电力设备及新能源 2025 年 08 月 31 日 捷佳伟创(300724.SZ) 事项： 海外收入大幅增长，新兴业务积极进展 推荐（维持） 股价：98.76 元 主要数据 | 行业 | 电力设备及新能源 | | --- | --- | | 公司网址 | www.chinasc.com.cn | | 大股东/持股 | 余仲/7.64% | | 实际控制人 | 余仲,左国军,梁美珍 | | 总股本(百万股) | 348 | | 流通 A 股(百万股) | 287 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 343 | | 流通 A 股市值(亿元) | 284 | | 每股净资产(元) | 35.97 | | 资产负债率(%) | 57.4 | 行情走势图 证券分析师 皮秀 投资咨询资格编号 S1060517070004 PIXIU809@pingan.com.cn 公司发布 2025 年半年报，上半年实现营收 83.72 亿元，同比增长 26.41%，归 母净利润 18.30 亿元，同比增长 49.26%，扣非后净利润 16.80 亿元，同比增长 42.41%。 平安观点： | | 20 ...

Index Performance - The CSI A500 Index increased by 3.34% this week, marking four consecutive weeks of gains, closing at 5372.76 points on August 29 [4][5] - The average daily trading volume for the week was 10,436.75 billion yuan, with a week-on-week increase of 30.39% [4][5] Component Stock Performance - The top ten gainers this week included Tianfu Communication (61.54%), Yanshan Technology (34.86%), and Shenzhen South Circuit (32.07%) [3] - The top ten losers included Berteli (-11.09%), Giant Star Technology (-9.33%), and Weining Health (-7.78%) [3] Fund Performance - All 39 CSI A500 funds reported positive returns, with the highest increase from Guolian An at 4.72% [5] - The total scale of CSI A500 funds reached 1884.32 billion yuan, showing an increase compared to the previous week [5] - The top three funds by scale were Huatai-PB (210.84 billion yuan), E Fund (198.54 billion yuan), and Guotai Fund (195.83 billion yuan) [5] Market Outlook - Current market conditions support continued stock market growth, with reasonable valuations and emerging positive factors such as a potential interest rate cut cycle by the Federal Reserve [6] - The market is expected to experience a "rotation and rebound" characteristic, with short-term rebound opportunities being more noteworthy [7] - In September, basic factors may have a weaker impact on the market, but liquidity-driven trading is at historical highs, suggesting a potential shift in market dynamics [7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown significant year-on-year growth in performance, driven by the fulfillment of full-route orders and the domestic substitution in semiconductor wet processes [1] - The company has achieved full coverage of TOPCon, HJT, perovskite, and perovskite tandem routes in photovoltaic equipment [1] - The company is expanding into the semiconductor and lithium battery sectors, gradually improving its specialized equipment platform layout [1] Financial Performance Summary - For the first half of 2025, the company reported total revenue of 8.372 billion yuan, a year-on-year increase of 26.41%, with a net profit attributable to shareholders of 1.830 billion yuan, up 49.26% year-on-year [7] - The gross margin for the first half of 2025 was 29.65%, a slight decrease of 1.97 percentage points year-on-year, while the net profit margin improved to 21.87%, an increase of 3.35 percentage points year-on-year [7] - The company’s cash flow from operating activities was -0.776 billion yuan, a significant decrease of 496.77% year-on-year, primarily due to reduced payments received and funds frozen due to litigation [7] Revenue and Profit Forecast - The forecast for net profit attributable to shareholders for 2025-2027 has been adjusted to 2.54 billion (previously 2.14 billion), 1.53 billion (previously 1.09 billion), and 1.52 billion (previously 0.95 billion) yuan respectively [1] - The current stock price corresponds to dynamic P/E ratios of 14, 22, and 23 times for 2025, 2026, and 2027 respectively [1] Market Data - The closing price of the stock is 98.77 yuan, with a market capitalization of approximately 34.34 billion yuan [5] - The company has a price-to-book ratio of 2.75 and a total circulating A-share market value of approximately 28.36 billion yuan [5]

