晶盛机电 20250825 摘要 金盛机电如何看待当前光伏行业风险释放情况以及未来行业走势？ Q&A 请简要介绍金盛机电 2025 年上半年的业绩表现及主要业务发展情况。 2025 年上半年，金盛机电实现营业收入 57.99 亿元，归属于上市公司股东的 净利润为 6.39 亿元。公司在半导体业务方面持续发展，截至 2025 年 6 月 30 日，未完成的集成电路及化合物半导体装备合同金额超过 37 亿元。在全球半 导体产业链重构及光伏新能源产业供需变化的背景下，公司积极推进业务发展， 形成了半导体装备、半导体衬底材料、半导体耗材及零部件三大核心业务板块。 在集成电路装备领域，公司成功交付 12 英寸常压硅外延设备给国内头部客户， 并实现了 12 英寸硅减压外延生长设备的销售出货。新产品如 12 英寸干进干出 边缘抛光机和双面减薄机正在进行客户验证。此外，公司开发了超快紫外激光 开槽设备，实现国产替代。在化合物半导体装备领域，公司加强 8 英寸碳化硅 外延设备和检薄设备的市场推广，并推进碳化硅氧化炉、激活炉和离子注入设 备的客户验证。在新能源光伏装备领域，公司通过自动化、智能化及先进制造 金盛机电预计碳化硅发展 ...

Core Viewpoint - Tianyue Advanced (02631) has made significant breakthroughs in business expansion, recently announcing a collaboration with Toshiba Electronic Components to enhance the characteristics and quality of silicon carbide power semiconductors, aiming to expand the supply of high-quality substrates [1][3] Group 1: Collaboration and Market Position - The partnership with Toshiba, a well-established semiconductor manufacturer in Japan, underscores Tianyue's growing influence in the power semiconductor sector [3] - Tianyue Advanced won the "Semiconductor Electronic Materials" gold award from the authoritative Japanese media "Electronic Device Industry News" in June, marking the first time a Chinese company has achieved this in 31 years [3] - The company has established a sales presence in Japan and has been supplying silicon carbide substrate materials to the Japanese market, with notable clients including Sumitomo [3][4] Group 2: Competitive Landscape - Chinese substrate manufacturers, represented by Tianyue Advanced, are gaining traction among local and European semiconductor firms due to their quality and price advantages [3][4] - The financial report from Japanese manufacturer Rohm indicated a significant drop of over 80% in operating profit, attributing this to the competitive pressure from Chinese manufacturers whose silicon carbide substrate technology has reached top levels [3][4] Group 3: Strategic Advantages - The collaboration with Toshiba may signify a shift where Tianyue, through local innovation, gradually "replaces" foreign competitors and plays a more significant role in the international power semiconductor supply chain [4] - Tianyue's overseas expansion is not limited to Japan, with ongoing developments in other regions also being noteworthy [4] Group 4: Partnerships and Future Prospects - Tianyue Advanced has a prior agreement with German semiconductor manufacturer Infineon, which includes supplying 150mm substrates and assisting in transitioning to 200mm silicon carbide wafers [5] - Infineon announced a 50 billion yuan investment to build the world's largest 200mm silicon carbide power semiconductor factory in Malaysia, indicating a growing demand for Tianyue's products [5] - The company has established partnerships with major global semiconductor giants, with over half of the top ten power semiconductor manufacturers collaborating with Tianyue Advanced [6] Group 5: Emerging Applications - Silicon carbide is recognized for its superior performance in high-pressure and high-temperature scenarios, making it a key material for emerging fields such as data centers and AI glasses [9] - Tianyue Advanced has signed a strategic cooperation agreement with Sunny Optical Technology Group to collaborate in the fields of micro-nano optics and new materials, positioning itself to capture opportunities in these growing markets [9]

