证券研究报告 公司研究 / 首次覆盖 2026 年 03 月 05 日 存储芯片设备或将放量，钙钛矿+固态 电池设备空间广阔 机械设备 报告原因： S0820525070001 021-32229888-25527 zhupan@ajzq.com | 买入（首次评级） | | --- | | 市场数据： | 2026 | 年 03 | 月 | 04 日 | | | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | 51.13 | | | 一年内最高/最低（元） | | | 56.45/17.73 | | | | 市净率 | | | | 4.4 | | | 股息率（分红/股价） | | | | | - | | 流通 A 股市值（百万元） | | | | 5,285 | | | 上证指数/深证成指 | | | 4,082/13,918 | | | | 注："股息率"以最近一年已公布分红计算 | | | | | | | 基础数据： | | | 年 | 月 30 | 日 | 09 | | 2025 | | --- | --- | --- | --- | --- ...

Core Viewpoint - Company is expected to achieve a significant increase in net profit for 2025, with projections of 1.5-1.8 billion yuan, representing a year-on-year growth of 424.29%-529.15% [1] Group 1: Financial Performance - In Q4 2025, the company anticipates a net profit of 314-614 million yuan, a substantial recovery from a loss of 322 million yuan in the same period last year, reflecting a year-on-year growth of 197.52%-290.68% [1] - The overall profitability has improved significantly, with a recovery in gross margin and a notable enhancement in operating cash flow for the entire year of 2025 [1] Group 2: Market Dynamics - The recovery in the lithium battery industry and accelerated expansion by downstream manufacturers have led to a rapid increase in orders, contributing to the company's strong performance [1] - The company has re-entered a growth phase in 2025, with a stock price increase of over 150% during the year, driven by demand in solid-state batteries and energy storage [2] Group 3: Technological Advancements - Company has established a complete technology matrix for solid-state battery production, achieving significant breakthroughs in key manufacturing processes and securing orders from well-known domestic and international enterprises [3] - The successful delivery of customized perovskite solar cell production line equipment demonstrates the company's capability in providing comprehensive solutions in the field of new energy technology [3] Group 4: Industry Outlook - Breakthroughs in solid-state and perovskite battery technologies are reshaping the technical logic of the new energy industry, expanding application boundaries and growth potential [4] - The company's recent completion of the Hong Kong listing process is expected to enhance its global development capabilities and strengthen its competitive position in the industry [4]

Group 1 - The photovoltaic industry showed marginal improvement in Q2 performance, with expectations for measures to curb low-price competition and improve industry standards in the second half of the year [1] - The Ministry of Industry and Information Technology emphasized the need to curb low-price disorderly competition and promote the orderly exit of backward production capacity during a recent industry meeting [1] - The photovoltaic industry is currently at a historically low valuation level, presenting an opportunity for valuation recovery under the backdrop of anti-involution policies [1] Group 2 - After the end of the domestic photovoltaic installation rush, new installation demand has significantly declined, with July's new capacity down 47.55% year-on-year [2] - The export of photovoltaic components remains weak, with a 3% month-on-month decrease in June [2] - The demand in the Asia-Pacific market continues to decline, while imports in the Middle East, Americas, and Africa are increasing [2] Group 3 - The supply of polysilicon has increased month-on-month, but the overall supply-demand situation remains unbalanced [3] - Major manufacturers are reducing production to alleviate inventory pressure, leading to a decrease in the supply of silicon wafers [3] - The inventory days for photovoltaic glass have returned to previous low levels due to production cuts by leading companies [3] Group 4 - Prices in the photovoltaic industry chain have remained stable, with slight increases in polysilicon prices and minor rebounds in silicon wafer and solar cell prices [4] - The "anti-involution" policy has not yet been formally implemented, leading to moderate price increases [4] - Short-term price trends are expected to remain stable [4]