Ping An Securities: DR Laser's cost control effects are outstanding, benefiting from the BC industry trend, maintaining a "Recommended" rating

Ping An Securities' research report points out that DR Laser achieved a net profit attributable to the parent company of 327 million yuan in the first half of the year, a year-on-year increase of 38.37%, with a net profit of 316 million yuan after deducting non-recurring items, a year-on-year increase of 40.51%. The cost control effect is remarkable, and performance has grown rapidly. According to the "Back Contact Battery Technology White Paper," the market share of BC components will continue to increase from 2025, reaching 62% by 2030; currently, Longi Green Energy, Aiko Solar, and others are promoting large-scale expansion of BC battery production capacity. The traditional BC battery manufacturing process requires multiple steps such as gluing, exposure, developing, etching, and cleaning, resulting in high production costs and low yield; however, laser patterning technology can significantly reduce production costs and improve yield. The company has already received bulk orders for BC battery laser patterning equipment and has a positioning advantage, making it likely to become a core beneficiary of the BC industry trend. Considering the development situation of the BC industry and the company's cost control, the profit forecast for the company has been adjusted. Taking into account the BC industry trend and the company's positioning advantage in laser patterning equipment, the company maintains a "Recommended" rating