DeepSeek-V3.1 发布，磷化铟领 域获重大突破 DeepSeek-V3.1 正式发布，使用 UE8M0 FP8 Scale 参数精度 8 月 21 日，DeepSeek-V3.1 正式发布，本次升级包含以下主要 变化：混合推理架构，一个模型同时支持思考模式与非思考模式； 更高的思考效率，相比 DeepSeek-R1-0528，DeepSeek-V3.1-Think 能在更短时间内给出答案。此版本具备更强的 Agent 能力，通过 Post-Training 优化，新模型在工具使用与智能体任务中的表现有 较大提升。官方 App 与网页端模型已同步升级为 DeepSeek-V3.1， 用户可以通过"深度思考"按钮，实现思考模式与非思考模式的自 由切换。DeepSeek API 也已同步升级，deepseek-chat 对应非思考 模式，deepseek-reasoner 对应思考模式，且上下文均已扩展为 128K。相比之前的 DeepSeek 系列模型，在代码修复测评 SWE 与命 令行终端环境下的复杂任务测试中，DeepSeek-V3.1 有明显提高。 其在非思考模式下的输出长度也得到了有效控制。相比 ...

Core Viewpoint - Tianyue Advanced's successful listing on the Hong Kong Stock Exchange highlights the contrasting opportunities and pressures faced by companies in the A-share market, where listing thresholds are rising [1][12]. Company Overview - Tianyue Advanced was founded in 2010 by Zong Yanmin, who previously worked as an engineer and faced challenges after his initial business venture [3][5]. - The company specializes in silicon carbide substrates, a critical component in the semiconductor industry, and has made significant technological advancements [6][10]. Financial Performance - In 2022, Tianyue Advanced reported a revenue of 4.17 billion RMB, a 15.56% decrease year-on-year, with a net loss of 1.76 billion RMB due to various operational challenges [8]. - By 2023, the company's revenue rebounded to 12.51 billion RMB, and it is projected to reach 17.68 billion RMB in 2025, with a net profit of 1.79 billion RMB and a gross margin of 24.6% [10][17]. - The sales volume of products increased significantly from over 60,000 pieces to 360,000 pieces, although the average selling price dropped from 5,110 RMB to 4,080 RMB, indicating a competitive pricing strategy [10]. Market Position - Tianyue Advanced holds a 16.7% market share in the global silicon carbide substrate industry, ranking among the top three players, breaking the dominance of foreign companies [10][12]. - The company relies heavily on a few major clients, with the top five customers accounting for over 50% of its revenue, posing a risk if any major client is lost [10]. Industry Context - The Hong Kong market has become a competitive arena for IPOs, with 53 new listings raising a total of 127 billion HKD in the first seven months of 2025, surpassing the previous year's total [12][15]. - The trend of increasing listing thresholds in the A-share market is prompting many companies to expedite their IPO processes to avoid missing out on opportunities [15][16].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to benefit significantly from the growing demand for AR glasses, with silicon carbide (SiC) materials being ideal for AR lens substrates due to their high refractive index and thermal conductivity [3] - The company has partnered with leading AR players to establish a presence in the AR glasses substrate market, with plans to increase production capacity significantly [3] - The projected net profit for the company from 2025 to 2027 is estimated at 20 billion, 22 billion, and 27 billion CNY, corresponding to a price-to-earnings ratio of 19, 18, and 15 times respectively [9] Financial Projections - Total revenue is projected to decline from 17,983 million CNY in 2023 to 13,385 million CNY in 2025, with a subsequent increase to 15,236 million CNY by 2027 [1] - The net profit attributable to the parent company is expected to decrease from 4,558 million CNY in 2023 to 2,017 million CNY in 2025, before rising to 2,658 million CNY in 2027 [1] - The earnings per share (EPS) is forecasted to drop from 3.48 CNY in 2023 to 1.54 CNY in 2025, then increase to 2.03 CNY by 2027 [1] Market Data - The closing price of the company's stock is 29.71 CNY, with a market capitalization of approximately 38,906.25 million CNY [6] - The company has a price-to-book ratio of 2.26 and a total share capital of 1,309.53 million shares [6][7] Production Capacity - The company currently has a crystal pulling capacity of 300,000 pieces, which will increase to 900,000 pieces after the new capacity is established in 2025 [3] - A subsidiary in Malaysia is expected to achieve an annual production capacity of 240,000 pieces of 8-inch silicon carbide substrates [3]

