2025年08月24日，迈为股份披露接待调研公告，公司于08月22日接待睿远基金管理有限公司、世纪证券 有限责任公司、天风证券股份有限公司、五矿证券有限公司、西部证券股份有限公司、甬兴证券有限公 司等139家机构调研。 在半导体前道领域，公司采取差异化发展路径，专注于其他公司尚未布局或竞争力不足的领域，选择性 刻蚀和原子层沉积作为主要方向。选择性刻蚀在三维闪存、内存和先进逻辑中应用广泛，是一种干法化 学刻蚀，可以最大程度抑制离子轰击带来的物理损伤。公司着眼于未来技术节点的发展方向来做设备的 差异化布局，进展较快的原因在于团队的努力程度和高效执行力。 迈为股份（300751）股价报85.44元，较前一交易日收盘价上涨5.09元，涨幅为6.33%，总市值238.72亿 元。从行业市盈率来看，迈为股份所处的光伏设备行业滚动市盈率平均31.36倍，行业中值31.08倍，迈 为股份27.80倍排名第17位。 在光伏技术方面，公司推动的光子烧结、PED和边缘刻蚀等HJT电池新技术推进顺利，有望年底前实现 HJT组件平均功率780W、最高功率接近800W的目标。公司认为未来电池片背面浆料技术将逐步从银包 铜浆料发展到采用纯 ...

公司进展较快的原因在于采取了差异化的发展路径，专注于其他公司尚未布 局或竞争力不足的领域，同时着眼技术关键节点与客户协同研发并前瞻性布 局。此外，团队的努力程度和高效执行力也是快速发展的关键因素。 证券代码：300751 证券简称：迈为股份 苏州迈为科技股份有限公司 2025 年 8 月 22 日投资者活动记录表 编号：2025-003 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | 活动类别 | □现场参观 电话会议 ☑ | | | □其他： （请文字说明其他活动内容） | | 参与单位名 | | | 称及人员姓 | 机构投资者共168人，后附 | | 名 | | | 时间 | 2025 年 8 月 22 日 16:00-17:00 | | 地点 | 公司会议室（电话会议） | | 公司接待人 | 董事长周剑先生、财务总监兼董事会秘书刘琼先生、证券部总监谭静女士、 | | 员、姓名 | 投资者关系张宏广先生、证券事务代表徐孙杰先生 | | | 首先，简要介绍一下公司 2025 年半年度基本经营情 ...

Core Viewpoint - The photovoltaic sector is experiencing a significant rebound driven by policy reforms and industry self-regulation, creating potential investment opportunities. Group 1: Market Drivers - The first driver is a strong policy initiative aimed at curbing unhealthy competition, with the Ministry of Industry and Information Technology targeting the elimination of outdated production capacity to support quality enterprises [3]. - The second driver is a collective production cut by leading polysilicon manufacturers, forming a "photovoltaic OPEC" that tightens supply and boosts silicon material prices by over 20% [3]. Group 2: Investment Strategies - Investors are advised to focus on leading companies that possess both technological and cost advantages, such as Tongwei and Longi, as they are likely to benefit from the policy reshuffle [3]. - Another strategy involves betting on innovative technologies like HJT and perovskite tandem cells, which have achieved laboratory efficiencies exceeding 32%, although mass production is still pending [3]. Group 3: Risks - There is a risk that production capacity clearance may not yield significant results, as some struggling companies continue to operate [4]. - The competition among different technological routes is fierce, and misplacing bets could lead to substantial losses [4]. - High trade barriers, particularly from the U.S., pose a risk with potential tariffs impacting the sector [4].

Core Viewpoint - The photovoltaic sector is experiencing a strong rebound driven by national policies and improved industry fundamentals, with significant stock price increases among leading companies [1] Group 1: Market Performance - Jiejia Weichuang surged by 20%, while Shuangliang Energy also hit the daily limit, indicating a robust market sentiment [1] - The overall photovoltaic installed capacity in China exceeded 1.1 billion kilowatts by the end of June, marking a year-on-year growth of 54.1% [1] Group 2: Policy Impact - The National Development and Reform Commission has allocated 69 billion yuan for the third batch of old-for-new funds, with a total of 300 billion yuan planned for the year, emphasizing the importance of photovoltaic equipment updates [1][2] - The "anti-involution" policy has reached a national strategic level, signaling a formal recovery in profitability across the photovoltaic industry chain [1] Group 3: Sector Analysis - The photovoltaic equipment manufacturing sector is expected to see a market scale breakthrough due to technological iterations, with N-type battery technologies like TOPCon and HJT achieving over 40% penetration [2] - The price recovery of polysilicon and auxiliary materials is anticipated to enhance profitability, with leading companies accelerating the integration of smaller capacities [2] - The old-for-new policy is expected to activate a trillion-yuan market, prompting logistics companies to enhance their renewable energy logistics networks [2] Group 4: Investment Trends - There is a surge in funds flowing into the photovoltaic sector, with institutional holdings in leading companies on the rise as investors seek exposure through index products [2]

