Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry [5]. Core Insights - The focus on controllable nuclear fusion technology is expected to accelerate its practical application, leading to significant investment opportunities in the sector [9][13]. - The report highlights that the controllable nuclear fusion sub-sector has shown substantial excess returns, with specific companies like Wangzi New Materials experiencing over 100% increase in stock price since May [15]. - The report outlines the strategic goals for nuclear fusion technology development in China, aiming for operational engineering experimental reactors by 2035 and commercial power plants by 2050 [30]. Summary by Sections Controllable Nuclear Fusion - The report emphasizes the rising attention on controllable nuclear fusion, which is considered a clean, efficient, and sustainable energy source [19]. - The performance of nuclear fusion-related stocks has been notably strong, with several companies reporting significant price increases [15][16]. - The report discusses the technological pathways for achieving controllable nuclear fusion, including inertial and magnetic confinement methods, with Tokamak devices being the most prominent [24][31]. Industry Developments - The report notes that the "14th Five-Year Plan" has led to increased contract liabilities for major manufacturers, indicating a robust demand outlook for the defense sector [82]. - The J-10CE fighter jet has gained international attention due to its performance in recent conflicts, enhancing its market competitiveness [92][96]. - The report identifies key players in the nuclear fusion supply chain, including upstream material suppliers and midstream equipment manufacturers, highlighting their roles in the industry [39][42]. Company Focus: Aerospace Electric - Aerospace Electric is positioned as a leading player in the aerospace defense electronics sector, benefiting from its strong ties to the Aerospace Jiangnan Group [46]. - The company has established a comprehensive organizational structure to support its operations across research, production, and sales [50]. - The report indicates that the company's core business segments, including connectors and motors, are expected to account for a significant portion of its revenue in the coming years [60][69].

Investment Rating - The report rates the defense and military industry as "Outperforming the Market" [5] Core Insights - The report highlights the recent positive developments in the controllable nuclear fusion sector, indicating a potential acceleration towards commercialization [2][37] - The low-altitude economy is identified as a sector with significant growth opportunities, supported by recent government policies and successful product launches [3][36] - The defense and military sector is expected to experience long-term growth certainty, with demand recovery and structural optimization anticipated [3][40] Summary by Sections Market Review - The defense and military index fell by 0.91% last week, ranking 17th among 31 sectors [1][13] - The current PE (TTM) for the defense and military sector is 73.55, with sub-sectors showing varied valuations [22][27] Key Recommendations - Focus on downstream manufacturers such as Hongdu Aviation, AVIC Shenyang Aircraft, and AVIC Xi'an Aircraft [4] - Highlight new technologies in the military sector, including companies like Lianchuang Optoelectronics and Guangqi Technology [4] - Emphasize underwater equipment firms such as Hailanxin and Yaxing Anchor Chain [4] Industry Dynamics - The report notes that the controllable nuclear fusion sector is entering a phase of accelerated commercialization, with significant policy support and engineering advancements [2][37] - The low-altitude economy is positioned for growth, with government initiatives promoting various applications and infrastructure development [3][36]

Core Viewpoint - The company has appointed two new vice presidents, Zhang Xiaohang and Lei Jinwen, to enhance its management and business development [1][3]. Group 1: Appointment Details - The board of directors approved the appointment of Zhang Xiaohang and Lei Jinwen as vice presidents during the seventh meeting of the fifth board on May 17, 2025 [1]. - The term for the newly appointed executives will last until the end of the current board's term [1]. Group 2: Background of New Executives - Zhang Xiaohang, born in 1982, holds a master's degree and has been with the company since September 2006, serving in various roles including assistant to the general manager and head of the marketing department [3]. - Lei Jinwen, also born in 1982, has a doctorate in engineering and has been with the company since February 2009, holding positions such as assistant to the factory manager and head of the production technology department [3]. - Both executives have significant experience in their respective fields, with Zhang involved in national standards and projects, and Lei having led numerous technology research projects and published extensively [3]. Group 3: Compliance and Relationships - As of the announcement date, both Zhang Xiaohang and Lei Jinwen do not hold any shares in the company and have no relationships with the controlling shareholders [4]. - They are not subject to any penalties from the China Securities Regulatory Commission or other relevant authorities, and they meet the qualifications for senior management positions as per applicable laws [4].

