Investment Rating - The report maintains a "Buy" rating for the company [7][6]. Core Views - The industry cycle has reached its bottom, and the company's diversified layout is expected to yield results in the future [4]. - In Q1 2025, the company reported a revenue of 3.138 billion yuan, a year-on-year decrease of 30% but a quarter-on-quarter increase of 1% [2][4]. - The net profit attributable to the parent company was 573 million yuan, down 46% year-on-year but showing a turnaround from the previous quarter [2][4]. Financial Performance Summary - Q1 2025 gross margin was 27.6%, a year-on-year decline of 16.0 percentage points but a quarter-on-quarter increase of 4.6 percentage points, indicating signs of stabilization [12]. - The company expects a net profit of 2.5 billion yuan for 2025, corresponding to a PE ratio of 14 times [6]. - The company is actively capturing the domestic substitution market in the semiconductor equipment sector, with leading market shares in various equipment categories [12]. Business Outlook - The semiconductor equipment market is anticipated to maintain double-digit growth, with the company developing advanced equipment for chip manufacturing and packaging [12]. - The sapphire material segment is expected to benefit from the high demand for LED lighting replacements, while the silicon carbide substrate is transitioning to 8-inch production [12]. - The company has achieved technological and scale leadership in quartz crucible products, enhancing its collaborative supply capabilities in semiconductor consumables [12].

Group 1: Wind Power Industry - The wind power industry in China is experiencing a recovery in performance from Q4 2024 to Q1 2025, with some companies exceeding expectations [3] - In 2024, 23 A-share wind power companies reported a total revenue of 225.15 billion yuan and a net profit of 13.24 billion yuan, showing a revenue increase of 4.39% but a net profit decline of 12.70% year-on-year [3] - In Q1 2025, these companies achieved a total revenue of 47.58 billion yuan and a net profit of 4.22 billion yuan, indicating growth compared to Q1 2024 [3] - Goldwind Technology reported a revenue of 9.47 billion yuan in Q1 2025, a 35.72% increase year-on-year, and a net profit of 568 million yuan, up 70.84% [4] - The recovery in wind turbine prices and expansion into overseas markets have positively impacted the performance of wind power manufacturers [4][6] Group 2: Solar Power Industry - The solar power industry faced significant challenges in 2024, with 110 A-share solar companies reporting a total revenue of approximately 1.38 trillion yuan, a decrease of 17.96% year-on-year, and a net profit of approximately -363 million yuan, a decline of 100.25% [8] - In Q1 2025, these companies reported a total revenue of 279.14 billion yuan, with a net profit of approximately 4.74 billion yuan, indicating a significant drop compared to Q1 2024 [8] - Major integrated solar companies like TCL Zhonghuan, Longi Green Energy, and Tongwei reported substantial losses, with net profits of -9.82 billion yuan, -8.62 billion yuan, and -7.04 billion yuan respectively [8] - Despite the overall downturn, companies involved in solar energy storage have shown resilience, with notable performances from companies like Sungrow Power and Canadian Solar [9] Group 3: Energy Storage Industry - The energy storage industry saw a decline in overall performance in 2024, with 21 A-share companies reporting a total revenue of 682.1 billion yuan, a decrease of 3.59%, and a net profit of 74.54 billion yuan, down 21.4% year-on-year [12] - In Q1 2025, these companies reported a total revenue of 158.07 billion yuan, a year-on-year increase of 12.39%, and a net profit of 21.03 billion yuan, up 34% [13] - The profitability in the energy storage sector is increasingly concentrated among leading companies like CATL and Sungrow, which have reported significant profit increases [13] - The energy storage market is undergoing transformation, with a shift in focus from domestic to overseas markets for higher profit margins [14][15]

