研报掘金丨浙商证券：维持联创光电“买入”评级，布局商业航天领域电磁弹射火箭发射

Core Viewpoint - Lianchuang Optoelectronics is strategically entering the commercial aerospace sector with electromagnetic catapult rocket launches, while its laser and superconducting businesses are poised for growth [1] Group 1: Commercial Aerospace Development - By 2028, China's commercial aerospace sector is expected to establish its first high-temperature superconducting electromagnetic catapult test line [1] - As of September 5, three rockets manufactured at the Ziyang base have successfully launched, with the "Gushenxing No. 2" rocket by Xinghe Power entering a critical development phase [1] - The electromagnetic catapult verification platform is being debugged, aiming for the world's first electromagnetic catapult rocket launch by 2028 [1] Group 2: Superconducting Electromagnetic Catapult - Superconducting electromagnetic catapults represent a new solution for rocket launches, achieving breakthroughs in cost, frequency, and reliability [1] - Magnets are the most valuable single component in nuclear fusion equipment, accounting for approximately 28% of the construction cost of engineering verification reactors [1] Group 3: Nuclear Fusion Projects - Numerous domestic controlled nuclear fusion projects are under construction and are expected to peak in the coming years, positioning the company to benefit from the bidding for these projects [1] - The company focuses on its "laser + superconducting" business, which is expected to open up long-term growth opportunities [1] Group 4: Financial Projections - The company is projected to achieve a net profit attributable to shareholders of 500 million, 620 million, and 770 million yuan for the years 2025, 2026, and 2027, respectively [1] - Corresponding price-to-earnings ratios (PE) are expected to be 52, 42, and 34 times for the same years [1] - The company maintains a "buy" rating based on these projections [1]