“人造太阳”热潮助推 全球高温超导龙头上海超导闯关科创板

Core Viewpoint - The article highlights the rapid advancement of controllable nuclear fusion technology, particularly focusing on the key material, high-temperature superconducting tape, which is attracting significant capital interest. Shanghai Superconductor Technology Co., Ltd. is positioned as a leader in this field, with its IPO on the Sci-Tech Innovation Board aiming to raise 1.2 billion yuan for production and headquarters projects [1][2]. Company Overview - Shanghai Superconductor, established in 2011, is one of only two companies globally capable of producing over 1,000 kilometers of second-generation high-temperature superconducting tape annually, the other being a Japanese firm, FFJ [1][14]. - The company holds a dominant position in the domestic market with a market share exceeding 80% [2][14]. Product and Technology - High-temperature superconducting materials exhibit zero electrical resistance and complete magnetic resistance at extremely low temperatures, making them crucial for applications in energy transmission, medical imaging, and quantum computing [4]. - The second-generation high-temperature superconducting tape, produced by Shanghai Superconductor, is characterized by superior mechanical strength, lower raw material costs, and high current-carrying capacity, gradually replacing the first generation in emerging applications like controllable nuclear fusion [4][5]. Market Dynamics - The global commercialization of nuclear fusion has seen significant investment, with cumulative financing in the field reaching approximately $9.766 billion, an increase of $2.643 billion from the previous year [12]. - The demand for high-temperature superconducting tape is expected to grow rapidly, with the market size in the controllable nuclear fusion sector projected to increase from approximately 722 million yuan in 2025 to about 2.144 billion yuan by 2027 [12]. Financial Performance - Shanghai Superconductor's revenue has shown significant growth from 36 million yuan in 2022 to an estimated 240 million yuan in 2024, with a net profit of 72.01 million yuan expected in 2024 [15]. - The company experiences seasonal revenue fluctuations, with a substantial portion of its income concentrated in the fourth quarter due to the budget management practices of its major clients, which include large state-owned enterprises and research institutions [16]. Client Base - The client base of Shanghai Superconductor is highly concentrated, with the top five clients accounting for 75% to 85% of total revenue during the reporting period [16]. - A significant portion of revenue in the first half of 2025 is expected to come from the Chinese Academy of Sciences, which has been a stable partner since 2015 [16].