联赢激光：业绩承压，聚焦激光焊接，加速开拓市场培育新业务

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [4] Core Views - The company faced revenue pressure in H1 2024, with a revenue of 1.456 billion yuan, down 14.36% year-on-year, and a net profit attributable to shareholders of 51 million yuan, down 74.26% year-on-year [1] - The company is focusing on laser welding automation and accelerating market expansion to cultivate new business opportunities [1] - The company has seen significant growth in its lithium battery equipment upgrade orders, which increased by 102.57% year-on-year in H1 2024 [2] - The non-lithium business has also been expanding, with 35.05% of new orders in H1 2024 coming from this segment, particularly in consumer electronics [2] - The company has made substantial progress in overseas market development, with new overseas orders increasing by 695.68% year-on-year [2] Financial Performance Summary - For H1 2024, the company reported a gross margin of 30.61%, down 5.04 percentage points year-on-year, and a net profit margin of 3.51%, down 8.18 percentage points year-on-year [1] - In Q2 2024, the company achieved a revenue of 728 million yuan, down 22.04% year-on-year, with a net profit of 23 million yuan, down 79.46% year-on-year [1] - The company’s revenue forecast for 2024-2026 is adjusted to 3.45 billion yuan, 4.51 billion yuan, and 5.64 billion yuan respectively, with corresponding P/E ratios of 11.96, 9.16, and 7.32 [2][9] Product Performance - Revenue from laser welding automation equipment in H1 2024 was 924 million yuan, down 22% year-on-year, with a gross margin of 27.19% [1] - Revenue from workbenches was 240 million yuan, down 15% year-on-year, with a gross margin of 15.75% [1] - Revenue from lasers and laser welding machines was 116 million yuan, up 7% year-on-year, with a gross margin of 46.31% [1] Financial Data and Valuation - The company’s total revenue for 2024E is projected to be 4.132 billion yuan, with a growth rate of 17.66% [3][9] - The net profit attributable to shareholders for 2024E is expected to be 345.13 million yuan, reflecting a growth rate of 20.56% [3][9] - The company’s P/E ratio is projected to decrease from 11.96 in 2024E to 7.32 in 2026E, indicating improving valuation metrics [3][10]