证券代码：300751 证券简称：迈为股份 公告编号：2025-068 苏州迈为科技股份有限公司 关于签署土地收回协议书的公告 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。 一、本次交易事项概述 近日，苏州迈为科技股份有限公司（以下简称"公司"）与吴江经济技术开 发区管理委员会签署了《土地收回协议书》，约定就公司坐落在吴江经济技术开 发区同津大道西侧、采字路南侧的土地使用权进行有偿收回，面积约 171,441.09 平方米，不动产权证书编号为苏[2023]苏州市吴江区不动产权第 9054221 号（以 下简称"本项目用地"），本次交易的收回价款为 79,114,312.06 元，与公司原始 取得土地使用权支付的土地出让金相同。本项目用地公司原计划投资建设"迈为 泛半导体装备"（以下简称"本项目"）项目，自主研发、制造泛半导体领域高端 装备，项目计划投资总额为 300,000 万元，详见公司于 2023 年 7 月 13 日披露的 《关于拟签订投资协议书的公告》（公告编号：2023-053）。 本次交易不构成关联交易，也不构成《上市公司重大资产重组管理办法》规 ...

Group 1: Strategy Observation - The report highlights that prices of cyclical resources are rising, driven by supply constraints and strong downstream demand in sectors like basic chemicals, new energy materials, and industrial metals [3] - The AI industry trend continues, with domestic electronic industry demand significantly boosted, leading to an increase in storage prices and sustained high growth in PCB exports [3][4] - Service consumption shows marginal improvement, with tourism in Hainan experiencing a price index increase due to travel demand, and pig prices stabilizing and rising towards the year-end [3] Group 2: Industry Tracking - Electronics - Mini LED technology is entering a rapid development phase, with increasing penetration in mid-to-high-end TV markets and expanding into lower-end markets and automotive applications [17] - The report anticipates that by 2025, Mini LED TV shipments in China will reach 9.23 million units, a year-on-year increase of 122%, with a penetration rate exceeding 25% [20] Group 3: Industry Monthly Report - Aviation - The Chinese aviation industry is expected to turn profitable in 2026, driven by a recovery in public and business demand, with significant growth in passenger traffic projected for 2025 [21][30] - The report suggests that the upcoming New Year holiday will see strong travel demand, with expectations for improved pricing and passenger volume [33] Group 4: Industry Deep Dive - Cultural Communication - The report emphasizes the ongoing progress of native large model companies in Hong Kong, highlighting the potential investment opportunities arising from the commercialization of AI technology [35] - Companies involved in AI algorithms and applications are recommended, including Meitu and Zhejiang Shuju, as they are well-positioned to benefit from the AI trend [35][36] Group 5: Industry Tracking - Automotive - The report notes the continuation of the "old-for-new" policy for automobiles in 2026, which includes subsidies for scrapping and replacing vehicles, aimed at boosting consumption [46][48] - The policy supports consumers who scrap their vehicles and purchase new energy or low-emission vehicles, with specific subsidy percentages outlined [49]

Investment Rating - The report assigns a rating of "Buy" for the company [6] Core Insights - The company has established a product matrix based on three major technology platforms: vacuum, laser, and precision equipment, covering downstream sectors such as photovoltaics, displays, and semiconductors. Recently, the company secured the first perovskite/silicon heterojunction tandem line order in the industry, which will accelerate mass production in the sector. Additionally, the company's semiconductor and display business layouts are accelerating, potentially creating a second growth curve [2][12] Financial Summary - Total revenue is projected to reach 8,089 million in 2023, increasing to 9,830 million in 2024, before declining to 8,078 million in 2025, and then recovering to 8,555 million in 2026 and 9,410 million in 2027, reflecting a growth rate of 95.0% in 2023 and a decline of 17.8% in 2025 [4] - Net profit attributable to the parent company is expected to be 914 million in 2023, with slight increases to 926 million in 2024 and 896 million in 2025, followed by a rise to 1,052 million in 2026 and 1,169 million in 2027 [4] - Earnings per share (EPS) are forecasted to be 3.27 in 2023, 3.31 in 2024, 3.21 in 2025, 3.77 in 2026, and 4.18 in 2027 [4][15] Valuation - The company is positioned as a leading manufacturer of photovoltaic equipment, with accelerated platform layouts in displays and semiconductors. A price-to-earnings (PE) valuation of 60 times is applied for 2026, resulting in a target price of 225.94 [15][12] Market Data - The company's stock has a 52-week price range of 65.29 to 205.32, with a total market capitalization of 53,674 million [7] - The company has a net asset value per share of 28.13, with a price-to-book (P/B) ratio of 6.8 [8]

