证券代码：300820 证券简称：英杰电气 | 方式（含已提货未签合同订单）无明显差距，2025 年上半年有 | | --- | | 新的产品并已有销售，但因销量小、前期研发成本分摊，对报 | | 告期内的毛利率有较大影响，短期内还不能转化为大规模销售 | | 收入。射频电源未来起量需客户加快订单节奏，公司也接到了 | | 客户新的研发任务，若下半年或明年上半年推出产品，有望推 | | 动射频电源销售体量的增长。 | | 问题 5：核聚变电源今年订单体量及客户合作进展如何？ | | 答：核聚变电源业务去年订单约 1,000 万左右，今年目前 | | 体量相近。今年下半年至明年上半年，核心项目可能进入集中 | | 采购阶段，存在电源招投标机会，公司正密切跟踪并收集客户 | | 需求及电源类型信息。成都地区的项目跟踪最为紧密，各项目 | | 上和友商存在竞争，均有机会，后续订单量取决于招投标结果。 | | 公司一直配合客户进行定制化研发，基于技术平台可开发符合 | | 客户需求的电源。 | | 问题 6：下半年毛利率及盈利水平趋势如何？ | | 答：半导体行业毛利率下滑主要因新产品成本纳入、子公 | | 司成本划 ...

英杰电气 20250822 摘要 英杰电器 2025 年中期经营活动现金流净流入同比下降，光伏行业收入 占比 41.23%，同比下降 25.18%，但仍为主要收入来源，半导体及电 子材料收入占比 22.2%，同比下降 13.245%，其他行业收入占比 36.56%，同比增长 24.21%。 截至 2025 年中期，存货维持在 14.8 亿元的高位，合同负债为 11.37 亿元，与 2024 年底基本持平。公司解释称定制化电源产品并非积压原 材料，而是已发货但未完全确认收入的商品。 半导体及电子材料领域表面下滑，但按以往结算方式计算，实际销售收 入应增长至 2 亿以上，且半导体材料订单增长接近 50%。科研院所、充 电桩和储能等其他业务板块表现强劲，充电桩和储能订单同比增长接近 60%。 公司面临光伏行业订单大幅减少和海外市场不确定性带来的业绩压力， 但非光伏领域拓展取得成效，在手订单保持较高水平，现金流状况良好。 将继续努力确认光伏销售收入，并加快其他业务板块发展。 Q&A 英杰电器 2025 年上半年的财务表现如何？ 2025 年上半年，英杰电器实现营收 7.22 亿元，同比下降 9.42%；营业收入 1. ...

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]

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.

Market Overview - The A-share market showed slight gains with the Shanghai Composite Index up by 0.08% to 3382.96 points, while the Shenzhen Component increased by 0.5% and the ChiNext Index rose by 0.48% [1][2] - The total trading volume for A-shares reached 661.11 billion yuan during the half-day session [1] Monetary Policy - The People's Bank of China conducted a reverse repurchase operation of 142.5 billion yuan for 7-day terms at a fixed rate of 1.4%, with a net injection of 36 billion yuan for the day after considering maturing reverse repos [2] E-commerce and Digital Consumption - In the first four months of the year, China's e-commerce sector has enhanced the integration of domestic and foreign trade, with online sales of digital products increasing by 8.4%. Notably, sales of smart robots and smart home systems surged by 87.6% and 16%, respectively [3] Company Developments - China Petroleum & Chemical Corporation (Sinopec) announced its investment in Contemporary Amperex Technology Co., Ltd. (CATL) as a cornerstone investor, which is part of a broader strategy to enhance infrastructure for battery swapping stations [3] - Zhongzhou Special Materials is experiencing strong demand due to increased capital expenditure in the oil and gas sector, with expansion into new energy and nuclear power applications [8] - Aike Cyber is focusing on semiconductor power supply technologies, achieving competitive performance metrics compared to leading international brands [8] - Guoguang Electric is expanding into the civil market for pressure vessel measurement and control components, driven by technological innovation and domestic substitution trends [8] - Xuguang Electronics is making strides in high-end technology sectors, achieving breakthroughs in critical technologies and domestic replacements [8] Sector Performance - The healthcare sector saw significant gains, with companies like Yong'an Pharmaceutical and Beirui Gene experiencing rapid stock price increases [3] - The controlled nuclear fusion sector led the market with an average increase of 3.35%, while shipping concepts lagged with a decline of 1.02% [4]

