裁员近半数员工，TOPCon红利吃尽。 | | | 无锡江松科技股份有限公司（"江松科技"）的IPO进程着实令人困惑。 这家光伏设备公司早在2021年11月便完成股改，并在2022年初完成Pre-IPO轮融资，为上市做足了准 备。且彼时光伏行业正值景气高峰，下游扩产需求旺盛，可谓天时地利兼具。 | 2023-03-29 ● 交易金额:未披露 | | | --- | --- | | 股权融资 | 投资方:司桐资本 | | 2022-04-09 | 交易金额:未披露 | | Pre-IPO | 投资方: 毅达资本 朝希资本 | | 无锡高新投 | | | 无锡高新区投控集团 | | | 国联投资 朝希资本 | | | 朝希资本 | | | 新闻来源:光伏电池企业江松科技 | | | 完成Pre-IPO轮融资. | | | 2020-12-31 ● | 交易金额:未披露 | | A轮 | 投资方: 巨元投资 | （来源：天眼查） 但直至2024年末，江松科技方才与国投证券签署辅导协议，并在来年1月完成备案，中间足足耽搁了3 年，光伏行业也早已物是人非。 6月14日，江松科技的创业板IPO申请正式被受理，招股书也公之 ...

Group 1: Lithium Battery Equipment - The lithium battery equipment industry is expected to experience a domestic production rebound and an acceleration of overseas orders starting in the second half of 2024, driven by leading companies like CATL and BYD increasing their production capacity utilization [1] - The equipment update cycle is typically around five years, with a potential peak in domestic lithium battery equipment replacement expected around 2026-2027, following the last expansion peak in 2020-2021 [1] - New technologies such as composite copper foil, 4680 large cylindrical batteries, and solid-state batteries are anticipated to create additional equipment demand [1] Group 2: Photovoltaic Equipment - The photovoltaic equipment sector is currently facing a bottoming out of short-term market conditions due to industry pressures from overcapacity, with a potential policy-driven capital expenditure on new technologies expected in 2025 [2] - New technologies in the silicon wafer segment include low-oxygen monocrystalline furnaces and tungsten wire diamond saws, aimed at improving silicon rod yield [2] - Innovations in the cell segment involve HJT and BC technologies, which enhance light conversion efficiency through design improvements [2] - In the module segment, advancements such as 0BB and stacked grid silver reduction technologies are set to further optimize efficiency and reduce silver paste consumption [2]

Core Viewpoint - Wuxi Jiangsong Technology Co., Ltd. plans to go public on the ChiNext board, focusing on the production of photovoltaic cell manufacturing equipment, amidst a highly competitive solar industry with low operating rates for cell production [1][5]. Group 1: Company Overview - Jiangsong Technology specializes in the research, production, and sales of photovoltaic cell automation equipment, with key products including PECVD automation equipment, diffusion annealing automation equipment, and wet process automation equipment [2][5]. - In 2024, the sales revenue from PECVD automation equipment is projected to be 593 million yuan, accounting for 29.77% of total revenue; diffusion annealing automation equipment is expected to generate 783 million yuan, making up 39.31%; and wet process automation equipment is anticipated to bring in 502 million yuan, representing 25.21% [2][3]. Group 2: Industry Context - The photovoltaic industry is experiencing "involution" competition, with cell operating rates around 60%, leading to potential slowdowns in capacity expansion [1][5]. - According to SMM data, the operating rate for Chinese photovoltaic cell manufacturers was 63.96% in April 2025, with a total output of 65.55 GW, reflecting a month-on-month increase of 14.37% [5]. - The industry is facing dual pressures from costs and demand, with Jiangsong Technology acknowledging a decline in orders by the end of 2024 due to a temporary supply-demand imbalance in the photovoltaic sector [6][5]. Group 3: Financial Performance - Jiangsong Technology's accounts receivable have been increasing, with balances of 297 million yuan, 407 million yuan, and 601 million yuan for the years 2022, 2023, and 2024, respectively, representing 36.86%, 32.91%, and 29.75% of total revenue [7][8]. - Compared to peers, Jiangsong's accounts receivable ratio is lower than that of Xian Dao Intelligent, which stands at 92.56%, but higher than that of competitors like Jiejia Weichuang and Laplace [8][7]. - The company has faced multiple lawsuits related to accounts receivable, indicating potential risks in cash flow and operational performance if customer credit conditions worsen [9].