Group 1 - The photovoltaic sector has seen a collective surge, with various segments such as BC batteries, TOPCon batteries, and HJT batteries showing strong performance, highlighted by stocks like Lianfa Co., Tianchen Co., and Dongcai Technology reaching their daily limit up for three consecutive days [1] - Recent policies targeting the photovoltaic industry aim to address chaotic competition caused by "low-price internal competition," with measures from the Ministry of Industry and Information Technology focusing on raising production thresholds and regulating market competition to shift the industry towards high-quality development [1] - The price of polysilicon futures has recently surged, with the main contract opening high and peaking over 4% in intraday trading, approaching its highest point since listing, marking a nearly 50% increase from its low in less than a month [1] Group 2 - Data from the China Nonferrous Metals Industry Association's Silicon Industry Branch indicates that the transaction price range for n-type polysilicon this week is between 40,000 to 49,000 yuan per ton, with an average price of 41,700 yuan per ton, reflecting a week-on-week increase of 12.4% [3] - The n-type granular silicon transaction price range is reported to be between 40,000 to 45,000 yuan per ton, with an average price of 41,000 yuan per ton, showing a week-on-week increase of 15.2% [3] - Despite the recent price increases in polysilicon, the fundamental support remains weak, with supply and demand not showing substantial improvement; a potential turning point for price strength may arise from downstream silicon wafer companies being forced to halt or reduce production due to high raw material costs and low downstream prices [3] Group 3 - Recent news indicates that the photovoltaic sector is experiencing positive developments abroad, with a cooperation order signed between Zhongxinbo and Shanghai Electric for the Sadawi photovoltaic project in Saudi Arabia, which has a capacity of 2.3 GW and covers an area of approximately 40 square kilometers [3] - According to Energy's forecast, the installed capacity of renewable energy in the Middle East is expected to exceed 200 GW by 2030, with solar energy being the primary contributor to this growth [4] - Huachuang Securities notes that there is an increasing call for self-discipline within the photovoltaic sector, with expectations for supply-side reforms to improve industry supply and demand, potentially leading to price and profit recovery across the industry chain [4]

Group 1 - The recent policy changes, including new regulations for insurance capital entering the market, are expected to bring in trillions of yuan in incremental funds, positively impacting long-term market liquidity [3] - The introduction of the "Growth Layer" on the Sci-Tech Innovation Board lowers the listing threshold for unprofitable companies, potentially reshaping the valuation logic for technology stocks [3] - Notable stocks with consecutive gains include Guosheng Technology and Shangwei New Materials, driven by advancements in HJT batteries and perovskite technology, as well as strong performance in special materials due to AI computing demand [3][4] Group 2 - Huahong Technology's net profit is expected to increase over 30 times in the first half of the year, attributed to rising rare earth raw material prices and the expansion of its rare earth recycling business [4] - The stock of Guodian Nanzi saw a surge due to a projected net profit increase of 171%-225%, driven by increased orders in grid automation and the national push for high-power charging infrastructure [4] - New Times Da's stock performance improved following Haier's acquisition, which is anticipated to enhance its industrial robotics business through supply chain synergies and access to overseas channels [4] Group 3 - Companies like Huahong Technology and Guodian Nanzi are considered more reliable due to their profit growth stemming from core business operations rather than asset sales [5] - The focus on industries such as rare earths, robotics, and computing power is supported by both policy backing and industry trends, making them more sustainable compared to pure speculative plays [5] - Recommendations for investors include prioritizing stocks with substantial performance growth and long-term logic, avoiding high-volume stocks at peak levels, and leveraging policy benefits to identify opportunities in undervalued blue-chip stocks [5]

Group 1 - The HJT battery concept sector increased by 3.22%, ranking 9th among concept sectors, with 54 stocks rising, including Topray Solar and Tongwei Co., which hit the daily limit [1] - Leading stocks in the HJT battery sector included Trina Solar, Guosheng Technology, and Shichuang Energy, which rose by 8.10%, 8.07%, and 6.90% respectively [1] - The sector saw a net inflow of 1.809 billion yuan from main funds, with 30 stocks receiving net inflows, and 7 stocks exceeding 50 million yuan in net inflow [2] Group 2 - The top net inflow stock was Tongwei Co., with a net inflow of 636 million yuan, followed by Longi Green Energy and Topray Solar with net inflows of 517 million yuan and 137 million yuan respectively [2] - The net inflow ratios for Topray Solar, Tongwei Co., and Longi Green Energy were 54.80%, 22.69%, and 14.34% respectively [3] - The HJT battery concept sector had a significant presence in the market, with various companies showing strong performance in terms of stock price and trading volume [4]

