Core Insights - The company reported a revenue of 1.78 billion yuan for 2024, a year-on-year increase of 0.6%, while the net profit attributable to shareholders was 320 million yuan, down 25.2% year-on-year [1] - The gross margin for 2024 was 38.5%, an increase of 1.3 percentage points year-on-year, while the net margin was 18.8%, a decrease of 5.5 percentage points year-on-year [1] - For Q1 2025, the company reported a revenue of 330 million yuan, a year-on-year decline of 13.3%, and a net profit of 50 million yuan, down 37% year-on-year [1] Revenue Structure - Revenue from the photovoltaic sector was 870 million yuan, down 10.3% year-on-year, with a gross margin of 28.5%, a decrease of 2.4 percentage points [1] - Revenue from the semiconductor sector was 350 million yuan, up 6.4% year-on-year, with a gross margin of 54%, an increase of 11.1 percentage points [1] - Other sectors generated revenue of 550 million yuan, a year-on-year increase of 18.9%, with a gross margin of 44.6%, down 2 percentage points [1] Orders and Inventory - As of the end of Q1 2025, the company's contract liabilities reached 1.18 billion yuan, a year-on-year decline of 0.5% [2] - Inventory stood at 1.57 billion yuan, down 14.2% year-on-year [2] Key Highlights - The company is focusing on key semiconductor processes such as etching, CVD/PECVD, and ion implantation, while also expanding into emerging fields like silicon carbide epitaxy and composite copper foil [2] - Some models of RF power supplies have achieved mass production, covering advanced processes like 5nm etching [2] - The semiconductor sector has become the company's second-largest revenue source after photovoltaics, with a subsidiary generating 180 million yuan in revenue and a net profit of 63 million yuan in 2024 [2] Company Strategy - The company is closely tied to leading semiconductor equipment and wafer factory clients, anticipating accelerated growth in semiconductor RF power supply to boost overall performance [2] - The company is a leader in photovoltaic power supplies, holding over 70% market share in silicon material power supplies and 75-80% in silicon wafer power supplies [3] - The company is also expanding its production capacity for charging piles, targeting an increase of 412,000 units per year, with expectations of significant growth in overseas markets over the next 2-3 years [3] Investment Outlook - The company is expected to see substantial growth in its photovoltaic, semiconductor power supply, and charging pile storage sectors, with projected net profits of 450 million yuan, 540 million yuan, and 710 million yuan for 2025-2027, representing year-on-year growth rates of 39%, 21%, and 31% respectively [3]

Core Viewpoint - The company reported a decline in net profit for 2024 and Q1 2025, while facing challenges in the domestic photovoltaic market and focusing on expanding its semiconductor business as a new growth avenue [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 1.78 billion yuan, a year-on-year increase of 0.59%, while net profit attributable to shareholders was 323 million yuan, a year-on-year decrease of 25.19% [1]. - For Q1 2025, the company reported revenue of 325 million yuan, a year-on-year decline of 13.3%, and a net profit of 50 million yuan, down 36.84% year-on-year [1]. Industry Challenges - The domestic photovoltaic sector is experiencing significant pressure from price wars, leading to a 42% year-on-year decrease in order volume for photovoltaic equipment manufacturers in 2024 [2]. - The price war has spread from the silicon material segment to the mid and downstream sectors, causing a substantial contraction in profits across the entire industry chain [2]. Strategic Initiatives - To mitigate the impact of the domestic photovoltaic market downturn, the company is enhancing its overseas market expansion, achieving better order performance in Asia [2]. - The company is increasing its investment in the semiconductor sector, which is expected to benefit from a recovery driven by AI, high-performance computing, and 5G technologies, with the global semiconductor market projected to reach $628 billion in 2024, a year-on-year growth of 19.1% [3]. - The company is focusing on key semiconductor processes such as etching, chemical vapor deposition (CVD/PECVD), and ion implantation, while also exploring emerging fields like silicon carbide epitaxy and composite copper foil [3]. Investment Outlook - Revenue projections for the company from 2025 to 2027 are estimated at 2.56 billion yuan, 3.046 billion yuan, and 3.65 billion yuan, with net profits of 586 million yuan, 736 million yuan, and 903 million yuan respectively [4]. - The company is assigned a target price of 53.03 yuan based on a 20x PE ratio for 2025, maintaining a "Buy-A" investment rating [4].

