钙钛矿设备先行者，乘产业化东风启航 京山轻机(000821) 京山轻机首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 肖群稀(分析师) | 0755-23976830 | xiaoqunxi@gtht.com | S0880522120001 | | 刘绮雯(分析师) | 021-23185686 | liuqiwen@gtht.com | S0880525040096 | 本报告导读： 公司作为国内钙钛矿光伏设备领域布局早、技术覆盖全面的领先者，已构建从研发 到 GW 级量产的全周期解决方案，并成功实现核心设备批量交付。 投资要点： 股票研究 /[Table_Date] 2025.12.31 [Table_Industry] 资本货物/工业 | [Table_Invest] | 首次覆盖 | | --- | --- | | 评级 | 增持 | | 目标价格 | 17.73 | | | | [Table_Market] 交易数据 | 52 周内股价区间(元) | 10.47-14.39 | | --- | -- ...

Core Insights - Renshuo Solar has achieved a significant milestone with its perovskite solar modules, reaching an efficiency of over 22% and an output power of 158.4W, setting a new record for commercial perovskite modules [1] - The actual power generation efficiency of perovskite solar cells is over 10% higher than that of silicon cells under the same photoelectric conversion efficiency, indicating a competitive edge in the market [1] - The company has developed a comprehensive technology system centered on single-junction perovskite, with additional layers and flexible options, expanding its product offerings [2] Group 1 - Renshuo Solar's perovskite modules have received multiple certifications, including from TÜV Rheinland and UL, ensuring quality and reliability [2] - The company has successfully demonstrated the application of its perovskite products in various scenarios, including building facades and large-scale power plants, showcasing their versatility [2] - The efficiency of Renshuo Solar's perovskite modules has increased from 15% to 22% in less than two years, highlighting rapid advancements in production technology [1]

Core Insights - Renshuo Solar (Suzhou) Co., Ltd. has announced that its mass-produced perovskite modules (1.2m×0.6m) have achieved a total area efficiency exceeding 22% and an output power of 158.4W, setting a new record for commercial perovskite module efficiency per square meter [1] Company Summary - Renshuo Solar has successfully received T V Rheinland certification for its perovskite modules, indicating compliance with industry standards [1] - The achievement signifies that perovskite photovoltaic technology is nearing the performance levels of mainstream crystalline silicon modules [1]

Core Viewpoint - The photovoltaic industry is experiencing fluctuations in stock performance, with significant movements in key ETFs and individual stocks, while also witnessing developments in technology and market dynamics that may influence future growth [1][4][5]. Group 1: Market Performance - As of November 18, 2025, the China Securities Photovoltaic Industry Index has decreased by 2.79%, with mixed performance among constituent stocks [1] - Micro导纳米 led the gains with an increase of 4.98%, while 上能电气 saw the largest decline at 9.34% [1] - The Photovoltaic Leader ETF (516290) has decreased by 2.66%, with a recent price of 0.62 yuan, but has shown a cumulative increase of 13.07% over the past month [1] Group 2: Liquidity and Fund Flows - The Photovoltaic Leader ETF has experienced a turnover rate of 5.12% with a transaction volume of 41.37 million yuan [1] - Over the past week, the ETF's average daily transaction volume was 91.25 million yuan, indicating significant trading activity [1] - The ETF has seen a net inflow of funds over the past 10 days, totaling 216 million yuan, with a peak single-day inflow of 61.71 million yuan [1][3] Group 3: Industry Developments - The 2025 8th China International Photovoltaic and Energy Storage Industry Conference is taking place from November 17-20, focusing on innovations across the entire renewable energy supply chain [4] - Significant advancements in perovskite solar cells have been reported, with expectations for concentrated capacity releases by 2026 [4] - The industry is undergoing a "反内卷" (anti-involution) movement, which is expected to improve supply-demand dynamics and accelerate policy measures supporting energy transition [4][5]

Overview - The report discusses the recent performance of various sectors in the market, highlighting the strong performance of the chemical, power equipment, and oil sectors, while the beauty care and automotive sectors lag behind [1][3]. Fixed Income - The report analyzes the central bank's interest rate pricing relationships, indicating that current rates are within a reasonable range. A decrease in deposit rates is expected to further widen the space for monetary policy easing, potentially lowering social financing costs [5][6]. Financial Engineering - The convertible bond market is experiencing high valuation fluctuations, with a pricing deviation indicator of 7.80%, suggesting a low long-term allocation value for convertible bonds. Investors are advised to reduce exposure to equity-linked convertible bonds to mitigate risks [3][4]. Chemical Industry - The report highlights the AIDC power management solutions, emphasizing the need for new power supply architectures due to increased power demands from CPUs and GPUs. Solid-state transformers (SST) are identified as a potential solution, with several companies mentioned as key players in this space [7][8]. Power Equipment - Significant advancements in perovskite solar cells have been noted, with improvements in efficiency and stability. The report indicates that the industrialization process is accelerating, supported by government policies aimed at promoting advanced photovoltaic technologies [9][10]. Media Sector - The media sector is experiencing a downturn, with a 1.44% decline attributed to the tech sector's pullback. However, there is optimism regarding gaming and AI applications, with specific companies highlighted for their potential in these areas [11][12]. Bilibili Inc. - Bilibili reported a revenue of 7.7 billion yuan for Q3 2025, a 5.2% year-on-year increase. The company has seen growth in its user base, with daily active users reaching 117 million, up 9% year-on-year. The advertising revenue growth has accelerated, driven by advancements in AI and user engagement [13][14][15].