证券代码：688122 证券简称：西部超导 公告编号：2025-014 附件： 西部超导材料科技股份有限公司 关于聘任高级管理人员的公告 上述新任高级管理人员的任期自第五届董事会第七次会议审议通过之日起至第 五届董事会任期届满之日止。 特此公告。 西部超导材料科技股份有限公司董事会 2025 年 5 月 20 日 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""西部超导"）于 2025 年 5 月 17 日召开第五届董事会第七次会议，审议通过了《关于聘任公司副总经理的议案》， 具体情况如下： 因公司经营管理及业务发展需要，根据《中华人民共和国公司法》《西部超导材 料科技股份有限公司章程》的有关规定，经公司总经理提名，提名委员会资格审查， 董事会同意聘任张小航先生、雷锦文先生为公司副总经理（简历后附）。 张小航先生，中国国籍，无境外永久居留权，1982 年出生，硕士学历，2006 年 9 月加入西部超导，历任生产技术部部长助理、副部长、部长，现任西部超导 总经理助理兼市场部部长 ...

[Table_Info1] 国防军工 [Table_Date] 发布时间：2025-05-18 [Table_Title] 证券研究报告 / 行业周报 北约或将提高国防预算开支，把握军贸投资机会 报告摘要： [板块回顾： Table_Summary] 上周申万国防军工指数下跌 1.18%，上证指数上涨 0.76%，深 证成指上涨 0.52%，创业板指数上涨 1.38%，沪深 300 指数上涨 1.12%， 国防军工板块涨幅在 31 个申万一级行业中排名第 30。截至周五收盘， 申万国防军工板块 PE(TTM)为 74.26 倍，各子板块中航天装备为 133.63 倍，航空装备为 65.97 倍，地面兵装为 138.63 倍，航海装备为 47.67 倍， 军工电子为 94.72 倍。 北约或将提高国防预算开支，我国军贸迎来新机遇。美国总统特朗普于 美东时间 5 月 15 日突然披露 F-55 及 F-47 研发计划，并要求北约国防开 支目标提升至 GDP 的 5%。标志着全球军备竞赛进入新维度。5 月 15 日， 德国外交部长约翰·瓦德普尔在土耳其举行的北约非正式会议上表示， 德国愿意响应特朗普的呼吁，将德国国 ...

转自：前瞻产业研究院 行业主要上市公司：航发科技(600391);航发动力(600893);航发控制(000738);应流股份(603308);中航重机 (600765)等 本文核心数据：航空发动机行业上市公司汇总、航空发动机行业上市公司业务布局、航空发动机行业上 市公司业务业绩 1、航空发动机行业上市公司汇总 航空发动机制造环节，包括涡喷、涡扇、涡轴和涡桨四类主要发动机类别的集成交付，基本被中国航发 集团垄断;整机制造过程中涉及到的原材料加工制造，以材料类企业为主，如抚顺特钢、宝钢股份、宝 钛股份等，而零部件和动力控制系统的加工制造，主要包括中航重机、应流股份等。下游以航空发动机 的运营维修为主，除了主要的民航企业，海特高新也是航空发动机的维修企业之一。 | 产业链环节 | 公司简称(股票代码) | 要点 | 关联度 | | --- | --- | --- | --- | | 钛合金及高温 | 宝钛股份(600456) 西部超导 (688122) | 专业从事钛及钛合金生产、科研 目前国内实现超导线材商业化生产的企业 | 實實實實實 ★★★★ | | | 西部材料(002149) | 新材料行业的领军企业 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of over 20% compared to the benchmark index within the next 6 to 10 months [12]. Core Insights - The company reported a revenue of 46.12 billion yuan for 2024, a year-on-year increase of 11%, and a net profit of 8.01 billion yuan, up 6% year-on-year. In Q1 2025, revenue reached 10.74 billion yuan, reflecting a 35% year-on-year growth, with net profit increasing by 54% to 1.70 billion yuan [4][5]. - The demand for superconducting products and titanium alloys continues to grow, contributing to steady revenue growth in 2024. Superconducting product revenue increased by 32.41% year-on-year, while titanium alloy revenue grew by 9.87% [5]. - The company has a significant supply advantage in superconducting products, benefiting from increased demand in medical, controlled nuclear fusion, and other fields [7]. - The company maintains a strong market position in titanium alloy products within the aerospace sector, with successful applications in helicopters, drones, and commercial aircraft [8]. - The production capacity for high-temperature alloys has been enhanced, with new processing lines established, further solidifying the company's industry position [8]. Financial Summary - For 2024, the company achieved a gross margin of 33.55%, an increase of 1.68 percentage points year-on-year. The gross margin for superconducting products was 30.22%, while titanium alloy products saw a gross margin of 38.67% [6]. - The company forecasts net profits of 10.07 billion yuan, 12.30 billion yuan, and 14.27 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 32, 26, and 22 times [8][10].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of over 20% compared to the benchmark index within the next 6 to 12 months [12]. Core Insights - The company reported a revenue of 46.12 billion yuan for 2024, a year-on-year increase of 11%, and a net profit attributable to shareholders of 8.01 billion yuan, up 6% [4][5]. - In Q1 2025, the company achieved a revenue of 10.74 billion yuan, reflecting a 35% year-on-year growth, with a net profit of 1.70 billion yuan, up 54% [4][5]. - The demand for superconducting products and titanium alloys continues to grow, contributing to steady revenue growth in 2024 [5]. - The gross profit margin improved to 33.55% in 2024, an increase of 1.68 percentage points year-on-year, with effective cost control across various expense categories [6]. - The company has established a significant supply advantage in superconducting products, benefiting from increased demand in medical, controlled nuclear fusion, and other sectors [7]. - The titanium alloy products maintain a dominant market position in the aerospace sector, with successful applications in helicopters, drones, and commercial aircraft [8]. - The company expects net profits attributable to shareholders to reach 10.07 billion, 12.30 billion, and 14.27 billion yuan for 2025, 2026, and 2027, respectively, corresponding to price-to-earnings ratios of 32, 26, and 22 times [6][10]. Financial Summary - For 2024, the company reported total revenue of 46.12 billion yuan, with a projected revenue increase to 54.49 billion yuan in 2025, representing a growth rate of 18.14% [10]. - The net profit attributable to shareholders is expected to grow from 8.01 billion yuan in 2024 to 10.07 billion yuan in 2025, reflecting a growth rate of 25.70% [10]. - The company's earnings per share (EPS) is projected to increase from 1.23 yuan in 2024 to 1.55 yuan in 2025 [10].

