Group 1 - The core point of the article is that Lianchuang Optoelectronics (600363.SH) has agreed to support Hualian Electronics in its application to terminate its stock listing on the National Equities Exchange and Quotations (NEEQ) to enhance management efficiency and decision-making [1] Group 2 - The decision is based on the current operational situation and long-term strategic planning considerations [1] - The responsibility for handling the specific termination application lies with the board of directors of Hualian Electronics, with the exact termination date subject to approval by the NEEQ [1]

Core Viewpoint - Lianchuang Optoelectronics (600363.SH) has agreed to Hualian Electronics' request to terminate its stock listing on the National Equities Exchange and Quotations to enhance operational management and decision-making efficiency [1] Group 1 - The decision is based on the current operational situation and long-term strategic planning considerations [1] - The move aims to allow Hualian Electronics to focus on improving its management and operational efficiency [1]

Core Viewpoint - The company announced that its subsidiary, Hualian Electronics, intends to apply for termination of its listing on the National Equities Exchange and Quotations system, aiming to enhance operational management and decision-making efficiency [1] Group 1: Company Actions - Hualian Electronics is seeking to terminate its stock listing based on current operational conditions and long-term strategic planning [1] - The company has agreed to repurchase shares from dissenting shareholders under certain conditions, with the repurchase price based on the initial cost of the shares and the latest audited net asset value per share [1]

Group 1 - The core point of the news is the entry of Lianchuang Optoelectronics into the commercial aerospace sector through a joint investment to establish a company focused on electromagnetic launch technology [1] - Lianchuang Optoelectronics will invest 24 million yuan, holding a 30% stake in the new company, which aims to provide high-end equipment for electromagnetic launch facilities [1] - The commercial aerospace industry in China is experiencing rapid growth, with the market value projected to increase from 1 trillion yuan in 2020 to approximately 2.3 trillion yuan by 2024, reflecting a compound annual growth rate of 22.9% [3] Group 2 - The total financing in the commercial aerospace sector is expected to exceed 15 billion yuan in 2024, marking a nearly 40% year-on-year increase [4] - There have been over 40 financing events in the commercial aerospace sector this year, surpassing the total of 35 events from the previous year [6] - Since 2015, the commercial aerospace industry in China has seen the emergence of numerous established companies, with significant activity noted in the past few years [7] Group 3 - The Chinese government has increasingly supported the commercial aerospace sector since 2020, leading to a surge in new enterprises [8] - Nearly half of the financing events in the commercial aerospace sector are equity financing, with a notable number of early-stage investments [11] - The commercial aerospace industry has been included in government work reports for 2024-2025, indicating ongoing policy support [13]

浙商证券研报指出，联创光电2025年H1营收、归母净利润同比分别增长7%、15%，激光+超导业务蓄势 待发。分业务看，25H1激光系列及传统LED芯片、智能控制器、背光源及应用、光电通信与智能装备 线缆及金属材料产品业务收入分别为1.3、8.2、6.0、0.7亿元，分别占比8%、50%、36%、4%。25年H1 激光系列及传统LED芯片收入1.3亿元，同比大幅增长177%。研发端，2024年中久光电成功研制更高功 率光纤激光器，持续升级"光刃系列"反无人机系统，提升工程化水平和核心技术自主化程度；市场端： 公司计划以激光反制无人机整机装备为增量发力点，积极开拓海外市场。公司减少增收不增利客户及传 统手机背光源业务，聚焦平板、车载、工控背光源等趋势向好的产品，主导项目步入量产阶段。公司聚 焦"激光+超导"业务，有望打开长期成长空间。维持"买入"评级。 ...

