abc 2025 年 12 月 24 日 Global Research 捷佳伟创 光伏板块低迷叠加半导体处于起步阶段，维持 中性 短期内尚无实质性正向催化落地，维持中性评级 我们下调2025-27年EPS预测9%-52%，以此体现光伏设备板块的承压（我 们认为短期内半导体设备很难抵消光伏设备板块的下滑）。年初迄今捷佳伟 创的股价已回升逾50%，我们认为股价已反映了：1）潜在的订单下滑 和TOPCon市场竞争加剧；2) 公司在积极布局新一代光伏电池技术（主要是 钙钛矿叠层电池）和半导体设备，中长期看可望带来增量订单。公司当前股 价对应21.6x 2026E PE，比历史均值低0.2SD，我们认为当前估值合理，我 们维持捷佳伟创的中性评级，因为市场已大致了解产能过剩的问题，但是拐 点可见度较低。 光伏设备短期仍面临显著压力... 估值: 目标价自73.00元上调至95.70元 我们下调2025-27年EPS预测，但我们将目标价自73.00元上调31%至95.70 元，主要由于1）将目标估值比率上调至22x 2026E，此前为10x 2024E（我 们预测2026E EPS降47% vs. 我们此前预测2024 ...

Core Viewpoint - The article discusses a significant leak of TSMC's 2nm chip technology, which has raised concerns about the protection of trade secrets in the semiconductor industry [4]. Group 1: Incident Overview - TSMC has reported a potential leak of its 2nm advanced chip manufacturing technology, leading to the dismissal of several employees involved in the incident [4]. - An internal investigation revealed that nine individuals were implicated, with three directly involved in the 2nm trial production using mobile phones to capture sensitive information [4]. - The leaked information was reportedly shared with employees of Tokyo Electron, the world's fourth-largest semiconductor equipment manufacturer [4][5]. Group 2: Industry Context - The 2nm chip production is at the forefront of semiconductor manufacturing, with only a few companies, including TSMC, Samsung, Intel, and Rapidus, actively developing this technology [4]. - The semiconductor industry is experiencing unprecedented investment levels, with TSMC and Samsung each spending over $30 billion annually on capital expenditures [4]. - Advanced chips and memory are becoming critical resources in the competitive landscape of artificial intelligence, driving the need for cutting-edge technology [4]. Group 3: Company Responses and Market Position - TSMC has emphasized its commitment to protecting trade secrets and has a zero-tolerance policy for breaches of confidentiality [5]. - Tokyo Electron holds leading market positions in several categories of semiconductor manufacturing equipment, including coating and developing, and is a key player in the supply chain for advanced packaging technologies [5].

Core Insights - The Japan Solar Photovoltaic Expo (PVEXPO) is a significant platform for the solar energy industry in Asia, showcasing advancements and facilitating networking among professionals [1][4][8] Event Overview - The 2025 PVEXPO will take place in three sessions: Spring (February 19-21 in Tokyo), Autumn (September 17-19 in Chiba), and Winter (November 19-21 in Osaka) [1] - The event is expected to host approximately 1,200 exhibitors and attract around 50,000 visitors, highlighting its growing scale and influence [4] Industry Engagement - The expo will feature around 248 forums and presentations focused on solar technology and industry trends, providing deep insights for exhibitors and attendees [4] - Notable companies such as Huawei, Hanwha, Jinko Solar, JA Solar, Panasonic, Sharp, Sungrow, Yingli, BYD, and Hareon Solar have previously participated, showcasing their latest innovations [4] Product Range - The exhibition will cover a wide array of products, including solar cell materials (monocrystalline, polycrystalline, amorphous silicon), manufacturing equipment, and photovoltaic systems [5][7] - Key components such as connectors, junction boxes, and distribution boxes will be displayed, emphasizing their critical roles in solar energy systems [7] Networking and Collaboration - The event fosters a collaborative atmosphere where industry experts and representatives can share experiences and discuss future directions, enhancing market understanding and partnership opportunities [7] - Media coverage will amplify the event's visibility, encouraging greater participation from industry professionals [7] Future Outlook - As technology advances and market demands evolve, future expos are expected to feature more innovative products and solutions, with organizers committed to adapting to these changes [7][8] - The PVEXPO aims to continue its pivotal role in promoting renewable energy development and application within the solar industry [8]