Summary of Yongding Co., Ltd. Conference Call Company Overview - **Company**: Yongding Co., Ltd. - **Date**: June 10, 2025 Industry Focus - **Key Industries**: Superconducting wire materials, optical chips, traditional optical products, and overseas power engineering projects Core Insights and Arguments 1. **Expansion in Superconducting Wire Materials**: Yongding is actively expanding its superconducting wire materials business, establishing partnerships with various enterprises and research institutions. The market demand is rapidly increasing, particularly in the controlled nuclear fusion sector, with plans to expand production capacity to 20,000 kilometers to meet this demand [2][7][13] 2. **Optical Chip Factory Completion**: The optical chip factory was completed in June 2023, and the company has established connections with leading domestic manufacturers. Sales are expected to see breakthroughs in the second half of this year and next year [4][2] 3. **Stable Traditional Business**: The traditional business segments, including optical rods, fibers, and cables, are maintaining stability. Overseas projects, such as the Bangladesh power grid renovation project valued at $1.14 billion, are expected to contribute to sales [6][2] 4. **Broad Market Prospects for Superconducting Materials**: The superconducting wire market has vast potential, with applications in controlled nuclear fusion, maglev transportation, MRI medical technology, and military sectors. However, domestic production capacity is currently insufficient [7][2] 5. **High Technical Barriers**: The technical barriers in superconducting materials are significant, primarily due to R&D investment and intellectual property accumulation. Yongding has invested heavily and developed core processes, making it one of the few manufacturers capable of large-scale production globally [10][2] 6. **Future Development Strategy**: The company plans to accelerate capacity expansion to meet growing market demand while continuing to push for technological advancements. The focus will be on developing optical chips and superconducting wire materials [8][9][2] Additional Important Points 1. **Market Demand Growth**: The demand for superconducting wire materials in the controlled nuclear fusion field has significantly increased, with requirements growing from several kilometers to potentially hundreds of kilometers in the coming years [3][2] 2. **Challenges in Material Development**: The compact design of devices poses challenges for internal materials, and while the issue of quenching has not been fully resolved, existing superconducting materials meet current design requirements [12][2] 3. **Production Capacity and Profitability**: Yongding aims to achieve a production capacity of 5,000 kilometers by the end of 2025, with current capacity exceeding 2,000 kilometers. The company plans to rapidly expand to 18,000 to 20,000 kilometers by 2026 [13][2] 4. **Diverse Applications Beyond Fusion**: The company is also making significant progress in various superconducting applications, including magnetic levitation technology and military applications, while also planning to promote superconducting cables and power applications [14][2] 5. **Strategic Layout in Optical and Electrical Fields**: Yongding's strategic layout focuses on enhancing its supply chain in both optical and electrical fields, with an integrated solution in the optical sector and increased investment in electric vehicle wiring and superconducting power [15][2]

公司报告 | 年报点评报告 永鼎股份（600105） 证券研究报告 投资收益助一季报大幅增长，超导、光芯片是未来看点 24 年快速增长，25 年一季度利润因投资收益大幅增长 公司发布 24 年年报及 25 年一季报，24 年实现营业收入 41.11 亿元，同比 减少 5%，归母净利润 6141 万元，同比增长 42%。增长主要原因有：1）光 通信板块营收利润双增长；2）对联营企业东昌投资权益法确认的投资收益 1.22 亿元。 25 年一季报实现营业收入 8.77 亿元，同比增长 7.5%，归母净利润 2.9 亿元， 同比增长 961%，主要是对联营企业东昌投资权益法确认的投资收益 2.92 亿元。 光通信收入毛利率双升，汽车线束、电力工程收入下滑 24 年分业务看：1）光通信收入 11.15 亿元，同比增长 36%，毛利率同比提 升 3.26pct 至 16.6%，受益于前期中标运营商订单在 2023 年末释放，光缆 产品于 2024 年进入集中交付期，营收利润双增长。2）汽车线束收入 12.06 亿元，同比减少 14%，毛利率同比降低 1.03pct 至 13.18%，主要是受燃油 车市场销售下滑影响。3） ...

永鼎股份（600105） 证券研究报告 公司报告 | 年报点评报告 投资收益助一季报大幅增长，超导、光芯片是未来看点 24 年快速增长，25 年一季度利润因投资收益大幅增长 公司发布 24 年年报及 25 年一季报，24 年实现营业收入 41.11 亿元，同比 减少 5%，归母净利润 6141 万元，同比增长 42%。增长主要原因有：1）光 通信板块营收利润双增长；2）对联营企业东昌投资权益法确认的投资收益 1.22 亿元。 25 年一季报实现营业收入 8.77 亿元，同比增长 7.5%，归母净利润 2.9 亿元， 同比增长 961%，主要是对联营企业东昌投资权益法确认的投资收益 2.92 亿元。 光通信收入毛利率双升，汽车线束、电力工程收入下滑 24 年分业务看：1）光通信收入 11.15 亿元，同比增长 36%，毛利率同比提 升 3.26pct 至 16.6%，受益于前期中标运营商订单在 2023 年末释放，光缆 产品于 2024 年进入集中交付期，营收利润双增长。2）汽车线束收入 12.06 亿元，同比减少 14%，毛利率同比降低 1.03pct 至 13.18%，主要是受燃油 车市场销售下滑影响。3） ...