Group 1 - The A-share market opened higher but showed mixed performance, with the ChiNext New Energy ETF (Hua Xia, 159368) experiencing a decline of 0.87% in early trading [1] - Key stocks in the new energy sector included Maiwei Co., which rose by 5.39%, and Robot Co., which increased by 3.78% [1] - The ChiNext New Energy ETF (Hua Xia, 159368) recorded a trading volume of 31.46 million yuan, leading in scale among similar funds [1] Group 2 - Pacific Securities forecasts that energy storage and lithium batteries are expected to continue exceeding expectations, with price increases and AI+ providing flexibility [1] - Global lithium battery production reached 236.4 GWh, a year-on-year increase of 44.6%, while cumulative production from January to November was 2058.44 GWh, up 48.59% [1] - Global energy storage battery production was 66.2 GWh, reflecting a year-on-year growth of 49.4%, with a cumulative total of 535.98 GWh from January to November, marking a 64.14% increase [1] Group 3 - The solid-state battery sector is anticipated to be a highlight in 2026, with sulfide electrolyte production expected to ramp up to "hundred-ton level" [2] - The National Development and Reform Commission and the Energy Administration have issued a notice to facilitate the signing and performance of long-term electricity contracts for 2026, allowing market participants to negotiate "market time-of-use electricity prices" [2] - The ChiNext New Energy ETF (Hua Xia, 159368) is the largest ETF tracking the ChiNext New Energy Index, covering various segments of the new energy and electric vehicle industries, including batteries and photovoltaics [2]

Market Overview - The photovoltaic equipment sector experienced a decline of 1.22% on December 30, with Dongfang Risen leading the drop [1] - The Shanghai Composite Index closed at 3965.12, down 0.0%, while the Shenzhen Component Index closed at 13604.07, up 0.49% [1] Stock Performance - Notable gainers in the photovoltaic equipment sector included: - ST Quanwei (300716) with a closing price of 11.97, up 8.62% [1] - Gaoce Co., Ltd. (688556) at 11.75, up 4.54% [1] - International Industry (000159) at 6.02, up 3.08% [1] - Major decliners included: - Dongfang Risen (300118) at 14.48, down 8.35% [2] - Junda Co., Ltd. (002865) at 53.63, down 7.53% [2] - Maiwei Co., Ltd. (300751) at 192.10, down 6.44% [2] Capital Flow - The photovoltaic equipment sector saw a net outflow of 2.76 billion yuan from institutional investors, while retail investors contributed a net inflow of 2.456 billion yuan [2] - The capital flow for specific stocks showed: - Sunshine Power (300274) had a net inflow of 4.20 billion yuan from institutional investors [3] - Hongyuan Green Energy (603185) saw a net inflow of 58.14 million yuan from institutional investors [3] - Yijing Photovoltaic (600537) had a net inflow of 26.54 million yuan from institutional investors [3]

Core Viewpoint - Maiwei Co., Ltd. has attracted market attention with its stock price reaching a new high, closing at 205.32 CNY per share, marking a 20% increase on December 29, 2025 [2][3][7] Company Performance - Over the past six months, Maiwei's stock price has more than doubled, with a current market capitalization of 57.4 billion CNY [4] - The company has maintained a growth trajectory, achieving double revenue and profit increases from 2015 to 2024 [5] - Despite a decline in performance in the first three quarters of 2025 due to market adjustments in the photovoltaic and display sectors, the company still reported a profit of 663 million CNY [6][16] Research and Development - Maiwei invests approximately 10% of its annual revenue into R&D, with a reported R&D expenditure of 672 million CNY in the first three quarters of 2025, reflecting a 3.86% increase year-on-year despite a revenue decline [4][15] - The company has developed nine core technologies that are considered advanced, contributing to its competitive edge in the market [15] Market Position and Products - Maiwei specializes in intelligent manufacturing equipment, focusing on the photovoltaic, display, and semiconductor industries, leveraging key technologies in vacuum, laser, and precision equipment [4][13] - The company has successfully broken the import monopoly in the photovoltaic sector with its solar cell screen printing production line and has expanded its market presence internationally [14] - In the semiconductor sector, Maiwei has entered mass production of etching and thin-film deposition equipment, achieving a leading market share in domestic wafer laser grooving equipment [14] Shareholder Actions - The actual controllers of Maiwei, Zhou Jian and Wang Zhenggen, have not sold their shares since the company's IPO in 2018, demonstrating confidence in the company's future [9][12] - The company has consistently paid dividends since its listing, with cumulative dividends amounting to approximately 1.349 billion CNY, and a dividend payout ratio exceeding 30% from 2022 to 2024 [12]

Group 1 - The stock market shows significant net buying activity, with top net purchases in stocks like Tianji Co., Jiayuan Technology, and Yingfeite, amounting to 168 million, 102 million, and 85.6 million respectively [4][9] - The stocks with the highest closing prices include Maiwei at 205.32, followed by Tianji at 49.7, and Hengbo at 139.09, indicating strong investor interest in these companies [6][9] - The defense sector, represented by companies like LeiKe and HaiGe, shows notable price increases, with LeiKe rising by 9.97% and HaiGe by 10.04%, reflecting positive market sentiment [2][9] Group 2 - The net buying amount from the Shanghai-Hong Kong Stock Connect is led by China Satellite, with a net purchase of 403 million, indicating strong institutional interest [8] - The Shenzhen-Hong Kong Stock Connect shows significant net buying in Aerospace Development, with a net purchase of 387 million, highlighting investor confidence in the aerospace sector [9] - The overall trading volume and turnover rates are high, with stocks like Maiwei and Hengbo showing turnover rates of 10.34% and 11.89% respectively, suggesting active trading and liquidity in these stocks [6][9]

