证券代码：300316 证券简称：晶盛机电 编号：2025-015 浙江晶盛机电股份有限公司 2025 年 4 月 28 日，浙江晶盛机电股份有限公司（以下简称"公司"）召开 第五届董事会第十九次会议，审议通过了公司《2025 年第一季度报告》。为使 投资者全面了解公司的经营成果及财务状况，公司《2025 年第一季度报告》于 2025 年 4 月 29 日在中国证监会指定的创业板信息披露媒体巨潮资讯网 （http://www.cninfo.com.cn）上披露，敬请投资者注意查阅。 特此公告。 浙江晶盛机电股份有限公司 董事会 2025 年 4 月 29 日 关于 2025 年第一季度报告披露的提示性公告 1 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 ...

浙江晶盛机电股份有限公司 2025 年第一季度报告 证券代码：300316 证券简称：晶盛机电 公告编号：2025-016 浙江晶盛机电股份有限公司 2025 年第一季度报告 本公司及董事会全体成员保证信息披露的内容真实、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： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 3.第一季度报告是否经过审计 □是 否 1 浙江晶盛机电股份有限公司 2025 年第一季度报告 一、主要财务数据 □适用 不适用 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减（%） | | --- | --- | --- | --- | | 营业收入（元） | 3,137,803,861.66 | 4,509,536,327.64 | -30.42% | | 归属于上市公 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the semiconductor equipment component business of the company is expected to accelerate as the domestic semiconductor equipment market expands. However, it also notes the varying degrees of market conditions across different segments of the company [8][14] - The company has imported approximately 200 high-end machines from Europe and Japan, valued at nearly 1 billion yuan, to enhance its precision processing capabilities [10][12] Financial Forecasts - Total revenue is projected to be 17,983 million yuan in 2023, with a year-on-year growth of 69.04%. However, a decline of 2.26% is expected in 2024, followed by a significant drop of 23.84% in 2025, before recovering slightly in the subsequent years [1][16] - The net profit attributable to the parent company is forecasted to be 4,558 million yuan in 2023, with a year-on-year increase of 55.85%. A substantial decrease of 44.93% is anticipated in 2024, with gradual recovery in the following years [1][16] - The report estimates that the net profit for 2025, 2026, and 2027 will be 2,017 million yuan, 2,219 million yuan, and 2,658 million yuan respectively, corresponding to price-to-earnings ratios of 18, 17, and 14 times [1][14] Market Data - The closing price of the company's stock is 28.45 yuan, with a market capitalization of approximately 37,256.24 million yuan [6] - The company has a price-to-book ratio of 2.24 and a total share capital of 1,309.53 million shares [6][7] Product and Service Offering - The company provides a range of products including vacuum chambers for semiconductor equipment, high-precision components, planetary gears, ceramic discs, and spindles. It also offers ODM services encompassing design, production, assembly, and testing [10][12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the semiconductor equipment component business of the company is expected to accelerate as the domestic semiconductor equipment market expands. However, it also notes the differences in the business cycle across various segments [8][14] - The company has imported approximately 200 high-end machines from Europe and Japan, valued at nearly 1 billion RMB, which enhances its capability to produce high-precision and large-sized components [10][12] Financial Forecasts - Total revenue is projected to be 17,983 million RMB in 2023, with a year-on-year growth of 69.04%. However, a decline of 2.26% is expected in 2024, followed by a significant drop of 23.84% in 2025 [1] - The net profit attributable to the parent company is forecasted to be 4,558 million RMB in 2023, with a year-on-year increase of 55.85%. A decrease of 44.93% is anticipated in 2024, with subsequent years showing gradual recovery [1] - The earnings per share (EPS) is expected to be 3.48 RMB in 2023, dropping to 1.92 RMB in 2024, and then gradually increasing to 2.03 RMB by 2027 [1] Market Data - The closing price of the company's stock is 28.45 RMB, with a market capitalization of approximately 37,256.24 million RMB [6] - The company has a price-to-earnings (P/E) ratio of 8.17 based on the current price and latest diluted EPS [1][6] Product and Service Offering - The company provides a range of products including semiconductor equipment vacuum chambers, high-precision components, planetary gears, ceramic discs, and spindles. It also offers ODM services encompassing design, production, assembly, and testing [10][12]

