Investment Rating - Maintain "Buy" rating: The report maintains a "Buy" rating for the company, citing its leading position in the photovoltaic silicon wafer equipment sector, potential growth in semiconductor equipment and advanced materials, and a diversified business layout that supports long-term development [2] Core Views - Revenue growth: The company reported H1 2024 revenue of 10.147 billion yuan, a year-on-year increase of 20.71%, with Q2 revenue reaching 5.638 billion yuan, up 17.29% year-on-year [1] - Profit decline: Net profit attributable to shareholders in H1 2024 was 2.09 billion yuan, a year-on-year decrease of 4.97%, with Q2 net profit dropping 22.19% to 1.027 billion yuan [1] - Photovoltaic equipment innovation: The company continues to innovate in photovoltaic equipment, with new products such as tube-type PECVD, LPCVD, and ALD devices, achieving breakthroughs in battery equipment exports [1] - Semiconductor equipment localization: The company is accelerating the localization of semiconductor equipment, with increased orders for large silicon wafer and silicon carbide epitaxial equipment, and successful development of advanced products like 12-inch dry-in-dry-out edge polishers [1] - New materials business growth: The company is rapidly expanding its new materials business, particularly in silicon carbide substrates and sapphire materials, despite facing profit pressure in the photovoltaic materials sector [2] Financial Performance - Revenue and profit trends: The company's revenue growth rate has been declining, from 78.45% in 2022 to 11.71% in 2026E, while net profit growth is expected to stabilize around 14.96% by 2026E [3] - Profitability metrics: The company's ROE (diluted) is expected to decline from 30.46% in 2023 to 22.70% in 2026E, with a similar trend in ROA and ROIC [7] - Valuation: The company's PE ratio is projected to decrease from 12 in 2022 to 5 in 2026E, reflecting a more attractive valuation over time [3][7] Business Segments - Photovoltaic equipment: The company's photovoltaic equipment business achieved revenue of 7.368 billion yuan in H1 2024, a year-on-year increase of 20.64%, with a slight decline in gross margin to 37.43% [1] - Semiconductor equipment: The company is focusing on the localization of semiconductor equipment, with significant progress in silicon wafer and silicon carbide epitaxial equipment, and new products in advanced packaging [1] - New materials: The company is expanding its new materials business, particularly in silicon carbide substrates and sapphire materials, with rapid growth in production and shipments [2] Market Data - Market capitalization: The company's total market capitalization is 33.668 billion yuan, with a total share capital of 1.31 billion shares [5] - Stock performance: The stock's relative performance over the past year has been -41.90%, with a current price of 25.71 yuan [4]

Investment Rating - The report maintains an "Accumulate" investment rating for the company [1] Core Views - The company's H1 2024 revenue reached 10.147 billion yuan, a year-on-year increase of 21%, while the net profit attributable to shareholders was 2.096 billion yuan, a decrease of 4.97% year-on-year [2][9] - The decline in profit margins is attributed to increased operating expenses and a decrease in the gross margin of the materials business, particularly due to the impact of domestic quartz sand demand and the influx of imported quartz sand [2][9] - The company is expected to benefit from the recognition of its fifth-generation single crystal furnace and intelligent integrated equipment, as well as the rapid growth of its materials business [3][12] Financial Performance - In H1 2024, the company's gross margin was 37%, down 5.65 percentage points year-on-year, and the net profit margin was 23.54%, down 6.46 percentage points year-on-year [2][9] - The equipment and service business generated revenue of 7.37 billion yuan, up 20.6% year-on-year, while the materials business generated revenue of 2.37 billion yuan, up 25.7% year-on-year [2][9] - The company forecasts net profits of 5.712 billion yuan and 6.869 billion yuan for 2024 and 2025, respectively, with a projected PE ratio of 5.8X for 2024, indicating a historically low valuation [3][12] Business Segments - In the semiconductor equipment sector, the company has achieved breakthroughs in the domestic production of 8-12 inch silicon wafer equipment and has a leading market share in domestic long crystal equipment [10] - The company continues to innovate in the photovoltaic equipment sector, launching highly automated products that help customers reduce costs and improve efficiency [10] - In the materials sector, the company has established a leading position in high-quality large-size quartz crucibles and is expanding its production capacity in the diamond wire sector [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 10.147 billion yuan in the first half of 2024, representing a year-on-year increase of 21%. However, the net profit attributable to shareholders decreased by 4.97% year-on-year to 2.096 billion yuan due to impairment losses and a decline in gross margin [7][9] - The company is focusing on expanding its semiconductor equipment business while maintaining its leadership in photovoltaic equipment [14][15] Revenue and Profitability - Total revenue for 2022 was 10.638 billion yuan, with a year-on-year growth of 78.45%. For 2023, the revenue is projected to be 17.983 billion yuan, a growth of 69.04%. The forecast for 2024 is 21.646 billion yuan, with a growth rate of 20.37% [2] - The gross margin for the first half of 2024 was 37.00%, down 5.66 percentage points year-on-year. The net profit margin was 23.54%, down 6.66 percentage points year-on-year [9][10] Product and Market Positioning - The company has achieved full coverage in photovoltaic equipment, including silicon wafer, battery, and module equipment. It is also a leader in domestic long crystal equipment for semiconductors, focusing on large silicon wafers and advanced packaging [14][15] - The company is expanding its material offerings, including silicon carbide substrates and quartz crucibles, with batch production of 8-inch silicon carbide substrates already underway [14] Financial Forecasts - The company is expected to achieve net profits of 4.6 billion yuan in 2024, 5.4 billion yuan in 2025, and 5.9 billion yuan in 2026, with corresponding P/E ratios of 7, 6, and 6 times respectively [15]

