证券代码：688559 证券简称：海目星 公告编号：2026-011 海目星激光科技集团股份有限公司 关于实际控制人及其一致行动人权益变动触及 1%刻度的 提示性公告 公司实际控制人赵盛宇先生及其一致行动人南京盛世海康创业投资合伙企业（有限合伙）、盐 城海合恒辉一号创业投资合伙企业（有限合伙）、泰安海合恒辉二号投资合伙企业（有限合伙）保 证向本公司提供的信息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： | 权益变动方向 | 比例增加□ | 比例减少☑ | | --- | --- | --- | | 权益变动前合计比例 | 26.92% | | | 权益变动后合计比例 | 25.43% | | | 本次变动是否违反已作出的承 诺、意向、计划 | 是□ 否☑ | | | 是否触发强制要约收购义务 | 是□ 否☑ | | 一、信息披露义务人及其一致行动人的基本信息 1.身份类别 | | ☑控股股东/实际控制人及其一致行动人 | | --- | --- | | | □其他 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用于无控股 ...

在AI算力需求指数级爆发与6G通信前夜，光通信技术正站在从"高速"向"超高速"跃迁的关键节点。谁 能打通核心工艺的"任督二脉"，谁就能在万亿级算力基建中占据先机。 3月16日，海目星（688559.SH）在互动平台的两则回复直指市场核心关切。其一，公司明确表示，已 获全球算力头部公司的供应商code，坐实此前市场关于其已进入英伟达供应链的传闻。其二，承认具有 加工铌酸锂材料和薄膜铌酸锂光波导技术储备，能够制造低损耗的光波结构。 据悉，铌酸锂素有 "光学硅" 之称，是光电子领域的黄金基础材料。随着AI数据中心对速率、功耗的要 求逼近极限，以及光模块从800G向1.6T、3.2T演进，传统材料与工艺面临瓶颈，而薄膜铌酸锂凭借超高 电光系数和带宽优势，被业界视为支撑下一代数据中心互连的"理想材料"。 业内人士表示，海目星的核心突破在于针对传统铌酸锂器件体积大、损耗高、难集成的痛点，通过攻克 超薄薄膜加工、晶圆键合及超低损耗波导刻蚀等工艺，实现超薄化、低损耗与可集成三大核心目标。 手握英伟达的code，又有铌酸锂这一前沿技术储备，海目星在AI算力时代的"野心"已经日渐清晰。公司 正以精密激光工艺为核心，加速打通从体块 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - CATL's capacity utilization rate has reached a historical high of 96.9% by the end of 2025, indicating a strong need for capacity expansion due to the inability to meet future order growth [6] - There is a strong and urgent demand for lithium battery equipment driven by the need for capacity expansion, with CATL's planned capacity under construction reaching 321 GWh by the end of 2025 [6] - The demand for lithium batteries is supported by dual drivers: the growth in power batteries and energy storage batteries, with sales growth of 41.85% and 29.13% respectively in 2025 [6] - New technologies such as solid-state batteries and dry electrode processes are expected to bring additional growth opportunities for equipment manufacturers [6] - Investment recommendations include focusing on equipment manufacturers with complete line delivery capabilities and those benefiting from new technologies [6] Summary by Sections Industry Overview - CATL's total battery capacity reached 772 GWh with a production of 748 GWh in 2025, marking a significant increase in capacity utilization compared to previous cycles [6] Demand Drivers - The urgent need for capacity expansion is highlighted by CATL's inability to fulfill all orders due to current production limits [6] - The strong market demand for electric vehicles and energy storage solutions is expected to continue driving lithium battery demand [6] Technological Advancements - Solid-state batteries are projected to enter mass production between 2027 and 2028, which will create new investment opportunities in equipment [6] - The dry electrode process is anticipated to reduce costs by over 50% and increase demand for related equipment [6] Investment Recommendations - Focus on leading manufacturers such as XianDao Intelligent, HaiMuXing, and LiYuanHeng for their strong ties with major clients [6] - Consider companies benefiting from advancements in solid-state and dry electrode technologies, such as HongGong Technology and Nacono [6]

Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy sector [1]. Core Insights - Solid-state batteries are gaining policy attention and have broad prospects, with industrialization imminent. They are viewed as the next generation of lithium battery technology due to their high energy density and intrinsic safety. The Chinese government is accelerating the development and industrialization of solid-state battery technology through major projects and standardization efforts [2][9]. - The equipment sector is expected to benefit first from the technological iteration and capacity construction in solid-state batteries. Key equipment such as dry electrode and isostatic pressing machines are anticipated to be in demand as the production processes evolve [2][19]. - Leading companies like XianDao Intelligent, LiYuanHeng, and HaiMuXing are capable of providing integrated solutions for solid-state battery production lines, indicating a competitive landscape in the equipment supply sector [2][56]. Summary by Sections 1. Solid-State Batteries: Policy Emphasis and Broad Prospects - Solid-state batteries are recognized for their potential to overcome the performance limitations of traditional lithium batteries, with significant policy support from the Chinese government [9][19]. - Major automotive companies are planning to validate and mass-produce solid-state batteries between 2026 and 2030, indicating a robust growth trajectory for this technology [19][20]. 2. Equipment Sector: Key Equipment Expected to Thrive - The production process for solid-state batteries will differ significantly from traditional lithium batteries, necessitating new equipment investments. Approximately two-thirds of the equipment may need to be newly purchased if dry processing methods are adopted [2][35]. - The dry electrode process is highlighted as a critical technology for both solid-state battery mass production and cost reduction in liquid batteries, with high technical barriers [40][41]. 3. Solid-State Battery Equipment Participants - Key players in the solid-state battery equipment sector include companies like NaKonoer, HongGong Technology, and RongQi Technology, which are involved in various stages of production [57]. - The demand for laser equipment is expected to increase in solid-state battery production, with applications in insulation and cutting processes [46][49]. 4. Investment Recommendations - The report suggests focusing on leading companies with comprehensive solution capabilities in the solid-state battery equipment sector, as they are likely to benefit from the capacity expansion in solid-state batteries and traditional lithium battery production cycles [2][19].

Summary of BYD's Second-Generation Battery Fast Charging Technology Conference Call Industry and Company Involved - **Company**: BYD (Build Your Dreams) - **Industry**: Electric Vehicle (EV) Battery Supply Chain Key Points and Arguments 1. Battery Core Components - **Cathode Materials**: - **Fengyuan Co., Ltd. (002805)**: Exclusive supplier of high-pressure lithium iron phosphate for BYD's fast-charging battery, involved in joint R&D and exclusive adaptation [1] - **Defang Nano (300769)**: Core supplier of lithium manganese iron phosphate, supporting the second-generation blade battery's high rate and energy density improvements [1] - **Hunan YN Energy (301358)**: Leading supplier of lithium iron phosphate cathodes, deeply integrated with BYD, benefiting from the ramp-up of fast-charging batteries [1] 2. Electrolytes and Separators - **Tinci Materials (002709)**: Leading supplier of high-rate electrolytes, utilizing LiFSI technology to reduce internal resistance, suitable for fast-charging needs [1] - **Enjie Co., Ltd. (002812)**: Supplier of ultra-thin wet separators (4μm), enhancing ionic conductivity and ensuring fast charging stability [1] 3. Structural Components and Equipment - **Kodali (002850)**: Core supplier of blade battery casings, meeting the structural requirements of the second-generation short blade and high-rate designs [1] - **Haimeixing (688559)**: Provides laser equipment for the second-generation blade, covering the entire process from electrode processing to welding, with BYD as its second-largest customer (approximately 15% of revenue) [1] - **Lianying Laser (688518)**: Main supplier for cell/PACK laser welding, utilizing blue laser technology for copper-aluminum welding, with a high market share [1] 4. Onboard High Voltage and Control - **Silicon Carbide Chips**: - **San'an Optoelectronics (600703)**: The only domestic company with a full silicon carbide supply chain, providing automotive-grade SiC chips for high-voltage fast charging and efficient energy conversion [1] - **Tianyue Advanced (688234)**: Holds a 25% global market share in silicon carbide substrates, entering BYD's supply chain to support SiC chip production [1] 5. High Voltage Connectors and Charging Guns - **Yonggui Electric (300351)**: Validated 1000V liquid-cooled high-voltage connectors and charging guns by BYD, with a single vehicle supply value of approximately 1200 yuan [1] 6. Onboard Power Modules - **Xinrui Technology (300745)**: Supplier of high-power charging SCM super-fast charging modules, suitable for megawatt fast-charging high-voltage platforms [1] 7. Charging Infrastructure - **Ultra Charging Piles and Power Modules**: - **XJ Electric (000400)**: Awarded the first batch of megawatt fast charging station equipment by BYD, providing 600kW liquid-cooled ultra charging piles [1] - **Shenghong Co., Ltd. (300693)**: Signed a strategic agreement with BYD for core power modules of megawatt charging stacks [1] 8. Charging Modules and Power Supplies - **Yingkerui (300713)**: Supplier of 1000V efficient power modules, achieving a conversion efficiency of 98.5%, supporting peak power output [1] Core Conclusions - **Key Certainties**: Exclusive long-term agreements for cathode materials, exclusive adaptation of laser equipment, and full-chain support for SiC chips [1] - **Leading Suppliers for Fast Charging Components**: Tinci Materials (electrolytes), Enjie Co., Ltd. (separators), Yonggui Electric (high-voltage connectors), and XJ Electric (ultra charging piles) [1]

