证券代码：300316 证券简称：晶盛机电 编号：2025-019 浙江晶盛机电股份有限公司 2024 年年度权益分派实施公告 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： 1、浙江晶盛机电股份有限公司（以下简称"公司"）回购专用证券账户持有的 本公司股份2,173,984股不参与本次权益分派。本次权益分派将以公司现有总股本 1,309,533,797股扣除已回购股份2,173,984股后的1,307,359,813股为基数，向全体股 东每10股派发现金股利4.00元人民币（含税），共计派发现金股利522,943,925.20 元。按公司总股本（含回购股份）折算每10股现金股利=现金分红总额÷公司总股 本×10 股=522,943,925.20元/1,309,533,797股×10股=3.993359元(保留六位小数，不 四舍五入)。 2、公司本次权益分派实施后的除权除息参考价＝权益分派股权登记日收盘价 -0.3993359元/股。 本次权益分派股权登记日为：2025年5月27日，除权除息日为：2025年5月28 日。 一、股东大会审议通过权益分 ...

Investment Rating - The report maintains an "Overweight" rating for the machinery equipment industry, particularly focusing on the export-oriented segments such as engineering machinery, aerial work platforms, and oil service equipment [1]. Core Insights - The report highlights the positive impact of the recent US-China trade agreement, which significantly reduces tariffs on Chinese exports to the US, providing a favorable environment for machinery exporters [1][15]. - It emphasizes the strong growth potential in the engineering machinery sector, with a notable increase in excavator exports and a focus on digitalization and innovation in product offerings [2]. - The report identifies key investment opportunities in the humanoid robotics sector, particularly in dexterous hands and lightweight materials, which are expected to drive future growth [4][25]. Summary by Sections Recommended Stocks - The report lists a comprehensive portfolio of recommended stocks across various sectors, including Northern Huachuang, Sany Heavy Industry, and others in the machinery and automation fields [1][13]. Industry Trends - The engineering machinery sector is witnessing a recovery, with significant contracts signed at the Changsha International Engineering Machinery Exhibition, indicating robust demand [2]. - The general automation sector is expected to see a gradual recovery, with specific focus on industrial automation and injection molding machines, which are projected to grow in revenue [3][22]. Humanoid Robotics - The humanoid robotics industry is entering a golden development period, with a focus on dexterous hands and lightweight materials, suggesting a shift towards more advanced robotic applications [4][25]. - Investment opportunities are highlighted in companies specializing in dexterous hands and lightweight materials, indicating a growing market for these technologies [26][39]. General Automation - The report notes that the general automation sector is stabilizing, with a focus on opportunities in industrial automation and injection molding machines, which are expected to benefit from increased capital expenditures [3][22]. Market Dynamics - The report discusses the competitive landscape in the machinery equipment sector, noting the challenges posed by price competition and the need for innovation to maintain profitability [3][24]. - It also highlights the importance of export markets for domestic manufacturers, particularly in light of recent tariff reductions [1][15].

Core Viewpoint - The cultivated diamond sector has shown a positive performance, with a 1.93% increase, ranking 8th among concept sectors, indicating a growing interest and investment in this area [1]. Group 1: Market Performance - As of May 16, the cultivated diamond concept saw 12 stocks rise, with *ST Yazhen hitting the daily limit, and notable gains from Mankalon (8.55%), Chaohongji (6.90%), and Boyun New Materials (5.60%) [1]. - The sector experienced a net inflow of 189 million yuan from main funds, with Chaohongji leading the inflow at 78.83 million yuan, followed by Boyun New Materials and Huanghe Xuanfeng [2][3]. Group 2: Fund Flow Ratios - The top net inflow ratios were observed in Chaohongji (14.99%), Huanghe Xuanfeng (10.74%), and Yuyuan Shares (6.60%), indicating strong investor confidence in these stocks [3][4]. - The cultivated diamond sector's fund inflow rankings highlighted significant activity, with Chaohongji and Boyun New Materials showing high turnover rates of 6.08% and 22.06%, respectively [3].

