Financial Performance - The company's operating revenue for Q1 2025 reached ¥1,073,751,836.76, representing a 35.31% increase compared to ¥793,561,584.95 in the same period last year[3]. - Net profit attributable to shareholders was ¥169,994,932.20, a 53.85% increase from ¥110,496,998.85 year-on-year[3]. - The net profit after deducting non-recurring gains and losses was ¥141,612,674.34, up 52.73% from ¥92,722,730.43 in the previous year[3]. - Basic earnings per share increased by 52.94% to ¥0.26 from ¥0.17 in the same period last year[4]. - Operating profit for Q1 2025 was ¥213,689,564.94, an increase of 76.3% from ¥121,337,431.81 in Q1 2024[18]. - Net profit for Q1 2025 was ¥186,739,073.14, representing a 72.5% increase compared to ¥107,977,042.03 in Q1 2024[19]. Assets and Liabilities - The total assets at the end of the reporting period were ¥14,135,715,391.71, a 3.87% increase from ¥13,609,314,222.99 at the end of the previous year[4]. - As of March 31, 2025, the total current assets amounted to CNY 11,105,470,869.22, an increase from CNY 10,600,082,387.95 as of December 31, 2024, representing a growth of approximately 4.75%[13]. - Total liabilities as of March 31, 2025, were CNY 6,679,352,850.29, up from CNY 6,342,489,920.76, which is an increase of approximately 5.31%[15]. - The total equity of the company reached CNY 7,456,362,541.42, an increase from CNY 7,266,824,302.23, representing a growth of about 2.61%[15]. - The company reported a total asset value of CNY 14,135,715,391.71, up from CNY 13,609,314,222.99, indicating an increase of approximately 3.86%[14]. Cash Flow - The net cash flow from operating activities was ¥2,644,999.45, a significant decrease of 98.17% compared to ¥144,781,613.77 in the same period last year[3]. - Cash flow from operating activities for Q1 2025 was ¥2,644,999.45, a significant decrease from ¥144,781,613.77 in Q1 2024[20]. - Cash and cash equivalents at the end of Q1 2025 totaled ¥1,371,883,266.22, down from ¥1,729,417,255.87 at the end of Q1 2024[21]. - Investment activities generated a net cash outflow of ¥75,801,836.06 in Q1 2025, compared to a net inflow of ¥55,329,816.45 in Q1 2024[21]. - Financing activities produced a net cash inflow of ¥122,240,853.66 in Q1 2025, down from ¥198,332,921.74 in Q1 2024[21]. Research and Development - Research and development expenses totaled ¥43,627,296.97, down 45.18% from ¥79,583,380.61 in the previous year[4]. - The proportion of R&D expenses to operating revenue decreased by 5.97 percentage points to 4.06%[4]. Management and Expenses - The company reported a significant increase in management expenses, which rose to ¥65,539,756.32 in Q1 2025 from ¥24,610,035.01 in Q1 2024[18]. - Total operating costs for Q1 2025 were ¥834,923,282.31, up 19.7% from ¥697,116,057.95 in Q1 2024[18]. Government Subsidies - The company recognized government subsidies amounting to ¥28,641,379.68 during the reporting period, which are expected to have a sustained impact on profits[5]. Borrowings - The short-term borrowings increased significantly to CNY 1,137,064,560.25 from CNY 778,593,492.39, reflecting a rise of about 46.12%[15]. - The company's long-term borrowings decreased to CNY 722,391,294.63 from CNY 887,129,258.00, showing a decline of approximately 18.59%[15]. Shareholder Structure - The company has not reported any significant changes in the shareholder structure or any related party transactions during the reporting period[12].

