Investment Rating - The report maintains an "Accumulate" investment rating for the company [3] Core Insights - The company's revenue for the first three quarters of 2024 reached 14.48 billion yuan, a year-on-year increase of 7.6%, while the net profit attributable to shareholders was 2.96 billion yuan, a decrease of 15.8% year-on-year. In Q3 alone, revenue dropped by 14.34% year-on-year, and net profit fell by 33.96% [1] - The decline in net profit in Q3 was primarily due to a significant drop in quartz crucible prices and gross margin. However, the company's gross margin improved to 32.24% in Q3, up 0.46 percentage points from the previous quarter, indicating a stabilization in profitability [1] - The company is expanding its semiconductor equipment segment, achieving full coverage in the 8-12 inch crystal growth, slicing, grinding, thinning, polishing, and CVD processes, which positions it to benefit from the ongoing expansion of 12-inch silicon wafer production [1] - In the photovoltaic equipment sector, the company is managing inventory and cash flow strictly while focusing on customer and order quality. It has successfully achieved breakthroughs in battery equipment exports and is expected to lead new trends with its silver-saving components [1] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 14.48 billion yuan, with a year-on-year growth of 7.6%. The net profit attributable to shareholders was 2.96 billion yuan, down 15.8% year-on-year. In Q3, revenue decreased by 14.34% year-on-year, and net profit fell by 33.96% [1] - The gross margin for Q3 was 32.24%, reflecting a quarter-on-quarter increase of 0.46 percentage points, while the net profit margin was 19.64%, up 1.07 percentage points from the previous quarter [1] Business Segments - In the semiconductor equipment sector, the company has extended its product line in large silicon wafer equipment and is leading in the domestic market share for quartz crucibles despite a decline in profitability from photovoltaic crucibles [2] - The company has successfully developed and sold 6-inch silicon carbide epitaxy equipment and is awaiting volume production for 8-inch silicon carbide epitaxy growth equipment [1] - In the photovoltaic equipment sector, the company is focusing on technological innovation and has made significant progress in exporting battery equipment, which is expected to reduce silver consumption significantly [1]

Financial Performance - The company reported a revenue of 14.478 billion yuan for the first three quarters, representing a year-on-year increase of 7.55% [1] - Net profit attributable to shareholders for the first three quarters was 2.96 billion yuan, a year-on-year decrease of 15.76% [1] - In the third quarter, the company achieved a revenue of 4.331 billion yuan, a year-on-year decrease of 14.34% [1] - Net profit attributable to shareholders for the third quarter was 864 million yuan, a year-on-year decrease of 33.96% [1] Quarterly Performance - The third quarter revenue showed a significant decline compared to the overall performance of the first three quarters [1] - The third quarter net profit also experienced a sharper decline compared to the cumulative performance of the first three quarters [1]

