证券代码：688776 证券简称：国光电气 公告编号：2026-002 成都国光电气股份有限公司 2025 年年度业绩预亏公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、本期业绩预告情况 （一）业绩预告期间 （一）利润总额：5,144 万元。归属于母公司所有者的净利润：4,705 万元。 归属于母公司所有者的扣除非经常性损益的净利润：4,490 万元。 （二）每股收益：0.43 元。 三、本期业绩变化的主要原因 （一）本报告期公司销售收入出现下滑，主要受外部客观因素影响。一方面， 核工业设备业务受 ITER 项目及国内重大科研装置建设进度延后制约，相关采购 订单未能按期下达；另一方面，微波器件业务中，部分总体单位项目推进节点未 达预期，致使订单延迟下发。由于上述客观原因导致客户订单量缩减，并叠加部 分产品价格下调的影响，最终导致本期营收规模减少。 （二）受销售回款不及预期的影响，导致本期计提信用减值损失增加，影响 本期业绩。 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 ...

Core Viewpoint - Guoguang Electric announced an expected net profit attributable to the parent company for 2025 to be between -105 million to -85 million yuan, representing a year-on-year decrease of 323.16% to 280.66% compared to a profit of 47.05 million yuan in the same period last year [1] Financial Performance - The expected non-recurring net profit is projected to be between -112 million to -92 million yuan, reflecting a year-on-year decline of 349.45% to 304.90% [1] - The decline in performance is primarily attributed to a decrease in sales revenue, with the nuclear industrial equipment and microwave device businesses experiencing reduced orders due to project progress impacts [1] Operational Challenges - The company faced challenges with sales collections not meeting expectations, leading to an increase in credit impairment losses [1] - The data provided is unaudited, and the specifics will be confirmed in the annual report [1]

国光电气公告，预计2025年年度归母净利润为亏损1.05亿元到8500万元，与上年同期相比，将减少1.52 亿元到1.32亿元，同比减少323.16%到280.66%。归属于母公司所有者扣除非经常性损益后的净利润-1.12 亿元到-9200万元。与上年同期相比，将减少1.57亿元到1.37亿元，同比减少349.45%到304.90%。 ...

Core Viewpoint - Guoguang Electric announced a profit warning, expecting a net profit attributable to shareholders for the year 2025 to be between -105 million and -85 million yuan, representing a year-on-year decrease of 280.66% to 323.16% [1] Group 1: Financial Performance - The company anticipates a significant decline in net profit due to a drop in sales revenue, primarily influenced by external factors [1] - The expected net profit range indicates a substantial loss compared to the previous year, highlighting severe financial challenges [1] Group 2: Business Operations - The nuclear industrial equipment segment is facing delays in the ITER project and domestic major scientific research facility construction, which has hindered the timely issuance of related procurement orders [1] - In the microwave device business, certain project milestones were not met, leading to delays in order placements [1] Group 3: Revenue Impact - The combination of reduced customer order volumes and price declines for some products has resulted in a decrease in revenue scale for the reporting period [1] - Increased credit impairment losses due to lower-than-expected sales collections have further impacted the company's performance for the period [1]

1月24日，包括潘爷爷在内的15位抗美援朝老英雄，走进成都国光电气聚变技术成果转化展示厅，与国 家顶尖院士、青少年、退役军人、志愿者代表齐聚一堂，共赴一场"传承之约"。当迎宾曲奏响，15位老 兵在志愿者搀扶下踏上红毯，两侧是青少年们行少先队礼，还有退役军人向前辈的致敬，现场掌声雷 动，昔日战场的热血与今日和平的安宁完成了跨越时空的相拥。 在礼堂内的慰问仪式上，四川星兵连国旗护卫队退役士兵的礼宾枪展示，动作整齐划一、姿态挺拔昂 扬，每一次举枪，都是对革命先辈的崇高致敬。"看到老英雄们，就像看到了当年他们浴血奋战的场 景，我们要永葆军人本色，若有战，召必回!"仪仗兵秦瑞来的话语，道出了退役军人们的心声。而在分 享环节，一个个质朴而震撼的故事，让现场众人热泪盈眶。一级伤残军人涂伯毅爷爷，讲述了自己作为 首批志愿军战士入朝，为救战友被凝固汽油弹烧伤致残的经历;上甘岭战役特等功臣唐章洪则回忆起两 小时发射200余发炮弹歼敌420余人的战斗经历，"当年打仗就是想让后辈过上安稳日子";96岁的空军机 务师李文城讲述着战场抢修战机的艰险，"看到如今国家军工科技的飞速发展，热泪盈眶。" 红毯尽头，成都国光电气聚变技术成果转化展 ...

