.78 CNY per share [6][10]. Core Views - The company achieved a revenue of 1.454 billion CNY in 2024, representing a year-on-year increase of 18.62%, and a net profit of 133 million CNY, up 23.53% year-on-year [2][3]. - In Q1 2025, the company reported a revenue of 343 million CNY, a 34.07% increase year-on-year, and a net profit of 36 million CNY, up 37.11% year-on-year [2][3]. - The growth in revenue is attributed to increased sales of optical detection equipment related to mobile camera modules, laser processing systems for power batteries, and recognition of precision processing equipment in consumer electronics [3][4]. - The company is expected to continue its growth trajectory with projected revenues of 1.814 billion CNY, 2.159 billion CNY, and 2.559 billion CNY for 2025, 2026, and 2027 respectively [10][12]. Summary by Sections Financial Performance - The company’s overall gross margin for 2024 was 37.69%, a decrease of 3.42 percentage points year-on-year, while the net profit margin was 8.53%, an increase of 0.03 percentage points [3][12]. - The company’s operating expenses as a percentage of revenue have improved, with sales, management, and R&D expense ratios at 7.77%, 8.44%, and 11.53% respectively, showing slight decreases year-on-year [3][12]. Business Segments - The laser segment includes the development of a 500W high-power MOPA pulsed fiber laser for the power battery industry, enhancing efficiency in electrode cutting and cleaning processes [4]. - The detection segment has seen growth due to the rapid expansion of production lines for mobile camera modules, with several projects being exclusive supply contracts [4]. - The company has also made strides in the photovoltaic sector with its perovskite laser cutting equipment, which is now being utilized in large-scale production lines [4]. Future Outlook - The company is positioned as a leader in the domestic laser industry, particularly in the context of domestic substitution in the new energy lithium battery sector, which is expected to drive future growth [10][12]. - The projected earnings per share (EPS) for 2025 is estimated at 2.18 CNY, with a price-to-earnings (PE) ratio of 26 times [10][12].