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大族激光(002008):需求复苏迹象隐现 Q2单季有所改善

Han's Laser (002008): There are signs of a recovery in demand, and there have been improvements in the Q2 quarter

信達證券 ·  Aug 27, 2023 00:00

Incident: The company released its semi-annual report for 2023, achieving operating income of 6.09 billion yuan, -12.25% year-on-year; net profit of 4.2 billion yuan, -32.9% year-on-year; net profit of non-attributable net profit of 200 million yuan, -67.44% year-on-year.

Comment:

There are signs of a recovery in demand, and some business segments increased year over year. In the first half of 2023, in the company's main business segments, the revenue of consumer electronics, new energy equipment, and general industrial laser processing equipment was +6.52%, +6.60%, and +7.80%, respectively. However, the pressure on businesses such as PCB-specific equipment has not been released. In terms of time, Q2's quarterly revenue was 3.66 billion yuan, +3.36%/51.01% over the same period; net profit for return was 280 million yuan, -6.02%/+97.89% of the same period. Q2 performance has improved significantly compared to Q1, and recovery is currently looming in some segments. Waiting for an inflection point in demand, the company's growth momentum is still the same.

General industrial laser processing equipment has clearly recovered, and the company has plenty of orders on hand. In the first half of 2023, the company's general industrial laser processing equipment business achieved revenue of 2.46 billion yuan, +7.80% year-on-year. Among them, high-power laser cutting equipment/welding equipment achieved revenue of 1.19 billion yuan and 150 million yuan respectively, with a year-on-year ratio of +14.68% and -11.48%, respectively. The company adjusted its business strategy, maintained high-end penetration into the middle and low end markets, set up factories in many places and delivered nearby, and current orders reached 676 million yuan. Furthermore, the company's customer expansion was smooth. It won the bid for various projects such as laser brazing of the white body roof of the BYD automobile, chassis frame, and automatic welding line for high-strength steel battery trays.

The new energy business is growing well, and the pressure on the PCB business is expected to be released quickly. In the first half of 2023, the company's new energy equipment business achieved revenue of 1.15 billion yuan, +6.60% over the same period last year. Among them, lithium batteries and photovoltaics were +4.0% and 47.0%, respectively. As new energy vehicles continue to penetrate and the perovskite business progresses rapidly, the company's performance is expected to expand rapidly.

Profit forecast: We expect the company's diluted earnings per share in 2023-2025 to be 1.29 yuan, 1.81 yuan, and 2.02 yuan, respectively. We continue to be optimistic about the company's development prospects.

Risk factors: Consumer electronics development falls short of expectations, risk of macroeconomic fluctuations.

The translation is provided by third-party software.


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