智通财经APP讯，联创光电(600363.SH)发布公告，基于目前经营情况和长期战略规划考虑，为配合华 联电子集中精力做好经营管理，进一步提高决策效率，经慎重考虑，公司同意华联电子申请其股票在全 国中小企业股份转让系统终止挂牌。 ...

联创光电公告，控股子公司华联电子拟申请在全国中小企业股份转让系统终止挂牌。基于目前经营情况 和长期战略规划考虑，为配合华联电子集中精力做好经营管理，进一步提高决策效率，公司同意华联电 子申请其股票终止挂牌。华联电子承诺在一定期限内对满足条件的异议股东所持公司股份进行回购，回 购价格原则上以异议股东取得该部分股票的初始成本价格与华联电子最近一期经审计的归属于挂牌公司 股东的每股净资产价格为依据。 ...

智通财经记者｜马悦然 商业航天行业又出现了一跨界玩家。 近日，联创光电(600363.SH)公告，拟与关联方瑞迈投资、非关联方航旅科技、航源智科共同投资设立资阳商业航天产业运营公司，注册资本8000万元，其 中联创光电以自有或自筹资金现金出资2400万元，持股30%。 上述合资公司设立后，将成为专注于商业航天电磁发射领域的高科技企业，提供电磁发射场建设所需的高温超导磁体、地面模组、变流控制等磁电高端装备 产品。 联创光电主营业务涉及激光和超导行业。宣布跨界商业航天板块的同时，该公司提及风险称，高温超导磁体技术尚无商业化运作先例，后续能否实现商业化 以及商业化前景如何均存在较大不确定性。 商业航天行业技术壁垒高、资金投入大，且行业发展尚在初期，故跨界玩家不多，即使入局也多是和自身业务相关联。 例如，汽车龙头吉利控股集团拥有旗下商业航天企业时空道宇，其自主建设及运营吉利未来出行星座，可服务于自动驾驶等领域。 近年来，商业航天成为热门投资板块。 中商产业研究院数据显示，中国商业航天行业产值由2020年的1万亿元，增至2024年的2.3万亿元左右，复合年增长率为22.9%，这一数据预计在2025年达到 2.8万亿元。 ...

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.

Suspension and Resumption of Trading - Sunflower plans to acquire controlling stake in Xipu Materials and 40% stake in Beid Pharmaceutical, resulting in stock suspension [1] - Kuangda Technology's controlling shareholder intends to transfer 28% of shares, with Zhuzhou State-owned Assets Supervision and Administration Commission becoming the actual controller, leading to stock resumption [1] Mergers and Acquisitions - Silin Jie intends to issue shares and pay cash to acquire 71% of Keke Electronics [2] Share Buybacks, Increases, and Equity Transfers - Guizhou Moutai receives a commitment from Agricultural Bank to support stock buyback with a loan not exceeding RMB 2.7 billion [3] - BGI Genomics' shareholder plans to transfer 2.64% of the company's shares [3] Investment Cooperation and Operational Status - Guangqi Technology's subsidiary has signed mass production contracts for metamaterials worth a total of RMB 1.278 billion with five clients [4] - Dongfang Electric's pre-plated nickel material orders are around 2,000 tons monthly, primarily supplying an international battery company, with significant procurement increases expected by 2026 [4] - Lianchuang Optoelectronics plans to jointly invest with related and unrelated parties to establish a commercial aerospace operation company in Ziyang [5] - Aerospace Hongtu signed a strategic cooperation agreement for an internet satellite project with Pakistan worth RMB 2.9 billion [6] - Tianji shares are gaining market attention for solid-state battery concepts, with its subsidiary obtaining patents for lithium sulfide materials and their applications [6] - Mingzhi Electric has sent samples to over a hundred leading domestic and international robot manufacturers [6] - Jidian shares received RMB 919 million in subsidy funds in August, with a total of RMB 1.271 billion received from January to August 2025, a 154.2% increase year-on-year [6] - *ST Songfa's subsidiary, Hengli Shipbuilding, signed contracts for two 30.6 million-ton ultra-large crude oil tankers [7] - Robotek plans to issue H-shares and list on the Hong Kong Stock Exchange [8] - China State Construction plans to acquire equity in a Shanghai real estate project for approximately RMB 15.478 billion [9]