Investment Rating - The report maintains a Neutral rating on Zhejiang Jingsheng Mechanical & Electrical (JSG) and lowers the target price to CNY27 from CNY30, reflecting weaker-than-expected results and a likely continued decline in solar equipment order backlog [4][6]. Core Insights - The company's 2024 revenue declined by 2% year-on-year to CNY17,577 million, which is 9% lower than the Bloomberg consensus estimate, primarily due to a 20% decline in the materials business [1][2]. - The earnings per share (EPS) for 2024 fell by 45% year-on-year to CNY1.92, which is 36% lower than the consensus estimate, attributed to gross margin contraction, increased operating expenses, and a significant rise in asset impairment losses [1][4]. - The solar sector outlook remains negative, with solar demand softening, which is expected to continue impacting JSG's earnings in 2025 [2][3]. Financial Summary - For FY24, JSG reported revenue of CNY17,577 million, with a projected decline to CNY16,051 million in FY25F and a slight recovery to CNY16,119 million in FY26F [5]. - The reported net profit for FY24 was CNY2,510 million, with forecasts of CNY2,212 million for FY25F and CNY2,181 million for FY26F [5]. - The normalized EPS is expected to decrease to CNY1.69 for FY25F and CNY1.67 for FY26F, down from CNY2.29 and CNY2.39 respectively [4][5]. Market Position and Risks - JSG's inventory and contract liabilities have decreased by 30% and 48% year-on-year as of December 2024, indicating a softening order backlog from solar clients [2]. - The potential downside in sales and earnings could be partially mitigated by a stable semi-equipment order backlog and delayed revenue recognition from ongoing projects [3][4]. - The stock currently trades at a P/E of 17x for FY25F, while the revised target price reflects a P/E of 16x [4][6].

Group 1 - The core viewpoint of the news is that Jing Sheng Machinery continues to implement its development strategy of "advanced materials and advanced equipment," achieving significant revenue and profit growth [1] - For the reporting period, Jing Sheng Machinery reported operating revenue of 1,757.66 million yuan and a net profit of 250.97 million yuan, indicating strong financial performance [1] - The company is accelerating the domestic substitution process in the semiconductor equipment market, successfully developing various 12-inch semiconductor equipment that meet international advanced standards [1] Group 2 - Jing Sheng Machinery is rapidly advancing its 8-inch silicon carbide substrate production capacity, with significant market expansion results [1] - The quartz crucible business has improved production efficiency by creating a fully automated production platform, positioning Jing Hong Precision as a core component supplier [1] - Major clients include well-known listed companies and large enterprises such as TCL Zhonghuan and Changdian Technology, with good payment performance on existing orders [1] Group 3 - The company aims to maintain its development strategy of "advanced materials and advanced equipment" while building a platform company that promotes diversified business collaboration [1]

Financial Performance - The company achieved a revenue of CNY 1,757,661.27 million and a net profit of CNY 250,973.00 million for the reporting period [1] Semiconductor Equipment Progress - The company accelerated the domestic substitution of semiconductor equipment, successfully developing and selling 12-inch dry-in-dry-out edge grinding machines and 12-inch thinning polishing machines [1][2] - The company has developed 8-inch single and double wafer silicon carbide epitaxy equipment, significantly improving production capacity and reducing costs [2] Semiconductor Substrate Materials - The demand for conductive silicon carbide materials, especially 8-inch substrates, has rapidly increased due to the growth of the new energy vehicle market [3][7] - The company is expanding its production capacity for 8-inch silicon carbide substrates and actively developing optical-grade silicon carbide materials [3][4] Semiconductor Consumables and Components - The company has improved the efficiency of quartz crucible production through automation and innovation, increasing market share [5][6] - The subsidiary, Jinghong Precision, has developed core manufacturing capabilities for semiconductor components, focusing on domestic production [6] Customer Base and Risk Management - The company has established a strong reputation among high-end clients in the semiconductor and photovoltaic industries, including TCL Zhonghuan and Jinko Solar [8] - The company maintains a good order execution rate with major clients and implements strict credit management to mitigate risks [8] Future Development Strategy - The company aims to become a leading supplier in semiconductor materials and equipment, focusing on technological innovation and industry chain collaboration [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's short-term performance is impacted by impairment losses, but there is optimism regarding its semiconductor equipment and materials layout [1] - The company achieved a total revenue of 17.58 billion yuan in 2024, a year-on-year decrease of 2%, with equipment and services revenue at 13.36 billion yuan, up 4% year-on-year [7] - The net profit attributable to the parent company for 2024 was 2.51 billion yuan, down 45% year-on-year, primarily due to significant provisions for bad debts and inventory write-downs [7] - The report anticipates a decline in net profit for 2025 and 2026, projecting 2.2 billion yuan and 2.39 billion yuan respectively, with a recovery expected in 2027 at 2.6 billion yuan [7] Financial Summary - Revenue forecast for 2024 is 17.58 billion yuan, with a projected decline to 15.67 billion yuan in 2025 and 15.17 billion yuan in 2026, before a slight recovery to 15.65 billion yuan in 2027 [1][8] - The net profit attributable to the parent company is expected to decrease significantly to 2.51 billion yuan in 2024, followed by 2.2 billion yuan in 2025 and 2.39 billion yuan in 2026, with an increase to 2.6 billion yuan in 2027 [1][8] - The report indicates a projected EPS of 1.92 yuan for 2024, decreasing to 1.68 yuan in 2025, and then slightly increasing to 1.98 yuan by 2027 [1][8] - The company's P/E ratio is forecasted to be 14.91 for 2024, increasing to 17.04 in 2025, and then decreasing to 14.42 by 2027 [1][8] Business Outlook - The company is positioned as a leader in the domestic long crystal equipment market, focusing on large silicon wafers, advanced packaging, and silicon carbide technologies [7] - The report emphasizes the company's strategic partnerships and technological advancements in silicon carbide substrates and quartz crucibles, which are expected to drive future growth [7] - The company has made significant progress in its photovoltaic equipment segment, covering the entire production process from silicon wafers to modules [7]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Views - The company achieved a revenue of 17.6 billion yuan in 2024, a decrease of 2% year-on-year, with a net profit attributable to shareholders of 2.5 billion yuan, down 45% year-on-year. The gross margin was 33%, down 8 percentage points [1]. - In Q4 2024, the company reported a revenue of 3.1 billion yuan, a decline of 31% year-on-year and 28% quarter-on-quarter, with a net loss of 450 million yuan, primarily due to significant impairment losses [1]. - The company is expected to see a recovery in its photovoltaic business in 2025, with new products and technologies in the battery and component sectors likely to drive growth in the next industry cycle [6]. Financial Performance Summary - For 2024, the company reported a revenue of 17.6 billion yuan and a net profit of 2.5 billion yuan, with a gross margin of 33% and a net profit margin of 15% [1]. - The semiconductor business is positioned for growth, with a focus on advanced process and packaging equipment, and the company has secured over 3.3 billion yuan in orders for semiconductor equipment [6]. - The company anticipates revenues of 16.5 billion yuan in 2025, 15.5 billion yuan in 2026, and 14.6 billion yuan in 2027, with net profits projected at 2.35 billion yuan, 2.43 billion yuan, and 2.52 billion yuan respectively [5][6]. Business Segment Analysis - Equipment and Services: Revenue of 13.4 billion yuan in 2024, up 4.3% year-on-year, with a gross margin of 36.36% [1]. - Materials: Revenue of 3.3 billion yuan, down 20% year-on-year, with a gross margin of 28.71%, significantly impacted by falling prices of quartz crucibles [1][6]. - The company has developed new products in the photovoltaic sector, including de-silvering equipment, which has shown promising results in customer testing [6].

