Gelonghui, December 5 | According to the Dongfangcai Securities Research Report, Jingsheng Co., Ltd. (688478.SH) is the leader in semiconductor and silicon carbide long crystal equipment in China. According to estimates, the compound annual growth rate of domestic silicon carbide substrate production capacity in the next five years is close to 60%, corresponding to a silicon carbide single crystal furnace market space of about 7.44 billion yuan. The company is in the first tier of domestic suppliers, with a market share close to 30%. Currently, it is deeply tied to leading domestic substrate manufacturers such as Sanan Optoelectronics, and continues to promote the first set of equipment verification for new customers, with huge potential for growth. Furthermore, the company has entered the field of photovoltaic monocrystalline furnaces based on technological homogeneity. Currently, it has signed an equipment procurement contract with the photovoltaic silicon chip company Sichuan Gaojing Solar to supply them with complete photovoltaic monocrystalline furnaces. The order amount has reached 339 million yuan (tax included), which is expected to further open up the ceiling for subsequent performance growth. For the first time, coverage was given an “increase in holdings” rating.