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 ...

Group 1: Industry Outlook - The photovoltaic industry is experiencing rapid expansion, but currently faces supply-demand mismatches leading to short-term demand pressure. However, the long-term growth potential remains significant due to advancements in technology and cost reductions [2] - The solar cell equipment industry is transitioning towards higher efficiency, capacity, intelligence, and internationalization, presenting new development opportunities [2] Group 2: Financial Performance and Shareholder Returns - The company plans to reduce its dividend payout ratio for 2025 due to the industry's current capacity adjustment phase and to ensure long-term sustainable development. The cumulative cash dividends and share buybacks from 2022 to 2024 are expected to reach approximately ¥933.70 million, accounting for 51.45% of the average annual net profit [3] - Despite achieving a revenue of ¥19 billion and a net profit of ¥2.76 billion with an average annual growth of 50%, the company's market valuation is only ¥19.8 billion, resulting in a low price-to-earnings ratio of 7 [4] Group 3: Business Operations and Market Strategy - The company's primary business is focused on photovoltaic cell equipment, with semiconductor equipment accounting for a smaller revenue share. The company is positioned as a technology platform across various technology routes [4] - The company has seen a significant increase in overseas orders, attributed to its extensive experience in international market expansion and the ability to provide comprehensive solutions [6] Group 4: Production and Sales Metrics - In 2024, the sales volume of solar cell production equipment increased by 123.46% to 22,136 units, while the shipment volume decreased by 61.85% to 13,006 units due to slower downstream expansion [9] - The company maintains a production model based on customer orders, ensuring that inventory primarily consists of products awaiting acceptance, which mitigates risks associated with unsold inventory [9] Group 5: Research and Development - The company is actively investing in R&D for advanced semiconductor cleaning equipment and has successfully launched new products in the lithium battery sector [8] - Ongoing R&D efforts are focused on enhancing efficiency in TOPCon technology and other methods, with continuous optimization of these techniques [9]

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].

Group 1 - The company Jiejia Weichuang (300724) has announced an annual performance briefing scheduled for May 12, 2025, from 15:00 to 16:30 [1]

证券代码：300724 证券简称：捷佳伟创 公告编号：2025-038 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 4 月 24 日披露了《2024 年年度报告全文》及《2024 年年度报告摘要》，为便于 广大投资者更深入全面地了解公司情况，公司定于 2025 年 5 月 12 日（星期一） 下午 15:00－16:30 举办 2024 年度业绩说明会。 深圳市捷佳伟创新能源装备股份有限公司 关于举行 2024 年度业绩说明会的公告 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。 本次年度业绩说明会将采用网络远程的方式举行，投资者可登录深圳证券交 易所"互动易"平台（http://irm.cninfo.com.cn），进入"云访谈"栏目参与本次业 绩说明会。 出席本次年度业绩说明会的人员有：公司董事长左国军先生，独立董事陈亚 盛先生，副总经理、财务负责人金晶磊女士，副总经理、董事会秘书谭湘萍女士。 为充分尊重投资者、提升交流的针对性，现就公司 2024 年度业绩说明会提 前 向 投 资 者 公 开 征 集 问 题 。 投资者 可 ...

证券代码：300724 证券简称：捷佳伟创 公告编号：2025-037 深圳市捷佳伟创新能源装备股份有限公司 关于部分激励对象已获授但尚未解除限售的限制性股票 回购注销完成的公告 1、深圳市捷佳伟创新能源装备股份有限公司（以下简称"公司"）本次回 购注销涉及3名激励对象，回购注销的限制性股票数量为1,550股，占回购注销前 公司总股本的0.0004%，其中回购1名辞职及1名退休离职的激励对象已获授但尚 未解除限售的限制性股票共1,500股，回购价格为58.42元/股加上银行同期存款利 息，回购1名考核结果为"良好"的激励对象当期未解除限售部分的限制性股票 共50股，回购价格为58.42元/股。公司用于本次回购注销的资金为公司自有资 金，回购金额合计93,461.76元。 2、本次回购的限制性股票于2025年4月30日在中国证券登记结算有限责任公 司深圳分公司完成回购注销手续。 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。 特别提示： 3、本次回购注销完成后，公司总股本由目前347,715,136股变更为 347,713,586股，注册资本由347,715,1 ...

Group 1: Wind Power Industry - The wind power industry in China is experiencing a recovery in performance from Q4 2024 to Q1 2025, with some companies exceeding expectations [3] - In 2024, 23 A-share wind power companies reported a total revenue of 225.15 billion yuan and a net profit of 13.24 billion yuan, showing a revenue increase of 4.39% but a net profit decline of 12.70% year-on-year [3] - In Q1 2025, these companies achieved a total revenue of 47.58 billion yuan and a net profit of 4.22 billion yuan, indicating growth compared to Q1 2024 [3] - Goldwind Technology reported a revenue of 9.47 billion yuan in Q1 2025, a 35.72% increase year-on-year, and a net profit of 568 million yuan, up 70.84% [4] - The recovery in wind turbine prices and expansion into overseas markets have positively impacted the performance of wind power manufacturers [4][6] Group 2: Solar Power Industry - The solar power industry faced significant challenges in 2024, with 110 A-share solar companies reporting a total revenue of approximately 1.38 trillion yuan, a decrease of 17.96% year-on-year, and a net profit of approximately -363 million yuan, a decline of 100.25% [8] - In Q1 2025, these companies reported a total revenue of 279.14 billion yuan, with a net profit of approximately 4.74 billion yuan, indicating a significant drop compared to Q1 2024 [8] - Major integrated solar companies like TCL Zhonghuan, Longi Green Energy, and Tongwei reported substantial losses, with net profits of -9.82 billion yuan, -8.62 billion yuan, and -7.04 billion yuan respectively [8] - Despite the overall downturn, companies involved in solar energy storage have shown resilience, with notable performances from companies like Sungrow Power and Canadian Solar [9] Group 3: Energy Storage Industry - The energy storage industry saw a decline in overall performance in 2024, with 21 A-share companies reporting a total revenue of 682.1 billion yuan, a decrease of 3.59%, and a net profit of 74.54 billion yuan, down 21.4% year-on-year [12] - In Q1 2025, these companies reported a total revenue of 158.07 billion yuan, a year-on-year increase of 12.39%, and a net profit of 21.03 billion yuan, up 34% [13] - The profitability in the energy storage sector is increasingly concentrated among leading companies like CATL and Sungrow, which have reported significant profit increases [13] - The energy storage market is undergoing transformation, with a shift in focus from domestic to overseas markets for higher profit margins [14][15]