Core Viewpoint - Huayuan Securities issued a report on August 6, giving a "buy" rating to Xinjie Energy (605111.SH, latest price: 32.64 yuan) based on its focus on semiconductor chips and power devices, expansion into high-end application markets, and expected improvement in operational performance as inventory cycles end [2]. Group 1: Company Analysis - The company specializes in the research, design, and sales of MOSFETs, IGBTs, and other semiconductor chips and power devices [2]. - Xinjie Energy is actively expanding into high-end application markets, with its subsidiaries working collaboratively to enhance growth [2]. - The end of the inventory destocking cycle is anticipated to lead to a continuous recovery in operational performance [2]. Group 2: Market Opportunities - The company is expected to benefit from multiple applications, including automotive electronics and servers, which are gaining momentum [2].

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its growth potential in the power semiconductor sector [5][54]. Core Views - The company has a strong foundation in power semiconductors and is expanding into high-end applications, which is expected to drive growth [5][54]. - The inventory destocking phase in the power semiconductor industry is coming to an end, leading to a recovery in operational performance [9][24]. - The company is actively developing products for various applications, including automotive electronics and AI servers, which are expected to contribute significantly to revenue growth [9][41]. Summary by Relevant Sections Market Performance - As of April 4, 2025, the closing price is 32.24 CNY, with a market capitalization of 13,390.32 million CNY [3]. Financial Forecast and Valuation - Revenue projections for 2025-2027 are 22.10 billion CNY, 26.91 billion CNY, and 32.30 billion CNY, with year-on-year growth rates of 21%, 22%, and 20% respectively [47][54]. - The company’s net profit is expected to reach 5.35 billion CNY, 6.58 billion CNY, and 7.98 billion CNY for the same period, with corresponding growth rates of 23.22%, 22.80%, and 21.34% [54]. - The price-to-earnings (P/E) ratios for 2025-2027 are projected to be 25, 20, and 17 respectively [54]. Business Overview - The company focuses on the research, design, and sales of power semiconductor chips and devices, including MOSFETs and IGBTs, and has established four major product platforms [6][13]. - The company has nearly 4,000 product models covering a voltage range of 12V to 1700V [13][40]. - The company is expanding its high-end application markets, with significant contributions from automotive electronics, industrial automation, and AI computing [9][41]. Operational Performance - The company reported a revenue of 4.49 billion CNY in Q1 2025, representing a year-on-year increase of 20.81% [24]. - The gross margin for 2024 is projected to be 36.42%, reflecting a year-on-year increase of 5.67 percentage points [35]. - The company has established advanced packaging and testing lines through its subsidiaries, enhancing its production capabilities [9][22]. Competitive Position - The company is positioned to benefit from the recovery of the power semiconductor industry, with a focus on expanding its product offerings and market reach [9][54]. - The company has formed strategic partnerships with leading packaging and testing firms to strengthen its supply chain [40].

Trading Information Summary - On August 1, 2025, the main capital inflow for Xin Jie Energy was 18.137 million yuan, accounting for 7.37% of the total transaction amount [1][2] - The total transaction volume was 76,500 lots, with a transaction amount of 246 million yuan [1] Company Announcement Summary - Xin Jie Energy announced the redemption of two cash management products, resulting in a total actual income of 677,880 yuan [2] - The company has a balance of 440 million yuan in idle raised funds for cash management as of the announcement date [1] Cash Management Product Details - The first product, a structured deposit from CITIC Bank, had an amount of 400 million yuan, with an actual annualized return of 1.34%, yielding an actual income of 440,380 yuan [3] - The second product, also from CITIC Bank, had an amount of 150 million yuan, with an actual annualized return of 1.9%, yielding an actual income of 237,500 yuan [3]

