光力科技高管减持计划披露，股价逆势上涨26.47%

Core Viewpoint - The company, Guangli Technology, is undergoing a minor share reduction by its Vice President Li Zuqing, which is primarily driven by personal financial needs, while the overall market sentiment remains positive due to improving fundamentals [1][2]. Event Impact - Short-term emotional pressure may arise from the executive's share reduction, typically signaling caution regarding company valuation or short-term outlook, potentially leading to retail investor sell-offs. However, the reduction is minimal (0.20%) and does not affect company control or operations [2] - Following the announcement of the reduction plan, the company's stock price increased by 26.47% from January 16 to February 12, with a price fluctuation of 34.63%. On the day of the reduction (February 10), the stock price rebounded by 5.0%, indicating that the market is more focused on fundamental improvements rather than the reduction pressure [2]. Company Fundamentals - The company reported strong performance in the first three quarters of 2025, with revenue of 460 million yuan (+20.75%), net profit attributable to shareholders of 36.52 million yuan (+167.44%), and a gross margin of 54.9% [3]. - For the full year of 2025, the expected net profit is projected to be between 17 million and 24 million yuan, driven by increased semiconductor equipment orders and reduced asset impairments. Institutional forecasts align with this outlook, predicting a net profit of 45 million yuan for 2025, indicating a turnaround from previous losses [4]. Business Transformation Effectiveness - The revenue share from semiconductor packaging and testing equipment has risen to 44.79% in the first half of 2025, with domestic slicing machines receiving orders from leading clients. The safety production monitoring business has a gross margin exceeding 70%, providing stable cash flow [5]. Company Valuation - The current price-to-earnings ratio (TTM) is negative (-441.72) due to losses in 2024, while the price-to-book ratio stands at 7.72, above the industry average. The share reduction may exacerbate the volatility of this high valuation [6]. - As of February 12, 2026, there was a net inflow of 9.79 million yuan in principal funds, indicating that the reduction did not trigger a significant outflow of capital [6]. Future Situation Analysis - The scale of Li Zuqing's reduction plan is limited, and the company's fundamentals continue to improve, particularly in the semiconductor sector, suggesting a positive short-term stock price reaction. However, attention should be paid to the pace of future executive reductions and potential risks related to goodwill impairments [7].