格隆汇9月24日丨晶盛机电(300316.SZ)在互动平台表示，公司主营业务产品涉及半导体装备、半导体衬 底材料、半导体耗材及零部件领域。目前不涉及人形机器人领域。 ...

Core Viewpoint - Jing Sheng Machinery (300316) reported a significant decline in net profit for the first half of 2025, with a nearly 70% year-on-year decrease, indicating challenges in the semiconductor equipment sector [1] Financial Performance - The company achieved a revenue of approximately 5.799 billion yuan in the first half of 2025, representing a year-on-year decrease of 42.85% [1] - The net profit attributable to shareholders was about 639 million yuan, down 69.52% compared to the same period last year [1] Business Operations - Jing Sheng Machinery's main business products include semiconductor equipment, semiconductor substrate materials, and semiconductor consumables and components [1] - The decline in revenue is primarily attributed to a reduction in sales volume [1] Market Performance - On August 22, 2025, Jing Sheng Machinery's stock price increased by 1.26%, closing at 30.47 yuan per share, with a total market capitalization of 39.9 billion yuan [1]

Core Viewpoint - The company, Jing Sheng Mechanical & Electrical (300316.SZ), is actively involved in the semiconductor equipment, substrate materials, and consumables sectors, showcasing significant advancements in domestic production and technology breakthroughs in various fields [1] Semiconductor Equipment - The company has achieved domestic production of semiconductor equipment for 8-12 inch silicon wafers and is expanding into chip manufacturing and advanced packaging [1] - In the compound semiconductor equipment sector, the company focuses on the research and development of third-generation silicon carbide equipment, successfully overcoming multiple core technologies in crystal growth, processing, and epitaxy [1] New Energy Photovoltaic Equipment - The company has established a closed industrial chain for core equipment in the silicon wafer, battery cell, and module segments, positioning itself as a leading supplier of photovoltaic equipment in both technology and scale [1] Substrate Materials - The company possesses large-scale production capacity for silicon carbide substrates, sapphire substrates, and cultivated diamond materials in the semiconductor substrate materials sector [1] Consumables and Components - The company is engaged in the production of quartz crucibles for photovoltaic applications, semiconductor quartz crucibles, diamond wire, and precision components for semiconductors [1] Major Clients - Hejing Technology is identified as one of the company's main clients [1]

Core Viewpoint - The company, Jing Sheng Mechanical & Electrical (300316.SZ), is actively involved in the semiconductor equipment, substrate materials, and consumables sectors, showcasing significant advancements in domestic production and technology breakthroughs in various fields [1] Semiconductor Equipment - The company has achieved domestic production of semiconductor equipment for 8-12 inch silicon wafers and is expanding into chip manufacturing and advanced packaging [1] - In the compound semiconductor equipment sector, the company focuses on the research and development of third-generation silicon carbide equipment, successfully overcoming multiple core technologies in crystal growth, processing, and epitaxy [1] New Energy Photovoltaic Equipment - The company has established a closed industrial chain for core equipment in the silicon wafer, battery cell, and module segments, positioning itself as a leading supplier in both technology and scale within the photovoltaic equipment market [1] Substrate Materials - The company possesses large-scale production capacity for silicon carbide substrates, sapphire substrates, and cultivated diamond materials in the semiconductor substrate materials sector [1] Consumables and Components - The company is engaged in the production of quartz crucibles for photovoltaic applications, semiconductor quartz crucibles, diamond wire, and precision components for semiconductors [1] - A key customer of the company is Hejing Technology [1]

Core Viewpoint - The company, Jing Sheng Mechanical & Electrical (300316.SZ), experienced a significant decline in both revenue and net profit in 2024, marking the first occurrence of such a downturn since its listing in 2012, primarily due to supply-demand imbalances in the photovoltaic industry and substantial impairment losses [1][2][4]. Financial Performance - In 2024, Jing Sheng reported revenue of 17.577 billion yuan, a year-on-year decrease of 2.26%, and a net profit attributable to shareholders of 2.51 billion yuan, down 44.93% year-on-year [2][5]. - The company plans to recognize total impairment losses of 1.207 billion yuan in 2024, with credit impairment losses of 277.59 million yuan (up 348.22% year-on-year) and asset impairment losses of 929.23 million yuan (up 222.19% year-on-year) [2][3]. Business Segments - The main business segments include equipment and services, which generated revenue of 13.363 billion yuan in 2024, a growth of 4.3%, but with a gross margin decline of 2.46 percentage points to 36.36% [6][8]. - The materials segment, which includes silicon carbide substrates and quartz crucibles, saw a revenue decline of 19.62% to 3.346 billion yuan, with a gross margin drop of 27.44 percentage points to 28.71% [7][8]. Customer Dependency - The revenue from the largest customer, TCL Zhonghuan, significantly decreased from 9.035 billion yuan in 2023 (50.24% of total revenue) to 5.217 billion yuan in 2024 (29.68% of total revenue) [4][5]. - The company faces risks related to order fulfillment due to the cyclical nature of the photovoltaic industry, which may lead to adjustments in expansion projects by downstream customers [4]. Inventory and Receivables - As of the first quarter of 2025, the company reported 3.236 billion yuan in accounts receivable and 9.545 billion yuan in inventory, indicating ongoing risks related to price declines and potential losses [5][6]. - The company recognized inventory impairment provisions of 962 million yuan in 2024, with specific provisions for certain customers and raw materials [4][8]. Market Outlook - The photovoltaic industry is entering a supply-side adjustment period, with a slowdown in new capacity demand, which is expected to impact the company's processing equipment business significantly [7]. - Despite the challenges in the photovoltaic sector, the semiconductor equipment business is seeing an increase in order volume, although this has not yet translated into significant revenue [10].