Core Viewpoint - On September 11, brokerages provided target prices for listed companies, with significant increases noted for Huaron Co., Yifeng Pharmacy, and Xueda Education, indicating strong market interest in these sectors [1] Group 1: Target Price Increases - Huaron Co. saw a target price increase of 63.97%, indicating a strong bullish sentiment in the specialized equipment sector [1] - Yifeng Pharmacy's target price rose by 58.37%, reflecting positive outlooks in the pharmaceutical retail industry [1] - Xueda Education experienced a target price increase of 56.92%, showcasing optimism in the education sector [1] Group 2: Brokerage Recommendations - A total of 96 listed companies received brokerage recommendations on September 11, highlighting active market engagement [1] - Wanda Film, Tongkun Co., and Juhe Materials each received two brokerage recommendations, suggesting a focus on these companies within their respective industries [1] Group 3: Rating Downgrades - Caitong Securities downgraded Changchun Gaoxin's rating from "Buy" to "Hold," indicating a shift in sentiment towards this company [1]

Core Viewpoint - The solar photovoltaic demand in Q2 2025 has rapidly increased due to domestic rush installations, leading to a recovery in revenue and gross margins for major industry chain companies. Additionally, the easing of U.S. tariffs has significantly improved profitability in the U.S. market after companies streamlined their supply chains [1] Industry Chain Summary - The revenue of the main industry chain has increased, and gross margins have generally recovered, although there is differentiation among segments and companies. The downstream battery and module prices have risen quickly due to the rush installations, while the performance of silicon materials and wafers continues to decline marginally. Overall gross margin recovery is noted, but the increase in shipment volumes has not significantly reduced overall losses in the sector [1] - In Q2 2025, the output of slurry slightly increased quarter-on-quarter, but performance was heavily impacted by costs. The introduction of low-cost metal slurry production is expected to provide significant revenue and profit growth opportunities for slurry companies. The profitability of junction boxes, frames, and solder strips has been under pressure, while overseas production capacity for frames has shown strong contributions. Glass and film prices and profits have recovered due to domestic rush installations, with strong demand for centralized inverters and energy storage systems [2] Financial Outlook - The financial statements for Q3 2025 are expected to show further recovery, with a focus on the progress of reducing internal competition. Since July, the price of silicon materials has risen significantly, and downstream silicon wafers and battery modules have experienced varying degrees of price adjustments. The overall profit and operating cash flow for the sector are anticipated to improve further in Q3 2025, although the performance of the module segment may face some pressure quarter-on-quarter. Glass and film prices are expected to gradually rise above the production cost line of second-tier leading companies [3] Recommended Companies - Recommended companies include: - Silicon material segment: Tongwei Co., Ltd. (600438.SH) - High-efficiency module leader: JinkoSolar (688233.SH) - New technology BC and slurry: Dike Co., Ltd. (300842.SZ), Juhe Materials (688503.SH) - Racking: CITIC Bo (688408.SH) - Glass: Xinyi Solar (00968), Flat Glass (601865.SH) - Inverters and energy storage: Deye Technology (605117.SH), Jinlang Technology (300763.SZ), Shangneng Electric (300827.SZ), Canadian Solar (688472.SH) [4]

Group 1 - The Zhongzheng Photovoltaic Industry Index (931151) has shown a strong increase of 2.50% as of September 11, 2025, with significant gains in constituent stocks such as Juhe Materials (688503) up by 11.56% and Kehua Data (002335) up by 10.01% [2] - The Photovoltaic ETF Fund (516180) has risen by 1.80%, with the latest price reported at 0.74 yuan, and has accumulated a weekly increase of 4.78% as of September 10, 2025, ranking 3rd among comparable funds [2] - The Zhongzheng Photovoltaic Industry Index selects up to 50 representative listed companies from the photovoltaic industry chain to reflect the overall performance of these securities [2] Group 2 - As of August 29, 2025, the top ten weighted stocks in the Zhongzheng Photovoltaic Industry Index include Yangguang Electric (300274), Longi Green Energy (601012), and TCL Technology (000100), collectively accounting for 56.14% of the index [3] - The weight and performance of the top stocks are as follows: Yangguang Electric at 10.51% with a rise of 4.61%, Longi Green Energy at 9.97% with a slight increase of 0.17%, and TCL Technology at 9.42% with a rise of 1.37% [5]

