证券代码：300480 证券简称：光力科技 债券代码：123197 债券简称：光力转债 答：目前公司的机械划切设备有二十余种型号，并可以根据客户的 应用场景提供定制化的解决方案。目前公司国产半导体设备出货数量以 标准机型为主，但自 2025 年开始，定制共研型号设备的销量占比在逐 步提升。 编号：20260320 | | √特定对象调研 □分析师会议 | | --- | --- | | □媒体采访 投资者关系活动 | □业绩说明会 | | | □新闻发布会 √路演活动 | | 类别 √现场参观 | | | | □其他（请文字说明其他活动内容） | | 参与单位名称及 | 中银基金：杨雷；万家基金：石韬、武玉迪、张希晨、况晓、黄兹睿、 | | | 汪洋；浦银安盛基金：刘妍雪；银河基金：高鹏；上海赢韵私募：徐旺、 | | 人员姓名 | 张晓春；犁得尔私募基金：顾宇丰。 | | 时间 2026 年 | 3 月 20 日 | | 地点 | 公司郑州航空港厂区 2 号楼会议室、上海 | | 上市公司接待人 | 总经理、董事：胡延艳 | | 员姓名 | 董事会秘书：吕琦 | | | 证券事务代表：关平丽 | | | 管理 ...

Group 1: Report Basic Information - The report is about a research on Guangli Technology, a company in the special equipment industry, conducted on March 16, 2026 [1][2][16] - The listed company's reception staff includes General Manager and Director Hu Yanyan, Board Secretary Lü Qi, and Securities Affairs Representative Guan Pingli [16] Group 2: Research Institutions - Participating research institutions include Dapu Asset, Fuzeyuan Fund, Yingxin Fund, Xingyi Investment, Ciyang Investment, etc [2] - A detailed list of research institutions, their types, and relevant personnel is provided, including asset management companies, fund management companies, securities companies, insurance asset management companies, trust companies, and futures brokerage companies [17][18] Group 3: Core Views - The global semiconductor equipment market is expected to experience strong growth driven by AI from 2025 - 2027, with sales forecast to hit new highs. The industry's capital expenditure is in an upward cycle, and downstream customers are expanding production more rapidly [26] - The company's domestic semiconductor business is growing rapidly due to the wide application of its domestic dicing equipment in the advanced packaging field [26] - The company's domestic semiconductor business orders are increasing, with large - customer orders accounting for about half of the new orders. The proportion of customized co - research model equipment sales has been gradually increasing since 2025 [26] - The company has completed the R & D of laser dicing machines (laser grooving machine and laser stealth dicing machine), which are being verified by clients. The grinder is also being verified by clients with good feedback, and the grinding and polishing integrated machine is under R & D [26][27] - In the first half of 2025, the gross profit margin of the company's IoT safety monitoring equipment business was 70.92%, and that of the semiconductor packaging and testing equipment manufacturing business was 41.57%. The semiconductor business gross profit margin is expected to further increase [27] - The company plans to apply to the National Association of Financial Market Institutional Investors to register and issue up to RMB 500 million of science and technology innovation bonds to ensure sufficient funds for semiconductor packaging and testing equipment R & D, production, and business expansion [27] - The company's IoT safety monitoring business has been developing steadily and will continue to expand new products and applications to support the development of the semiconductor equipment business [28]

Group 1: Company Overview - The company is 光力科技 (Guangli Technology), with stock code 300480 and bond code 123197 [1] - The investor relations activity took place on March 16-17, 2026, at the company's Zhengzhou Aviation Port facility and included both in-person and online communication [2] Group 2: Semiconductor Business Development - The company's domestic semiconductor business is experiencing a continuous increase in new orders, with large customer orders accounting for approximately 50% of these new orders [3] - The company’s semiconductor equipment sales are primarily standard models, but the proportion of customized collaborative models is gradually increasing since 2025 [3] Group 3: Product Progress and Applications - The company has developed laser scribing machines, including laser grooving and laser dicing machines, which are used for processing materials like Low-k films and ultra-thin silicon wafers [3] - The grinding machine for 8-inch and 12-inch wafers is currently undergoing client validation, with positive feedback received [4] Group 4: Financial Performance - The gross profit margin for the IoT safety monitoring equipment business was 70.92% in the first half of 2025, while the semiconductor packaging and testing equipment manufacturing business had a gross profit margin of 41.57% [4] - The semiconductor business's gross profit margin is expected to improve further due to an increase in the sales proportion of customized collaborative equipment and the application of self-developed core components [5] Group 5: Financing Plans - The company plans to issue up to RMB 500 million in technology innovation bonds to support its semiconductor packaging and testing equipment R&D, production, and business expansion [6] - Future financing plans will be disclosed in a timely manner, and investors are advised to pay attention to investment risks [7] Group 6: IoT Business Outlook - The IoT safety monitoring business is expected to continue stable development in 2026, supporting the growth of the semiconductor equipment business [7] - The company aims to expand new products and applications while consolidating existing product advantages to assist clients in smart mining construction [7]

