证券代码：688559 证券简称：海目星 公告编号：2026-005 海目星激光科技集团股份有限公司 关于召开2026年第一次临时股东会的通知 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 一、 召开会议的基本情况 （一） 股东会类型和届次 2026年第一次临时股东会 召开日期时间：2026 年 2 月 25 日 14 点 00 分 召开地点：公司会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2026 年 2 月 25 日 至2026 年 2 月 25 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联 （七） 涉及公开征集股东投票权 无 二、 会议审议事项 本次股东会审议议案及投票股东类型 | 序号 | 议案名称 | 投票股东类型 | | --- | --- | --- | | | | 股股东 A | | ...

证券代码：688559 证券简称：海目星 公告编号：2026-004 海目星激光科技集团股份有限公司 第三届董事会第二十二次会议决议公告 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。 一、董事会会议召开情况 （二）审议通过《关于开展外汇套期保值业务的议案》 公司开展外汇套期保值业务主要是为了防范汇率波动对经营业绩造成不利 影响，符合公司业务发展需求。公司建立了风险防控机制，可有效控制交易风险， 开展套期保值业务的相关决策程序符合法律法规的相关规定，不存在损害公司及 股东特别是中小股东利益的情形。 公司编制的《关于开展外汇套期保值业务的可行性分析报告》作为议案附件 与本议案一并经董事会审议通过。 海目星激光科技集团股份有限公司（以下简称"公司"）第三届董事会第二 十二次会议通知于 2026 年 2 月 2 日以电子邮件及通讯方式送达全体董事，会议 于 2026 年 2 月 6 日采用现场结合通讯方式召开。本次会议由董事长赵盛宇先生 主持，会议应到董事 9 名，实到董事 9 名，符合《中华人民共和国公司法》和《海 目星激光科技集 ...

太空光伏的商业化落地，核心瓶颈在于适配极端环境的高效轻量化光伏电池技术。传统砷化镓电池虽具 备耐候性，但单位质量发电量有限、成本居高不下，难以满足大规模部署需求。而钙钛矿叠层电池凭借 理论光电效率超45%、单位质量发电量达砷化镓技术13倍的突出优势，同时兼具低成本、易量产特性， 已成为行业共识的主流技术方向，其技术成熟度直接决定太空光伏的产业化节奏。 截至目前，海目星是特斯拉美国加州工厂4680大圆柱电池唯一的中国装备供应商。基于双方长期合作产 生的信任，海目星在以特斯拉主导的太空光伏产业化竞赛中已经占据其他对手难以企及的先发优势。 国内激光及自动化装备龙头海目星（688559），精准踏中这一关键技术切换节点。今年1月，海目星曾 在投资者互动平台表示：公司是天合光能等光伏头部企业的激光设备"核心供应商"，更已与头部厂 商"深入研发钙钛矿叠层电池"，该技术将助力光电效率和瓦克比（w/g）持续上升，后续相关电池有望 用于低轨卫星及太空算力发电。 近期，马斯克旗下SpaceX与Tesla团队相继考察中国光伏产业链，寻求在异质结、钙钛矿等先进技术领 域的合作可能，这一动作不仅让太空光伏进入全球资本视野，更印证了该领域 ...

事件：1 月26 日盘后，公司发布2025 年年度业绩预增公告。 风险提示： 1）下游需求复苏不及预期；2）竞争格局恶化；3）新领域、海外拓展不及预期。 海外拓展：公司海外业务拓展顺利，现已成功跻身海外锂电设备供应商的第一梯队。2025 年上半年新 签海外订单（含交付地在海外）18.88 亿元，同比激增192.5%，订单占比持续攀升。 2025 年随着锂电等下游需求边际回暖，订单端显著改善，2025 年上半年新接订单100.85 亿元，同比增 长约117.5%；截至 2025 年 6 月 30 日，在手订单达100.85 亿元（含税），同比增长 46%。 盈利预测与估值 预计2025-2027 年公司归母净利润分别约-8.8、4.1、7.4 亿元，2026 年扭亏为盈，2027 年同比增长 81%，2026-2027 对应PE 35、20X，维持 "买入"评级。 2025Q4 扭亏为盈，预计2025 年归母净利润同比亏损421%-458%预计2025 年实现归母净利润-8.5 亿元 至-9.1 亿元，同比亏损增加；扣非归母净利润-9.2 亿元至-9.8 亿元。 分季度看，2025 年第四季度出现显著拐点：预计 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company is expected to turn profitable in Q4 2025, with a projected net profit of between 0.03 billion to 0.63 billion yuan, marking a significant recovery from a loss of 3.30 billion yuan in the same quarter of 2024 [2] - The company has diversified its operations across multiple sectors including lithium batteries, consumer electronics, photovoltaics, and medical fields, which supports its growth strategy [3] - The company has successfully expanded its overseas business, achieving a 192.5% year-on-year increase in new overseas orders in the first half of 2025, totaling 18.88 billion yuan [3] Financial Performance - For 2025, the company is projected to have a net profit of between -8.5 billion to -9.1 billion yuan, indicating an increase in losses compared to the previous year [2] - The company expects to achieve a net profit of 4.1 billion yuan in 2026 and 7.4 billion yuan in 2027, with a significant growth rate of 81% in 2027 compared to 2026 [5] - The revenue for 2025 is estimated at 4.09 billion yuan, a decrease of 10% from 2024, but is expected to rebound to 6.02 billion yuan in 2026, representing a 47% increase [7] Order and Market Dynamics - The company has seen a significant improvement in order intake, with new orders reaching 100.85 billion yuan in the first half of 2025, a year-on-year growth of approximately 117.5% [4] - As of June 30, 2025, the company had a backlog of orders amounting to 100.85 billion yuan, reflecting a 46% increase year-on-year [4]

