Group 1 - The company announced on August 25 that the RF power supply is developed by model, and different suppliers provide different models, making it difficult to clearly define market share at present [1] - The ongoing push for domestic substitution is noted, with some models not yet fully developed domestically and still relying on foreign suppliers; future breakthroughs are expected to increase domestic market share [1] - Currently, it is challenging to statistically assess the market share of various power supply manufacturers [1]

Core Viewpoint - The company indicates that new photovoltaic orders this year are primarily for component replacements and minor upgrades, lacking significant trends [1] Group 1: Company Insights - The company expects the photovoltaic industry to remain in an adjustment phase in the first half of next year, with gradual improvements anticipated in the second half as the cycle improves [1] - The company notes that overseas orders are unlikely to see breakthroughs this year, and the time required for order fulfillment is lengthy [1] - The current pressure on photovoltaic orders is acknowledged as a significant issue, attributed to cyclical industry challenges, with expectations for improvement once the upward cycle begins [1]

Core Viewpoint - The company reported that the order volume for RF power remains stable compared to the same period last year, with no significant differences noted in the order statistics [1] Group 1: Orders and Sales - The RF power orders are essentially flat year-on-year, indicating a steady demand [1] - The company has received new R&D tasks from clients, which may lead to increased sales volume if new products are launched in the second half of this year or early next year [1] Group 2: Financial Impact - The introduction of new products in the first half of 2025 has been acknowledged, but the small sales volume and the allocation of R&D costs have significantly impacted the gross margin for the reporting period [1] - The company anticipates that a faster order pace from clients will be necessary for the RF power segment to achieve substantial sales growth [1]

Group 1 - The core viewpoint of the article indicates that the semiconductor industry is on an upward trend, but there is uncertainty regarding the recovery of gross margins in the second half of the year due to the unpredictability of R&D progress and customer procurement rhythms [1] - Growth drivers for the industry include breakthroughs in R&D covering more models, customer expansion (such as new R&D tasks from clients), increased demand for semiconductor materials (like diamond and single crystal silicon-related power supplies), and the promotion of domestic substitution [1] - Orders for semiconductor materials have increased by 47.8% year-on-year, primarily driven by downstream technical demands, increased industry equipment needs, and the company's expansion in sales regions and customer base [1]

国泰海通证券股份有限公司 关于四川英杰电气股份有限公司 2025 年半年度跟踪报告 | 保荐人名称：国泰海通证券股份有限公司 | 被保荐公司简称：英杰电气 | | --- | --- | | 保荐代表人姓名：杜柯 | 联系电话：028-65775156 | | 保荐代表人姓名：余姣 | 联系电话：021-38677316 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1．公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 次 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不限于防止关 | | | 联方占用公司资源的制度、募集资金管理制度、内控制度、 | 是 | | 内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3．募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 6 次 | | （2）公司募集资金项目进展是否与信息披露文件一致 | 是 | | 4．公司治理督导情况 | ...

Group 1 - The core viewpoint of the article highlights that Yingjie Electric (300820.SZ) reported nearly 300 million yuan in revenue from its photovoltaic business in the first half of the year, with current goods dispatched amounting to approximately 1.4 billion yuan, including 500 million yuan from overseas projects [1] - The delay in project commencement by downstream customers has led to a backlog in acceptance, making the prompt recognition of photovoltaic sales revenue a key focus for the company in 2025 [1] - The new photovoltaic orders in the first half of 2025 were only around 40 million yuan, indicating a significant decline in order intake, which reflects the ongoing impact of the photovoltaic industry on the company [1] Group 2 - The overseas photovoltaic projects have been shipped, and payments have mostly been received; however, due to delays in customer project advancement, it is anticipated that revenue may not be recognized in 2025, with expectations pushed to 2026 [1]

Core Viewpoint - The order volume for RF power supplies remains stable compared to the same period last year, with no significant differences noted in the usual statistical methods [1] Group 1: Company Performance - The RF power supply orders are essentially flat year-on-year, indicating a steady demand [1] - New products are expected to be launched in the first half of 2025, but initial sales volumes are low, impacting the gross margin due to the allocation of R&D costs [1] - The company has received new R&D tasks from clients, which may lead to increased sales volume if new products are launched in the second half of this year or the first half of next year [1]

Core Viewpoint - The company, Yingjie Electric (300820.SZ), has reported that its nuclear fusion power business received approximately 10 million in orders last year, with a similar volume expected this year. The core projects are anticipated to enter a concentrated procurement phase from the second half of this year to the first half of next year, presenting opportunities for power supply bidding [1]. Group 1 - The company is closely tracking and collecting customer demand and power supply type information for upcoming projects [1]. - The Chengdu region is highlighted as having the most intensive project tracking, with competition among peers for various projects [1]. - Future order volumes will depend on the results of the bidding process [1]. Group 2 - The company has been collaborating with customers for customized research and development [1]. - The company can develop power supplies that meet customer needs based on its technological platform [1].

Group 1 - The company is currently focusing on AI and data center power solutions, indicating a strategic investment in these areas [1] - The technology platform of the company supports the research and development of related products, but there is a need to clarify customer and specific power requirements [1] - The future scale of the company's operations will depend on customer demand and collaboration opportunities [1]

Financial Performance - In the first half of 2025, the company achieved revenue of 722 million CNY, a year-on-year decrease of 9.42% [1] - Net profit attributable to shareholders was 119 million CNY, down 32.71% year-on-year [1] - Operating cash flow remained positive at 175 million CNY [1] Revenue Breakdown by Sector - Solar energy sector generated 298 million CNY, accounting for 41.24% of total revenue, with a year-on-year decline of 25.18% [1] - Semiconductor and electrical materials sector reported 160 million CNY, representing 22.20% of total revenue, down 13.45% year-on-year [1] - Other sectors, including research institutions and steel metallurgy, saw revenue of 263 million CNY, making up 36.43% of total revenue, with a year-on-year increase of 23.94% [1] Order and Delivery Status - The solar business confirmed nearly 300 million CNY in revenue in the first half of 2025, with outstanding goods around 1.4 billion CNY [2] - Semiconductor orders and revenue showed a year-on-year decline, but excluding the impact of changes in settlement methods, they would have increased [2] - Other sectors experienced significant growth, with orders reaching 354 million CNY, a year-on-year increase of nearly 60% [2] Profitability and Margin Trends - Semiconductor sector's gross margin declined due to high initial costs of new products and increased management and R&D expenses [2] - The company is implementing flexible payment policies to mitigate financial risks, particularly in the solar sector [4] - The gross margin trend for the second half of the year is uncertain, depending on whether previous costs are fully accounted for [3] Future Outlook - The company anticipates pressure on overall performance in 2025 due to delays in revenue recognition from the solar sector and overseas orders [5] - There is optimism for improvement in 2026 with potential contributions from overseas solar orders and new business segments like charging piles [5] - The company is actively pursuing opportunities in AI and data center power supply markets [5]