机械 2025 年中投资策略：硬科技与低估值并驾齐驱 20250622 上半年机械行业受益于机器人、减速机等主题投资，涨幅显著，但内需 受制造业、房地产和基建疲软影响，整体偏弱。 中国制造业对外直接投资持续增长，复合年均增长率达 7.43%，东盟占 比提升，多家机械公司积极进行海外产能布局，并掀起赴港上市热潮。 下半年机械行业投资机会集中在硬科技（巨轮智能、可控核聚变）和低 估值方向，港股市场因证券资产供给充足和全球资金涌入值得关注。 工程机械内需复苏温和，主要由更新换代驱动，二季度挖掘机销量降速， 但大型挖掘机表现依旧良好，预计后续恢复正增长。 工程机械外需良好，亚非拉地区复苏，欧美地区降幅收窄，中国企业在 欧美市场份额提升空间大，俄语区重建需求或带动增长。 工控行业一季度扭转下滑趋势，同比增长 2.35%，暖通空调、工业机器 人等行业增速较快，龙头公司市占率提升，并推出新品应对复苏。 油服设备市场与国际油价关联度不强，国内三桶油资本开支维持较高水 平，非常规油气开采设备订单表现超预期，海外业务占比显著提升。 Q&A 2025 年上半年机械行业的整体表现如何？ 2025 年上半年，机械板块表现突出，共有近 ...

Market Overview - On June 20, the A-share market experienced slight fluctuations, with the Shanghai Composite Index facing resistance around 3369 points[2] - The Shanghai Composite Index closed at 3359.90 points, down 0.07%, while the Shenzhen Component Index closed at 10,005.03 points, down 0.47%[6] - Total trading volume for both markets was 1,091.9 billion yuan, slightly lower than the previous trading day[6] Sector Performance - Banking, liquor, insurance, and photovoltaic equipment sectors performed well, while mining, precious metals, cultural media, and gaming sectors lagged[3] - Over 60% of stocks in the two markets declined, with the banking and liquor sectors seeing significant capital inflows[6] Valuation Metrics - The average P/E ratios for the Shanghai Composite and ChiNext indices are 13.83 times and 36.38 times, respectively, indicating a mid-range valuation over the past three years[3] - The current trading volume is above the median level for the past three years, suggesting a stable market environment[3] Economic Outlook - China's economy continues to show moderate recovery, driven by consumption and investment[3] - The market anticipates that the Federal Reserve may implement its next interest rate cut as early as September, which could lead to further easing of overseas liquidity[3] Investment Recommendations - Short-term investment opportunities are suggested in the banking, insurance, liquor, and shipbuilding sectors[3] - Investors are advised to closely monitor policy changes, capital flows, and international market conditions for potential impacts on the A-share market[3]

Core Viewpoint - Qingdao High Measurement Technology Co., Ltd. maintains a credit rating of A+ with a stable outlook, reflecting its integrated service advantages, stable market position, and improved debt structure, despite facing significant revenue declines and losses due to the downturn in the photovoltaic industry [2][17]. Company Overview - The company has a stable competitive position in the photovoltaic equipment market, with a focus on integrated services including equipment, consumables, and processes [2][12]. - As of March 2025, the company’s total assets were 75.64 billion, with total liabilities of 39.56 billion, and total equity of 36.08 billion [4][17]. Financial Performance - In 2024, the company reported total revenue of 44.74 billion, a decrease of 27.65% year-on-year, and a net loss of 0.44 billion [4][13]. - The operating cash flow turned negative, with a net outflow of 2.98 billion in the first quarter of 2025, indicating weakened cash generation capabilities [4][12]. - The gross profit margin dropped to 6.89% in 2024, down from 41.67% in 2023, reflecting the impact of declining product prices and reduced operational efficiency [4][13]. Industry Context - The photovoltaic manufacturing industry is experiencing a significant supply-demand imbalance, leading to widespread losses and price declines across the sector [12][13]. - The company’s production capacity for silicon wafer cutting services increased to 63GW as of March 2025, but faces challenges in demand absorption due to the industry's low demand environment [9][10]. Risk Factors - The company is exposed to risks from the photovoltaic industry's cyclical nature, with potential impacts on profitability from ongoing price declines and operational inefficiencies [12][13]. - The company’s accounts receivable increased significantly, leading to liquidity pressures, with a total of 235.72 billion in accounts receivable as of March 2025 [15][17]. Future Outlook - The company is expected to maintain a stable credit level over the next 12 to 18 months, contingent on improvements in capital strength and sustainable growth in business scale [2][17]. - Future capital expenditures are projected to decrease, with no major ongoing projects, indicating manageable financial pressures [12][17].

