（记者 胡玲） 捷佳伟创（300724.SZ）9月29日在投资者互动平台表示，公司目前在手订单以TOPCon为主，今年行业 的产线升级改造、海外市场的加速扩产以及公司加大布局新技术路线，都将为公司订单带来积极影响。 此外公司在TOPCon、HJT、XBC、钙钛矿及钙钛矿叠层等各电池技术路线上都进行了设备技术的布 局，无论客户选择哪一种技术路线，公司都能够为客户提供具有性价比的设备解决方案。 每经AI快讯，有投资者在投资者互动平台提问：请问公司最近半年新订单还都是以TOPCon型电池设备 为主，还是已经转变为XBC、钙钛矿等设备了呢？ ...

Summary of Conference Call Notes on Solar Industry in China Industry Overview - The solar industry in China is experiencing mixed results in 1H25, with major companies like LONGi, JA Solar, and Trina Solar reporting varying performance metrics. [1][2][3][4] - There is optimism regarding anti-involution policies, which are expected to support price increases above total costs in the second half of 2025. [1][4] Company-Specific Insights LONGi Green Energy - Reported a net loss of -RMB2.6 billion in 1H25, consistent with prior profit warnings. [2] - Gross margin improved to 1.6% in 2Q25 from -4.2% in 1Q25. [2] - Module shipment volume increased to 22.6GW in 2Q25, a 23% YoY increase, compared to 16.9GW in 1Q25. [2] - Capital expenditures rose to RMB4.4 billion in 1H25, up from RMB3.4 billion in 1H24, as the company expands its Back-Contact (BC) capacity. [2] - Asset impairments totaled RMB1.2 billion, significantly lower than RMB5.8 billion in 1H24. [2] - Maintains a strong balance sheet with RMB49.3 billion in cash and a net debt to equity ratio of -18.6%. [2] JA Solar - Reported a net loss of -RMB2.6 billion in 1H25, at the lower end of its profit warning range. [3] - Cell and module shipments totaled 33.79GW in 1H25, a 17% YoY decline. [3] - Unit revenue improved by 6% QoQ, likely due to increased installations. [3] - Announced a share repurchase plan of RMB200-400 million, representing approximately 0.5-1% of its current market cap. [3] Trina Solar - Experienced a wider net loss of -RMB1.6 billion in 2Q25, compared to -RMB1.3 billion in 1Q25. [4] - Solar module segment reported a net loss of -RMB3.3 billion on 32GW module shipments, equating to a net loss of -RMB10c/W. [4] - Management is optimistic about US module demand, particularly in the <1.5MW distributed segment, and anticipates price hikes in 2H25. [4] Maxwell Technologies - Reported a 15% YoY decline in net profit to RMB394 million in 1H25, with 2Q earnings rising by 15% YoY due to reduced operating costs. [8] - Revenue fell 14% YoY, primarily due to a 31% decline in solar equipment sales. [8] - R&D expenses increased by 10% YoY to RMB463 million in 1H25. [8] Key Market Trends - Companies are adjusting their production targets in response to market conditions, with CSI Solar reducing its 3Q25 module shipment target to 5-5.3GW from 8GW. [1] - There is an expectation of further consolidation in the industry, with smaller companies likely to exit the market by 2026. [1] - The overall sentiment remains cautiously optimistic regarding US demand and potential price increases due to tariffs. [1][4] Financial Metrics Overview - LONGi's gross profit margin improved to 1.6% in 2Q25, while JA Solar's gross profit margin was -1.0%. [10] - Trina Solar's gross profit margin was reported at 4.5% in 2Q25. [10] - The net income margins for LONGi, JA Solar, and Trina Solar were -5.9%, -7.1%, and -9.6% respectively in 2Q25. [11] Conclusion - The solar industry in China is navigating through a challenging landscape with mixed financial results among major players. [1][2][3][4] - The focus on anti-involution policies and potential price increases in the latter half of 2025 may provide a pathway for recovery and growth in the sector. [1][4]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but remains optimistic about long-term growth driven by overseas HJT equipment and semiconductor manufacturing expansion [1][4]. Financial Performance - In H1 2025, the company achieved revenue of 4.21 billion yuan, a year-on-year decrease of 13.5% - The net profit attributable to shareholders was 390 million yuan, down 14.6% year-on-year - Q2 revenue was 1.98 billion yuan, a quarter-on-quarter decline of 11.0%, while net profit for Q2 was 230 million yuan, showing a quarter-on-quarter increase of 43.0% [1]. Margin Improvement - The