Core Viewpoint - The company expects a net loss attributable to shareholders of between -48 million yuan and -35 million yuan for 2025, compared to a net loss of -44.22 million yuan in the same period last year [1] Group 1: Financial Performance - The projected net loss for 2025 is influenced by a phase of oversupply in the photovoltaic industry, low operating rates, and persistently low product prices [1] - The company is also accounting for impairment provisions, which contribute to the continued losses [1] - Despite the losses, the company anticipates profitability in the third and fourth quarters due to increased shipment volumes of diamond wires and silicon wafer processing, along with reduced costs [1]

Core Viewpoint - The company, Gaoce Co., Ltd. (688556.SH), expects a net profit attributable to shareholders to range from -48 million to -35 million yuan for 2025, indicating continued losses due to industry challenges [1] Financial Performance - The previous year's net profit attributable to shareholders was -44.43 million yuan, showing a slight deterioration in expected performance for 2025 [1] - The anticipated losses are attributed to a phase of oversupply in the photovoltaic industry, low operating rates, and persistently low product prices, compounded by impairment provisions [1] Operational Insights - Despite the expected losses, the company anticipates growth in the shipment scale of diamond wire and silicon wafer processing, along with a decrease in costs [1] - The company projects profitability in the third and fourth quarters of 2025, suggesting potential recovery in operational performance [1]

每经AI快讯，1月29日，高测股份公告称，高测股份预计2025年归属于上市公司股东的净利润 为-4800.00万元到-3500.00万元。上年同期归属于上市公司股东的净利润为-4422.79万元。 ...

Investment Rating - The report maintains an "Overweight" rating for the commercial aerospace industry, indicating a positive outlook for the sector in the coming months [1]. Core Insights - The commercial aerospace industry is expected to undergo a significant transformation by 2026, driven by advancements in launch capabilities and the successful deployment of domestic rockets, which will remove previous constraints on industry growth [8][9]. - The competition in commercial aerospace is fundamentally a "land grab" for space sovereignty and resource allocation, emphasizing the need for increased launch frequency to secure China's position in low Earth orbit [10]. - The report highlights the strategic importance of commercial aerospace in national defense and resource acquisition, particularly in the context of lunar resources like Helium-3, which could reshape global energy dynamics [12]. - Key catalysts for the industry include domestic policy support and capital market developments, with significant IPOs expected from leading aerospace companies in 2026 [13][15]. Summary by Sections 1. Why has the domestic commercial aerospace industry reached a qualitative change? - The industry has transitioned from a limited payload capacity to a robust launch capability, marked by the successful launch of the Zhuque-3 rocket, which signifies a shift from speculative themes to a narrative driven by operational capacity [8]. 2. How to understand the importance of commercial aerospace? - The scarcity of low Earth orbit resources has made the commercial aerospace race a critical national strategy, with the need to enhance launch frequency to secure space assets and maintain competitive advantages [10][11]. 3. What subsequent catalysts are worth paying attention to in commercial aerospace? 3.1. Domestic: Accelerated release of policy and capital dividends - The report anticipates significant policy support and capital market activity, with major aerospace companies expected to enter the IPO market in 2026, reflecting the strategic importance of the sector [13]. 3.2. International: Clear policy framework and tight planning timeline - The U.S. has shifted from a public to a private ownership model for space resources, establishing a legal framework that encourages commercial investment in space resource development [15][16]. 4. Investment Recommendations 4.1. SpaceX Concept - Companies that could potentially enter the SpaceX supply chain are highlighted, indicating a strong future in commercial aerospace [17]. 4.2. Rocket Sector: "Many Stars, Few Rockets" Expected to Breakthrough - The report suggests that advancements in large-capacity reusable rocket technology will lead to significant changes and valuation adjustments in the sector [19]. 4.3. Satellite Sector: Certainty in Implementation - The urgency to secure low Earth orbit resources is driving domestic satellite constellations from planning to large-scale deployment [20]. 4.4. Space Computing and Space Photovoltaics: Next-Generation Core Tracks - The report identifies space computing and space photovoltaics as critical future sectors, emphasizing their role in supporting lunar economies and global intelligence ecosystems [22].

