Investment Rating - The report maintains a positive outlook on the semiconductor equipment and components industry, highlighting the acceleration of domestic substitution under the trend of self-control [2][3]. Core Viewpoints - The semiconductor equipment sector continues to experience high revenue growth, with a notable increase in profitability. The selected 14 semiconductor equipment companies achieved total revenues of 732.2 billion and 177.4 billion yuan for 2024 and Q1 2025, respectively, representing year-on-year growth of 33% and 37% [2][7]. - The domestic semiconductor equipment manufacturers are accelerating their platform layout, and the process of domestic substitution for components is speeding up. The report emphasizes the increasing demand for semiconductor equipment and components driven by the expansion of advanced logic and memory manufacturers [2][3]. - The report recommends focusing on key players in the semiconductor equipment sector, particularly those involved in platformization and low domestic substitution rates [2][3]. Summary by Sections Semiconductor Equipment - Revenue: The semiconductor equipment sector maintained high growth, with revenues of 732.2 billion yuan in 2024 and 177.4 billion yuan in Q1 2025, reflecting year-on-year increases of 33% and 37% [2][7]. - Profit: The total net profit attributable to shareholders for the semiconductor equipment companies was 119.0 billion yuan in 2024 and 25.8 billion yuan in Q1 2025, with year-on-year growth of 15% and 37% [12][16]. - Orders: The total contract liabilities for semiconductor equipment companies reached 192.1 billion yuan in 2024 and 199.1 billion yuan in Q1 2025, indicating a year-on-year increase of 14.1% and 6.3% [34]. Semiconductor Components - Revenue: The four selected semiconductor component companies achieved total revenues of 113.4 billion yuan in 2024 and 24.7 billion yuan in Q1 2025, with year-on-year growth of 9% and a decline of 6% [52][57]. - Profit: The net profit attributable to shareholders for the semiconductor component companies was 16.1 billion yuan in 2024 and 2.0 billion yuan in Q1 2025, showing a decline of 5% and 45% year-on-year [57][63]. - Cash Flow: The operating cash flow for the semiconductor component companies improved significantly in 2024, with a net cash flow of 10.9 billion yuan, but faced short-term pressure in Q1 2025 with a net cash flow of 2.6 billion yuan [62][66]. Investment Recommendations - The report recommends focusing on key players in the semiconductor equipment sector, including platformization equipment manufacturers and those with low domestic substitution rates [2][3].

Investment Rating - The report maintains a positive outlook on the semiconductor equipment and components industry, highlighting the acceleration of domestic substitution under the trend of self-control [2][3]. Core Viewpoints - The semiconductor equipment sector continues to experience high revenue growth, with a notable increase in profitability. The selected 14 semiconductor equipment companies achieved total revenues of 732.2 billion and 177.4 billion yuan for 2024 and Q1 2025, respectively, representing year-on-year growth of 33% and 37% [2][7]. - The report emphasizes the trend of domestic substitution in semiconductor equipment and components, driven by the expansion of advanced logic and memory manufacturers, as well as the increasing demand for domestic equipment [2][3]. Summary by Sections 1. Semiconductor Equipment - Revenue: The semiconductor equipment sector maintained high growth, with total revenues of 732.2 billion yuan in 2024 and 177.4 billion yuan in Q1 2025, reflecting year-on-year increases of 33% and 37% [2][7]. - Profit: The total net profit attributable to shareholders for the semiconductor equipment companies was 119.0 billion yuan in 2024 and 25.8 billion yuan in Q1 2025, with year-on-year growth of 15% and 37% [12][16]. - Orders: The total contract liabilities for semiconductor equipment companies reached 192.1 billion yuan in 2024 and 199.1 billion yuan in Q1 2025, indicating a year-on-year increase of 14.1% and 6.3% [34]. 2. Semiconductor Components - Revenue: The four selected semiconductor component companies achieved total revenues of 113.4 billion yuan in 2024 and 24.7 billion yuan in Q1 2025, with year-on-year growth of 9% and a decline of 6% [52][57]. - Profit: The total net profit attributable to shareholders for the semiconductor component companies was 16.1 billion yuan in 2024 and 2.0 billion yuan in Q1 2025, showing a decline of 5% and 45% year-on-year [57][63]. - Cash Flow: The operating cash flow for the semiconductor component companies improved significantly in 2024, with a net cash flow of 10.9 billion yuan, but faced short-term pressure in Q1 2025 with a net cash flow of 2.6 billion yuan [62][66]. 3. Investment Recommendations - The report recommends focusing on platform-based equipment manufacturers such as North China Huachuang and Zhongwei Company, as well as component manufacturers like Xinlai and Fuchuang Precision [2][3].