Core Viewpoint - Silicon carbide (SiC) is regarded as the second growth curve for the company, with significant potential in the power semiconductor market, particularly in the automotive sector [1][40]. Group 1: Financial Performance - In the first half of 2025, the company reported a net profit of -170 million, a significant reduction in losses by 63.8% year-on-year, achieving a quarterly profit of 12 million for the first time since its establishment [4][6]. - The company aims to achieve a revenue exceeding 10 billion by 2026, with a projected compound annual growth rate (CAGR) of 24% from 2025 to 2026 [23]. - The EBITDA for 2024 is expected to be 2.146 billion, with an EBITDA margin of 31.7%, aligning with global industry standards, while the gross margin is projected to improve further [9][10]. Group 2: Business Strategy and Operations - The company focuses on specialty foundry services, particularly in power devices, MEMS, BCD, and MCU technology platforms, transitioning from pure foundry services to a one-stop solution including design and packaging [7][8]. - The revenue contribution from the foundry business remains over 80%, indicating its core importance [8]. - The company has optimized its product structure, reducing the revenue share from consumer electronics from 45.6% in 2022 to approximately 28% in the first half of 2025, while increasing the share from automotive applications to around 50% [17][18]. Group 3: Market Position and Growth Potential - The company is now the largest automotive-grade IGBT production base in China and ranks as the third-largest supplier of automotive power devices domestically [19][20]. - The SiC business is expected to be a major growth driver, with revenues reaching approximately 1 billion in 2024, representing over 15% of total revenue, and a significant increase in shipment volumes [42]. - The global SiC power device market is projected to grow from over 3 billion in 2024 to 10.3 billion by 2030, with a CAGR of about 20.7%, primarily driven by the automotive sector [40]. Group 4: Capital Expenditure and Cash Flow - The company reported a net operating cash inflow of 981 million in the first half of 2025, a 77.1% increase year-on-year, indicating improved cash flow management [24]. - Capital expenditures have decreased significantly, with 2024's capital spending dropping to 3.558 billion, down from over 10 billion in previous years [27]. - The company is currently focused on completing the construction of the Chip Pioneer project, which is expected to enhance its production capacity significantly [30][31]. Group 5: Acquisition and Future Outlook - The company plans to acquire 72.33% of Chip Lian Yuezhou for a total consideration of approximately 5.897 billion, which will allow it to fully control the SiC business operations [35][39]. - Despite the acquisition, the target company is currently operating at a loss, with a revenue of 2.264 billion and a loss of 1.052 billion in 2024, which may impact the company's profitability in the short term [43][44]. - Management maintains the goal of achieving overall profitability by 2026, despite the challenges posed by the acquisition [46].

截至2025年8月18日15时21分，天岳先进股价报69.03元，较前一交易日上涨4.49元。当日开盘价为65.90 元，最高触及70.80元，最低下探64.13元，成交量为156650手，成交金额达10.60亿元。 天岳先进主要从事碳化硅衬底的研发与生产，产品广泛应用于电动汽车、光伏系统、AI眼镜等领域。 公司2024年营业收入同比增长41.37%，归母净利润同比增长491.56%。2025年一季度研发投入4494万 元，同比增长101.67%。 8月18日主力资金净流出2836.24万元，占流通市值0.1%。近五日主力资金累计净流入1477.92万元，占 流通市值0.05%。 风险提示：以上内容仅供参考，不构成投资建议。市场有风险，投资需谨慎。 本文源自：金融界 作者：A股君 公司公告显示，H股发行价格确定为每股42.80港元，预计8月20日在香港联交所挂牌上市。本次全球发 售股份4774.57万股，预计募集资金净额约19.38亿港元，将用于8英寸及更大尺寸碳化硅衬底产能扩张。 ...