深圳市捷佳伟创新能源装备股份有限公司 关于公司 2019 年员工持股计划出售完毕暨终止的公告 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。 深圳市捷佳伟创新能源装备股份有限公司（以下简称"公司"）2019年员工 持股计划所持有的公司股票已全部出售完毕，根据《关于上市公司实施员工持股 计划试点的指导意见》《深圳证券交易所上市公司自律监管指引第2号——创业 板上市公司规范运作》等相关规定，现将公司2019年员工持股计划有关情况公告 如下： 证券代码：300724 证券简称：捷佳伟创 公告编号：2025-061 5、2023年6月20日，公司在巨潮资讯网（www.cninfo.com.cn）披露了《关于 2019年员工持股计划第三个锁定期届满的提示性公告》（公告编号：2023-054）， 公司2019年员工持股计划第三个锁定期届满，解锁日期为2023年6月19日，第三 个归属批次比例为本员工持股计划持股份额及对应收益的30%，对应股份数为 204,960股。 6、鉴于公司2019年员工持股计划存续期将于2024年6月16日届满，2024年4 月18日，公司召开第五 ...

Investment Rating - The report maintains an "Overweight" rating for the electric equipment and new energy industry [2] Core Viewpoints - The report suggests focusing on the new energy storage segment, highlighting the need for system-friendly new energy power plants to address the instability of renewable energy output [2][39] - The report emphasizes the importance of enhancing the predictive accuracy of wind and solar power generation to improve grid integration [39] - It recommends paying attention to leading inverter companies that benefit from the development of new energy storage technologies [39] Market Review - As of August 28, 2025, the electric equipment industry has increased by 6.08% over the past two weeks, underperforming the CSI 300 index by 0.88 percentage points, ranking 9th among 31 industries [11] - The electric equipment industry has risen by 11.88% this month, outperforming the CSI 300 index by 2.35 percentage points, ranking 7th [11] - Year-to-date, the electric equipment sector has increased by 15.01%, outperforming the CSI 300 index by 1.56 percentage points, ranking 16th [11] Valuation and Industry Data - As of August 28, 2025, the PE (TTM) for the electric equipment sector is 28.32 times, with sub-sectors showing varied valuations: - Electric motor II: 57.18 times - Other power equipment II: 54.33 times - Photovoltaic equipment: 21.08 times - Wind power equipment: 35.53 times - Battery: 27.20 times - Grid equipment: 26.13 times [22][25] Industry News - The report discusses the Chinese government's initiatives to promote green and low-carbon urban development, emphasizing energy efficiency and the adoption of advanced technologies [35] - It highlights the National Energy Administration's focus on enhancing the adaptability of the power system to renewable energy, including the construction of a new power system and the promotion of energy storage solutions [36] Company Announcements - The report includes recent financial performance announcements from various companies, such as: - GreenMe achieved a revenue of 17.56 billion yuan in the first half of 2025, a year-on-year increase of 1.28% [41] - XianDai Intelligent reported a revenue of 6.61 billion yuan, up 14.92% year-on-year [41] - Euro Continental's revenue reached 2.12 billion yuan, reflecting a growth of 32.59% [41]

Group 1 - The 28th Chengdu International Auto Show will be held from August 29 to September 7, increasing attention on the new energy vehicle industry chain [1] - The 2025 Global Power Battery Recycling Industry Summit and the 13th Retired Power Battery Recycling Utilization Forum will take place from August 29 to 31 in Shenzhen, focusing on power battery and recycling technology topics which may catalyze the sector [1] - The National Development and Reform Commission will hold a press conference on August 29, with market attention on new energy industry policy trends [1] Group 2 - As of August 29, the ChiNext New Energy ETF (159261.SZ) rose by 3.44%, and its related index, the New Energy Index (399266.SZ), increased by 3.32% [1] - Major constituent stocks saw significant gains, with CATL up 9.03%, Lead Intelligent up 20.01%, EVE Energy up 5.49%, Zhongke Electric up 15.30%, and Xinwanda up 4.91% [1] Group 3 - According to research from Aijian Securities, high growth in AI demand is driving the expansion of the AI Computing Center (AIDC) market, with the global AI server market expected to reach $125.1 billion in 2024 and grow to $222.7 billion by 2028, significantly boosting supporting energy storage demand [1] - The electrochemical energy storage industry chain is primarily driven by lithium iron phosphate batteries upstream, with integration involving companies like CATL and BYD in the midstream, and downstream applications concentrated in new energy generation, entering a rapid development phase supported by policy and cost reductions [1]