Company and Industry Summary Company: 海目星 (Haimu Star) Key Points - **Industry Context**: The demand for high-speed transmission in data centers is continuously increasing. The Micro LED CPO (Chip-on-Panel) solution demonstrates significant energy-saving effects in data center interconnection scenarios, with power consumption only 5% of that of copper cable solutions. This positions the Micro LED CPO as a potential alternative for optical interconnection due to its energy efficiency [1][2] - **Product Development**: 海目星 is strategically developing four key Micro LED devices to support the industrialization of CPO optical interconnection: 1. **Mass Transfer Equipment**: Achieves high-speed positioning, precise alignment, and breakthroughs in laser processing technology [1] 2. **Mass Welding Equipment**: Completes the development of G2.5 generation panels and has achieved small-batch production [1] 3. **Laser Repair Equipment**: Overcomes critical technical bottlenecks in chip removal, pad leveling, and chip welding [1] 4. **Collaboration with Fuzhou University**: Focuses on breakthroughs in Micro LED mass detection technology, filling a gap in the industry [1] - **Order Growth**: The company has signed nearly 100 million in new orders for 2025, with expectations to exceed 130 million in 2026. As of January-February, 20 million has already been completed, indicating a high order completion rate and gradually improving gross margins [2] - **Future Projections**: The year 2026 marks the first year for the company's equity incentive and employee stock ownership plan assessment. The fourth quarter of 2025 confirmed a performance inflection point, with expectations for quarterly performance to be realized. Projected earnings for 2026 and 2027 are 50 million and 70 million respectively, corresponding to PE ratios of 28x and 20x. The company continues to be recommended for investment [2]

Core Viewpoint - Company has reported a significant loss for 2025, with a net profit loss of 876 million yuan, but has achieved a quarterly turnaround in Q4 2025, indicating a clear inflection point for performance recovery [1] Group 1: Financial Performance - The company has taken a large asset impairment charge to clear historical burdens, paving the way for future profit recovery, margin improvement, and sustained cash flow enhancement [1] - The revenue target for 2026 is set at no less than 6.5 billion yuan, representing a year-on-year growth of at least 43%, with a long-term goal to exceed 10 billion yuan in revenue within three years [1] - The company has secured over 10 billion yuan in new lithium battery equipment orders in January and another 10 billion yuan in February, totaling over 20 billion yuan in just two months, marking a strong start to the year [1] Group 2: Industry Outlook - The industry is experiencing a recovery in demand for lithium battery equipment, driven by the expansion of energy storage, with order prices and gross margins recovering simultaneously [1] - The company currently has over 10 billion yuan in hand orders, a record high since its listing, with new orders showing continuous high growth for two consecutive years [1] - The company is benefiting from a high-margin order delivery, leading to improved gross margins and positive operating cash flow, which supports the profit turnaround for 2026-2027 [1] Group 3: Strategic Initiatives - The company is focused on "high-end breakthroughs and technology going global," emphasizing order quality and cash flow, while accelerating its layout in three frontier sectors [2] - The company has made breakthroughs in AI computing power and advanced packaging, with liquid cooling microchannel cover plate equipment already shipped and orders received for HDI/PCB laser drilling equipment [2] - The company is leading in solid-state battery technology, being the first in the industry to adopt dual technology routes and securing commercial mass production orders [2] Group 4: Market Positioning - Compared to industry peers, the market capitalization of the company is significantly lower, with competitors like Leading Intelligent nearing 100 billion yuan, indicating substantial price elasticity potential for the company's stock [2] - The year 2025 is characterized as a year for risk clearance and strategic accumulation, while 2026 marks the beginning of a value reassessment cycle driven by order volume increase, margin improvement, and cash flow positivity [2]