二、请说明国有股东办理国有股标识进展情况。 来源：新浪证券 【深度】基本半导体冲刺港股：碳化硅赛道黑马能否跑通盈利之路？ 近日，基本半导体收到证监会关于本次境外上市的备案反馈意见，具体反馈如下： 请你公司补充说明以下事项，请律师核查并出具明确的法律意见： 一、请说明备案材料对控股股东认定结果不一致的原因及认定标准，并就控股股东的认定情况出具明确 结论性意见。 三、请说明最近12个月内新增股东入股价格的合理性，该等入股价格之间存在差异的原因，是否存在入 股对价异常、利益输送等情形，并就你公司设立及历次股权变动合规性出具结论性意见。 四、请说明股权激励计划的设立背景及价格公允性，是否存在利益输送情形。 五、请具体说明上市方案，包括发行股数（含超额配售）、占发行后总股本比例、预计募集资金量，并 列表说明发行及"全流通"前后股权结构的变化情况。 六、请说明本次拟参与"全流通"股东所持股份是否存在被质押、冻结或其他权利瑕疵的情形。 2025年5月27日，中国碳化硅功率器件领军企业基本半导体正式向港交所递交招股书，拟以18C章规则 登陆港股主板。这家由剑桥大学博士汪之涵创立的第三代半导体企业，凭借IDM全产业链模式与新能 ...

Core Viewpoint - Tianyue Advanced (02631.HK) is advancing its capital layout by launching a Hong Kong IPO, marking a significant step in its internationalization strategy following its listing on the Sci-Tech Innovation Board [1][10]. Group 1: IPO Details - The company plans to issue 47.7457 million H-shares, with a maximum price of HKD 42.80 per share, and the public offering period is from August 11 to August 14 [1]. - The global offering is expected to raise approximately HKD 2.044 billion, with a net amount of HKD 1.938 billion, allocating 70% for capacity expansion, 20% for R&D, and 10% for working capital [1]. - Key cornerstone investors have committed HKD 740.2 million, representing 36.23% of the total offering [2]. Group 2: Financial Performance - In 2024, the company reported a revenue of CNY 1.768 billion, a year-on-year increase of 41.37%, and a net profit of CNY 179 million, marking a turnaround from losses [4]. - The sales from overseas customers accounted for 57.03% of total sales, with a gross margin of 42.05% from international sales, significantly higher than the domestic margin of 20.8% [4]. - For Q1 2025, the company experienced a revenue decline of 4.25% to CNY 408 million and a net profit drop of 81.52% to CNY 8.5 million, attributed to increased costs related to the IPO and R&D [6]. Group 3: Production and Capacity Expansion - The company achieved a production volume of 410,200 silicon carbide substrates in 2024, a 56.56% increase year-on-year, with a target to enhance its 8-inch substrate capacity to 30,000 pieces per month by the end of 2026 [6]. - The IPO proceeds will primarily support the second phase of the Jinan base project [6]. Group 4: Industry Context - The silicon carbide substrate market is facing short-term challenges, with a projected 9% decline in global revenue to USD 1.04 billion in 2024 due to weakened demand and increased competition [7]. - Despite current pressures, the long-term growth trend remains intact, with expectations for broader applications in industrial sectors as costs decrease and semiconductor technology advances [7]. - Tianyue Advanced is positioned among the top three global players in the silicon carbide substrate market, with a strong focus on technological innovation, having achieved mass production of 8-inch substrates and launched the first 12-inch product in the industry [7].

Group 1 - The core viewpoint of the article is that Haitong International has given a "better than market" rating to Ruina Intelligent (301129.SZ) based on its strong performance in the smart heating and energy management sectors [2] - The company is leveraging both EPC (Engineering, Procurement, and Construction) and EMC (Energy Management Contracting) business models to accelerate growth [2] - Ruina Intelligent has developed a comprehensive product matrix that enhances its competitive edge through deep platform capabilities [2] - The company is strategically positioning itself in the silicon carbide business, which is expected to open new growth opportunities [2]