格隆汇1月4日｜华源证券研报指出，迈为股份定位为高端精密设备制造商，横跨光伏、半导体、显示三 大应用领域，致力于成为泛半导体领域细分行业标杆。在当前光伏电池技术迭代升级与国内光伏周期筑 底的情况下，公司以HJT整线方案为核心，大力发展HJT设备出海，同时储备钙钛矿叠层技术，有望通 过HJT、钙钛矿等新技术打开新一轮增长周期。另外，公司通过基于真空、激光、精密装备三大关键技 术平台，相继研发半导体刻蚀与薄膜沉积、半导体先进封装、显示面板等多种核心设备。选取A股泛半 导体类设备供应商微导纳米、中微公司、拓荆科技作为可比公司，按照wind一致预期，可比公司2025- 2027平均PE分别为86.90、58.52、42.66倍。考虑公司从光伏设备向泛半导体类设备供应商转型，拥有较 强的技术壁垒，成功跻身国内头部封装企业供应商名单，半导体订单快速增长，有望迎来新一轮的增长 周期。首次覆盖，给予"买入"评级。 MACD金叉信号形成，这些股涨势不错！ ...

在半导体设备领域，公司重点布局前道环节的刻蚀、薄膜沉积设备，后道环节的先进封装设备，订单有 望迎来快速增长。在半导体前道设备中，公司重点布局刻蚀设备与薄膜沉积设备两大品类。其中，半导 体高选择比刻蚀设备和原子层沉积设备凭借差异化技术创新实现关键突破，目前已进入多家头部晶圆客 户和存储客户，进入量产阶段。在半导体封装设备中，公司在晶圆切割、研磨、抛光、键合等高精度加 工环节可提供成套工艺设备解决方案，已与长电科技、通富微电、华天科技、盛合晶微、甬矽电子等国 内头部封装企业建立了紧密合作。公司2025年前三季度半导体设备新签订单已超过2024 年全年半导体 设备订单量，保持了高速增长。 盈利预测与评级： 我们预计公司2025-2027 年归母净利润分别为9.23/10.07/11.10 亿元，同比增速分别 为-0.28%/+9.04%/+10.27%，当前股价对应PE 分别为62.34、57.17、51.84 倍。选取A 股泛半导体类设备 供应商微导纳米、中微公司、拓荆科技作为可比公司，按照wind 一致预期，可比公司2025-2027平均PE 分别为86.90、58.52、42.66 倍。考虑公司从光伏设备向泛 ...

本报告导读： 公司聚焦光伏电池片激光技术，助力行业降本增效，充分受益BC 扩产潮。此外，积极布局泛半导体领 域，实现激光技术多维度拓展加速新产品放量。 以自主创新激光技术为核心的精密装备商，深耕光伏并向新型显示、半导体延伸。公司2008 年在武汉 创立，2019 年登陆创业板，并在无锡设研发生产基地、在以色列和新加坡设海外研发中心。公司主要 面向光伏、新型显示和半导体等领域提供一体化加工解决方案。客户主要为大中型光伏电池制造企业， 包括隆基绿能、通威股份、爱旭股份、晶科能源、晶澳科技、天合光能等。 覆盖光伏技术路线全面，电池端把握BC/钙钛矿迭代，组件端导入激光焊接提升良率、稳定性。公司致 力于光伏激光提效，BC 激光微刻蚀系列设备用于背接触电池图形化生产，可替代传统光刻并简化工艺 流程、降低设备与生产成本，从而促进BC 规模化产业化。钙钛矿方向，公司薄膜激光刻划设备面向大 尺寸玻璃衬底各膜层，提升大尺寸钙钛矿电池效率。组件端，组件焊接设备/整线以激光焊接替代传统 红外焊接以提升焊接质量与稳定性，方案覆盖自动上料到组件完成并集成自动返修，且支持不同主栅设 计与多规格电池片快速切换，尤其适合无主栅与高精度BC ...

Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 73.08 CNY [5][15]. Core Insights - The company focuses on laser technology for photovoltaic cells, contributing to cost reduction and efficiency improvements in the industry, and is well-positioned to benefit from the expansion wave in the BC (Back Contact) segment [2][15]. - The company is actively expanding into the semiconductor sector, accelerating the launch of new products through multidimensional applications of laser technology [2][15]. Financial Summary - The company’s total revenue is projected to grow from 1,609 million CNY in 2023 to 3,333 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 19.9% [13][14]. - Net profit attributable to shareholders is expected to increase from 461 million CNY in 2023 to 889 million CNY in 2027, with a notable growth rate of 24.8% in 2027 [13][14]. - Earnings per share (EPS) are forecasted to be 2.41 CNY, 2.60 CNY, and 3.24 CNY for the years 2025, 2026, and 2027, respectively [13][15]. Market Position and Competitive Landscape - The company is a leading precision equipment manufacturer specializing in laser technology, primarily serving the photovoltaic, new display, and semiconductor sectors [13][15]. - Major clients include prominent photovoltaic manufacturers such as Longi Green Energy, Tongwei Co., and JinkoSolar, indicating a strong market presence [13][15]. - The company’s laser micro-etching equipment for BC cells is designed to replace traditional photolithography, simplifying processes and reducing costs, which is crucial for scaling up production [13][15]. Product Development and Innovation - The company is developing laser processing equipment for consumer electronics, new displays, and integrated circuits, including TGV laser micro-hole equipment for advanced packaging applications [13][15]. - The TGV laser micro-hole equipment is capable of processing various glass materials and achieving precise specifications, which positions the company well in the semiconductor packaging market [13][15].

Core Viewpoint - Robotech (300757.SZ) is a global leader in high-precision intelligent manufacturing equipment and systems, crucial for enhancing computing power and enabling sustainable AI development [1] Group 1: Company Overview - The company provides automation equipment and one-stop solutions for smart factories, which are essential for manufacturing optical interconnects, optical sensors, optical computing products, and photovoltaic cells [1] - The company aims to consolidate its existing core competitive advantages and market position while further deepening its business system through intelligent manufacturing systems [1] Group 2: Strategic Initiatives - Robotech is implementing a "dual-drive" strategy to deepen its layout in clean energy and the semiconductor sector, seizing industry development opportunities [1] - The company focuses on technological innovation and business expansion to provide high-quality, high-end supporting equipment for national pillar industries and strategic emerging industries [1] Group 3: Product Focus - Currently, the company does not have relevant equipment suitable for humanoid robots [1]

Group 1: Company Performance and Strategy - The company has experienced annual growth before going public, but performance has been suboptimal post-IPO due to the cyclical nature of the flat panel display industry and capital expenditure fluctuations [3] - Future strategies include focusing on new display technologies, semiconductor equipment, and expanding product categories to enhance market share and competitiveness [3] - The company aims to achieve breakthroughs in flexible OLED production, VR/AR/MR display development, and Mini/Micro LED technology commercialization [3] Group 2: Recent Developments and Orders - In Q3 2025, the company secured projects, but the amounts did not meet disclosure standards [4] - The company’s subsidiary has received orders for micro-assembly equipment applicable to certain optical module components [4] Group 3: Shareholder and Investment Insights - The recent share transfer to Qianji Investment was based on confidence in the company's long-term value, with a commitment to not sell shares for 12 months post-transfer [4] - The company is open to exploring mergers and acquisitions to enhance its strategic position and resource integration [4] Group 4: Market Conditions and Stock Performance - The company acknowledges the recent decline in stock price, attributing it to various external factors, while emphasizing stable operations and ongoing efforts to enhance competitiveness [5] - The company will disclose any stock repurchase plans in a timely manner, encouraging investors to maintain confidence [5]

Core Insights - Zhejiang Meida Industrial Co., Ltd. is strategically investing in emerging industries such as semiconductor, robotics, new energy storage, and new materials through its partnership in Haining High-Quality Chuangtuo Equity Investment Partnership [1][2][4] - The company aims to expand its business layout and enhance its competitive edge by leveraging its resources and collaborating with professional investment institutions [4] Investment Strategy - Zhejiang Meida has invested 150 million yuan, accounting for 21.43% of the total contributions to the Haining High-Quality Chuangtuo Equity Investment Partnership, marking a significant step in its strategy to expand the industrial value chain [2] - The investment aligns with national and local policies that support emerging industries, particularly in the fields of robotics and new energy storage [2][3] Market Potential - The demand for energy storage batteries is projected to reach 1384.00 GWh by 2028, with a compound annual growth rate of 39.07% from 2024 to 2028, indicating substantial market potential in the new energy storage sector [3] - The company’s strategic investments are in line with the Zhejiang provincial government's plan to cultivate and expand emerging industries, particularly in artificial intelligence and robotics [3] Business Transformation - By investing in cutting-edge sectors, Zhejiang Meida is transitioning from a traditional kitchen appliance manufacturer to a diversified technology investor, positioning itself to capture new growth opportunities [4] - The company demonstrates strategic resilience by not solely relying on its traditional business but actively pursuing investments that align with future industry trends [4]

