上海超导（A22075）：科创板新股纵览：高温超导带材龙头企业

Investment Rating - The report does not explicitly state an investment rating for the company Core Views - Shanghai Superconductor is the global leader in high-temperature superconducting (HTS) wire, with a unique annual shipment exceeding 1,000 kilometers. The company achieved a revenue of 240 million yuan in 2024, a year-on-year increase of 187.40%, and a net profit of 72.94 million yuan, successfully turning a profit after previous losses. The market for HTS materials is expected to exceed 10.5 billion yuan by 2030, with a CAGR of 53.91% from 2024 to 2030, particularly driven by the controllable nuclear fusion sector, which is projected to grow from 30 million yuan in 2024 to 4.9 billion yuan by 2030, with a CAGR of 59.29% [3][71]. Group 1: Company Overview - Shanghai Superconductor was established in 2011 and has developed a comprehensive production process for second-generation HTS wire, covering equipment development, raw material formulation, coating technology, cutting and packaging, and quality control monitoring [3][10]. - The company has maintained a domestic market share of over 80% for second-generation HTS wire, ranking first for three consecutive years from 2022 to 2024 [4][86]. Group 2: Financial Performance - The company's revenue increased from 36 million yuan in 2022 to 240 million yuan in 2024, with a growth rate exceeding 100% for two consecutive years [18][24]. - The net profit improved from a loss of 26 million yuan in 2022 to a profit of 72.94 million yuan in 2024, marking a successful turnaround [18][24]. - The gross margin rose from 24.28% in 2022 to 60.72% in 2024, primarily due to cost reductions driven by economies of scale [24][38]. Group 3: Market Potential - The global market for HTS materials is projected to exceed 10.5 billion yuan by 2030, with significant growth in applications such as controllable nuclear fusion and superconducting cables [71][67]. - The controllable nuclear fusion market is expected to grow significantly, with a projected increase from 30 million yuan in 2024 to 4.9 billion yuan by 2030 [71][67]. Group 4: Competitive Advantages - The company’s core competencies include technology, equipment, and delivery capabilities, with its production technology reaching international advanced levels [4][76]. - Shanghai Superconductor is one of only two companies globally capable of producing over 1,000 kilometers of HTS wire annually, highlighting its leading position in the industry [86][4].