Core Viewpoint - The renewable energy sectors, including wind power, solar energy, and energy storage, are experiencing cyclical fluctuations, with varying performance across different segments. While wind and energy storage companies are maintaining profitability, solar companies are facing significant challenges, particularly in 2024 and early 2025 [1]. Wind Power Industry - The domestic wind power industry showed a recovery from Q4 2024 to Q1 2025, with 23 A-share wind power companies achieving a total revenue of 225.15 billion yuan and a net profit of 13.24 billion yuan in 2024, reflecting a revenue growth of 4.39% but a net profit decline of 12.70% [5]. - In Q1 2025, these companies reported a revenue of 475.75 billion yuan and a net profit of 4.22 billion yuan, indicating growth compared to Q1 2024 [5]. - Goldwind Technology reported a revenue of 9.47 billion yuan in Q1 2025, a year-on-year increase of 35.72%, with a net profit of 568 million yuan, up 70.84% [6]. - The recovery in wind turbine prices and expansion into overseas markets have contributed to improved performance for wind turbine manufacturers, including previously loss-making companies [7]. Solar Energy Industry - The solar energy sector faced unprecedented challenges in 2024, with 110 A-share solar companies reporting a total revenue of approximately 1.38 trillion yuan, a year-on-year decrease of 17.96%, and a net profit of approximately -3.63 billion yuan, down 100.25% [9]. - In Q1 2025, these companies reported a total revenue of 279.14 billion yuan, with a net profit of approximately 47.44 billion yuan, indicating a significant decline compared to Q1 2024 [9]. - A total of 46 A-share solar companies reported negative net profits in 2024, with leading integrated companies like TCL Zhonghuan, Longi Green Energy, and Tongwei Co. facing the largest losses [10]. - Companies with energy storage businesses, such as Sungrow Power Supply, showed resilience, with notable profit growth driven by their storage segments [11]. Energy Storage Industry - The energy storage sector experienced a downturn in 2024 but showed signs of recovery in Q1 2025, with 21 A-share companies reporting a total revenue of 6.82 billion yuan, a decrease of 3.59%, and a net profit of 745.41 million yuan, down 21.4% [15]. - In Q1 2025, these companies achieved a total revenue of 1.58 billion yuan, a year-on-year increase of 12.39%, and a net profit of 210.33 million yuan, up 34% [15]. - The profitability in the energy storage sector is increasingly concentrated among leading companies, with firms like CATL and Sungrow Power Supply reporting significant profit increases [16]. - The Chinese market remains the largest for energy storage installations, driven by domestic policies and growing overseas demand [17].

Core Viewpoint - The photovoltaic sector in A-share market has shown a significant shift, with companies in the inverter and equipment segments achieving profitability, while the module segment struggles amidst a price decline [1][3]. Revenue Summary - A total of 33 companies reported year-on-year revenue growth, with Dongfang Shenghong leading at 137.68 billion yuan, followed by Tebian Electric at 97.87 billion yuan [2]. - JinkoSolar, Longi Green Energy, Trina Solar, and JA Solar ranked third, fifth, sixth, and eighth in revenue, respectively [2]. - JinkoSolar maintained its position as the global leader in module shipments, achieving 92.87 GW in 2024, a year-on-year increase of 18.28% [2]. Profit Summary - Sunshine Power topped the profit rankings with a net profit of 11.036 billion yuan, the only company to exceed 10 billion yuan [3]. - Tebian Electric and Chint Electric followed with net profits of 4.135 billion yuan and 3.874 billion yuan, respectively [3]. - The photovoltaic equipment manufacturers, such as Jiejia Weichuang and Jing Sheng Mechanical, also reported strong profits [3]. Market Dynamics - The overseas market has become a crucial profit driver for many companies, with only two module-focused firms, Canadian Solar and Hengdian East Magnetic, making it to the profit leaderboard [5]. - Canadian Solar reported a revenue of 46.165 billion yuan, with nearly 80% of its revenue coming from international markets, while its domestic market faced negative margins [5][6]. - Hengdian East Magnetic achieved a revenue of 18.559 billion yuan, with 60% from photovoltaic operations, and plans to increase its European market share [6][7]. Future Outlook - Companies are focusing on diversifying their markets, with Hengdian East Magnetic targeting a 20 GW shipment by 2025, emphasizing growth in Europe and North America [7]. - JinkoSolar's profitability is heavily reliant on its overseas markets, with a gross margin of 26.21% in the Americas, contrasting with a negative margin in the Chinese market [8].

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。 ...

