Summary of the Conference Call for Jing Sheng Electromechanical Industry and Company Overview - The conference call pertains to Jing Sheng Electromechanical, a company involved in the semiconductor and photovoltaic equipment industry [2][3][4]. Key Points and Arguments Product Line Expansion - Jing Sheng Electromechanical is actively expanding its product line from large silicon wafer equipment to include silicon carbide (SiC) and wafer-end equipment, such as vacuum ICP and ALD ion implantation equipment, as well as SiC substrate materials and dry equipment [2][3]. - The company anticipates sustained growth in these new business areas, contributing to future revenue streams [2]. Order Backlog and Market Position - As of the end of 2024, the company has a semiconductor equipment order backlog of approximately 3.3 billion yuan, with expectations for steady growth in 2025 [2][4]. - The large silicon wafer business remains stable, holding a significant market share, while SiC equipment orders are currently low but expected to increase in the second half of 2025 [2][5]. Quartz Crucible Market - Jing Sheng Electromechanical holds the leading domestic market share for quartz crucibles, with over 30% market share in semiconductor quartz crucibles [4][14]. - The company has adjusted its quartz sand import sources to Norway, mitigating tariff impacts [6][20]. Semiconductor Pricing and Demand - Semiconductor silicon wafer prices are stable, with profit margins higher than those of photovoltaic silicon wafers [9]. - The company’s SiC substrate production capacity is set to reach 300,000 pieces by the end of the year, with strong demand for semiconductor components expected to continue [10][11]. Domestic Market and Client Base - The domestic market for semiconductor quartz crucibles is accelerating in terms of localization, with significant orders received from various clients, including Zhongwei, Shengmei, and Beifang Huachuang [11][14]. - The company has been proactive in the domestic substitution of semiconductor components since 2016, leading to a growing order volume [11]. Future Outlook for Equipment Orders - The company expects to see an increase in orders for 8-inch SiC equipment starting in the second half of 2025, as the market for new models adopting 8-inch substrates grows [12]. - The company is also seeing positive feedback on new products in the high-purity quartz crucible segment, with expectations for market share to surpass that of the photovoltaic sector [14]. Impact of Tariffs and Supply Chain Stability - The company has diversified its quartz sand supply channels, primarily sourcing from the U.S. and Norway, with tariffs having a limited impact on costs due to strategic sourcing decisions [8][20]. - The pricing of quartz crucibles is currently at a low point, but potential price increases may occur due to rising raw material costs and demand [7]. Equipment and Technology Developments - New equipment launched by the company includes advanced SiC devices, which are primarily targeted at domestic clients, with plans for future international market expansion based on demand [13]. - The company’s edge computing devices have also garnered significant orders, indicating a growing market presence [15]. Additional Important Insights - The company is focusing on enhancing its technology for high-purity quartz crucibles, which has shown promising market feedback and competitive advantages [14]. - The overall demand for photovoltaic equipment is driven by both domestic upgrades and new capacity expansions overseas, with expectations for several gigawatt-level investments in the near future [16][18].

证券代码：300316 证券简称：晶盛机电 编号：2025-017 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。 为进一步加强与投资者的互动交流，浙江晶盛机电股份有限公司（以下简称 "公司"）将参加由浙江证监局指导，浙江上市公司协会主办，深圳市全景网络有 限公司承办的"2025 年浙江辖区上市公司投资者网上集体接待日暨 2024 年度业 绩说明会"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https//rs.p5w.net)，或关注微信公众号：全景财经，或下载全景路演 APP，参与 本次互动交流，活动时间为 2025 年 5 月 13 日（周二）15：00-17：00。届时公 司高管将在线就公司 2024 年度业绩、公司治理、发展战略、经营状况、融资计 划、股权激励和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢 迎广大投资者踊跃参与！ 特此公告。 浙江晶盛机电股份有限公司 董事会 2025 年 5 月 8 日 浙江晶盛机电股份有限公司 关于参加 2025 年浙江辖区上市公司投资者网上集体 接待日暨 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The bifacial cell technology significantly reduces silver paste consumption and enhances component output power, showcasing advantages over traditional technologies [4][11] - The market size of the bifacial equipment and materials industry is expected to decline from 8.093 billion to 5.946 billion by 2030, with a compound annual growth rate of -5.98% [24] - The development of TOPCon battery technology is anticipated to provide incremental growth opportunities for the industry, with production and shipment volumes expected to increase significantly by 2028 [26] Industry Definition - Bifacial technology is a semiconductor metallization and battery string technology that reduces precious metal usage and simplifies current transmission paths [5] Industry Classification - The bifacial equipment and materials can be categorized into bifacial equipment and bifacial materials [6] Industry Characteristics - Bifacial technology offers advantages over traditional SMBB and OBB technologies, including the potential for complete silver elimination in BC cells and a 70% reduction in silver paste usage for TOPCon cells [9][11] Development History - The industry has undergone three phases: a technology breakthrough phase, a commercialization phase, and a large-scale commercialization phase, marked by significant partnerships and capital investments [12][14][15] Industry Chain Development Status - The industry chain includes upstream raw material suppliers, midstream equipment and material manufacturers, and downstream photovoltaic cell and module producers [16] Upstream Analysis - The copper market is expected to maintain high prices, with an average LME price of $9,500 per ton in 2025 [18] Midstream Analysis - Bifacial technology addresses efficiency bottlenecks in TOPCon batteries, significantly improving power output and conversion efficiency [20] Downstream Analysis - The Chinese photovoltaic industry is expected to see improved supply-demand relationships post-2025, despite current overcapacity and price declines [22] Market Size Overview - The bifacial equipment and materials market is projected to decline in size from 8.093 billion to 5.946 billion from 2025 to 2030 [24] Competitive Landscape - The industry is characterized by a limited number of participants, with key players focusing on the mass production of bifacial technology [30][31]

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]

作 者丨曹恩惠 费心懿 延续这一影响因素，2 0 2 5年第一季度，上述2 3家A股风电公司合计取得4 7 5 . 7 5亿元的营收和 4 2 . 2 1 亿 元 的 归 母 净 利 润 。 与 2 0 2 4 年 一 季 度 相 比 ， 其 营 收 和 净 利 润 整 体 数 据 都 呈 现 增 长 的 局 面。这其中，部分头部整机厂商净利润增速强劲。 编 辑丨张星 大热的风电、光伏、储能等新能源行业，近些年来遭遇产业周期性波动影响，各条赛道呈现 出不同的业绩冷热现象。 2 0 2 4年，A股风电、储能公司整体维持着盈利状态，光伏公司就陷入了困境。而在2 0 2 5年第 一季度，风电、储能公司业绩"回春"，光伏公司则分化加剧。 整体来看，风电、光伏以及储能行业需求前景依然被业内看好，但产业链价格波动、海外市 场需求等因素，正在影响风电、光伏以及储能公司业绩的走势。 风机价格回升厂商整体业绩回暖 从2 0 2 4年第四季度到2 0 2 5年第一季度，国内风电行业整体表现回暖，部分厂商的业绩甚至超 出预期。 根据2 1世纪经济报道记者统计，2 0 2 4年，2 3家A股风电公司合计实现营业收入和归属于母公 司股 ...

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]