Core Insights - The event held on May 9, 2025, in Chengdu focused on the collaboration and development of the new energy industry, aiming to deepen cooperation between Sichuan and eastern regions, and accelerate the establishment of a world-class new energy industry hub [1] Group 1: Wind Energy - Deyang is a major hub for the new energy industry in Sichuan, leading in wind power equipment with a scale ranking first in the central and western regions of China [1] - Over 10% of the national wind power equipment and over 70% of Sichuan's wind power equipment originate from Deyang, which has more than 20 supporting enterprises [1] - Deyang is recognized as the only national-level wind power technology source, providing a "Deyang solution" for the transformation and development of the wind power equipment industry [1] Group 2: Solar Energy - The photovoltaic industry in Deyang is rapidly developing, with several leading enterprises establishing operations in the city, including two global top three companies in niche sectors [2] - Yingjie Electric, a national manufacturing "single champion," holds over 80% of the global market share for single and multi-crystal silicon growth power supplies [2] - Deyang's photovoltaic industry chain includes various segments such as crucibles, rods, slices, silver powder, silver paste, equipment, and components [2] Group 3: Hydrogen Energy - Deyang has strengthened technical cooperation with over 10 universities and research institutes, becoming the technology source and the most complete pilot verification base for hydrogen energy in the province [2] - The city successfully developed China's first 100KW fuel cell distributed energy system and a megawatt-level combined heat, electricity, and hydrogen supply system [2] - Deyang also created the first megawatt-level photovoltaic power generation coupled PEM electrolysis hydrogen production system in the country [2] Group 4: Major Projects and Initiatives - Deyang has developed significant projects such as the "Hualong One" nuclear power unit and the world's largest chemical chain carbon capture equipment system, showcasing its strength and innovation in the new energy sector [3] - The event featured the release of the "Yangtze River Economic Belt New Energy Industry Collaborative Development Initiative," promoting key industrial parks and sharing successful experiences from leading enterprises [3] - Investment project signing ceremonies were held to inject new momentum into the further development of Sichuan's new energy industry [3]

证券代码：300820 证券简称：英杰电气 公告编号：2025-027 四川英杰电气股份有限公司 关于独立董事辞职的公告 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。 四川英杰电气股份有限公司（以下简称"公司"）董事会于近日收到公司独立 董事吴赞先生的书面辞职报告。吴赞先生因个人原因申请辞去公司第五届董事会 独立董事职务，同时辞去第五届董事会提名委员会主任委员、审计委员会委员、 薪酬与考核委员会委员职务。吴赞先生的原定任期至公司第五届董事会届满为止。 辞职后，吴赞先生不再担任公司任何职务。 吴赞先生的辞职将导致公司董事会及相关董事会专门委员会中独立董事所占 比例不符合规定，根据《中华人民共和国公司法》《上市公司独立董事管理办法》 《公司章程》等有关规定，吴赞先生的辞职将在公司股东会选举产生新任独立董事 后生效。在此之前，吴赞先生将继续履行独立董事及其在董事会下设专门委员会 中的相关职责。公司将按照相关规定尽快完成新任独立董事选举工作。 截至本公告披露日，吴赞先生未持有公司股份，不存在应履行而未履行的承 诺事项。 公司董事会对吴赞先生在担任公司独立董事期间勤勉 ...

