2025年，公司稳步推进产品在客户端实现交付和验收，但在光伏产业链阶段性供需失衡的背景下，公司 营业收入和利润阶段性承压。同时，具备技术竞争力的先进产能建设、存量产线技术升级、海外扩产等 市场需求仍然强劲，公司持续积极推进技术迭代与创新，在TOPCon、XBC、钙钛矿及叠层电池领域持 续提升产品的市场竞争力，通过不断优化和迭代产品助力客户降本增效，并持续推动对磁控溅射物理气 相沉积平台、原子层边缘钝化沉积（EPD）设备、钙钛矿核心真空工艺设备、激光设备、新型金属化设 备等领域的研究与应用。在半导体设备领域，公司积极开展分立器件和集成电路领域所需设备的开发， 努力实现在集成电路领域的突破。综上，报告期内研发费用较上年同期有所增长。 格隆汇2月26日丨拉普拉斯(688726.SH)公布2025年度业绩快报，2025年，公司实现营业总收入54.6亿 元，较上年同期减少4.69%；归属于母公司所有者的净利润6.12亿元，较上年同期减少16.07%；归属于 母公司所有者的扣除非经常性损益的净利润4.94亿元，较上年同期减少18.45%；基本每股收益1.51元， 较上年同期减少22.96%。 ...

格隆汇2月26日丨拉普拉斯(688726.SH)公布2025年度业绩快报，2025年，公司实现营业总收入54.6亿 元，较上年同期减少4.69%；归属于母公司所有者的净利润6.12亿元，较上年同期减少16.07%；归属于 母公司所有者的扣除非经常性损益的净利润4.94亿元，较上年同期减少18.45%；基本每股收益1.51元， 较上年同期减少22.96%。 2025年，公司稳步推进产品在客户端实现交付和验收，但在光伏产业链阶段性供需失衡的背景下，公司 营业收入和利润阶段性承压。同时，具备技术竞争力的先进产能建设、存量产线技术升级、海外扩产等 市场需求仍然强劲，公司持续积极推进技术迭代与创新，在TOPCon、XBC、钙钛矿及叠层电池领域持 续提升产品的市场竞争力，通过不断优化和迭代产品助力客户降本增效，并持续推动对磁控溅射物理气 相沉积平台、原子层边缘钝化沉积（EPD）设备、钙钛矿核心真空工艺设备、激光设备、新型金属化设 备等领域的研究与应用。在半导体设备领域，公司积极开展分立器件和集成电路领域所需设备的开发， 努力实现在集成电路领域的突破。综上，报告期内研发费用较上年同期有所增长。 ...

证券代码：688726 证券简称：拉普拉斯 公告编号：2026-006 本公告所载 2025 年度主要财务数据为初步核算数据，未经会计师事务所审 计，具体数据以拉普拉斯新能源科技股份有限公司（以下简称"公司"）2025 年年度报告为准，敬请投资者注意投资风险。 一、2025 年度主要财务数据和指标 单位：万元、万股 | 项目 | 本报告期 | 上年同期 | 增减变动幅度（％） | | --- | --- | --- | --- | | 营业总收入 | 545,925.13 | 572,813.03 | -4.69 | | 营业利润 | 61,905.00 | 85,686.61 | -27.75 | | 利润总额 | 68,239.93 | 85,595.72 | -20.28 | | 归属于母公司所有者的 净利润 | 61,211.70 | 72,932.18 | -16.07 | | 归属于母公司所有者的 扣除非经常性损益的净 | 49,364.72 | 60,530.71 | -18.45 | | 利润 | | | | | 基本每股收益（元） | 1.51 | 1.96 | -22.96 | | 加权平 ...

南财智讯2月26日电，拉普拉斯发布2025年度业绩快报，报告期内公司实现营业收入54.59亿元，同比下 降4.69%；归属于上市公司股东的净利润6.12亿元，同比下降16.07%；基本每股收益1.51元，同比下降 22.96%。 ...

