12月24日，仕净科技涨5.76%，截至发稿，报12.11元/股，成交3886.26万元，换手率1.63%，总市值 24.51亿元。 万家新利（519191）基金经理为黄海。 截至发稿，黄海累计任职时间5年94天，现任基金资产总规模32.3亿元，任职期间最佳基金回报 59.81%， 任职期间最差基金回报-23.78%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，苏州仕净科技股份有限公司位于江苏省苏州市相城区太平街道金瑞路58号，成立日期2005年 4月11日，上市日期2021年7月22日，公司主营业务涉及专业从事制程污染防控设备、末端污染治理设备 的研发、生产和销售的高新技术企业。主营业务收入构成为：制程污染防控设备51.18%，光伏产品 41.71%，材料销售3.47%，其他(补充)2.72%，第三方检测服务0.38%，托管运维服务0.34%，末端污染 治理设备0.20%，远程在线监测系统0.00%。 从仕净科技十大流通股东角度 数据 ...

11月21日，仕净科技跌5.16%，成交额8434.68万元。两融数据显示，当日仕净科技获融资买入额463.83 万元，融资偿还1184.61万元，融资净买入-720.78万元。截至11月21日，仕净科技融资融券余额合计 1.10亿元。 分红方面，仕净科技A股上市后累计派现4297.89万元。 机构持仓方面，截止2025年9月30日，仕净科技十大流通股东中，博时汇兴回报一年持有期混合 （011056）位居第四大流通股东，持股655.98万股，持股数量较上期不变。万家新利（519191）位居第 六大流通股东，持股117.83万股，相比上期减少162.29万股。香港中央结算有限公司退出十大流通股东 之列。 责任编辑：小浪快报 融券方面，仕净科技11月21日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量0.00股，融券余额0.00元，超过近一年90%分位水平，处于高位。 资料显示，苏州仕净科技股份有限公司位于江苏省苏州市相城区太平街道金瑞路58号，成立日期2005年 4月11日，上市日期2021年7月22日，公司主营业务涉及专业从事制程污染防控设备、末端污染治理设备 的研发 ...

Core Insights - The stock of Shijin Technology increased by 2.27% on November 14, with a trading volume of 111 million yuan, while the net financing buy was negative at -1.17 million yuan [1] - As of September 30, 2025, Shijin Technology reported a significant decline in revenue and net profit, with a year-on-year revenue decrease of 65.44% and a net profit loss of 2.26 billion yuan, down 256.77% [2] Financing and Trading Data - On November 14, Shijin Technology had a financing buy of 7.95 million yuan, with a total financing balance of 122 million yuan, representing 3.93% of the circulating market value, which is below the 10% percentile level over the past year [1] - The company had no short selling activity on November 14, with a short selling balance of 0, indicating a high level of short selling availability compared to the 90% percentile level over the past year [1] Company Overview - Shijin Technology, established on April 11, 2005, and listed on July 22, 2021, specializes in the research, production, and sales of process pollution control equipment and end-of-pipe pollution treatment equipment [1] - The company's revenue composition includes 51.18% from process pollution control equipment, 41.71% from photovoltaic products, and smaller contributions from material sales and other services [1] Shareholder and Dividend Information - As of September 30, 2025, the number of shareholders increased to 20,900, with an average of 9,649 circulating shares per person, a decrease of 3.23% [2] - The company has distributed a total of 42.98 million yuan in dividends since its A-share listing [3]