Summary of Key Points Core Viewpoint - New Clean Energy (新洁能) has shown a slight increase in stock price and has engaged in cash management with idle fundraising, generating returns from structured deposits. Group 1: Stock Performance - As of August 1, 2025, New Clean Energy's stock closed at 32.2 yuan, up 0.06% from the previous week [1] - The stock reached a weekly high of 33.02 yuan on July 30 and a low of 31.86 yuan on July 31 [1] - The company's current total market capitalization is 13.374 billion yuan, ranking 81st out of 162 in the semiconductor sector and 1284th out of 5149 in the A-share market [1] Group 2: Cash Management Activities - The company announced the redemption of two idle fundraising cash management investments, yielding a total return of 677,880 yuan [1] - The board approved the use of up to 1.15 billion yuan of temporarily idle non-public fundraising for cash management [1] - Details of the cash management include: - A structured deposit with Citic Bank amounting to 400 million yuan, with an actual annualized return of 1.34%, yielding 440,38 yuan [1] - A structured deposit with Shanghai Pudong Development Bank amounting to 150 million yuan, with an actual annualized return of 1.9%, yielding 237,500 yuan [1] Group 3: Remaining Cash Management Balance - As of the announcement date, the remaining balance of idle fundraising used for cash management is 440 million yuan [2]

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry in China [4] Core Viewpoints - The demand for AI computing facilities is expected to drive the growth of SiC/GaN power devices, opening up new growth opportunities in the industry [2][24] - The report emphasizes that the application potential of SiC/GaN in AI computing facility power supply systems has not been fully explored, and future demand is likely to continue increasing [7][24] Summary by Sections Investment Recommendations and Targets - AI server and data center demand is anticipated to create growth opportunities for SiC/GaN power devices. Key companies to watch include: - GaN industry leader Innoscience - Major power device manufacturers such as Wingtech Technology, China Resources Microelectronics, New Clean Energy, Star Semiconductor, and Tianyue Advanced - Wafer foundry company Chipone Integrated Circuits focusing on SiC power devices - Passive component companies like Farah Electronics and Jianghai Co., Ltd. - Companies in the third-generation semiconductor equipment market like Zhongwei Company [2][29] Industry Dynamics - The report highlights that AI computing facilities will increase the demand for SiC/GaN devices, particularly in high-voltage direct current (HVDC) and power module applications [7][8] - The transition from traditional power supply architectures to higher voltage systems (800V DC) is expected to enhance power transmission efficiency, thus driving the adoption of SiC/GaN devices [10][14] - The report notes that the penetration rate of SiC in global power semiconductors is projected to reach 4.9% by 2024, while GaN's penetration is at 0.5% in 2023, indicating room for growth [21][22] Company Insights - Innoscience is recognized as the global leader in the GaN industry, with a revenue of 830 million yuan in 2024, reflecting a year-on-year growth of 39.8% [30][34] - Wingtech Technology is focusing on semiconductor business growth, with a revenue of 58.4 billion yuan in 2024, and is strategically transforming to enhance its position in the power semiconductor industry [40][44] - China Resources Microelectronics is experiencing steady revenue growth, achieving 10.12 billion yuan in 2024, with a focus on enhancing its SiC/GaN product capabilities [50][51]

证券代码：605111 证券简称：新洁能 公告编号：2025-039 无锡新洁能股份有限公司 | 性存款 | | --- | 二、截止本公告披露日公司使用闲置募集资金进行现金管理的情况 截止本公告披露日，公司使用闲置募集资金进行现金管理的余额为人民币 4.4亿元。 特此公告。 无锡新洁能股份有限公司董事会 无锡新洁能股份有限公司（以下简称"公司"）于 2024 年 8 月 12 日召开第四 届董事会第十七次会议和第四届监事会第十五次会议审议通过了《关于使用暂时 闲置的募集资金进行现金管理的议案》，同意公司在确保不影响募集资金项目开 展和使用计划的前提下，使用最高额度不超过 115,000 万元人民币的暂时闲置的 非公开发行募集资金进行现金管理，投资于安全性高、流动性好的投资产品，本 次公司使用非公开发行闲置募集资金购买投资产品的投资期限不超过 12 个月， 在前述期限内可由公司滚动使用，并于到期后归还至募集资金专户。公司使用闲 置募集资金进行现金管理将严格遵守上海证券交易所关于上市公司募集资金管 理的相关规定。 具体内容详见公司在上海证券交易所网站（www.sse.com.cn）披露的《关于 使用暂时闲置的募 ...