Market Overview - The domestic market indices showed positive performance with the Shanghai Composite Index closing at 4,147.23, up by 0.72% [4] - The Shenzhen Component Index increased by 1.29%, closing at 14,475.87 [4] Coal Industry Analysis - The coal industry report highlights the impact of rising overseas coal prices on domestic coal prices, indicating a need for close monitoring [5][6] - Domestic thermal coal prices are stabilizing with a slight adjustment, as production decreases due to increased holiday shutdowns in coal mines. The spot price for thermal coal in the Bohai Rim region was reported at 717 CNY/ton, with a weekly change of +0.70% [9] - Coking coal prices remained stable, with the main coking coal price at 1,660 CNY/ton, unchanged from the previous week [9] - The report suggests that supply will gradually recover post-holiday, and attention should be paid to downstream replenishment demand and market recovery [9] Company Analysis: DingTong Technology (688668.SH) - DingTong Technology forecasts a revenue of 1.59 billion CNY for 2025, representing a year-on-year growth of 54.4%, and a net profit of 240 million CNY, up by 119.6% [12] - The company is experiencing significant growth in high-speed communication products, with expectations for 112G product shipments to exceed 2 million units monthly by 2026 [12] - The production capacity for communication connectors is set to increase significantly following the issuance of convertible bonds, with an additional annual capacity of 12 million connectors and 20 million precision structural components [12] - The report anticipates a rapid increase in the penetration rate of liquid cooling solutions for optical modules, with production capacity expected to reach 780,000 units annually [12] - The automotive connector segment is also expected to grow, with a focus on BMS projects, and an anticipated increase in production capacity of 344,000 units [12] Investment Recommendations - The report suggests that the loosening of the US dollar credit system may lead to a revaluation of physical assets, benefiting companies in the coal sector such as Guanghui Energy and others [9] - For coking coal, companies like Panjiang Coal and Shanxi Coking Coal are highlighted as potential investment opportunities [9] - In the thermal coal sector, companies such as Yanzhou Coal, Shanxi International Energy, and China Shenhua are recommended for consideration [9]

证券研究报告 | 浙商早知道 报告日期：2026 年 02 月 26 日 浙商早知道 2026 年 02 月 26 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 【浙商纺服 马莉/詹陆雨/周敏】超盈国际控股（02111）公司深度：弹性化纤面料龙头，东南亚产能拓展加码—— 20260224 【浙商计算机 刘雯蜀/冯翠婷/刘静一/徐紫薇】美图公司（01357）公司深度：再论美图：从"替代担忧"到"赋能 红利" ——20260225 浙商早报 市场总览 重要推荐 重要点评 【浙商机械 邱世梁/王华君/李思扬】机械设备 行业深度：【太空光伏】深度：AI 驱动产业星辰大海，光伏设备+ 材料将受益——20260225 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 大势：2 月 25 日上证指数上涨 0.72%，沪深 300 上涨 0.6%，科创 50 上涨 0.54%，中证 1000 上涨 1.52%，创业板 指上涨 1.41%，恒生指数上涨 0.66%。 行业：2 月 25 日表现最好的行业分 ...

2月25日，拉普拉斯大宗交易成交7.2万股，成交额603.36万元，占当日总成交额的0.26%，成交价83.8元，较市场收盘价76.22元溢价9.94%。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | | 2026-02-25 | 拉普拉斯 | 688726 | 83.8 603.36 | 7.2 | 有唯公司上海投分 | 您自觉默默赛遇露 | ...