Company Overview - Jiangxi Lianchuang Optoelectronics Technology Co., Ltd. is located in Nanchang, Jiangxi Province, established on June 30, 1999, and listed on March 29, 2001 [1] - The company specializes in the research, production, and sales of semiconductor laser series, microelectronic components, high-temperature superconducting induction equipment, intelligent control products, backlight source products, optoelectronic communication, and intelligent equipment cables, as well as metal materials [1] Business Performance - As of September 9, Lianchuang Optoelectronics' stock price fell by 5.02%, trading at 61.91 yuan per share, with a transaction volume of 729 million yuan and a turnover rate of 2.55%, resulting in a total market capitalization of 28.077 billion yuan [1] - The revenue composition of the company's main business includes: Intelligent Control 49.81%, Backlight Source and Applications 36.15%, Laser Series and Traditional LED Chip Products 7.77%, Optoelectronic Communication and Intelligent Equipment Cables and Metal Materials 4.45%, and Others 1.83% [1] Shareholder Information - Guotai Fund's Guotai Zhongzheng Military Industry ETF (512660) is among the top ten circulating shareholders of Lianchuang Optoelectronics, having increased its holdings by 657,800 shares in the second quarter, totaling 4.2142 million shares, which accounts for 0.93% of the circulating shares [2] - The ETF has a current scale of 15.601 billion yuan, with a year-to-date return of 14.43% and a one-year return of 46.55% [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - In H1 2025, the company achieved revenue of 1.65 billion yuan, a year-on-year increase of 7%, and a net profit attributable to shareholders of 260 million yuan, up 15% year-on-year [2] - The company is focusing on the "laser + superconducting" business, which is expected to open up long-term growth opportunities, with projected net profits of 460 million yuan, 630 million yuan, and 810 million yuan for 2025-2027, representing year-on-year growth of 91%, 37%, and 28% respectively [6] Business Segments Summary Superconducting Business - The superconducting business is expanding into commercial aerospace applications, including a recent project win for a low-temperature cooling system and superconducting magnet development [3] - A partnership with China National Nuclear Corporation aims to build a fusion-fission hybrid experimental reactor, with total investment expected to exceed 20 billion yuan [3] - The company is positioned to benefit from domestic controlled nuclear fusion project tenders, as superconducting magnets represent a significant cost component in fusion equipment [3] Laser Business - The laser series and traditional LED chip revenue reached 130 million yuan in H1 2025, a substantial increase of 177% year-on-year [4] - The company is expanding its client base to include military, educational institutions, and research organizations, with plans for global market expansion [4] Traditional Business - The smart controller segment is being developed for applications in new energy vehicles and industrial control, enhancing the company's competitive edge in specialized equipment [5] - Structural optimization efforts are yielding results, focusing on high-potential products such as backlighting for tablets, automotive, and industrial control [5]

发布时间：2025-09-08 1 1 证券研究报告 联创光电（600363.SH） 传统主业经营效益向好，高温超导和激光新业迈入快速成长期 股票投资评级：增持|首次覆盖 马强 中邮证券研究所 军工团队 中邮证券 投资要点 • 联创光电于1999年由江西省电子工业局整合旗下部分优质资产成立，2001年在上交所挂牌上市。公司布局大功率激 光器件及装备、高温超导磁体及应用、智能控制部件、背光源及应用、电线电缆等产业板块，在南昌、吉安、深圳 和厦门均设立了产业基地。公司先后获评"国家863计划成果产业化基地"、"国家知识产权优势企业"。 • 公司产业结构调整卓有成效，激光、高温超导等高科技壁垒产业逐步进入商业化落地阶段。2019年，公司提出"进 而有为，退而有序"主体战略，要求一切工作均围绕"效率"和"效益"开展，明晰产业升级方向，确定传统产业 发展路径，公司发展开创新局面。自2019年起，公司逐步对部分盈利能力较差的资产业务进行剥离，对LED、线缆 等传统产业进行转型升级，大力推动高温超导和激光产业等新兴产业发展。 • 高温超导：参股子公司联创超导承担高温超导业务，以高温超导磁体技术为核心，涵盖高温超导可控核聚变 ...

