Summary of the Conference Call for Yingjie Electric Company Overview - **Company**: Yingjie Electric - **Industry**: Controlled Nuclear Fusion, Photovoltaic, Semiconductor, AI Server Power Supply Key Points Progress in Controlled Nuclear Fusion - Yingjie Electric has made significant progress in the controlled nuclear fusion sector, with products applied in multiple domestic projects. Sales in this area reached over ten million in 2024, with expected growth in order volume for 2025 [2][3][5] - The company has collaborated with the Southwest Institute of Physics for 20 years, transitioning from laboratory to application stages, leading to increased market demand [3] Photovoltaic Industry Challenges - The photovoltaic sector accounts for about half of Yingjie Electric's revenue, but faces order pressure due to industry downturns. Domestic orders are projected to drop from over 600 million yuan in 2024 to over 40 million yuan in 2025 [2][4][17] - Yingjie aims to deepen its photovoltaic business over the next two to three years, targeting 5 billion yuan in revenue within 3 to 4 years, focusing on semiconductor growth and charging station development [4][23] Technical Advantages - The company possesses strong technical capabilities in high-power and high-voltage power supply, particularly in megawatt-level power for multi-crystalline reduction furnaces and IGBT technology for magnetic field power supplies [2][6][10] - Yingjie Electric's ability to meet special DC power requirements positions it favorably against competitors [6][10] Market Competition and Strategy - Despite early entry into the controlled nuclear fusion market, competition remains fierce. Yingjie Electric focuses on enhancing performance and technical capabilities to gain customer trust and secure more orders [7][8] - The company is actively engaging with new clients to ensure a strong presence during the anticipated procurement peak from late 2025 to early 2026 [9][15] Financial Outlook - Yingjie Electric faces revenue pressure in 2025, particularly in the semiconductor sector, with expected revenue growth slowing. The semiconductor revenue was approximately 350 million yuan in 2024, with projections for over 400 million yuan in 2025 [21][20] - The company has recognized potential risks in accounts receivable and has made provisions for inventory impairment [17][18] Future Development Plans - Yingjie Electric plans to explore new market opportunities in AI server power supply, with ongoing efforts to connect with major clients in the Southwest region [25][29] - The company aims to maintain its competitive edge through technological innovation and rapid response to customer needs, particularly in emerging sectors [26][29] Long-term Goals - The company has set a target to achieve 5 billion yuan in revenue within 3 to 4 years, focusing on semiconductor and charging station markets while ensuring profitability [23][24] Conclusion - Yingjie Electric is positioned to leverage its technical strengths and market opportunities in controlled nuclear fusion and AI server power supply, while navigating challenges in the photovoltaic sector and semiconductor market. The company remains committed to innovation and customer engagement to drive future growth [24][29]

Business Overview - Yingjie Electric focuses on the research and manufacturing of industrial power supplies, covering sectors such as photovoltaic, semiconductor, charging piles, energy storage, and research institutions [1] - The photovoltaic sector has historically held a significant share, but the company is shifting its strategy towards semiconductor and charging pile markets, with semiconductor business showing continuous growth [1] - The company has established partnerships with leading domestic enterprises in the charging pile sector, aiming for substantial business scale breakthroughs [1] Nuclear Fusion Sector - Yingjie Electric has a strong technical foundation in controllable nuclear fusion power supply, providing products like cyclotron power supplies and neutral beam power supplies [2] - The company has expanded its product line to include new IGBT-based magnetic field power supplies and has established long-term cooperation with top research institutions [2] - In 2024, orders related to nuclear fusion power supplies exceeded 10 million yuan, with historical cumulative orders reaching several tens of millions [2] Market Potential and Competitive Advantage - The domestic nuclear fusion projects have significant investment scales, ranging from hundreds of millions to billions of yuan, with power supplies constituting a considerable portion of project investments [3] - The company is actively tracking multiple projects entering the bidding phase in the second half of 2025, leveraging its experience in high-power supply development to maintain a competitive edge [3] - Yingjie Electric's production capacity and technical expertise in high voltage and high current control provide a strong advantage in the market [3] Charging Pile Business - The company is developing new charging pile products for leading domestic enterprises, with products currently in the technical validation stage [4] - Successful validation is expected to lead to high-value orders, establishing a solid revenue support system for the charging pile segment [4] - The company is also expanding its overseas market presence through its subsidiary Yingjie New Energy, aiming for significant breakthroughs in international sales networks [5] Financial Risk Management - The company emphasizes the importance of receivables collection in the photovoltaic sector, addressing potential risks from project delays and bad debts [5] - Despite challenges, the photovoltaic industry is expected to recover post-downturn, with the company maintaining a proactive approach to managing financial risks [5] - Most of the unrecognized sales in the photovoltaic sector have been prepaid, effectively reducing financial risks [5]