Financial Performance - The company reported a revenue of 17.577 billion yuan in 2024, a year-on-year decrease of 2.26% [1] - The net profit attributable to shareholders was 2.51 billion yuan, down 44.93% year-on-year [1] - The net profit excluding non-recurring gains and losses was 2.459 billion yuan, a decrease of 43.80% year-on-year [1] - Basic earnings per share were 1.92 yuan [1] - The company proposed a cash dividend of 4 yuan per 10 shares (tax included) to all shareholders [1] Industry Development and Product Innovation - The company is accelerating the domestic substitution of semiconductor equipment, focusing on extending the core equipment layout of the semiconductor industry chain [2] - In the integrated circuit equipment sector, the company successfully developed 12-inch dry-in-dry-out edge grinding machines and 12-inch double-sided thinning machines, which are now in the customer verification stage [2] - The company has achieved sales of 12-inch silicon reduction epitaxy growth equipment, providing domestic solutions with international advanced product specifications [2] - The company developed 12-inch three-axis thinning polishing machines and integrated thinning polishing cleaning machines for advanced packaging, enabling efficient processing of ultra-thin wafers below 30μm thickness [2] Compound Semiconductor Equipment - The company successfully developed 8-inch single and double wafer silicon carbide epitaxy growth equipment, significantly improving unit production capacity while ensuring high growth quality [3] - The 8-inch silicon carbide ion implantation machine can achieve real-time lattice damage repair and efficient activation of dopants [3] - The company has developed optical measurement equipment for silicon carbide substrate and epitaxy thickness detection, achieving domestic production of these devices [3] Market Trends and Expansion - The demand for conductive silicon carbide materials is rapidly increasing due to the continuous development of new energy vehicles, particularly for 8-inch silicon carbide substrates [4] - The company is actively expanding its production capacity for 8-inch silicon carbide substrates and has achieved significant market expansion results [4] - The company is also focusing on the research and development of optical-grade silicon carbide materials, aiming for the industrialization of 12-inch optical-grade silicon carbide substrates [4] - With the recovery of the consumer electronics and LED industries, the demand for sapphire materials is gradually increasing, leading to rapid growth in sapphire material production [4] - The company has successfully achieved mass production of 1,000 kg large-size sapphire crystals, laying a solid foundation for the industrialization of large-size sapphire materials [4]