Core Viewpoint - The company, Haimoxing (688559), reported a decline in revenue and an increase in net losses for the year 2025, indicating ongoing challenges in profitability and market conditions. Financial Performance - The company achieved an operating revenue of 4.188 billion yuan, a year-on-year decrease of 7.43% [4] - The net profit attributable to shareholders was a loss of 876 million yuan, compared to a loss of 163 million yuan in the same period last year [4] - The non-recurring net profit was a loss of 952 million yuan, compared to a loss of 216 million yuan in the previous year [4] - The basic earnings per share were -3.59 yuan, with a weighted average return on equity of -31.26%, a decrease of 24.99 percentage points from the previous year [4][17] Valuation Metrics - The price-to-book ratio (LF) is approximately 6.34 times, and the price-to-sales ratio (TTM) is about 4.16 times [4] - The historical price-to-earnings ratio (TTM) has shown significant fluctuations, reflecting the company's financial instability [5][6][12] Business Overview - The company specializes in laser and automation solutions, including manufacturing equipment for lithium batteries and photovoltaic components [12] - Recent challenges include cyclical fluctuations in the lithium and photovoltaic industries and intensified market competition [12] - The company has been investing heavily in strategic R&D and global market expansion, which has increased operational costs and impacted short-term profits [12] Future Outlook - The company plans to deepen business transformation, optimize its business structure, and strengthen core technological barriers to enhance competitiveness and risk resilience [12]

Core Viewpoint - The company reported a significant decline in financial performance for the year 2025, with a notable drop in revenue and net profit, indicating challenges in the lithium battery and photovoltaic industries due to market competition and cyclical fluctuations [1] Financial Performance - The company achieved an operating revenue of 4.188 billion yuan, a year-on-year decrease of 7.43% [1] - The total profit amounted to -880 million yuan, reflecting a year-on-year decline of 322.86% [1] - The net profit attributable to the parent company was -876 million yuan, down 437.19% year-on-year [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses was -952 million yuan, a decrease of 341.44% year-on-year [1] Challenges and Strategic Actions - The company's overall profitability is facing challenges due to fluctuations in the lithium battery and photovoltaic industries, as well as intensified market competition [1] - A comprehensive assessment of inventory with impairment indications was conducted, leading to the provision for inventory write-downs in accordance with accounting standards [1] - The company is increasing strategic R&D investments and actively promoting global market expansion, which has temporarily raised operational costs and impacted current profits, but is expected to lay a solid foundation for long-term sustainable development [1] Future Outlook - The company plans to continue deepening business transformation, optimizing business structure, strengthening core technological barriers, and steadily expanding its global market presence [1] - Efforts will be made to enhance overall competitiveness and risk resistance, accumulating momentum for achieving high-quality development and steady improvement in operating performance [1]

Core Viewpoint - The company reported a significant decline in financial performance for the year 2025, with a notable drop in revenue and net profit, indicating challenges in the lithium battery and photovoltaic industries due to market fluctuations and increased competition [1] Financial Performance - The company achieved an operating revenue of 4.188 billion yuan, a year-on-year decrease of 7.43% [1] - The total profit amounted to -880 million yuan, reflecting a year-on-year decline of 322.86% [1] - The net profit attributable to the parent company was -876 million yuan, down 437.19% year-on-year [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses was -952 million yuan, a decrease of 341.44% year-on-year [1] Challenges and Strategic Actions - The company's overall profitability has faced challenges due to cyclical fluctuations in the lithium battery and photovoltaic industries, as well as intensified market competition [1] - A comprehensive assessment of inventory with impairment indications was conducted, leading to the provision for inventory write-downs in accordance with accounting standards [1] - The company has increased strategic R&D investments and is actively promoting global market expansion, which has temporarily raised operational costs and impacted current profits, but is expected to lay a solid foundation for long-term sustainable development [1] Future Outlook - The company plans to continue deepening business transformation, optimizing business structure, strengthening core technological barriers, and steadily expanding its global market presence [1] - Efforts will be made to enhance overall competitiveness and risk resistance, accumulating momentum for achieving high-quality development and steady improvement in operating performance [1]