Lianovation(SH:600363) ZHESHANG SECURITIES·2025-09-08 14:29Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - In H1 2025, the company achieved revenue of 1.65 billion yuan, a year-on-year increase of 7%, and a net profit attributable to shareholders of 260 million yuan, up 15% year-on-year [2] - The company is focusing on the "laser + superconducting" business, which is expected to open up long-term growth opportunities, with projected net profits of 460 million yuan, 630 million yuan, and 810 million yuan for 2025-2027, representing year-on-year growth of 91%, 37%, and 28% respectively [6] Business Segments Summary Superconducting Business - The superconducting business is expanding into commercial aerospace applications, including a recent project win for a low-temperature cooling system and superconducting magnet development [3] - A partnership with China National Nuclear Corporation aims to build a fusion-fission hybrid experimental reactor, with total investment expected to exceed 20 billion yuan [3] - The company is positioned to benefit from domestic controlled nuclear fusion project tenders, as superconducting magnets represent a significant cost component in fusion equipment [3] Laser Business - The laser series and traditional LED chip revenue reached 130 million yuan in H1 2025, a substantial increase of 177% year-on-year [4] - The company is expanding its client base to include military, educational institutions, and research organizations, with plans for global market expansion [4] Traditional Business - The smart controller segment is being developed for applications in new energy vehicles and industrial control, enhancing the company's competitive edge in specialized equipment [5] - Structural optimization efforts are yielding results, focusing on high-potential products such as backlighting for tablets, automotive, and industrial control [5]