Group 1: Company Advantages and Market Position - The company has a strong technical foundation and extensive industry experience since its establishment in 1996, which aids in quickly addressing market demands in the semiconductor power supply sector [1][2]. - The company is recognized as a national high-tech enterprise and has a strong reputation in the industry, which enhances its ability to attract talent despite being located in Sichuan [2]. - Compared to international competitors, the company has made significant progress in technology but still has gaps in brand recognition and some high-end technical indicators [2]. Group 2: Industry Outlook and Growth Opportunities - The company sees numerous opportunities in the renewable energy sector, particularly in photovoltaic, energy storage, and electric vehicle charging stations, with a notable breakthrough in overseas photovoltaic orders [3][4]. - The global semiconductor market is growing, and the company has made strides in domestic semiconductor equipment power supply, with expectations for continued order increases [3][4]. - The company aims to achieve a revenue target of 5 billion yuan, with plans to expand production capacity to meet market demands [4][5]. Group 3: Revenue Recognition and Financial Management - Revenue recognition varies significantly across business lines due to industry characteristics, with delays in project completion affecting income recognition [4][8]. - The company has a current asset-liability ratio of 48.44%, which is considered reasonable within the industry, indicating manageable debt risk [8][9]. - The company has implemented measures to accelerate project acceptance and receivables management to mitigate revenue recognition pressures in the photovoltaic sector [8][9]. Group 4: Future Growth Drivers - Future growth points are expected to come from semiconductor business, charging stations, energy storage, and international market expansion [5][6]. - The company is exploring opportunities in the hydrogen production sector, leveraging its experience in power supply technology [6][7]. - The company is also focusing on expanding its presence in traditional industries and emerging fields, which could significantly boost revenue [7][8]. Group 5: Innovation and R&D Strategy - The company emphasizes continuous R&D investment and technological innovation to maintain competitiveness and meet market demands [15][20]. - Plans for 2025 include focusing on domestic semiconductor power supply technology and enhancing team capabilities to support innovation [18][21]. - The company aims to optimize its cost structure through various measures, including supply chain collaboration and production efficiency improvements [22][23].

Investment Rating - The report maintains a "Buy" rating for the company [1][10] Core Views - The semiconductor business continues to develop, and overseas renewable energy business prospects are promising [1] - In 2024, the company achieved revenue of 1.78 billion yuan, a year-on-year increase of 0.59%, while net profit attributable to the parent company was 323 million yuan, a year-on-year decrease of 25.19% [3] - The company is focusing on expanding its overseas photovoltaic and charging pile businesses, with steady progress in semiconductor product models and new orders [6][7] Financial Performance Summary - In 2024, the company's photovoltaic revenue was 874 million yuan, down 10.27% year-on-year, while semiconductor revenue was 351 million yuan, up 6.41% year-on-year [6] - The gross margin for the semiconductor segment increased significantly, with a gross margin of 53.98% in 2024, up 11.14 percentage points year-on-year [6] - The company expects revenues of 2.201 billion yuan, 2.664 billion yuan, and 3.177 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 430 million yuan, 546 million yuan, and 672 million yuan [9][10] Market Performance Summary - As of April 30, 2025, the company's stock price was 39.90 yuan, with a market capitalization of approximately 8.84 billion yuan [4] - The company's performance over the last 12 months shows a decline of 19.7%, compared to a 4.6% increase in the CSI 300 index [4]