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company is expected to turn profitable in Q4 2025, with a projected net profit of between 0.03 billion to 0.63 billion yuan, marking a significant recovery from a loss of 3.30 billion yuan in the same quarter of 2024 [2] - The company has diversified its operations across multiple sectors including lithium batteries, consumer electronics, photovoltaics, and medical fields, which supports its growth strategy [3] - The company has successfully expanded its overseas business, achieving a 192.5% year-on-year increase in new overseas orders in the first half of 2025, totaling 18.88 billion yuan [3] Financial Performance - For 2025, the company is projected to have a net profit of between -8.5 billion to -9.1 billion yuan, indicating an increase in losses compared to the previous year [2] - The company expects to achieve a net profit of 4.1 billion yuan in 2026 and 7.4 billion yuan in 2027, with a significant growth rate of 81% in 2027 compared to 2026 [5] - Revenue is forecasted to decline by 10% in 2025 but is expected to rebound with a growth of 47% in 2026 and 23% in 2027 [7] Order and Revenue Growth - The company received new orders worth 100.85 billion yuan in the first half of 2025, representing a year-on-year growth of approximately 117.5% [4] - As of June 30, 2025, the company had a backlog of orders amounting to 100.85 billion yuan, a 46% increase compared to the previous year [4]

值得注意的是，海目星并非光伏行业的新兵。作为晶科能源、天合光能等龙头企业的激光设备"核心供 应商"，公司已在地面光伏领域建立了稳固的客户基础。此次宣布切入钙钛矿叠层电池研发，被市场视 为其技术能力向产业最前沿的自然延伸。 近期，马斯克将航天与新能源结合的颠覆性构想彻底引爆太空光伏概念。海目星、晶科能源、天合光 能、奥特维等个股市场热度显著提升，吸引资金疯狂涌入，成为开年以来最炙手可热的投资焦点。 据券商测算，太空光伏远期市场空间可达万亿级别，但其从概念走向成熟产业的过程布满荆棘。对于海 目星等设备供应商而言，严酷的太空环境对技术验证提出了极高要求。业内人士指出，海目星在钙钛矿 叠层电池技术的研发上已显露出一定的先发优势，其与依赖外购激光器的设备商不同，公司的核心优势 之一在于具备超强的激光器自研能力。 在太空中建设光伏电站，为卫星乃至未来的太空数据中心提供近乎无限的清洁能源。这场科幻感十足的 新兴产业竞逐背后的想象空间到底有多大？当下炒作热潮中，真正的技术王者又是谁？ 一家名为海目星的公司进入了投资者视野。尽管公司股价在近期市场爆炒中走势比较稳健，但其背后酝 酿的技术布局却颇具张力。今年1月下旬，公司通过上证 ...

