每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 申万宏源证券指出，银价高涨导致光伏行业降本压力凸显，"去银化"成为电池量产的迫切需求。白 银作为光伏电池浆料的核心原材料，其价格大幅上涨已直接影响到电池片制造成本。N型电池 （TOPCon、HJT、BC等）已成为行业主流技术路线，相较于传统P型电池，其单瓦银耗大幅提升。激 光技术凭借高精高效优势，成为光伏去银化转型的核心支撑，标配属性持续提升。激光转印技术可实现 30%-40%的银浆节约，同时可提升电池转换效率，全面适配各类高效电池路线。激光图形化、开膜与烧 结等工艺也能精准配合去银化技术方案，助力降低对高价贵金属的依赖。 创业板新能源ETF国泰（159387）跟踪的是创新能源指数（399266），单日涨跌幅限制达20%，该 指数从市场中选取涉及清洁能源、新能源汽车及储能技术等业务的上市公司证券作为指数样本，以反映 新能 ...

申万宏源证券指出，银价高涨导致光伏行业降本压力凸显，"去银化"成为电池量产的迫切需求。白银作 为光伏电池浆料的核心原材料，其价格大幅上涨已直接影响到电池片制造成本，N型电池单瓦银耗大幅 提升更增加了成本压力。在此背景下，激光技术凭借高精高效优势，成为光伏去银化转型的核心支撑， 其设备标配属性持续提升。具体而言，激光转印技术可实现30%-40%的银浆节约，同时提升电池转换效 率，全面适配TOPCon、HJT、BC等各类高效电池路线；激光图形化与激光烧结等工艺也能精准配合电 镀铜等"去银化"方案，助力降低对高价贵金属的依赖。 创业板新能源ETF国泰（159387）跟踪的是创新能源指数（399266），单日涨跌幅限制达20%，该指数 从沪深市场中选取涉及太阳能、风能、电动汽车等清洁能源技术及相关产业链的上市公司证券作为指数 样本，以反映新能源领域在技术创新与可持续发展方面的整体表现。行业配置侧重于可再生能源及相关 产业链。 （文章来源：每日经济新闻） 去银化推动光伏行业降本增效，2月3日，创业板新能源ETF国泰（159387）涨超2%，近10日净流入超 4.6亿元。 ...

Core Insights - The company has demonstrated steady revenue growth, achieving a total revenue of 1.781 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 23.7% [1] - The net profit attributable to shareholders reached 496 million yuan, reflecting a year-on-year growth of 29.4% [1] - The company is actively advancing its layout in the photovoltaic laser equipment sector and the broader semiconductor field [3] Financial Performance - For Q3 2025, the company reported a single-quarter revenue of 611 million yuan, which is a year-on-year increase of 14.4% and a quarter-on-quarter increase of 0.4% [1] - The net profit for Q3 2025 was 169 million yuan, showing a year-on-year increase of 15.0% and a quarter-on-quarter increase of 3.61% [1] - The gross profit margin for the first three quarters of 2025 was 46.20%, a decrease of 2.1 percentage points year-on-year, while the net profit margin improved to 27.85%, an increase of 1.2 percentage points year-on-year [1] Cost Management - The company has shown excellent cost control, with a total expense ratio of 13.44%, down 5.6 percentage points year-on-year [1] - The sales expense ratio was 0.73%, a decrease of 1.8 percentage points year-on-year, while the management expense ratio was 3.05%, down 0.7 percentage points year-on-year [1] - The research and development expense ratio was 10.02%, a decrease of 4.6 percentage points year-on-year [1] Cash Flow and Inventory - As of the end of Q3 2025, the company's contract liabilities were 1.413 billion yuan, a decrease of 17.2% year-on-year, and inventory was 1.608 billion yuan, down 11.6% year-on-year [2] - The operating cash flow for Q3 2025 was 154 million yuan, representing a significant year-on-year increase of 621% and a quarter-on-quarter increase of 317% [2] Product Development and Market Position - The company is focusing on photovoltaic laser equipment, including TOPCon battery laser-induced sintering equipment, which enhances photoelectric conversion efficiency by over 0.3% [3] - The company has developed laser micro-etching equipment for back-contact batteries, which reduces production costs through high-precision etching [3] - The company has also made advancements in laser equipment for consumer electronics, new displays, and integrated circuits, achieving comprehensive coverage of laser technology for wafer-level and panel-level TGV packaging [3] Profit Forecast and Investment Rating - The company maintains a profit forecast for net profit attributable to shareholders of 640 million yuan, 720 million yuan, and 760 million yuan for 2025, 2026, and 2027, respectively [3] - The current market capitalization corresponds to dynamic price-to-earnings ratios of 29, 26, and 24 times for the respective years [3] - The company maintains a "buy" rating based on the order income recognition rhythm [3]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 1.17 billion yuan in H1 2025, representing a year-on-year increase of 29.2%, with a net profit attributable to shareholders of 330 million yuan, up 38.4% year-on-year [2] - In Q2 2025, the company reported a revenue of 610 million yuan, a year-on-year increase of 33.8% and a quarter-on-quarter increase of 8.5%, with a net profit of 160 million yuan, reflecting a year-on-year growth of 61.91% [2] - The company's gross margin for H1 2025 was 47.6%, a decrease of 0.4 percentage points year-on-year, while the net profit margin increased by 1.8 percentage points to 27.9% [3] - As of the end of H1 2025, the company's contract liabilities decreased by 17% year-on-year to 1.58 billion yuan, and inventory decreased by 11% to 1.75 billion yuan [4] - The company is actively advancing its business layout in the semiconductor field, focusing on laser equipment for photovoltaic cells and components, as well as laser devices for consumer electronics and integrated circuits [5] Financial Summary - The company forecasts total revenue of 2.514 billion yuan for 2025, with a year-on-year growth of 24.8%, and a net profit of 642.54 million yuan, reflecting a growth of 21.78% [1][11] - The projected earnings per share (EPS) for 2025 is 2.35 yuan, with a price-to-earnings (P/E) ratio of 31.93 based on the current price [1][11] - The company's operating cash flow for H1 2025 was -143 million yuan, a decrease of 35% year-on-year, primarily due to increased cash payments for goods and services [4]