Core Viewpoint - The article highlights the growing significance of power electronics in the energy revolution and industrial upgrade, with Sai Jing Technology (0580.HK) emerging as a key player due to its continuous performance breakthroughs, high business growth potential, and technological innovation reserves [1] Financial Performance - Sai Jing Technology's revenue increased from 1.05 billion in 2023 to 1.61 billion in 2024, representing a 53% year-on-year growth; in the first half of 2025, revenue reached 888 million, maintaining a 35% growth [2] - The company's net profit surged from approximately 31 million in 2023 to 102 million in 2024, a 225% increase, with net profit margin rising from 2.4% to 5.3%; in the first half of 2025, net profit further increased to approximately 93 million, with a net profit margin of 9.6% [2] Business Segments - Sai Jing Technology's two main business lines—ultra-high voltage (UHV) and self-developed power semiconductors—are positioned to benefit from energy transition and domestic substitution trends [3] - The UHV business grew by 38% in the first half of 2025, generating an additional 105 million in revenue, supported by major domestic and international project deliveries [4] - The self-developed power semiconductor segment saw sales revenue of 53.15 million in the first half of 2025, a 231% year-on-year increase, indicating a shift from technology breakthrough to commercial volume [5] Technological Innovation - The company has made significant advancements in solid-state DC circuit breakers and pulse power switches, which are expected to open up long-term growth opportunities [6] - Sai Jing Technology has received certifications for its solid-state DC circuit breakers, with products covering voltage levels from 1kV to 3kV and a maximum current of 5kA, positioning it favorably in the market [6] - The pulse power switch technology has been applied in over 80 projects across Europe, the US, and China, with potential applications in clean energy and high-energy physics research [7] Investment Outlook - The company represents a balance between "certainty" from its UHV business and "imagination" from its self-developed semiconductors and emerging technologies, making it a noteworthy investment opportunity in the high-end manufacturing and new energy sectors [8]
赛晶科技：电力技术新经济赛道的实干者，凭三重优势打开投资想象空间