Summary of Lianchuang Optoelectronics Conference Call Company Overview - **Company**: Lianchuang Optoelectronics - **Industry**: Focused on controllable nuclear fusion, high-temperature superconductors, commercial aerospace, and laser technology Key Points Industry and Market Position - Lianchuang Optoelectronics is actively involved in the controllable nuclear fusion sector, particularly through the participation in the Spark One project, which is expected to enter the main equipment construction phase by 2026-2027, potentially generating orders worth approximately 5.1 billion yuan for the company [2][9] - The company collaborates with Shanghai Superconductor, which holds over 80% market share in the domestic second-generation high-temperature superconductor tape market. This market is projected to exceed 10 billion yuan by 2030, with an expected annual compound growth rate of over 50% in the coming years [2][3][8] - Lianchuang has made progress in the commercial aerospace sector based on high-temperature superconducting magnet technology and has entered the anti-drone laser business, securing a 19.6 million yuan order from the Ziyang Commercial Aerospace Launch Technology Research Institute [2][4][10] Financial Performance and Projections - The company’s traditional business, including backlight sources and smart controllers, has shown stable growth through production optimization and market expansion, contributing to overall performance stability [2][6][12] - Future net profit projections for Lianchuang Optoelectronics are 580 million yuan, 720 million yuan, and 880 million yuan for the next three years, with year-on-year growth rates of 142%, 24%, and 21%, respectively. Corresponding price-to-earnings ratios are expected to be 47x, 38x, and 31x, indicating significant valuation upside potential [2][14] Emerging Business Opportunities - The controllable nuclear fusion sector presents significant growth opportunities, with the company expected to complete system and device debugging by 2028-2029, entering the demonstration power generation phase [9] - The commercial aerospace market is anticipated to grow at 15% annually from 2024 to 2034, with superconducting magnet technology being a key application area [10] - The laser business, particularly the "Guangren" product, is expected to drive future growth, supported by a rapidly expanding global and Chinese laser weapon market [11][16] Risks and Challenges - Key risks include the potential underperformance of the nuclear fusion industry, disappointing market performance of laser products, and inherent risks in traditional business operations, which could impact overall profitability and market performance [4][15] Investment Recommendations - Investors are encouraged to monitor Lianchuang Optoelectronics due to its growth potential across both traditional and emerging business segments. The company’s current valuation presents a significant upside opportunity compared to peers [17]

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its future performance [1]. Core Views - The company is expected to benefit from improvements in its traditional business and significant growth potential in emerging sectors such as laser technology and nuclear fusion [6][11]. - The report highlights the company's deep technical expertise in high-temperature superconducting magnets, which positions it well to capitalize on future industry developments [7][8]. Financial Summary - Projected total revenue for 2024 is 31.04 billion, with a year-on-year decrease of 4.2%. Revenue is expected to grow to 35.96 billion in 2025, 40.02 billion in 2026, and 45.06 billion in 2027, with respective growth rates of 15.8%, 11.3%, and 12.6% [2][11]. - The company's net profit attributable to shareholders is projected to be 2.41 billion in 2024, down 27.9% year-on-year, but expected to rebound to 5.83 billion in 2025, 7.21 billion in 2026, and 8.75 billion in 2027, with growth rates of 141.6%, 23.7%, and 21.3% respectively [2][11]. - The earnings per share (EPS) is forecasted to be 0.53 in 2024, increasing to 1.29 in 2025, 1.59 in 2026, and 1.93 in 2027 [2]. Business Segments - The company divides its operations into traditional and emerging businesses. Traditional business includes smart control products and backlight source products, while emerging business encompasses high-temperature superconducting magnets and laser products [6][10]. - The smart control products are expected to account for approximately 60% of revenue in 2024, with a focus on improving efficiency and profitability [10][34]. - The backlight source business is undergoing structural adjustments, shifting from low-margin consumer electronics to higher-margin applications in larger displays [10][34]. Growth Potential - The nuclear fusion market is projected to reach 10.5 billion by 2030, with a compound annual growth rate (CAGR) of 53.9% from 2024 to 2030. The company is actively involved in the construction of the "Spark One" project, which is expected to generate future orders [8][11]. - The global commercial space launch market is also expected to grow significantly, with the company having secured a project for electromagnetic launch magnets, positioning it to enter a market worth hundreds of billions [8][11]. - The laser weapon market is anticipated to grow from 5 billion in 2023 to 24 billion by 2030, with the company's "Blade" series expected to benefit from this expansion [9][11].