Revenue and Profit - Revenue for Q3 2024 was CNY 4,330,736,363.40, a decrease of 14.34% year-over-year, while year-to-date revenue reached CNY 14,477,951,766.54, an increase of 7.55% compared to the same period last year[3] - Net profit attributable to shareholders for Q3 2024 was CNY 863,578,878.53, down 33.96% year-over-year, with year-to-date net profit at CNY 2,959,908,456.67, a decrease of 15.76%[3] - Basic earnings per share for Q3 2024 was CNY 0.66, a decline of 34.00% compared to the same quarter last year, while year-to-date basic earnings per share was CNY 2.26, down 15.99%[3] - Total operating revenue for the third quarter of 2024 reached CNY 14,477,951,766.54, an increase of 7.5% compared to CNY 13,461,864,233.63 in the same period last year[14] - Net profit attributable to shareholders of the parent company for Q3 2024 was 2,959,908,456.67 CNY, down from 3,513,789,909.58 CNY in Q3 2023, representing a decrease of about 15.7%[16] - Total comprehensive income for Q3 2024 was 3,239,027,952.98 CNY, compared to 4,143,092,878.78 CNY in Q3 2023, indicating a decline of about 21.8%[16] Assets and Liabilities - Total assets as of the end of Q3 2024 were CNY 34,069,713,719.65, a decrease of 7.44% from the end of the previous year[3] - Current assets totaled CNY 23,721,729,370.00, down from CNY 27,089,954,510.27, reflecting a decrease of approximately 12.5%[12] - Total liabilities decreased to CNY 15,603,229,016.28 from CNY 20,656,503,010.28, a decline of about 24.4%[13] - Non-current assets amounted to CNY 10,347,984,349.65, an increase from CNY 9,718,404,693.79, reflecting a growth of approximately 6.5%[12] - The company's equity attributable to shareholders increased by 13.88% year-over-year, reaching CNY 17,040,608,084.99 at the end of Q3 2024[3] - The total equity attributable to shareholders of the parent company increased to CNY 17,040,608,084.99 from CNY 14,963,146,218.89, representing a growth of about 13.9%[13] Cash Flow - The company’s cash flow from operating activities decreased by 48.72% year-to-date, totaling CNY 878,191,710.04[3] - Cash flow from operating activities for Q3 2024 was 878,191,710.04 CNY, a decrease from 1,712,557,695.36 CNY in Q3 2023, showing a decline of about 48.7%[17] - The net cash flow from investment activities was -1,150,552,175.60 CNY, compared to -1,861,133,111.75 CNY in the previous year, indicating an improvement[18] - Total cash inflow from financing activities was 1,551,406,220.15 CNY, significantly higher than 836,136,539.07 CNY in the same period last year[18] - The net cash flow from financing activities was -461,801,886.45 CNY, a decline from a positive 9,424,164.17 CNY in the previous year[18] - The ending balance of cash and cash equivalents was 2,799,975,494.85 CNY, down from 3,083,462,775.84 CNY at the end of the previous year[18] Operational Performance - The company reported a 40.55% increase in financial expenses, amounting to CNY -14,489,024.62, mainly due to increased interest on bank deposits[6] - The company received government subsidies totaling CNY 15,909,891.65 in Q3 2024, contributing to its non-operating income[4] - The company is accelerating the layout of core semiconductor equipment in response to the domestic substitution trend, with significant market breakthroughs in power semiconductor equipment and advanced process equipment[10] - The company successfully achieved sales of 8-inch silicon carbide epitaxy equipment and optical measurement equipment, with continuous growth in related equipment orders[10] - The innovative silver-free module equipment significantly reduces silver consumption, leading to a substantial decrease in component costs, with positive results in customer mass production testing[10] - The sapphire material business experienced rapid growth driven by industry recovery and replacement demand[10] - The company's quartz crucible business faced price declines due to intensified competition in the photovoltaic industry, negatively impacting gross margins[10] - The company is focusing on innovation in product technology, automation, and advanced manufacturing models in collaboration with downstream strategic customers[10] Research and Development - Research and development expenses for Q3 2024 were 868,668,791.86 CNY, slightly up from 859,535,818.15 CNY in Q3 2023, indicating a year-over-year increase of approximately 1.5%[15] Accounting and Reporting - The company did not undergo an audit for the third quarter report, which may affect the reliability of the financial data presented[18] - The company is implementing new accounting standards starting in 2024, which may impact future financial reporting[18]

浙江晶盛机电股份有限公司 第五届董事会第十六次会议决议公告 同意公司（含全资子公司、控股子公司、控股孙公司）以抵押或担保等形式 向银行申请总额度不超过 60 亿元人民币（或等值外币）的综合授信额度，用于 办理中、短期贷款、开立信用证、银行承兑汇票和保函等综合授信业务，授信期 限 2 年，综合授信额度不等于实际融资金额，以公司实际融资金额为准，在授信 期限内授信额度可根据公司实际融资需要循环使用。授权公司董事长审核、签署 在以上综合授信额度内的相关融资合同、协议等法律文件。 证券代码：300316 证券简称：晶盛机电 编号：2024-035 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。 浙江晶盛机电股份有限公司（以下简称"公司"）第五届董事会第十六次会议 通知于2024年10月19日以电子邮件或电话的方式送达各位董事，会议于2024年10 月24日以现场加通讯相结合的方式在浙江省杭州市临平区顺达路500号公司会议 室召开，会议由董事长曹建伟先生主持，会议应到董事9人，实到董事9人，会议 的召集和召开符合《公司法》《公司章程》的相关规定。经与会董事审议，通过 如 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has received new orders for semiconductor single crystal furnaces and polishing machines from Shanghai Xinsheng, benefiting from the expansion of 12-inch silicon wafer production capacity [3] - The company is accelerating its layout in semiconductor equipment, focusing on four major categories: large silicon wafer equipment, advanced processes, advanced packaging, and silicon carbide equipment [3] - The company is progressing with the domestic substitution of quartz crucibles and the production of 8-inch silicon carbide substrates [4] - The profit forecast for the company is maintained at 46 billion, 54 billion, and 59 billion for 2024-2026, corresponding to P/E ratios of 10, 8, and 7 times [4] Financial Forecast and Valuation - Total revenue is projected to grow from 17,983 million in 2023 to 26,918 million in 2026, with a year-on-year growth rate of 69.04% in 2023 and gradually decreasing to 9.84% by 2026 [2][8] - The net profit attributable to the parent company is expected to increase from 4,558 million in 2023 to 5,944 million in 2026, with a significant growth of 55.85% in 2023 followed by a modest increase of 10.44% in 2026 [2][8] - The latest diluted EPS is forecasted to rise from 3.48 in 2023 to 4.54 in 2026, indicating a steady increase in earnings per share [2][8] Market Data - The closing price of the company's stock is 33.93, with a market capitalization of approximately 44,432.48 million [5] - The price-to-book ratio is 2.75, indicating the market's valuation relative to the company's book value [5] Basic Data - The company's total assets are projected to grow from 36,808 million in 2023 to 68,246 million in 2026, reflecting a strong growth trajectory [8] - The debt-to-asset ratio is expected to decrease from 56.12% in 2023 to 48.90% in 2026, indicating improved financial stability [9]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has received new orders for semiconductor single crystal furnaces and polishing machines from Shanghai Xinsheng, benefiting from the expansion of 12-inch silicon wafer production capacity [3] - The company is expanding its semiconductor equipment layout across four major categories: large silicon wafer equipment, advanced processes, advanced packaging, and silicon carbide equipment [3] - The company is progressing with the domestic production of quartz crucibles and silicon carbide substrates, with plans to increase production capacity significantly by 2025 [4] - The profit forecast for the company is set at 46 billion, 54 billion, and 59 billion yuan for 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 10, 8, and 7 [4] Financial Summary - Total revenue is projected to grow from 17,983 million yuan in 2023 to 26,918 million yuan in 2026, with a year-on-year growth rate of 69.04% in 2023 and gradually decreasing to 9.84% by 2026 [2][8] - The net profit attributable to the parent company is expected to increase from 4,558 million yuan in 2023 to 5,944 million yuan in 2026, with a significant drop in growth rate from 55.85% in 2023 to 10.44% in 2026 [2][8] - The latest diluted EPS is forecasted to rise from 3.48 yuan in 2023 to 4.54 yuan in 2026 [2][8] - The company's total assets are projected to grow from 49,503 million yuan in 2024 to 68,246 million yuan in 2026 [8] Market Data - The closing price of the company's stock is 33.93 yuan, with a market capitalization of approximately 44,432.48 million yuan [5] - The price-to-book ratio is 2.75, indicating the market's valuation relative to the company's book value [5]

