我们下调公司25-27 归母净利至9.12/10.29/10.90 亿元（ 分别下调23%/21%/25%），对应EPS 为 3.26/3.68/3.90 元，主要系光伏下游客户盈利承压拖慢公司收入确认节奏，并提升减值压力。虽然公司 光伏业务收入确认放缓对公司短期利润造成一定影响，但考虑公司半导体刻蚀、沉积设备等布局加速， 我们在可比公司中新增中微公司，以反应公司半导体刻蚀设备、沉积设备等业务估值。可比公司2025 年Wind 一致预期PE 为34 倍，给予公司25 年34 倍 PE 估值，对应目标价为110.84 元（前值89.04 元，对 应25 年PE 21 倍）。 海外HJT 设备与半导体设备收入确认推动公司毛利率提升根据公司半年报，Q2 公司实现毛利率 39.0%，同比+8.0pp，环比+9.9pp；实现净利率12.3%，同比+4.8pp，环比+5.4pp。公司毛利率提升，我 们认为主要系海外HJT 设备收入确认和半导体设备收入确认推动。25 上半年公司确认印度信实4.8GW HJT 设备部分收入约5.36 亿元。2025 上半年，公司在半导体及显示行业实现收入1.3 亿元，同比增长 496.9%； ...

Core Viewpoint - The Guangzhou Development Zone and Huangpu District have introduced policies to support the high-quality development of the integrated circuit industry, focusing on the localization of key equipment and components [1] Group 1: Policy Measures - The newly released policy encourages the development of high-end semiconductor and sensor manufacturing materials, including photomasks, electronic gases, photoresists, polishing materials, and high-purity targets [1] - The policy aims to steadily enhance the supply capacity of key basic materials by actively attracting domestic key basic material enterprises [1] Group 2: Support for Localization - Continuous research and technological breakthroughs will be conducted around key components and system integration for integrated circuit manufacturing, supporting the localization of equipment such as photolithography, cleaning, etching, ion implantation, and deposition [1] - For newly introduced industrial projects with fixed asset investments exceeding 10 million yuan, companies achieving small-scale upgrades during the policy's validity period will receive support of up to 15% of their equipment and tool investment, with a maximum of 10 million yuan [1]