超导与可控核聚变行业点评：联创光电拟控股联创超导，加码高温超导商业化应用
Yong Xing Zheng Quan·2024-09-29 06:30

Investment Rating - The industry investment rating is "Buy" based on the positive outlook for superconductors and controllable nuclear fusion as strategic emerging industries [5]. Core Viewpoints - Lianchuang Optoelectronics plans to gain control of Lianchuang Superconductor through "mergers and capital increases," with a cash purchase of 133.8 million yuan for a 3% stake and an additional 356.8 million yuan for capital increase, raising its stake from 40% to 47.2222% [1]. - Lianchuang Superconductor has attracted interest from several local state-owned enterprises, indicating a favorable market position and potential for resource support [1]. - The company has a strong technical foundation led by Professor Dai Shaotao, focusing on high-temperature superconducting technology and applications, with plans to increase R&D investment from 2024 to 2028 [1]. - Lianchuang Superconductor has sufficient orders and planned expansions, with projected revenues of 329.68 million yuan and 1.132885 billion yuan for 2024 and 2025, respectively [1]. - The company expects to achieve a cumulative net profit of no less than 600 million yuan from 2024 to 2026, with performance compensation commitments from its shareholders [1]. Summary by Sections Mergers and Acquisitions - Lianchuang Optoelectronics will become the controlling shareholder of Lianchuang Superconductor, consolidating its financial reporting [1]. Market Position - Lianchuang Superconductor is the only company currently capable of producing superconducting induction heating equipment, highlighting its unique market position [1]. Financial Projections - The company anticipates capital expenditures of 637.36 million yuan from 2024 to 2026, aligning with its production plans and expected revenues of 3.5900531 billion yuan during the same period [1]. Strategic Outlook - The report emphasizes the broad market potential for superconducting materials and magnets in applications such as photovoltaic magnetic control and controllable nuclear fusion [1].