Group 1 - The company announced a share repurchase plan with a total expected amount between 100 million to 150 million RMB [1][2] - The repurchase period is set from June 4, 2025, to June 3, 2026 [1] - The repurchased shares will be used for employee stock ownership plans or equity incentives, and may also reduce registered capital [1][2] Group 2 - The company has repurchased a total of 184,304 shares, accounting for 0.08% of the total share capital of 242,586,404 shares [2] - The repurchase price ranged from 40.49 RMB to 40.80 RMB per share, with a total transaction amount of approximately 7.48 million RMB [2] - The company will continue to make repurchase decisions based on market conditions and will fulfill information disclosure obligations in a timely manner [2]

行 业 电力设备及新能源行业 超配（维持） 电力设备及新能源行业双周报（2025/6/6-2025/6/19） 国家能源局发布《关于组织开展能源领域氢能试点工作的通知》 2025 年 6 月 20 日 投资要点： 资料来源：iFinD，东莞证券研究所 目录 | 一、行情回顾 | | 3 | | --- | --- | --- | | 二、电力设备板块估值及行业数据 | | 6 | | 三、产业新闻 | | 9 | | 四、公司公告 | 10 | | | 五、电力设备板块本周观点 | 10 | | | 六、风险提示 | 11 | | 插图目录 | 图 | 1 | ：申万电力设备行业年初至今行情走势（截至 2025 | | | | | | | | 年 | 6 月 | 19 | 日） | | 3 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 图 | 2 | ：申万电力设备板块近一年市盈率水平（截至 2025 | | | | | | | | 年 | 6 月 | ...

48.75分综合得分 偏弱 趋势方向 主力成本分析 天合光能688599 时间: 2025年6月20日星期五 13.78 元 当日主力成本 13.93 元 5日主力成本 13.84 元 20日主力成本 14.28 元 60日主力成本 跌停 0 技术面分析 14.15 周期内涨跌停 过去一年内该股 涨停 0次 次 北向资金数据 持股量5230.79万股 占流通比2.4% 昨日净买入-201.60万股 昨日增仓比-0.093% 5日增仓比-0.235% 20日增仓比-0.069% 短期压力位 13.61 短期支撑位 14.37 中期压力位 13.15 中期支撑位 目前短线趋势不慎明朗，静待主力资金选择方向； 目前中期趋势不慎明朗，静待主力资金选择方向 K线形态 ★长上影★ 表明行情上档压力沉重,升势受阻 资金流数据 2025年06月20日的资金流向数据方面 主力资金净流入2807.15万元 占总成交额6% 超大单净流入3746.21万元 大单净流出939.06万元 散户资金净流入161.88万 关联行业/概念板块 光伏设备 0.71%、锂电池 0.10%、物联网 -1.49%、智能家居 -1.04%等 （以上内容 ...

Market Overview - On June 20, the market experienced a downward trend, with the ChiNext Index leading the decline, closing with the Shanghai Composite Index down 0.07%, the Shenzhen Component Index down 0.47%, and the ChiNext Index down 0.84% [1] - Over 3,600 stocks fell across the market, with total trading volume in the Shanghai and Shenzhen markets at 1.07 trillion yuan, a decrease of 182.9 billion yuan from the previous trading day [1] Sector Performance - The white wine, port shipping, banking, and battery sectors saw gains, while oil and gas, brain-computer interfaces, short dramas, and gaming sectors faced declines [1] - The white wine sector experienced a significant rebound after hitting a new low on June 16, with nearly 90% of the 21 listed white wine companies seeing their stock prices drop since the introduction of the "new alcohol ban" [5][7] White Wine Sector Insights - The China Alcoholic Drinks Association reported that the white wine industry is undergoing a deep structural adjustment, characterized by "declining volume and rising profits" and a shift in consumer demographics [7] - The report indicates a fundamental change in consumption scenarios, with a decrease in business banquets leading to a shift in product strategies towards more affordable price ranges [7] - According to Guangfa Securities, the white wine industry is expected to reach a "valuation-earnings" double bottom by 2025, suggesting a potential recovery in demand post-industry consolidation [7] Energy Sector Dynamics - The "old energy" sector, represented by oil and gas, is experiencing a downturn, while the "new energy" sector, including solid-state batteries and photovoltaic equipment, has shown some volatility [8] - Despite the overall decline, the battery sector has been in a continuous rebound since April 7, with significant gains in specific stocks [9] - The global energy transition is accelerating, with BC batteries gaining traction due to supportive government policies [10][11] Photovoltaic Industry Developments - The National Energy Administration has issued guidelines to support the development of high-efficiency photovoltaic battery technologies [11] - However, the photovoltaic sector faced a notable pullback, possibly due to rumors regarding production limits and price controls, which were later denied by industry representatives [11][12]