Market Overview - The automation equipment sector increased by 4.37% on February 3, with Robotech leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Top Performers - Robotech (300757) closed at 424.80, up 20.00% with a trading volume of 173,200 shares and a transaction value of 7.169 billion [1] - Jieyin Technology (688025) closed at 185.30, up 18.87% with a trading volume of 94,500 shares and a transaction value of 1.639 billion [1] - Bozhong Precision (688097) closed at 43.90, up 11.17% with a trading volume of 137,100 shares and a transaction value of 579 million [1] Market Capital Flow - The automation equipment sector saw a net inflow of 959 million from institutional investors, while retail investors experienced a net outflow of 368 million [2][3] - Major stocks like Zhongkong Technology (688777) had a net inflow of 432 million from institutional investors, but a net outflow of 204 million from retail investors [3] Individual Stock Performance - Kairui Technology (002957) had a net inflow of 184 million from institutional investors, but a net outflow of 97 million from retail investors [3] - Huagong Technology (0009888) saw a net inflow of 395 million from institutional investors, with a net outflow of 218 million from retail investors [3]

Core Viewpoint - The "space photovoltaic" concept has become a major focus in the secondary market, significantly influenced by Tesla CEO Elon Musk's endorsements, with the relevant index rising 19.83% in the past month, outperforming the CSI 300 index's 1.18% increase [1] Group 1: Market Performance - The space photovoltaic concept index has seen a substantial increase, with notable stocks such as JunDa Co., Ltd. rising by 84.62%, Mingyang Smart Energy increasing by 60.22%, and Jiejia Weichuang up by 44.04% over the past 20 days [1] - Several photovoltaic companies have experienced significant stock price surges, triggering trading anomalies, with stocks like Dongfang Risen and Laplace exceeding a cumulative price deviation of 30% over multiple trading days [3] Group 2: Technology and Feasibility - Space photovoltaic energy involves utilizing solar photovoltaic technology in outer space to generate and supply energy, with the potential for direct power transmission to Earth or powering satellites and space stations [3] - The feasibility of space photovoltaic technology is supported by the abundant sunlight in space and the ability to deploy photovoltaic components on satellites, with near-Earth orbit satellites experiencing over 60% sunlight exposure [3] - Despite the market enthusiasm, the industry faces significant uncertainties regarding the maturity and long-term reliability of the technology, as well as the economic viability required for large-scale commercialization [4][5] Group 3: Industry Insights - Industry insiders indicate that the application scenarios for space photovoltaic technology are still in the exploratory phase, with many companies in the secondary market not yet supplying products to commercial space satellite companies [4] - Analysts emphasize that space photovoltaic technology is currently in the early stages, requiring validation of technical routes and economic benefits for large-scale commercial applications [5] - The current cost of space photovoltaic energy is estimated to be around $2-3 per kilowatt-hour, significantly higher than ground photovoltaic costs of $0.03-0.05 per kilowatt-hour, highlighting the economic challenges ahead [6] Group 4: Future Outlook - Companies like Trina Solar and HaiMuxing express optimism about the future of space photovoltaic technology, with ongoing collaborations with leading aerospace institutions to accumulate practical experience [6] - The commercial viability of space photovoltaic technology is projected to gradually materialize over the next 10 to 15 years, driven by decreasing launch costs and breakthroughs in battery technology [7]

Core Insights - The "space photovoltaic" concept has gained significant attention in the secondary market, largely influenced by Tesla CEO Elon Musk's endorsements [2] - The Wind Space Photovoltaic Index has risen by 19.83% over the past month, outperforming the Shanghai and Shenzhen 300 Index, which increased by 1.18% [2] - Several photovoltaic companies have experienced substantial stock price increases, with JunDa Co., Ltd. rising by 84.62% and Mingyang Smart Energy increasing by 60.22% in the last 20 days [2] Market Performance - The stock prices of companies like Dongfang Risen and Laplace have shown abnormal fluctuations, with price deviations exceeding 30% over consecutive trading days [3] - The space photovoltaic sector is characterized by its potential to harness solar energy in outer space, providing power to satellites and space stations [3] Industry Challenges - Despite the market enthusiasm, the commercialization of space photovoltaics faces significant uncertainties related to technology maturity and economic viability [4] - Industry insiders indicate that the application scenarios for space photovoltaics are still in the exploratory phase, with many companies not yet supplying products to commercial satellite firms [4] Technological Considerations - Current leading materials for space photovoltaics include gallium arsenide, which is costly at approximately 1000 RMB per watt, and perovskite, which faces stability issues in extreme space conditions [5] - The cost of electricity generated from space photovoltaics is estimated to be 2-3 USD per kilowatt-hour, significantly higher than the ground-based photovoltaic cost of 0.03-0.05 USD per kilowatt-hour [5] Future Outlook - Several A-share listed companies express optimism about the future of space photovoltaics, with potential market size reaching trillions as technology advances [5] - Companies like Trina Solar and HaiMuxing are actively collaborating with leading aerospace institutions to develop practical applications for space solar energy [5] - The commercialization of space photovoltaics is projected to gradually occur over the next 10 to 15 years as launch costs decrease and battery technologies improve [6]