Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation of performance that exceeds the market by more than 20% [7]. Core Insights - The company has achieved a significant breakthrough in the lithium battery equipment sector with the successful delivery of its first CVD fluidized bed equipment for silicon-carbon anode materials, marking a key market achievement [7]. - The company has launched an equity incentive plan, granting up to 5.7 million restricted shares, which represents approximately 1.81% of the total share capital, aimed at retaining core personnel [7]. - The company is experiencing a decline in orders, with a total order backlog of 9.94 billion yuan as of September 30, 2025, reflecting a 26% year-on-year decrease primarily due to a downturn in the photovoltaic sector [7]. Financial Data and Profit Forecast - Total revenue is projected to be 6.46 billion yuan in 2025, with a year-on-year decrease of 29.8% [6]. - The net profit attributable to the parent company is expected to be 519 million yuan in 2025, down 59.3% year-on-year [6]. - The earnings per share (EPS) is forecasted to be 1.65 yuan in 2025, with a significant decline from previous years [6]. - The company’s gross margin is expected to be 29.5% in 2025, slightly lower than previous years [6]. - The return on equity (ROE) is projected to be 11.7% in 2025, indicating a recovery trend in subsequent years [6].

Group 1 - The core business of the company is in the photovoltaic cell equipment sector [1] - The company is actively expanding into the semiconductor equipment and lithium battery equipment sectors [1] - The company does not currently engage in the PCB sector [1]

Group 1 - The core business of the company is focused on the research, development, production, and sales of photovoltaic cell equipment, while the semiconductor equipment business currently occupies a smaller proportion [1] - The company plans to continue expanding into the semiconductor equipment and lithium battery equipment sectors [1]

Group 1 - The core business of the company is focused on the research, development, production, and sales of photovoltaic cell equipment, while the semiconductor equipment business currently occupies a smaller proportion [1] - The company plans to continue expanding into the semiconductor equipment and lithium battery equipment sectors [1]