company reported a gross margin of 39.0% in Q2 2025, an increase of 8.0 percentage points year-on-year and 9.9 percentage points quarter-on-quarter - The net profit margin was 12.3%, up 4.8 percentage points year-on-year and 5.4 percentage points quarter-on-quarter - The improvement in gross margin is attributed to revenue recognition from overseas HJT equipment and semiconductor equipment [1]. Cost Management - The company recorded a provision for impairment of approximately 400 million yuan in H1 2025, accounting for 9.4% of revenue, an increase of 4.7 percentage points year-on-year - The provision mainly relates to credit impairment of 300 million yuan due to pressure on profitability from downstream solar industry clients - The total expense ratio for sales, management, R&D, and financial expenses was 17.40%, a decrease of 1.24 percentage points year-on-year, indicating effective cost control [2]. Equipment and Market Expansion - The company has accelerated its layout in semiconductor equipment, focusing on etching and thin film deposition equipment - High-selectivity etching equipment and atomic layer deposition equipment have entered mass production after multiple customer deliveries - The company maintains a leading market share in domestic wafer laser grooving equipment and has developed various bonding equipment, enhancing its overall solution offerings [3]. Profit Forecast and Valuation - The company has revised down its net profit forecasts for 2025-2027 to 912 million, 1.029 billion, and 1.090 billion yuan, representing decreases of 23%, 21%, and 25% respectively - The estimated EPS for these years is 3.26, 3.68, and 3.90 yuan - Despite short-term profit impacts from slower revenue recognition in the solar business, the acceleration in semiconductor equipment layout is expected to open new growth avenues [4].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 110.84 [1][5]. Core Views - The company reported a revenue of RMB 4.21 billion in the first half of 2025, a year-on-year decrease of 13.5%, and a net profit attributable to shareholders of RMB 390 million, down 14.6% year-on-year. However, the second quarter showed a revenue of RMB 1.98 billion, a quarter-on-quarter decrease of 11.0%, but a net profit of RMB 230 million, which is a quarter-on-quarter increase of 43.0% [1]. - The increase in gross margin to 39.0% in Q2, up 8.0 percentage points year-on-year and 9.9 percentage points quarter-on-quarter, is attributed to the recognition of revenue from overseas HJT equipment and semiconductor equipment [2]. - The company has good cost control, with a provision for impairment of approximately RMB 400 million in the first half of 2025, which accounts for 9.4% of revenue, an increase of 4.7 percentage points year-on-year [3]. - The company is accelerating its layout in semiconductor equipment, particularly in etching and thin film deposition equipment, which have entered mass production stages with multiple customer deliveries [4]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of RMB 4.21 billion, a decrease of 13.5% year-on-year, and a net profit of RMB 390 million, down 14.6% year-on-year. The second quarter saw a revenue of RMB 1.98 billion, a decrease of 11.0% quarter-on-quarter, but a net profit increase of 43.0% quarter-on-quarter [1]. Gross Margin and Profitability - The gross margin for Q2 was reported at 39.0%, reflecting an increase of 8.0 percentage points year-on-year and 9.9 percentage points quarter-on-quarter, primarily driven by revenue recognition from overseas HJT equipment and semiconductor equipment [2]. Cost Control - The company demonstrated strong cost control with an impairment provision of approximately RMB 400 million in the first half of 2025, representing 9.4% of revenue, which is an increase of 4.7 percentage points year-on-year [3]. Equipment Layout and Market Position - The company is rapidly expanding its semiconductor equipment business, focusing on etching and thin film deposition equipment, which have successfully entered mass production with several customer deliveries [4].