兴业证券股份有限公司 关于浙江晶盛机电股份有限公司 2024 年度跟踪报告 | 保荐人名称：兴业证券股份有限公司 | 被保荐公司简称：晶盛机电 | | --- | --- | | 保荐代表人姓名：金晓锋 | 联系电话：021-20370631 | | 保荐代表人姓名：胡皓 | 联系电话：021-20370631 | 一、保荐工作概述 | 项 目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 不适用 | | 2．督导公司建立健全并有效执行规章制度的 | | | 情况 | | | （1）是否督导公司建立健全规章制度（包括 但不限于防止关联方占用公司资源的制度、 | 是 | | 募集资金管理制度、内控制度、内部审计制 度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月查询一次 | | （2）公司募集资金项目进展是否与信息披露 | 是 | | 文件一致 | | | 4.公司治 ...

兴业证券股份有限公司 关于浙江晶盛机电股份有限公司 向特定对象发行股票并在创业板上市之保荐总结报告书 兴业证券股份有限公司（以下简称"兴业证券"或"保荐机构"）作为浙江 晶盛机电股份有限公司（以下简称"晶盛机电"、"公司"或"上市公司"）2022 年向特定对象发行股票并在创业板上市的保荐机构，根据《证券发行上市保荐业 务管理办法》、证券交易所监管规则等相关规定及兴业证券与晶盛机电签署的《保 荐协议》，兴业证券对晶盛机电的持续督导时间为上市公司向特定对象发行股票 上市当年剩余时间及其后两个完整会计年度，持续督导期至 2024 年 12 月 31 日。 目前持续督导期限已届满，保荐机构根据《证券发行上市保荐业务管理办法》、 证券交易所监管规则等相关法规和规范性文件的要求，出具本保荐总结报告书。 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、本机构及本人自愿接受中国证监会对保荐总结报告书相关事项进行的任 何质询和调查。 （二）持续督导阶段 持续督导期内，保荐机构及保荐代表人严格按 ...

Financial Performance - The company's revenue for Q1 2025 was ¥3,137,803,861.66, a decrease of 30.42% compared to ¥4,509,536,327.64 in the same period last year[5] - Net profit attributable to shareholders was ¥572,898,649.50, down 46.44% from ¥1,069,677,533.41 year-on-year[5] - The basic earnings per share were ¥0.44, down 46.34% from ¥0.82 in the same period last year[5] - Operating profit fell to ¥667,372,168.83, down 44.4% from ¥1,511,997,993.16 in the previous period[20] - Net profit attributable to the parent company was ¥572,898,649.50, a decrease of 46.5% compared to ¥1,069,677,533.41 in the same period last year[21] - Total operating revenue decreased to ¥3,137,803,861.66 from ¥4,509,536,327.64, representing a decline of approximately 30.5% year-over-year[20] - Basic and diluted earnings per share decreased to ¥0.44 from ¥0.82, a decline of 46.3%[21] Cash Flow and Liquidity - The net cash flow from operating activities increased by 223.97%, reaching ¥395,030,756.73 compared to ¥121,934,525.91 in the previous year[5] - Cash flow from operating activities generated ¥395,030,756.73, a significant increase from ¥121,934,525.91 in the previous period[23] - The company experienced a net increase in cash and cash equivalents of ¥125,475,404.70, contrasting with a net decrease of ¥524,411,240.90 in the previous period[23] - The company's cash and cash equivalents increased to ¥2,911,256,105.02 from ¥2,787,148,776.35, representing a growth of approximately 4.4%[17] Assets and Liabilities - The total assets at the end of the reporting period were ¥29,367,704,714.61, a decrease of 6.92% from ¥31,550,179,908.08 at the end of the previous year[5] - Total assets decreased to ¥29,367,704,714.61 from ¥31,550,179,908.08, reflecting a decline of about 6.9%[18] - Total liabilities decreased from ¥13,616,061,843.68 to ¥10,871,913,585.70, a reduction of approximately 20.3%[18] - The company's total equity increased to ¥18,495,791,128.91 from ¥17,934,118,064.40, indicating a growth of about 3.1%[19] - The company's equity attributable to shareholders increased by 3.46%, amounting to ¥17,196,088,170.45 compared to ¥16,621,271,326.50 at the end of the previous year[5] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 69,935, with the largest shareholder holding 47.39% of the shares[11] - The total number of restricted shares held by key executives remains at 77,978,364 shares, with no changes during the period[14] Operational Metrics - Research and development expenses decreased to ¥232,383,622.01 from ¥295,920,403.83, reflecting a reduction of approximately 21.4%[20] - Total operating costs decreased to ¥2,650,744,820.80 from ¥3,002,014,097.41, a decline of about 11.7% year-over-year[20] - The company reported a significant reduction in contract liabilities, which decreased by 31.67% to ¥3,842,739,626.16 from ¥5,624,161,653.09[10] - The company reported a significant decrease in contract liabilities from ¥5,624,161,653.09 to ¥3,842,739,626.16, a decline of approximately 31.7%[18] - Accounts receivable slightly increased to ¥3,236,322,563.15 from ¥3,222,610,253.60, showing a marginal growth of about 0.4%[17] - Inventory decreased significantly from ¥10,884,176,752.31 to ¥9,544,861,807.96, a reduction of approximately 12.3%[17] Government Support - The company received government subsidies amounting to ¥82,787,114.68, contributing to a 307.40% increase in other income compared to the previous year[10]