2024 年 1-6 月 编制单位：浙江晶盛机电股份有限公司 单位：人民币万元 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公 | 上市公司核算 | 2024 年期初 2024 | 半年度往来累计 | 2024 | 半年度往来资 2024 | 半年度偿还 | 2024 | 年半年度期 占用形成 | | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 司的关联关系 | 的会计科目 | 往来资金余额 | 发生金额（不含利息） | 金的利息（如有） | | 累计发生金额 | 末往来资金余额 | 原因 | | | | 控股股东、实际控制人 | | | | | | | | | | | 非经营性占用 | | | 及其附属企业 | | | | | | | | | | | 非经营性占用 | | | 小 计 | | | | | | | | | | | | | | 前控股股东、实际控制 | | | | | | | | | | | 非经营性占用 | | | 人及其附属企业 | | ...

兴业证券股份有限公司 关于浙江晶盛机电股份有限公司 使用部分闲置募集资金暂时补充流动资金的核查意见 兴业证券股份有限公司（以下简称"保荐机构"、"兴业证券"）作为浙江晶盛机 电股份有限公司（以下简称"晶盛机电"、"公司"）的保荐机构，根据《证券发行上 市保荐业务管理办法》《上市公司监管指引第 2 号——上市公司募集资金管理和使 用的监管要求》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司 自律监管指引第 2 号——创业板上市公司规范运作》等相关规定，对晶盛机电使用 部分闲置募集资金暂时补充流动资金的事项进行了审慎核查，具体核查情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意浙江晶盛机电股份有限公司向特定对象 发行股票注册的批复》（证监许可〔2022〕947 号），并经深圳证券交易所同意，公 司由主承销商兴业证券股份有限公司采用向特定对象发行的方式，向特定对象发行 人民币普通股（A 股）股票 21,353,383 股，发行价为每股人民币 66.50 元，共计募 集资金 142,000.00 万元，已由主承销商兴业证券股份有限公司于 2022 年 7 月 15 日 汇入公司募集资 ...

证券代码：300316 证券简称：晶盛机电 编号：2024-033 浙江晶盛机电股份有限公司 关于使用部分闲置募集资金暂时补充流动资金的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，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（以下简称"公司"）第五届董事会第十五次会议 和第五届监事会第十五次会议审议通过了《关于使用部分闲置募集资金暂时补充 流动资金的议案》，同意公司使用不超过 40,000.00 万元闲置募集资金暂时补充 流动资金，使用期限自董事会审议通过之日起不超过 12 个月。现将相关情况公 告如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意浙江晶盛机电股份有限公司向特定 对象发行股票注册的批复》(证监许可〔2022〕947 号)，并经深圳证券交易所同 意，本公司由主承销商兴业证券股份有限公司采用向特定对象发行的方式，向特 定对象发行人民币普通股（A 股）股票 21,353,383 股，发行价为每股人民币 66.50 元，共计募集资金 142,000.00 万元，已由主承销商兴业证券股份有限公司于 2022 年 7 月 15 日汇入本公司募集资金监 ...