Financial Performance - The company's operating revenue for 2024 reached ¥4,612,471,588.04, representing a year-on-year increase of 10.91% compared to ¥4,158,784,265.02 in 2023[22]. - Net profit attributable to shareholders for 2024 was ¥800,789,109.36, a 6.44% increase from ¥752,372,077.81 in 2023[22]. - The net cash flow from operating activities surged to ¥446,415,208.35, marking a significant increase of 176.29% compared to ¥161,573,753.57 in 2023[22]. - The total assets of the company at the end of 2024 amounted to ¥13,609,314,222.99, reflecting a 12.62% growth from ¥12,084,145,162.07 in 2023[22]. - Basic earnings per share for 2024 were ¥1.2326, up 6.43% from ¥1.1581 in 2023[23]. - The company reported a total net profit of ¥197,125,796.40 in Q4 2024, with a quarterly revenue of ¥1,377,345,272.44[24]. - The company achieved a total sales revenue of 4.612 billion yuan, representing a year-on-year growth of 10.91%[34]. - The net profit attributable to the parent company was 800 million yuan, an increase of 6.44% compared to the previous year[34]. - The company's total assets reached 13.609 billion yuan, up 12.62% from the beginning of the year[34]. - The revenue from superconducting products, high-end titanium alloy materials, and high-performance high-temperature alloy materials reached 4.383 billion RMB, an increase of 10.57% year-on-year[96]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of RMB 1.00 per 10 shares, totaling RMB 64,966,449.70 (including tax) for the first three quarters of 2024[5]. - For the 2024 fiscal year, the proposed cash dividend is RMB 6.5 per 10 shares, amounting to a total of RMB 422,281,923.05 (including tax), pending shareholder approval[6]. - The total cash dividend for 2024, including the interim distribution, is projected to be RMB 487,248,372.75[6]. - The total cash dividend for 2024, including the mid-term distribution, is projected to be RMB 487,248,372.75, which represents 60.85% of the net profit attributable to ordinary shareholders[179]. - Cumulative cash dividends over the last three fiscal years amount to RMB 1,406,059,589.65, with a cash dividend ratio of 160.20% based on average net profits of RMB 877,693,939.99[181]. Research and Development - The company invested 342 million yuan in R&D throughout the year, resulting in 177 patent applications[33]. - The company's R&D expenditure as a percentage of operating revenue was 7.42% in 2024, a slight decrease of 0.3 percentage points from 7.72% in 2023[23]. - The company has invested RMB 908,380,354.38 in research and development over the last three fiscal years, accounting for 6.99% of cumulative revenue[181]. - The company has a strong focus on R&D, with key personnel involved in the development of superconducting materials and high-performance titanium alloys[146]. - The R&D team is led by academic experts in superconducting materials and rare metal materials, supported by several national and provincial research platforms[77]. Corporate Governance - The company has received a standard unqualified audit report from the accounting firm Xin Yong Zhong He[4]. - The company has not reported any non-operational fund occupation by controlling shareholders or related parties[8]. - There are no violations of decision-making procedures regarding external guarantees[9]. - The company has not reported any instances of more than half of the board members being unable to guarantee the accuracy and completeness of the annual report[9]. - The company has established a governance structure with a board of 9 directors, including 3 independent directors, to ensure effective oversight and management[137]. Market Position and Strategy - The company is the only international producer of NbTi ingots, bars, superconducting wires, and superconducting magnets, positioning itself as a key player in the industry[37]. - The company focuses on dual-driven development through technological advancement and market demand, leveraging various R&D platforms to maintain and expand its technological leadership[39]. - The company has established long-term procurement agreements with large suppliers, ensuring stable raw material supply channels for key materials such as titanium sponge and nickel[40]. - The company aims to address quality issues in high-temperature alloy production through new technologies and international equipment, leading to improved product quality and reduced costs[45]. - The company is committed to filling domestic gaps in key materials for new aircraft, aerospace engines, and other critical fields, aiming to become a leading international new materials innovation and production base[134]. Environmental Initiatives - The company has allocated RMB 312.13 million for environmental protection initiatives during the reporting period[186]. - The company has completed a 1.2MW solar photovoltaic project and increased the proportion of green electricity consumption to over 30% of total electricity usage during the reporting period[195]. - The company has achieved compliance with wastewater discharge standards and air pollutant emission standards, ensuring all pollutants are within regulatory limits[192]. - The company has received recognition as a "National Green Factory" and "Shaanxi Province Green Factory" for its efforts in reducing greenhouse gas emissions[197]. - The company has implemented measures to reduce carbon emissions, including the promotion of clean production and the replacement of traditional fuel forklifts[194]. Risk Management - The company has outlined potential risks associated with forward-looking statements in its report[7]. - The company has a risk management strategy in place to address potential challenges related to its core competitiveness and operational efficiency[85]. - The company plans to enhance product research and development to mitigate risks associated with high customer concentration[86]. - The company is actively developing new supply channels to reduce the impact of raw material price fluctuations on its operations[87]. - The company has established a safety production management system to address potential safety risks in its operations[87].