Investment Rating - The report rates the industry as "Outperform" [1] Core Insights - The commercialization of controlled nuclear fusion is accelerating, with superconducting magnets expected to benefit significantly from this trend [1][3] - The industry is entering a rapid development phase due to breakthroughs in technology, particularly the large-scale application of high-temperature superconducting materials [1][3] - The potential market for controlled nuclear fusion could reach at least $1 trillion by 2050, with superconducting magnets representing a market space exceeding $100 billion [3] Summary by Sections Superconducting Magnets as Core Components - Superconducting magnets are critical components in magnetic confinement fusion devices, particularly in Tokamak systems, where they account for a significant portion of costs, reaching 28% in the ITER project [1][14][20] - The introduction of superconducting materials, especially high-temperature superconductors, addresses the heating issues associated with copper conductors, enabling longer and more efficient operation of fusion devices [1][29] Material Preparation and Manufacturing Processes - The preparation and winding processes for superconducting magnets are complex, with high barriers to entry for high-temperature superconductors, which are still in the early stages of industrialization [3][39] - Low-temperature superconductors have achieved commercial production, while high-temperature superconductors are still developing their performance and application capabilities [3][39] Future Applications and Market Potential - The application prospects for superconducting magnets are broad, extending beyond controlled nuclear fusion to include MRI, NMR, induction heating equipment, and silicon growth furnaces [1][3] - The report recommends focusing on publicly listed companies with superconducting magnet manufacturing capabilities, highlighting companies such as Lianchuang Optoelectronics and Western Superconducting Technologies [3]

Group 1 - The stock price of Lianchuang Optoelectronics (600363) closed at 55.35 yuan on August 4, 2025, down by 1.91% with a turnover rate of 2.03% and a trading volume of 92,200 shares, amounting to a total transaction value of 508 million yuan [1] - On August 4, 2025, the fund flow for Lianchuang Optoelectronics showed a net inflow of 5.38 million yuan from main funds, accounting for 1.06% of the total transaction value, while retail investors had a net outflow of 17.35 million yuan, representing 3.41% of the total transaction value [2][4] - The company announced its share repurchase progress, initially disclosed on January 24, 2025, with a repurchase period from February 10, 2025, to February 9, 2026, and an expected repurchase amount between 100 million yuan and 150 million yuan [2] Group 2 - As of August 4, 2025, Lianchuang Optoelectronics has repurchased a total of 3,313,400 shares, with a total payment of 184.68 million yuan, which accounts for 0.7306% of the total share capital [4] - The actual repurchase price range has been between 53.44 yuan/share and 56.50 yuan/share, with the upper limit adjusted to 69.95 yuan/share due to the company's annual equity distribution on June 25, 2025 [2] - The company will strictly adhere to relevant regulations and make repurchase decisions based on market conditions while fulfilling information disclosure obligations regarding the progress of the share repurchase [2]

证券日报网讯 8月4日晚间，联创光电发布公告称，2025年7月份，公司未回购股份，公司后续将根据市 场情况择机实施本次回购计划。截至2025年7月31日，公司通过上海证券交易所交易系统以集中竞价交 易方式累计回购公司股份113，400股，占公司当前总股本的比例为0.0376%。 （文章来源：证券日报） ...

Group 1 - The company Lianchuang Optoelectronics (SH 600363) announced on August 4 that it has repurchased approximately 113,400 shares, accounting for 0.0376% of its total share capital, with a total expenditure of about 6.09 million RMB [2] - The highest purchase price for the repurchased shares was 54 RMB per share, while the lowest was 53.44 RMB per share [2] Group 2 - For the fiscal year 2024, the revenue composition of Lianchuang Optoelectronics is as follows: smart control products accounted for 60.44%, backlight sources and application products 30.17%, optoelectronic communication cables and intelligent equipment cables along with metal materials 5.12%, semiconductor laser series and aerospace microelectronic components 2.54%, and other businesses 1.72% [2]

证券代码：600363 证券简称：联创光电 公告编号：2025-062 江西联创光电科技股份有限公司 关于股份回购进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | 回购方案首次披露日 | 2025/1/24 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 月 2025 2 9 | 2 | 10 | 日~2026 | 年 | 日 | | 预计回购金额 | 10,000万元~15,000万元 | | | | | | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | 累计已回购股数 | □为维护公司价值及股东权益 1,713,400股 | | | | | | | 累计已回购股数占总股本比例 | 0.3778% | | | | | | | 累计已回购金额 | 95,386,505.38元 | | | | | | | 实际回购价格区间 | 53.44元/股~56.5 ...

