Core Viewpoint - The photovoltaic sector in A-share market has shown a significant shift, with companies in the inverter and equipment segments achieving profitability, while the module segment struggles amidst a price decline [1][3]. Revenue Summary - A total of 33 companies reported year-on-year revenue growth, with Dongfang Shenghong leading at 137.68 billion yuan, followed by Tebian Electric at 97.87 billion yuan [2]. - JinkoSolar, Longi Green Energy, Trina Solar, and JA Solar ranked third, fifth, sixth, and eighth in revenue, respectively [2]. - JinkoSolar maintained its position as the global leader in module shipments, achieving 92.87 GW in 2024, a year-on-year increase of 18.28% [2]. Profit Summary - Sunshine Power topped the profit rankings with a net profit of 11.036 billion yuan, the only company to exceed 10 billion yuan [3]. - Tebian Electric and Chint Electric followed with net profits of 4.135 billion yuan and 3.874 billion yuan, respectively [3]. - The photovoltaic equipment manufacturers, such as Jiejia Weichuang and Jing Sheng Mechanical, also reported strong profits [3]. Market Dynamics - The overseas market has become a crucial profit driver for many companies, with only two module-focused firms, Canadian Solar and Hengdian East Magnetic, making it to the profit leaderboard [5]. - Canadian Solar reported a revenue of 46.165 billion yuan, with nearly 80% of its revenue coming from international markets, while its domestic market faced negative margins [5][6]. - Hengdian East Magnetic achieved a revenue of 18.559 billion yuan, with 60% from photovoltaic operations, and plans to increase its European market share [6][7]. Future Outlook - Companies are focusing on diversifying their markets, with Hengdian East Magnetic targeting a 20 GW shipment by 2025, emphasizing growth in Europe and North America [7]. - JinkoSolar's profitability is heavily reliant on its overseas markets, with a gross margin of 26.21% in the Americas, contrasting with a negative margin in the Chinese market [8].

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]

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, ...

光伏行业"扩产潮"给配套设备企业带来大量订单；但另一方面，也需警惕下游客户经营情况、项目进展 及验收进度等变动可能给设备厂商带来的潜在经营风险。 供需严重错配导致光伏主产业链各环节企业业绩"失速"，但受益于客户"扩产潮"催生的订单需求，配套 的光伏设备企业仍能盈利。 2024年，晶盛机电（300316.SZ）实现营收175.77亿元，实现归母净利润25.1亿元。 营收净利普涨 光伏设备行业涵盖光伏产业链多个环节，主要包括硅料生产设备、硅棒/硅锭制造设备、硅片加工设 备、电池片生产设备、组件生产设备以及各环节相关配套设备。 2024年，奥特维（688516.SH）和捷佳伟创（300724.SZ）营收和净利双增。 "随着行业大规模扩张、技术迭代加速以及海外光伏市场发展，公司凭借高性价比优势的设备及良好的 售后服务，产品订单不断增加。"据捷佳伟创财报数据，公司2024年实现营收188.87亿元，同比增长 116.26%；实现归母净利润27.64亿元，同比增长69.18%；实现扣非归母净利润25.66亿元，同比增长 68.23%。 同年，奥特维实现营收91.98亿元，同比增长45.94%；实现归母净利润12.73亿元 ...

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]