北京市朝阳区建外大街丁 12 号英皇集团中心 8、9、11 层 8/9/11/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R.China 电话/Tel.: 010-50867666 传真/Fax: 010-56916450 网址/Website: www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 昆明 南昌 北京市康达律师事务所 关于深圳市捷佳伟创新能源装备股份有限公司 2024 年年度股东大会的法律意见书 康达股会字【2025】第 0180 号 致：深圳市捷佳伟创新能源装备股份有限公司 北京市康达律师事务所（以下简称"本所"）接受深圳市捷佳伟创新能源装 备股份有限公司（以下简称"公司"）的委托，指派本所律师参加公司 2024 年年 度股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共 ...

技术迭代愈演愈烈，TOPCon市占率飙至7成。 作者 | 萧瑟 编辑 | 小白 2023年，随着增量产能陆续建成，光伏制造行业"内卷"加剧，诸如隆基绿能（601012.SH）、通威股份 （600438.SH）等主产业链龙头，持续多年增长的势头均戛然而止。 对比之下，同年内一众光伏设备公司却依旧高歌猛进，不禁令人感慨卖铲人商业模式的优越性。 但来到2024年，当行业内卷发展到各家入不敷出、节衣缩食的阶段，卖铲人的日子也开始苦了起来。 汇总下各大公司的年报，增收不增利成为行业常态，半数公司在利润端都出现了下滑，但也有诸如捷佳 伟创（300724.SZ）、拉普拉斯（688726.SH）等公司，依旧维持着强劲增长。 | 公司 | 营业收入(亿元) | VOV | 净利润(亿元) | VOV | 2024合同负债 (亿元 | | --- | --- | --- | --- | --- | --- | | 捷佳伟创 | 188.9 | 116.3% | 27.6 | 69.2% | 131 1 | | 晶盛机电 | 175.8 | 2.3% | 25.1 | 44.9% | 56.2 | | 迈为股份 | 98 3 | ...

中国经济网北京5月13日讯捷佳伟创（300724）昨日晚间披露《关于控股股东、实际控制人及其一致行 动人减持股份的预披露公告》。 公告称，公司控股股东、实际控制人之一、董事、总经理余仲计划自公告披露之日起15个交易日之后的 3个月内(即2025年6月4日至2025年9月3日，窗口期不减持)以集中竞价方式减持公司股份不超过 1,800,000股，占公司总股本比例0.52%。 本次减持计划的实施不会导致公司控制权发生变更，不会对公司的治理结构和持续经营产生影响。 捷佳伟创上市以来共进行2次募资(包括首次公开发行)，共计募资36.33亿元。 捷佳伟创2018年8月10日在深交所创业板上市，主要从事太阳能光伏电池设备的研发、生产、销售。捷 佳伟创本次发行股份数量为8000万股，发行价为14.16元，发行股票的每股发行费用为1.06元/股，发行 费用为8519.64万元，保荐机构为国信证券股份有限公司。 捷佳伟创最终募集资金总额为11.33亿元，扣除发行费用后，募集资金净额为10.48亿元，分别用于太阳 能电池片设备制造生产线建设项目、晶体硅太阳能电池片智能制造车间系统产业化项目、研发检测中心 建设项目、营销与服务网络 ...

Economic Information - In April, the housing rental industry entered a low season, with the average residential rent in 50 cities decreasing by 0.32% month-on-month to 35.2 yuan per square meter per month, and a year-on-year decline of 3.40% [2] - The global N-type SiC substrate industry is expected to see a revenue decrease of 9% in 2024, amounting to $1.04 billion, due to weakened automotive and industrial demand, increased market competition, and significant price drops [2] Company Alerts - Spring光科技 has announced that its stock is subject to irrational market speculation risk [3] - 博云新材's shareholder 高创投 plans to reduce its stake by no more than 3% [3] - Other companies such as 龙江交通, 海南海药, and 赛摩智能 also have shareholders planning to reduce their stakes by up to 3% [3][5] Overseas Market Alerts - COMEX gold futures fell by 2.76% to $3,240.1 per ounce, while silver futures decreased by 0.42% to $32.775 per ounce [2] - Citigroup forecasts that gold will consolidate in the range of $3,000 to $3,300 per ounce in the coming months, adjusting its 0-3 month target price to $3,150 per ounce [2] - Russia's oil production is expected to recover to 10.8 million barrels per day due to global demand growth and changes in domestic investment and taxation [3]

