Event: when Dazu Laser released its semi-annual report in 2023, 23H1 realized revenue of 6.087 billion yuan (- 12.25%), operating profit of 382 million yuan (- 44.01%), net profit of 424 million yuan (- 32.88%) and non-net profit of 198 million yuan (- 67.44%). 23Q2 has an operating income of 3.662 billion yuan (+ 3.35%), a net profit of 281 million yuan (- 5.90%) and a non-return profit of 240 million yuan (- 15.08%). Compared with Q1, the month-on-month growth was 50.99%, 97.56% and 661.42%, respectively.
The market share of the business remains in the lead, and the new photovoltaic business develops smoothly. In the first half of 2023, the company's information industry income was 1.638 billion yuan (year-on-year-35.47%), and the overall market share remained in the lead. Among them, the consumer electronic equipment business achieved revenue of 867 million yuan (year-on-year + 6.52%), launched metal 3D printing devices and other new products; PCB equipment business achieved revenue of 771 million yuan (- 55.29%), and the industry customers' investment in new production capacity was greatly reduced, resulting in a greater impact. The revenue of new energy equipment is 1.153 billion yuan (+ 6.60% compared with the same period last year), of which the revenue of lithium power equipment business is 1.055 billion yuan (+ 3.96% compared with the same period last year), and the order on hand is 3.176 billion yuan, continuously promoting the key customer strategy and speeding up the process of going out to sea. Photovoltaic equipment business achieved revenue of 98 million yuan (year-on-year + 46.96%), on-hand orders of 430 million yuan, the company's PECVD, diffusion furnace, annealing furnace and other equipment won the bid TOPCON battery industry customer batch orders, the company independently developed perovskite laser marking equipment, has achieved mass production and sales. Semiconductor equipment revenue of 838 million yuan (year-on-year-19.16%), the company's silicon carbide laser slicing equipment continues to promote cooperation with the industry's leading customers, ready for large-scale production, research and development of Micro-LED large-scale transfer, huge welding, repair and other equipment market verification reflected well. General industrial laser processing equipment market revenue of 2.458 billion yuan (year-on-year + 7.80%), the company continues to increase the coverage and expansion of the low-end market, the market share has increased steadily; continued to strengthen cooperation with new energy vehicle customers, won the bid for 31 BYD body-in-white top cover laser brazing and chassis frame, high-strength steel battery tray automatic welding line and other projects.
Profit forecast. We estimate that the net profit of the shareholders belonging to the parent company from 2023 to 2025 is 1.242 billion yuan, 1.697 billion yuan and 1.943 billion yuan respectively, and the EPS is 1.18,1.61,1.85 yuan respectively. Combined with the disturbance of this year's epidemic and the comparable valuation level of the company, the company is given a dynamic PE range of 20-22X in 2023, corresponding to a reasonable value range of 23.60-25.96 yuan, with a rating of "better than the big city".
Risk hint. 3C industry growth slowdown affects the development of the laser industry is lower than expected, the industry competition is higher than expected, and the market competition intensifies.