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, primarily due to challenges in the photovoltaic (PV) sector and increased asset impairment losses [1][3]. Financial Performance - In 2024, the company achieved revenue of 1.78 billion yuan, a year-on-year increase of 0.6%, while net profit attributable to shareholders was 320 million yuan, a year-on-year decrease of 25.2% [1]. - For Q1 2025, the company reported revenue of 325 million yuan, a decline of 13.3%, and a net profit of 50 million yuan, down 36.84% [1]. Business Segments - The PV business experienced a decline of 10.3% in 2024, while the semiconductor and other industries maintained growth, with increases of 6.4% and 18.9%, respectively [2]. - The decline in the PV sector was attributed to reduced orders for equipment power due to weakened downstream silicon material and wafer production capacity, as well as extended payment terms from customers [2]. - The semiconductor and electronic materials segment saw growth due to increased investment in key processes such as etching and deposition, with some RF power models already in mass production [2]. - The charging pile business faced a 13.2% decline due to fluctuations in terminal demand, while other industries, including steel metallurgy and glass fiber, experienced overall revenue growth of 18.9% [2]. Profitability and Margins - The gross margins for the PV, other industries, and semiconductor segments changed by -2.36, -1.97, and +11.14 percentage points, reaching 28.53%, 44.64%, and 53.98%, respectively [3]. - The semiconductor business saw significant margin improvement due to rapid growth in RF power, while the PV sector faced narrowing margins due to weak demand [3]. - Overall gross margin for the company improved by 1.27 percentage points to 38.5% in 2024 [3]. Asset and Credit Impairment - The company recorded high asset impairment losses of 58.93 million yuan and credit impairment losses of 12.49 million yuan in 2024 [3]. - As of Q1 2025, inventory was approximately 1.56 billion yuan, and contract liabilities were about 1.15 billion yuan, supporting revenue growth [3]. Future Outlook - Due to the decline in PV demand and associated impairment losses, the company has adjusted its 2025 net profit forecast down by 36.7% to 365 million yuan and introduced a 2026 net profit estimate of 439 million yuan [3]. - The current stock price corresponds to a price-to-earnings ratio of approximately 24.9x for 2025 and 20.7x for 2026, with a target price of 55 yuan, indicating a potential upside of 33.9% compared to the current stock price [3].

Group 1 - The core viewpoint of the news is that Hongdao Investment conducted research on Yingjie Electric, revealing challenges in revenue growth and profitability in the photovoltaic industry, while also highlighting potential future opportunities in semiconductor products [1] Group 2 - Yingjie Electric's projected revenue for 2024 is 1.78 billion yuan, representing a year-on-year growth of 0.59%, but the net profit attributable to shareholders is expected to decline by 25.19% [1] - The company faced delays in revenue recognition in the photovoltaic sector, leading to increased inventory write-downs and rising operating expenses [1] - Operating cash flow for Yingjie Electric was 601.77 million yuan, an increase of 462.05 million yuan year-on-year [1] - Inventory has decreased to 1.556 billion yuan, while contract liabilities remain around 1.1 billion yuan [1] - New orders have decreased by approximately 40%, but the backlog of orders exceeds 2.7 billion yuan [1] - The company aims to recognize overseas photovoltaic sales revenue by 2025, with expectations of pressure on revenue but not a significant decline [1] - The gross margin increased in the first quarter, while the net margin decreased, indicating fluctuations in quarterly operational data [1] - Revenue from advanced semiconductor power supply products is projected to be 350 million yuan in 2024, with positive order conditions in the first quarter of 2025 [1] - The company has a high proportion of R&D investment, focusing on semiconductor development with new hires [1] - Financial risks are considered controllable as most photovoltaic payments have been received [1] - The company has set a revenue target of 5 billion yuan over the next 3 to 4 years and aims to enter the top 100 private enterprises in Sichuan [1]