Core Insights - The stock of Shijin Technology increased by 1.19% on October 9, with a trading volume of 113 million yuan, indicating positive market sentiment [1] - The company reported a significant decline in revenue and net profit for the first half of 2025, with a revenue drop of 48.24% year-on-year and a net loss of 120 million yuan, reflecting operational challenges [2] Financing and Trading Data - On October 9, Shijin Technology had a net financing purchase of 2.29 million yuan, with a total financing balance of 145 million yuan, representing 4.69% of its market capitalization [1] - The financing balance is below the 10% percentile level over the past year, indicating a low level of leverage [1] - There were no short sales or repayments on the same day, with the short selling balance at zero, suggesting a lack of bearish sentiment [1] Shareholder and Institutional Holdings - As of June 30, 2025, the number of shareholders increased by 5.50% to 20,300, with an average of 9,971 shares held per shareholder, up by 18.66% [2] - The company has distributed a total of 42.98 million yuan in dividends since its A-share listing [3] - Notable institutional shareholders include Bosera Huixing and Wanji New Power, with changes in their holdings reflecting varying levels of investor confidence [3]

Core Viewpoint - Shijin Technology's stock has experienced a decline of 5.05% on September 23, with a total market value of 2.931 billion yuan, indicating a cumulative drop of 4.81% over three consecutive days [1] Group 1: Company Overview - Shijin Technology Co., Ltd. is located in Suzhou, Jiangsu Province, and was established on April 11, 2005. The company went public on July 22, 2021 [1] - The main business involves the research, production, and sales of process pollution control equipment and end-of-pipe pollution treatment equipment, classified as a high-tech enterprise [1] Group 2: Revenue Composition - The revenue composition of Shijin Technology is as follows: - Process pollution control equipment: 51.18% - Photovoltaic products: 41.71% - Material sales: 3.47% - Other (supplementary): 2.72% - Third-party testing services: 0.38% - Managed operation services: 0.34% - End-of-pipe pollution treatment equipment: 0.20% - Remote online monitoring systems: 0.00% [1] Group 3: Shareholder Information - Among the top ten circulating shareholders, one fund from Bosera Fund holds 6.5598 million shares of Shijin Technology, representing 3.25% of the circulating shares, with a floating loss of approximately 5.0511 million yuan during the recent three-day decline [2] - The fund, Bosera Huixing Return One-Year Holding Mixed Fund (011056), was established on January 14, 2021, with a current scale of 5.455 billion yuan and a year-to-date return of 42.96% [2] - The fund manager, Wu Wei, has a tenure of 11 years and 280 days, with the best fund return during his tenure being 209.29% [2]

Industry Overview - The photovoltaic industry remains under pressure in the first half of 2025, with 31 major listed companies in the supply chain reporting a combined net loss exceeding 12.58 billion, a year-on-year increase of over 270% [1] - Despite an increase in demand, the rapid expansion of production capacity has led to a significant mismatch between supply and demand, with global photovoltaic installations expected to reach 530 GW in 2024 and demand projected at 570-630 GW in 2025 [1] - The industry is facing a dual challenge of declining prices and excess capacity, with polysilicon and silicon wafer production experiencing negative growth, leading to significant losses for some companies [1] Export Challenges - The export value of photovoltaic products has decreased by 26% year-on-year due to complex international dynamics, including high anti-dumping tariffs in the U.S. and increased trade barriers in the EU [2] - Despite government efforts to regulate the industry and combat unfair competition, the effects have not yet been rapidly realized in the first half of 2025 [2] Company Performance - Shijin Technology has demonstrated strong resilience, achieving a revenue of 1.057 billion in the first half of 2025, leveraging its core technological advantages and research accumulation [2] - The company is diversifying its business structure to mitigate risks associated with reliance on a single business segment, particularly in the industrial pollution control sector [2] Technological Advancements - In the photovoltaic sector, Shijin Technology's TOPCon battery project has achieved a conversion efficiency of 26.5% and is expected to drive rapid revenue growth [3] - The company is also advancing a solar cell project in Puebla, Mexico, which is supported by local government policies, ensuring stable resource supply and facilitating project progress [3] Market Dynamics - The photovoltaic industry is showing signs of demand recovery, with price stabilization and increased orders driven by a surge in installations and emerging markets [3] - Recent government policies aim to shift the industry from price competition to value competition, which may lead to a recovery in prices and profitability [4] Future Outlook - Analysts expect Shijin Technology's equipment orders to recover in 2025, with steady growth anticipated as downstream expansion continues [4] - The company is positioned to benefit from the industry's recovery, with advanced production capacity and diversified customer base, potentially marking a turning point in its operations [4]