Investment Rating - The report assigns an "Accumulate" rating for the controlled nuclear fusion industry [1]. Core Insights - The report highlights significant developments in the controlled nuclear fusion sector, including South Korea's increased budget for fusion research and General Fusion's plans for a SPAC merger to raise $1 billion [3][24]. - South Korea's 2026 fusion research budget has been raised to 112.4 billion KRW (approximately $76.57 million), a 99% increase from 2025 [15]. - General Fusion aims to commercialize its magnetized target fusion technology by the mid-2030s, with a valuation of approximately $1 billion post-merger [24][18]. Summary by Sections Market Performance - During the week of January 19-23, the nuclear fusion index rose by 3.76%, outperforming the Shanghai Composite Index by 2.92 percentage points [8][11]. Tender and Bid Information - The report notes a significant increase in procurement demand, particularly for components like TF coils, with total procurement amounts nearing 100 million RMB [10][4]. - Key projects include the procurement of stability measurement systems and TF coil insulation manufacturing, with various contracts signed [10][13]. Domestic and International News - South Korea's Ministry of Science and Technology has initiated the 2026 fusion research development plan, focusing on upgrading the fusion energy ecosystem and introducing AI technology [14][15]. - The "Huanghuang 70" superconducting tokamak has achieved a significant milestone by maintaining a stable plasma state for 335 seconds [16][17]. Investment Dynamics - General Fusion's SPAC merger is expected to accelerate its commercialization efforts, while MuWave has secured £450,000 in seed funding to develop high-power microwave technology for fusion energy [21][24]. - The report emphasizes the importance of domestic suppliers in key areas such as magnets, power supplies, and structural components, which are expected to benefit from the accelerating tender processes [24].

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% over the next 6 months [15]. Core Insights - Rolls-Royce SMR collaborates with Skanska to advance the prototype development of seismic bearings, which will be installed beneath the reactor building to ensure structural safety and functional integrity. This project aims to validate seismic technology and modular construction methods, thereby reducing the risks associated with fleet deployment. The 470 MW small modular reactor (SMR) has 90% of its components prefabricated in factories, and the standardized seismic bearing design has passed multiple seismic profile pre-certifications, allowing for global deployment without the need for customized redesigns [4]. - X-energy has signed a ten-year framework agreement with SGL Carbon to secure the supply of graphite materials necessary for the deployment of the Xe-100 small modular reactor. This agreement covers component support for the first four-unit project at the Seadrift site in Texas and capacity reservation for 12 units in Washington state. The Xe-100 is based on high-temperature gas-cooled reactor technology, with graphite being a critical component [5]. - The small modular reactor (SMR) is seen as a key solution to meet the growing energy demands of artificial intelligence (AI). Tech giants are collaborating with SMR and nuclear fusion companies to create tailored energy solutions for data centers. The commercialization of fission is expected to occur earlier than fusion. Domestic company Jingye Intelligent is advancing its key technology development for SMR, with a clear technical route and an initial core R&D team established [6]. Company Summaries - Jingye Intelligent plans to establish a subsidiary, Jinghan Energy, focusing on power supply for AI data centers [6]. - Jiadian Co., Ltd. produces the main helium fan, which is the only power device in the primary circuit of fourth-generation high-temperature gas-cooled reactors, and its subsidiary, Harbin Electric Machinery, leads in nuclear main pump products within the nuclear power business segment [6]. - Guoguang Electric's filter and cladding systems are key components of the ITER project [6]. - Lansi Heavy Industry covers upstream nuclear fuel systems, midstream nuclear power plant equipment, and downstream spent fuel reprocessing [6]. - Kexin Electromechanical has manufactured high-temperature gas-cooled reactor products, achieving import substitution for new fuel transport containers [6]. - Haili Heavy Industry services third and fourth-generation reactors as well as thermonuclear fusion reactors (ITER) [6]. - Jiangsu Shentong has secured over 90% of orders for nuclear-grade butterfly valves and nuclear-grade ball valves for newly constructed nuclear power projects in China [6].

