证券代码：301360 证券简称：荣旗科技 较为明显，主要取决于 Meta 智能眼镜的终端销量，同时受 Meta 生产排产计划的影响；苹果方面，VC 检测业务伴随其工艺调整 和优化，VC 检测订单会有较好的持续性，同时由于公司与苹果 公司多年良好的业务合作关系，积累了丰富的技术经验，公司在 争取新品类的检测设备需求订单时也会具有一定竞争力。 从新能源领域来看，受益于客户扩产计划，明年锂电检测业 务的订单量有望继续保持，具体情况取决于客户的扩产安排；应 用于钙钛矿的检测设备出货量有望随客户量产线的投产增加而 增加；此外固态电池的相关检测装备明年会陆续开始布局。 问题 4、怎么展望固态电池检测的业务机会？ 答：公司现有锂电设备的部分检测技术可平移到固态电池检 测环节，固态电池的生产工艺相较于传统锂电会更加的复杂，需 要检测的环节也会更多，公司正在开展相关技术预研工作，持续 完善技术储备，以期解决关键环节缺陷检测的难点，满足新能源 领域客户对于固态电池检测设备的需求。除现有 AI 质检装备以 外，公司与中科院物理研究所合作研发固态电池失效性分析相关 的检测设备，该设备有望成为固态电池有效性分析的核心检测设 备。 问 ...

新能源检测设备订单增长，积极外拓布局固态电池领域。新能源领域，公司目前主要供应锂电设备的 AI 质检设备，受益于国内外客户扩产计划的推进，今年订单量持续增长，明年订单量有望继续保持。 同时，公司积极外拓，1）通过股权转让及增资的方式直接持有四川力能19.81%股权，标的公司产品为 冷等静压机、温等静压机，可应用于固态电池等领域；2）持有宏旗荣锂40%的股权，宏旗荣锂公司致 力于智能控制系统集成、系统集成软件、应用于各类新兴行业的消费级电池、电池模组的研发与销售。 盈利预测：预计公司25-27 年实现营业收入4.27/6.83/8.87 亿元，归母净利润0.42/1.05/1.76 亿元，对应PE 分别为101.37/40.53/24.10 倍。 公司积极外拓，布局固态电池，且消费电子设备持续向好发展，首次覆盖，给予"推荐"评级。 风险提示:下游需求不及预期、行业竞争加剧、新产品开发进展不及预期。 事件：公司发布2025 年三季度报告，25 年前三季度实现营业收入2.09 亿元，同比-9%；归母净利润0.05 亿元，同比-72%；扣非归母净利润-0.01亿元，同比-105%；毛利率达40.20%，同比-4pct ...

Investment Rating - The report maintains an "Increase" rating for the industry [5] Core Insights - The report highlights the resilience of the photovoltaic market amid supply-demand balance, with stable prices across major segments. The average transaction price for N-type raw materials is 53,200 RMB/ton, and for N-type granular silicon is 50,500 RMB/ton, both remaining stable month-on-month. The expected production of polysilicon in October is projected to reach an annual peak, with a total output of 382,000 tons in Q4, reflecting a slight year-on-year increase of 3.0% [14][15] - The wind energy sector is set to see significant growth, with the "Wind Energy Beijing Declaration 2.0" proposing an annual new installed capacity of no less than 120GW during the 14th Five-Year Plan, with offshore wind power contributing at least 15GW annually. This represents a 140% increase in the target for new installations by 2030 compared to the previous declaration [15][16] - The hydrogen energy sector is witnessing advancements, with Dongfeng and Honda launching hydrogen fuel cell commercial vehicles, aiming to contribute to carbon neutrality. The report suggests focusing on leading equipment manufacturers in this field [18][19] Summary by Sections 1. New Energy Generation - **Photovoltaics**: The market shows resilience with stable prices. The average price for N-type silicon wafers is 1.70 RMB per piece, and the delivery price for 210N components has seen a noticeable increase, with some companies quoting between 0.72-0.75 RMB per watt. Domestic component inventory is expected to decrease to around 30GW in October, indicating an improving supply-demand relationship [14][15] - **Wind Power & Grid**: The wind energy sector is expected to grow significantly, with a focus on high-quality development and price stability. The report emphasizes the importance of technological innovation and reliability in wind turbine manufacturing [15][17] - **Hydrogen & Energy Storage**: The report notes the launch of hydrogen fuel cell vehicles and suggests focusing on companies with strong brand and channel advantages in the hydrogen sector. For energy storage, it highlights the bidding and winning of projects, with a focus on companies with high growth certainty in large-scale storage [18][19][27] 2. New Energy Vehicles - The report discusses Rongqi Technology's acquisition of a 19.81% stake in Sichuan Lieneng, which specializes in isostatic pressing equipment crucial for solid-state battery production. This move is expected to enhance the production capabilities of solid-state batteries, addressing key challenges in mass production [29][30] 3. Price Dynamics in the Photovoltaic Industry Chain - The report provides insights into the price dynamics of the photovoltaic industry, indicating stable prices across various segments, with specific price points for polysilicon and silicon wafers [31][32] 4. Important News of the Week - The report summarizes significant developments in the new energy vehicle sector, including major investments in battery technology and projects aimed at enhancing production capabilities in solid-state batteries [33][34]

Group 1: Company Overview - The company focuses on the research, design, production, sales, and technical services of intelligent equipment, primarily targeting intelligent manufacturing in detection and assembly processes [2][3]. - Core products include intelligent detection equipment and precision assembly equipment, with major service areas in consumer electronics and new energy [3]. Group 2: Financial Performance - In the first three quarters of the year, the company's operating revenue experienced a year-on-year decline due to seasonal impacts, with many projects concentrated in the fourth quarter [3]. - Net profit also decreased compared to the previous year, attributed to lower operating revenue and a decline in financial investment returns due to falling interest rates [3]. - As of the end of Q3, inventory reached CNY 375 million, a 176.99% increase from the beginning of the year, while contract liabilities amounted to CNY 75.17 million, up 397.40% [3]. Group 3: Order Growth and Outlook - Order growth this year is driven by the new energy sector, particularly detection equipment for lithium batteries, and consumer electronics, especially detection equipment for Apple's VC thermal plates [4]. - For the upcoming year, the company anticipates significant order increases for smart glasses assembly equipment, contingent on Meta's sales performance and production schedules [4]. Group 4: Revenue Composition and Profitability - The consumer electronics sector accounts for approximately 80% of total revenue, while the new energy sector contributes about 20%, with slightly lower profit margins [5]. - The company aims to enhance profitability through improved cost control as new energy orders increase [5]. Group 5: Strategic Partnerships and Future Plans - The company plans to hold a 19.81% stake in Sichuan Lieneng, which specializes in ultra-high hydraulic machinery, enhancing its capabilities in solid-state battery technology [6]. - Future business expansion will focus on solid-state battery technology, leveraging partnerships to support advancements in materials and processes [6].