Group 1 - The company is actively expanding its diversified business segments to reduce reliance on a single business, with process pollution control equipment remaining the core revenue source, projected to generate 1.115 billion yuan in 2024, accounting for 54.31% of total revenue, down from 94.42% in the previous year [1] - The end-of-pipe pollution control equipment is expected to generate 219 million yuan in 2024, showing a year-on-year growth of 47.49% from 149 million yuan last year [1] - The company is rapidly developing its photovoltaic products business, with projected revenue of 644 million yuan in 2024, making up 31.35% of total revenue [1] Group 2 - The company solidifies its leading position in the photovoltaic battery process waste gas treatment equipment market through brand, technology, and cost advantages, benefiting from new technology routes and integrated product category expansion, resulting in abundant orders [2] - The company has a strong patent portfolio with 262 patents, including 60 invention patents and 202 utility model patents, achieving a 95% denitrification efficiency and multi-pollutant collaborative treatment [2] - The company has a diverse customer base across various industries, including semiconductor, fine chemicals, automotive manufacturing, steel metallurgy, and cement, which mitigates the risk of high customer industry concentration [2] Group 3 - The company is establishing a high-efficiency solar cell production base in Ningguo, utilizing the world's most advanced automated production equipment, with a projected battery conversion efficiency of ≥26.5% and a bifacial rate of ≥80% in 2024 [3] - The company adopts the mainstream TOPCon technology route, which can enhance photoelectric conversion efficiency by 0.2% and significantly reduce non-silicon manufacturing costs [3] - The company leverages its experience and technical advantages in various industries to effectively lower solar cell production costs, saving water and energy [3] Group 4 - The company is innovating a carbon capture business model by utilizing steel slag to capture CO2 from flue gas, generating solid carbon materials for low-carbon cement/concrete production, enhancing the utilization rate of industrial solid waste [4] - The demand for carbon capture is expected to accelerate, leveraging the company's catalytic technology advantages to capture CO2 at low costs and resourceize steel slag into building materials [4] - The company forecasts a recovery in equipment orders by 2025, with expected net profits of 22 million yuan, 153 million yuan, and 255 million yuan for 2025-2027, respectively, indicating a potential operational turning point [4]

Core Viewpoint - The report highlights Shijin Technology's (301030) dual-driven strategy of expanding its photovoltaic and manufacturing business segments, aiming to reduce reliance on a single revenue source and enhance overall growth potential [1]. Business Diversification - The company is actively diversifying its business segments to mitigate risks associated with dependence on a single revenue stream. In 2024, the revenue from process pollution control equipment is projected to be 1.115 billion yuan, accounting for 54.31% of total revenue, a significant decrease from 94.42% in the previous year. Meanwhile, revenue from end pollution control equipment is expected to reach 219 million yuan, a year-on-year increase of 47.49%. Additionally, revenue from photovoltaic products is anticipated to be 644 million yuan, representing 31.35% of total revenue, marking a rapid rise in importance [1]. Market Position and Order Growth - The company has solidified its leading position in the market for process pollution control equipment, benefiting from new technology routes and integrated product expansions. It holds 262 patents, including 60 invention patents and 202 utility model patents, with a 95% denitrification efficiency. The company has a diverse customer base across various industries, which helps mitigate risks associated with high customer concentration [2]. Advanced Battery Production Capacity - The company is establishing a high-efficiency solar cell production base in Ningguo, utilizing the most advanced automated production equipment. The projected battery conversion efficiency is ≥26.5%, with a bifacial rate of ≥80%. The adoption of the mainstream TOPCon technology is expected to enhance efficiency and reduce non-silicon manufacturing costs [3]. Carbon Resource Utilization - The company is innovating a carbon capture business model by utilizing steel slag to capture CO2 from flue gas, converting it into solid carbon materials for low-carbon cement and concrete production. This approach enhances the utilization of industrial waste and reduces carbon emissions in cement and concrete production [4]. Profit Forecast and Investment Rating - The company anticipates a recovery in equipment orders by 2025, with expected net profits of 22 million yuan, 153 million yuan, and 255 million yuan for 2025-2027. The corresponding price-to-earnings ratios are projected to be 166, 24, and 15 times, respectively. Given its leadership in photovoltaic equipment and diversified customer base, the company is rated as "Buy" [4].

