投资者提问： 之前董秘提到，一季度射频电源订单量已经超过去年全年，又说射频电源结算方式改变导致中报营收降 低。请问，结算方式具体发生了什么变化，单纯付款周期延长还是说深化合作导致的。一季度的订单增 长能体现在三季报里吗？还是说需要更长远 董秘回答(英杰电气SZ300820)： 您好，公司并没有披露过您所谓"2025年一季度射频电源订单量已经超过2024年全年"这样的信息，2025 年4月28日披露的2024年年度和2025年一季度经营情况的交流内容，其中关于半导体射频电源的相关回 答内容如下： 问题9：半导体先进制程方面，公司的电源产品已经实现量产， 2024年半导体收入达到 3.5亿元，同比2023年实现增长，2025年一季度的半导体行业的收入和订单情况较为理想，增长幅度变 大，根据一季度营收确认、目前在手订单情况以及公司重点客户的需求看，预计2025年半导体业务是可 以实现增长的。 问题10：为什么半导体先进制程行业电源订单增速不及预期？ 答：这个行业不及预期 的原因是多方面的。首先，技术突破后的稳定性是需要时间去验证的，其次，也有设备中其他备件的国 产制造能力匹配问题，客户也有原来储备的存量备件的消化， ...

内容概况：射频电源作为半导体设备的核心零部件之一，其发展与半导体市场的整体扩张紧密相连。近 年来，受益于国内半导体产业的迅速崛起以及市场对高端射频电源需求的持续提升，中国半导体射频电 源行业展现出强劲的增长势头，已成为全球半导体射频电源的主要市场之一。然而，目前全球半导体射 频电源供应仍高度集中于美国、日本等发达地区，国内市场也长期被国外企业主导，国产化率处于较低 水平。在半导体设备国产化战略的推动下，北方华创、英杰电气、恒运昌等国内企业逐渐崭露头角，凭 借下游设备厂商的支持，陆续实现了批量订单的突破，推动国产替代进程不断加速。在此背景下，中国 半导体射频电源行业市场规模呈现出稳步增长的态势。据统计，中国半导体射频电源行业市场规模从 2022年的6.52亿元增长至2024年的8.55亿元，年复合增长率为14.48%。未来，随着5G、物联网、自动驾 驶等技术的快速发展，半导体射频电源行业将迎来更加广阔的发展前景，预计2026年中国半导体射频电 源行业市场规模将增长至10.98亿元。 一、半导体射频电源行业概述 射频电源（RF电源）是一种利用射频电流（RF）的高频电磁波（频率范围300KHz-30GHz）实现能量 ...

Core Viewpoint - The semiconductor industry is experiencing a decline in gross margins, impacting the performance of the company's subsidiary, Chenhui, despite the overall positive growth in the sector and the company's investments in research and development [1] Group 1: Company Performance - The subsidiary, Chenhui, has seen an increase in sales revenue due to new product deliveries, but the initial costs associated with these products are high, contributing to lower gross and net profits [1] - Increased management, sales, and research expenses at Chenhui are attributed to hiring a significant number of semiconductor industry R&D personnel, which has led to higher salary levels [1] Group 2: Industry Context - The semiconductor industry is facing challenges with domestic substitution, which is recognized as having a high level of difficulty and uncertainty [1] - The time required for R&D investments to translate into performance improvements is acknowledged, indicating that the benefits of such investments may not be immediate [1]

