海目星：技术能力强劲，期待医疗激光业务放量

Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company's revenue growth in H1 2024 was driven by increased acceptance of photovoltaic and 3C products, with total revenue reaching 2.4 billion yuan, up 11.6% YoY [1] - Net profit attributable to the parent company declined by 17.7% YoY to 150 million yuan, mainly due to lower gross margins in power battery laser and automation equipment, increased overseas business development costs, and higher financial expenses from increased borrowing [1] - The company's medical laser business shows strong potential, with its innovative high-power tunable mid-infrared femtosecond laser being a global first, achieving watt-level average power and 5-11 micron wavelength tuning [2] - The company is advancing applications for Class II and III medical device certificates, with skin-related products nearing completion and hair regeneration products showing promising early results in clinical trials [2] Financial Performance - In Q2 2024, the company achieved revenue of 1.35 billion yuan, up 7.7% YoY, but net profit attributable to the parent company fell 27.7% YoY to 110 million yuan [1] - The report forecasts net profit attributable to the parent company of 310 million yuan, 450 million yuan, and 550 million yuan for 2024-2026, with corresponding P/E ratios of 19x, 13x, and 11x [2] - Revenue growth is expected to be 18.1%, 15.6%, and 15.2% for 2024-2026, with net profit growth rates of -4.3%, 46.9%, and 20.9% respectively [3] Medical Laser Business - The domestic medical aesthetics market is projected to reach 415.7 billion yuan by 2030, with photoelectric medical aesthetics accounting for over 200 billion yuan [2] - The company's mid-infrared femtosecond laser technology has significantly improved conversion efficiency from near-infrared to mid-infrared, offering a competitive edge in the medical laser market [2] - Clinical trials for hair regeneration products are underway, with initial small-sample data showing significant effectiveness [2] Industry and Market Position - The company operates in the automation equipment industry, with a total market capitalization of 5.8 billion yuan as of August 30, 2024 [4] - The company's technological advancements in medical lasers position it as a potential leader in the laser platform industry [2]