| 日期 | 代码 | 简称 | 成交价 | 成交数量（股） | 买入营业部 | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | | 2024-04- 25 | 835368 | 连城数控 | 19 | 55000 | 申万宏源证券有限公 | 长江证券股份有限公 司枝江公园路证券营 | | | | | | | 司大连分公司 | | | | | | | | | 业部 | | 2024-04- | | | | | 国泰君安证券股份有 | 国泰君安证券股份有 | | 25 | 832982 | 锦波生物 | 151.5 | 31800 | 限公司湖南益阳益阳 | 限公司湖南益阳益阳 | | | | | | | 大道营业部 | 大道营业部 | | 2024-04- 25 | 831152 | 昆工科技 | 10.03 | 200000 | 国信证券股份有限公 | 中泰证券股份有限公 司长沙五一大道证券 | | | | | | | 司上海分公司 | | | | | | | | | 营业部 | | 2024-04- | 833284 | 灵鸽科技 | 6.22 | ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a target price of 38.40 CNY per share [21]. Core Viewpoints - The company is positioned in both the photovoltaic and semiconductor sectors, showing robust growth in its main business areas. The revenue for 2022 was 3.77 billion CNY, a year-on-year increase of 84.90%, with a net profit of 452.3 million CNY, up 30.66% year-on-year [59][60]. - The photovoltaic industry is experiencing significant growth, with China's newly installed capacity reaching 216.88 GW in 2023, a 148% increase year-on-year. The total industry output value exceeded 1.75 trillion CNY [18][79]. - The company has been diversifying its customer base, reducing reliance on its major client, Longi Green Energy. In 2022, revenue from Longi accounted for 28.69% of total revenue, down from over 60% in previous years [20]. Financial Analysis - The company achieved a revenue of 6 billion CNY in 2023, with projected revenues of 7.78 billion CNY in 2024 and 9.72 billion CNY in 2025. The net profit is expected to grow to 705.4 million CNY in 2024 and 1.17 billion CNY in 2025 [24][26]. - The gross profit margin for the company's main products has been stable, with the gross margin for crystal growth and processing equipment at 28.68% in 2022 and 28.11% in the first half of 2023 [65]. Order Demand and Capacity Expansion - The company is expanding its production capacity to meet increasing order demands, having raised funds for projects aimed at increasing the production of single crystal furnaces and cutting machines [74][76]. - The company reported a significant increase in orders, with a revenue contribution of 14.89 billion CNY from crystal growth and processing equipment in the first half of 2023, marking a 68.42% increase year-on-year [55]. Industry Overview - The photovoltaic industry is supported by national policies aimed at achieving carbon neutrality, with a clear technological route for solar power generation [4][79]. - The semiconductor market is recovering, with China's semiconductor equipment market expected to reach 303.2 billion CNY in 2023, reflecting a growth trend [19]. Product Offering - The company offers a comprehensive range of products, including single crystal furnaces and cutting equipment, which are essential for the production of photovoltaic cells and semiconductor materials [51][78].

| 日期 | 代码 | 简称 | 成交价 | 成交数量（股） | 买入营业部 | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | | 2024-04- 19 | 832978 | 开特股份 | 6.52 | 166000 | 华源证券股份有限公 | 华泰证券股份有限公 司武汉新华路证券营 | | | | | | | 司湖北分公司 | 业部 | | 2024-04- | 835368 | 连城数控 | 21.5 | 50000 | 申万宏源证券有限公 | 申万宏源证券有限公 | | 19 | | | | | 司吉林分公司 | 司吉林分公司 | ...

| 日期 | 代码 | 简称 | 成交价 | 成交数量（股） | 买入营业部 | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | | 2024-04- | | | | | 兴业证券股份有限公 | 兴业证券股份有限公 | | 09 | 832522 | 纳科诺尔 | 18.2 | 55000 | 司福州五一北路营业 | 司福州五一北路营业 | | | | | | | 部 | 部 | | 2024-04- | 835368 | 连城数控 | 22 | 50000 | 国信证券股份有限公 | 申万宏源证券有限公 | | 09 | | | | | 司深圳深南分公司 | 司吉林分公司 | | 2024-04- | 833575 | 康乐卫士 | 21.15 | 100000 | 广发证券股份有限公 | 中信建投证券股份有 限公司上海华灵路证 | | 09 | | | | | 司上海控江路营业部 | | | | | | | | | 券营业部 | | 2024-04- | 833575 | 康乐卫士 | 21.15 | 300000 | 广发证券股份有限公 | 中信建 ...

证券代码：835368 证券简称：连城数控 公告编号：2024-011 大连连城数控机器股份有限公司 关于参股公司首次公开发行股票申请获得中国证监会同意注册批复 的公告 截至本公告披露日，公司持有拉普拉斯 61,538,923 股股份，占其首次公开 发行前总股本的 16.87%。目前拉普拉斯首次公开发行股票的发行时间、发行价 格等尚未确定，拉普拉斯将根据中国证监会、上海证券交易所相关规定及要求开 展后续工作。敬请广大投资者理性投资，注意投资风险。 特此公告。 大连连城数控机器股份有限公司 董事会 2024 年 3 月 28 日 1 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 大连连城数控机器股份有限公司（以下简称"公司"）参股公司拉普拉斯新 能源科技股份有限公司（以下简称"拉普拉斯"）申请拟首次公开发行股票并在 科创板上市。2024 年 3 月 27 日，中国证券监督管理委员会（以下简称"中国证 监会"）发布《关于同意拉普拉斯新能源科技股份有限公司首次公开发行股票注 册的批复》（证监许可[2024] ...