Core Viewpoint - Citic Securities believes that 2025 will mark the beginning of the bidding year for GW-level perovskite production lines, with the lower limit of equipment demand being largely determined within three years, while the path to economic viability is becoming clearer, indicating potential upper limits for the industry [1] Industry Summary - The industry is still in its early development stage, with technology routes not yet converged and the competitive landscape not yet defined [1] - As GW-level production lines become operational and commercialization accelerates, equipment manufacturers with relevant technological accumulation and a high strategic priority on perovskite will likely emerge as the frontrunners [1] Company Recommendations - The focus is on recommending leading manufacturers of HJT equipment, inkjet printing technology providers, as well as leading component equipment manufacturers and complete line solution providers [1] - It is suggested to pay attention to related PVD and laser manufacturers [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 89.04 RMB [8][9]. Core Views - The company's revenue for 2024 is projected to be 9.83 billion RMB, a year-on-year increase of 21.53%, while the net profit attributable to the parent company is expected to be 0.93 billion RMB, a slight increase of 1.31% year-on-year [1][5]. - The company is facing pressure on net profit margins due to challenges in the photovoltaic industry and delays in order acceptance, but there is optimism regarding the growth potential of its non-photovoltaic business [1][4]. - The company has seen a significant decline in operating cash flow, with a net cash flow from operating activities of 0.06 billion RMB in 2024, down 92.57% year-on-year, primarily due to increased bank acceptance bill payments and slow customer payments [3]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 2.23 billion RMB, a year-on-year increase of 0.47% and a quarter-on-quarter increase of 8.01%. However, the net profit attributable to the parent company was 0.16 billion RMB, a decrease of 37.69% year-on-year and 3.18% quarter-on-quarter, mainly due to significant credit impairment losses [1][2]. - The gross margin for 2024 was 28.11%, down 2.40 percentage points year-on-year, while the net margin was 9.80%, down 1.01 percentage points year-on-year. In Q1 2025, the gross margin improved to 29.10%, although the net margin decreased to 6.98% [2]. Market Outlook - The report highlights the potential for the company's HJT equipment in overseas markets, noting that HJT technology has lower labor and operational costs and higher photoelectric conversion efficiency. The company is expected to benefit from expanding its presence in these markets [4]. - In the semiconductor and display sectors, the company achieved revenue of 0.67 billion RMB in 2024, representing a year-on-year increase of 88.41%, indicating strong growth potential in these areas [4]. Profit Forecast and Valuation - The forecast for net profit attributable to the parent company has been revised downwards for 2025 and 2026 by 21% each, now expected to be 1.19 billion RMB and 1.31 billion RMB, respectively. The estimated EPS for 2025 is 4.24 RMB [5][7]. - The company is valued at a PE ratio of 21 times for 2025, with a target price set at 89.04 RMB, reflecting a significant adjustment from the previous target price of 150.36 RMB [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is under short-term pressure, but there is optimism regarding the ramp-up of semiconductor and display equipment [1] - Revenue for 2024 is projected to be 9.83 billion yuan, with a year-on-year growth of 21.53%, while net profit is expected to be 925.91 million yuan, reflecting a slight increase of 1.31% [1] - The company is increasing its R&D investment, particularly in the semiconductor and display sectors, with R&D spending expected to reach 950 million yuan in 2024, a year-on-year increase of 24.6% [1] Financial Summary - Total revenue for 2023 is reported at 8.09 billion yuan, with a significant year-on-year increase of 94.99% [1] - The projected net profit for 2025 is 764.86 million yuan, a decrease of 17.39% compared to 2024 [1] - The company's gross margin for 2024 is expected to be 28.1%, down 2.4 percentage points year-on-year [1] - The company’s cash flow from operating activities for 2024 is projected to be 56 million yuan [8] Market Data - The closing price of the company's stock is 69.48 yuan, with a market capitalization of 19.41 billion yuan [5] - The price-to-earnings ratio (P/E) for the current price and latest diluted earnings is 21.24 for 2023 and projected to be 25.38 for 2025 [1][8] Operational Insights - The company has successfully launched several core devices in the semiconductor field, achieving a leading market share in laser grooving equipment [7] - The company is also expanding its product matrix in the semiconductor sector, with new products entering trial production [7] - In the display sector, the company has developed a complete set of equipment for Mini/Micro LED, enhancing its market position [7]

