联系电话：010-59219558 传真：010-59562637 2024年08月 30 证券研究报告|公司研究|公司点评 | --- | --- | --- | |----------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------|-------------| | | | | | 西部超导 (688122) | 投资评级 | 买入 | | 2024H1 点评：Q2 业绩环比增长超预期 | | 维持评级 | | | 2024年08月30日 | | | 业绩概要：2024H1 公司实现营业收入 20.2 亿元（同比-4.3%）实现归母净利润 | 收盘价(元): | 35.99 | | 3.48 亿元（同比-17.2%）, 扣非后归母净利润为 3.12 亿元（同比-16.4%）对应基 | | | ...

证券研究报告：国防军工 | 公司点评报告 公司基本情况 总市值/流通市值（亿元）234 / 234 52 周内最高/最低价 54.10 / 32.37 资产负债率(%) 44.3% 市盈率 31.08 第一大股东 西北有色金属研究院 股票投资评级 买入|维持 个股表现 -32% -27% -22% -17% -12% -7% -2% 3% 8% 13% 2023-09 2023-11 2024-01 2024-04 2024-06 2024-08 西部超导 国防军工 资料来源：聚源，中邮证券研究所 最新收盘价（元） 35.99 总股本/流通股本（亿股）6.50 / 6.50 研究所 分析师:鲍学博 SAC 登记编号:S1340523020002 Email:baoxuebo@cnpsec.com 分析师:马强 SAC 登记编号:S1340523080002 Email:maqiang@cnpsec.com 西部超导(688122) 2024 年 9 月 1 日 Q2 业绩恢复显著，超导业务保持较快增速 ⚫ 事件 8 月 30 日，西部超导发布 2024 年半年报。2024H1，公司实现营 收 20.20 亿元 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 44.40 CNY [5][3] Core Insights - The company reported a revenue of 2.02 billion CNY for H1 2024, a decrease of 4.33% year-on-year, and a net profit of 348 million CNY, down 17.24% [2] - In Q2 2024, the company achieved a revenue of 1.23 billion CNY, reflecting a quarter-on-quarter growth of 54.60%, and a net profit of 238 million CNY, which is an increase of 115.38% quarter-on-quarter [2] - The titanium alloy segment has ended a two-year decline, showing signs of recovery in H1 2024, with revenue from titanium alloys at 1.28 billion CNY, down 4.07% year-on-year [2] - The superconducting products segment benefited from the ongoing growth in the nuclear fusion and magnet markets, with a revenue increase of 19.95% to 482 million CNY [2] - The high-temperature alloy revenue decreased by 44.67% to 156 million CNY, impacted by customer inventory control [2] - The company's net profit margin for H1 2024 was 17.45%, a decline of 3.00 percentage points year-on-year, attributed to increased R&D expenses [2] - The company has made significant R&D advancements, including the development of large-scale corrosion-resistant titanium alloy ingots and breakthroughs in high-temperature alloy processing technology [2] Financial Summary - The company’s revenue for 2024 is projected to be 5.49 billion CNY, with a year-on-year growth of 32.1% [4] - The net profit for 2024 is estimated at 959 million CNY, reflecting a growth of 27.5% [4] - The earnings per share (EPS) for 2024 is adjusted to 1.48 CNY, with projections for 2025 and 2026 at 1.92 CNY and 2.49 CNY respectively [3][4] - The gross margin for 2024 is expected to be 33.1%, with a net margin of 17.5% [4] - The company’s inventory as of Q2 2024 was 3.45 billion CNY, with a significant increase in finished goods [2]