证券代码：300316 证券简称：晶盛机电 编号：2025-018 浙江晶盛机电股份有限公司 2024 年年度股东大会决议公告 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。 重要提示 1、本次股东大会未出现否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过决议的情形。 一、会议召开情况 1、会议召开时间： （1）现场会议召开时间：2025年5月15日（星期四）下午2：00。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 5 月 15 日上午 9:15-9:25，9:30-11:30，下午 13:00-15:00；通过深圳证券 交易所互联网系统投票的具体时间为 2025 年 5 月 15 日 9:15-15:00 的任意时间。 2、现场会议召开地点：浙江省杭州市临平区顺达路500号公司2楼会议室。 3、会议召集人：公司董事会。 4、会议方式：本次股东大会采取现场投票、网络投票相结合的方式。 5、会议主持人：公司董事长曹建伟先生。 会议的召集、召开及表决程序符合《公司法》《上市公司股东大会规则》等 法律、法规和规范 ...

国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关 于 浙江晶盛机电股份有限公司 2024 年年度股东大会 之 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二五年五月 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关 于 浙江晶盛机电股份有限公司 2024 年年度股东大会 之 法律意见书 致：浙江晶盛机电股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受浙江晶盛机电股份有限 公司（以下简称"公司"）的委托，指派律师出席贵公司 2024 年年度股东大会 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6][7]. Core Views - In 2024, the company achieved a revenue of 17.577 billion yuan, a year-on-year decrease of 2.26%, and a net profit attributable to shareholders of 2.51 billion yuan, down 44.93% year-on-year [2][4]. - The fourth quarter of 2024 saw a revenue of 3.099 billion yuan, a year-on-year decline of 31.47% and a quarter-on-quarter decline of 28.45%, with a net profit of -450 million yuan, down 143.13% year-on-year and 152.13% quarter-on-quarter [2][4]. - The company has fully recognized impairment losses in 2024, with total impairment and credit losses amounting to approximately 1.2 billion yuan, significantly impacting the fourth quarter's net profit [6][9]. Summary by Sections Financial Performance - The company reported a total revenue of 17.577 billion yuan for 2024, with a gross profit margin of 33% [14]. - The manufacturing business's gross margin was 34.82%, a decrease of 8.20 percentage points year-on-year, while the equipment and service margin was 36.36%, down 2.46 percentage points [9]. - The company expects a net profit of 2.5 billion yuan for 2025, corresponding to a PE ratio of 15 times [6]. Market Outlook - The semiconductor equipment market is anticipated to maintain double-digit growth, with the company actively capturing the domestic substitution market [9]. - The company has developed various equipment for silicon wafer manufacturing and is leading in the domestic market share for crystal growth equipment [9]. - The sapphire material business is expected to benefit from the rapid growth in demand for LED lighting replacements, while the silicon carbide substrate business is transitioning to 8-inch production [9]. Product Development - The company has made significant advancements in semiconductor substrate materials, with expectations for both volume and price increases in sapphire materials [9]. - The quartz crucible products have achieved both technological and scale leadership, enhancing the company's collaborative supply capabilities in semiconductor consumables [9].

Core Viewpoint - The company, Jing Sheng Mechanical & Electrical (300316.SZ), experienced a significant decline in both revenue and net profit in 2024, marking the first occurrence of such a downturn since its listing in 2012, primarily due to supply-demand imbalances in the photovoltaic industry and substantial impairment losses [1][2][4]. Financial Performance - In 2024, Jing Sheng reported revenue of 17.577 billion yuan, a year-on-year decrease of 2.26%, and a net profit attributable to shareholders of 2.51 billion yuan, down 44.93% year-on-year [2][5]. - The company plans to recognize total impairment losses of 1.207 billion yuan in 2024, with credit impairment losses of 277.59 million yuan (up 348.22% year-on-year) and asset impairment losses of 929.23 million yuan (up 222.19% year-on-year) [2][3]. Business Segments - The main business segments include equipment and services, which generated revenue of 13.363 billion yuan in 2024, a growth of 4.3%, but with a gross margin decline of 2.46 percentage points to 36.36% [6][8]. - The materials segment, which includes silicon carbide substrates and quartz crucibles, saw a revenue decline of 19.62% to 3.346 billion yuan, with a gross margin drop of 27.44 percentage points to 28.71% [7][8]. Customer Dependency - The revenue from the largest customer, TCL Zhonghuan, significantly decreased from 9.035 billion yuan in 2023 (50.24% of total revenue) to 5.217 billion yuan in 2024 (29.68% of total revenue) [4][5]. - The company faces risks related to order fulfillment due to the cyclical nature of the photovoltaic industry, which may lead to adjustments in expansion projects by downstream customers [4]. Inventory and Receivables - As of the first quarter of 2025, the company reported 3.236 billion yuan in accounts receivable and 9.545 billion yuan in inventory, indicating ongoing risks related to price declines and potential losses [5][6]. - The company recognized inventory impairment provisions of 962 million yuan in 2024, with specific provisions for certain customers and raw materials [4][8]. Market Outlook - The photovoltaic industry is entering a supply-side adjustment period, with a slowdown in new capacity demand, which is expected to impact the company's processing equipment business significantly [7]. - Despite the challenges in the photovoltaic sector, the semiconductor equipment business is seeing an increase in order volume, although this has not yet translated into significant revenue [10].