Core Insights - The company reported a revenue of 9.83 billion yuan for 2024, a year-on-year increase of 21.53%, while the net profit attributable to shareholders was 926 million yuan, a slight increase of 1.31%, which was below expectations due to pressure in the photovoltaic industry and delays in order acceptance [1] - In Q1 2025, the company generated a revenue of 2.23 billion yuan, showing a year-on-year and quarter-on-quarter increase of 0.47% and 8.01% respectively, but the net profit dropped to 162 million yuan, a decrease of 37.69% year-on-year and 3.18% quarter-on-quarter, primarily due to significant credit impairment losses [1][2] Financial Performance - The company faced a significant decline in operating cash flow, with a net cash flow from operating activities of 561 million yuan in 2024, down 92.57% year-on-year, and a negative cash flow of 352 million yuan in Q1 2025, attributed to increased bank acceptance bill payments and slow customer payments [3] - The gross margin for 2024 was 28.11%, down 2.40 percentage points year-on-year, while the net margin was 9.80%, down 1.01 percentage points, mainly due to changes in accounting policies [2] - In Q1 2025, the gross margin improved to 29.10%, with a year-on-year decrease of 1.84 percentage points but a quarter-on-quarter increase of 10.61 percentage points, while the net margin was 6.98%, reflecting a year-on-year and quarter-on-quarter decline [2] Market Outlook - The company is optimistic about the overseas market expansion for HJT equipment and the development of its display and semiconductor business, with HJT technology offering lower labor and operational costs and higher photoelectric conversion efficiency [3] - The company has achieved a leading market share in domestic wafer laser grooving equipment and has made significant progress in key equipment deliveries, with semiconductor and display sectors generating revenue of 67 million yuan in 2024, an increase of 88.41% year-on-year [3] Profit Forecast and Valuation - The company has revised down its net profit forecasts for 2025 and 2026 by 21% to 1.19 billion yuan and 1.31 billion yuan respectively, with an expected net profit of 1.46 billion yuan for 2027 [4] - The target price has been adjusted to 89.04 yuan, based on a 21 times PE ratio for 2025, maintaining a "buy" rating despite the downward revision due to potential short-term supply-demand mismatches in the photovoltaic sector [4]

Group 1: Financial Performance and Market Strategy - The company reported a research and development expenditure of 951.1425 million yuan, accounting for 9.68% of its operating income [4] - The overseas orders for photovoltaic equipment are expected to significantly increase this year, with non-photovoltaic orders also projected to rise substantially [9][12] - The company is actively pursuing the development of HJT (Heterojunction Technology) equipment and aims to enhance its market presence in the semiconductor sector [2][3] Group 2: Product Development and Technological Advancements - The company is optimistic about the commercialization timeline for perovskite heterojunction batteries, with pilot production expected in 2026 and mass production anticipated between 2027 and 2028 [3] - The company is focusing on the research and sales of heterojunction and perovskite stacked battery equipment [2][4] - The company has established six laboratory platforms, including a new solid-state lithium battery laboratory, indicating a diversification in research capabilities [5] Group 3: Market Position and Competitive Landscape - The company acknowledges the competitive pressure from peers in the semiconductor equipment sector and is committed to strategic planning to enhance its market position [4][10] - The company believes that the perovskite heterojunction stacked battery will become the ultimate product form in photovoltaics [4][11] - The company is exploring entry into larger market segments within the semiconductor equipment industry, such as etching and thin-film deposition equipment [4][12] Group 4: Shareholder Engagement and Stock Management - The company has implemented measures such as mid-term dividends and share buybacks to manage its market value and stabilize stock prices [10][11] - The management is encouraged to maintain good relationships with investment institutions and provide timely updates on order progress and research developments to improve stock performance [10][11]