投资者关系活动记录 表 证券代码：301021 证券简称：英诺激光 英诺激光科技股份有限公司 编号：2025-07 | 投资者关系活动 ☑ | 特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 业绩说明会 ☑ | | | □新闻发布会 □路演活动 | | | □现场参观 | | | 其他 投资者策略会 | | 参与单位名称 | 申万宏源、农银汇理、国寿安保、富国基金、国泰基金、招 | | | 商基金、西部利得、长江证券、西南证券、摩根基金、贝莱 | | | 德、德邦基金、首创证券、华安资管、安联基金、隆象资本、 | | | 开勒股份、线上参与公司 2025 年半年度业绩说明会的投资者 | | | （以上排名不分先后） | | 时间 | 2025 年 9 月 2 日-2025 年 9 月 5 日 | | 地点 | 投资者现场、策略会现场、价值在线 | | | （https://www.ir-online.cn/）网络互动 | | 上市公司接待人 | 董事长兼总经理 ZHAO XIAOJIE | | 员姓名 | 董事兼财务总监 陈文 | | | 副总经理兼董事会秘书 张勇 | ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the **new energy equipment industry**, specifically focusing on **lithium battery and photovoltaic (PV) equipment** sectors. The industry is currently experiencing a phase of **capacity surplus and order pressure** following large-scale expansions in 2022 and 2023 [1][2]. Core Insights and Arguments - **Stock Price Performance**: Recent stock prices for lithium battery and PV equipment companies have surged by approximately **60%-70%**, exceeding market expectations due to previously low price levels and favorable shareholding structures [1][2][3]. - **Mid-Year Performance**: Companies like **Jiejia Weichuang**, **Hangkai Technology**, and **Xian Dao Intelligent** reported significant growth in Q2 performance, with cash flow improvements indicating strong downstream expansion intentions. For instance, Xian Dao's net cash flow reached **1.5 billion** and Hangkai's was **500 million**, both setting new quarterly records [1][6]. - **Order Growth**: In the first half of the year, new orders for lithium battery equipment companies like Xian Dao and Hangkai reached **12.4 billion** and **2.7-2.9 billion**, respectively, showing significant year-on-year growth. Domestic orders have increased, with solid-state battery technology emerging as a new growth point [1][5][6]. - **PV Equipment Companies**: Companies such as Jiejia Weichuang, Dier Laser, and Laplace continue to see revenue and profit growth, but face risks due to a rapid decline in previous orders. They are exploring new growth avenues by expanding into semiconductor or humanoid robot sectors [1][5][15]. Additional Important Content - **Technological Advancements**: The development of new technologies, particularly solid-state batteries, is accelerating and providing new growth opportunities for the lithium battery equipment sector. Hangkai has made extensive investments in solid-state battery formation and capacity equipment, which is expected to increase equipment value [1][7][8]. - **Market Dynamics**: The PV equipment market is experiencing significant differentiation, with battery equipment companies performing well while silicon and component segments are declining. This is attributed to a surge in demand leading to high cash flow and operational rates for downstream customers [9][11]. - **Future Outlook**: The lithium battery sector is expected to continue its growth trajectory, with solid-state battery equipment playing a crucial role in enhancing overall industry valuation. Conversely, the PV sector may face challenges, with some companies potentially reaching the peak of their profit growth cycle [12][14][17]. - **Investment Recommendations**: Investors are advised to focus on lithium battery equipment due to its robust fundamentals and optimistic outlook. For PV equipment, caution is recommended, with an emphasis on companies that are diversifying their business or showing new growth potential [13][16][17]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future outlook of the new energy equipment industry.

Group 1: Company Performance - TianShun Wind Energy expects a net profit of 520 million to 600 million yuan for the first half of the year, representing a year-on-year increase of 104.72% to 136.22% [1] - Jiejia Weichuang anticipates a net profit of 736 million to 812 million yuan for the first half of the year, with a year-on-year growth of 45% to 60% [2] - China Nuclear Power reported a cumulative operational power generation of 100.827 billion kWh by the end of June, a year-on-year increase of 5.83% [3] - Pinggao Electric expects a net profit of approximately 332 million yuan for the first half of the year, reflecting a year-on-year growth of around 185% [4] Group 2: Industry Trends - The offshore wind power sector is experiencing rapid growth, with TianShun Wind Energy achieving breakthroughs in offshore wind foundation business and increasing delivery volumes [1] - The market for TOPCon battery planning capacity has exceeded 600 GW, with Jiejia Weichuang benefiting from strong demand and successful equipment deliveries [2] - China Nuclear Power is adopting a dual-drive strategy of nuclear and renewable energy, aiming to increase installed capacity significantly by the end of the "14th Five-Year Plan" [3] - The demand for UHV (Ultra High Voltage) construction is rising due to the growth of wind and solar industries, benefiting companies like Pinggao Electric [4]

Industry Outlook - The photovoltaic industry is experiencing a dual-driven cycle of "technological iteration + global demand resonance," with global new installed capacity expected to reach between 531GW and 714GW from 2025 to 2027 according to the China Photovoltaic Industry Association (CPIA) [3] - The demand for photovoltaic battery equipment is being driven by the continuous increase in new installed capacity and the accelerated replacement cycle due to technological upgrades [3] - The transition from PERC to more efficient technologies such as TOPCon, BC, HJT, and perovskite solar cells is raising the requirements for automation equipment in terms of precision, efficiency, and flexible production capabilities [3] Policy Support - The Chinese government is increasing support for smart manufacturing, with a goal for over 90% of industrial enterprises to have digital R&D tools and over 75% of key processes to be numerically controlled by 2027 [4] - Photovoltaic equipment, as a key component of smart manufacturing, is expected to benefit from these policy incentives, leading to increased industry concentration and market share expansion for leading companies [4] Technical Barriers - The company is one of the few manufacturers in China capable of providing equipment for the entire photovoltaic battery production process, covering key processes such as diffusion annealing, PECVD, and wet processes [5] - The company's technology depth supports its comprehensive capabilities, allowing it to address issues such as micro-cracks and color differences in high-speed transmission, achieving a low breakage rate of 0.01% at a capacity of 13,500 pieces per hour [5] Product Competitiveness - The company has established a strong customer base, including top photovoltaic battery producers such as Tongwei Co., Longi Green Energy, and Trina Solar, which enhances order stability and technical feedback [6] - The close collaboration with leading customers allows for rapid adjustments to equipment parameters in response to technological changes, fostering a continuous feedback mechanism for product improvement [6] Customer Ecosystem - The company has built a high-quality customer ecosystem through deep cooperation with industry leaders, resulting in sustained orders and increased brand recognition [7] - The company's revenue has shown rapid growth, with projected revenues of 807.09 million yuan, 1.237 billion yuan, and 2.018 billion yuan from 2022 to 2024, alongside net profits of 85.84 million yuan, 128.02 million yuan, and 186.76 million yuan respectively [7] IPO and Growth Strategy - The funds raised from the IPO will focus on three main areas: enriching the product matrix, enhancing production capacity, and aligning with industry trends [8][9] - The company aims to expand its product offerings to meet diverse customer needs and improve manufacturing technology to capture market opportunities [8] - The IPO will facilitate the rapid enhancement of production capacity to meet the increasing demand for photovoltaic equipment driven by the expansion plans of leading customers [8][9]