Core Viewpoint - Zhejiang Meida announced on November 10 that its affiliated company, Haining High-Quality Chuangtuo Equity Investment Partnership (Limited Partnership), primarily engages in equity investment and venture capital, with investments in various sectors including semiconductor, robotics, new energy storage, new materials, and new consumption [1] Group 1 - The company has a focus on equity investment and venture capital [1] - The investment areas include semiconductor, robotics, new energy storage, new materials, and new consumption [1]

Investment Rating - The report maintains a "Strong Buy" rating for Jinhe Industrial, with a target price of 25.80 CNY [2][8]. Core Insights - Jinhe Industrial's Q3 performance was under pressure, with a revenue of 1.099 billion CNY, down 26.91% year-on-year and 3.76% quarter-on-quarter. The net profit attributable to shareholders was 57 million CNY, a decrease of 64.98% year-on-year and 38.49% quarter-on-quarter [2][4]. - The company is expected to recover as demand returns to normal, particularly in the sweetener market, where prices have reached a low point [8][9]. - The report highlights the company's ongoing development in the semiconductor and synthetic biology sectors, which are anticipated to open new growth opportunities [8][9]. Financial Performance Summary - For the first three quarters of 2025, Jinhe Industrial achieved a total revenue of 3.543 billion CNY, a year-on-year decrease of 12.35%. The net profit attributable to shareholders was 391 million CNY, down 4.44% year-on-year [2][4]. - The report provides financial forecasts for 2024 to 2027, indicating a projected revenue of 4.822 billion CNY in 2025, with a year-on-year decline of 9.1% [4][9]. - The expected net profit for 2025 is revised to 518 million CNY, reflecting a decrease of 6.9% compared to previous estimates [8][9]. Market and Business Analysis - The report notes a significant decline in the average prices of key products such as sucralose and acesulfame, which has impacted profitability. The average price of sucralose in Q3 was 20.20 thousand CNY per ton, down 19.19% [8][9]. - Export volumes for sucralose and acesulfame also saw declines of 20.48% and 13.48% respectively, attributed to overseas inventory reduction efforts [8][9]. - The company is actively pursuing growth in electronic-grade chemicals and synthetic biology, with successful project launches expected to enhance its product offerings [8][9].

Core Viewpoint - Guangxin Materials held a performance briefing on November 4, 2025, discussing its business operations, core business progress, and future strategic plans with investors [1] Business Progress - The company has developed environmentally friendly graphene water-based coatings and solvent-free high-solid coatings for the marine anti-corrosion market, which have passed NORSOK M-501 standard testing and some customer site tests. These products are applicable to high-end marine equipment such as offshore oil and gas platforms and wave energy generation equipment. The company expects to achieve bulk sales in strategic core markets between Q4 2025 and Q2 2026 [2] Capacity and Performance - The Longnan base achieved over 150 million in revenue in the first three quarters of 2025. The company reported a net loss of 4.77 million in Q3 2025, primarily due to lower-than-expected revenue from photovoltaic BC battery insulation glue, fixed asset depreciation from the Longnan base, and impairment losses from the sale of a subsidiary. However, excluding credit and asset impairments, the company showed slight operational profitability [3] Strategic Focus - The company has been divesting loss-making assets such as Shenzhen Lejian and Hunan Sunshine to optimize its structure and reduce operational costs. The sale of a subsidiary for 9.8 million is part of this strategy. The company emphasizes that these transactions will not significantly impact production operations. The photolithography and related materials segment is benefiting from PCB market growth driven by AI and robotics, with a focus on providing cost-effective solutions. The company has completed a refinancing process for specific stock issuance in 2024 and currently has no other refinancing plans [4]