证券代码：300724 证券简称：捷佳伟创 公告编号：2025-039 深圳市捷佳伟创新能源装备股份有限公司 预披露公告 公司控股股东、实际控制人之一余仲先生及其一致行动人常州恒创汇业 投资合伙企业（有限合伙）、厦门市弘兴远业投资合伙企业（有限合伙）、常 州鼎佳汇业投资合伙企业（有限合伙）保证向本公司提供的信息内容真实、 准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 特别提示： 持有本公司股份 29,336,432 股（占公司总股本比例 8.46%，总股本按照公 司当前总股本剔除回购专用账户后的股份数量计算，下同）的公司控股股东、 实际控制人之一、董事、总经理余仲先生计划自本公告披露之日起 15 个交易日 之后的 3 个月内（即 2025 年 6 月 4 日至 2025 年 9 月 3 日，窗口期不减持）以 集中竞价方式减持公司股份不超过 1,800,000 股（占公司总股本比例 0.52%）。 合计持有本公司股份 1,758,129 股（占公司总股本比例 0.51%）的公司控股 股东、实际控制人的一致行动人常州恒创汇业投资合伙企业（有 ...

3.请问捷佳伟创在 2024 年半导体设备上营收占比大概有多少？另 外捷佳在 XBC 上有哪些优势？最近有部分厂商在加速 BC 产能建设。 答：您好！目前公司主要业务为光伏电池装备的研发、生产与销 售，半导体设备业务占比较小。公司作为技术平台型企业，在 TOPCon、HJT、XBC、钙钛矿及叠层等技术路线均有布局，并都可以 提供整线设备，谢谢！ 4.请问下 2025 年一季度合同负债 131 亿余额对应预付商品款，能 否说说目前 TOPCon、HJT 和 BC 订单的占比，我翻阅了贵司的公告 和问董秘信息，已很久没提及订单比例，能否详细说说？ 证券代码：300724 证券简称：捷佳伟创 深圳市捷佳伟创新能源装备股份有限公司 投资者关系活动记录表 编号： 2025-001 投资者关系 活动类别 □特定对象调研 □分析师会议 □媒体采访 业绩说明会 □新闻发布会 □路演活动 □现场参观 □电话会议 □其他（请文字说明其他活动内容） 参与单位名称 及人员姓名 捷佳伟创 2024 年度业绩说明会采用网络远程方式进行，面向全体投资 者 时间 2025 年 5 月 12 日 15:00-16:30 地点 深圳证券交易所" ...