Group 1: Business Overview - The company has been deeply involved in the controllable nuclear fusion power supply sector for many years, providing various auxiliary heating power supplies such as cyclotron power supplies and neutral beam power supplies. Recently, the technology has shifted from traditional thyristors to IGBT, and the company has started offering magnetic field power supplies among other products [1] - The company has established long-term cooperative relationships with research institutions such as the Southwest Institute of Physics and the Hefei Institute of Plasma Physics. In 2024, the company's orders related to nuclear fusion power supplies exceeded tens of millions RMB, with historical cumulative orders amounting to several tens of millions RMB [2] Group 2: Market Position and Competition - The company has actively engaged with key domestic commercial nuclear fusion projects across various regions including Anhui, Hebei, Shanghai, Sichuan, and Shaanxi [3] - In the nuclear fusion power supply sector, there are competitors located in cities such as Anshan, Chengdu, Tianjin, and Wuhan. The company has established barriers due to its mature technology and production capacity, as the high power requirements (megawatt level) and stability of the power supply necessitate advanced technical capabilities [4] Group 3: Market Potential and Order Planning - There are multiple nuclear fusion projects in China with significant investment scales ranging from tens of billions to hundreds of billions RMB, where the value of power supplies constitutes a considerable proportion. The company has a higher share in the magnetic field and heating power supplies it currently supplies [5] - Several projects are entering the bidding phase in the second half of 2025, and the company is actively tracking and engaging with project bidding progress [5]

Summary of the Conference Call for Yingjie Electric Company Overview - Yingjie Electric is a leading enterprise in the power supply sector for photovoltaic and semiconductor equipment, with significant advancements in controllable nuclear fusion technology [2][5][29]. Key Points Industry and Market Position - Yingjie Electric's revenue from the research institute sector exceeded 100 million yuan, with involvement in controllable nuclear fusion projects [2][3]. - The company has established partnerships with key research institutions, including the Hefei Institute of Plasma Physics [2][3]. - The controllable nuclear fusion market presents a substantial demand for high-power power supplies, accounting for 5%-10% of project investments [2][7]. Financial Performance and Revenue Recognition - Yingjie Electric aims to confirm approximately 1.7 billion yuan in unrecognized revenue this year, with 60% already received as advance payments [3][17]. - The company is focusing on accelerating revenue recognition from major clients like Longi and Tongwei, with a remaining 1.17 billion yuan to be confirmed [3][17]. Technological Advancements - The company has a strong technical foundation in high-power power supplies, particularly in photovoltaic and polysilicon reduction furnace power supplies [2][6]. - Yingjie Electric's products include cyclotron power supplies and magnetic field power supplies, which are crucial for nuclear fusion projects [3][10]. Competitive Advantages - Yingjie Electric possesses significant competitive advantages in controllable nuclear fusion, including technological synergy and a strong development background [8][9]. - The company is well-prepared to meet the high-power requirements of nuclear fusion projects, with capabilities for stable direct current supply and precise synchronization control [10][11]. Future Growth Opportunities - The semiconductor industry outlook is optimistic, with expected growth in RF power supply models and collaborations with key clients [19][20]. - The charging pile business is being validated, with potential for several hundred million yuan in revenue next year if successful [21][22]. - The company anticipates significant growth in 2026, driven by charging pile business and overseas photovoltaic orders [22][23]. Challenges and Market Conditions - The photovoltaic industry is currently in a downward adjustment cycle, impacting new orders [16][18]. - Yingjie Electric is adapting to the challenges in the photovoltaic sector by diversifying into semiconductor and charging pile markets [18]. Strategic Initiatives - The company is actively pursuing project bids and maintaining strong relationships with clients to secure future orders [24]. - Yingjie Electric's chairman is directly involved in new business opportunities, emphasizing strategic partnerships and resource coordination [14]. Investor Engagement - The company has been hosting numerous offline research activities, particularly following the rise in interest in nuclear fusion concepts [27][28]. Conclusion Yingjie Electric is strategically positioned to leverage its technological strengths and market opportunities in controllable nuclear fusion and semiconductor sectors, while navigating challenges in the photovoltaic industry. The focus on revenue recognition and client relationships will be crucial for future growth.