Core Viewpoint - Jing Sheng Electromechanical announced the successful commissioning of its first 12-inch silicon carbide substrate processing pilot line, marking a significant advancement in domestic production capabilities and positioning the company as a leader in SiC substrate technology [2] Company Summary - On September 26, the first 12-inch silicon carbide substrate processing pilot line was officially commissioned at the subsidiary Zhejiang Jing Rui SuperSiC [2] - The subsidiary has achieved 100% domestic production in the entire process from crystal growth, processing to testing, indicating a shift from parallel development to leading in global SiC substrate technology [2] - The company aims to accelerate the mass production process of its production line to provide high-quality, low-cost large-size silicon carbide substrates [2] Industry Summary - The successful commissioning of the pilot line is expected to contribute to the robust development of China's third-generation semiconductor industry [2] - The company plans to collaborate with industry chain partners to promote the growth of the semiconductor sector [2]

Core Viewpoint - The company is actively expanding its silicon carbide production capacity to strengthen its global market supply capabilities [2] Group 1: Company Initiatives - The company announced plans to establish a 300,000 pieces per year silicon carbide substrate project in Shangyu [2] - The company is investing in an 8-inch silicon carbide substrate industrialization project in Penang, Malaysia, to leverage the promising global silicon carbide industry [2] - A project for producing 600,000 pieces per year of 8-inch silicon carbide substrates is being developed in Yinchuan, enhancing the company's technological and scale advantages in the silicon carbide substrate materials sector [2]

Core Viewpoint - Jing Sheng Mechanical and Electrical (300316) announced on October 28 that it has achieved domestic substitution of semiconductor quartz crucibles, leading in market share and gradually increasing it, while successfully overcoming technical bottlenecks in large-size semiconductor synthetic sand quartz crucibles [1] Group 1: Company Developments - The company has leveraged both technological and scale advantages in the semiconductor consumables sector [1] - The products have passed customer verification and have entered the industrialization stage [1] Group 2: Industry Position - The company is leading in market share for semiconductor quartz crucibles and is progressively enhancing its position [1] - The company is extending its layout to key auxiliary materials such as quartz products [1]

Group 1 - The core viewpoint of the article highlights that the company, Jing Sheng Mechanical & Electrical (300316), is benefiting from the ongoing development of the semiconductor industry and the acceleration of domestic production processes [1] - As of June 30, 2025, the company has unfulfilled contracts for integrated circuit and compound semiconductor equipment exceeding 3.7 billion yuan (including tax) [1]

Financial Performance - In the first three quarters of 2025, the company achieved a revenue of ¥8,273,220,959.41 and a net profit attributable to shareholders of ¥901,103,576.55 [2] - As of June 30, 2025, the company had unfulfilled contracts for integrated circuit and compound semiconductor equipment exceeding ¥3.7 billion (including tax) [5] Product Development - The company launched its first 12-inch silicon carbide (SiC) substrate processing pilot line on September 26, 2025, marking a significant advancement in domestic equipment development with 100% localization [2][3] - The pilot line covers the entire process from crystal growth to detection, utilizing domestically developed equipment, thus establishing a complete closed loop for 12-inch SiC substrates [3] Capacity Expansion - The company is actively expanding its SiC production capacity, with a project in Shangyu aiming for an annual output of 300,000 SiC substrates and an 8-inch SiC substrate industrialization project in Penang, Malaysia [4] - Additionally, a project in Yinchuan is set to produce 600,000 8-inch SiC substrates annually, enhancing the company's technological and scale advantages in the SiC substrate field [4] Semiconductor Equipment Progress - The company has successfully delivered its self-developed 12-inch atmospheric silicon epitaxy equipment to leading domestic clients, achieving international advanced levels in key performance indicators [6] - The company is also advancing the market promotion of new products such as the 12-inch dry-in-dry-out edge grinding machine and the 12-inch double-sided thinning machine [6] Component and Material Development - The subsidiary, Jinghong Precision, is focusing on the localization of core semiconductor components, enhancing manufacturing capabilities and product quality [8] - In the semiconductor consumables sector, the company has achieved domestic substitution for quartz crucibles, leading the market share and gradually increasing it [10] Client Base and Market Position - The company has established a strong reputation among high-end clients in the semiconductor and photovoltaic industries, maintaining long-term strategic partnerships with notable firms [10] - Major clients include well-known companies such as Longi Green Energy, Tongwei Co., and JinkoSolar, contributing to the company's industry influence [10]

Core Insights - The best-performing fund managed by fund manager Luo Shifeng is the Nord Cycle Strategy Mixed Fund (570008), which achieved a quarterly net value increase of 52.47% by the end of Q3 2025 [1] Fund Performance Summary - The Nord Value Advantage Mixed Fund (570001) has a total fund size of 24.81 billion, with an annualized return of 7.58% and a Q3 2025 increase of 44.93%, with its top holding being Sungrow Power [2] - The Nord Cycle Strategy Mixed Fund (570008) has a fund size of 9.26 billion, an annualized return of 15.18%, and a Q3 2025 increase of 52.47%, with its top holding being NewEase [2] - The Nord Value Discovery - Annual Holding Mixed Fund (012150) has a fund size of 5.39 billion, with a negative annualized return of -0.97% and a Q3 2025 increase of 26.73%, with its top holding also being Sungrow Power [2] Stock Trading Cases - Notable stock trading cases managed by Luo Shifeng include: - Sungrow Power: Bought in Q3 2020 and sold in Q1 2021, with an estimated return of 300.71% and a company performance growth of 25.15% during the holding period [3] - Longi Green Energy: Held from Q1 2018 to Q2 2023, with an estimated return of 231.97% and a company performance growth of 488.96% [3] - Midea Group: Held from Q2 2016 to Q4 2017, with an estimated return of 136.18% and a company performance growth of 51.35% [3] Underperforming Stock Cases - Underperforming stock cases include: - Opcon Vision: Bought in Q3 2021 and sold in Q1 2024, with an estimated return of -76.32% despite a company performance growth of 40.04% [4] - Tongce Medical: Held from Q3 2021 to Q2 2023, with an estimated return of -63.37% and a company performance growth of 2.37% [4] - Sanan Optoelectronics: Held from Q4 2017 to Q2 2019, with an estimated return of -51.40% [4]

