大连连城数控机器股份有限公司 关于公司合并报表范围内提供担保的进展公告 证券代码：920368 证券简称：连城数控 公告编号：2026-013 （三）决策与审议程序 公司分别于 2025 年 4 月 24 日、2025 年 5 月 16 日召开第五届董事会第十 五次会议和 2024 年年度股东会，审议并通过了《关于公司合并报表范围内提 供担保的议案》。具体内容参见公司于 2025 年 4 月 25 日在北京证券交易所信 息披露平台（www.bse.cn）披露的《大连连城数控机器股份有限公司关于公司 合并报表范围内提供担保的公告》（公告编号：2025-022）。 本次公司为下属子公司向平安保理申请保理融资业务提供担保事宜，在公 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。 一、担保情况概述 （一）担保基本情况 大连连城数控机器股份有限公司（以下简称"公司"或"连城数控"）合并 报表范围内的全资子公司连城凯克斯科技有限公司（以下简称"连城凯克斯"） 基于业务发展的实际需要和资金需求向平安商业保理有限公 ...

Investment Rating - The report indicates a positive investment outlook for the space photovoltaic industry, highlighting significant growth potential driven by technological advancements and market demand [3]. Core Insights - The commercial space sector is entering a large-scale, industrialized phase, with the market expected to reach trillion-yuan levels, particularly in space photovoltaics, which are anticipated to see explosive demand growth [3][30]. - The technology landscape for space photovoltaics is evolving through a tiered approach: GaAs technology dominates high-value applications, while P-type HJT and perovskite technologies are emerging as key players for future applications [3][11]. - The demand for low Earth orbit (LEO) satellites and space computing is creating a substantial market opportunity, with projections estimating the space photovoltaic market could grow from hundreds of billions to trillions of yuan by 2030 [3][30]. Summary by Sections 1. Technology Evolution of Space Photovoltaics - The development path of space photovoltaics shows a clear evolution from silicon to GaAs and then to multi-junction and perovskite technologies, focusing on efficiency, cost, and radiation resistance [5][11]. - Current leading technology is the multi-junction GaAs solar cells, which are highly efficient but face cost and production capacity limitations for broader applications [11][21]. 2. Market Demand and Growth Potential - The low Earth orbit satellite market is projected to reach approximately 29 billion yuan by 2030, with optimistic scenarios for space computing potentially pushing the overall market towards trillion-yuan levels [3][30]. - The rapid increase in satellite launches, particularly by major players like SpaceX and China's satellite constellations, is driving demand for space photovoltaics [30][31]. 3. Investment Opportunities - The report suggests prioritizing investments in photovoltaic equipment manufacturers that possess space photovoltaic technology, as well as companies involved in advanced materials for space applications [3][50]. - Key companies identified for investment include Maiwei, Jiejia Weichuang, and others that are leading in equipment and technology for space photovoltaics [50][55]. 4. Key Companies and Their Developments - Maiwei is highlighted as a leading company in HJT technology with significant orders from SpaceX, indicating strong market positioning [50]. - Other notable companies include Jiejia Weichuang and Laoplas, which are advancing in TOPCon and perovskite technologies, respectively [50][55]. - Companies like Kaisheng Technology and Lens Technology are also making strides in developing materials suitable for space photovoltaic applications [50][55].

Investment Rating - The report maintains a "Buy" rating for key companies in the space photovoltaic sector, including Maiwei Technology, Dier Laser, Jiejia Weichuang, and Aotwei [2][3]. Core Insights - The space photovoltaic sector is driven by the dual forces of commercial aerospace and the computing revolution, with space photovoltaic technology recognized as the primary energy source for space activities [6][7]. - The report highlights the rapid growth of commercial space launches, with global commercial launches expected to exceed 70% by 2025, and the increasing demand for AI-driven data centers, which necessitate innovative energy solutions [6][9]. - The report emphasizes the technological evolution in space photovoltaic systems, identifying triple-junction gallium arsenide as the current leader, while P-HJT and silicon/perovskite tandem technologies are anticipated to dominate in the near to mid-term [6][10]. Summary by Sections 1. Space Photovoltaics: The Sole Main Energy Source in Commercial Aerospace and Computing Revolution - The global aerospace industry is set to accelerate, with 323 launches and 4508 satellites expected in 2025, primarily driven by the US and China [13]. - The low Earth orbit (LEO) satellites are becoming a focal point, with over 1.3 million satellites currently proposed globally [16][18]. 2. Technological Iteration in Space Photovoltaics - Triple-junction gallium arsenide batteries dominate due to their high efficiency and radiation resistance, but their high cost limits large-scale production [42][47]. - P-HJT batteries are identified as the most cost-effective solution in current mass production technologies, with costs significantly lower than triple-junction gallium arsenide [48][50]. 3. Investment Recommendations - Focus on the SpaceX supply chain, with recommendations for leading companies such as Maiwei Technology (HJT battery equipment), Aotwei (module equipment), Dier Laser (battery laser processing), and Jiejia Weichuang (core battery processing equipment) [10][6]. - Additional companies to watch include Jing Sheng Mechanical and Electrical (silicon wafer growth equipment) and Liancheng CNC (silicon wafer processing equipment) [10].

