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Source: Changjiang Business Daily

Zhang Lu, a reporter from Changjiang Business Daily.

Benefit from the field of photovoltaic equipmentStudpokerDeep accumulation and continuous innovation, Jingsheng mechanical and electrical (300316Studpoker.SZ) performance continued to be high.

On April 27, Jingsheng disclosed its first quarterly report of 2024 that in the first quarter of this year, the company achieved total operating income of 4.51 billion yuan, an increase of 25.28% over the same period last year, net profit of 1.07 billion yuan, an increase of 20.65% over the same period last year, and non-net profit of 1.102 billion yuan, an increase of 26% over the same period last year.

A reporter from the Changjiang Business Daily noted that since landing in the capital market in 2012, except for a brief decline in performance for two consecutive years in 2012 and 2013, Jingsheng's performance has maintained growth for a decade since 2014. the company's revenue rose from 245 million yuan in 2014 to 17.983 billion yuan in 2023, and its net profit rose from 66 million yuan to 4.558 billion yuan.

Jingsheng Mechatronics was established in 2006, the main business is divided into materials, equipment two major plates. After long-term and continuous layout, the company has maintained a "double lead" in technology and scale in the field of photovoltaic industry chain equipment.

At present, Jingsheng mechanical and electrical orders are abundant, which will support future performance growth. By the end of 2023, the company's equipment orders totaled 28.258 billion yuan, including 3.274 billion yuan (including tax) for semiconductor equipment.

At the same time, Jingsheng Mechatronics has always adhered to the two-wheel drive model of technological innovation and in-depth mining of customer needs to implement R & D innovation, and continue to increase R & D investment. According to the financial report, the company invested nearly 2.3 billion yuan in R & D from 2021 to 2023.

Deduction of non-1.1 billion increased by 26% in the first quarter

A few days ago, Jingsheng Machinery and Machinery released its first-quarter performance report in 2024. The company continued the growth trend in 2023, realizing operating income of 4.51 billion yuan, an increase of 25.28% over the same period last year; net profit of 1.07 billion yuan, up 20.65% over the same period last year; and deducting non-net profit of 1.102 billion yuan, an increase of 26% over the same period last year.

At the same time, the company's profitability is accelerating. In the first quarter, Jingsheng's gross profit margin was 43.52%, up 2.9% from a year earlier, and this quarter's gross profit margin reached its highest level since 2016. The net profit rate of the company's sales was 29.8%, up 1.7% from the same period last year; the expense rate during the period was 9.5%, down 1.1% from the same period last year.

In 2023, Jingsheng Mechatronics not only achieved record performance, but also sold the highest dividend of more than 900 million yuan in high profile. According to the financial report, the company achieved an operating income of 17.983 billion yuan in 2023, an increase of 69.04% over the same period last year, and a net profit of 4.558 billion yuan, an increase of 55.85% over the same period last year. The company intends to pay a cash dividend of 7 yuan (including tax) to all shareholders for every 10 shares.

With regard to the rapid growth of performance, Jingsheng said that during the reporting period, the company continued to implement the development strategy of "advanced materials and advanced equipment", grasped the development opportunities of various business sectors, and continued to strengthen research and development and technological innovation. Rapid promotion of material business projects to expand production, continue to promote international market development, performance has been greatly improved.

From a product point of view, in the company's main business in 2023, Jingsheng mechanical and electrical equipment and its service income was 12.812 billion yuan, an increase of 51.29% over the same period last year, accounting for 71.24% of the operating income; material revenue was 4.163 billion yuan, an increase of 186.15% over the same period last year, accounting for 23.15% of the operating income. The rapid increase in the scale of the new materials industry has further enriched the performance of Jingsheng Mechatronics.

It is worth noting that the company's automation and digital solutions are widely recognized by the market, and there are plenty of orders on hand. As of December 31, 2023, Jingsheng mechanical and electrical uncompleted crystal growth equipment and intelligent processing equipment contracts totaled 28.258 billion yuan, of which outstanding semiconductor equipment contracts reached 3.274 billion yuan.