Investment Rating - The report maintains a "Recommended" rating for the company, with projected net profits for 2024-2026 being 7.78 billion, 9.06 billion, and 10.59 billion respectively, corresponding to PE ratios of 30, 26, and 22 based on the stock price as of August 30 [2][3]. Core Insights - The company reported a revenue of 20.20 billion for H1 2024, a decrease of 4.33% year-on-year, with a net profit of 3.48 billion, down 17.24% year-on-year. However, Q2 2024 showed a recovery with a revenue of 12.27 billion, an increase of 54.60% quarter-on-quarter and 3.13% year-on-year [1]. - Demand for superconducting products continues to grow, with revenue from these products reaching 4.82 billion in H1 2024, an increase of 19.95% year-on-year. The company is the only domestic producer of low-temperature superconducting wire and has significantly increased its production capacity to 2000 tons [1]. - High-end titanium alloy materials showed a positive trend, with revenue of 12.84 billion in H1 2024, a slight decrease of 4.07% year-on-year, but with an improved gross margin of 36.95% [1]. - The high-performance high-temperature alloy materials segment faced challenges, with revenue dropping 44.67% year-on-year to 1.56 billion, although the gross margin improved to 21.35% [2]. Financial Summary - For 2024E, the company is projected to achieve total revenue of 4.462 billion, with a growth rate of 7.3%. The net profit is expected to be 778 million, reflecting a growth rate of 3.4% [3][8]. - The gross margin is forecasted to be 32.45% in 2024, with a net profit margin of 17.43% [8]. - The company's total assets are projected to increase from 12.084 billion in 2023 to 12.665 billion in 2024, indicating a healthy growth trajectory [9].

中信建投证券股份有限公司 关于西部超导材料科技股份有限公司 2024 年持续督导半年度报告书 | 保荐机构名称：中信建投证券股份有限 | 被保荐公司名称：西部超导材料科技股份 | | | --- | --- | --- | | 公司 | 有限公司 | | | 保荐代表人姓名：郭尧 | 联系方式：010-56052384 联系地址：北京市朝阳区景辉街 号院 | | | | 16 | 1 | | | 号楼泰康集团大厦 层 11 | | | 保荐代表人姓名：朱旭东 | 联系方式：010-56052384 | | | | 联系地址：北京市朝阳区景辉街 号院 16 | 1 | | | 号楼泰康集团大厦 11 层 | | 经中国证监会于 2021 年 11 月 23 日出具的《关于同意西部超导材料科技股份有限 公司向特定对象发行股票注册的批复》（证监许可〔2021〕3709 号）批准，公司向特定 对象发行人民币普通股（A 股）股票 22,774,069 股，每股发行价格为人民币 88.39 元， 募集资金总额为 2,012,999,958.91 元，扣除发行费用 31,914,627.63 元（不考虑增值税） 后，实际募 ...