Investment Rating - The report assigns an "Accumulate" rating for the controlled nuclear fusion industry [1]. Core Insights - The report highlights significant developments in the controlled nuclear fusion sector, including South Korea's increased budget for fusion research and General Fusion's plans for a SPAC merger to raise $1 billion [3][14][24]. - South Korea's 2026 fusion research budget has been raised to 112.4 billion KRW (approximately $76.57 million), a 99% increase from 2025 [15]. - General Fusion aims to accelerate its magnetized target fusion (MTF) technology commercialization with the funds raised from its SPAC merger, targeting commercial power generation by the mid-2030s [18][24]. Summary by Sections Market Performance - During the week of January 19-23, the nuclear fusion index rose by 3.76%, outperforming the Shanghai Composite Index by 2.92 percentage points [8][11]. Tender and Bid Information - The report notes a significant increase in procurement activities, particularly for components like TF coils and structural parts, with total procurement amounts nearing 100 million RMB [10][13]. Domestic and International News - South Korea's Ministry of Science and Technology announced the 2026 Fusion Research and Development Execution Plan, focusing on upgrading the fusion energy ecosystem and introducing AI technology [14][15]. - The "Huanghuang 70" superconducting tokamak achieved a significant milestone by maintaining a stable plasma state for 335 seconds [16][17]. Investment Dynamics - General Fusion's SPAC merger is expected to position it as a leading public entity in the nuclear fusion sector, with a valuation of approximately $1 billion [18][24]. - MuWave, a spin-off from the UK Atomic Energy Authority, secured £450,000 in seed funding to develop high-power microwave technology for fusion energy applications [21]. Investment Recommendations - The report suggests focusing on key suppliers in the controlled nuclear fusion sector, particularly in areas such as magnets, power supplies, and structural components [24]. Recommended companies include: - Magnets: Lianchuang Optoelectronics, Yongding Co. - Power Supplies: Wangzi New Materials, Xuguang Electronics, Aike Saibo, and Sichuang Electronics. - Structural Components: Hangyang Co., with related companies including Hezhu Intelligent, Guoguang Electric, and Antai Technology [24].

Core Insights - The AI Fund Xinyuan Industrial Opportunity Mixed A (024790) reported a profit of 2.1141 million yuan for Q4 2025, with a weighted average profit per fund share of 0.0218 yuan [3] - The fund's net value growth rate for the reporting period was 2.49%, and the fund size reached 50.3606 million yuan by the end of Q4 [3] - As of January 23, the unit net value was 1.152 yuan, with the fund manager, Chen Li, overseeing six funds [3] Fund Performance - The highest one-year compounded unit net value growth rate among the funds managed is 38.68% for Xinyuan Clean Energy Mixed Initiated A, while the lowest is 6.28% for Xinyuan Juxin Income Enhancement A [3] Investment Strategy - The fund maintained a relatively cautious investment strategy during the reporting period, focusing on sectors such as the AI industry chain, controllable nuclear fusion, and pharmaceuticals [3] Holdings Concentration - As of the end of Q4 2025, the fund had a high concentration of holdings, with the top ten stocks including Guoguang Electric, Zhongji Xuchuang, Aerospace Zhizhuang, Changying Precision, Shanghai Hanxun, Highhua Technology, New Yisheng, Jiayuan Technology, Kaipu Cloud, and Shengbang Safety [3]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [6][8]. Core Viewpoints - The company is recognized as a leading enterprise in high-end equipment manufacturing, focusing on advanced manufacturing and exploring new opportunities in the field [6][12]. - The company has a strong position in the high-end forming machine tool industry and intelligent sorting equipment, with significant market shares in various segments [9][12]. - The report highlights the potential for growth in traditional high-end equipment manufacturing and the emerging field of nuclear fusion equipment, which is expected to become a new pillar of development for the company [12][58]. Summary by Relevant Sections Market Performance - The closing price of the company's stock is 25.90 yuan, with a total market capitalization of approximately 12,805.33 million yuan [4]. Financial Data - The company is projected to achieve revenues of 2,074 million yuan in 2024, representing a year-on-year growth of 17.43%. However, it is expected to incur a net loss of 89 million yuan [7][25]. - The forecast for net profit from 2025 to 2027 is -15 million yuan, 118 million yuan, and 190 million yuan, respectively, with corresponding P/E ratios of -826.98, 108.35, and 67.44 [10][61]. Business Segments - High-end forming machine tools are expected to benefit from equipment upgrades and domestic substitution opportunities, with a focus on reducing reliance on imports [40][42]. - The intelligent sorting equipment segment is projected to maintain stable growth, driven by increasing demand across various industries, including agriculture and waste management [45][51]. - The nuclear fusion equipment segment is anticipated to become a significant growth area, with the company actively participating in key projects and collaborations [52][58]. Investment Logic - The company is well-positioned to leverage its capabilities in high-end equipment manufacturing and is expected to gradually overcome challenges in its traditional business segments while expanding into cutting-edge manufacturing [12][61].