9天斩获5个涨停，京运通去年巨亏23.6亿元，新材料业务成“重灾区”

Core Viewpoint - The stock of Beijing Jingyuntong Technology Co., Ltd. (Jingyuntong) has experienced significant price increases, with a 60.24% rise over the past 20 trading days, despite the absence of any positive news or major developments from the company [2][4][6]. Stock Performance - Jingyuntong's stock has achieved five consecutive trading limit-ups within nine trading days, closing at 3.99 yuan per share and reaching a total market capitalization of 9.634 billion yuan [2]. - The stock began to show upward momentum before the May Day holiday, with two consecutive limit-ups on May 6 and 7, followed by a significant increase starting May 13 [3][4]. Company Announcements - The company issued two announcements regarding stock trading anomalies, clarifying that there were no undisclosed significant matters affecting the stock price [3]. - Jingyuntong emphasized that there were no major changes in market conditions or production costs, and no significant contracts had been signed recently [3][4]. Business Overview - Jingyuntong operates in high-end equipment manufacturing, primarily producing photovoltaic and semiconductor equipment. However, the high-end equipment business saw a 66.36% decline in revenue year-on-year, contributing less than 10% to total revenue [5]. - The company has a minor stake in a joint venture with Northern Rare Earth for the development of rare earth-based denitration catalysts, but it has no significant presence in the rare earth sector [5]. Financial Performance - In 2024, Jingyuntong reported its first major loss since its listing in 2011, with a net profit of -2.361 billion yuan, a decline of 1100.46% year-on-year. Total revenue fell by 56.28% to 4.591 billion yuan [6]. - The new materials segment, which includes silicon rods and wafers, was the primary contributor to the losses, with revenues dropping 65.97% to 2.817 billion yuan and a gross margin of -43.29% [6]. Market Conditions - The photovoltaic industry is facing ongoing supply-demand fluctuations, leading to price pressures across the supply chain. The company noted that the competitive environment in the silicon wafer market remains intense [6][7]. - The company has adjusted its production rates in response to market conditions, but the specific operational rates for its projects remain uncertain [7].