晶盛机电(300316.SZ)：预计2025年净利润同比下降50%–65%

Core Viewpoint - The company Jing Sheng Mechanical & Electrical (300316.SZ) forecasts a significant decline in net profit for the fiscal year 2025, primarily due to cyclical fluctuations in the photovoltaic industry and reduced demand for its products [1] Financial Performance - The projected net profit attributable to shareholders is expected to be between 878 million and 1.255 billion yuan, representing a year-on-year decrease of 50% to 65% [1] - The net profit after deducting non-recurring gains and losses is anticipated to be between 658 million and 975 million yuan, reflecting a year-on-year decline of 60.35% to 73.22% [1] Business Impact - The decline in the photovoltaic business's gross profit is estimated to be around 2.2 billion to 2.6 billion yuan compared to the previous year, driven by decreased demand for photovoltaic equipment and falling prices of materials such as quartz crucibles and diamond wires [1] - The company has also reduced its credit impairment provisions by approximately 400 million yuan compared to the previous year, contributing to the overall decline in operating performance [1] Non-recurring Gains and Losses - For the fiscal year 2025, the impact of non-recurring gains and losses on net profit is expected to be between 220 million and 280 million yuan [1]