据证券之星公开数据整理，近期捷佳伟创（300724）发布2025年中报。截至本报告期末，公司营业总收 入83.72亿元，同比上升26.41%，归母净利润18.3亿元，同比上升49.26%。按单季度数据看，第二季度 营业总收入42.73亿元，同比上升5.66%，第二季度归母净利润11.22亿元，同比上升73.22%。本报告期 捷佳伟创公司应收账款体量较大，当期应收账款占最新年报归母净利润比达168.62%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率29.65%，同比减2.64%，净利率21.87%，同比增 18.06%，销售费用、管理费用、财务费用总计9065.47万元，三费占营收比1.08%，同比减15.54%，每股 净资产35.97元，同比增30.94%，每股经营性现金流-2.23元，同比减497.3%，每股收益5.26元，同比增 49.43% 证券之星价投圈财报分析工具显示： 分析师工具显示：证券研究员普遍预期2025年业绩在31.12亿元，每股收益均值在8.95元。 | 基金筒称 | 基金代码 | 持有股数 | 持仓变动 | 数据来源 | | --- | --- | --- | --- | -- ...

Group 1 - The A-share photovoltaic equipment sector experienced a volatile rise on August 28, with notable gains in several companies [1] - Jiejia Weichuang saw an increase of over 19%, while Dier Laser rose by more than 7% [1] - Other companies such as Goodway, Aotwei, Jingsheng Electric, and Sunshine Power also showed upward trends [1]

Core Insights - The company reported a total revenue of 8.372 billion yuan, marking a year-on-year increase of 26.41% and achieving five consecutive years of growth [1] - The net profit attributable to shareholders reached 1.830 billion yuan, reflecting a year-on-year increase of 49.26% and also achieving five consecutive years of growth [1] - The company’s diluted earnings per share were 5.26 yuan, up 49.43% year-on-year, ranking first among peers [1] Financial Performance - Total revenue increased by 1.749 billion yuan compared to the same period last year [1] - Operating cash flow was negative at -0.776 billion yuan [1] - The latest asset-liability ratio was 57.42%, down 6.49 percentage points from the previous quarter and down 17.94 percentage points year-on-year [1] - Gross margin improved to 29.65%, up 2.13 percentage points from the previous quarter [1] - Return on equity (ROE) was 14.63%, an increase of 1.81 percentage points year-on-year [1] Efficiency Metrics - Total asset turnover ratio was 0.27 times, up 56.39% year-on-year [2] - Inventory turnover ratio increased to 0.51 times, reflecting a year-on-year increase of 139.43% [2] Shareholder Information - The number of shareholders was 61,600, with the top ten shareholders holding 40.69% of the total shares [2] - The largest shareholder, Yu Zhong, holds 8.44% of the shares [2]

公募基金方面本期较上一季度持股减少的公募基金共计1个，即易方达创业板ETF，持股减少占比小幅 下跌。本期较上一季度新披露的公募基金共计19个，主要包括创50ETF、光伏产业、安信深圳科技指数 (LOF)A、融通创业板指数A/B、低碳ETF等。本期较上一季未再披露的公募基金共计8个，主要包括南 方中证500ETF、长城中国智造混合A、财通华臻量化选股混合A、广发中证光伏龙头30ETF、嘉实量化 精选股票等。 2025年8月28日，捷佳伟创(300724.SZ)发布2025年半年度报告。截至2025年8月27日，共有26个机构投 资者披露持有捷佳伟创A股股份，合计持股量达2110.33万股，占捷佳伟创总股本的6.07%。其中，前十 大机构投资者包括香港中央结算有限公司、中国工商银行股份有限公司-易方达创业板交易型开放式指 数证券投资基金、珠海横琴富海银涛叁号股权投资基金合伙企业(有限合伙)、创50ETF、长城中国智造 混合A、广发中证光伏龙头30ETF、光伏产业、安信深圳科技指数(LOF)A、融通创业板指数A/B、低碳 ETF，前十大机构投资者合计持股比例达6.01%。相较于上一季度，前十大机构持股比例合计上涨了 ...