Core Insights - The report by Dongwu Securities highlights the potential of silicon carbide (SiC) materials as ideal substrates for AR glasses due to their high refractive index and thermal conductivity [1][3] - AR glasses are positioned as a perfect carrier for AI applications, merging virtual and real-world information seamlessly [2] Industry Overview - The global shipment of AR glasses is projected to reach 553,000 units in 2024, representing a year-on-year increase of 7.8%, with China accounting for 286,000 units [2] - The optical display system, comprising optical combiners and micro-displays, is the core component of AR glasses, constituting over 40% of the total cost [2] Technology Trends - Surface relief grating (SRG) waveguide technology is identified as the future mainstream trend for AR glasses' optical display systems, offering controllable manufacturing costs and excellent optical performance [2] - SiC materials combined with SRG waveguides and etching processes are crucial for significant advancements in AR glasses, enhancing field of view (FOV) and addressing issues like color dispersion and light loss [3] Cost Reduction Strategies - The need for semi-insulating SiC substrates in large sizes is emphasized as a key factor for cost reduction, with breakthroughs in 12-inch substrate mass production being essential for making AR glasses more accessible to the consumer market [4] - It is estimated that if AR glasses reach a shipment volume of 100 million units, approximately 10 million 12-inch SiC substrates will be required [4] Investment Recommendations - The report recommends focusing on companies such as Jing Sheng Mechanical and Tian Yue Advanced as key investment opportunities in the AR glasses sector [5]

点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 投资建议 7 东吴证券 2 公众号·材料汇 ● AR服镜是AI应用的完美载体,可以结合虚拟和现实。AR眼镜(增强现实限镜)是一种将虚拟信息叠加到现实 世界中的智能穿戴设备，核心在于虚拟信息与现实世界的完美融合。2024年全球AR眼镜出货量达到55.3万副, 同比+7.8%，其中中国2024年出货28.6万副。光学显示系统为AR眼镜的核心。光学显示系统由尤学组合器和微 显示屏组成。光学显示系统是整个AR眼镜的核心部件,也是价值量最大的部件,约占整个AR眼镜成本的40%t。 ● 表面浮雕光栅波导方案是AR眼镜光学显示系统的未来主流趋势。表面浮雕光栅波导相对制造成本可控、工艺 成熟,光学性能优秀。尽管存在色散和彩虹纹问题,但可以将衬底更换为SiC采解决。结合技术水平和量产难 度,表面浮雕光栅波导是最现实也最有前景的量产方案。目前即将推出的主流AR眼镜均采用该方案。 ● 碳化硅材料具备高折射率、高热导性,成为AR眼镜镜片的理想来底材料。米底材料的折射率越高,AR镜片的 FOV就更大,单层SiC镜片即可实现80度以上FOV, ...