Sichuan Injet Electric (SZ:300820)2025-07-03 00:32Business Overview - Yingjie Electric focuses on the research and manufacturing of industrial power supplies, covering sectors such as photovoltaic, semiconductor, charging piles, energy storage, and research institutions [1] - The photovoltaic sector has historically held a significant share, but the company is shifting its strategy towards semiconductor and charging pile markets, with semiconductor business showing continuous growth [1] - The company has established partnerships with leading domestic enterprises in the charging pile sector, aiming for substantial business scale breakthroughs [1] Nuclear Fusion Sector - Yingjie Electric has a strong technical foundation in controllable nuclear fusion power supply, providing products like cyclotron power supplies and neutral beam power supplies [2] - The company has expanded its product line to include new IGBT-based magnetic field power supplies and has established long-term cooperation with top research institutions [2] - In 2024, orders related to nuclear fusion power supplies exceeded 10 million yuan, with historical cumulative orders reaching several tens of millions [2] Market Potential and Competitive Advantage - The domestic nuclear fusion projects have significant investment scales, ranging from hundreds of millions to billions of yuan, with power supplies constituting a considerable portion of project investments [3] - The company is actively tracking multiple projects entering the bidding phase in the second half of 2025, leveraging its experience in high-power supply development to maintain a competitive edge [3] - Yingjie Electric's production capacity and technical expertise in high voltage and high current control provide a strong advantage in the market [3] Charging Pile Business - The company is developing new charging pile products for leading domestic enterprises, with products currently in the technical validation stage [4] - Successful validation is expected to lead to high-value orders, establishing a solid revenue support system for the charging pile segment [4] - The company is also expanding its overseas market presence through its subsidiary Yingjie New Energy, aiming for significant breakthroughs in international sales networks [5] Financial Risk Management - The company emphasizes the importance of receivables collection in the photovoltaic sector, addressing potential risks from project delays and bad debts [5] - Despite challenges, the photovoltaic industry is expected to recover post-downturn, with the company maintaining a proactive approach to managing financial risks [5] - Most of the unrecognized sales in the photovoltaic sector have been prepaid, effectively reducing financial risks [5]