Core Viewpoint - The company reported a decline in net profit for 2024 and Q1 2025, while facing challenges in the domestic photovoltaic market and focusing on expanding its semiconductor business as a new growth avenue [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 1.78 billion yuan, a year-on-year increase of 0.59%, while net profit attributable to shareholders was 323 million yuan, a year-on-year decrease of 25.19% [1]. - For Q1 2025, the company reported revenue of 325 million yuan, a year-on-year decline of 13.3%, and a net profit of 50 million yuan, down 36.84% year-on-year [1]. Industry Challenges - The domestic photovoltaic sector is experiencing significant pressure from price wars, leading to a 42% year-on-year decrease in order volume for photovoltaic equipment manufacturers in 2024 [2]. - The price war has spread from the silicon material segment to the mid and downstream sectors, causing a substantial contraction in profits across the entire industry chain [2]. Strategic Initiatives - To mitigate the impact of the domestic photovoltaic market downturn, the company is enhancing its overseas market expansion, achieving better order performance in Asia [2]. - The company is increasing its investment in the semiconductor sector, which is expected to benefit from a recovery driven by AI, high-performance computing, and 5G technologies, with the global semiconductor market projected to reach $628 billion in 2024, a year-on-year growth of 19.1% [3]. - The company is focusing on key semiconductor processes such as etching, chemical vapor deposition (CVD/PECVD), and ion implantation, while also exploring emerging fields like silicon carbide epitaxy and composite copper foil [3]. Investment Outlook - Revenue projections for the company from 2025 to 2027 are estimated at 2.56 billion yuan, 3.046 billion yuan, and 3.65 billion yuan, with net profits of 586 million yuan, 736 million yuan, and 903 million yuan respectively [4]. - The company is assigned a target price of 53.03 yuan based on a 20x PE ratio for 2025, maintaining a "Buy-A" investment rating [4].

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, primarily due to challenges in the photovoltaic (PV) sector and increased asset impairment losses [1][3]. Financial Performance - In 2024, the company achieved revenue of 1.78 billion yuan, a year-on-year increase of 0.6%, while net profit attributable to shareholders was 320 million yuan, a year-on-year decrease of 25.2% [1]. - For Q1 2025, the company reported revenue of 325 million yuan, a decline of 13.3%, and a net profit of 50 million yuan, down 36.84% [1]. Business Segments - The PV business experienced a decline of 10.3% in 2024, while the semiconductor and other industries maintained growth, with increases of 6.4% and 18.9%, respectively [2]. - The decline in the PV sector was attributed to reduced orders for equipment power due to weakened downstream silicon material and wafer production capacity, as well as extended payment terms from customers [2]. - The semiconductor and electronic materials segment saw growth due to increased investment in key processes such as etching and deposition, with some RF power models already in mass production [2]. - The charging pile business faced a 13.2% decline due to fluctuations in terminal demand, while other industries, including steel metallurgy and glass fiber, experienced overall revenue growth of 18.9% [2]. Profitability and Margins - The gross margins for the PV, other industries, and semiconductor segments changed by -2.36, -1.97, and +11.14 percentage points, reaching 28.53%, 44.64%, and 53.98%, respectively [3]. - The semiconductor business saw significant margin improvement due to rapid growth in RF power, while the PV sector faced narrowing margins due to weak demand [3]. - Overall gross margin for the company improved by 1.27 percentage points to 38.5% in 2024 [3]. Asset and Credit Impairment - The company recorded high asset impairment losses of 58.93 million yuan and credit impairment losses of 12.49 million yuan in 2024 [3]. - As of Q1 2025, inventory was approximately 1.56 billion yuan, and contract liabilities were about 1.15 billion yuan, supporting revenue growth [3]. Future Outlook - Due to the decline in PV demand and associated impairment losses, the company has adjusted its 2025 net profit forecast down by 36.7% to 365 million yuan and introduced a 2026 net profit estimate of 439 million yuan [3]. - The current stock price corresponds to a price-to-earnings ratio of approximately 24.9x for 2025 and 20.7x for 2026, with a target price of 55 yuan, indicating a potential upside of 33.9% compared to the current stock price [3].