2025年8月1日至8月4日，公司通过上海证券交易所交易系统以集中竞价交易方式回购公司股份1,600,000 股，已回购股份占公司当前总股本比例为0.3528%，购买的最高价为56.50元/股，最低价为55.08元/股， 已支付的总金额为人民币89,291,756.38元（不含印花税、交易佣金等交易费用）。截至本公告披露日， 公司通过上海证券交易所交易系统以集中竞价交易方式累计回购公司股份1,713,400股，占公司当前总股 本比例为0.3778%，购买的最高价为56.50元/股，最低价为53.44元/股，已支付的总金额为人民币 95,386,505.38元（不含印花税、交易佣金等交易费用）。 格隆汇8月4日丨联创光电(600363.SH)公布，2025年7月，公司未回购股份，公司后续将根据市场情况择 机实施本次回购计划。截至2025年7月31日，公司通过上海证券交易所交易系统以集中竞价交易方式累 计回购公司股份113,400股，占公司当前总股本比例为0.0376%，购买的最高价为54.00元/股，最低价为 53.44元/股，已支付的总金额为人民币6,094,749.00元（不含印花税、交易佣金等交易费用）。 ...

Investment Rating - The report does not explicitly state an investment rating for the defense and military industry but highlights a positive outlook for long-term growth potential [4]. Core Insights - The defense and military industry is expected to experience a recovery in demand as the "14th Five-Year Plan" approaches its final year, with a clear directive for modernization by 2035 and a world-class military by 2050 [4]. - The report emphasizes the significant impact of AI technology on military equipment and decision-making, showcasing its transformative value in modern warfare, particularly highlighted by the ongoing Russia-Ukraine conflict [2][39]. - The report identifies specific investment opportunities in the military sector, particularly in AI applications, low-altitude economy developments, and the upcoming commissioning of the Fujian aircraft carrier [3][38]. Summary by Sections Market Review - The defense and military index rose by 0.08% last week, ranking 6th among 31 primary industries, while the overall market indices declined [2][13]. - The current PE (TTM) for the defense and military sector is 84.92, with sub-sectors showing varied valuations, such as aerospace equipment at 146.02 and ground armaments at 189.72 [2][21]. Key Recommendations - The report recommends focusing on companies involved in downstream manufacturing, military technology, underwater equipment, missile supply chains, titanium materials, electronic components, and laser weapons [4]. - Specific companies highlighted include Hongdu Aviation, AVIC Shenyang Aircraft, and Reicoh Laser among others [4]. Industry Dynamics - The report discusses the emergence of low-altitude economy opportunities, driven by recent policy initiatives and technological advancements in drone logistics and infrastructure [3][32][37]. - The military AI sector is identified as a core growth driver, with expectations for a surge in orders for AI-enabled equipment by 2025 [40].

Core Viewpoint - Jiangxi Lianchuang Optoelectronics Technology Co., Ltd. has announced the approval of several key resolutions during its 22nd temporary board meeting, including an increase in bank credit limits and the repurchase of minority shares in its subsidiary, Jiangxi Lianchuang Display Technology Co., Ltd. [1][4][36] Group 1: Increase in Bank Credit Limit - The company plans to apply for an increase of RMB 200 million in its comprehensive bank credit limit to support its operational and business development needs [36][37]. - The board meeting held on August 1, 2025, approved this proposal with unanimous support from all attending directors [3][42]. Group 2: Repurchase of Minority Shares - The company will use its own or raised funds of RMB 100 million to repay a loan and repurchase 33.0229% of the shares held by Nanchang Lian Kong Industrial Equity Investment Management Co., Ltd. in its subsidiary [4][12]. - This transaction is part of fulfilling a prior agreement and will restore the subsidiary as a wholly-owned entity of the company [12][15]. - The board also authorized management to participate in the public bidding for the shares, ensuring compliance with relevant regulations [7][16]. Group 3: Financial and Operational Impact - The repurchase of shares is expected to have no significant impact on the company's future financial status and operational results, as the funding will come from existing resources [28]. - The transaction does not involve any changes in management, personnel arrangements, or create new related-party transactions [29][30].