Group 1 - The company has approved the use of temporarily idle raised funds for cash management, with a maximum amount not exceeding 115 million RMB [1] - The investment will be made in high-security and high-liquidity financial products, with a maximum investment period of 12 months [1] - As of the date of this announcement, the balance of idle raised funds used for cash management is 590 million RMB [2]

Group 1 - The core viewpoint of the article highlights the financial performance and market activity of Xin Jie Neng (605111), showing a stock price increase and significant net inflow of funds [1][3] - As of July 29, 2025, Xin Jie Neng's stock closed at 32.79 yuan, with a 1.86% increase and a trading volume of 117,500 hands, amounting to 382 million yuan [1] - The company reported total revenue of 449 million yuan for Q1 2025, representing a year-on-year growth of 20.81%, and a net profit of 108 million yuan, up 8.20% year-on-year [1] Group 2 - Xin Jie Neng has made investments in 18 companies and participated in 23 bidding projects, indicating active engagement in business expansion [2] - The company holds 40 trademark registrations and 274 patents, showcasing its focus on intellectual property and innovation [2] - Xin Jie Neng has 46 administrative licenses, reflecting its compliance and operational capabilities within the industry [2]

1 无锡新洁能股份有限公司（以下简称"公司"）于 2024 年 8 月 12 日召开第四 届董事会第十七次会议和第四届监事会第十五次会议审议通过了《关于使用暂时 闲置的募集资金进行现金管理的议案》，同意公司在确保不影响募集资金项目开 展和使用计划的前提下，使用最高额度不超过 115,000 万元人民币的暂时闲置的 非公开发行募集资金进行现金管理，投资于安全性高、流动性好的投资产品，本 次公司使用非公开发行闲置募集资金购买投资产品的投资期限不超过 12 个月， 在前述期限内可由公司滚动使用，并于到期后归还至募集资金专户。公司使用闲 置募集资金进行现金管理将严格遵守上海证券交易所关于上市公司募集资金管 理的相关规定。 具体内容详见公司在上海证券交易所网站（www.sse.com.cn）披露的《关于 使用暂时闲置的募集资金进行现金管理的公告》（公告编号：2024-039）。 二、截止本公告披露日公司使用闲置募集资金进行现金管理的情况 截止本公告披露日，公司使用闲置募集资金进行现金管理的余额为人民币 5.9亿元。 证券代码：605111 证券简称：新洁能 公告编号：2025-038 无锡新洁能股份有限公司 关于闲置募 ...

注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） | 证券代 | 证券简 | 今日涨跌幅 | 今日换手率 | 年线 | 最新价 | 乖离率 | | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | （%） | （%） | （元） | （元） | （%） | | 600500 | 中化国 际 | 10.10 | 1.97 | 3.92 | 4.25 | 8.45 | | 300776 | 帝尔激 光 | 4.31 | 3.58 | 58.61 | 60.98 | 4.04 | | 301348 | 蓝箭电 子 | 2.94 | 11.13 | 21.10 | 21.68 | 2.76 | | 688007 | 光峰科 技 | 3.97 | 2.92 | 15.32 | 15.72 | 2.62 | | 603806 | 福斯特 | 10.04 | 4.59 | 14.34 | 14.69 | 2.44 | | 000560 | 我爱我 家 | 2.56 | 11.01 | 3.13 | 3.21 | 2.39 | | 6 ...