晶盛机电：汇添富基金、富国基金等多家机构于10月14日调研我司

Core Viewpoint - The company, Jing Sheng Mechanical & Electrical (300316), is advancing its capabilities in semiconductor substrate materials, particularly in silicon carbide (SiC) and sapphire substrates, with significant developments in production and technology [1][2][3]. Semiconductor Substrate Materials - The company has established a leading position in sapphire substrate materials and is among the top in domestic 8-inch silicon carbide substrate technology, having also made breakthroughs in 12-inch SiC crystal growth technology [1][2]. - The first 12-inch SiC substrate processing pilot line has been officially launched, achieving 100% domestic equipment and technology, marking a transition from parallel development to leading in global SiC substrate technology [2][3]. - The pilot line encompasses the entire process from crystal growth to detection, utilizing domestically developed high-precision equipment, thus forming a complete closed loop for 12-inch SiC substrates [3]. Production Capacity Layout - The company is actively expanding its SiC production capacity, with a project in Shangyu aiming for an annual output of 300,000 SiC substrates and an 8-inch SiC substrate industrialization project in Penang, Malaysia [4]. - Additionally, a project in Yinchuan is set to produce 600,000 pieces of 8-inch SiC substrates annually, reinforcing the company's technological and scale advantages in the SiC substrate materials sector [4]. Semiconductor Equipment Sector - The company’s main products include semiconductor equipment, substrate materials, and semiconductor consumables, with a focus on domestic production of 8-12 inch silicon wafer equipment and advancements in third-generation semiconductor SiC equipment [5]. - As of June 30, 2025, the company has unfulfilled contracts for integrated circuit and compound semiconductor equipment exceeding 3.7 billion yuan (including tax), indicating strong demand in the semiconductor sector [5]. Financial Performance - For the first half of 2025, the company reported a main revenue of 5.799 billion yuan, a year-on-year decrease of 42.85%, and a net profit of 639 million yuan, down 69.52% year-on-year [6]. - The second quarter of 2025 saw a significant decline in revenue and net profit, with a revenue of 2.661 billion yuan, down 52.8% year-on-year, and a net profit of approximately 66 million yuan, down 93.56% year-on-year [6]. Analyst Ratings and Predictions - Over the past 90 days, 8 institutions have provided ratings for the stock, with 7 buy ratings and 1 hold rating, and the average target price set at 34.82 yuan [6][7]. - Profit forecasts for 2025 to 2027 show a projected net profit of approximately 1.069 billion yuan in 2025, increasing to 1.523 billion yuan by 2027 [7].