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：2025-5 | 投资者关系活动 | √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 | | --- | --- | | 类别 | □新闻发布会 □路演活动 □现场参观 □电话会议 □其他 | | 参与单位名称及 | 参见附件：参会投资者清单。 | | 人员姓名 | | | 时间 | 2025 年 9 月 8 日 | | 地点 | 杭州 | | 上市公司接待人 | 投资者关系 林婷婷 | | 员姓名 | | | | 1、请问公司碳化硅衬底材料的进展？ | | | 答：公司碳化硅衬底材料业务已实现 6-8 英寸碳化硅衬底规模 | | | 化量产与销售，量产的碳化硅衬底核心参数指标达到行业一流水平， | | | 并实现 12 英寸导电型碳化硅单晶生长技术突破，成功长出 12 英寸 | | | 碳化硅晶体。受益于晶体生长及加工设备的高度自给，能够实现设 | | | 备和工艺的高度融合，促进协同创新，使公司在技术工艺调整、产 | | | 能投放以及成本控制方面取得竞争优势，并能够根据碳化硅材料下 | | 投资者关系 ...

晶盛机电 20250908 摘要 万片不受路条限制的产能。预计 2026 年底或 2027 年初市场将大规模启动。 光学方面，12 英寸光学级碳化硅衬底片用于 AR 眼镜等消费电子产品，目前公 司正在进行 8 英寸验证，预计今年年底推出 12 英寸产品。封装领域的新应用 中，半绝缘型碳化硅衬底需求量较大，以台积电为例，每年需求约 100 多万片。 如果仅用于中介层，其市场规模可达两三百亿人民币，如果基板也使用，则可 能翻倍。 生产 12 英寸碳化硅衬底面临哪些挑战？晶盛机电如何应对？ 生产 12 英寸半绝缘型碳化硅衬底面临较大工艺挑战，包括材料厂商技术能力 和资本开支要求。目前市场以 4 至 6 英寸为主，大尺寸较少。晶盛机电凭借丰 富的蓝宝石和单晶炉经验，以及自制设备优势，使得公司在大尺寸生产上具备 显著优势。去年年底，公司已推出导电型 12 英寸产品，并计划今年年底推出 用于封装端的 12 英寸产品。 相比功率型，光学级对光学参数要求更高，而封 装则注重导热性，对微观缺陷要求相对低一些。因此，相比功率型，封装用半 绝缘型工艺相对简单，但仍需高度精确控制形貌和平整度指标。目前公司的核 心参数指标均处于行业领 ...

9月9日，晶盛机电盘中下跌2.02%，截至09:43，报33.99元/股，成交3.15亿元，换手率0.74%，总市值 445.11亿元。 机构持仓方面，截止2025年6月30日，晶盛机电十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股4302.51万股，相比上期增加277.54万股。易方达创业板ETF（159915）位居第四大流通股 东，持股1531.61万股，相比上期减少38.96万股。华泰柏瑞沪深300ETF（510300）位居第五大流通股 东，持股1175.60万股，相比上期增加100.59万股。华夏国证半导体芯片ETF（159995）位居第六大流通 股东，持股1076.27万股，相比上期增加21.90万股。光伏ETF（515790）退出十大流通股东之列。 资金流向方面，主力资金净流出1883.25万元，特大单买入1801.54万元，占比5.73%，卖出3617.70万 元，占比11.50%；大单买入5729.23万元，占比18.21%，卖出5796.32万元，占比18.42%。 责任编辑：小浪快报 晶盛机电所属申万行业为：电力设备-光伏设备-光伏加工设备。所属概念板块包括：单晶硅、TOP ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The introduction of silicon carbide (SiC) as an intermediary layer in NVIDIA's next-generation GPU is expected to open new growth opportunities for the company [7] - The company has successfully overcome key challenges in growing 12-inch SiC crystals, achieving a significant technological breakthrough [7] - The report forecasts the company's net profit for 2025-2027 to be 1.01 billion, 1.25 billion, and 1.54 billion RMB respectively, with corresponding dynamic P/E ratios of 46, 37, and 30 times [7] Financial Projections - Total revenue for 2023 is projected at 17,983 million RMB, with a year-on-year growth of 69.04% [1] - The net profit attributable to the parent company for 2023 is estimated at 4,558 million RMB, reflecting a year-on-year increase of 55.85% [1] - The latest diluted EPS for 2023 is expected to be 3.48 RMB per share [1] Market Data - The closing price of the stock is 35.00 RMB, with a market capitalization of approximately 45.83 billion RMB [5] - The price-to-book ratio is 2.67 [5] Financial Ratios - The company's asset-liability ratio is reported at 34.88% [6] - The projected gross profit margin for 2024 is 33.35% [8] - The return on equity (ROE) is expected to be 15.10% for 2024 [8]

