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Traditional industry "advantages highlight"
Q: The dominant business of the Han family laser is the information mark. From the first half of the year, it has achieved rapid growth, close to the historical high point of 2007. Please analyze the reasons for growth.
A: The operating situation of Dazu Laser in the first half of the year was good. Due to the recovery of customer demand, the combined revenue of the first half of the year was 1.359 billion yuan, and the net profit was 113 million yuan. The information marking equipment realized revenue of nearly 320 million yuan. In 2007, the annual revenue of information marking equipment was 670 million yuan, which is close to the historical high level. The main reason is the rapid growth in demand for consumer electronics.
We judge that the laser processing equipment of Dazu Laser is widely used in the field of consumer electronics as an advanced processing method and means, and it provides many new demands in terms of product upgrading and design. The large customer structure is relatively high, and there will be certain volatility in the short term, which may affect our sales revenue, but in the long run, we are quite optimistic. In addition, the application of Han's laser information marking equipment in other industries such as food packaging is still very extensive.
LED business industry "new rookie"
Q: What is the situation of the Han's laser LED product line? Which is the core layout?
A: We officially started LEDs from the end of last year. The industrial layout of Dazu Laser in LED is that Dazu Optoelectronics is doing LED packaging equipment. Lusheng and Guoyexing are two companies that do packaging, and Dazu Yuanheng does the application. At present, we are still focusing on equipment. From the perspective of the future development trend of the LED industry, we are very valued.
Dazu Optoelectronics made LED packaging equipment. In the first half of the year, the sales revenue reached nearly 40 million yuan, and the gross profit margin of the equipment was between 20% and 30%. From the current point of view, the first half of the year was subject to capacity problems, coupled with the spare parts suppliers in the first half of the year, the contract completion is not particularly good, but the order is actually quite good. The above problems have gradually improved after the second quarter. We expect that there will be a very high growth this year compared to last year. After all, last year there was only a level of 20 million to 30 million yuan. In addition, the wire bonding machine should be the most technically-supplied product in the LED packaging equipment. We have developed and developed it successfully, and are testing it at the customer, and we are going to officially launch it in the second half of the year.
Lusheng and Guoyexing were acquired only last year. In the first half of the year, Guoyexing achieved sales revenue of 63 million yuan, but it also suffered a slight loss, mainly because it was acquired last year, and began to adjust and integrate its personnel and business. This year may be objectively affected by the shortage of upstream chips, and it will squeeze its profits. Another road has risen, and the sales revenue in the first half of the year is also 40 million yuan. The two gross margins are currently at a low level of around 15%, which is lower than the industry average.
In the first half of the year, Dazu Yuanheng only had sales revenue of more than 30 million yuan, and the gross profit margin was above 25%. In the first half of the year, there were more orders, and some engineering project orders may be confirmed and delivered in the second half of the year. From the current situation, the situation throughout the year should be good.
Expand investment in new energy fields
Q: In addition to LEDs, Han's laser has other investments in new energy. How is the progress?
A: Dazu Photovoltaic was established in February this year with a registered capital of 50 million yuan. It is a wholly-owned subsidiary. The main business scope is the development, production and sales of solar cell manufacturing equipment including silicon material processing equipment. At present, the company's business progress is quite smooth, and as of now, the products have been sold.
Nenglian New Energy Co., Ltd. is also a company established this year. It mainly designs and builds solar cells and components including solar photovoltaic power supply systems.
In the future, Han's laser hopes to increase investment in new light sources and new energy fields, and give full play to its advantages in opto-mechatronic integration, and become a new profit growth point.
Q: The Han family's laser business is wide, resources are not concentrated, and where is the competitiveness?
A: This kind of worry is understandable. Han's laser was originally based on laser processing equipment. After strategic adjustment, it made special equipment on the basis of the original industrial laser processing equipment, and then determined the direction of new energy and new light source in the field of special equipment, including There is also an information industry driven by the Internet industry.
Of course, LED and solar energy industries are in the ascendant. Han's laser wants to seek more space in this respect, and should appropriately extend the industrial chain to the downstream. It should be seen that we use equipment as an entry point, and we have an advantage in this respect. Then, on the basis of this, seek business opportunities, and continue to increase investment in the future.
After the first two additional issuances and financing including IPO, the development of the original traditional business of Dazu Laser is still very smooth. At present, Han's laser seeks a new direction. If its own funds cannot be fully guaranteed in the future, it may use the capital market platform for external financing.
Optimistic about Hainan real estate business
Q: How did Dazu Laser enter the real estate business in Nanjing and Hainan?
A: Nanjing Dazu Feng is a joint venture, and Han's Laser holds 50%. Initially, I was preparing to build a software development park in Nanjing. Later, due to the real estate market situation, the joint venture party had a market opportunity in the local area and turned it into a joint venture company, which made our main business less impactful and used it as a financial investment. . At present, the project is progressing smoothly. There are two plots of land there. The land price is relatively cheap. From the perspective of its development, it should be sustainable. In the future, it will provide good benefits to the Han nationality laser.
The return on investment cycle of Hainan business is slightly longer. It can be understood as pension, tourism and real estate projects. It is a project established by us and Jilin Grain Group.
The project may have a longer progress period, but the future returns are quite promising. It mainly benefits from the planning of the international tourist island, and it was cheaper to get the land. It initially acquired 500 mu of land, more than 200,000 yuan, and 5 The square kilometers of the lake, the environment is very good. In the future, we are optimistic about the financial returns in this regard.
financial data
Total share capital (million shares) 696
Circulating A shares (million shares) 615
Operating income (100 million yuan) 13.59
Net profit (100 million yuan) 1.13
Earnings per share (yuan) 0.162
Target price (yuan) 17
Rating increase
Source: Company Announcement, Guotai Junan
(Remarks: Financial data from the 2010 company report)
Guotai Junan 
Han's laser layout LED industry chain
On August 31, 2010, we organized a telephone exchange meeting for the interim results of Shenzhen Dazu Laser (002008) Technology Co., Ltd. (Da Laser, 002008). Han's laser executives introduced investors to their operations in the first half of 2010 and their outlook for the future, and exchanged views on issues of concern to investors. The number of participating organizations is about 80.