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [1] Core Views - The company is actively expanding its diversified business segments to reduce reliance on a single business, with significant growth in its photovoltaic products and end-of-pipe pollution control equipment [12][13] - The company is positioned as a leader in the process pollution control equipment sector, benefiting from strong technical barriers and a diverse customer base across multiple industries [28] - The company is enhancing its cost advantages through the establishment of advanced solar cell production capacity and innovative carbon capture technologies [30][29] - The financial forecast indicates a recovery in net profit from a loss in 2024 to positive figures in 2025-2027, with expected net profits of 0.22 billion, 1.53 billion, and 2.55 billion respectively [31][32] Summary by Sections Business Diversification - The company is reducing its dependence on process pollution control equipment, which accounted for 54.31% of revenue in 2024, down from 94.42% the previous year. The end-of-pipe pollution control equipment revenue grew by 47.49% year-on-year [12][13] - Revenue from photovoltaic products reached 6.44 billion in 2024, making up 31.35% of total revenue, indicating rapid growth in this segment [12][13] Technical Leadership and Market Position - The company holds 262 patents, including 60 invention patents, and has established itself as a leader in the process pollution control equipment market, particularly in the photovoltaic sector [28] - The diverse customer base across industries such as semiconductor, fine chemicals, automotive, metallurgy, and construction helps mitigate risks associated with industry concentration [28] Cost Management and Production Capacity - The company is building a high-efficiency solar cell production base with advanced automation, achieving a cell conversion efficiency of ≥26.5% and a bifacial rate of ≥80% [29] - The adoption of the TOPCon technology is expected to enhance efficiency and reduce production costs significantly [29] Financial Forecast - The company anticipates a recovery in profitability, with net profit projections of 0.22 billion in 2025, 1.53 billion in 2026, and 2.55 billion in 2027, reflecting a significant turnaround from a loss of 0.77 billion in 2024 [31][32]

Group 1: Company Performance and Financials - The company reported a 40.34% year-on-year decline in revenue for 2024, primarily due to a 65.68% decrease in income from traditional pollution control equipment and significant losses in the solar cell sales business [10] - The new solar product business generated revenue of 644 million CNY, accounting for 31.35% of total revenue, indicating rapid growth and diversification of income sources [10] - The company plans to enhance internal management and cost control to improve profitability and stabilize revenue growth [10] Group 2: Production and Technology - The company has launched its first TOPCon solar cell project, utilizing the mainstream TOPCon technology, which improves conversion efficiency by 0.2% and reduces non-silicon manufacturing costs [3][9] - The production capacity of the Ningguo project is set at 18GW, which began operations in December 2023, contributing to the company's overall production capabilities [12] - The company holds 262 patents, including 60 invention patents, and has seen a 29.75% increase in R&D personnel, enhancing its innovation capacity [5][2] Group 3: Market Strategy and Future Outlook - The company is focusing on expanding its market presence both domestically and internationally, with plans to establish a solar cell project in Mexico [8][12] - The dual strategy of "solar matching + solar products" aims to drive growth by leveraging synergies between its environmental equipment and solar product businesses [9] - The company is committed to responding to national carbon neutrality policies and has developed CCUS technology for industrial applications, which is expected to contribute to future revenue growth [6][10] Group 4: Corporate Governance and ESG Initiatives - The board of directors includes specialized committees with independent directors making up over 50%, ensuring professional oversight of corporate governance [6] - The company is actively pursuing ESG initiatives, including a carbon capture project in collaboration with a cement company, to enhance its sustainability profile [5][6]