投资建议：公司业绩增势延续，传统业务稳健，设备新品进展顺利。我们预计公司2024-2026 年归母净利润为1.38/2.25/2.79 亿元，EPS 为1.46/2.36/2.93元，对应PE 为36.36/22.40/18.06 倍，维持“增持”评级。Incident: The company released its 2024 performance report, achieving full-year revenue of 1.457 billion yuan, +18.87% YoY, net profit to mother 0.138 billion yuan, +28.85% YoY, after deducting 0.111 billion yuan of non-net profit, +29.52% YoY.
Performance growth continued, driven by multiple factors: 4Q2024 achieved revenue of 0.387 billion yuan in a single quarter, +20.18%/-18.76% month-on-month, and realized net profit of 0.035 billion yuan, +49.61%/month-on-month -27.62%, after deducting non-net profit of 0.019 billion yuan, +6.31% /month-on-month. In 2024, the company continued to deeply cultivate laser processing needs in the field of new energy, cooperating with the promotion of new technologies, and developing new types of lasers and laser processing monitoring modules to further improve customer processing efficiency while also driving revenue growth for the company's related products. The company has long focused on the needs of the consumer electronics laser precision processing and optoelectronic module inspection industry to provide comprehensive laser/optical solutions for leading customers in the consumer electronics industry, and related product revenue has increased.
The laser business is steady, and module inspection+perovskite equipment is progressing smoothly: Lasers: The company's laser products reduce costs and increase efficiency for customers. Since 2Q2023, strategic adjustments have been made to continuous light lasers, and product profitability has continued to be repaired. Module inspection: In terms of camera inspection, benefiting from the iteration of customer camera technology, the spread of high-end camera technology, and the vigorous expansion of domestic module manufacturers, the company has fully covered all camera inspection projects and is expected to continue to contribute to performance growth in the next two years; the VCSEL chip module inspection business has developed new testing equipment in response to customer update needs, and the current prototype has passed customer verification, and is expected to go overseas in the future; the MR optical inspection business continues to cooperate exclusively with customers to promote R&D related to AR equipment. Currently, there are many projects under development. Perovskite: The company's perovskite film cutting equipment has obtained a leading position in the industry in terms of technical parameters and industry reputation. By the end of the third quarter, it had received order requests from many customers, and delivery and acceptance work continued to advance, while actively cooperating with customers to land on GW grade production lines.
Investment advice: The company's performance continues to grow, traditional business is steady, and new equipment products are progressing smoothly. We expect the company's 2024-2026 net profit to be 0.138/0.225/0.279 billion yuan, EPS is 1.46/2.36/2.93 yuan, and the corresponding PE is 36.36/22.40/18.06 times, maintaining the “gain” rating.
Risk warning: the industrialization of new products falls short of expectations; the risk that demand for new energy sources falls short of expectations; the risk of falling consumer electronics demand; and the risk of fluctuations in raw material supply and prices.
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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