格隆汇8月13日丨德龙激光(688170.SH)公布，公司参与投资的苏州沃衍创业投资合伙企业（有限合伙） （曾用名：苏州沃衍绿色专精创业投资合伙企业（有限合伙），简称"苏州沃衍"）拟进行减资。本次减 资是拟减少基金全体合伙人认缴但未实缴部分，基金规模拟由120,000万元减少至84,000万元，基金全体 合伙人出资比例不变。其中公司作为基金有限合伙人认缴出资3,000万元，认缴比例2.50%，实缴出资 2,100万元，本次减资完成后，认缴出资2,100万元，认缴比例和实缴出资保持不变。本次减资涉及的出 资额尚未实缴，苏州沃衍无需向公司支付本次减资对价。 公司拟以自有资金出资1,000万元认购湖南沃衍长财创业投资基金合伙企业（有限合伙）（暂定名，以 登记机关最终核准登记的名称为准，简称"湖南沃衍"）1.94%的首期基金份额（基金尚处于募集阶段， 基金总认缴出资额及公司持有基金的份额比例以最终募集完成情况为准），重点投资于新材料、高端装 备、数字技术相关行业的优质未上市早期和成长期企业。 ...

8月13日，德龙激光大宗交易成交18.43万股，成交额600.26万元，占当日总成交额的2.79%，成交价32.57元，较市场收盘价39.22元折价16.96%。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) | 成交金额(万元) 成交量( * ) 买入营业部 | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-08-13 | 德龙激光 | 688170 | 32.57 | 398.33 | 12.23 | 中信证券股份有限 | 中信建投证券股份 | | | | | | | | 公司徐州建国西路 | 有限公司苏州分公 | | | | | | | | 证券营业部 | 리 | | 2025-08-13 | 德龙激光 | 688170 | 32.57 | 201.93 | 6.2 | 华泰证券股份有限 | 中信建投证券股份 | | | | | | | | 公司广州云城东路 | 有限公司苏州分公 | | | | | | | | 证券营业部 | 리 | ...

Core Viewpoint - The demand for silicon carbide (SiC) is rapidly increasing due to its applications in electric vehicles and renewable energy, leading to a surge in production and investment in SiC projects across China [1][2][3]. Industry Overview - The application scenarios for silicon carbide primarily include electric vehicles, photovoltaic power generation, charging stations, and power electronics [1]. - The silicon carbide industry has transitioned from the introduction phase to the growth phase, driven by increasing demand from downstream sectors like electric vehicles and photovoltaics [2]. Market Growth - The silicon carbide market is projected to grow at a compound annual growth rate (CAGR) of 35%, increasing from $1.2 billion in 2022 to $5.3 billion by 2027, with expectations to reach $9.4 billion (approximately 663 billion RMB) by 2029, with China accounting for half of this market [2]. Recent Developments - Multiple regions have recently signed contracts and launched silicon carbide material projects, with significant investments announced, such as a nearly 2 billion RMB project in Jiangsu and an 830 million RMB expansion in Jiangsu [3]. - Companies like Sanan Optoelectronics and Jingsheng Mechanical & Electrical are ramping up production of silicon carbide substrates, with Sanan's subsidiary signing long-term procurement agreements exceeding 7 billion RMB [3][4]. Technological Advancements - New technologies in silicon carbide processing, such as laser slicing, have been developed, with companies like Delong Laser reporting successful testing and securing bulk orders from major clients [4]. - The production capacity for silicon carbide equipment is also increasing, with companies like Jingsheng capable of producing over 100 units annually [4]. Demand Trends - The demand for silicon carbide in downstream applications remains strong, with clear expansion plans from clients in the electric vehicle sector, indicating a long-term growth trajectory for silicon carbide products [4].

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [2][9]. Core Insights - The PCB industry is experiencing continuous expansion driven by the demand for AI computing infrastructure, with major companies like Huadian and Shenghong investing significantly in new projects [3]. - The expansion is primarily focused on high-layer HDI boards, leading to increased requirements for equipment quantity and pricing [3]. - The exposure segment of PCB equipment, which accounts for 10%-15% of the total equipment value, is seeing higher demand for advanced exposure equipment due to stricter requirements from high-end PCB boards [3]. - The drilling segment, which constitutes about 25% of PCB equipment value, is benefiting from the increasing complexity of PCB designs, with a shift towards laser drilling technology [3]. - The PCB drill needle market is experiencing growth due to the surge in AI demand, prompting manufacturers to expand production capacity [3]. - The electroplating segment, which represents around 10% of PCB equipment value, is seeing increased demand for high-end equipment as AI applications require thicker copper and finer lines [3]. Summary by Sections PCB Expansion - Continuous expansion in the PCB sector is driven by AI computing needs, with significant investments from leading companies [3]. Exposure Equipment - Exposure equipment is critical for high-end PCB production, with domestic companies improving their capabilities to meet rising demands [3]. Drilling Equipment - The drilling process is evolving with a shift towards laser technology, driven by the need for smaller apertures and tighter tolerances in PCB manufacturing [3]. Drill Needles - The demand for high-quality drill needles is increasing, with manufacturers ramping up production to meet the needs of upgraded AI server PCBs [3]. Electroplating Equipment - The demand for advanced electroplating equipment is growing, particularly for high-end applications in the AI sector [3].

