Core Viewpoint - Hunan Yujing Machinery Co., Ltd. has made significant advancements in its semiconductor, consumer electronics, and magnetic materials businesses, as discussed during the online investor reception event held on September 19, 2025 [1]. Semiconductor Business - The company has achieved notable success in the processing equipment for silicon carbide substrates, with its 6-8 inch high-precision CNC cutting, grinding, and polishing equipment now in mass production, positioning it as a major supplier in this sector [1]. - Silicon carbide, a core material for third-generation semiconductors, is widely used in RF fields such as 5G communications, national defense, aerospace, and power applications in electric vehicles [1]. - The company is also making progress in the development of high-precision multi-wire cutting equipment for 12-inch silicon wafers, aligning its equipment layout with the industry's trend towards larger sizes [1]. Consumer Electronics Business - The high-precision multi-wire cutting machines, grinding and polishing machines, and associated diamond wire products developed by the company have gained recognition from industry-leading firms, being deeply applied in processing hard and brittle materials like glass, sapphire, and ceramics for smartphones and wearable devices [2]. - Although the impact of the iPhone 17 launch on the company's business was not directly stated, the new technologies and processes in the consumer electronics sector present new opportunities for the company [2]. - According to IDC data, global smartphone shipments are expected to grow by 1.0% in Q2 2025, reaching 295.2 million units, marking the eighth consecutive quarter of growth, which also creates opportunities for the company [2]. Magnetic Materials Business - Magnetic materials are fundamental to industrial and information technology development, with applications across various sectors including wind power, electronics, computers, communications, medical, home appliances, and military [3]. - The demand for magnetic materials is increasing in emerging fields such as electric vehicles, photovoltaic power generation, communication base stations, and robotics [3]. - In 2024, China's production and sales of electric vehicles are projected to reach 12.888 million and 12.866 million units, respectively, reflecting growth rates of 34.4% and 35.5%, while the production of industrial robots is expected to reach 556,000 units, growing by 14.2% [3]. - The company has a deep understanding of the magnetic materials equipment industry, and its cutting machines and associated diamond wire products have received high recognition from customers, indicating potential growth opportunities as industry conditions improve [3].

证券代码： 002943 证券简称：宇晶股份 湖南宇晶机器股份有限公司 投资者关系活动记录表 问题 2、公司线切机最大能匹配多大尺寸的半导体产线呢？ 回复：尊敬的投资者，您好！目前，碳化硅衬底行业正处于尺 寸升级的关键发展阶段，行业正在由 6 英寸、8 英寸向大尺寸碳化 硅衬底升级阶段，公司应用于碳化硅衬底材料加工的 6-8 英寸高 精密数控切、磨、抛设备已实现批量销售，成为碳化硅衬底加工设 备的主要供应商之一。公司应用于半导体 12 寸硅片切割的高精密 多线切割设备研发进展顺利。感谢您对公司的关注！ 问题 3、您好，IPHONE17 的推出会不会对公司消费电子业务的 起量有所帮助？ 回复：尊敬的投资者，您好！公司研发制造的高精密多线切割 机及配套的金刚线产品和研磨抛光机，广泛应用于消费电子玻璃、 蓝宝石、陶瓷等硬脆材料切割、研磨、抛光等关键工序，受到行业 知名企业的高度认可，已深度应用于智能手机、穿戴式智能设备等 智能终端领域，消费电子领域新工艺、新技术产业化的应用也为公 司带来了新的机遇。感谢您对公司的关注！ 问题 4、您好！管理层对消费电子行业发展怎么看？会将公司 重心放回手机一块么？ 回复：尊敬的投资 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][7]. Core Insights - The company has shown significant improvement in Q2 2025 performance, with a notable increase in revenue and net profit compared to Q1 2025. The revenue for Q2 2025 reached 362 million yuan, a year-on-year decrease of 3.95% but a quarter-on-quarter increase of 196.51%. The net profit for the same period was 51 million yuan, reflecting a year-on-year increase of 212.31% and a quarter-on-quarter increase of 229.82% [5][6]. - The company's gross margin improved to 26.95% in H1 2025, up by 3.34 percentage points year-on-year, while the net margin decreased to 1.51%, down by 4.54 percentage points year-on-year. The increase in expense ratios was attributed to fixed costs amid declining revenues [6]. - The demand for the company's high-precision cutting and polishing equipment is expected to rise due to the recovery in the consumer electronics sector, driven by innovations in AI technology and product design changes [6]. - The company is positioned as a key supplier in the domestic market for silicon carbide (SiC) processing equipment, with successful sales of high-precision cutting and polishing equipment for 6-8 inch substrates [6]. Financial Projections - Revenue projections for 2025-2027 are estimated at 1.053 billion yuan, 1.774 billion yuan, and 2.248 billion yuan, representing year-on-year growth rates of 1.53%, 68.37%, and 26.78% respectively. The expected net profit for the same period is projected to be 27 million yuan, 229 million yuan, and 318 million yuan, with growth rates of 107.20%, 748.92%, and 38.78% respectively [7][9]. - The report indicates a significant improvement in the company's price-to-earnings (P/E) ratio, expected to be 279.86 in 2025, decreasing to 23.75 by 2027 [7][9].