hyzqdatemark 2025 年 04 月 01 日 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 陈婉妤 SAC：S1350524110006 chenwanyu@huayuanstock.com 方皓 fanghao@huayuanstock.com 市场表现： 证券研究报告 国防军工 | 航空装备Ⅱ 非金融|首次覆盖报告 | 基本数据 | | | 年 | 03 | | | 日 | | 2025 | 月 | 31 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 46.35 | | | | | | | 一 年 内 / 最 低 | 最 | 高 | | | 55.70/32.11 | | | | | | ...

Investment Rating - The report maintains an "Overweight" rating for the defense materials industry [3] Core Insights - The defense materials sector is expected to see a recovery in demand in 2025, driven by the release of pent-up demand and significant orders in high-certainty areas like aerospace and defense [11][12] - The report highlights the importance of advanced materials such as ceramic matrix composites and titanium alloys, which are crucial for enhancing the performance of military equipment [30][31] - The application of 3D printing technology is expanding in both military and civilian sectors, leading to innovations in product design and manufacturing efficiency [6][34] Summary by Sections Industry Analysis - The report discusses the establishment of a ceramic matrix composite technology innovation center in Sichuan, which aims to accelerate the development of advanced materials for aerospace applications [2][30] - The demand for ceramic matrix composites is projected to increase due to their superior high-temperature resistance and lightweight properties, which can reduce component weight by 30% to 50% compared to high-temperature alloys [31] Market Performance - In February, the Zhonghang Securities defense materials index increased by 4.72%, outperforming the Shenwan defense index by 1.05 percentage points [8][37] - The report notes that 2024 is expected to be a challenging year for defense materials companies, with 10 out of 23 companies reporting profit growth while 13 experienced declines [9] Investment Logic - The report emphasizes the potential for recovery in the defense materials sector in 2025, as the industry is expected to benefit from increased military spending and the release of accumulated orders [11][12] - It suggests that companies focusing on high-temperature alloys, titanium alloys, and composite materials should be closely monitored for investment opportunities [20][48] Recommendations - The report recommends focusing on companies such as Guangwei Composite, Zhongfu Shenying, and Jialiqi in the carbon fiber composite sector; Fushun Special Steel and Gangyan High-tech in high-temperature alloys; and Xibu Superconductor and Baotai in titanium alloys [20][48]

Financial Performance - Total revenue for 2024 reached RMB 464,107.34 million, an increase of 11.60% compared to the previous year[5] - Net profit attributable to shareholders of the parent company was RMB 80,984.86 million, up 7.64% year-on-year[5] - Net profit attributable to shareholders of the parent company, excluding non-recurring gains and losses, was RMB 71,547.12 million, reflecting a growth of 13.37%[5] - Basic earnings per share increased to RMB 1.2466, representing a year-on-year growth of 7.64%[5] Assets and Equity - Total assets at the end of the reporting period amounted to RMB 1,367,191.60 million, a 13.14% increase from the beginning of the period[5] - Shareholders' equity attributable to the parent company was RMB 669,596.20 million, up 5.87% from the beginning of the period[5] - Net asset value per share attributable to shareholders of the parent company rose to RMB 10.31, an increase of 5.85%[5] Business Development - The company focused on developing new markets and customers, achieving breakthroughs in multiple new products and technologies[5] - The sales structure was further optimized, contributing to stable revenue growth and operational performance[5] Reporting Notes - The financial data presented is preliminary and unaudited, with final figures to be disclosed in the annual report[8]