Investment Rating - The report maintains a positive outlook on leading equipment manufacturers in the photovoltaic industry, anticipating their ability to navigate through the current cycle [1]. Core Insights - The photovoltaic equipment industry is experiencing short-term performance pressure, with a focus on waiting for industry recovery [6][42]. - The industry is characterized by both growth and cyclical attributes, influenced by supply, demand, and technological factors [3]. Summary by Sections Industry Performance - In 2024, the total revenue of the photovoltaic equipment industry reached 848.6 billion, a year-on-year increase of 2%, while the net profit attributable to shareholders was 54.8 billion, down 57% year-on-year [10]. - The first quarter of 2025 saw a total revenue of 158.3 billion, a decrease of 19% year-on-year, with net profit dropping to 15 billion, down 40% year-on-year [10]. Profitability Analysis - The industry's gross margin for 2024 was 24%, a decrease of 6 percentage points year-on-year, while the net profit margin was 6%, down 9 percentage points year-on-year [16]. - The report highlights that leading equipment manufacturers maintain higher profitability compared to the industry average, with gross margins around 30% [28]. Equipment Segment Insights - In the silicon wafer equipment segment, low-oxygen single crystal furnaces and tungsten wire diamond saws are expected to have promising futures, with ongoing international expansion [43]. - The battery equipment segment is seeing accelerated cost reduction and efficiency improvements, particularly with HJT technology, and overseas orders are expected to increase [43]. Market Trends - The report notes a slowdown in the expansion of silicon wafer production capacity in 2024, with a focus on the introduction of new technologies as downstream markets recover [60]. - The Middle East is emerging as a significant market for photovoltaic equipment, with expected growth in installed capacity driven by energy diversification efforts [65]. Cash Flow and Financial Health - The industry has seen a significant improvement in cash flow since Q3 2024, with a net operating cash flow of 9.25 billion in Q1 2025 [40].

Market Overview - The A-share market shows a mixed performance with the Shanghai Composite Index closing at 3352.00, up 0.28%, while the Shenzhen Component Index rose by 0.93% to 10197.66 [2][3] - The overall market capitalization of the Shanghai Composite Index is 644320 billion, with a PE ratio of 11.79 and a PB ratio of 1.22 [3] Financial Insights - The People's Bank of China conducted a 1586 billion 7-day reverse repo operation, indicating liquidity support in the market [17] - In April, the retail sales of passenger cars reached 1.791 million units, a year-on-year increase of 17% [18] - The logistics price index for April was 105 points, reflecting a year-on-year increase of 2.09% [19] Industry Dynamics - Midea Group and Hisense Group have entered a strategic partnership to develop AI application platforms, focusing on digital transformation and smart logistics [27] - The demand for cooling systems in data centers is driving growth in orders for magnetic levitation compressors, with a projected growth rate of 50% this year [29] - The potential modification of AI chip export controls by the Trump administration is expected to stimulate innovation in the AI hardware sector [31][32] Company Updates - Muyuan Foods reported a 51.8% year-on-year increase in pig sales in April, with a total of 6.573 million pigs sold [36] - Water Sheep Co., Ltd. announced the progress of its share repurchase plan, having repurchased 8,097,150 shares, accounting for 2.09% of its total share capital [39] - Huaxi Biological's injection of sodium hyaluronate composite solution has received approval as a Class III medical device, marking a significant milestone in its product development [41] Regional Economic Dynamics - Changgao Electric New Energy's subsidiaries won a total of 235 million in bids from the State Grid, which is expected to positively impact the company's performance [42] - The 2024 annual report disclosure for Hunan's state-owned listed companies showed a total revenue of 265.266 billion, with a net profit of 7.443 billion [44]

