Event: the company publishes its 2023 semi-annual report.

2023H1:

1) realized revenue of 206 million yuan, year-on-year-14.83%; net profit of 4 million yuan, year-on-year; and deduction of non-return net profit of-1 million yuan, year-on-year-107.06%.

2) Gross profit margin 49.6%, year-on-year-0.03pct; return net profit margin 1.81%, year-on-year-8.58pct; deduction of non-home net profit margin-0.69%, year-on-year-9.06pct.

3) the expense rate during the period is 50.73%, year-on-year + 11.02pct, and the sales / management / R & D / financial expense rate is 19.11%, 11.76%, 22.99% and-3.13% respectively, with year-on-year changes of 3.08,2.2,8.23 and-2.49pct respectively.

2023Q2 single quarter:

1) achieve revenue of 108 million yuan, year-on-year + 2.75%, month-on-month + 10.83%; realize return-1 million yuan, year-on-year-174.24%, month-on-month-122.25%; realize non-return net profit-4 million yuan, + 21.2% year-on-year, month-on-month-265.19%.

2) Q2 single-quarter gross profit margin 48.02%, year-on-year + 0.16pct, month-on-month ratio-3.33pct; return-0.98%, year-on-year-2.34pct, month-on-month-5.88pct; deduction of non-return net profit margin-3.34%, year-on-year-0.51pct, month-on-month-5.59pct.

Performance split:

23H1 equipment realized revenue of 139 million yuan,-23.51% compared with the same period last year, and laser realized revenue of 19.1747 million yuan,-8.12% of the same period last year.

Precision laser processing equipment: 1) the semiconductor and optical processing field is mainly affected by the decline in business terminal demand for optical filter glass wafer processing equipment; 2) the new electronic laser processing equipment has been transferred to automotive electronics applications. Obtain new product line orders from mainstream car factories and the head of the automobile supply chain, maintain steady growth; 3) show that laser processing equipment is the company's strategic adjustment and contraction 4) the income in the field of new energy mainly comes from printing screen laser plate making equipment and perovskite thin film solar cell production equipment, lithium electricity related products are still in the process of market development step by step, and the growth rate of newly signed orders is obvious.

Lasers: 1) mainly due to the continuous fierce competition in the laser market, strategic price cuts to maintain market share; 2) among them, nanosecond laser revenue is-25.54% compared with the same period last year. Laser shipments such as picosecond, femtosecond and adjustable pulse width increased by 27.27%. 3) the demand for external sales of lasers began to shift from nanosecond lasers to ultrafast lasers such as picosecond and femtosecond lasers.

Focus on technological innovation: 1) Silicon carbide ingot laser slicing technology, 23H1 has obtained the first customer batch order, the product has been introduced into the customer production line for mass production, and is now in the market development stage of key customers; 2) MicroLED huge transfer technology, 23H1 new customer order landed smoothly (3) the new energy laser core except the blue film process, the 23H1 order is gradually expanding, and the research and development of many other equipment and customers in the new energy field of the company are being carried out in an orderly manner; the new laser enhances profitability: 1) solid-state laser product line, start the research and development of 300W high power picosecond laser, high power femtosecond laser achieves average infrared power output of 100W and has mastered 300W power output technology. 2) Fiber laser product line, 23H1 officially launched a series of fiber lasers, including all-fiber femtosecond laser, QCW fiber laser, MOPA fiber laser and so on.

Profit Forecast: we forecast that the company's 23-25 net return profit will be 0.67 × 107pm respectively. (the previous value is 103x151max / 214m, mainly due to the fact that the growth rate of the company's orders is lower than expected), corresponding to a PE of 55.82max / 38.89max / 28.34X, maintaining a "buy" rating!

Risk tips: the progress of high-end products is not as expected; the development and promotion of new products are not as expected; the sales of products at home and abroad are not as expected.