Market Overview - A-shares experienced a significant rebound on September 5, with the Shanghai Composite Index returning to 3,800 points and the ChiNext Index surging by 6.55%, marking a new high since January 2022 [1][2] - The total trading volume in the Shanghai and Shenzhen markets reached 2.3 trillion yuan, a decrease of 239.6 billion yuan compared to the previous trading day, with over 4,800 stocks rising and fewer than 500 declining [2] Sector Performance - The new energy sector saw a surge, particularly in solid-state battery stocks, with companies like Paton achieving a 30% limit-up and others like Jin Yinhe and Xian Dao Intelligent also hitting 20% limit-up [2] - The photovoltaic and wind power sectors were active, with Jinlang Technology gaining 20% and several other companies seeing increases of over 10% [3] - The sports sector also showed strength, with companies like Lisheng Sports hitting the limit-up, supported by government policies aimed at enhancing sports consumption and industry growth [4] Future Outlook - Multiple brokerage firms believe that the logic supporting the A-share market's rise remains unchanged, with reasonable market valuations and no signs of excessive speculation [1][5] - Analysts suggest that the market may continue a slow upward trend in September, with growth stocks likely to outperform, driven by new positive factors such as potential interest rate cuts by the Federal Reserve [6][5] - The overall market sentiment is expected to remain active, with continued support from capital flows and policy expectations, indicating an upward trend for A-shares [6][5]

Core Viewpoint - The photovoltaic equipment sector has gained significant attention in the capital market, with a notable increase of 6.10% on September 5, driven primarily by the rise in polysilicon futures prices [1][2]. Group 1: Market Performance - The surge in the photovoltaic equipment sector was catalyzed by the increase in polysilicon futures, leading to a strong performance in A-share silicon material and wafer stocks [1]. - Key stocks such as JinkoSolar, TCL Zhonghuan, Daqo New Energy, and Shuangliang Eco-Energy have attracted significant institutional interest, reflecting a positive market outlook for the photovoltaic equipment sector [1]. - Individual stock performances included JinkoSolar's stock price soaring to 89.24 yuan with a 19.99% increase, and other notable gains from Jingcheng Machinery, Sungrow Power Supply, and others, resulting in a total net inflow of 5.207 billion yuan into the sector [1]. Group 2: Industry Dynamics - As the world's largest solar cell producer, China's solar cell industry is a powerful engine driving the growth of the entire photovoltaic industry, creating a large and promising photovoltaic equipment sector [2]. - Chinese photovoltaic equipment companies benefit from extensive technical experience in semiconductor equipment manufacturing, providing a solid foundation for technological research and innovation, which enhances their competitive position in the global market [2]. Group 3: Polysilicon Price Impact - Polysilicon, as a key upstream raw material in the photovoltaic industry chain, has a direct impact on profit distribution and market expectations across the entire industry [3]. - The rise in polysilicon prices is expected to boost order volumes and product prices for downstream photovoltaic equipment companies, leading to improved profit expectations and attracting significant capital into the sector [3]. - However, there are concerns that excessively high polysilicon prices could increase the construction costs of photovoltaic power stations, potentially suppressing downstream demand and affecting order volumes and profitability for photovoltaic equipment companies in the long term [3].

Core Viewpoint - The photovoltaic equipment sector experienced a significant increase of 8.21% on September 5, with Jinlang Technology leading the gains [1] Market Performance - The Shanghai Composite Index closed at 3812.51, up 1.24% - The Shenzhen Component Index closed at 12590.56, up 3.89% [1] Individual Stock Performance - Jinlang Technology (300763) closed at 89.24, up 19.99% with a trading volume of 531,900 shares and a transaction value of 443.2 million - Jing Sheng Mechanical Electrical (300316) closed at 35.00, up 18.24% with a trading volume of 885,900 shares and a transaction value of 2.913 billion - Sunshine Power (300274) closed at 135.34, up 16.67% with a trading volume of 1,699,400 shares and a transaction value of 21.711 billion - Other notable stocks include Arctech (688472), Goodwe (688390), and others with varying increases and trading volumes [1] Capital Flow Analysis - The photovoltaic equipment sector saw a net inflow of 4.182 billion from main funds, while retail funds experienced a net outflow of 2.615 billion [1] - The main funds' net inflow and outflow for specific stocks include: - Sunshine Power: 872 million net inflow from main funds, 619 million net outflow from retail funds - Jinlang Technology: 298.67 million net inflow from main funds, 269 million net outflow from retail funds [2]