Group 1 - The core viewpoint of the news is that Lianchuang Optoelectronics has seen a significant increase in stock price, rising by 5.03% to 64.49 yuan per share, with a trading volume of 9.66 billion yuan and a market capitalization of 29.247 billion yuan [1] - Lianchuang Optoelectronics, established on June 30, 1999, and listed on March 29, 2001, specializes in the research, production, and sales of semiconductor laser series, microelectronic components, high-temperature superconducting induction equipment, intelligent control products, backlight source products, optoelectronic communication, and intelligent equipment cables and metal materials [1] - The company's main business revenue composition includes: intelligent control (49.81%), backlight source and applications (36.15%), laser series and traditional LED chip products (7.77%), optoelectronic communication and intelligent equipment cables and metal materials (4.45%), and others (1.83%) [1] Group 2 - From the perspective of fund holdings, Zhongyou Fund has a significant position in Lianchuang Optoelectronics, with its multi-strategy flexible allocation mixed fund holding 30,000 shares, accounting for 4.31% of the fund's net value, making it the fifth-largest holding [2] - The fund, established on July 24, 2014, has a latest scale of 40.5747 million yuan, with a year-to-date return of 4.03% and a one-year return of 20.7% [2] - The fund manager, Yan Yicheng, has been in position for 5 years and 133 days, with the fund's total asset scale at 23.124 billion yuan [3]

Summary of the Conference Call for Lianchuang Optoelectronics Company Overview - **Company**: Lianchuang Optoelectronics - **Industry**: Optoelectronics, Laser Technology, High-Temperature Superconductors, Commercial Aerospace Key Points and Arguments Financial Performance - In the first half of 2025, Lianchuang Optoelectronics achieved revenue of **1.648 billion** yuan, a year-on-year increase of **6.51%** [3] - Net profit attributable to shareholders was **263 million** yuan, up **15.18%** year-on-year [3] - The overall gross profit margin was **19.08%**, an increase of **0.38 percentage points** compared to the same period last year [3] Laser Business Breakthroughs - The laser business, particularly through its subsidiary Zhongjiu Optoelectronics, saw revenue growth of over **260%**, reaching **114 million** yuan, with net profit exceeding **17.62 million** yuan, a growth of over **400%** [4][5] - Key advancements were made in high-power laser devices and the "Guangren" series products, enhancing the company's competitive edge in anti-drone and laser weapon sectors [5] High-Temperature Superconductors - Continuous innovation in high-temperature superconductors, with new downstream application devices launched annually [6] - In 2024, the company secured a **41.8 million** yuan testing order for controllable nuclear fusion-related small D-shaped magnets and won a **19.6 million** yuan project in collaboration with the Aerospace Third Academy [2][6] Investment in Commercial Aerospace - Plans to establish a joint venture in Ziyang for commercial aerospace operations, focusing on electromagnetic launch technology, with a **30%** stake [2][9] - The electromagnetic launch technology aims to reduce costs and improve launch efficiency, potentially lowering the manufacturing cost of first-stage rockets by over **30%** [2][12] Future Development and Challenges - The company is targeting commercial launches by **2028**, with significant investments in testing platforms and launch facilities, each requiring **billions** in funding [19][20] - Challenges include ensuring a stable supply of high-temperature superconducting materials, with projected demand exceeding **20,000 kilometers** for the "Spark One" project over the next **3-5 years** [21][22] Nuclear Fusion Project "Spark One" - The "Spark One" project is set to complete its first phase by **2030**, with an estimated investment of **11-13 billion** yuan, transitioning to steady-state power generation by **2032-2033** [22] Strategic Partnerships - Collaboration with Ningxia Xuying Company for photovoltaic equipment upgrades and silicon component growth, supported by local government and banks [4][15] Market Position and Future Outlook - The establishment of the joint venture is seen as a strategic move to capture opportunities in the commercial aerospace launch service market, reinforcing the company's position in laser and superconducting industries [13][19] Conclusion - Lianchuang Optoelectronics is positioned for growth in multiple high-tech sectors, with a focus on laser technology, superconductors, and commercial aerospace, while navigating challenges in supply chain and technology development.