证券代码：300316 证券简称：晶盛机电 编号：2024-032 浙江晶盛机电股份有限公司 关于 2024 年半年度募集资金存放与使用情况的专项报告 本公司及董事会会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 根据深圳证券交易所印发的《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》及相关格式指引的规定，经浙江晶盛机电股份 有限公司（以下简称"公司"）第五届董事会第十五次会议审议通过，公司编制了 《2024 年半年度募集资金存放与使用情况专项报告》如下： 一、募集资金基本情况 (一) 实际募集资金金额和资金到账时间 (二) 募集资金专户存储情况 根据中国证券监督管理委员会《关于同意浙江晶盛机电股份有限公司向特定 对象发行股票注册的批复》(证监许可〔2022〕947 号)，并经深圳证券交易所同 意，本公司由主承销商兴业证券股份有限公司采用向特定对象发行的方式，向特 定对象发行人民币普通股（A 股）股票 21,353,383 股，发行价为每股人民币 66.50 元，共计募集资金 142,000.00 万元，已由主承销商兴业证券股份有限公司于 202 ...

证券代码：300316 证券简称：晶盛机电 编号：2024-030 浙江晶盛机电股份有限公司 第五届监事会第十五次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，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（以下简称"公司"）第五届监事会第十五次会议 通知于2024年8月15日以电子邮件或电话的方式送达各位监事，会议于2024年8 月20日以现场加通讯表决相结合的方式召开，会议由监事会主席李世伦先生主持， 会议应到监事3人，实到监事3人，会议的召集和召开符合《公司法》《公司章程》 的相关规定。经与会监事审议，通过如下决议： 一、以 3 票同意，0 票弃权，0 票反对，通过了《2024 年半年度报告及摘要》； 经审核，监事会认为：董事会编制和审核公司《2024年半年度报告》及《2024 年半年度报告摘要》的程序符合法律、行政法规和中国证监会的规定，报告内容 真实、准确、完整地反映了公司的实际情况，不存在任何虚假记载、误导性陈述 或者重大遗漏。 公司《2024 年半年度募集资金存放与使用情况专项报告》详见 2024 年 8 月 21 日巨潮资讯网（http://www. ...

证券代码：300316 证券简称：晶盛机电 编号：2024-034 浙江晶盛机电股份有限公司 关于续聘会计师事务所的公告 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。 特别提示： 公司本次续聘会计师事务所符合财政部、国务院国资委、证监会印发的《国 有企业、上市公司选聘会计师事务所管理办法》（财会〔2023〕4号）的规定。 浙江晶盛机电股份有限公司（以下简称"公司"）于2024年8月20日召开第五 届董事会第十五次会议和第五届监事会第十五次会议，审议通过了《关于续聘会 计师事务所的议案》，拟续聘天健会计师事务所（特殊普通合伙）（以下简称"天 健会计师事务所"）为公司2024年度的审计机构。本议案需提交公司股东大会审 议，现将相关事项公告如下： 一、拟续聘会计师事务所的基本信息 （一）机构信息 1、基本信息 （二）项目信息 | 基本信息 | 项目合伙人、 签字注册会计师 | | 签字注册会计师 | 项目质量复核人员 | | | --- | --- | --- | --- | --- | --- | | 姓名 | 胡燕华 | | 张罗俊 | 谢军 | | | 何时 ...

证券代码：300316 证券简称：晶盛机电 编号：2024-029 1 保荐机构就本事项发表了同意的核查意见。公司《关于使用部分闲置募集资 金暂时补充流动资金的公告》及保荐机构核查意见详见 2024 年 8 月 21 日巨潮资 讯网（http://www.cninfo.com.cn）。 浙江晶盛机电股份有限公司 第五届董事会第十五次会议决议公告 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。 浙江晶盛机电股份有限公司（以下简称"公司"）第五届董事会第十五次会议 通知于2024年8月15日以电子邮件或电话的方式送达各位董事，会议于2024年8 月20日以现场加通讯相结合的方式在浙江省杭州市临平区顺达路500号公司会议 室召开，会议由董事长曹建伟先生主持，会议应到董事9人，实到董事9人，会议 的召集和召开符合《公司法》《公司章程》的相关规定。经与会董事审议，通过 如下决议： 一、以9票同意，0票弃权，0票反对，通过了《2024年半年度报告及摘要》； 公司《2024年半年度报告》及《2024年半年度报告摘要》详见2024年8月21 日巨潮资讯网（http://www ...