Core Viewpoint - The company announced that executives Jin Jinglei and Tan Xiangping have terminated their previously planned share reduction from September 29 to December 28, 2025 [1] Summary by Relevant Sections - **Executive Actions** - Jin Jinglei sold 5,000 shares at an average price of 101.28 yuan per share on November 13, 2025, representing 0.0014% of the total share capital [1] - Tan Xiangping sold 2,000 shares at an average price of 100.76 yuan per share from November 6 to November 12, 2025, representing 0.0006% of the total share capital [1] - **Remaining Shares** - The remaining unsold shares will not be reduced during the planned period [1]

Core Points - The company Jiejia Weichuang (300724) announced the early termination of the share reduction plan by senior management personnel Jin Jinglei and Tan Xiangping [1] - As of now, Jin Jinglei has reduced his shares by 5,000, while Tan Xiangping has reduced her shares by 2,000 [1] - The remaining shares in the reduction plan will not be sold within the planned timeframe [1]

证券代码：300724 证券简称：捷佳伟创 公告编号：2025-081 深圳市捷佳伟创新能源装备股份有限公司 关于高级管理人员股份减持计划提前终止的公告 致。 深圳市捷佳伟创新能源装备股份有限公司（以下简称"公司"）于 2025 年 9 月 5 日在巨潮资讯网（www.cninfo.com.cn）披露了《关于特定股东、高级管理 人员减持股份的预披露公告》（公告编号：2025-063）。公司高级管理人员金晶磊 女士计划自减持计划公告披露之日起 15 个交易日之后的 3 个月内（即 2025 年 9 月 29 日至 2025 年 12 月 28 日，窗口期不减持）以集中竞价方式减持公司股份不 超过 5,600 股（占公司总股本比例 0.0016%）；公司高级管理人员谭湘萍女士计划 自减持计划公告披露之日起 15 个交易日之后的 3 个月内（即 2025 年 9 月 29 日 至 2025 年 12 月 28 日，窗口期不减持）以集中竞价方式减持公司股份不超过 5,000 股（占公司总股本比例 0.0014%）。 公司于近日收到金晶磊女士、谭湘萍女士出具的《关于股份减持计划提前终 止的告知函》，截至目前，金晶磊女士 ...

Core Viewpoint - The company, Jiejia Weichuang, is focusing on enhancing technological innovation and product development to provide stable and reliable equipment to customers [1] Group 1: Technological Innovation - The company is continuously strengthening its technological innovation and new product research and development [1] - It is actively promoting the establishment of research platforms and collaborating with well-known domestic universities to build joint research centers or laboratories [1] - The company has established a national-level postdoctoral research workstation to ensure its technological and R&D advantages [1] Group 2: Collaborative Development - The company has partnered with several universities, including Sun Yat-sen University, Northeast University, South China University of Technology, and Hainan University, to develop multiple research projects [1] - These collaborations focus on the development of cutting-edge technologies and the industrialization of key equipment [1]

Group 1 - The Ministry of Industry and Information Technology emphasizes the need for pilot platforms to focus on nurturing emerging industries and accelerating the transformation of technological innovations into productive forces [1] - The company has established a comprehensive R&D system and is advancing the integration of production, education, and research, closely linking equipment R&D with battery manufacturing process R&D to meet the demands of solar cell production companies for improved conversion efficiency and reduced production costs [1]

Core Viewpoint - The company is actively advancing its research and development in perovskite equipment, responding to market demands and technological trends in the renewable energy sector [2]. Group 1: Research and Development Progress - The company has established a pilot line for perovskite batteries to drive continuous innovation in battery equipment and technology [2]. - It has developed capabilities to provide complete perovskite battery line equipment and process solutions, along with obtaining relevant patents in this field [2]. Group 2: Market Engagement and Deliveries - Since entering the perovskite sector, the company has participated in tenders for perovskite projects from various leading and startup renewable energy firms, successfully delivering complete perovskite battery line equipment [2]. - The company has delivered various equipment types, including PVD, RPD, evaporation, laser, coating, VCD, and cleaning equipment, contributing to the advancement of perovskite technology [2]. Group 3: Recent Innovations - The company recently launched industrial-grade piezoelectric inkjet printing technology for perovskite films, with the first perovskite inkjet printing device successfully delivered to a customer [2]. - The perovskite GW-level magnetron sputtering vertical vacuum coating equipment, PVD2400V, has also been successfully shipped [2].