Group 1: Company Performance and Operations - The company has maintained full production capacity for its domestic semiconductor equipment since July 2025, benefiting from the growing application of domestic cutting equipment in advanced packaging [2][3] - In 2026, the speed and volume of customer deliveries are expected to continue the trends observed in the second half of 2025, with measures in place to enhance production efficiency [2][3] - The second phase of the aviation port factory project is anticipated to be fully operational by Q1 2027, with a strategy to implement production during construction to meet customer delivery needs [3] Group 2: Product Development and Market Expansion - New products in the domestic semiconductor business, including laser slotting machines and laser hidden cutting machines, are currently undergoing client validation, while a grinding and polishing integrated machine is in development [3] - The domestic cutting spindle has been applied in semiconductor manufacturing and began external sales in 2025, with applications in cutting, grinding, and optical detection [3][4] Group 3: Financial Strategies and Future Plans - The company has decided to exercise its early redemption rights for the "Guangli Convertible Bonds" to reduce financial expenses and future interest payments, supporting sustainable development [5][6] - A plan to issue up to RMB 500 million in technology innovation bonds is in place to support R&D and business expansion in semiconductor packaging equipment, pending shareholder and regulatory approvals [6]

Group 1: Company Overview - The company is Guangli Technology Co., Ltd., with stock code 300480 and bond code 123197 [1] Group 2: Investor Relations Activities - The investor relations activities included a site visit and a telephone conference on March 10 and 11, 2026 [2] - Key participants included representatives from various investment firms such as Everbright Yuming, Taiping Asset, and CITIC Securities [2] Group 3: Semiconductor Business Performance - The company's semiconductor machinery has been in full production since July 2025, with continuous increases in order volume [2] - The company aims to accelerate the verification process of new products, including laser slotting machines and grinding machines, to generate sales orders [2][3] Group 4: Product Compatibility and Customization - The company's blades are universal consumables compatible with various brands of slicing machines, with soft blades used for cutting integrated circuits and hard blades for silicon wafers [3] - The company offers over twenty models of mechanical slicing equipment, with a gradual increase in sales of high-end customized models since 2025 [3] Group 5: Revenue and Profitability - The gross margin for the semiconductor business is projected to exceed 40% in 2024, with expectations for further improvement as high-end customized equipment sales increase and core components are integrated [3]

Group 1: Semiconductor Business Performance - In Q1 2026, the company's semiconductor business continues to maintain a high demand with full production capacity and increasing new orders [2][3] - The global semiconductor equipment market is expected to reach historical highs from 2025 to 2027, driven by AI [3] - The company’s production capacity is set to triple with the completion of the second phase of the aviation port project, expected in Q1 2027 [3] Group 2: Product Development and Applications - The company's laser slicing machines are being validated for use with Low-k films, aluminum nitride, and other materials [3][4] - The domestic semiconductor mechanical slicing equipment matches the performance of international leading models, gaining recognition from major domestic customers [4] Group 3: Financial Outlook - The gross margin for the semiconductor business is projected to exceed 40% in 2024, with expectations for further improvement as high-end customized equipment sales increase [6] - The company is considering the conditional redemption of its convertible bonds if stock prices meet specified thresholds [8][9] Group 4: Operational Stability and Risk Management - The geopolitical situation in the Middle East has limited impact on the operations of the Israeli ADT factory, which remains stable and operational [6][7] - The company has established strong communication with clients to ensure order delivery and minimize external risks [7] Group 5: Product Offerings and Market Reach - The company’s air spindles are produced in both the UK and China, serving high-precision processing clients domestically and internationally [5] - The ADT subsidiary serves clients primarily in the US, Europe, Taiwan, and Southeast Asia, with a strong reputation in the semiconductor packaging equipment sector [9]