证券代码：920368 证券简称：连城数控 公告编号：2026-012 大连连城数控机器股份有限公司 关于公司合并报表范围内提供担保的进展公告 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、担保情况概述 （一）担保基本情况 大连连城数控机器股份有限公司（以下简称"公司"或"连城数控"）合并 报表范围内的控股子公司中山市汇创精密科技有限公司（以下简称"中山汇 创"）基于业务发展的实际需要和资金需求，向中信银行股份有限公司中山分 行（以下简称"中信银行中山分行"）申请办理综合融资授信业务，由公司及其 少数股东中山市汇佳精密科技有限公司（以下简称"中山汇佳"）按持股比例 共同提供连带责任担保。具体情况如下： | 担保人 | 被担保人 | 贷款银行 | 融资金额 | 融资 | 担保金额 | 担保方式 | | --- | --- | --- | --- | --- | --- | --- | | | | | （万元） | 期限 | （万元） | | | 连城数控 | 中山汇创 | 中信银行 | 1,000. ...

股东减持股份结果公告 本公司及董事会全体成员及相关股东保证公告内容不存在虚假记载、误导 性陈述或重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 一、 减持主体减持前基本情况 | 股东名称 | 股东身份 | 持股数量 | 持股比例 | 当前持股股份来源 | | --- | --- | --- | --- | --- | | | | （股） | （%） | | | 三亚兆恒私募基金管 理合伙企业（有限合 伙）－如东睿达股权投 | 持股 5%以 上股东 | | 7.2278% | 北交所上市前取得（含 权益分派转增股） | | | | 16,969,396 | | | | 资基金合伙企业（有限 | | | | | | 合伙） | | | | | 证券代码：920368 证券简称：连城数控 公告编号：2026-011 大连连城数控机器股份有限公司 | 股东名称 | 减持数 量 | 减持 占总 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 数量 | 减 | | 减持 | | 减持 | 当 ...

Market Performance - On March 23, 2026, the Beijiao Exchange 50 index decreased by 5.48%, closing at 1,244.03 points[1] - The overall trading volume on the Beijiao Exchange was 16.946 billion yuan, with a turnover rate of 3.30%[1] - The total market capitalization of the Beijiao Exchange was 792.81 billion yuan, with a circulating market value of 479.93 billion yuan[1] Industry Trends - The majority of industries on the Beijiao Exchange experienced declines, with the beauty and personal care sector dropping by 8.8% and construction materials by 7.9%[1] - The only sector that saw an increase was oil and petrochemicals, which rose by 2.5%[1] Stock Performance - Among the 300 listed companies, only 14 saw an increase, while 286 experienced declines[1] - The top gainers included *ST Yunchuang (+28.09%) and Oputai (+10.45%), while the largest decliners were Xinhengtai (-18.46%) and Zuxing New Materials (-10.52%)[1] Valuation Insights - The overall valuation of the Beijiao Exchange was approximately 38.72 times earnings, lower than the ChiNext and STAR Market, which had P/E ratios of 42.15 and 69.05 respectively[1] - The highest average P/E ratio was in the oil and petrochemical sector at 132.9 times[1] Risk Factors - Potential risks include lower-than-expected policy support, insufficient technological innovation, intensified market competition, and market volatility[1]

二、本次股票解除限售的明细情况及原因 单位：股 | 序 | 股东姓名 | 是否为控 股股东、 | | 本次解限 | 本次解 除限售 | 本次解除 限售股数 | 尚未解除 | | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | 或名称 | 实际控制 人或其一 致行动人 | 任职情况 | 售原因 | 登记股 票数量 | 占公司总 股本比例 | 限售的股 票数量 | | 1 | 任怀宇 | 否 | 原监事会主席 | B | 2,450 | 0.0010% | 7,350 | | 2 | 张辉 | 否 | 原监事 | B | 5,000 | 0.0021% | 15,000 | | | | 合计 | | — | 7,450 | 0.0032% | 22,350 | 说明：上表合计数与各明细数直接相加之和在尾数上存在差异，系四舍五入原因造成。 注：解除限售原因： A 董事、高级管理人员每年解除限售 B 离任董事、监事、高级管理人员解除限售 C 自愿限售解除限售 D 限制性股票解除限售 E 公开发行前特定主体股票解除限售 F 参与战略配售取得股票解除限售 G 其 ...