Group 1: Shanghai Jahwa - Shanghai Jahwa is confident about achieving high double-digit GMV growth for its core brands during the 618 shopping festival [1] - The company has implemented strategic adjustments over the past six months, including organizational design, talent development, and cultural construction [1] - The employee stock ownership plan aims to enhance competitiveness and reduce turnover [1] - E-commerce strategies include inventory optimization, price adjustments, and product iterations, with the Yuze B5 series positioned as a key product line on JD.com [1] - The company targets double-digit revenue growth this year and aims to turn profits around [1] - Long-term profit recovery is expected to follow a 1-2 year revenue growth, 2-3 year profit improvement, and 3-5 year profit margin targets [1] Group 2: Yingjie Electric - Yingjie Electric expects revenue of 1.78 billion yuan in 2024, a year-on-year increase of 0.59%, but a 25.19% decline in net profit attributable to shareholders [2] - Delays in revenue recognition in the photovoltaic industry and increased costs have impacted performance [2] - The company reported a net cash flow from operating activities of 601.77 million yuan, an increase of 462.05 million yuan year-on-year [2] - Inventory has decreased to 1.556 billion yuan, with contract liabilities maintained around 1.1 billion yuan [2] - New orders have decreased by approximately 40%, but the company has over 2.7 billion yuan in hand orders [2] - The company aims to confirm overseas photovoltaic orders by 2025, with expected revenue pressure but not a significant decline [2] - The semiconductor advanced process power products have begun mass production, with projected revenue of 350 million yuan in 2024 [2] - R&D investment is high, focusing on semiconductor development, with new hires primarily in this area [2] - Financial risks are manageable, with most photovoltaic payments received [2] - The company targets 5 billion yuan in revenue within the next 3-4 years and aims to enter the top 100 private enterprises in Sichuan [2]

Financial Performance - In 2024, the company's revenue reached 1.78 billion CNY, a year-on-year increase of 0.59%, while net profit decreased by 25.19% [2] - Revenue from the photovoltaic industry was 873.79 million CNY, accounting for 49.08% of total revenue, a year-on-year decrease of 10.27% [2] - Revenue from the semiconductor and electronic materials industry was 350.61 million CNY, accounting for 19.69% of total revenue, a year-on-year increase of 6.41% [2] - Other industries saw revenue growth of approximately 553 million CNY, a year-on-year increase of 18.92% [2] Reasons for Performance Decline - Delayed revenue recognition in the photovoltaic sector due to equipment capacity adjustments, with nearly 1.9 billion CNY of goods shipped but not yet recognized as sales [3] - Provision for inventory impairment of approximately 43.71 million CNY due to the challenging conditions in the photovoltaic industry [3] - Increased operating expenses, particularly R&D expenses, which grew by 40% [3] Cash Flow and Inventory - Net cash flow from operating activities was 601.77 million CNY, an increase of 462.05 million CNY year-on-year [5] - Inventory decreased from 1.838 billion CNY in 2023 to 1.556 billion CNY in 2024, with contract liabilities remaining stable at around 1.1 billion CNY [5] Order Situation - New orders in 2024 decreased by approximately 40% due to a significant drop in photovoltaic orders, while overseas orders reached around 500 million CNY [6] - As of the end of 2024, the company had over 2.7 billion CNY in hand orders, providing a solid basis for future revenue recognition [6] Future Outlook - The company aims to achieve revenue of 5 billion CNY within the next 3 to 4 years and enter the top 100 private enterprises in Sichuan [17] - Despite current challenges in the photovoltaic sector, the management remains confident in the company's growth potential and plans to enhance efforts in various segments [18]

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company is experiencing short-term pressure on performance, with expectations for accelerated progress in semiconductor RF power supply technology as it moves towards 5nm advanced processes [1][2] - The company has established itself as a leader in photovoltaic power supply, with a market share exceeding 70%, and is also making significant strides in the semiconductor power supply sector, which has become its second-largest revenue source after photovoltaics [2][3] - The company is focusing on key processes such as semiconductor etching and thin film deposition, while also expanding into emerging fields like silicon carbide epitaxy and composite copper foil [2] Financial Summary - For 2024, the company reported revenue of 1.78 billion yuan, a year-on-year increase of 0.6%, and a net profit of 320 million yuan, a decline of 25.2% [1] - The gross margin for 2024 was 38.5%, an increase of 1.3 percentage points year-on-year, while the net margin was 18.8%, a decrease of 5.5 percentage points [1] - The company expects net profits to grow significantly from 449 million yuan in 2025 to 712 million yuan in 2027, reflecting year-on-year growth rates of 39%, 21%, and 31% respectively [4]