Core Viewpoint - The performance of photovoltaic companies has been significantly impacted by the decline in industry chain prices, leading to increased losses among major players while some equipment and storage companies have shown resilience and growth [1][2][5]. Group 1: Industry Performance - In Q1 2025, among 67 listed companies in the photovoltaic equipment sector, 30 companies reported revenue growth year-on-year, accounting for approximately 44.77% [1]. - 34 companies experienced losses, representing about 50% of the total, with major integrated companies like Tongwei Co., TCL Zhonghuan, and Longi Green Energy reporting significant losses [2]. - Tongwei Co. reported a revenue of 15.933 billion yuan, down 18.58% year-on-year, with a net loss of 2.593 billion yuan, a decline of 229.56% [2]. - TCL Zhonghuan's revenue fell to 6.101 billion yuan, down 38.58%, with a net loss of 1.906 billion yuan, worsening by 116.67% compared to the previous year [3]. Group 2: Segment Analysis - The battery segment is facing intense price competition, with JunDa Co. reporting a revenue decline of 49.52% and a net loss of 106 million yuan, a drop of 636.04% year-on-year [3]. - Major component manufacturers like JA Solar and Trina Solar have also shifted from profit to loss, with JA Solar reporting a revenue of 13.843 billion yuan, down 40.03%, and a net loss of 1.39 billion yuan [3][4]. - Trina Solar's revenue decreased by 21.48% to 14.335 billion yuan, with a net loss of 1.32 billion yuan compared to a profit of 516 million yuan in the previous year [4]. Group 3: Resilient Companies - In contrast, companies in the energy storage and equipment sectors have shown strong performance, with Sungrow Power achieving a revenue of 19.036 billion yuan, up 50.92%, and a net profit of 3.826 billion yuan, up 82.52% [5]. - DeYe Co. also reported a revenue increase of 36.24% to 2.566 billion yuan, with a net profit of 706 million yuan, up 62.98% [6]. - JinkoSolar and other equipment manufacturers have also reported significant revenue growth, with Jiejia Weichuang achieving a revenue of 4.099 billion yuan, up 58.95% [6]. Group 4: Global Expansion - Companies are increasingly focusing on international markets, with Hengdian East Magnetic reporting a revenue of 5.222 billion yuan, up 23.25%, and a net profit of 458 million yuan, up 29.65% [8]. - DeYe Co. has expanded its overseas sales significantly, with foreign sales revenue increasing by 83.2% [9]. - The global clean energy transition is expected to drive long-term growth in the photovoltaic industry, with a reported 59.71 GW of new photovoltaic installations in Q1 2025, a year-on-year increase of 30.5% [10].

Core Viewpoint - The company TOPcon is entering a harvest period for orders, with rapid revenue and performance growth expected in 2024 and Q1 2025. The company has established a business matrix in photovoltaic, semiconductor, and lithium battery equipment, actively working towards becoming a platform-type company [1]. Investment Highlights - The company is adjusting its EPS estimates for 2025 and 2026 to 6.31 and 4.19 CNY respectively, with a new EPS estimate for 2027 at 3.81 CNY. The target price is lowered to 69.41 CNY, maintaining a buy rating based on a 2025 PE of 11 times, compared to the average PE of 10.75 times for comparable companies [2]. - The company expects steady growth in 2024, with projected revenue of 18.887 billion CNY, a year-on-year increase of 116.26%, and a net profit of 2.764 billion CNY, up 69.18%. For Q1 2025, the revenue is expected to be 4.099 billion CNY, a year-on-year increase of 58.95%, with a net profit of 708 million CNY, up 22.42% [2]. Profitability Analysis - The company's profitability shows short-term fluctuations, with a gross margin of 26.46% and a net margin of 14.65% for 2024, reflecting year-on-year changes of -2.49 percentage points and -4.12 percentage points respectively. For Q1 2025, the gross margin and net margin are 27.52% and 17.28%, showing year-on-year declines of -5.42 percentage points and -5.21 percentage points [3]. - In terms of expense management, the company reported sales, management, R&D, and financial expense ratios of 0.88%, 1.14%, 3.44%, and -0.73% for 2024, with year-on-year changes of -1.75 percentage points, -0.93 percentage points, -1.91 percentage points, and +1.41 percentage points. For Q1 2025, these ratios were 0.85%, 0.96%, 3.95%, and -0.41%, with similar year-on-year changes [3]. Equipment Layout and Technological Development - The company is actively developing a technology platform across multiple sectors. In the photovoltaic equipment sector, it continues to innovate and improve product quality for new technology routes such as TOPCon, HJT, XBC, and perovskite. In the semiconductor equipment sector, its subsidiary has won orders for silicon carbide wet processing equipment, demonstrating the ability to replace imported equipment while expanding into the European and Asian markets [4]. - In the lithium battery equipment sector, the company has successfully launched its self-developed double-sided copper foil sputtering coating equipment and has delivered new vacuum winding aluminum foil coating equipment and thin-film capacitor winding coating equipment to customers [4].