Lianovation(SH:600363) Xin Lang Cai Jing·2025-06-03 12:26Group 1: Industry Development - The nuclear fusion industry is entering an accelerated development phase driven by funding support, policy backing, and technological breakthroughs [1] - In February 2023, China National Nuclear Power and Zhejiang Energy Power announced investments of 1 billion and 750 million yuan respectively in China Fusion Energy Co., indicating strong financial interest in the sector [1] - The National Energy Administration of China has committed to supporting the research and development of frontier technologies like nuclear fusion [1] Group 2: Project Acceleration - Domestic and international fusion projects are accelerating, with the Hefei BEST facility officially starting construction, expected to be completed by 2027 and potentially generating power by 2030 [2] - The CRAFT "Kua Fu" project, a key system for the Hefei fusion reactor, is in critical stages and is expected to be fully operational by the end of 2025 [2] - The "Spark One" project has completed its comprehensive review and is entering the funding and bidding phase, with a total investment exceeding 20 billion yuan and a technical goal of achieving a Q value greater than 30 [2] Group 3: Company Opportunities - Lianchuang Superconductor is expected to see a significant increase in orders, participating in the "Spark One" project with an estimated investment of over 20 billion yuan [2] - The company has secured a subcontract for the development and testing of superconducting coils for China National Nuclear Group, laying the groundwork for larger-scale magnet supply [2] - Lianchuang Superconductor has established a presence in various sectors including metal thermal processing, photovoltaics, semiconductors, and nuclear fusion, which is anticipated to drive substantial revenue growth [2] Group 4: Financial Projections - Revenue projections for the company from 2025 to 2027 are estimated at 3.75 billion, 4.12 billion, and 4.62 billion yuan, with year-on-year growth rates of 21%, 10%, and 12% respectively [3] - Expected net profits for the same period are 600 million, 770 million, and 990 million yuan, with growth rates of 150%, 27%, and 29% respectively [3] - The current market valuation corresponds to price-to-earnings ratios of 46, 36, and 28 times for 2025 to 2027 [3]