Investment Rating - The report indicates a shift in the photovoltaic industry with a focus on N-type technology, particularly the TOPCon route, which is expected to dominate the market [1][10]. Core Insights - The photovoltaic manufacturing industry is experiencing intensified competition, leading to stagnation in growth for major players like Longi Green Energy and Tongwei Co., while equipment manufacturers continue to thrive [2][4]. - The report highlights a significant market share increase for TOPCon technology, which rose from 23% to 71% in 2024, indicating a major shift in production technology [11][15]. - Companies like Jiejia Weichuang have emerged as new leaders in the industry, achieving substantial revenue and profit growth, while others like Jing Sheng Machinery face declining performance [6][22]. Summary by Sections Company Performance - Jiejia Weichuang reported a revenue of 188.87 billion with a growth of 116.3% and a net profit of 27.64 billion, marking a 69.2% increase, establishing itself as the new leader in photovoltaic equipment [5][6]. - Jing Sheng Machinery's revenue fell to 175.77 billion, a decrease of 23%, with a net profit of 25.10 billion, down 44.9%, indicating severe performance issues [22][23]. - Maiwei Co. achieved a revenue of 98.30 billion, a growth of 21.5%, with a net profit of 9.26 billion, reflecting a modest increase of 13% [43][44]. Market Trends - The report notes a structural opportunity in the market as TOPCon technology replaces PERC, benefiting companies aligned with this trend [60]. - The overall industry is facing a decline in contract liabilities, indicating a shrinking order book across the sector, which poses challenges for future growth [19][61]. - The report emphasizes the importance of maintaining growth in a low-demand environment, as companies navigate the challenges of reduced order volumes [60].

Core Viewpoint - The photovoltaic manufacturing industry is experiencing intensified competition, leading to stagnation in growth for major players like Longi Green Energy and Tongwei Co., while equipment manufacturers continue to thrive. However, as the industry faces financial strain in 2024, even equipment sellers are beginning to feel the pressure [2][4]. Group 1: Company Performance - Jiejia Weichuang achieved a revenue of 18.89 billion, a year-on-year increase of 116.3%, and a net profit of 2.76 billion, up 69.2%, becoming the new leader in photovoltaic equipment [5][3]. - Jing Sheng Mechanical's revenue was 17.58 billion, down 2.3%, with a net profit of 2.51 billion, down 44.9%, indicating a significant decline compared to Jiejia Weichuang [17][22]. - Maiwei Co. reported a revenue of 9.83 billion, a 21.5% increase, and a net profit of 0.93 billion, up 1.3%, showing moderate growth but still lagging behind the top two companies [34][48]. Group 2: Market Trends - The market share of TOPCon technology in the battery segment surged from 23.0% to 71.1%, indicating a significant shift towards this technology [10][12]. - The total production capacity of battery cells expanded from 976 GW to 1,108 GW within the year, with TOPCon capacity increasing by 209 GW to 770 GW, representing nearly 80% of the total [11][12]. - The quartz crucible prices, a key material for silicon wafer production, have dropped significantly after peaking in 2023, impacting the profitability of companies like Jing Sheng Mechanical [28][31]. Group 3: Future Outlook - Despite strong performance, Jiejia Weichuang's stock price has fallen by approximately 20% since the beginning of 2024, raising concerns about its future growth potential [15][16]. - The photovoltaic equipment sector is expected to face challenges as contract liabilities decrease, indicating a shrinking order book across the industry [52]. - Maiwei Co. is focusing on expanding its non-photovoltaic orders, which may provide a growth avenue in the future [49].

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