On April 16, Laplace announced its annual report for 2024, revealing impressive financial results despite the general pressures faced by the photovoltaic industry. The company achieved a revenue of 5.728 billion yuan, marking a 93.12% year-on-year increase, along with a net profit attributable to shareholders of 729 million yuan, which represents a 77.53% growth compared to the previous year.
However, the fourth quarter of 2024 showed a decline in performance, with a net profit of 153 million yuan, a decrease of 43.76% year-on-year and 31.76% from the previous quarter. Laplace attributed the overall revenue growth to the technological advantages of its new high-efficiency photovoltaic cell manufacturing equipment and the progress in client equipment delivery and acceptance.
Laplace, which debuted on the Sci-Tech Innovation Board in October 2024, specializes in manufacturing high-performance thermal process, coating, and automation equipment required for photovoltaic cell production. The company also provides equipment and services for semiconductor discrete devices. The photovoltaic equipment sector remains the main source of revenue for Laplace, contributing 5.679 billion yuan in 2024, which is 99.14% of total revenue, with a gross margin of 28.14%, slightly down by 0.37 percentage points from the previous year. In the semiconductor sector, revenue reached 39.032 million yuan, an increase of 127.67%, with a gross margin of 30.4%, up by 18.16 percentage points, although this segment only accounted for 0.68% of total revenue.
During the year, Laplace produced 1,742 units of equipment and sold 2,339 units, with an ending inventory of 2,822 units. The report also highlighted that the top five customers accounted for a total sales volume of 4.364 billion yuan, which makes up 76.18% of annual sales, indicating a high customer concentration rate. Key clients include leading photovoltaic companies like Longi Green Energy, JinkoSolar, Aiko Solar, and Junda Co.
Additionally, Laplace reported accounts receivable and contract assets with a combined book value of 1.667 billion yuan, representing 29.09% of the current period’s revenue. The net cash flow from operating activities was 79.5415 million yuan, which reflects a significant decrease of 93.31%, highlighting the mounting pressure on cash flow.
In response to the rapid evolution of photovoltaic cell technology, Laplace invested 296 million yuan in research and development in 2024, an increase of 27.5%. The company filed 471 new patent applications, including 127 invention patents and 328 utility model patents. During the reporting period, Laplace launched new products like ALD and EPD equipment in the photovoltaic sector and received large-scale orders for them. In the semiconductor sector, products such as silicon carbide (SiC) based ultra-high temperature annealing furnaces also secured bulk orders.
Laplace also made significant strides in expanding its overseas market, with foreign income soaring to 723 million yuan, a remarkable increase of 24 times year-on-year, which raised its revenue share to 12.61%.
Despite the challenges facing the photovoltaic industry, competition among equipment manufacturers is becoming increasingly fierce. Companies like JinkoSolar, LONGi Green Energy, and others have also reported pressures on revenue growth for the fourth quarter. In its annual report, Laplace emphasized that its technological advantages are primarily in high-efficiency battery process equipment, such as TOPCon and XBC. However, industry analysts suggest that as competition among technological routes like PECVD and LPCVD intensifies, coupled with fluctuations in downstream capacity expansion, equipment manufacturers must continuously strengthen their technological defenses to mitigate cyclical risks in the industry.
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