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, ...

Investment Rating - The report recommends a focus on investment in companies such as Jing Sheng Mechanical & Electrical and Tian Yue Advanced [2]. Core Insights - AR glasses are seen as the perfect carrier for AI applications, combining virtual and real-world elements. The global shipment of AR glasses is expected to reach 553,000 units in 2024, a year-on-year increase of 7.8%, with China accounting for 286,000 units [2][11][17]. - The optical display system is the core component of AR glasses, comprising optical combiners and micro-displays, which account for over 40% of the total cost [2][26]. - The surface relief grating waveguide (SRG) is identified as the future mainstream trend for AR glasses' optical display systems, offering controllable manufacturing costs and excellent optical performance [2][57]. - Silicon carbide (SiC) materials are highlighted as ideal substrates for AR glasses due to their high refractive index and thermal conductivity, enabling a field of view (FOV) of over 80 degrees with a single-layer SiC lens [2][66]. - The need for semi-insulating SiC substrates is emphasized, with a focus on achieving mass production of 12-inch substrates to reduce costs significantly [2][63]. Summary by Sections Section 1: AR Glasses and Their Market - AR glasses are defined as smart wearable devices that overlay virtual information onto the real world, enhancing user experience [5][10]. - The market for AR glasses is expected to peak in 2024, with significant improvements in portability, functionality, and technology [17][18]. Section 2: Optical Waveguide Structures - The report discusses various optical waveguide structures, with SRG being the most suitable for mass production due to its manufacturing feasibility and optical performance [57][58]. - The advantages of SiC in optical waveguide applications include the ability to reduce color separation and improve thermal management, which is crucial for AR glasses' performance [70][71]. Section 3: Silicon Carbide Materials - SiC materials are noted for their high refractive index, which enhances the FOV and mitigates issues like rainbow patterns in optical waveguides [66][70]. - The report emphasizes the importance of achieving large-size SiC substrates to lower production costs and facilitate the entry of AR glasses into the consumer market [2][63].

Group 1: Company Performance - Wuxi Autowei Technology Co., Ltd. reported a revenue of 9.198 billion yuan for 2024, a year-on-year increase of 45.94%, while net profit slightly increased by 1.36% to 1.273 billion yuan [1] - The company attributed the slower profit growth compared to revenue to product structure impacts, with strong competition in the market for certain products like single crystal furnaces and screen printing lines [1] - Laser giant Han's Laser Technology Industry Group Co., Ltd. saw a net profit surge of 106.52% to 1.694 billion yuan, but its revenue from new energy equipment dropped significantly by 40.48% to 1.54 billion yuan [1] Group 2: Industry Trends - The photovoltaic equipment sector is experiencing a downturn, with many companies reporting declining performance, indicating a cooling industry [2] - Jingcheng Machinery's revenue fell by 2.26% to 17.577 billion yuan, with net profit down 44.93% to 2.51 billion yuan, largely due to significant impairment losses [2] - The overall trend shows that many equipment manufacturers are facing declining orders and revenues, with Autowei's backlog decreasing by 10.40% to 11.831 billion yuan by the end of 2024 [8] Group 3: Market Conditions - The photovoltaic industry is currently in a state of oversupply, leading to reduced capital expenditures from downstream customers and a significant drop in orders for equipment [5][8] - The prices of photovoltaic products across the entire industry chain are continuously declining, impacting the gross margins of equipment manufacturers [6] - Autowei's gross margin decreased by 4.3 percentage points, while Jingcheng Machinery's gross margin fell by 2.46% to 36.36% [6] Group 4: Future Outlook - Analysts predict that the equipment manufacturing sector may not see new orders in 2025, with potential growth in orders expected only after 2026, driven by expansions in BC battery and component production [9]

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]