Group 1 - The photovoltaic industry is expected to enter a new development cycle, with China's new installed capacity reaching 277.2 GW in 2024, a year-on-year increase of 27.8%, and a cumulative installed capacity of 886.7 GW by the end of 2024, reflecting a compound annual growth rate of 39.8% from 2015 to 2024 [18][19] - The penetration rate of photovoltaic power generation in China has increased from 0.4% in 2014 to 9.8% in 2024, surpassing the global average, indicating significant growth potential in the future [20][24] - The industry is currently facing "involution" competition, leading to a supply-demand imbalance and widespread losses among companies, necessitating a shift from price competition to value competition driven by technological innovation [3][28] Group 2 - Capital expenditure in the photovoltaic industry is significantly decreasing, with a 46.4% year-on-year decline in 2025, indicating a strategic shift towards focusing on advanced technologies rather than blind expansion [47][48] - The BC technology penetration rate is rapidly increasing, with market share expected to rise to 5.0% in 2024, up 4.1 percentage points from 2023, providing a differentiated and high-margin breakthrough for photovoltaic companies [67][68] - The efficiency of perovskite solar cells has reached new heights, with the potential for further industrialization and cost reduction, making them a strategic focus for the future [9][34] Group 3 - The central economic work conference has emphasized the need to deeply rectify "involution" competition, which is particularly prevalent in the photovoltaic industry, aiming to enhance quality and efficiency rather than scale [32][33] - The market is witnessing a structural adjustment, with leading companies focusing on building long-term competitive advantages through investments in next-generation technologies, such as BC and perovskite cells [48][64] - The recent procurement adjustments by China Huaneng Group for high-efficiency components, increasing the share of components with conversion efficiency of 23.8% and above to 58.3%, signal a shift towards high-quality development in the industry [71]

Group 1 - The core viewpoint of the article highlights the active performance of semiconductor stocks in the A-share market, driven by the launch of the National Venture Capital Guidance Fund, which is expected to mobilize trillions in funding for early-stage projects in integrated circuits and artificial intelligence [2][3]. - The semiconductor index saw a rise of over 1.5%, with individual stocks like Maiwei Co. hitting a 20% limit up, and other companies such as Dongwei Semiconductor and Cambricon also experiencing significant gains [3]. - The National Venture Capital Guidance Fund aims to attract diverse investments from local governments, central enterprises, financial institutions, and private capital, focusing on strategic emerging industries and future industries [3]. Group 2 - In the South Korean stock market, major chip manufacturers like SK Hynix and Samsung Electronics have seen their stock prices rise significantly, with SK Hynix increasing by over 6% and Samsung Electronics by over 2% [4]. - The global semiconductor market is projected to reach $659.1 billion in 2024, reflecting a 20% year-on-year growth, with integrated circuits making up the largest share at 73.9% [6]. - Investment opportunities are emerging in the domestic semiconductor industry, particularly in third-generation semiconductor materials, computing chips, and RF communication chips, driven by national policies and international dynamics [6][7].

Investment Rating - The report maintains a "Buy" investment rating for the company [2][8] Core Insights - The company is strategically positioned in the photovoltaic and semiconductor industries, leveraging its technological platforms in vacuum, laser, and precision equipment [5][6] - The company has established close collaborations with leading domestic packaging enterprises in the semiconductor sector, which has contributed to a significant revenue increase of 497% year-on-year in the semiconductor and display sectors [5] - The company is focusing on next-generation photovoltaic equipment, particularly heterojunction (HJT) and perovskite/HJT tandem solutions, aiming to enhance solar cell efficiency and reduce production costs [6] Financial Performance - In the first three quarters, the company achieved a revenue of 6.204 billion yuan, a year-on-year decline of 20.13%, with a net profit of 663 million yuan, down 12.56% year-on-year [4] - The company's gross margin reached 35.69%, an increase of 5.02 percentage points year-on-year, while the net profit margin was 10.69%, up 0.92 percentage points year-on-year [4] - Revenue forecasts for 2025, 2026, and 2027 are projected at 8.91 billion yuan, 10.30 billion yuan, and 11.92 billion yuan respectively, with corresponding EPS of 2.74 yuan, 3.45 yuan, and 3.96 yuan [8][10] Market Position - The company has a total market capitalization of 47.8 billion yuan and a current stock price of 171.1 yuan, with a 52-week price range of 65.29 to 182.79 yuan [2] - The company’s diverse customer base supports stable business growth and accelerates technological innovation through collaboration across different sectors [5]