证券代码：920368 证券简称：连城数控 公告编号：2026-009 大连连城数控机器股份有限公司 关于公司合并报表范围内提供担保的进展公告 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、担保情况概述 （一）法人及其他经济组织适用 1. 被担保人基本情况 （一）担保基本情况 大连连城数控机器股份有限公司（以下简称"公司"或"连城数控"）合并 报表范围内的控股子公司连科半导体有限公司（以下简称"连科半导体"）基 于业务发展的实际需要和资金需求，向江苏银行股份有限公司无锡分行（以下 简称"江苏银行无锡分行"）申请办理 1 年期不超过风险敞口人民币 1,000.00 万元的综合融资授信业务，由公司提供连带责任担保。 （二）是否构成关联交易 本次交易不构成关联交易。 （三）决策与审议程序 公司分别于 2025 年 4 月 24 日、2025 年 5 月 16 日召开第五届董事会第十 五次会议和 2024 年年度股东会，审议并通过了《关于公司合并报表范围内提 供担保的议案》。具体内容参见公司于 2025 ...

Investment Rating - The report assigns a "Buy-B" rating for the company, marking its first coverage [1][8]. Core Views - The company is expected to face a significant decline in revenue and profit due to oversupply in the domestic photovoltaic industry, with a projected revenue of 2.19 billion yuan for 2025, a year-on-year decrease of 61.4%, and a net profit of 77.29 million yuan, down 77.0% [5][6]. - Despite the domestic challenges, the company is actively expanding its overseas market presence, leveraging its operational experience and local subsidiaries in the U.S. and Vietnam to meet potential demand [6][7]. Financial Performance - For the fiscal year 2025, the company anticipates a net profit of 77 million yuan, with projections of 230 million yuan and 763 million yuan for 2026 and 2027, respectively [8]. - The earnings per share (EPS) for 2025 is estimated at 0.33 yuan, with a projected increase to 3.25 yuan by 2027 [11][12]. - The company's return on equity (ROE) is expected to improve from 1.7% in 2025 to 14.0% in 2027 [11][12]. Market Data - As of March 10, 2026, the company's closing price was 44.63 yuan per share, with a market capitalization of 104.78 billion yuan [3]. - The stock has experienced a high of 73.86 yuan and a low of 21.50 yuan within the year [3]. Operational Insights - The company has established a strong foothold in the North American market, with capabilities for complete line delivery and local production of key components [7]. - The strategic acquisition of a U.S. subsidiary has enhanced the company's competitive edge in intellectual property and technology [7].

Investment Rating - The report assigns a "Buy-B" rating for the company, marking its first coverage [1][8]. Core Insights - The company is expected to face a significant decline in revenue and profit for 2025 due to oversupply in the domestic photovoltaic industry, leading to weak demand for equipment [5][6]. - Despite the challenges in the domestic market, the company is actively expanding its overseas business, leveraging its operational experience and local subsidiaries in the U.S. and Vietnam to meet potential demand [6][7]. - The company has made necessary impairment provisions, reflecting a cautious approach amid the current market conditions [6]. Financial Performance - The company reported an expected revenue of 2.19 billion yuan for 2025, a year-on-year decrease of 61.4%, with a net profit of 78.29 million yuan, down 77% [5][11]. - The projected net profits for 2025, 2026, and 2027 are 0.8 billion yuan, 2.3 billion yuan, and 7.6 billion yuan, respectively, with corresponding P/E ratios of 134, 44, and 13 [8][11]. - The company’s basic earnings per share (EPS) for 2025 is estimated at 0.33 yuan, with a projected increase to 3.25 yuan by 2027 [11][12]. Market Position and Strategy - The company has established a strong foothold in the North American market, with capabilities for complete line delivery and local production [7]. - The report highlights the company's proactive approach in technology accumulation and innovation to capture both domestic and international market opportunities [6][7].