Changjiang Business Daily reporter noted that the enhancement of profitability is also inseparable from the continuous innovation of the company. In recent years, Jingsheng Mechatronics continues to promote the research and development of photovoltaic, semiconductor equipment and new materials. According to the financial report, the company's R & D investment continued to grow in 2021 and 2022, reaching 354 million yuan and 796 million yuan respectively. In 2023, the company invested 1.145 billion yuan in R & D, an increase of 43.83 percent over the same period last year. In the past three years, the total investment in R & D has reached 2.295 billion yuan.

At the same time, Jingsheng Mechatronics has also established a number of professional research institutes and laboratories within the company. As of December 31, 2023, the company and its subsidiaries have a total of 914 valid patents, including 172 invention patents (including 7 international patents).

Accelerate the extension of the layout of high-end semiconductor equipment

According to public data, Jingsheng Mechatronics was established in December 2006, and the company's main business products are crystal growth and processing equipment used in the upstream of photovoltaic and semiconductor integrated circuit industry. at the same time, the layout of sapphire materials, silicon carbide materials and related industrial chain core auxiliary materials consumables. In May 2012, Jingsheng Mechanical and Electrical was officially listed for trading on the Shenzhen Stock Exchange.

In the initial stage of listing, that is, in 2012 and 2013, the company's operating income was 503 million yuan and 175 million yuan respectively, down 38.98% and 65.17% from the same period last year. Net profit was 174 million yuan and 43 million yuan respectively, down 46.83% and 75.01% from the same period last year.

Since 2014, Jingsheng mechanical and electrical operating income and net profit have continued to grow. In 2014, the company's operating income and net profit were 245 million yuan and 66 million yuan respectively, an increase of 40.17% and 51.68% respectively over the same period last year. And from 2014 to 2023, the company's operating revenue continued to maintain double-digit growth.

It is worth mentioning that at present, Jingsheng Mechatronics has formed a business pattern of coordinated development of "equipment and materials". In the field of advanced equipment, the company has the ability to supply the core equipment of the whole industry chain at the wafer end, battery end and module end, and the market share of fully automatic monocrystalline silicon growth furnace products is the leading in the world.

In terms of photovoltaic equipment, Jingsheng Mechatronics has completed the layout of the whole industry chain, newly developed the fifth generation single crystal furnace based on N-type products, introduced semiconductor superconducting magnetic field technology into the photovoltaic field, accelerated the innovation of battery equipment and module equipment, and promoted the new product process of photovoltaic battery equipment such as tubular PECVD, LPCVD, diffusion, annealing, single chamber multi-boat ALD and boat dry cleaning.

In terms of semiconductor equipment, Jingsheng Mechatronics continues to launch new products in the field of power semiconductors and advanced processes, seizing the domestic alternative market.

In 2023, the company successfully developed and sold 8-inch and 12-inch atmospheric silicon epitaxial growth equipment, and developed 8-inch single-chip and double-chip silicon carbide epitaxial growth equipment. In the field of advanced processes, 8-inch and 12-inch silicon vacuum epitaxial growth equipment and ALD equipment have entered the verification stage.

On the material side, Jingsheng Mechatronics accelerates the production capacity of Ningxia crucible production base, and gradually releases production capacity to drive rapid growth of performance. The 2023 annual report shows that the company is actively promoting the construction of the second phase expansion project of the diamond line, and at the same time, based on the development trend of the industry, invest and build the production capacity of the diamond line of tungsten wire, speed up the industrialization of the diamond line of tungsten wire, and help the company's diversified business development.

In addition, the company continues to strengthen the research and development of large-size silicon carbide materials, build and put into production "250000 pieces of 6-inch, 50, 000 pieces of 8-inch silicon carbide substrate project" to speed up the landing of industrialization. It is understood that the core quality parameters of 6-inch and 8-inch mass production wafers have reached the first-class level in the industry, and mass shipments have been achieved.

It is worth mentioning that in October 2023, Jingsheng Electronics also established a holding subsidiary Jingsheng Photon in Hangzhou. A variety of solar cell process equipment such as tubular PECVD, LPCVD, boron expansion and annealing, single chamber multi-boat ALD and boat dry cleaning developed by Jingsheng Photon have been widely recognized by customers in the verification process, and the performance of the equipment has reached or exceeded that of the same product in the industry.

In the view of people in the industry, the establishment of Jingsheng Mechanical and Electrical holding subsidiary will enhance the company's strength in photovoltaic cell equipment and improve the company's layout in the photovoltaic industry chain.