[Table_Page] 跟踪分析|专用设备 证券研究报告 [Table_Title] 锂电设备跟踪 宁德产能利用率历史高位，锂电设备需求迫切 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-03-10 | [Table_PicQuote] 相对市场表现 -20% -6% 8% 22% 36% 50% 03/25 05/25 08/25 10/25 12/25 03/26 专用设备 沪深300 | [分析师： Table_Author]代川 | | | --- | --- | | | SAC 执证号：S0260517080007 | | | SFC CE No. BOS186 | | 021-38003678 | | | | daichuan@gf.com.cn | | 分析师： | 孙柏阳 | | | SAC 执证号：S0260520080002 | | 021-38003680 | | | | sunboyang@gf.com.cn | | 分析师： | 范方舟 | | ...

证券研究报告 固态电池设备全景图： 蓄势待发，设备先行 证券分析师 李梦强 投资咨询资格编号：S1060525090001 张之尧 投资咨询资格编号：S1060524070005 电力设备及新能源 强于大市（维持） 2026年3月9日 请务必阅读正文后免责条款 ※ 要点总结 2 固态电池：政策重视，前景广阔，产业化在即。固态电池凭借其高能量密度与本征安全性，被视为下一代锂电技术。政策端，我国通过推 进重大专项、促进行业标准化等举措，加速推动固态电池技术研发与产业化落地；应用端，固态电池在传统的动力电池、消费电子场景， 以及新兴的低空经济、人形机器人、商业航天等场景均有应用前景，潜在需求空间广阔。国内主要车企规划于2026-2027年启动装车验证， 固态电池产业化进程有望稳步推进，设备环节有望率先受益于技术迭代与产能建设。 设备端：干法电极、等静压等核心设备可期。基于现有工艺探索，固态电池的生产流程仍延续前、中、后三段式架构，但具体工序与设备 要求发生显著变化。前段环节，干法电极工艺成为重要方向，其以干法混料、纤维化及辊压成膜替代了传统的湿法搅拌制浆与涂布。中段 环节，由于固态电解质脆性高，电芯组装普遍采用叠片 ...

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]

业绩亏损"靴子"落地，海目星（SH.688559）经营底已现，业绩反转、估值重构行情正式启动！ 2月27日公司披露业绩快报，2025年归母净利润亏损8.76亿元，经测算2025年第四季度已实现单季扭 亏，业绩拐点明确。此次大额资产减值集中计提，一次性出清历史包袱，为后续盈利修复、毛利回升、 现金流持续改善扫清障碍。 2026年是公司股权激励首个考核年度，营收目标不低于65亿元，同比增长不低于43%。公司中长期目标 清晰，有望3年内突破百亿营收规模，成长空间广阔。 行业景气度持续回升，锂电设备需求随储能扩产快速回暖，订单价格与毛利率同步修复，公司充分受益 行业上行周期。2026开年订单迎来爆发式增长：1月新签锂电设备订单突破10亿元，2月再揽10亿元优质 订单，两个月合计新签超20亿元，实现强势开门红。常州、江门基地满产超负荷运行，生产人员规模翻 倍，2026年营收与交付有望大幅超越去年同期。 目前公司在手订单超百亿元，创上市以来新高，新签订单连续两年高增。随着高毛利订单持续交付，规 模效应快速显现，研发与海外费用被有效摊薄，毛利率稳步提升、经营现金流持续向好，为2026-2027 年盈利反转提供强力支撑。 公 ...

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]

格隆汇2月27日丨海目星(688559.SH)公布2025年度业绩快报，报告期内，实现营业收入41.88亿元，同比 下降7.43%。实现利润总额-8.80亿元，同比下降322.86%；实现归属于母公司所有者的净利润-8.76亿 元，同比下降437.19%；实现归属于母公司所有者的扣除非经常性损益的净利润-9.52亿元，同比下降 341.44%。 展望未来，公司将持续深化业务变革，优化业务结构，强化核心技术壁垒，稳步拓展全球市场，不断提 升综合竞争力与抗风险能力，为实现高质量发展与经营业绩稳步提升积蓄动能。 近年来，受锂电、光伏行业周期波动及市场竞争加剧等因素影响，公司整体盈利水平面临一定挑战。报 告期内，公司对存在减值迹象的存货进行了全面评估，并按照企业会计准则及相关规定计提存货跌价准 备。同时，公司持续加大战略性研发投入，积极推进全球化市场布局，相关投入短期内推高运营成本， 对当期利润造成一定影响，但为公司长期可持续发展奠定了坚实基础。综合上述因素，报告期内公司净 利润较上年同期亏损有所增加。 ...

Financial Performance - Total revenue for 2025 was CNY 418,831.59 million, a decrease of 7.43% compared to the previous year[3] - Operating profit was CNY -87,822.41 million, representing a decline of 338.83% year-on-year[3] - Net profit attributable to shareholders of the parent company was CNY -87,597.98 million, a decrease of 437.19% compared to the previous year[3] - Basic earnings per share were CNY -3.59, a decline of 372.37% year-on-year[3] Assets and Equity - Total assets increased by 21.94% to CNY 1,402,213.76 million from CNY 1,149,895.68 million[4] - Shareholders' equity attributable to the parent company decreased by 26.39% to CNY 237,496.33 million[4] Market Challenges and Strategic Initiatives - The company faced challenges due to fluctuations in the lithium battery and photovoltaic industries, as well as increased market competition[6] - Strategic R&D investments and global market expansion efforts have increased operational costs, impacting current profits but laying a foundation for long-term sustainable development[6] - The company plans to deepen business transformation, optimize business structure, and strengthen core technology barriers to enhance competitiveness and risk resistance[6] Financial Data Disclaimer - Investors are advised to note that the financial data is preliminary and subject to change upon final audit in the annual report[9]

证券代码：688559 证券简称：海目星 公告编号：2026-009 海目星激光科技集团股份有限公司 2025 年员工持股计划第一次持有人会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 海目星激光科技集团股份有限公司（以下简称"公司"）2025 年员工持股 计划第一次持有人会议（以下简称"本次会议"）于 2026 年 2 月 26 日以现场 与通讯相结合的方式在公司会议室召开。本次会议由公司董事会秘书罗筱溪女 士召集和主持，出席本次会议的持有人 60 人，代表 2025 年员工持股计划份额 73,550,161.02 份，占公司 2025 年员工持股计划总份额的 100%。本次会议的通 知、召开和表决程序符合相关法律法规及公司 2025 年员工持股计划的有关规定， 会议合法有效。 一、持有人会议审议情况 1、审议通过《关于设立公司 2025 年员工持股计划管理委员会的议案》 为保证公司 2025 年员工持股计划的顺利进行，保障持有人的合法权益，根 据公司《2025 年员工持股计划（草案）》《2025 年员工持股计 ...