证券代码：835368 证券简称：连城数控 公告编号：2024-010 大连连城数控机器股份有限公司 1、本项目投资的实施，尚需通过招拍挂程序取得项目用地，同时也需履行 政府有关主管部门立项核准及报备、环评审批、建设规划许可、施工许可等审批 手续，如遇国家或地方有关政策调整、项目审批等实施程序条件发生变化等情形， 1 本项目实施可能存在变更、延期、中止或终止的风险。 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带法律责任。 一、项目投资情况概述 大连连城数控机器股份有限公司（以下简称"公司"）于 2024 年 1 月 10 日召开第五届董事会第八次会议审议通过了《关于投资建设第三代半导体项目的 议案》，公司下属全资子公司连科半导体有限公司（以下简称"连科半导体"） 作为本次项目投资主体，计划在无锡市投资建设"第三代半导体设备研发制造项 目"，计划总投资额不超过人民币 10.5 亿元。 具体内容详见公司于 2024 年 1 月 10 日在北京证券交易所指定信息披露平 台（www.bse.cn）披露的《大连连城数控机 ...

证券代码：835368 证券简称：连城数控 公告编号：2024-009 | | | 是否 为控 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 股股 | | | | 本次解 | | | | | 东、 | | 本次 | 本次解除 | 除限售 | 尚未解 | | 序 | 股东姓名 | 实际 | 董事、监事、高级管 | 解限 | 限售登记 | 股数占 | 除限售 | | 号 | 或名称 | 控制 | 理人员任职情况 | 售原 | 股票数量 | 公司总 | 的股票 | | | | 人或 | | 因 | | 股本比 | 数量 | | | | 其一 | | | | 例 | | | | | 致行 | | | | | | | | | 动人 | | | | | | | 1 | ZHIXIN LI | 否 | （原）董事、总经理 | B | 750,000 | 0.32% | 0 | | 2 | 王学卫 | 否 | （原）董事、副总经理 | B | 2,774,073 | 1.19% | 0 | | 3 | 曹胜军 | 否 | （原）董事、副 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [8][23]. Core Insights - The company is expected to achieve a revenue of approximately 6.0 billion yuan in 2023, representing a year-on-year growth of 59%. The net profit attributable to the parent company is projected to be around 705 million yuan, a 56% increase compared to the previous year [1]. - The company has seen a significant increase in orders for its monocrystalline furnaces, which is expected to drive revenue growth in the coming years. The revenue forecast for 2024 has been adjusted to 6.9 billion yuan, and a new forecast for 2025 has been introduced at 8.3 billion yuan [1][4]. - The company reported a net profit of approximately 2.5 billion yuan in Q4 2023, marking a 26% increase year-on-year, with a net profit margin of 10.74% [2]. Financial Summary - The company's revenue and profit forecasts for 2023, 2024, and 2025 are as follows: - 2023E Revenue: 6,000.14 million yuan, Growth Rate: 59.06% - 2024E Revenue: 6,900.16 million yuan, Growth Rate: 15.00% - 2025E Revenue: 8,280.19 million yuan, Growth Rate: 20.00% - 2023E Net Profit: 705.30 million yuan, Growth Rate: 55.95% - 2024E Net Profit: 849.80 million yuan, Growth Rate: 20.49% - 2025E Net Profit: 943.13 million yuan, Growth Rate: 10.98% [4][11]. Market Position and Strategy - The company is focusing on the dual industry development strategy of "Photovoltaics + Semiconductors," optimizing its industrial layout and enhancing market expansion efforts. This strategy has led to substantial growth in new orders and shipment scales [2][3]. - The company has introduced a new generation of low-oxygen solutions for its monocrystalline furnaces, which can save 30% of material time and improve operational efficiency [3]. Stock Performance and Valuation - The current price of the stock is 30.9 yuan, with a projected P/E ratio of 10.23 for 2023, decreasing to 7.65 by 2025 [8][4]. - The company’s total market capitalization is approximately 7.22 billion yuan, with a circulating market value of about 3.74 billion yuan [8]. Incentives and Management Confidence - The company has announced a stock option incentive plan aimed at binding the interests of management and core employees, reflecting confidence in future growth. The performance targets for the first exercise period are set at a cumulative revenue of no less than 12.5 billion yuan or a cumulative net profit of no less than 1.25 billion yuan over two years [3].

| --- | --- | --- | --- | |----------|----------|--------------------------|-----------------------------| | 项目名称 | 立项背景 | 研发内容 | 北交所公司深度报告 研发进展 | | | | 该设备产能、电池片间距、 | | 源证券 北交所公司深度报告 北 交 所 研 究 投资评级：买入（维持） 连城数控（835368.BJ） 2024 年 02 月 26 日 ——北交所公司深度报告 北交所研究团队 公司是国内最早进行线切设备国产化及金刚线切割技术推广的企业，涵盖截断机、 切方机、切片机等产品。线切设备 2021 年营收 5.45 亿元，是第二大收入来源。在国 内四个线切设备主要厂商内，公司 2021 年营收位列第二，仅次于高测股份。我们测 算国内光伏切割设备 2024 年市场规模将达 62 亿元。同时核心客户隆基绿能将开启 鄂尔多斯年产 46GW 单晶硅棒和切片项目、陕西省西咸新区年产 100GW 单晶硅片 等扩产项目，带来的设备采购需求有望提升公司业务订单量。 单晶炉：海外收购 Kayex 吸 ...