Investment Rating - The report maintains a positive outlook on the photovoltaic equipment industry, indicating a recovery and growth trajectory for 2026, driven by space computing applications and increasing overseas ground demand. Core Insights - The photovoltaic equipment sector is characterized by both growth and cyclical attributes, with supply, demand, and technological factors resonating together [2]. - The industry is expected to enter a recovery phase in 2026, following a significant adjustment in 2025, where leading equipment manufacturers have strengthened cash flow management and reduced operational risks [5]. - The emergence of space computing applications is anticipated to expand the long-term growth potential of the photovoltaic sector, transitioning from ground energy to orbital energy systems [5]. - Overseas demand, particularly from the U.S. and the Middle East, is projected to be a significant source of incremental growth in 2026, with U.S. solar installations remaining robust and local manufacturing policies enhancing supply chain security [5]. - A new round of technological iterations is seen as a key variable for capacity reset amid supply-demand imbalances, with advancements in HJT technology expected to drive structural expansion [5]. Summary by Sections Section 1: 2025 Industry Fundamentals and 2026 Outlook - The fundamentals of leading photovoltaic equipment manufacturers are expected to bottom out in 2025, with a positive outlook for 2026 driven by recovery in equipment orders [5]. - The report highlights the importance of cash flow management and risk control among leading manufacturers, with adjustments in payment models to mitigate risks during industry downturns [9][10]. Section 2: Space Computing Applications - The report discusses the significant reduction in launch costs due to advancements in reusable rocket technology, which is expected to facilitate the deployment of space data centers powered by photovoltaic energy [38]. - The U.S. and China are leading in the planning and deployment of space computing capabilities, with ambitious goals for satellite constellations and data centers [41][42]. Section 3: Overseas Ground Demand - The U.S. market is highlighted as a key area for growth, with local manufacturing policies and high installation rates driving demand for photovoltaic equipment [5]. - The report notes that Middle Eastern countries are also increasing their solar installation plans, providing further opportunities for growth [5]. Section 4: Domestic Policy Changes and Technological Iteration - The report emphasizes the need to monitor domestic policy changes and the ongoing technological advancements within the industry, which are crucial for maintaining competitiveness [5]. Section 5: Investment Recommendations - The report recommends focusing on leading companies in the HJT technology space, such as Maiwei Co., Jinsheng Electric, and Aotwei, as well as those specializing in automation and thin silicon wafer cutting equipment [5].

·2026年核心投资主线：前期两个板块的股价经过一定回调，积蓄了2026年春节后的上涨势能，相关板块具备上涨 潜力。 ·美企光伏产能规划：特斯拉与SpaceX合计规划200GW光伏产能，二者布局场景存在明显差异：特斯拉的100GW产 能聚焦地面分布式电站、大型电站及储能配套，主要匹配地面电站与数据中心的供电需求；SpaceX的100GW产能 专供低轨卫星、太空AI数中心、轨道光伏电站等太空场景，形成地面与太空双轮驱动的格局。 ·商业航天近期行业事件：春节期间太空光伏及商业航天板块无重大事件，重要事件集中在春节前：2月10日电科 蓝天登陆科创板，是2025年底发布的商业火箭第五套上市标准化细则落地的经典案例，可加速相关火箭和卫星企 业的资本化通道；2月11日长征十号在海南文昌发射成功，完成低空演示验证，飞船海上安全降 ·2026年核心投资主线：前期两个板块的股价经过一定回调，积蓄了2026年春节后的上涨势能，相关板块具备上涨 潜力。 ·商业航天近期行业事件：春节期间太空光伏及商业航天板块无重大事件，重要事件集中在春节前：2月10日电科 蓝天登陆科创板，是2025年底发布的商业火箭第五套上市标准化细则落地的经典案 ...

Group 1 - The core view of the report indicates that the photovoltaic equipment sector is expected to recover in 2026, driven by the application of space computing power and growth in overseas ground demand [5][8] - The report highlights that the supply and demand dynamics, along with technological factors, give photovoltaic equipment both growth and cyclical attributes [2] - The report emphasizes that the leading equipment manufacturers have strengthened cash flow management through adjusted payment models, which enhances their risk control capabilities [9][10] Group 2 - The application of space computing power is accelerating, transitioning photovoltaic energy from terrestrial to orbital energy systems, thus opening up long-term growth potential [5][38] - The report notes that overseas ground demand, particularly in the U.S. and the Middle East, is expected to be a significant source of incremental growth in 2026 [5][41] - The report discusses the importance of domestic policy changes and the continuous iteration of new technologies in the photovoltaic equipment industry [5][34] Group 3 - The report suggests that the photovoltaic equipment sector is entering a new structural expansion window driven by technological upgrades, as the industry faces a supply-demand imbalance [5][56] - Investment recommendations include focusing on leading companies in HJT technology, low-oxygen monocrystalline furnaces, and automation equipment [5][34]