根据市场公开信息及8月11日披露的机构调研信息，知名私募敦颐资产近期对1家上市公司进行了调研， 相关名单如下： 1）德龙激光 （上海敦颐资产管理有限公司参与公司特定对象调研&线上会议） 机构简介： 上海敦颐资产管理有限公司（基金业协会登记编号：P1066741）成立于2015年6月，致力于成为优秀的 长期价值投资机构，追求持有人长期利益最大化。公司与拥有30年全球证券投资经验的台湾礼正投顾进 行深度合作，共享双边研究成果，双方投研团队人数逾20人。xa0 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 调研纪要：德龙激光在固态电池制造工艺方面提供多种激光解决方案，已推出激光制痕绝缘方案并获得 小批量订单。在传统锂电领域，公司提供全自动激光除蓝膜、激光烘烤和辊压清洗等解决方案，已实现 量产交付。公司核心竞争力在于激光器技术、激光加工工艺技术和高精度运动系统。公司正在江阴高新 技术产业开发区建设新能源高端装备制造项目，计划2026年投入生产。除锂电业务外，公司还聚焦激光 精细微加工在半导体、电子和新能源等行业的应用，重点发展精密激光加工设 ...

Group 1 - The core viewpoint is that DeLong Laser is actively involved in the solid-state battery manufacturing process, providing various laser solutions and has received small batch orders for its laser marking insulation solution [1] - DeLong Laser has achieved mass production delivery in the traditional lithium battery sector, offering fully automated laser blue film removal, laser baking, and roller cleaning solutions [1] - The company's core competencies lie in laser technology, laser processing technology, and high-precision motion systems [1] Group 2 - DeLong Laser is constructing a new energy high-end equipment manufacturing project in Jiangyin High-tech Industrial Development Zone, with plans to commence production in 2026 [1] - In addition to its lithium battery business, the company is focusing on precision laser micro-processing applications in the semiconductor, electronics, and new energy industries, emphasizing the development of precision laser processing equipment and solutions [1]

Group 1 - The core focus of Delong Laser is on providing various laser solutions for solid-state battery manufacturing, including a laser marking insulation solution that has received small batch orders [1] - In the traditional lithium battery sector, the company offers fully automated laser blue film removal, laser baking, and roller cleaning solutions, which have achieved mass production and delivery [1] - Delong Laser's core competencies lie in laser technology, laser processing technology, and high-precision motion systems [1] Group 2 - Delong Laser is constructing a high-end equipment manufacturing project for new energy in Jiangyin High-tech Industrial Development Zone, with plans to commence production in 2026 [1] - Beyond lithium battery applications, the company is also focusing on precision laser processing in semiconductor, electronics, and new energy industries, emphasizing the development of precision laser processing equipment and solutions [1] Group 3 - Shanghai Chengrui Investment Management Co., Ltd. was established in May 2010 with a registered capital of 11 million [2] - The company has been recognized for its stable development and diverse client base, which includes banks, private banks, securities firms, insurance companies, trusts, various FOF institutions, and state-owned enterprises [2] - The investment research team consists of 33 highly qualified professionals with strong educational backgrounds and extensive investment experience from prestigious universities [2]

Group 1 - The private equity firm Haoze Zhiyuan recently conducted research on the listed company Delong Laser, focusing on its solid-state battery manufacturing solutions and laser technology [1] - Delong Laser has launched a laser marking insulation solution and received small batch orders, indicating its market traction [1] - The company has achieved mass production delivery in traditional lithium battery sectors, providing automated laser solutions for blue film removal, laser baking, and roller cleaning [1] Group 2 - Delong Laser's core competencies include laser technology, laser processing technology, and high-precision motion systems, positioning it well in the competitive landscape [1] - The company is constructing a new energy high-end equipment manufacturing project in Jiangyin High-tech Industrial Development Zone, with plans to commence production in 2026 [1] - Beyond lithium battery applications, Delong Laser is also focusing on precision laser processing in semiconductor, electronics, and new energy sectors, aiming to develop advanced laser processing equipment and solutions [1]

Group 1 - The core focus of Delong Laser is on providing various laser solutions for solid-state battery manufacturing processes, including a laser marking insulation solution that has received small batch orders [1] - In the traditional lithium battery sector, Delong Laser offers fully automated laser blue film removal, laser baking, and roller cleaning solutions, which have achieved mass production and delivery [1] - The company's core competencies lie in laser technology, laser processing technology, and high-precision motion systems [1] Group 2 - Delong Laser is constructing a new energy high-end equipment manufacturing project in Jiangyin High-tech Industrial Development Zone, with plans to commence production in 2026 [1] - Beyond lithium battery applications, the company is also focusing on precision laser micro-processing in industries such as semiconductors, electronics, and new energy, with an emphasis on developing precision laser processing equipment and solutions [1]

调研纪要：德龙激光在固态电池制造工艺方面提供多种激光解决方案，已推出激光制痕绝缘方案并获得 小批量订单。在传统锂电领域，公司提供全自动激光除蓝膜、激光烘烤和辊压清洗等解决方案，已实现 量产交付。公司核心竞争力在于激光器技术、激光加工工艺技术和高精度运动系统。公司正在江阴高新 技术产业开发区建设新能源高端装备制造项目，计划2026年投入生产。除锂电业务外，公司还聚焦激光 精细微加工在半导体、电子和新能源等行业的应用，重点发展精密激光加工设备和解决方案。 根据市场公开信息及8月11日披露的机构调研信息，知名私募泾溪投资近期对1家上市公司进行了调研， 相关名单如下： 1）德龙激光 （上海泾溪投资管理合伙企业(有限合伙)参与公司特定对象调研&线上会议） 上海泾溪投资管理合伙企业(有限合伙)成立于2015年1月，主要从事二级市场股票投资业务。公司秉承 研究创造价值的理念，以自身的专业研究团队以及与各大券商研究部的紧密合作为支撑，凭借专业化的 投资方法、稳健的风险控制体系和前瞻性的投资视野，致力于为客户创造可持续的绝对收益。xa0 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备3101043457103012 ...