晶升股份(688478.SH)：2025年预亏2900万元至4100万元

Core Viewpoint - The company, Jing Sheng Co., Ltd. (688478.SH), is expected to report a significant decline in net profit for the year 2025, influenced by market conditions in the silicon carbide and photovoltaic industries, leading to increased competition and reduced demand for equipment [1][2]. Financial Performance - The projected net profit attributable to the parent company for 2025 is estimated to be between -41 million and -29 million yuan, representing a year-on-year decrease of 176.28% to 153.96% [1]. - The expected net profit after deducting non-recurring gains and losses is forecasted to be between -61.6 million and -41.5 million yuan, indicating a year-on-year decline of 303.80% to 237.30% [1]. Market Conditions - The company is facing reduced demand for equipment due to adjustments in the silicon carbide and photovoltaic sectors, coupled with intensified market competition [1]. - To mitigate business volatility and secure strategic customer orders, the company is actively optimizing its product pricing strategy [1]. Product Strategy - The product structure for 2025 is expected to experience temporary fluctuations, with a focus on photovoltaic products that have lower gross margins, contributing to a decline in overall gross margin [1]. - The company is committed to maintaining high R&D investments to strengthen its technical barriers in crystal growth and enhance product competitiveness [2]. Future Outlook - The company aims to diversify its product offerings in the semiconductor field and accelerate the validation and mass production of new products to improve profitability [2]. - By leveraging the recovery in semiconductor capital expenditures, the company plans to integrate industry resources to support its future stable development [2].