Core Viewpoint - The company has successfully launched a 50μm ultra-thin silicon wafer, achieving leading performance metrics and quality standards, which will enhance the production efficiency and application scope of flexible HJT solar cells [2] Group 1: Product Development - The company has developed the ultra-thin silicon wafer through a collaborative approach involving "equipment + consumables + process" [2] - The ultra-thin silicon wafer has passed rigorous performance testing and comprehensive visual inspections, confirming its high quality [2] Group 2: Market Impact - The breakthrough in ultra-thin silicon wafer technology is expected to reduce silicon material waste, contributing to a decrease in production costs [2] - The thinner silicon wafers will improve flexibility, allowing for broader product applications and opening up new potential use cases [2]

证券日报网讯1月28日，高测股份在互动平台回答投资者提问时表示，公司深耕光伏硅片切割细分领 域，充分发挥"设备+耗材+工艺"技术闭环优势，持续引领硅片薄片化进程。2022年公司首发80μm超薄 硅片，2023年首发60μm超薄硅片，并在近期已推出50μm超薄硅片。由于光伏电池技术路线的选择，目 前批量供应的硅片主流厚度仍以100-130μm为主，公司已具备小批量交付60-80μm硅片能力，近期已有 多家电池头部客户及研究机构提出50μm硅片送样测试需求，超薄硅片将随着太空光伏超薄柔性HJT电 池的应用逐步打开。超薄硅片规模化切割技术壁垒相对较高，对切割设备、金刚线及切割工艺都提出了 更高要求，公司已布局并规划超薄硅片良率持续提升路径，助力行业加快超薄硅片量产落地。公司对钙 钛矿等前沿技术保持高度关注并已积极布局相关产品。 ...

Core Viewpoint - The company has successfully expanded its overseas sales of photovoltaic and semiconductor equipment, demonstrating strong market competitiveness [1] Group 1 - The company has achieved overseas sales of its innovative equipment, including photovoltaic and semiconductor devices [1] - Some of the company's equipment has been exported to France and other EU member countries [1] - The sales strategy primarily involves direct sales of the equipment [1]

Core Viewpoint - The company is focusing on the development and supply of ultra-thin silicon wafers, with a current mainstream thickness of 100-130μm and capabilities for 60-80μm and 50μm wafers, responding to market demand from leading battery customers and research institutions [1] Group 1 - The company has the ability to deliver small batches of 60-80μm silicon wafers and has introduced 50μm ultra-thin silicon wafers [1] - There is a growing demand for 50μm silicon wafer samples from several leading battery customers and research institutions [1] - The application of ultra-thin silicon wafers is expected to expand with the use of ultra-thin flexible HJT batteries in space photovoltaic systems [1] Group 2 - The company has laid out a technology roadmap for improving the yield of ultra-thin silicon wafers [1] - Continuous technological innovation will be a key strategy for the company to accelerate the mass production of ultra-thin silicon wafers in the industry [1]

Core Viewpoint - The company is focusing on the niche market of photovoltaic silicon wafer cutting, leveraging its "equipment + consumables + process" technology closed-loop advantage to lead the thin wafer trend in the industry [1] Group 1: Product Development - In 2022, the company launched an 80μm ultra-thin silicon wafer, followed by a 60μm ultra-thin silicon wafer in 2023, and recently introduced a 50μm ultra-thin silicon wafer [1] - The demand for ultra-thin silicon wafers is expected to increase with the application of ultra-thin flexible HJT batteries in space photovoltaics [1] Group 2: Technical Barriers and Industry Position - The cutting technology for ultra-thin silicon wafers has relatively high technical barriers, requiring advanced cutting equipment, diamond wires, and cutting processes [1] - The company has laid out and planned a path for continuous improvement in the yield of ultra-thin silicon wafers, aiding the industry in accelerating the mass production pace of ultra-thin silicon wafers [1]

(上证e互动) 1月28日，高测股份在互动平台表示，由于光伏电池技术路线的选择，公司目前批量供应的硅片主流厚 度仍以100-130μm为主，已具备小批量交付60-80μm硅片能力，并已推出50μm超薄硅片。近期已有多家 电池头部客户及研究机构提出50μm硅片送样测试需求，超薄硅片将随着太空光伏超薄柔性HJT电池的 应用逐步打开需求。公司已布局超薄硅片技术，并规划了持续提升良率的路径，将不断通过技术创新助 力行业加快超薄硅片量产节奏。 ...