Summary of Key Points from the Conference Call Industry Overview - The fusion energy research in China is experiencing rapid and diversified development, with multiple key projects expected to make continuous progress in technological routes and commercialization exploration [1][2][3]. Key Projects and Investments - The "Fusion Spark One" project in Jiangxi is a benchmark for fission-fusion hybrid reactors, with an initial investment of 16 billion yuan (total investment of 30 billion yuan), designed to achieve a Q value exceeding 15 [2][3]. - The Hefei BEST project by the Chinese Academy of Sciences plans to adopt hybrid magnet technology and aims for completion by 2027, with the first demonstration of fusion energy generation globally [3]. - The Circulation 3 project is focused on a pure deuterium-tritium route, aiming for 100% high-temperature superconducting operation, expected to enter the demonstration phase around 2045 [3]. - The CFETR project, a major national scientific infrastructure, is progressing with subsequent funding, with plans for completion before 2035 [3]. Domestic Component Replacement - There is an acceleration in the domestic replacement of core components, highlighting investment opportunities within the core industrial chain [4]. Core Components of Fusion Devices - Key components of compact tokamak devices include superconducting magnets, first walls, vacuum vessels, core pumps and valves, cooling systems, and divertors [5]. Cost Structure Insights - According to the breakdown of ITER construction costs, core cost components such as magnets and vacuum vessels account for over 50% of the total construction costs [6]. Upstream Material Requirements - The fusion industry chain involves upstream material requirements, including special metals and superconducting tapes. Special metals include special steel, tungsten, and copper, while superconducting tapes are categorized into low-temperature superconducting materials (niobium-titanium, niobium-tin) and high-temperature superconducting materials (YBCO) [7]. Investment Recommendations - Key materials and device segments should be prioritized for investment, as they are expected to benefit from orders during the accelerated deployment of fusion devices [8]. - Recommended stocks include: - **Top Picks**: Jingda Co., Ltd. (subsidiary Shanghai Superconducting involved in high-temperature superconducting materials), Lianchuang Optoelectronics (superconducting magnet preparation), and Yingjie Electric, Aike Saibo in power and drive systems. - **Watch List**: Yongding Co., Ltd., Guoguang Electric, Antai Technology in first wall and divertor segments, and Hailu Heavy Industry, Hezhong Intelligent in vacuum pressure vessel segments [9].

四川英杰电气股份有限公司 关于回购公司股份的进展公告 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。 四川英杰电气股份有限公司（以下简称"公司"或"本公司"）于 2024 年 7 月 9 日召开第五届董事会第十次会议、于 2024 年 7 月 25 日召开 2024 年第二次临 时股东大会，审议通过了《关于回购公司股份方案的议案》，同意公司使用自有资 金以集中竞价交易方式回购公司部分人民币普通股 A 股股份，用于后期实施员工 持股计划或者股权激励，回购的资金总额不低于人民币 5,000.00 万元（含本数） 且不超过人民币 10,000.00 万元（含本数），回购股份价格不超过 62.00 元/股（含 本数），回购股份的实施期限为自股东大会审议通过回购股份方案之日起 12 个月 内。具体内容详见公司于巨潮资讯网（http://www.cninfo.com.cn）披露的《关 于回购公司股份方案的公告》《回购报告书》。 证券代码：300820 证券简称：英杰电气 公告编号：2025-026 1、公司未在下列期间内回购公司股份： （1）自可能对本公司证券及其衍生品种 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][10] Core Views - The semiconductor business continues to develop, and overseas renewable energy business prospects are promising [1] - In 2024, the company achieved revenue of 1.78 billion yuan, a year-on-year increase of 0.59%, while net profit attributable to the parent company was 323 million yuan, a year-on-year decrease of 25.19% [3] - The company is focusing on expanding its overseas photovoltaic and charging pile businesses, with steady progress in semiconductor product models and new orders [6][7] Financial Performance Summary - In 2024, the company's photovoltaic revenue was 874 million yuan, down 10.27% year-on-year, while semiconductor revenue was 351 million yuan, up 6.41% year-on-year [6] - The gross margin for the semiconductor segment increased significantly, with a gross margin of 53.98% in 2024, up 11.14 percentage points year-on-year [6] - The company expects revenues of 2.201 billion yuan, 2.664 billion yuan, and 3.177 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 430 million yuan, 546 million yuan, and 672 million yuan [9][10] Market Performance Summary - As of April 30, 2025, the company's stock price was 39.90 yuan, with a market capitalization of approximately 8.84 billion yuan [4] - The company's performance over the last 12 months shows a decline of 19.7%, compared to a 4.6% increase in the CSI 300 index [4]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance is under short-term pressure, but the semiconductor RF power supply is expected to create new growth drivers [1] - The company is a leader in domestic semiconductor industrial power supply, with increasing domestic substitution rates in photovoltaic and semiconductor products [7] - The company has maintained high R&D investment, with R&D expenses reaching 137 million yuan in 2024, up 40.18% year-on-year [7] Financial Performance Summary - In 2024, the company achieved total revenue of 1.78 billion yuan, a year-on-year increase of 0.59%, with a net profit attributable to the parent company of 322.76 million yuan, down 25.19% year-on-year [7] - The gross profit margin for 2024 was 38.50%, an increase of 1.28 percentage points year-on-year [7] - The company forecasts net profit attributable to the parent company of 401 million yuan in 2025 and 498 million yuan in 2026, with a projected net profit of 634 million yuan in 2027 [1][8] Market Data Summary - The closing price of the company's stock is 39.49 yuan, with a market capitalization of 8.75 billion yuan [5] - The company has a price-to-earnings (P/E) ratio of 27.62 based on the latest diluted earnings per share [5][8] Growth Drivers - The company is focusing on the photovoltaic industry, semiconductor etching, and charging pile manufacturing as key growth areas [7] - The company has made significant progress in the production of RF power supplies for advanced semiconductor processes, including 5nm etching [7]