晶盛机电 20251027 摘要 晶盛机电聚焦半导体装备、衬底材料及耗材三大业务，12 英寸常压硅外 延设备关键指标达国际先进水平，并积极推进干进干出、边抛机等新产 品验证，同时加速碳化硅产业链 8 英寸转移，加强相关设备市场推广。 公司首条 12 英寸碳化硅衬底加工中试线已通线，设备 100%国产化， 并积极推进 8 英寸碳化硅衬底全球客户验证，已获部分国际批量订单。 同时，在马来西亚槟城投建 8 英寸碳化硅衬底项目，强化全球供应能力。 晶盛机电在碳化硅领域，12 英寸衬底方面处于领跑位置，8 英寸与同行 并跑，6 英寸具备明显优势。通过西部基地布局、自主研发 OHT 天车系 统等措施，降低成本，提高良率，保持技术领先和成本优势。 公司选择提前布局海外市场，在马来西亚建设产能，预计 2026 年底或 2027 年初提供 8 英寸衬底，以满足海外客户多元采购需求，规避潜在 关税风险，并凭借全自动自主研发产线，实现成本竞争力。 预计未来几年碳化硅衬底行业龙头集中度将提高，规模供应增加或导致 价格下降。公司通过技术创新和成本控制，确保在 8 英寸及更大尺寸上 的竞争优势，并积极布局氮化硅、氮化镓等多种散热材料。 ...

证券研究报告·公司点评报告·光伏设备 晶盛机电（300316） 2025 年三季报点评：利润环比改善，看好大 尺寸碳化硅衬底加速放量 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 17,983 | 17,577 | 12,034 | 13,082 | 14,797 | | 同比（%） | 69.04 | (2.26) | (31.53) | 8.71 | 13.11 | | 归母净利润（百万元） | 4,558 | 2,510 | 1,007 | 1,247 | 1,538 | | 同比（%） | 55.85 | (44.93) | (59.89) | 23.88 | 23.37 | | EPS-最新摊薄（元/股） | 3.48 | 1.92 | 0.77 | 0.95 | 1.17 | | P/E（现价&最新摊薄） | 11.54 | 20.95 | 52.23 | 42.16 | 34.18 | [Tabl ...

Summary of Jingsheng Mechanical & Electrical Co 3Q25 Earnings Call Company Overview - **Company**: Jingsheng Mechanical & Electrical Co (300316.SZ) - **Industry**: China Industrials - **Market Cap**: Rmb 55,105 million - **Stock Rating**: Underweight - **Price Target**: Rmb 19.00, representing a downside of 55% from the current price of Rmb 42.08 as of October 24, 2025 Key Financial Results - **3Q25 Revenue**: Rmb 2,474 million, down 43% YoY [6] - **Cost of Goods Sold**: Rmb (1,752) million, down 40% YoY [2] - **Gross Profit**: Rmb 723 million, down 48% YoY [2] - **Operating Profit**: Rmb 251 million, down 72% YoY [2] - **Profit Before Tax**: Rmb 299 million, down 69% YoY [2] - **Profit After Tax**: Rmb 245 million, down 71% YoY [2] - **Net Profit Margin**: 10.6%, down 9.3 percentage points YoY [2] - **Earnings Per Share (EPS)**: Rmb 0.20, down 70% YoY [2] Margins and Expenses - **Gross Profit Margin**: 29.2%, down 3.0 percentage points YoY but up 9 percentage points QoQ [6] - **R&D Expenses**: Rmb (208) million, down 19% YoY [2] - **Selling Expenses**: Increased by 27% YoY [2] - **Asset/Credit Impairment**: Rmb (102) million, a significant increase of 103% YoY [2] Industry Context - The company continues to face challenges from the solar equipment and materials sector, which is in a downcycle [6] - Contract liabilities decreased by 55% YoY, slightly improved from a 62% decline at the end of 2Q25 [6] Analyst Insights - The financial results were largely in line with consensus expectations, indicating a stable outlook despite the significant YoY declines [1][6] - The company is expected to face ongoing pressure from gross margin due to high exposure to materials and low downstream solar product prices [7] Risks and Opportunities - **Upside Risks**: Faster-than-expected upgrades in crystal growing furnace technology and higher product sales in materials [9] - **Downside Risks**: Slower upgrades in technology and lower competitiveness of new products in the semi and SiC segments [9] Conclusion - Jingsheng Mechanical & Electrical Co's 3Q25 results reflect significant challenges in the current market environment, particularly within the solar sector. The company is rated underweight, with a substantial downside to the price target, indicating cautious sentiment among analysts.

财报显示，2025年前三季度，晶盛机电实现营业收入约为82.73亿元，同比下降42.86%；对应实现归属 净利润约为9.01亿元，同比下降69.56%。 北京商报讯（记者 马换换 王蔓蕾）10月25日，晶盛机电（300316）发布2025年三季报显示，公司前三 季度实现归属净利润约为9.01亿元，同比降近七成。 ...