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, ...

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].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the semiconductor equipment component business of the company is expected to accelerate as the domestic semiconductor equipment market expands. However, it also notes the varying degrees of market conditions across different segments of the company [8][14] - The company has imported approximately 200 high-end machines from Europe and Japan, valued at nearly 1 billion yuan, to enhance its precision processing capabilities [10][12] Financial Forecasts - Total revenue is projected to be 17,983 million yuan in 2023, with a year-on-year growth of 69.04%. However, a decline of 2.26% is expected in 2024, followed by a significant drop of 23.84% in 2025, before recovering slightly in the subsequent years [1][16] - The net profit attributable to the parent company is forecasted to be 4,558 million yuan in 2023, with a year-on-year increase of 55.85%. A substantial decrease of 44.93% is anticipated in 2024, with gradual recovery in the following years [1][16] - The report estimates that the net profit for 2025, 2026, and 2027 will be 2,017 million yuan, 2,219 million yuan, and 2,658 million yuan respectively, corresponding to price-to-earnings ratios of 18, 17, and 14 times [1][14] Market Data - The closing price of the company's stock is 28.45 yuan, with a market capitalization of approximately 37,256.24 million yuan [6] - The company has a price-to-book ratio of 2.24 and a total share capital of 1,309.53 million shares [6][7] Product and Service Offering - The company provides a range of products including vacuum chambers for semiconductor equipment, high-precision components, planetary gears, ceramic discs, and spindles. It also offers ODM services encompassing design, production, assembly, and testing [10][12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the semiconductor equipment component business of the company is expected to accelerate as the domestic semiconductor equipment market expands. However, it also notes the differences in the business cycle across various segments [8][14] - The company has imported approximately 200 high-end machines from Europe and Japan, valued at nearly 1 billion RMB, which enhances its capability to produce high-precision and large-sized components [10][12] Financial Forecasts - Total revenue is projected to be 17,983 million RMB in 2023, with a year-on-year growth of 69.04%. However, a decline of 2.26% is expected in 2024, followed by a significant drop of 23.84% in 2025 [1] - The net profit attributable to the parent company is forecasted to be 4,558 million RMB in 2023, with a year-on-year increase of 55.85%. A decrease of 44.93% is anticipated in 2024, with subsequent years showing gradual recovery [1] - The earnings per share (EPS) is expected to be 3.48 RMB in 2023, dropping to 1.92 RMB in 2024, and then gradually increasing to 2.03 RMB by 2027 [1] Market Data - The closing price of the company's stock is 28.45 RMB, with a market capitalization of approximately 37,256.24 million RMB [6] - The company has a price-to-earnings (P/E) ratio of 8.17 based on the current price and latest diluted EPS [1][6] Product and Service Offering - The company provides a range of products including semiconductor equipment vacuum chambers, high-precision components, planetary gears, ceramic discs, and spindles. It also offers ODM services encompassing design, production, assembly, and testing [10][12]

Investment Rating - The report maintains a Neutral rating on Zhejiang Jingsheng Mechanical & Electrical (JSG) and lowers the target price to CNY27 from CNY30, reflecting weaker-than-expected results and a likely continued decline in solar equipment order backlog [4][6]. Core Insights - The company's 2024 revenue declined by 2% year-on-year to CNY17,577 million, which is 9% lower than the Bloomberg consensus estimate, primarily due to a 20% decline in the materials business [1][2]. - The earnings per share (EPS) for 2024 fell by 45% year-on-year to CNY1.92, which is 36% lower than the consensus estimate, attributed to gross margin contraction, increased operating expenses, and a significant rise in asset impairment losses [1][4]. - The solar sector outlook remains negative, with solar demand softening, which is expected to continue impacting JSG's earnings in 2025 [2][3]. Financial Summary - For FY24, JSG reported revenue of CNY17,577 million, with a projected decline to CNY16,051 million in FY25F and a slight recovery to CNY16,119 million in FY26F [5]. - The reported net profit for FY24 was CNY2,510 million, with forecasts of CNY2,212 million for FY25F and CNY2,181 million for FY26F [5]. - The normalized EPS is expected to decrease to CNY1.69 for FY25F and CNY1.67 for FY26F, down from CNY2.29 and CNY2.39 respectively [4][5]. Market Position and Risks - JSG's inventory and contract liabilities have decreased by 30% and 48% year-on-year as of December 2024, indicating a softening order backlog from solar clients [2]. - The potential downside in sales and earnings could be partially mitigated by a stable semi-equipment order backlog and delayed revenue recognition from ongoing projects [3][4]. - The stock currently trades at a P/E of 17x for FY25F, while the revised target price reflects a P/E of 16x [4][6].

