Summary of Conference Call Transcript Company/Industry Involved - The discussion revolves around a company involved in product expansion and industry development Core Points and Arguments - The company has made significant efforts in product and industry expansion, indicating a proactive approach to growth and adaptation [1] - There is a focus on understanding the decision-making process behind product expansions and the underlying stories that drive these decisions [1] Other Important but Possibly Overlooked Content - The mention of delays related to equipment and materials suggests potential supply chain challenges that could impact future operations [1]

兴业证券股份有限公司 关于浙江晶盛机电股份有限公司 二、保荐机构发现公司存在的问题及采取的措施 | 事 项 | 存在的问题 | 采取的措施 | | --- | --- | --- | | 1.信息披露 | 无 | 不适用 | | 2.公司内部制度的建立和执行 | 无 | 不适用 | | 3．"三会"运作 | 无 | 不适用 | | 4.控股股东及实际控制人变动 | 无 | 不适用 | | 5.募集资金存放及使用 | 无 | 不适用 | | 6.关联交易 | 无 | 不适用 | | 7.对外担保 | 无 | 不适用 | | 8.收购、出售资产 | 无 | 不适用 | | 9.其他业务类别重要事项（包括对外投资、风险投 资、委托理财、财务资助、套期保值等） | 无 | 不适用 | | 10．发行人或者其聘请的中介机构配合保荐工作的 情况 | 无 | 不适用 | | 11.其他（包括经营环境、业务发展、财务状况、管 理状况、核心技术等方面的重大变化情况） | 无 | 不适用 | 2024 年半年度跟踪报告 | 保荐机构名称：兴业证券股份有限公司 | 被保荐公司简称：晶盛机电 | | --- | --- | | 保荐 ...

证券代码：300316 证券简称：晶盛机电 浙江晶盛机电股份有限公司投资者关系活动记录表 编号：2024-7 | --- | --- | |---------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [7] Core Views - In H1 2024, the company achieved operating revenue of 10.15 billion yuan, a year-on-year increase of 20.7%, and a net profit attributable to shareholders of 2.1 billion yuan, a decrease of 5.0% year-on-year [10] - The company is pursuing a dual-engine sustainable development strategy focusing on advanced materials and advanced equipment, actively promoting the localization of semiconductor equipment [10] - The competition in the photovoltaic industry is intensifying, with older capacities expected to gradually exit, leading to a potential delay in new capacity demands in the short term, but long-term demand for high-tech equipment is expected to strengthen [10] - The price decline in the quartz crucible industry in Q2 has impacted the company's materials business performance [10] - The semiconductor equipment sector is developing steadily, while photovoltaic equipment may face short-term pressure, but the company is expected to leverage its technological advantages for long-term growth [10] Summary by Sections Financial Performance - In H1 2024, the equipment and service business generated revenue of 7.37 billion yuan, a year-on-year increase of 20.6%, with a gross margin of 37.4%, down 2.7 percentage points year-on-year [10] - The materials business achieved revenue of 2.37 billion yuan in H1 2024, a year-on-year increase of 25.7%, but the gross margin fell by 14.5 percentage points to 40.2% due to a significant price drop in quartz crucibles [10] Market Outlook - The company is focusing on high-end equipment in the semiconductor sector, including 8-12 inch silicon wafer equipment and power semiconductor equipment [10] - The domestic production forecast for 2024 is expected to reach 935 GW for silicon wafers, 820 GW for battery cells, and 750 GW for modules, significantly exceeding annual installation demand [10] Profit Forecast and Investment Advice - Revenue forecasts for 2024-2026 are 21.97 billion yuan, 25.30 billion yuan, and 28.54 billion yuan, with year-on-year growth rates of 22.2%, 15.1%, and 12.8% respectively [10] - Net profit attributable to shareholders is projected to be 4.81 billion yuan, 5.41 billion yuan, and 5.98 billion yuan for the same period, with growth rates of 5.5%, 12.5%, and 10.5% respectively [10] - The company is expected to maintain its "Accumulate" rating despite short-term pressures on photovoltaic equipment and significant price declines in material products [10]

[Table_Title] 2024Q2 利润承压，半导体设备布局不断完善 [Table_ReportDate] 晶盛机电(300316)公司简评报告 | 2024.08.22 [Table_Rank] 评级： 买入 核心观点 [Table_Authors] 曲小溪 首席分析师 SAC 执证编号：S0110521080001 quxiaoxi@sczq.com.cn 电话：010-8115 2676 [Table_Summary] ⚫ 事件：公司发布 2024 年半年报，2024 上半年实现营收 101.47 亿元，同 比+20.71%，归母净利润 20.96 亿元，同比-4.97%，扣非归母净利润 20.94 亿元，同比+1.02%。 ⚫ 营收保持增长，Q2 利润端承压。2024Q2 单季度营收 56.38 亿元，同比 +17.29%，归母净利润 10.27 亿元，同比-22.19%，扣非归母净利润 9.92 亿元，同比-17.20%，Q2 利润端承压。 ⚫ 毛利率有所下滑，期间费用率管控良好。2024年上半年公司销售毛利率 37%，同比-5.66pct，净利率23.54%，同比-6.66pct。其中设备和 ...

[Table_Title] 晶盛机电（300316.SZ） 业绩低于预期，材料业务盈利能力回落 [Table_Summary] 核心观点： ⚫ 业绩低于预期，主要系材料毛利率下滑影响。公司发布 2024 年中报， 24H1 公司实现收入 101.5 亿元，同比+20.7%；归母净利润 20.96 亿 元，同比-4.97%；扣非归母净利润 20.94 亿元，同比+1.02%。单 Q2 来看，收入实现 56.4 亿元，同比+17.3%；归母净利润 10.3 亿元，同 比-22.2%；扣非归母净利润 9.92 亿元，同比-17.2%。Q2 整体毛利率 31.8%，行业贝塔的下行已开始从订单传导至业绩。 ⚫ 坩埚价格显著回落，净利率下降至 42%。业绩低于预期主要系材料毛 利率快速下降，24H1 材料毛利率 40.15%，同比下降 14.5pct。根据公 司中报，上半年宁夏鑫晶收入 16.6 亿元，同比+22.1%，净利润 6.9 亿 元，同比+1.5%。由于石英砂供需紧张的格局解除，当前坩埚价格已显 著回落，坩埚净利率 42%，同比下滑 8pct，但仍维持在相对较高水平。 ⚫ 设备毛利率稳中略降，合同负债开始下降。 ...

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 | | ...