Core Viewpoint - The company is increasing its R&D investment in the new energy equipment sector, focusing on lithium battery packaging, solid-state battery ultrasonic welding, and automation equipment for cell assembly and Pack segment, aiming for product breakthroughs and sales orders [2] Group 1: R&D and Product Development - The company is actively enhancing its R&D in lithium battery pack blue film, solid-state/semi-solid battery ultrasonic welding, and integrated cutting and stacking machines [2] - New ultrasonic welding equipment for solid-state battery processes has already been shipped to customers [2] - The company is making significant progress in the R&D of perovskite-related process equipment, achieving breakthroughs in GW-level coating equipment, VCD equipment, and HP equipment [2] Group 2: Market Position and Equipment - The company has established a significant position in the domestic perovskite photovoltaic equipment sector due to breakthroughs in core process equipment [2] - The developed coating trio equipment is one of the few in the country capable of supporting 2.4-meter wide mass production and is currently in the debugging phase, ready for shipment [2] Group 3: Financial Performance - In the first half of the year, the company's total operating revenue was 637 million yuan, a year-on-year decrease of 5.34% [2] - The net profit attributable to the parent company was 73.1 million yuan, down 34.78% year-on-year [2] - The net profit after deducting non-recurring gains and losses was 72.1 million yuan, a decline of 34.93% year-on-year [2]

Group 1 - The company has made breakthroughs in core equipment for perovskite technology, establishing a significant position in the domestic perovskite photovoltaic equipment sector [1] - The newly developed coating equipment, known as the "three-piece set," is one of the few in the country capable of supporting mass production with a width of 2.4 meters and is currently in the debugging phase, ready for shipment [1]

Core Viewpoint - The company, JingShan Light Machinery, is one of the early entrants in the perovskite photovoltaic equipment sector in China, emphasizing its strategic investments and technological advancements in this field [1] Company Summary - The company has developed a comprehensive equipment solution that spans from research and development lines to gigawatt-level mass production [1] - Core equipment has been validated by downstream customers and has achieved mass delivery, showcasing the company's technical advantages in integrated production lines [1] - The company offers customized solutions that range from laboratory setups to full-scale production [1] - Future plans include deepening technological advantages and expanding into global markets [1]

Group 1: Express Delivery Industry Insights - The express delivery industry is focusing on cost reduction at the terminal stage, with significant potential for cost control as terminal delivery costs account for 60.64% of total costs in 2024 for companies like YTO Express [3][4] - Cost elasticity is high for express delivery companies; for instance, a 0.1 CNY increase in per parcel profit for Zhongtong Express could lead to an additional 34 million CNY in performance, indicating a 34% elasticity [4] - Various cost reduction measures are being explored by express companies, including the use of collection points, direct delivery models, and the introduction of unmanned vehicles for deliveries [4][5] Group 2: Unmanned Vehicle Implementation - The use of unmanned vehicles is gaining traction, with companies like Zhongtong Express and SF Express investing heavily in this technology, aiming to reduce delivery costs significantly [8][9] - Cost reduction potential is substantial; for instance, using unmanned vehicles could lower the transportation cost per parcel from 0.16 CNY to 0.05 CNY, achieving a 69% reduction [9] - The regulatory environment is becoming more favorable for unmanned vehicles, with many cities granting road rights, which is expected to accelerate the adoption of this technology [6][7] Group 3: Agricultural Chemical Market Dynamics - Glyphosate prices have increased, with the current price at 24,800 CNY per ton, reflecting a recovery in demand and inventory depletion in the industry [17][18] - The glyphosate industry is experiencing a demand recovery, with significant inventory reduction observed, dropping by 43,000 tons since April 2025 [19] - The potential bankruptcy of Bayer's glyphosate production could benefit domestic competitors, as Bayer holds a 32% global market share [20][21] Group 4: Investment Opportunities in Glyphosate - The report highlights several key companies in the glyphosate market, such as Jiangshan Chemical and Xingfa Group, which are well-positioned to benefit from the industry's recovery [22][23] - The overall outlook for the agricultural chemical sector is positive, with expectations of continued profit recovery for companies involved in glyphosate production [21] Group 5: Photovoltaic Equipment Industry Developments - The photovoltaic equipment industry is witnessing advancements in perovskite solar cells, with significant efficiency improvements reported by various manufacturers [26][27] - The industry is entering a phase of large-scale production, with at least three GW-level production lines expected to be operational by 2025 [26] - Investment opportunities are emerging in the perovskite equipment sector, with a focus on suppliers of key manufacturing equipment [29]

Core Viewpoint - The article discusses the upcoming Third Perovskite Materials and Devices Industry Development Forum, highlighting its significance in the advancement of perovskite solar cell technology and industry [1][2]. Event Details - The forum will take place from May 23 to 24 at the Shangri-La Hotel in Suzhou, Jiangsu [1][6]. - The event is organized by the Chinese Academy of Sciences and several academic and industry partners, including Huazhong University of Science and Technology and DT New Materials [2][3]. Agenda Highlights - The forum will feature various keynote speeches and presentations focusing on topics such as cost competitiveness of perovskite photovoltaics, industrialization of trans-perovskite solar cells, and advancements in flexible perovskite solar technology [17][19]. - Notable speakers include experts from Shanghai Jiao Tong University, Huazhong University of Science and Technology, and other leading institutions [17][19]. Participating Organizations - A diverse range of companies and research institutions will participate, including major players like LONGi Green Energy, Trina Solar, and CATL [11][12][14]. - The event aims to foster collaboration and innovation among industry leaders and researchers in the perovskite solar cell sector [12][14]. Logistics and Accommodation - Attendees can register on May 22, with detailed instructions provided for transportation and accommodation options near the venue [6][7]. - Special rates are available at the Shangri-La Hotel for forum participants [7][8].