证券研究报告·行业点评报告·光伏设备 光伏设备行业点评报告 马斯克规划 100GW 光伏产能，设备商有望 充分受益于海外地面+太空光伏双重机遇 增持（维持） [投资要点 Table_Summary] 2026 年 01 月 25 日 证券分析师 周尔双 执业证书：S0600515110002 021-60199784 zhouersh@dwzq.com.cn 证券分析师 李文意 执业证书：S0600524080005 liwenyi@dwzq.com.cn 行业走势 -16% -9% -2% 5% 12% 19% 26% 33% 40% 47% 54% 2025/1/24 2025/5/25 2025/9/23 2026/1/22 光伏设备 沪深300 相关研究 《光伏设备：硅基 HJT 是太空光伏的 最优方案，看好设备商受益于太空光 伏历史性机遇》 2026-01-14 2026-01-08 东吴证券研究所 1 / 2 请务必阅读正文之后的免责声明部分 [Table_Tag] ◼ 事件：1 月 22 日，马斯克于达沃斯世界经济论坛（WEF）发 言，特斯拉地面光伏和 SpaceX 太空光伏将分别建设 100G ...

证券研究报告·行业点评报告·光伏设备 光伏设备行业点评报告 马斯克规划 100GW 光伏产能，设备商有望 充分受益于海外地面+太空光伏双重机遇 增持（维持） [投资要点 Table_Summary] 2026 年 01 月 25 日 证券分析师 周尔双 执业证书：S0600515110002 021-60199784 zhouersh@dwzq.com.cn 证券分析师 李文意 执业证书：S0600524080005 liwenyi@dwzq.com.cn 行业走势 -16% -9% -2% 5% 12% 19% 26% 33% 40% 47% 54% 2025/1/24 2025/5/25 2025/9/23 2026/1/22 光伏设备 沪深300 《光伏设备行业深度：太空算力中心 具备颠覆性优势，HJT 或为能源系统 最优解》 相关研究 2026-01-08 东吴证券研究所 1 / 2 请务必阅读正文之后的免责声明部分 [Table_Tag] ◼ 事件：1 月 22 日，马斯克于达沃斯世界经济论坛（WEF）发 言，特斯拉地面光伏和 SpaceX 太空光伏将分别建设 100GW 产 能，预计 2028 年 ...

Core Viewpoint - The announcement of share reduction by senior executives of Jing Sheng Mechanical & Electrical (300316.SZ) indicates potential concerns regarding the company's financial health, as the executives cite personal funding needs as the reason for their decision [2][3]. Executive Share Reduction - Five senior executives plan to reduce their holdings by a total of up to 2,776,203 shares, representing 0.21% of the total share capital, within three months starting from November 8, 2025 [2]. - The executives involved include Zhu Liang, Fu Linjian, Zhang Jun, Lu Xiaowen, and Shi Gang, with the total cashing out estimated at approximately 105 million yuan based on the current share price of 37.71 yuan [2]. Company Background - Jing Sheng Mechanical & Electrical was established in 2006 and listed on the Shenzhen Stock Exchange in 2012, focusing on semiconductor equipment and materials, including photovoltaic equipment and substrates [4]. - The company has maintained profitability since its listing but has recently faced revenue and net profit declines due to changes in the photovoltaic market [4]. Financial Performance - In 2024, the company reported revenues of 17.577 billion yuan and a net profit of 2.51 billion yuan, reflecting year-on-year declines of 2.26% and 44.93%, respectively [4]. - For the first half of 2025, revenues were 5.799 billion yuan and net profits were 639 million yuan, showing significant declines of 42.85% and 69.52% year-on-year [4]. Market Challenges - The company attributed its 2024 performance decline to changes in customer financial conditions and payment schedules, leading to provisions for bad debts totaling 250 million yuan [5]. - Additionally, inventory write-downs of 341 million yuan and 349 million yuan were made due to price drops in photovoltaic quartz crucibles and raw materials [6]. Industry Context - The photovoltaic industry is currently undergoing a deep adjustment phase, affecting multiple companies, including Jing Sheng Mechanical & Electrical, which has seen a decline in both revenue and profit [6]. - The company has noted risks associated with order fulfillment amid the cyclical adjustments in the photovoltaic sector [6]. Semiconductor Equipment Development - Jing Sheng Mechanical & Electrical is expanding its semiconductor equipment offerings, achieving domestic production of 8-12 inch silicon wafer equipment and focusing on third-generation semiconductor equipment [7]. - The company has significant contracts in the semiconductor sector, with over 3.7 billion yuan in unfulfilled contracts as of June 30, 2025 [7]. Technological Advancements - The company has successfully launched its first 12-inch silicon carbide substrate processing pilot line, marking a significant step in its technological capabilities [8]. - Collaboration with semiconductor firms, such as Xin Kailai, has garnered attention, indicating strategic partnerships in the precision components sector [8].