Core Viewpoint - The company demonstrated stable revenue growth in 2024, with a notable increase in profit margins in Q1 2025, despite some declines in specific product segments [1][2]. Financial Performance - In 2024, the company achieved a revenue of 1.78 billion, a year-on-year increase of 0.59%, with power control systems revenue at 1.184 billion, down 12.03% year-on-year, and special power revenue at 423 million, up 53.90% year-on-year [1]. - The net profit attributable to the parent company was 323 million, a decrease of 25.19% year-on-year, while the net profit excluding non-recurring items was 307 million, down 27.87% year-on-year [1]. - For Q1 2025, the company reported a revenue of 325 million, a year-on-year decrease of 13.30% and a quarter-on-quarter decrease of 28.03% [1]. Profitability and R&D Investment - The gross profit margin for 2024 was 38.50%, an increase of 1.28 percentage points year-on-year, while the special power margin was 60.81%, up 13.30 percentage points year-on-year [2]. - R&D expenses reached 137 million in 2024, a year-on-year increase of 40.18%, indicating a sustained high level of investment in research and development [2]. Inventory and Cash Flow - As of Q4 2024, the company's inventory was 1.556 billion, down 15.35% year-on-year, while contract liabilities were 1.147 billion, up 1.00% year-on-year [3]. - The net cash flow from operating activities for Q4 was 256 million, an increase of 38.50% year-on-year [3]. Industry Outlook - The company is positioned as a leader in the domestic semiconductor power supply market, with increasing domestic substitution rates in photovoltaic and semiconductor products [4]. - The company is focusing on key processes in semiconductor etching and thin film deposition, with several RF power supply models already in mass production [4]. - The subsidiary is dedicated to developing and manufacturing electric vehicle charging stations, with plans for expansion into European and Asian markets [4]. Profit Forecast and Investment Rating - The net profit forecast for 2025-2026 has been revised down to 401 million and 498 million, respectively, with an expected net profit of 634 million in 2027 [5]. - The current market capitalization corresponds to a price-to-earnings ratio of 22.2/17.9/14.0 for the respective years, maintaining a "buy" rating based on growth potential [5].

Group 1 - The company achieved a revenue of 1.78 billion in 2024, a year-on-year increase of 0.59%, while the net profit attributable to shareholders was 323 million, a decrease of 25.19% [1] - In Q1 2025, the company reported a revenue of 325 million, a year-on-year decrease of 13.30% and a quarter-on-quarter decrease of 28.03%, with a net profit of 50 million, down 36.84% year-on-year but up 155.93% quarter-on-quarter [1] - The company is actively expanding its overseas market and strengthening receivables management to cope with the downturn in the domestic photovoltaic business, signing approximately 500 million in overseas photovoltaic orders in 2024 [1] Group 2 - In the semiconductor sector, the company achieved a revenue of 351 million in 2024, a year-on-year increase of 6.41%, with a gross margin of 53.98%, up 11.14 percentage points [2] - The company is increasing its research and development investment in the semiconductor equipment power supply sector, with a steady rise in order volume and core customer coverage [2] - The profit forecast for 2025-2027 has been adjusted downwards, with expected net profits of 403 million, 451 million, and 503 million respectively, corresponding to EPS of 1.82, 2.03, and 2.27 [2]