Guohai Securities·2025-10-12 12:21Investment Rating - The report gives a "Buy" rating for the quantum computing hardware industry, marking its first coverage [1]. Core Insights - The report addresses key issues in traditional computing, explaining the principles of quantum computing and its advantages over classical computing, including overcoming computational bottlenecks, utilizing quantum tunneling phenomena, and addressing thermal dissipation effects [2]. - It identifies superconducting, ion trap, and neutral atom methods as the three most viable paths for quantum computing, with superconducting technology progressing the fastest [2]. - The report concludes that quantum computing is on the brink of large-scale application, with significant developments expected between 2027 and 2029, driven by global strategic planning and investments in quantum information [2]. - It highlights the importance of QPU, dilution refrigerators, and measurement control systems as the three core hardware components of quantum computing, estimating their market share in the quantum computing hardware value by 2030 and 2035 [2]. - The report emphasizes the acceleration of quantum computing industrialization and suggests focusing on scalability and fidelity as key indicators for investment opportunities [2]. Summary by Sections 1. Comparison of Quantum and Classical Computing - Classical computing is based on bits, which face challenges as processes shrink, leading to computational bottlenecks, quantum tunneling issues, and thermal dissipation problems [4][14]. - Quantum computing utilizes qubits, which can exist in superposition and entangled states, allowing for exponential parallel processing capabilities [14][18]. 2. Current State and Future of Quantum Computing - Major global powers view quantum computing as a strategic priority, with increasing investments and supportive policies [24]. - The report outlines significant investments from various countries, including the US, UK, and EU, aimed at advancing quantum technologies [24]. - The quantum computing industry is projected to experience rapid growth, with a CAGR of 87.66% from 2024 to 2030, driven by applications in finance, pharmaceuticals, and defense [35]. 3. Key Hardware Components - The report identifies QPU, dilution refrigerators, and measurement control systems as essential components, predicting their market sizes and shares by 2030 and 2035 [44][50][59]. - The dilution refrigerator market is expected to reach approximately $19.4 billion by 2030, driven by the demand from quantum computing [51]. - The measurement control system market is projected to exceed $210 billion by 2030, with major suppliers identified [63]. 4. Investment Opportunities - The report recommends focusing on companies such as Guoshun Quantum, Hexin Instruments, and others involved in quantum computing hardware and technology [2][71].