Finance Federation, October 23 (Reporter Wang Biwei)Tonight, the third quarterly report of Daju Laser (002008.SZ), famous for “Fruit Chain,” was released. Despite the launch of Apple's new season, Han's Laser Q3 performance did not improve, and after deducting non-net profit, fell by nearly 30% month-on-month. People in the industry chain said that in the current situation where overall downstream demand has not improved significantly, equipment manufacturers such as Dansu Laser have been hit even harder.

According to the third quarterly report of Dans Laser, in the first three quarters, the company achieved operating income of 9.387 billion yuan, a year-on-year decrease of 11.12%; realized net profit of 633 million yuan, a year-on-year decrease of 37.59%. Among them, net profit for the third quarter was 209 million yuan, a year-on-year decrease of 45.37%. The company said that the reason for the decline in performance was insufficient demand from the company's downstream customers and reduced orders.

At a time when leading consumer electronics companies are new, Q3 has always been seen as a climbing season for upstream consumer electronics companies. The Q3 results of “fruit chain” companies that have released some results, such as Lixun Precision (002475.SZ) and Lansi Technology (300433.SZ), all showed a month-on-month upward trend. However, Han's Q3 revenue fell about 10% month-on-month, net profit fell about 26% month-on-month, and non-net profit fell about 30% month-on-month. Why did Han's Laser drop sharply month-on-month?

It has not kept up with the current cycle of consumer electronics, or is related to Han's laser's transformation in its business structure. Reading through Han's semi-annual report, it can be seen that at present, Han's laser's former pillar business, the share of consumer electronics revenue has declined markedly.

Compared with the 2020 semi-annual report, in the first half of 2023, Dansu Laser's consumer electronics business has declined from 23.2% of revenue to 14.3%, and the PCB equipment business has declined from 16.93% to 12.68%. Currently, the company's highest revenue is the general industrial laser processing equipment business, accounting for about 40%. Furthermore, in the first half of the year, the new energy equipment business already accounted for about 19% of revenue and semiconductor equipment accounted for about 14.5%.

Some people in the industry chain further revealed to reporters that Han's Laser, as an equipment manufacturer, has a different logic from that of a foundry manufacturer. In the current situation where industrial confidence is generally insufficient, equipment demand in all downstream fields will decrease, considering equipment depreciation, etc. Therefore, when downstream demand is sluggish, equipment manufacturers are being hit even harder.

Also, it has attracted attention that Han's laser profit is falling faster than revenue. In addition to the impact on business demand, financial reports show that in the face of declining revenue, the company's R&D expenditure in the first three quarters increased by 5% year-on-year to 1.18 billion yuan, which may be an important reason for the decline in profit margins. The company also stated in its investor relations records for September, “The company has increased resource investment in new energy industries such as the photovoltaic industry and the power battery industry, and increased investment in R&D in the semiconductor industry and core devices, etc., all of which have led to an increase in the company's personnel remuneration and expenses.”