Group 1 - The company, Jiejia Weichuang, is continuously receiving new orders for its semiconductor cleaning equipment [1] - The company is actively engaged in the research and development of other semiconductor and related equipment [1] - The company has made breakthroughs in the field of lithium battery vacuum specialized equipment [1]

Core Viewpoint - The company is actively advancing in the perovskite equipment sector by establishing a pilot line for perovskite batteries and continuously innovating in battery equipment and technology [1]. Group 1: Technological Development - The company has built a pilot line for perovskite batteries to keep pace with technological advancements and customer demands [1]. - The company has the capability to provide complete perovskite battery line equipment and process solutions, having obtained relevant patents for perovskite battery equipment [1]. Group 2: Market Engagement - Since entering the perovskite field, the company has participated in tenders for perovskite projects from various leading domestic and international new energy enterprises, startups, and cross-industry companies [1]. - The company has successfully delivered complete perovskite battery line equipment, including various sizes of PVD, RPD, evaporation, laser, coating, VCD, and cleaning equipment, contributing to the development of perovskite technology [1]. Group 3: Recent Innovations - The company recently launched industrial-grade piezoelectric inkjet printing technology for perovskite films, with the first perovskite inkjet printing equipment officially delivered to customers [1]. - The perovskite GW-level magnetron sputtering vertical vacuum coating equipment PVD2400V has also been successfully shipped [1].

Core Insights - The report highlights a significant recovery in the new energy sector, particularly in solar, wind, lithium batteries, and grid investments, indicating a positive trend for the industry [4][7][21]. New Energy Sector Performance - Solar and storage: Cumulative new photovoltaic installations reached 240.27 GW from January to September 2025, a year-on-year increase of 49.3%. Additionally, 1,671 new energy storage projects were registered in September 2025, reflecting a 24.15% increase year-on-year, with planned investments amounting to 96.177 billion yuan [4][7]. - Wind power: Cumulative investment in wind power construction reached 148.893 billion yuan, a 10.04% year-on-year increase. The total installed capacity of wind power reached 582 million kilowatts, up 21.30% year-on-year. The average bidding price for onshore wind turbines increased by 22.08% to 1,675 yuan/kW by the end of October [4][7]. - Lithium batteries: The demand for lithium batteries surged, with shipments reaching 490 GWh in Q3 2025, a 47% increase year-on-year. The price of lithium hexafluorophosphate rose to 121,500 yuan/ton, a 94.4% increase within the year [4][7]. - Grid investments: National grid construction investments totaled 437.807 billion yuan from January to September 2025, a 9.94% year-on-year increase. The total investment planned by the State Grid and Southern Grid for 2025 is expected to exceed 825 billion yuan, an increase of 220 billion yuan compared to 2024 [4][7]. Investment Recommendations - The report suggests focusing on undervalued stocks with improving fundamentals within the Shenwan Electric Equipment sector, which includes 363 constituent stocks. The selection criteria involve calculating rolling P/E ratios and filtering for companies with positive net profit growth over three consecutive quarters [21][27]. - Recommended stocks include: - DeYe股份 - 阳光电源 - 捷佳伟创 - 横店东磁 - 广大特材 - 大金重工 - 平高电气 - 国电南瑞 - 东方电子 - 科达利 [4][21][27].

Core Viewpoint - The company reported a revenue of 13.106 billion and a net profit of 2.688 billion for the first three quarters of 2025, indicating a year-on-year growth of 6.17% and 32.90% respectively, while the third quarter showed a revenue decline of 17.26% year-on-year [1] Group 1: Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 13.106 billion, a net profit of 2.688 billion, and a non-recurring net profit of 2.463 billion, with year-on-year increases of 6.17%, 32.90%, and 26.68% respectively [1] - In Q3 2025, the company reported a revenue of 4.734 billion, a net profit of 0.858 billion, and a non-recurring net profit of 0.784 billion, with year-on-year changes of -17.26%, +7.72%, and +2.44% respectively [1] - The gross margin for Q3 2025 was 28.06%, an increase of 4.68 percentage points year-on-year, while the net margin was 18.13%, up by 4.20 percentage points year-on-year [2] Group 2: Operational Insights - The company is experiencing pressure on new orders, as evidenced by a decline in inventory and contract liabilities by 28.8% and 33.0% respectively from Q2 2025 [2] - The company has demonstrated strong cost control, with a decrease in the expense ratio by 1.08 percentage points year-on-year across various expense categories [2] - Operating cash flow showed improvement, with a net outflow of 0.03 billion in Q3, significantly reduced from Q2 [2] Group 3: Industry Context - The industry is actively promoting measures to limit capacity expansion while optimizing existing supply, leading to a weaker overall profitability due to low prices of downstream products like battery cells [3] - The company’s new orders are primarily benefiting from expansion in overseas markets, while domestic production faces challenges despite advancements in new cost-reducing technologies [3] - The domestic supply-demand landscape is expected to improve, with potential marginal recovery in orders driven by the penetration of new technologies [3] Group 4: Strategic Developments - The company is expanding its presence in semiconductor equipment, perovskite technology, and composite conductors, achieving multiple breakthroughs in the perovskite sector [4] - Recent achievements include successful shipments of self-developed PVD equipment and advancements in transparent conductive oxide technology [4] - The company has received recognition for its perovskite equipment, winning bids for R&D and production lines [4] Group 5: Future Outlook - The company maintains a "buy" rating, with projected net profits of 3.05 billion and 1.47 billion for 2025 and 2026, corresponding to PE ratios of 12x and 25x respectively [5]