Core Viewpoint - Yingjie Electric has demonstrated resilience in its performance despite the overall decline in the photovoltaic industry, achieving significant growth in operating cash flow and maintaining a high dividend payout ratio [1][2][7]. Financial Performance - In 2024, Yingjie Electric reported a main revenue of 1.78 billion yuan, a year-on-year increase of 0.6%, while net profit was 323 million yuan, down 25.2% year-on-year [2]. - The operating cash flow net amount increased significantly by 330.7% to 600 million yuan, marking a historical high [2][3]. - The company distributed a total cash dividend of 88 million yuan to shareholders, resulting in a dividend payout ratio of 32%, the highest in recent years [1][7]. Semiconductor RF Power Business - The semiconductor RF power business has enhanced the company's profitability, with sales revenue from this sector reaching 350 million yuan, accounting for 19.69% of total revenue, the highest since 2020 [3]. - The gross profit margin from semiconductor electronic materials has shown an upward trend, with figures of 50.86%, 49.55%, 42.84%, and 53.98% from 2021 to 2024 [3]. - The market for semiconductor RF power is projected to exceed $4.5 billion, with domestic substitution rates expected to accelerate [3]. Strategic Developments - Yingjie Electric has established a subsidiary, Chengdu Yingjie Chenhui Technology, to focus on the semiconductor RF power business, further expanding its presence in high-value sectors [2][4]. - The partnership with Zhongwei Company, which acquired a 16% stake in Yingjie Chenhui, is expected to promote the domestic substitution process for RF power [4]. Future Outlook - The company plans to continue focusing on breakthroughs in power electronics technology and expand its product matrix in the semiconductor and renewable energy sectors [6]. - Yingjie Electric aims to enhance its production capacity for charging piles, with expectations to reach 400,000 AC charging piles and 12,000 DC charging piles by the end of 2025 [7].

Core Viewpoint - In 2024, despite the challenges posed by the downturn in the traditional photovoltaic industry, the company Yingjie Electric (300820) demonstrates strong operational resilience and market vitality through proactive strategic planning, robust profitability, and impressive cash flow performance [1] Financial Performance - Yingjie Electric achieved a record revenue of 1.78 billion yuan in 2024, with a comprehensive gross margin increase to 38.50%, indicating steady enhancement in profitability [1] - The company recorded significant impairment losses totaling approximately 59 million yuan for inventory and contract assets, along with 12.49 million yuan for receivables, which cumulatively reduced profits by over 71 million yuan [1] Impairment Losses - The impairment losses for inventory and contract performance costs amounted to approximately 47.26 million yuan, while contract asset impairment losses were about 11.67 million yuan, reflecting a substantial increase from the previous period [3] Industry Outlook - The company has a substantial backlog of contracts, and while there are delays in revenue recognition due to the photovoltaic industry's downturn, execution is ongoing, and revenue will be recognized gradually [5] - Starting in the second half of 2024, government interventions and industry self-regulation are expected to support a recovery in the photovoltaic sector [5] Strategic Initiatives - The semiconductor business of Yingjie Electric is gradually increasing its contribution to revenue, becoming a new growth point for the company, which is crucial for revenue growth and margin improvement in 2024 [5] - The company plans to distribute a cash dividend of 4 yuan per 10 shares for the 2024 fiscal year, reflecting a stable financial condition and consistent dividend policy, with cumulative cash dividends over the past three years accounting for about 70% of average annual profits [5] Research and Development - In 2024, the company increased its R&D investment to over 136 million yuan, representing 7.67% of current revenue, and has established a technology-sharing platform for various power levels [6] - The company aims to enhance its competitive advantage by focusing on innovation in new energy, new materials, and high-end equipment, while accelerating new product development to explore new profit growth points [6]

四川英杰电气股份有限公司 独立董事 202 4 年度述职报告 （饶洁） 本人作为四川英杰电气股份有限公司（以下简称"公司"）的独立董事，严格按 照《中华人民共和国公司法》《上市公司独立董事管理办法》《深圳证券交易所创 业板股票上市规则》《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》等法律法规及《公司章程》《独立董事工作制度》等公司相关规 定和要求，忠实地履行了独立董事的职责，谨慎、认真、勤勉地行使了独立董事的 权利，维护了公司整体利益，保护了中小股东合法权益。现将本人任职期间工作情 况报告如下： 本人饶洁，1963 年出生，中国国籍，无境外永久居留权，硕士，注册会计师。 历任中水致远资产评估有限公司四川分公司总经理，现任四川川润股份有限公司独 立董事，四川水井坊股份有限公司独立董事，四川金石租赁股份有限公司独立董事， 成都环美园林生态股份有限公司独立董事，四川经济法律研究会副会长，四川省资 产评估协会培训教育委员会主任委员及后续教育授课老师、西南财经大学财税学院 校外硕士导师。 2024 年 3 月，本人因连续任职满 6 年离任，不再担任公司独立董事、董事会审 计委员会主任委员、 ...