| 证券代 | 证券简 | 今日涨跌幅 | 今日换手率 | 年线 | 最新价 | 乖离率 | | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | （%） | （%） | （元） | （元） | （%） | | 300316 | 晶盛机 电 | 18.24 | 7.19 | 30.00 | 35.00 | 16.65 | | 300390 | 天华新 能 | 20.01 | 15.67 | 20.90 | 23.81 | 13.95 | | 688472 | 阿特斯 | 13.45 | 12.79 | 10.84 | 11.98 | 10.55 | | 000636 | 风华高 科 | 10.04 | 6.01 | 14.33 | 15.57 | 8.67 | | 301360 | 荣旗科 技 | 8.21 | 12.91 | 50.41 | 54.30 | 7.72 | | 603786 | 科博达 | 10.00 | 1.47 | 57.02 | 61.27 | 7.46 | | 002870 | 香山股 份 | 6.72 | 5.31 | 32.79 ...

Core Viewpoint - The article highlights a significant rally in the Chinese stock market on September 5, with major indices experiencing substantial gains, indicating a positive market sentiment and potential investment opportunities in various sectors [2][3]. Market Performance - The Shanghai Composite Index closed at 3812.51 points, up 1.24% - The Shenzhen Component Index closed at 12590.56 points, up 3.89% - The ChiNext Index closed at 2958.18 points, up 6.55% - The North Star 50 Index rose by 5.15% - Total trading volume in the Shanghai and Shenzhen markets reached 2.3 trillion yuan, with over 4800 stocks rising [2][3]. Sector Performance - Solid-state batteries, photovoltaic, wind power, silicon energy, and CPO sectors showed the highest gains - The solid-state battery sector surged, with Tianhong Lithium Battery hitting a 30% limit up, and several other stocks like Jinhai Galaxy and Tianshu New Energy also reaching 20% limit up [5][6]. - The photovoltaic sector also performed well, with Jina Technology and Jing Sheng Machinery both seeing significant increases [7]. - Banking stocks experienced adjustments, with major banks like Postal Savings Bank and Agricultural Bank dropping nearly 3% [8]. Individual Stock Highlights - Zhongji Xuchuang rose by 10.26%, with a trading volume exceeding 30 billion yuan - Ningde Times increased by nearly 7%, with a trading volume over 22 billion yuan - Hanwujun saw a rise of over 6%, with a trading volume exceeding 24 billion yuan [9]. Capital Flow - Main capital inflows were observed in power equipment, electronics, and machinery sectors - Notable net inflows included 1.929 billion yuan into Xiandai Intelligent, 1.338 billion yuan into Shenghong Technology, and 1.223 billion yuan into Wolong Electric Drive [11][12]. - Significant net outflows were recorded from Pacific, Gongxiao Daji, and Sailisi, with outflows of 1.019 billion yuan, 571 million yuan, and 553 million yuan respectively [13]. Institutional Perspectives - Dexun Securities noted strong fluctuations around the 3800-point mark for the Shanghai Index, suggesting that low-valuation sectors will attract continued capital inflow, supporting a positive mid-term outlook for the index [15]. - Guojin Securities indicated that the recent pullback in strong sectors is a technical correction rather than a sign of market peak, with no substantial negative news affecting the market [15]. - Shenwan Hongyuan emphasized strong support at 3731 points, predicting that the market will not experience a unilateral adjustment [16].

Market Overview - The Shanghai Composite Index closed at 3796.45 points, above the annual line, with an increase of 0.81% [1] - The total trading volume of A-shares reached 1,804.95 billion yuan [1] Stocks Breaking Annual Line - A total of 112 A-shares have surpassed the annual line today, with notable stocks including Jing Sheng Machinery, Tianhua New Energy, and Aters, showing significant deviation rates of 14.93%, 13.95%, and 10.27% respectively [1] - Stocks with smaller deviation rates that just crossed the annual line include Jiaotong Sinno, Quantu Education, and Power Diamond [1] Top Stocks by Deviation Rate - Jing Sheng Machinery (300316) reported a daily increase of 16.49% with a deviation rate of 14.93% [1] - Tianhua New Energy (300390) saw a daily increase of 20.01% with a deviation rate of 13.95% [1] - Aters (688472) had a daily increase of 13.16% with a deviation rate of 10.27% [1] Additional Stocks with Notable Performance - Fenghua High-Tech (000636) increased by 10.04% with a deviation rate of 8.67% [1] - Kebo Da (603786) rose by 10.00% with a deviation rate of 7.46% [1] - Rongqi Technology (301360) increased by 6.95% with a deviation rate of 6.48% [1]