晶盛机电 20251224 摘要 晶盛机电半导体设备订单约 37 亿元，集中于硅片领域，已实现从 8 寸 向 12 寸硅片设备的转型，订单量显著增加。同时，公司积极布局碳化 硅外延及晶圆制造，尤其在 12 寸晶圆外延设备方面取得突破，部分客 户已通过验证，预计未来将逐步实现量产放量。 碳化硅行业经历激烈竞争后迎来积极变化，供需关系改善，国家调控限 制新产能扩张，技术壁垒提高。同时，AI、电力需求、IDC 储能及海外 电网升级等新功率应用带来市场机会，推动碳化硅行业进一步发展。 晶盛机电在光伏领域全面布局，覆盖长炉、切割设备、电池片组件自动 化设备等环节，并通过技术创新和产品迭代，不断提升市场份额。全球 能源转型背景下，光伏产业需求持续增长，为公司业务拓展提供广阔空 间。 预计 2026 年起，晶盛机电半导体设备订单将大幅增加，光伏领域市场 份额有望进一步扩大。公司在半导体和光伏两大业务板块上均将保持强 劲发展势头。 碳化硅器件因其高效节能性能，在新能源车和充电桩中快速替代 IGBT。IDC 对节能效果敏感，碳化硅接受程度快速提升。成本下降和节 能需求提升推动碳化硅在 AI 及电力相关领域渗透速度加快，预计未来 ...

摘要 在全球锂电装备新秩序中， "领跑卡位"的最终目标，是实现产业价值的重塑。中国装备企业不仅要成为"订单赢家"，更要成为全球产业链的"价值引领 者"。 当规模化与灵活性的平衡、工艺复杂度与良率稳定性的突破、全球化响应能力的构建三大挑战交织， 全球锂电装备行业正加速告别旧有格局，迈入新 秩序构建的关键阶段。 作为以激光技术为核心、引领国产替代的装备企业代表， 海目星 在推动锂电制造效率革命与全球化布局上走在前列。 在 2025（第十五届）高工锂电年会上， 海目星激光董事长兼董事长赵盛宇博士 以 "全球锂电装备新秩序：中国企业的领跑卡位与价值重塑" 为主 题，从行业趋势、企业实践、全球布局三个维度，深度剖析中国设备企业如何在新秩序中抢占领跑地位、重塑产业价值。 （海目星董事长兼总经理赵盛宇博士） 2025年，全球锂电设备行业正迎来一场兼具规模与质量的 "订单潮" 。据高工锂电不完全统计，上半年 海目星、先导智能、赢合科技、利元亨 等头 部企业新签及在手订单总额已 超 300亿 元 ，同比增幅达 70%～80% ，标志着电池领域 新一轮扩产周期全面启动 。 不同于上一轮单纯追求规模的扩张逻辑，本轮扩产以 "高安全 ...

Core Viewpoint - The report outlines the ongoing supervision of Qingdao High Measurement Technology Co., Ltd. by CITIC Construction Investment Securities Co., Ltd., highlighting the company's significant financial decline and the challenges faced in the photovoltaic industry [1][2][3]. Continuous Supervision Work - CITIC Construction Investment has established a comprehensive supervision system for High Measurement Technology, ensuring compliance with regulations and effective communication [1]. - The company has not reported any violations or breaches of commitments during the supervision period [2]. - Regular assessments and checks have been conducted to ensure adherence to laws and regulations, as well as to maintain effective internal controls [1][2]. Financial Performance - For the first half of 2025, the company reported a revenue of 1.45 billion yuan, a decrease of 45.16% year-on-year, and a net loss of 0.89 billion yuan, representing a 132.47% decline [6][8]. - The company's core business remains focused on the photovoltaic industry, which is currently experiencing a downturn, impacting revenue and profitability [6][8]. Industry Challenges - The photovoltaic industry is undergoing significant adjustments, with overall price declines leading to widespread losses across the supply chain [6][8]. - The company faces risks related to its core competitiveness, particularly if there are major technological shifts in the industries it serves, such as photovoltaics and semiconductors [3][4]. Risk Factors - The company is exposed to various risks, including significant declines in performance, core competitiveness risks, operational risks due to high customer concentration, and financial risks related to accounts receivable [5][6][8]. - The ongoing volatility in the photovoltaic sector may lead to further challenges in order fulfillment and cash flow management [6][8]. Research and Development - The company maintains a strong focus on R&D, with a commitment to enhancing its technological capabilities and product offerings [10][12]. - R&D expenditures for the reporting period were 89.42 million yuan, reflecting a strategic optimization of research projects [12][13]. Competitive Advantages - The company leverages its integrated service model, providing cutting equipment, consumables, and processing services, which enhances customer loyalty and market competitiveness [10][11]. - Strong partnerships with leading firms in the photovoltaic sector support the company's innovation and market presence [11][12].