Group 1 - The core viewpoint of the news is that Jing Sheng Machinery continues to implement its development strategy of "advanced materials and advanced equipment," achieving significant revenue and profit growth [1] - For the reporting period, Jing Sheng Machinery reported operating revenue of 1,757.66 million yuan and a net profit of 250.97 million yuan, indicating strong financial performance [1] - The company is accelerating the domestic substitution process in the semiconductor equipment market, successfully developing various 12-inch semiconductor equipment that meet international advanced standards [1] Group 2 - Jing Sheng Machinery is rapidly advancing its 8-inch silicon carbide substrate production capacity, with significant market expansion results [1] - The quartz crucible business has improved production efficiency by creating a fully automated production platform, positioning Jing Hong Precision as a core component supplier [1] - Major clients include well-known listed companies and large enterprises such as TCL Zhonghuan and Changdian Technology, with good payment performance on existing orders [1] Group 3 - The company aims to maintain its development strategy of "advanced materials and advanced equipment" while building a platform company that promotes diversified business collaboration [1]

Financial Performance - The company achieved a revenue of CNY 1,757,661.27 million and a net profit of CNY 250,973.00 million for the reporting period [1] Semiconductor Equipment Progress - The company accelerated the domestic substitution of semiconductor equipment, successfully developing and selling 12-inch dry-in-dry-out edge grinding machines and 12-inch thinning polishing machines [1][2] - The company has developed 8-inch single and double wafer silicon carbide epitaxy equipment, significantly improving production capacity and reducing costs [2] Semiconductor Substrate Materials - The demand for conductive silicon carbide materials, especially 8-inch substrates, has rapidly increased due to the growth of the new energy vehicle market [3][7] - The company is expanding its production capacity for 8-inch silicon carbide substrates and actively developing optical-grade silicon carbide materials [3][4] Semiconductor Consumables and Components - The company has improved the efficiency of quartz crucible production through automation and innovation, increasing market share [5][6] - The subsidiary, Jinghong Precision, has developed core manufacturing capabilities for semiconductor components, focusing on domestic production [6] Customer Base and Risk Management - The company has established a strong reputation among high-end clients in the semiconductor and photovoltaic industries, including TCL Zhonghuan and Jinko Solar [8] - The company maintains a good order execution rate with major clients and implements strict credit management to mitigate risks [8] Future Development Strategy - The company aims to become a leading supplier in semiconductor materials and equipment, focusing on technological innovation and industry chain collaboration [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's short-term performance is impacted by impairment losses, but there is optimism regarding its semiconductor equipment and materials layout [1] - The company achieved a total revenue of 17.58 billion yuan in 2024, a year-on-year decrease of 2%, with equipment and services revenue at 13.36 billion yuan, up 4% year-on-year [7] - The net profit attributable to the parent company for 2024 was 2.51 billion yuan, down 45% year-on-year, primarily due to significant provisions for bad debts and inventory write-downs [7] - The report anticipates a decline in net profit for 2025 and 2026, projecting 2.2 billion yuan and 2.39 billion yuan respectively, with a recovery expected in 2027 at 2.6 billion yuan [7] Financial Summary - Revenue forecast for 2024 is 17.58 billion yuan, with a projected decline to 15.67 billion yuan in 2025 and 15.17 billion yuan in 2026, before a slight recovery to 15.65 billion yuan in 2027 [1][8] - The net profit attributable to the parent company is expected to decrease significantly to 2.51 billion yuan in 2024, followed by 2.2 billion yuan in 2025 and 2.39 billion yuan in 2026, with an increase to 2.6 billion yuan in 2027 [1][8] - The report indicates a projected EPS of 1.92 yuan for 2024, decreasing to 1.68 yuan in 2025, and then slightly increasing to 1.98 yuan by 2027 [1][8] - The company's P/E ratio is forecasted to be 14.91 for 2024, increasing to 17.04 in 2025, and then decreasing to 14.42 by 2027 [1][8] Business Outlook - The company is positioned as a leader in the domestic long crystal equipment market, focusing on large silicon wafers, advanced packaging, and silicon carbide technologies [7] - The report emphasizes the company's strategic partnerships and technological advancements in silicon carbide substrates and quartz crucibles, which are expected to drive future growth [7] - The company has made significant progress in its photovoltaic equipment segment, covering the entire production process from silicon wafers to modules [7]

插播： 5月15日，"电动交通&数字能源SiC技术应用及供应链升级大会"活动将在上海举办， 三菱电机、Wolfspeed、三安半导体、天科合达、元山电子、大族半导体、香港大学、长飞先进、宏微科技、利普思、国基南方、芯长 征、合盛新材料等将出席本次会议，点击文章底部 "阅读原文" 即可报名参会。 近日，"行家说三代半"发现，士兰微、扬杰科技、晶盛机电皆公布了2024年财务报告，在碳化硅业务方面透露了诸多信息： | 士兰微： | | --- | | IGBT+SiC收入超22亿 | 4 月19日，士兰微公布了 2024年年度报告，其中透露： 报告期内，士兰微实现营业总收入112.21亿元，同比增长20.14%；归母净利润2.2亿元， 比 2023 年增加2.56亿元。 士兰微 自主研发的Ⅱ代 SiC-MOSFET 芯片生产的电动汽车主电机驱动模块在4家国内汽车厂家出货量累计达 5 万只，客户端反映良好，随着 6 吋 SiC 芯片 生产线产能释放，已实现大批量生产和交付。 碳化硅业务方面，士兰微主要透露以下进展： ● 2024年应用于汽车、光伏的 IGBT 和 SiC（模块、器件）的营业收入达到22.61亿元，较去 ...