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, achieving a total of RMB 1.2 billion, representing a year-on-year growth of 25%[13]. - The company's operating revenue for the first half of 2024 was ¥2,020,434,689.88, a decrease of 4.33% compared to ¥2,111,910,785.54 in the same period last year[18]. - The net profit attributable to shareholders for the first half of 2024 was ¥348,493,709.81, down 17.24% from ¥421,096,984.21 in the previous year[18]. - The net cash flow from operating activities increased by 130.61% to ¥114,584,169.37 compared to ¥49,687,122.98 in the same period last year[18]. - The company reported a net profit margin of approximately 18% for the first half of 2024, down from 20% in the same period of 2023[130]. - The total comprehensive income for the first half of 2024 was approximately ¥349.81 million, compared to ¥408.86 million in the same period of 2023, reflecting a decrease of about 14.4%[135]. Research and Development - The company is investing RMB 100 million in R&D for advanced superconducting materials, aiming to improve product efficiency by 20%[13]. - Research and development expenses accounted for 8.67% of operating revenue, an increase of 2.70 percentage points compared to 5.97% in the previous year[19]. - The company reported R&D expenses of approximately ¥175.13 million, representing a 38.96% increase from the previous year's ¥126.03 million[34][35]. - The company has filed 63 new patent applications during the reporting period, with 66 patents granted, bringing the total to 931 applications and 683 granted[33]. - The company’s R&D strategy focuses on "producing one generation, developing one generation, and reserving one generation," ensuring continuous innovation and market responsiveness[26]. Market Expansion and Strategy - The company has set a future revenue target of RMB 2.5 billion for the full year 2024, indicating an optimistic outlook for continued growth[13]. - The company is expanding its market presence in Europe, with plans to establish a new distribution center in Germany by Q3 2024[13]. - A strategic acquisition of a local competitor is in progress, which is anticipated to enhance the company's market share by 10%[13]. - The company is focused on expanding its market presence in energy, information, medical, environmental, and transportation sectors through innovative superconducting technologies[23]. - The company is actively expanding its market presence in domestic and international sectors, focusing on strategic industries such as defense and high-end civilian applications[48]. Product Development and Innovation - New product development includes the launch of a high-performance superconducting wire, expected to contribute an additional RMB 300 million in revenue by the end of 2024[13]. - The company has achieved international advanced levels in high-performance low-temperature and high-temperature superconducting materials and applications[23]. - The company has developed a complete set of low-temperature superconducting product manufacturing technology, achieving mass production of MRI superconducting wire and significant breakthroughs in high-performance Nb3Sn wire for fusion engineering[27]. - The company has successfully developed a room-temperature aperture 125mm high-field superconducting magnet, achieving a central field strength of 10.06T, marking a major breakthrough in superconducting magnet technology[27]. - The company has made significant advancements in the engineering production technology of Nb3Sn superconducting wire, achieving lengths of up to 10,000 meters and meeting ITER project requirements[28]. Financial Position and Assets - The company's total assets at the end of the reporting period were ¥12,822,735,570.68, reflecting a 6.11% increase from ¥12,084,145,162.07 at the end of the previous year[18]. - The company's total liabilities increased to ¥6,044,963,169.45 from ¥5,347,932,623.35, marking an increase of 13.0%[126]. - The company's total equity amounted to ¥6,777,772,401.23, compared to ¥6,736,212,538.72, reflecting a slight increase of 0.6%[126]. - The company's accounts receivable increased by 33.93% to CNY 2,758,022,821.50, up from CNY 2,059,353,671.97, influenced by industry customer payment characteristics[52]. - The company has maintained a strong cash position, with cash reserves of RMB 500 million, ensuring liquidity for future investments[13]. Risks and Challenges - The management highlighted potential risks, including supply chain disruptions, which could impact production timelines[4]. - The company faces risks related to high customer concentration, funding turnover, raw material price fluctuations, and macroeconomic conditions, and is implementing measures to mitigate these risks[47]. Environmental and Social Responsibility - The company has invested 1.51 million yuan in environmental protection during the reporting period[65]. - The company has established mechanisms for environmental protection and has not faced any administrative penalties related to environmental issues[68]. - The company has implemented carbon reduction measures, including the development of new processes and the use of clean energy, resulting in improved production efficiency and reduced energy consumption[70]. - A 1.2MW photovoltaic power generation project has been established in the Jingwei Park, which is now connected to the grid, optimizing energy utilization and enhancing overall energy efficiency[70]. - The company has committed to various shareholder restrictions, including a 12-month lock-up period for shares held by directors and senior management following the IPO[73]. Governance and Compliance - The company has established governance mechanisms to prevent potential competitive behaviors among its subsidiaries[88]. - The company has committed to not infringe on its own interests or those of its shareholders in its operational management activities[88]. - The company has not reported any violations or penalties involving its directors, supervisors, senior management, or controlling shareholders during the reporting period[91]. - The financial statements were approved by the board of directors on August 29, 2024[153]. - The company operates under the assumption of going concern, with no significant doubts regarding its ability to continue operations for the next 12 months[155].