Core Viewpoint - The company 聚和材料 plans to establish a special purpose company (SPC) with 韩投伙伴 to acquire the blank mask business segment of SK Enpulse for approximately 3.5 million RMB, marking a strategic move to diversify into the semiconductor materials sector [1][4]. Group 1: Acquisition Details - The acquisition involves a total investment of 680 billion KRW, with 聚和材料 contributing at least 95% of the funding [1]. - SK Enpulse, a subsidiary of SKC, will spin off its blank mask business into a new company named Lumina Mask [1][3]. - The target company, Lumina Mask, is currently in preparation and will be fully owned by SK Enpulse post-spin-off, with 聚和材料 and 韩投伙伴 acquiring 100% of its shares [3]. Group 2: Financial Performance of Target Company - As of the end of 2024, Lumina Mask is projected to have total assets of 256 million RMB, liabilities of 5.41 million RMB, and net assets of 251 million RMB [3]. - The expected revenue for Lumina Mask in 2024 is 4.30 million RMB, with an anticipated EBITDA loss of 4.63 million RMB and an operating loss of 5.10 million RMB, indicating a phase of financial underperformance [3]. Group 3: Strategic Rationale - 聚和材料 aims to reduce its heavy reliance on the photovoltaic sector, where 99.44% of its revenue currently comes from solar conductive paste [4]. - The acquisition of the blank mask business is seen as a critical step to enter the semiconductor materials market, which is essential for semiconductor manufacturing processes [4]. - The company believes this move will not only fill a gap in the domestic market for key materials but also help in expanding its customer base in the semiconductor industry [4].

Group 1 - JinkoSolar's subsidiary plans to sell 80% stake in Jinko New Materials for 80 million yuan, which will no longer be included in JinkoSolar's consolidated financial statements [1] - Zhongtai Automobile's subsidiary has been forced to dismantle its T300 vehicle assembly line, making it unable to resume production this year, leading to uncertainty in its ongoing operational capacity [1] - Springlight Technology's shareholders plan to reduce their holdings by a total of 0.68% of the company's shares between October 9, 2025, and January 8, 2026 [2] Group 2 - Sentech's energy storage and charging integration business is in the expansion phase, with its main business focusing on building-integrated photovoltaics (BIPV) and environmental remediation [3] - Qinchuan IoT plans to reduce its holdings by up to 1% of the company's shares from October 9, 2025, to January 8, 2026, with proceeds to be used for working capital [4] - Redick's shareholder plans to reduce holdings by up to 2% of the company's shares starting from September 9, 2025 [5] Group 3 - Guangxun Technology plans to raise up to 3.5 billion yuan through a private placement to fund various projects, including optical connection and high-speed optical transmission product production [8] - Shanghai Electric has terminated its acquisition of K-Electric Limited, which was planned for 1.773 billion USD, and is now focusing on investing in offshore photovoltaic and wind power projects [9][10] - Longsoft Technology's shareholder intends to transfer 1.72% of the company's shares through a non-public transfer [10] Group 4 - Amgen Pharmaceuticals' shareholders plan to reduce their holdings by a total of 6% of the company's shares between October 9, 2025, and January 8, 2026 [11] - Juhe Materials intends to acquire the blank mask business from SKE for approximately 35 million yuan to expand its semiconductor materials business [12] - Linuo Medical Packaging's shareholder plans to reduce holdings by up to 3% of the company's shares from October 9, 2025, to January 8, 2026 [13] Group 5 - Dongzhu Ecology plans to acquire 89.49% of Kairuixing Technology through a combination of share issuance and cash payment, aiming to enter the satellite communication and space information technology sector [14] - Dabeinong's controlling shareholder plans to reduce holdings by up to 1.99% of the company's shares starting from September 10, 2025 [15] - Tianji Technology is promoting the industrialization of lithium sulfide material preparation patents, currently in the early stages of development [16] Group 6 - Jing Shan Light Machine's subsidiary has secured a procurement order worth approximately 1.005 billion yuan from a leading lithium battery company [17] - Daheng Technology plans to establish a wholly-owned subsidiary with an investment of 600 million yuan to expand its semiconductor business [18]

Investment Rating - The investment rating for the company is "Outperform the Market" [2][4]. Core Views - The company announced a plan to establish a Special Purpose Company (SPC) with Han Investment Partners to acquire the Blank Mask business from SK Enpulse for 680 billion KRW (approximately 350 million RMB), with the company contributing at least 95% of the investment [3][6]. - The acquisition of the Blank Mask business is a strategic move to enhance domestic semiconductor material capabilities, aligning with national "self-control" strategies and potentially expanding the company's semiconductor client base [3][8]. - The Blank Mask is a critical material in semiconductor manufacturing, directly impacting chip manufacturing precision and performance, and the company aims to fill the gap in the domestic market where the current localization rate is low [8][6]. Financial Projections - The company is expected to achieve net profits of 409 million RMB, 510 million RMB, and 641 million RMB for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of -2.3%, +24.9%, and +25.6% [4][23]. - The projected price-to-earnings (PE) ratios for the years 2025, 2026, and 2027 are 35, 28, and 22 times, respectively [4][23]. - Revenue from the photovoltaic silver paste business is projected to be 138.85 billion RMB, 152.39 billion RMB, and 162.89 billion RMB for the years 2025, 2026, and 2027, with growth rates of +10%, +9%, and +7% [18][22]. Industry Overview - The global market for photomasks is dominated by suppliers from Japan, Korea, and Taiwan, with a significant reliance on imports for high-end blank masks in China [8][13]. - The domestic market is characterized by a low localization rate for blank masks, with major suppliers being concentrated in Japan and Korea [8][13]. - The company’s acquisition is expected to enhance its competitive position in the semiconductor materials sector, which is crucial for the ongoing technological advancements in chip manufacturing [3][8].

