Guoguang Electric (SH:688776) Xin Lang Cai Jing·2025-12-05 07:16Core Viewpoint - The company, Guoguang Electric, is facing a significant decline in its performance for 2025 due to various factors, including changes in technology related to the ITER project and delays in order procurement [1][3]. Group 1: Performance and Financials - Guoguang Electric's performance in the first three quarters of 2025 has been adversely affected by technical changes in nuclear industrial equipment related to the ITER project, which is currently in the design phase and has not yet issued procurement orders [1][3]. - The company has reported that the delays in order issuance and a decline in product prices have contributed to the overall performance downturn [1][3]. Group 2: Nuclear Fusion Projects - The company is actively following up on nuclear fusion projects, including supplying key components such as filters and first wall components for the ITER device, and has successfully provided critical components for domestic fusion devices like EAST and HL series [3]. - The Chinese Academy of Sciences in Hefei has announced four nuclear fusion bidding projects with a total bidding amount of 1.345 billion yuan [3]. Group 3: Commercial Aerospace Sector - In the commercial aerospace sector, there is a growing demand for efficient space propulsion systems, particularly Hall electric thrusters, which are becoming mainstream for modern satellite propulsion systems [4]. - The company has developed core components for Hall electric thrusters, which have been successfully applied in manned space engineering and are entering satellite engineering applications [4]. Group 4: Fundraising and Project Changes - The company announced on November 28 that it plans to change its fundraising investment projects, terminating the "Pressure Vessel Safety Accessories Industrialization Construction Project" due to significant market changes and increased competition in the civil pressure vessel industry [6]. - The remaining funds will be redirected to the production line project for special vacuum devices, which has been renamed [6].