西部超导材料科技股份有限公司（以下简称"公司"）第四届监事会任期已 届满，根据《中华人民共和国公司法》（以下简称"《公司法》"）和《西部超导 材料科技股份有限公司章程》（以下简称"《公司章程》"）及相关规定，公司于 2024 年 8 月 29 日召开第三届第七次职工代表大会，选举田思阳女士、周庆先 生（简历详见附件）为公司第五届监事会职工代表监事。 田思阳女士、周庆先生符合《公司法》等法律法规及《公司章程》的有关 监事任职资格和条件的相关规定，将与公司 2024 年第一次临时股东大会选举产 生的 4 名非职工代表监事共同组成公司第五届监事会，第五届监事会任期三年， 自公司 2024 年第一次临时股东大会审议通过之日起计算。 特此公告。 西部超导材料科技股份有限公司监事会 证券代码：688122 证券简称：西部超导 公告编号：2024-026 西部超导材料科技股份有限公司 关于选举第五届监事会职工代表监事的公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 2024 年 8 月 30 日 1.田思阳女士简历 周庆先生，中国国 ...

1、2019 年首次公开发行股票募集资金 根据中国证券监督管理委员会于 2019 年 7 月 1 日出具的《关于同意西部超 导材料科技股份有限公司首次公开发行股票注册的批复》（证监许可〔2019〕 1169 号），本公司于 2019 年 7 月向社会公众公开发行人民币普通股（A 股） 44,200,000.00 股，每股面值为人民币 1 元，发行价格为每股人民币 15.00 元， 募集资金总额为人民币 663,000,000.00 元。上述募集资金总额扣除保荐费和承 销 费 用 人 民 币 48,410,000.00 元 后 ， 本 公 司 收 到 募 集 资 金 人 民 币 614,590,000.00 元 ， 扣 除 由 本 公 司 支 付 的 其 他 发 行 费 用 共 计 人 民 币 11,468,507.82 元后，实际募集资金净额为人民币 603,121,492.18 元。截至 2019 年 7 月 17 日止，上述募集资金的划转已经全部完成，业经中审众环会计师 事务所（特殊普通合伙）予以验证并出具众环验字[2019]170004 号验资报告。 1 证券代码：688122 证券简称：西部超导 公告 ...

2024 年持续督导半年度报告书 | 保荐机构名称：中信建投证券股份有限 | 被保荐公司名称：西部超导材料科技股份 | | | --- | --- | --- | | 公司 | 有限公司 | | | 保荐代表人姓名：郭尧 | 联系方式：010-56052384 联系地址：北京市朝阳区景辉街 号院 | | | | 16 | 1 | | | 号楼泰康集团大厦 层 11 | | | 保荐代表人姓名：朱旭东 | 联系方式：010-56052384 | | | | 联系地址：北京市朝阳区景辉街 号院 16 | 1 | | | 号楼泰康集团大厦 11 层 | | 中信建投证券股份有限公司 关于西部超导材料科技股份有限公司 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | | 查等方式开展持续督导工作。 | 访等方式，了解西部超导经营情况，对西 | | | | 部超导开展持续督导工作 | | | 持续督导期间，按照有关规定对上市公司违法 | 2024 年上半年，西部超导在持续督导期 | | | 违规事项公开发表声明的，应于披露前向上海 | | | 4 | | 间未发生按有关规定须保荐 ...

证券代码：688122 证券简称：西部超导 公告编号：2024-025 西部超导材料科技股份有限公司 关于选举董事长、董事会专门委员会委员、监事会 主席及聘任高级管理人员的公告 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 述或重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 2024 年 8 月 29 日， 西部超导材料科技股份有限公司（以下简称"公司"） 召开 2024 年第一次临时股东大会及公司第三届第七次职工代表大会，选举产生 了第五届董事会成员和第五届监事会成员，任期自公司 2024 年第一次临时股东 大会审议通过之日起三年。 同日，公司召开第五届董事会第一次会议，审议并通过了《关于选举公司 第五届董事会董事长的议案》《关于聘任公司总经理的议案》《关于聘任公司副 总经理的议案》《关于聘任公司财务总监的议案》《关于聘任公司董事会秘书的 议案》《关于选举公司第五届董事会专门委员会委员的议案》，选举产生了第五 届董事会董事长和董事会专门委员会委员，并聘任了高级管理人员。召开第五 届监事会第一次会议，审议并通过了《关于选举公司第五届监事会主席的议案》， 选举产生了第五届监事 ...