Group 1: Lithium Battery Equipment - The lithium battery equipment industry is expected to experience a domestic production rebound and an acceleration of overseas orders starting in the second half of 2024, driven by leading companies like CATL and BYD increasing their production capacity utilization [1] - The equipment update cycle is typically around five years, with a potential peak in domestic lithium battery equipment replacement expected around 2026-2027, following the last expansion peak in 2020-2021 [1] - New technologies such as composite copper foil, 4680 large cylindrical batteries, and solid-state batteries are anticipated to create additional equipment demand [1] Group 2: Photovoltaic Equipment - The photovoltaic equipment sector is currently facing a bottoming out of short-term market conditions due to industry pressures from overcapacity, with a potential policy-driven capital expenditure on new technologies expected in 2025 [2] - New technologies in the silicon wafer segment include low-oxygen monocrystalline furnaces and tungsten wire diamond saws, aimed at improving silicon rod yield [2] - Innovations in the cell segment involve HJT and BC technologies, which enhance light conversion efficiency through design improvements [2] - In the module segment, advancements such as 0BB and stacked grid silver reduction technologies are set to further optimize efficiency and reduce silver paste consumption [2]

Group 1: Core Insights - The focus on "innovation" has emerged as a key theme at this year's photovoltaic exhibition, contrasting with previous years where rapid growth overshadowed this aspect [1] - The photovoltaic industry is currently facing a cyclical downturn, necessitating a shift from price competition to innovation for survival [1] - New technologies such as N-type TOPCon, HJT, and BC batteries are opening high-end markets, while new applications like household, offshore, and agricultural photovoltaics are creating additional growth opportunities [1] Group 2: Technological Innovation - The photovoltaic industry is engaged in a continuous technological arms race, with a strategic shift towards battery structure iterations and the dominance of N-type technology over P-type [2] - TOPCon technology has achieved a mass production efficiency of 25.8%, while laboratory efficiency for perovskite tandem cells has reached 33.9% [2] - Cost reduction strategies are focusing on both process improvements to reduce silver paste usage and exploring alternative conductive materials to replace silver [2] Group 3: Business Model Innovation - Photovoltaic companies are encouraged to transition from being mere manufacturers to comprehensive energy service providers, moving away from one-time sales to long-term service models [3] - Successful examples of this transition include partnerships like the one between Shuangliang Energy and Hongyang New Energy, which aims to provide a green hydrogen production solution [3][4] - The integration of energy storage with photovoltaic systems is becoming essential for stabilizing revenue and enhancing product value [4] Group 4: Industry Chain Collaborative Innovation - Collaborative innovation across the photovoltaic industry chain is crucial in the current context of overcapacity, with leading companies urged to create an "innovation ecosystem" [5] - Stronger partnerships among industry players can help mitigate market challenges and reduce internal competition through shared technology and capacity [5] - The shift towards market-based pricing mechanisms for new projects emphasizes the need for efficient photovoltaic components and smart operation solutions [5] Group 5: Future Outlook - The photovoltaic industry is at a critical juncture, where the focus must shift from mere capacity expansion to deep and broad innovation [6] - Companies that can maintain their commitment to innovation during crises are likely to emerge as leaders in the high-quality development of the photovoltaic sector [6]

Group 1 - The 18th SNEC 2025 International Solar Photovoltaic and Smart Energy & Storage and Battery Technology and Equipment Conference concluded in Shanghai, featuring over 3,000 exhibitors and covering an exhibition area of 380,000 square meters, highlighting the global energy transition [1] - Key technological focuses included higher efficiency photovoltaic technologies with TOPCon, HJT, and perovskite tandem cells achieving conversion efficiencies exceeding 26%, as well as advancements in smart energy storage systems and energy digitalization [1] - A memorandum of understanding was signed for a 1,000 MW floating solar project between the Sarawak government of Malaysia and Shanghai Electric, marking a significant step in Southeast Asia's renewable energy hub development [2] Group 2 - The Global Green Carbon Chain Alliance initiative was launched by nearly 20 authoritative organizations and leading companies, demonstrating strong confidence in the photovoltaic industry's transition to zero carbon [2] - Gao Jifan, Chairman and CEO of Trina Solar, emphasized the importance of innovation across four dimensions to navigate the current industry cycle, suggesting that the perovskite tandem cell technology may lead the industry into a new historical phase [2][3] - The conference featured over 20 parallel forums, including discussions on global green energy leadership and the integration of energy storage and photovoltaic technologies, indicating a new starting point for industry collaboration and innovation [3]