Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Insights - The demand for AI computing power is driving the development of space photovoltaic technology, with significant opportunities for ultra-thin silicon wafer cutting equipment [4][7] - The company has successfully developed ultra-thin silicon wafers using its proprietary cutting technology, which meets the stringent requirements of space photovoltaic components [7] - The company is expected to benefit from the growing market for precision multi-wire cutting machines and related products in the space photovoltaic era [7] Financial Projections - The company is projected to achieve revenues of 1.052 billion yuan in 2025, 1.650 billion yuan in 2026, and 2.220 billion yuan in 2027, with corresponding EPS of 0.09 yuan, 1.41 yuan, and 1.99 yuan respectively [8][11] - The current stock price corresponds to a PE ratio of 941.1 for 2025, 57.6 for 2026, and 40.7 for 2027, indicating a positive outlook for the company's growth in the semiconductor and consumer electronics sectors [8][11]

2026 年 02 月 04 日 AI 算力驱动太空光伏浪潮，超薄硅片切割设备 迎放量机遇 买入(维持) 事件 | 分析师：何鹏程 | S1050525070002 | | --- | --- | | hepc@cfsc.com.cn | | | 分析师：庄宇 | S1050525120003 | | zhuangyu@cfsc.com.cn | | | 分析师：尤少炜 | S1050525030002 | | yousw@cfsc.com.cn | | | 联系人：石俊烨 | S1050125060011 | | shijy@cfsc.com.cn | | | 基本数据 | 2026-02-03 | | --- | --- | | 当前股价（元） | 81.11 | | 总市值（亿元） | 167 | | 总股本（百万股） | 205 | | 流通股本（百万股） | 146 | | 52 周价格范围（元） | 18.63-81.11 | | 日均成交额（百万元） | 258.1 | 市场表现 -100 0 100 200 300 400 (%) 宇晶股份 沪深300 资料来源：Wind，华鑫证券研究 相关研 ...

Core Viewpoint - Hunan Yujing Machinery Co., Ltd. has achieved a technological breakthrough in its dual crystal slicing base in Yancheng, Jiangsu, successfully conducting the first trial cut of 45μm ultra-thin silicon wafers using its self-developed ultra-precision thermal stability cutting technology [1][2] Group 1: Technological Advancements - The company has developed a specialized multi-wire cutting machine and cutting coolant specifically for ultra-thin HJT half wafers, marking a significant advancement in the thin wafer technology field [1] - The first batch of samples underwent a 40-minute high-precision online testing system validation, demonstrating outstanding electrical performance and physical characteristics, which align with the research and development needs of high-end flexible HJT and stacked batteries [1][2] Group 2: Equipment and Materials - The self-developed slicing machine features micron-level axle spacing precision and excellent dynamic stability, providing a solid foundation for ultra-thin cutting [2] - The company's self-developed tungsten wire diameter has surpassed Φ15μm, improving output rates and yield while significantly reducing breakage rates [2] Group 3: Process Optimization - The CrystalMind slicing model optimizes over a hundred cutting parameters in real-time, achieving superior performance with 45μm thick half wafers, including 180° bending without edge chipping and flexible pressure resistance for 30 minutes without hidden cracks [2] - The company emphasizes lean production principles throughout the process, effectively reducing silicon material loss and overall processing costs while enhancing production stability and efficiency through highly automated operations [2] Group 4: Industry Significance - The successful trial cut of 45μm ultra-thin silicon wafers represents a significant breakthrough in domestic photovoltaic equipment manufacturing and precision processing, reflecting the integration of ultra-precision control, micron-level detection, and intelligent parameter optimization across multiple disciplines [2]