Summary of the Conference Call for Yingjie Electric Industry and Company Overview - **Company**: Yingjie Electric - **Industry**: Nuclear Fusion Power, Semiconductor, Charging Piles, Energy Storage, Photovoltaics Key Points and Arguments 1. **Nuclear Fusion Market Potential**: Yingjie Electric has been deeply involved in the nuclear fusion power sector for 20 years, collaborating with research institutions like the Southwest Institute of Physics and the Chinese Academy of Sciences. The company expects to achieve over 100 million in revenue in 2024 from this sector, indicating significant market potential [2][6][10]. 2. **Technological Advantages**: The company has a strong technological edge in heating power and magnetic field power control, with current fluctuation rates controlled within 1/10,000. They have achieved long pulse continuous waves lasting 1,066 seconds, showcasing their technical capabilities [2][19][31]. 3. **Competition**: Yingjie Electric faces competition from companies like Anshan Tongchuang and Tianjin Mingwei, but its IGBT technology and flexible production capabilities position it well to capture market opportunities in nuclear fusion projects, which are expected to attract hundreds of billions in investment [2][7][10]. 4. **Impact of Photovoltaic Industry Decline**: The downturn in the photovoltaic industry has significantly affected Yingjie Electric, with domestic orders dropping sharply. The company has proactively expanded into semiconductors, charging piles, and energy storage, with semiconductor revenue expected to exceed 400 million this year, marking a growth of over 30% [2][22][34]. 5. **Response to Bad Debt Risks**: The company has taken measures to address bad debt risks in its photovoltaic business, including a provision of over 50 million for losses and strategies to recover customized power products through legal means [2][27]. 6. **Revenue Goals**: Yingjie Electric aims to achieve 5 billion in revenue within three to four years, leveraging growth in semiconductor, charging pile, energy storage, and overseas markets [4][42]. 7. **Nuclear Fusion Project Clients**: The company is involved in several domestic nuclear fusion projects, including those at the Southwest Institute of Physics and the Chinese Academy of Sciences, indicating a strong client base in the sector [4][5]. 8. **Market Share in Magnetic Field Power**: Yingjie Electric holds a market share of over 50% in the magnetic field power and cyclotron power sectors, reflecting its strong position in the industry [29]. 9. **Future Development Directions**: The company plans to focus on semiconductor, charging pile, energy storage, and photovoltaic sectors, with significant potential for growth in these areas [38][40]. 10. **International Market Challenges**: Yingjie Electric faces challenges in expanding into international markets due to geopolitical uncertainties and tariffs but continues to seek solutions and opportunities for growth [39]. Other Important but Possibly Overlooked Content - **Production Flexibility**: The company has strong flexible production capabilities, allowing it to quickly adapt to new industry demands despite current low photovoltaic orders [9][16]. - **R&D in Nuclear Fusion**: Yingjie Electric does not anticipate the need for new product development for nuclear fusion projects, as existing technologies can meet most requirements [12][31]. - **Sales Performance**: The company has signed contracts worth several million in 2025, indicating a positive trend in securing new orders despite challenges in the photovoltaic sector [21][24]. - **Long-term Outlook**: The company expresses confidence in a gradual recovery of the photovoltaic market and anticipates significant contributions from nuclear fusion projects in the coming years [43].

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company is experiencing short-term pressure on performance, with expectations for accelerated progress in semiconductor RF power supply technology as it moves towards 5nm advanced processes [1][2] - The company has established itself as a leader in photovoltaic power supply, with a market share exceeding 70%, and is also making significant strides in the semiconductor power supply sector, which has become its second-largest revenue source after photovoltaics [2][3] - The company is focusing on key processes such as semiconductor etching and thin film deposition, while also expanding into emerging fields like silicon carbide epitaxy and composite copper foil [2] Financial Summary - For 2024, the company reported revenue of 1.78 billion yuan, a year-on-year increase of 0.6%, and a net profit of 320 million yuan, a decline of 25.2% [1] - The gross margin for 2024 was 38.5%, an increase of 1.3 percentage points year-on-year, while the net margin was 18.8%, a decrease of 5.5 percentage points [1] - The company expects net profits to grow significantly from 449 million yuan in 2025 to 712 million yuan in 2027, reflecting year-on-year growth rates of 39%, 21%, and 31% respectively [4]

Core Viewpoint - Yingjie Electric has demonstrated resilience in its performance despite the overall decline in the photovoltaic industry, achieving significant growth in operating cash flow and maintaining a high dividend payout ratio [1][2][7]. Financial Performance - In 2024, Yingjie Electric reported a main revenue of 1.78 billion yuan, a year-on-year increase of 0.6%, while net profit was 323 million yuan, down 25.2% year-on-year [2]. - The operating cash flow net amount increased significantly by 330.7% to 600 million yuan, marking a historical high [2][3]. - The company distributed a total cash dividend of 88 million yuan to shareholders, resulting in a dividend payout ratio of 32%, the highest in recent years [1][7]. Semiconductor RF Power Business - The semiconductor RF power business has enhanced the company's profitability, with sales revenue from this sector reaching 350 million yuan, accounting for 19.69% of total revenue, the highest since 2020 [3]. - The gross profit margin from semiconductor electronic materials has shown an upward trend, with figures of 50.86%, 49.55%, 42.84%, and 53.98% from 2021 to 2024 [3]. - The market for semiconductor RF power is projected to exceed $4.5 billion, with domestic substitution rates expected to accelerate [3]. Strategic Developments - Yingjie Electric has established a subsidiary, Chengdu Yingjie Chenhui Technology, to focus on the semiconductor RF power business, further expanding its presence in high-value sectors [2][4]. - The partnership with Zhongwei Company, which acquired a 16% stake in Yingjie Chenhui, is expected to promote the domestic substitution process for RF power [4]. Future Outlook - The company plans to continue focusing on breakthroughs in power electronics technology and expand its product matrix in the semiconductor and renewable energy sectors [6]. - Yingjie Electric aims to enhance its production capacity for charging piles, with expectations to reach 400,000 AC charging piles and 12,000 DC charging piles by the end of 2025 [7].