证券研究报告 【深海科技】 一、什么是深海科技？ 1、定义：深海科技一般指用于探索、开发和利用深海资源以及研究深海环境的一系列先进技术和相关学科的总称。它涵盖众多领域，包括但不限于深海探测技术、 深海资源开发技术、深海通信与导航技术及深海工程技术等。 2、政策：《2025年政府工作报告》发布，首提"深海科技"概念。具体位置是发展新质生产力章节里"推动商业航天、 低空经济、（深海科技）等新兴产业安全 健康发展"。 二、为什么要发展深海科技？ 95% 1、推动经济结构转型，经济增长的新引擎。根据《2024中国海洋经济统计公报》，2024年中国海洋生产总值10.54万亿元，同比增长5.9%，占GDP7.8%。根据 经济之声预测，2025年中国海洋生产总值将超过13万亿元，其中深海科技相关产业占比预计超25%，市场规模有望超3.25万亿元。 添加标题 2、国家安全保护和海洋权益争夺的重要抓手。深海潜航器、海底监测网络等技术对国防安全至关重要，深海是国际资源争夺的重要阵地，掌握强大的深海开发能 力意味着在《联合国海洋法公约》下可获得更多权益，如公海资源开发权等。 政策东风起，聚焦深海装备、深海 信息技术、深海探测等 行 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [2] Core Views - The company achieved stable revenue growth in 2024, with total revenue of 4.612 billion yuan, a year-on-year increase of 10.91%, and a net profit attributable to shareholders of 801 million yuan, up 6.44% year-on-year [5][6] - In Q1 2025, the company experienced a significant recovery with a revenue of 1.074 billion yuan, representing a year-on-year increase of 35.31%, and a net profit of 170 million yuan, up 53.85% year-on-year [5][6] - The company has shown strong performance in its superconducting business, with notable increases in revenue from superconducting materials and magnets due to heightened market demand [5][6] Financial Performance Summary - In 2024, the company reported a gross margin of 33.55%, an increase of 1.68 percentage points year-on-year, and a net profit margin of 18.99%, up 0.61 percentage points year-on-year [5][6] - The company’s revenue is projected to grow to 5.372 billion yuan in 2025, with a corresponding net profit of 936 million yuan, reflecting a year-on-year growth of 17% [6][12] - The company’s return on equity (ROE) for 2024 was 12.5%, with expectations to rise to 13.6% in 2025 [2][13] Product Performance Summary - High-end titanium alloy materials generated revenue of 2.752 billion yuan in 2024, with a gross margin of 38.67%, an increase of 4.26 percentage points year-on-year [5] - Superconducting wire revenue reached 1.304 billion yuan, up 32.41% year-on-year, although the gross margin decreased to 30.22% [5] - High-performance high-temperature alloy materials saw a revenue decline to 327 million yuan, down 31.02% year-on-year, but with a gross margin improvement to 22.25% [5] Cost Control and Profitability - The company has effectively controlled costs, with selling expenses decreasing by 8.51% and financial expenses down by 21.30% in 2024 [5] - R&D expenses increased by 6.51% to 351 million yuan, indicating a commitment to maintaining technological leadership [5] Future Earnings Forecast - The company is expected to achieve net profits of 936 million yuan in 2025, 1.077 billion yuan in 2026, and 1.223 billion yuan in 2027, with corresponding PE ratios of 35, 30, and 27 [5][6]