DR Laser(300776) 光大证券·2025-04-30 03:18Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [3][6][16]. Core Insights - The company achieved a revenue of 2.014 billion yuan in 2024, representing a year-on-year increase of 25.2%, and a net profit of 528 million yuan, up 14.4% year-on-year. For Q1 2025, revenue reached 561 million yuan, a 24.55% increase year-on-year, with a net profit of 163 million yuan, up 20.76% year-on-year and 13.16% quarter-on-quarter [1][2]. - The company experienced a 62.09% increase in photovoltaic equipment sales volume, totaling 1,045.5 units, which significantly contributed to a 45.86% rise in revenue from laser processing equipment to 1.994 billion yuan. The gross margin improved by 3.56 percentage points to 46.87% [2]. - The company has increased its R&D investment, with expenses rising by 12.73% to 283 million yuan in 2024, accounting for 14.03% of revenue. Several technological breakthroughs were achieved, including advancements in TOPCon and BC technologies, as well as new laser welding processes for components [3]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 2,014 million yuan and a net profit of 528 million yuan. The revenue growth rate was 25.20%, while the net profit growth rate was 14.40%. For 2025, the estimated revenue is 2,319 million yuan, with a projected net profit of 615 million yuan, reflecting growth rates of 15.10% and 16.48%, respectively [5][11]. R&D and Technological Advancements - The company has maintained high R&D spending, with a 12.73% increase in 2024, totaling 283 million yuan. This investment has led to breakthroughs in various technologies, including laser-induced sintering (LIF) for TOPCon and advanced laser etching equipment for BC, which have secured orders from leading companies [3][11]. Market Position and Future Outlook - The company is well-positioned in the photovoltaic sector, with significant technological reserves in TOPCon, HJT, IBC, and perovskite technologies. The non-photovoltaic sector, including high-end consumer electronics and integrated circuits, is expected to provide new revenue growth opportunities as technological advancements continue [3][5].