Summary of Conference Call Transcript Company/Industry Involved - The discussion revolves around a company involved in product expansion and industry development Core Points and Arguments - The company has made significant efforts in product and industry expansion, indicating a proactive approach to growth and adaptation [1] - There is a focus on understanding the decision-making process behind product expansions and the underlying stories that drive these decisions [1] Other Important but Possibly Overlooked Content - The mention of delays related to equipment and materials suggests potential supply chain challenges that could impact future operations [1]

兴业证券股份有限公司 关于浙江晶盛机电股份有限公司 二、保荐机构发现公司存在的问题及采取的措施 | 事 项 | 存在的问题 | 采取的措施 | | --- | --- | --- | | 1.信息披露 | 无 | 不适用 | | 2.公司内部制度的建立和执行 | 无 | 不适用 | | 3．"三会"运作 | 无 | 不适用 | | 4.控股股东及实际控制人变动 | 无 | 不适用 | | 5.募集资金存放及使用 | 无 | 不适用 | | 6.关联交易 | 无 | 不适用 | | 7.对外担保 | 无 | 不适用 | | 8.收购、出售资产 | 无 | 不适用 | | 9.其他业务类别重要事项（包括对外投资、风险投 资、委托理财、财务资助、套期保值等） | 无 | 不适用 | | 10．发行人或者其聘请的中介机构配合保荐工作的 情况 | 无 | 不适用 | | 11.其他（包括经营环境、业务发展、财务状况、管 理状况、核心技术等方面的重大变化情况） | 无 | 不适用 | 2024 年半年度跟踪报告 | 保荐机构名称：兴业证券股份有限公司 | 被保荐公司简称：晶盛机电 | | --- | --- | | 保荐 ...

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：2024-7 | --- | --- | |---------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

证券研究报告 非金融公司|公司点评|晶盛机电（300316） 2024 半年报点评： 半导体设备发展稳健，材料业务利润承 压 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月23日 证券研究报告 |报告要点 公司 2024H1 实现营业收入 101.5 亿元，同比增长 20.7%，实现归母净利润 21.0 亿元，同比减 少 5.0%。公司实行先进材料、先进装备双引擎可持续发展的战略定位，半导体设备领域积极 推进先进设备的国产化替代；光伏产业链竞争加剧，老旧产能有望陆续出清，短期新增产能诉 求或有所延缓，但长期来看对高新技术设备的需求将有所加强；Q2 石英坩埚行业价格下滑， 影响公司材料业务业绩。公司半导体设备稳定发展，光伏设备或短期承压，有望凭借技术优势 获取长期增长空间，维持"增持"评级。 |分析师及联系人 贺朝晖 SAC：S0590521100002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月23日 晶盛机电(300316) 2024 半年报点评： 半导体设备发展稳健，材料业务利润承压 | --- | --- | ...