证券代码：688122 证券简称：西部超导 公告编号：2025-002 西部超导材料科技股份有限公司 关于向特定对象发行股票部分募集资金专户 销户完成的公告 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 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 西部超导材料科技股份有限公司（以下简称"公司"）向特定对象发行股票 募集资金按照相关法律、法规和规范性文件的规定，在银行开立了募集资金专用 账户存储。鉴于"高性能超导线材产业化项目"已结项，用于补充流动资金的节 余募集资金已大部分使用完毕，公司于近日办理了相应募集资金专用账户的注销 手续，具体情况下： 一、募集资金基本情况 | 号 | 序 账户名称 | 开户行 | 账号 | 账户状态 | | --- | --- | --- | --- | --- | | 1 | 西部超导材料科 | 招商银行股份有限公司 | 029900180010908 | 正常 | | | 技股份有限公司 | 西安北大街支行 | | | | 2 | 西部超导材料科 | 中国建设银行股份有限 公司西安经济技术开发 | 61050193004100002 ...

证券代码：688122 证券简称：西部超导 公告编号：2025-001 西部超导材料科技股份有限公司 2024 年前三季度 权益分派实施公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/1/21 | 2025/1/22 | 2025/1/22 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 12 月 30 日的 2024 年第二次临时股东大会 审议通过。 二、 分配方案 1. 发放年度：2024 年前三季度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 三、 相关日期 | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/1/21 | 2025/1/22 | 2025/1/ ...

证券代码：688122 证券简称：西部超导 公告编号：2024-041 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 12 月 30 日 （二） 股东大会召开的地点：西部超导材料科技股份有限公司 103 会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 272 | | --- | --- | | 普通股股东人数 | 272 | | 2、出席会议的股东所持有的表决权数量 | 353,220,250 | | 普通股股东所持有表决权数量 | 353,220,250 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 54.3696 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 54.3696 | 西部超导材料科技股份有限公司 2024 年第二次临时股东大会决议公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： ...

西安市高新区锦业路绿地中心 B 座 46 层 邮编：710065 联系电话：029-8819 9711 46th Floor, B Tower, Greenland Center, Jinye Road, High-tech District, Xi'an, Shaanxi, China 国浩律师（西安）事务所 国浩及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书出具日 以前已经发生或存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用 原则，进行了充分的核查验证，保证本法律意见书所认定的事实真实、准确、完 整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大遗 漏，并承担相应法律责任。 本法律意见书仅供公司 2024 年第二次临时股东大会之目的使用，本所及经 办律师同意本法律意见书随同公司本次股东大会决议及其他信息披露资料一并 公告。 为出具本法律意见书，本所经办律师审查了公司提供的以下文件： 1.《西部超导材料科技股份有限公司章程》（以下简称"《公司章程》"）； 西安市高新区锦业路绿地中心 B 座 46 层 ...

Group 1: Company Overview and Activities - The company, Western Superconducting Technologies Co., Ltd., is engaged in the production of high-temperature superconducting materials and advanced titanium alloys [1][2]. - The third quarter performance briefing was held on December 24, 2024, with key executives participating, including the General Manager and CFO [1]. Group 2: Product Development and Innovations - The company has achieved breakthroughs in the engineering preparation of Bi-2223 and Bi-2212 superconducting materials, producing lengths of superconducting tapes and wires reaching hundreds of meters [2]. - The NbTi superconducting cables produced by the company meet customer requirements for quantum computing applications [3]. Group 3: Market Position and Challenges - The company has experienced fluctuations in business performance over the past two years due to changes in downstream market demand [5]. - The global market share of superconducting products is steadily increasing, while the domestic market position for high-end titanium alloys remains solid [5]. Group 4: Future Outlook and Strategic Plans - The company is cautiously optimistic about external demand for its three business segments in the coming year, focusing on enhancing technological innovation and efficiency [4]. - There are no current plans for integration or acquisition with Western Materials, as both companies operate in different segments of the titanium alloy market [4]. Group 5: Industry Trends and Applications - The company is exploring the potential applications of its high-end titanium alloys in the low-altitude economy, particularly in drones [4]. - Superconducting materials are primarily applied in medical, semiconductor, and national research projects, with ongoing efforts to expand their use in additional fields [6].