Group 1 - The Shanghai Stock Exchange's Sci-Tech Innovation Board semiconductor materials and equipment index rose by 0.53%, with notable increases in constituent stocks such as Anji Technology (up 2.31%) and Tianyue Advanced (up 2.10%) [1] - The Sci-Tech Semiconductor ETF (588170) saw a price increase of 0.52%, reaching a latest price of 1.15 yuan, with a trading volume of 58.85 million yuan and a turnover rate of 9.93% [1] - The latest scale of the Sci-Tech Semiconductor ETF (588170) reached 591 million yuan, marking a new high since its establishment, with a total of 515 million shares, the highest in three months [1] Group 2 - Juhe Materials announced a plan to establish a special purpose company (SPC) with Han Investment Partners to acquire SK Enpulse's blank mask business for 68 billion KRW (approximately 350 million yuan) [2] - The semiconductor materials industry is experiencing a positive inventory destocking trend, with improving supply-demand dynamics and a recovery in industry prosperity [2] - The semiconductor industry is benefiting from ongoing domestic substitution processes and a global cyclical upturn, indicating signs of recovery [2] Group 3 - The Sci-Tech Semiconductor ETF (588170) and its linked funds track the semiconductor materials and equipment index, focusing on companies in the semiconductor equipment (59%) and materials (25%) sectors [3] - The semiconductor equipment and materials industry is a key area for domestic substitution, characterized by low domestic production rates and high potential for domestic replacement [3] - The semiconductor materials ETF (562590) also emphasizes the upstream semiconductor sector, with significant representation from semiconductor equipment (59%) and materials (24%) [3]

证券研究报告 | 公司点评报告 2025 年 09 月 10 日 聚和材料（688503.SH） 收购 SKE 空白掩模业务，第二曲线有望进入发展快车 道 9 月 9 日公司发布，签署协议收购 SKE 空白掩模版业务。SKE 空白掩模事务部 主业为 DUV-Ar 和 DUV-KrF 光刻技术节点的空白掩模基版，产品已通过多家半 导体晶圆厂自有产线配套验证以及第三方掩模版客户验证。公司光伏浆料基本 盘扎实，较早开始在半导体材料领域投入和布局，目前已有一定业务基础，若 收购成功，有望助推公司第二曲线业务进入发展快车道。 ❑ 风险提示：光伏装机增速下降、铜浆进展不及预期、收购进展不及预期。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 10290 | 12488 | 13867 | 15299 | 16892 | | 同比增长 | 58% | 21% | 11% | 10% | 10% | | 营业利润(百万元) | 498 | 483 | 470 ...

Core Viewpoint - The company, 聚和材料, announced a joint establishment of an SPC with 韩投伙伴 to acquire the Blank Mask business segment from SK Enpulse for approximately 3.5 billion RMB [1] Group 1: Acquisition Details - The acquisition involves an investment of 680 million Korean Won, equivalent to about 3.5 million RMB [1] - The Blank Mask business segment includes land, factory buildings, inventory, equipment, patents, ongoing projects, personnel, and technology [1] - The company will contribute directly or indirectly at least 95% of the investment [1]

Core Viewpoint - The company, Changzhou Juhe New Materials Co., Ltd., announced a strategic acquisition of SK Enpulse's Blank Mask business to enhance its position in the semiconductor materials sector and fill domestic supply chain gaps [2][3]. Group 1: Acquisition Details - The company, in collaboration with Han Investment Partners, established a Special Purpose Company (SPC) to acquire all assets of SK Enpulse's Blank Mask business for 68 billion KRW (approximately 350 million RMB) [2]. - The acquisition includes land, buildings, equipment, patents, technology, and personnel, allowing the company to indirectly hold at least 95% of the target company post-transaction [2]. - The transaction will be completed by January 30, 2026, with a two-step payment structure: a deposit of 12.6 billion KRW (approximately 63 million RMB) within three working days of signing, and the remaining balance on the closing date [3]. Group 2: Financial Overview - The target company is projected to have total assets of approximately 256 million RMB and net assets of 251 million RMB by the end of 2024, with expected revenue of 43 million RMB and an EBITDA of -46 million RMB due to capacity ramp-up and R&D amortization [3]. - The company anticipates that the business will quickly turn profitable as Korean production orders increase and subsequent domestic capacity is established, enhancing overall gross margins and cyclical resilience [3]. Group 3: Strategic Importance - The acquisition aligns with the company's strategy to diversify beyond its current reliance on photovoltaic conductive pastes, which have led to a global market share of over 30% for three consecutive years [3]. - The company aims to retain and incentivize the core Korean team to ensure technological leadership, while also expanding into markets in mainland China, Taiwan, and Southeast Asia [3]. - Plans include establishing or expanding domestic Blank Mask production lines to localize production and mitigate currency and transportation risks [3]. Group 4: Regulatory Considerations - The transaction is subject to regulatory approvals from both the Chinese and South Korean governments, including foreign investment filings and antitrust reviews, introducing uncertainty regarding the completion of the deal [4].