United Winners Laser(688518) 海通证券·2024-09-02 05:49Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The report highlights that the company's revenue for the first half of 2024 was 1.456 billion yuan, a year-on-year decrease of 14.36%, with a net profit attributable to shareholders of 51 million yuan, down 74.26% year-on-year [4][5] - The report anticipates that the company's non-lithium battery business will contribute to profit growth, as the company has signed a significant number of orders in this area [5][6] Summary by Sections Financial Performance - The company's gross margin and net margin for the first half of 2024 were 30.61% and 3.37%, respectively, down 5.04 percentage points and 8.33 percentage points year-on-year [5] - In Q2 2024, the company's revenue was 728 million yuan, a decrease of 22.04% year-on-year, with a net profit of 23 million yuan, down 79.46% year-on-year [4][5] Revenue Breakdown - The revenue from laser welding automation equipment was 924 million yuan, down 22.41% year-on-year; revenue from lasers and laser welding was 116 million yuan, up 6.75% year-on-year; and revenue from workbenches was 240 million yuan, down 14.67% year-on-year [5] - Other businesses achieved revenue of 175 million yuan, an increase of 49.21% year-on-year [5] Future Outlook - The company aims to increase its non-lithium battery business, which accounted for 35.05% of new orders in the first half of 2024, with significant growth in the consumer electronics sector [5][6] - The company is also expanding its overseas market presence, with new overseas orders increasing by 695.68% year-on-year in the first half of 2024 [5][6] Profit Forecast - The forecasted net profit for 2024, 2025, and 2026 is 307 million yuan, 428 million yuan, and 541 million yuan, respectively, with corresponding EPS of 0.90 yuan, 1.25 yuan, and 1.59 yuan [6][7] - The report assigns a PE valuation of 14-16 times for 2024, suggesting a reasonable value range of 12.61-14.41 yuan per share, corresponding to a market capitalization range of 4.3-4.9 billion yuan [6][10]