投资建议:我们预计公司 25-27 年分别实现营收33.95/43.63/54.13 亿元归母净利润1.92/3.12/4.75 亿元，对 应PE 分别为95.21/58.53/38.37倍。公司半导体业务发展迅速，保持高研发，各业务持续向好发展，维 持"推荐"评级。 事件：公司发布2025 年半年度报告，25H1 实现营业收入13.81 亿元，同比+23%；归母净利润0.28 亿 元，同比-44%；扣非归母净利润-0.25 亿元，同比-742%，毛利率达44.05%，同比+1pct。 平板显示行业走出周期性底部，上半年订单增长较快。公司该业务实现营收6.71 亿元，同比-14%；归 母净利润0.28 亿元，同比-66%。目前在手订单14.40 亿元，环比+88%，取得大幅增长。25 年平板显示 行业正在逐渐走出周期性底部，LCD 大尺寸、超大尺寸预计仍存在扩线投资需求，OLED 技术逐渐成 熟，公司顺应行业变化，持续保持高研发投入，调整产品结构，加大毛利率较高的新产品市场投入，业 绩有望企稳回升。 单季度看，公司q2 实现营业收入6.92 亿元，同比-2%，环比持平略增；归母净利润-0.10 亿元，同 比- ...

（编辑 袁冠琳） 证券日报网讯 江苏神通8月27日发布公告，在公司回答调研者提问时表示，经过子公司神通半导体团队 的持续努力，半导体阀门业务目前已处于"验证—小批量供货"阶段，2025年上半年固定费用（折旧+研 发+人工）大于收入导致尚未实现盈利。神通半导体公司的前期市场开拓投入较大，这些投入虽在短期 内增加了成本，但有助于神通半导体公司的长期发展和竞争力的提升。 ...

Group 1 - The major shareholder Zhuhai Ronglin and Gree Electric plan to reduce their holdings in Wentech Technology by up to 12.45 million shares, accounting for 2% of the total share capital [1] - If estimated at the closing price of 36.48 yuan on July 24, the total cash out could reach approximately 900 million yuan [1] - Gree Electric's stake in Wentech Technology has decreased to 8.81%, holding a total of 110 million shares after previous reductions [1] Group 2 - Wentech Technology has completed the sale of its product integration business and will focus on the semiconductor sector [2] - The company experienced a revenue decline of 19.38% year-on-year in Q1 2025, totaling 13.099 billion yuan, while net profit attributable to shareholders increased by 82.29% to 261 million yuan [2] - The semiconductor business generated revenue of 3.711 billion yuan, with a gross margin of 38.32%, and is expected to achieve a net profit of 390 million to 585 million yuan in the first half of 2025, representing a year-on-year increase of 178% to 317% [2]

Core Viewpoint - The company received a regulatory inquiry regarding its 2024 annual report, prompting a detailed response about its financial situation, including cash holdings, debt levels, and the rationale behind its financial strategies [1]. Financial Overview - As of December 31, 2024, the company's cash and cash equivalents amounted to 78.34 billion yuan and 17.63 billion yuan in restricted cash, totaling 95.97 billion yuan, representing a year-on-year increase of 30.50% [1]. - The total balance of short-term and long-term borrowings, along with bonds payable, reached 181.29 billion yuan, with interest expenses for the period amounting to 6.93 billion yuan [1]. - The company reported a significant increase in cash held overseas, which rose by 146.41% to 27.13 billion yuan [1]. Debt Structure - The company’s interest-bearing liabilities included 795.34 million yuan in bonds payable and 966.25 million yuan in bank loans, with an average interest rate of 3.75% [4][5]. - Short-term borrowings accounted for 98.28% of total borrowings, with a significant portion being commercial acceptance bills and bank acceptance bills [5]. Cash Management Strategy - The company maintains a substantial amount of cash to match its monthly operational costs, which average around 3.9 billion yuan [3]. - The use of commercial bills for external payments is justified as it provides a lower cost of financing compared to the returns on cash management [6]. Restricted Cash and Related Party Transactions - The company clarified that its restricted cash is independently managed and not used by controlling shareholders or related parties, ensuring no joint accounts exist [10][11]. - The company has established a robust financial management system to ensure compliance with legal and regulatory requirements [11]. Overseas Cash Holdings - The increase in overseas cash holdings is attributed to the redemption of financial products and increased sales revenue from subsidiaries in Hong Kong, India, and the United States [11][15]. - The company’s overseas cash is primarily for operational needs and strategic reserves to manage uncertainties [11]. Use of Proceeds from Asset Sales - Following the termination of certain fundraising projects, the company plans to permanently supplement its working capital with approximately 28.28 billion yuan from the remaining funds [12][13]. - The proceeds from asset sales, totaling 53.6 billion yuan, will be utilized to support the company's core semiconductor business and enhance its operational capabilities [13][14].

证券之星陆雯燕 作为A股光伏设备龙头，晶盛机电（300316）(300316.SZ)2024年业绩踩下"急刹车"，出现营收净利双降 情形，其归母净利润同比下滑超四成，甚至在去年Q4出现首次季度亏损。今年一季度，晶盛机电依旧 延续了营收净利双降的颓势。 证券之星注意到，业绩退坡背后，是光伏行业供需失衡、产业链跌价带来的连锁反应，晶盛机电全年计 提减值损失高达12.07亿元。此外，两大主营业务设备及其服务、材料毛利率均有不同程度下滑。尽管 晶盛机电积极布局半导体业务并实现了规模提升，但仍难填补光伏业务萎缩带来的业绩缺口。 Q4亏损拖后腿 资料显示，晶盛机电于2012年5月登陆A股市场，2014-2023年十年间，晶盛机电的营收净利始终保持增 长态势。然而2024年业绩触顶下滑，公司去年实现收入175.77亿元，同比下降2.26%；对应归母净利润 25.1亿元，同比下降44.93%。这也是晶盛机电自2014年以来首次出现营收净利双降的情形。 证券之星注意到，巨额的减值损失是造成晶盛机电业绩退坡的主要因素之一。2024年，晶盛机电拟计提 的信用减值损失及资产减值损失合计12.07亿元，其中信用减值损失2.78亿元，同 ...