专用设备行业2025年度策略：万物竞发，追逐技术驱动的“新时代”

Investment Rating - The report maintains a "Buy" rating for Jiejia Weichuang, "Overweight" for Bozhong Precision, and "Buy" for Dongwei Technology [2]. Core Viewpoints - The specialized equipment industry is expected to focus on technological innovations that drive equipment demand in 2025, with particular attention to new technologies such as BC batteries and perovskite solar cells [6][21]. - The report highlights the stable performance of gross margins in core sub-sectors like lithium battery, photovoltaic, and 3C equipment, despite a downward trend in net profit margins [6][21]. Summary by Sections 1. Market Review - The mechanical industry performed moderately in 2024, ranking 13th among 31 sub-industries with a growth of 5.04%, which is 9.64 percentage points lower than the CSI 300 index [11][12]. 2. Photovoltaic Equipment - Supply-side reforms are gradually being implemented, leading to a stabilization of industry prices after a period of oversupply [22][29]. - BC battery technology is expected to drive significant capacity expansion in 2025, with major players like Longi and Aiko investing heavily in production lines [34][41]. - Perovskite solar cells are gaining traction due to their cost-effectiveness and high efficiency, with numerous companies planning to establish production lines [61]. 3. Lithium Battery Equipment - The industry is poised for a new equipment replacement cycle driven by solid-state batteries and composite current collectors, with significant advancements expected in 2025 [21][26]. 4. 3C Equipment - The consumer electronics sector is anticipated to rebound, particularly with the rise of high-end products like AI smartphones and foldable devices, which will increase demand for assembly and testing equipment [21][26]. 5. Investment Recommendations - Key companies to watch include Jiejia Weichuang in photovoltaic equipment, Dongwei Technology in composite current collectors, and Bozhong Precision in consumer electronics [6][21].