英杰电气20250721

Summary of the Conference Call for Yingjie Electric Company Overview - Company: Yingjie Electric - Industry: Controlled Nuclear Fusion, Photovoltaic, Semiconductor, AI Server Power Supply Key Points Progress in Controlled Nuclear Fusion - Yingjie Electric has made significant progress in the controlled nuclear fusion sector, with products applied in multiple domestic projects. Sales in this area reached over ten million in 2024, with expected growth in order volume for 2025 [2][3][5] - The company has collaborated with the Southwest Institute of Physics for 20 years, transitioning from laboratory to application stages, leading to increased market demand [3] Photovoltaic Industry Challenges - The photovoltaic sector accounts for about half of Yingjie Electric's revenue, but faces order pressure due to industry downturns. Domestic orders are projected to drop from over 600 million yuan in 2024 to over 40 million yuan in 2025 [2][4][17] - Yingjie aims to deepen its photovoltaic business over the next two to three years, targeting 5 billion yuan in revenue within 3 to 4 years, focusing on semiconductor growth and charging station development [4][23] Technical Advantages - The company possesses strong technical capabilities in high-power and high-voltage power supply, particularly in megawatt-level power for multi-crystalline reduction furnaces and IGBT technology for magnetic field power supplies [2][6][10] - Yingjie Electric's ability to meet special DC power requirements positions it favorably against competitors [6][10] Market Competition and Strategy - Despite early entry into the controlled nuclear fusion market, competition remains fierce. Yingjie Electric focuses on enhancing performance and technical capabilities to gain customer trust and secure more orders [7][8] - The company is actively engaging with new clients to ensure a strong presence during the anticipated procurement peak from late 2025 to early 2026 [9][15] Financial Outlook - Yingjie Electric faces revenue pressure in 2025, particularly in the semiconductor sector, with expected revenue growth slowing. The semiconductor revenue was approximately 350 million yuan in 2024, with projections for over 400 million yuan in 2025 [21][20] - The company has recognized potential risks in accounts receivable and has made provisions for inventory impairment [17][18] Future Development Plans - Yingjie Electric plans to explore new market opportunities in AI server power supply, with ongoing efforts to connect with major clients in the Southwest region [25][29] - The company aims to maintain its competitive edge through technological innovation and rapid response to customer needs, particularly in emerging sectors [26][29] Long-term Goals - The company has set a target to achieve 5 billion yuan in revenue within 3 to 4 years, focusing on semiconductor and charging station markets while ensuring profitability [23][24] Conclusion - Yingjie Electric is positioned to leverage its technical strengths and market opportunities in controlled nuclear fusion and AI server power supply, while navigating challenges in the photovoltaic sector and semiconductor market. The company remains committed to innovation and customer engagement to drive future growth [24][29]