United Winners Laser(688518) 申万宏源·2025-03-02 08:15Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company benefited from successful acceptance of consumer electronics orders, leading to a significant increase in net profit margin in Q4. Despite underperformance in the lithium battery business, Q4 net profit margin showed notable improvements year-on-year and quarter-on-quarter, primarily due to the high-margin consumer electronics business [9] - The lithium battery business is focusing on exports, new technology increments, and renovation demands. The company is actively expanding overseas and has received several targeted and intended orders from clients. New technologies, such as solid-state batteries, are driving demand for laser welding equipment [9] - The non-lithium battery business is gaining a higher order share, improving the profit structure. Orders from non-lithium sectors, including consumer electronics and medical devices, have higher gross margins compared to lithium orders. In the first three quarters of 2024, non-lithium orders accounted for 39% of new signed orders [9] - The profit forecast has been adjusted downward due to the slowdown in the lithium battery business acceptance pace. Expected net profits for 2024-2026 are 175 million, 298 million, and 495 million respectively, with corresponding P/E ratios of 35, 20, and 12. The company's valuation is below the average of comparable companies, indicating potential for growth despite short-term pressures [9] Financial Data and Earnings Forecast - The company reported a total revenue of 3.214 billion in 2024, a year-on-year decrease of 8.49%, with a net profit of 175 million, down 38.74% year-on-year. Q4 revenue was 1.014 billion, up 5.90% year-on-year and 36.35% quarter-on-quarter, with a net profit of 81 million, up 137.89% year-on-year and 85.04% quarter-on-quarter [5][10] - Revenue and profit forecasts for 2024E to 2026E are as follows: total revenue of 3.501 billion in 2025E and 4.133 billion in 2026E, with net profits of 298 million and 495 million respectively [7][10]