截至5月26日收盘，超导概念上涨3.12%，位居概念板块涨幅第3，板块内，21股上涨，永鼎股份、百利 电气等涨停，金杯电工、辰光医疗、安泰科技等涨幅居前，分别上涨7.26%、6.39%、6.17%。跌幅居前 的有京源环保、万东医疗、中信金属等，分别下跌6.37%、0.81%、0.63%。 | 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 600105 | 永鼎股 份 | 10.00 | 23.81 | 27319.70 | 9.57 | | 600468 | 百利电 气 | 9.98 | 16.68 | 19165.63 | 18.10 | | 600577 | 精达股 份 | 3.45 | 5.93 | 9495.71 | 10.04 | | 002130 | 沃尔核 材 | 3.45 | 4.46 | 7371.73 | 6.76 | | 688122 | 西部超 导 | 4.05 | 2.52 | 4546.85 | ...

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 ...

Investment Rating - The report maintains an "Outperform" rating for the defense and military industry [5]. Core Insights - NATO is expected to increase defense budgets, presenting new opportunities for military trade, particularly for China [2][35]. - The defense industry is poised for long-term growth, with recovery in demand and a clear roadmap for modernization by 2035 and 2050 [3][36]. - The low-altitude economy is gaining attention, supported by recent policies and strategic partnerships, indicating a potential growth area [31][34]. Summary by Sections Market Review - The Shenwan Defense and Military Index fell by 1.18%, ranking 30th among 31 sectors [1][13]. - The PE (TTM) ratio for the defense sector is 74.26, with aerospace equipment at 133.63 and ground armaments at 138.63 [19][27]. Key Recommendations - Focus on downstream manufacturers such as Hongdu Aviation and AVIC Shenyang Aircraft [4]. - Highlight new technologies in military applications, including companies like Lianchuang Optoelectronics and Guangqi Technology [4]. - Emphasize underwater equipment and missile industry chains, with key players like Hailanxin and Guokai Military Industry [4]. Industry Dynamics - The global military trade market is expected to grow due to increased defense spending, particularly in NATO countries [2][35]. - China's military trade exports are anticipated to rise, benefiting from geopolitical tensions and a competitive edge in weaponry [41][39].

Summary of Key Points Core Viewpoint - The aviation engine industry in China is primarily dominated by a few key players, with a significant focus on innovation, research and development, and market expansion to enhance their competitive edge in both military and civilian sectors [1][18]. Group 1: Industry Overview - The aviation engine manufacturing segment includes four main types: turbojet, turbofan, turboshaft, and turboprop engines, largely monopolized by the China Aviation Engine Group [1]. - Key companies in the industry include Aviation Power (航发动力), Aviation Technology (航发科技), and Aviation Control (航发控制), among others [1][3]. Group 2: Company Performance - Aviation Power reported a revenue of 449.94 billion yuan in 2024, leading the industry in terms of revenue [16]. - The average gross margin for listed companies in the aviation engine sector is around 25%, with individual margins ranging from 10% to 35% [16]. - Aviation Control achieved a gross margin of 28.11% in 2024, reflecting its strong technological innovation capabilities [16]. Group 3: Business Layout and Market Position - Aviation Power and Aviation Technology have over 50% of their business focused on aviation engines, indicating a strong commitment to this sector [13]. - The regional distribution of companies shows that titanium alloy leaders are mainly located in Shaanxi, while other material representatives are concentrated in the East China region [5]. Group 4: Future Business Plans - Companies are focusing on innovation and R&D investments to expand their aviation engine business, with plans to enhance their capabilities in high-temperature alloy components and precision casting [19]. - Aviation Technology aims to participate in the development of the C919 aircraft's engines and expand its international subcontracting business [19]. Group 5: Key Financial Metrics - The largest revenue-generating company in the aluminum and high-strength steel sector is China Aluminum, with a revenue of 2370.66 billion yuan [4]. - The revenue of Aviation Power in the aviation engine sector is projected to exceed 400 billion yuan in 2024, highlighting its market leadership [4]. Group 6: Patent and Employee Information - China Aluminum and Aviation Power hold over 1000 patents, indicating a strong focus on innovation [8]. - Southern Airlines has the largest employee count among listed companies, exceeding 100,000 [8].

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].

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report emphasizes the importance of developing deep-sea technology as a new engine for economic growth, with the deep-sea technology-related industries expected to exceed 3.25 trillion yuan by 2025, accounting for over 25% of the marine economy [5][14] - The report highlights the strategic shift of China from a "maritime power" to a "maritime strong power," with deep-sea technology becoming a key focus of national strategy [12][14] - The report identifies four major directions for deep-sea technology: marine resource development, marine technology, marine environmental protection, and marine rights protection [19][57] Summary by Sections What is Deep-Sea Technology? - Deep-sea technology refers to advanced technologies and related disciplines used for exploring, developing, and utilizing deep-sea resources and studying the deep-sea environment [4] Why Develop Deep-Sea Technology? - It is crucial for economic structural transformation and national security, with deep-sea technology expected to play a significant role in safeguarding national interests and resource rights [5] Directions of Deep-Sea Technology - Key areas include marine resource development (renewable energy, deep-sea mining, fisheries, oil and gas), marine technology (carriers, sensors, special materials), environmental protection (green ships, island engineering), and rights protection (polar engineering, integrated information networks) [6][19] Investment Recommendations - Focus on sectors with production material or new infrastructure attributes, specifically deep-sea equipment, deep-sea information technology, deep-sea exploration, and deep-sea special materials [7][59] - Recommended companies include: - Deep-sea equipment: Yaxing Anchor Chain, Zhenhua Heavy Industries, China Shipbuilding, China Power, China Shipbuilding Defense [7][59] - Deep-sea information technology: Zhongtian Technology, Oriental Cable [9][59] - Deep-sea exploration: China Marine Defense, Weiguang Co., Ltd. [9][59] - Deep-sea materials: BaoTi Co., Ltd., Western Materials, Western Superconducting [9][59]

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]

证券代码：688122 证券简称：西部超导 公告编号：2025-013 西部超导材料科技股份有限公司 关于参加"2025 年陕西辖区上市公司投资者集体 接待日暨 2024 年度业绩说明会"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。 为促进上市公司规范运作、健康发展，增强上市公司信息透明度，加强与广 大投资者沟通交流，进一步提升投资者关系管理水平，陕西上市公司协会在陕西 证监局指导下，联合深圳市全景网络有限公司举办"2025 年陕西辖区上市公司 投资者集体接待日暨 2024 年度业绩说明会"。届时，公司相关高管人员将通过网 络互动平台与投资者进行网络沟通和交流，欢迎广大投资者踊跃参加！ 一、会议基本情况 活动时间：2025 年 5 月 20 日（星期二）15:00-17:00 活动地址："全景路演" 活动网址：http://rs.p5w.net 投资者问题预征集通道：https://ir.p5w.net/zj，投资者可将需要了解和 关注的问题提前提交至预征集通道，公司将在说明会上对问题进行回答。 二、公司参会人员 ...