医药生物行业 增持（首次） 全国 MRI 超导磁体独立供应龙头 2026 年 2 月 24 日 分析师：谢雄雄 SAC 执业证书编号： S0340523110002 电话：0769-22110925 邮箱： xiexiongxiong@dgzq.com.cn 主要数据 2026 年 2 月 13 日 | 收盘价（元） | 44.00 | | --- | --- | | 总市值（亿元） | 73.78 | | 总股本（亿股） | 1.68 | | 流通股本（亿股）0.32 | | | ROE(TTM) | 10.43% | | 12 月最高价（元）58.12 | | | 12 月最低价（元）41.40 | | 股价走势 资料来源：东莞证券研究所，iFind 相关报告 公 司 研 究 证 券 研 究 报 告 健信超导（688805）深度报告 投资要点： ◼ 投资建议：预计公司2025年和2026年每股收益分别为0.42元和0.49元， 对应估值分别为105倍和89倍。公司作为全国MRI超导磁体独立供应龙 头，在超导磁体和永磁领域优势突出。首次覆盖，给予公司"增持"评 级。 ◼ 风险提示。研发进度不及预期风险、技术 ...

Core Viewpoint - The article highlights the significant advancements and market performance of Jianxin Superconductor, particularly its innovative technologies in the field of superconducting magnets and its successful debut on the STAR Market, indicating strong growth potential in the medical imaging sector [2][3]. Company Overview - Jianxin Superconductor became the 599th company listed on the STAR Market on December 24, with an initial offering price of 18.58 CNY per share, closing at 58.12 CNY, marking a first-day increase of 212.81% and a peak increase of 280% during trading [2]. - The company specializes in the research, production, and sales of core components for MRI equipment, including superconducting magnets, permanent magnets, and gradient coils, which account for approximately 50% of the cost of MRI equipment [2]. - Jianxin Superconductor is recognized as the largest independent supplier of superconducting magnets globally and has developed a diverse product matrix, including various types of superconducting magnets [2]. Technological Advancements - The company has made breakthroughs in next-generation helium-free superconducting technology, achieving a fully helium-free superconducting magnet, which is internationally leading in core parameters, performance indicators, and product costs [3]. - Jianxin Superconductor aims to expand the application of superconducting technology to broader industrial fields, including renewable energy and transportation [3]. Financial Performance - For the period from January to September 2025, Jianxin Superconductor reported a revenue of 393 million CNY, representing a year-on-year growth of 37.34%, and a net profit attributable to shareholders of 47.62 million CNY, up 38.54% [3]. - The company projects an unaudited revenue of 580 million to 620 million CNY for the full year of 2025, indicating a growth of 36.31% to 45.71%, with a forecasted net profit of 70 million to 75 million CNY, reflecting a growth of 39.25% to 49.20% [3]. Shareholding Structure - The shareholding structure of Jianxin Superconductor includes significant stakes held by key individuals: Xu Jianyi (41.51%), Xu Hui (4.36%), and Xu Dianbo (4.36%), collectively controlling 59.92% of the voting rights [4]. - Notable institutional investors include Ningbo Yunsheng, a major manufacturer of rare earth permanent magnet materials, holding 8.72% of shares, and GE Healthcare's venture capital arm in China, holding 3.10% [4].

Core Viewpoint - Ningbo Jianxin Superconducting Technology Co., Ltd. successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, becoming the first company to achieve "zero liquid helium" superconducting technology in the A-share market [1][2]. Company Overview - Jianxin Superconducting, established in 2013 and headquartered in Cixi High-tech Industrial Development Zone, focuses on the R&D, production, and sales of core components for medical magnetic resonance imaging (MRI) equipment, including superconducting magnets, permanent magnets, and gradient coils, which account for approximately 50% of the cost of MRI core components [4][7]. - The company has developed a unique all-solid-state conduction cooling technology, achieving a fully helium-free superconducting magnet, with its 1.5T helium-free superconducting magnet already in global commercial application [4][7]. Market Position - As of 2024, Jianxin Superconducting holds a global market share of approximately 4.2%, ranking fifth globally and second among domestic companies, only behind United Imaging Healthcare [7][9]. - The company’s clients for the 1.5T helium-free superconducting magnet include major players such as Wandong Medical, Fujifilm Group, GE Healthcare, and others [7]. Financial Performance - From 2022 to 2025, Jianxin Superconducting's R&D expenses were 20.33 million, 24.42 million, 27.65 million, and 16.75 million yuan respectively [8]. - The company's revenue increased from 359 million yuan in 2022 to 425 million yuan in 2024, with a net profit attributable to shareholders rising from 30.85 million yuan to 50.27 million yuan during the same period [12]. - For the first three quarters of 2025, the company achieved revenue of 393 million yuan, a year-on-year increase of 37.34%, and a net profit of 47.62 million yuan, up 38.54% year-on-year [12]. Industry Trends - The global MRI equipment market is projected to grow from 7.5 billion USD in 2015 to 11.1 billion USD in 2024, with expectations to reach 14.89 billion USD by 2030 [11]. - The cancellation of configuration management for 1.5T and above MRI equipment by the National Health Commission in 2023 is expected to drive the penetration of these devices into the market [11]. - The company is focusing on the development of 3.0T helium-free superconducting magnets, which are anticipated to be a major research direction in the coming years [11].

Core Viewpoint - Jianxin Superconductor officially listed on the Sci-Tech Innovation Board, becoming the 599th company on the board, amidst a surge in new stock listings and significant first-day gains for recent IPOs [2] Group 1: Market Performance - A total of 109 companies have gone public this year, with a first-day gain probability of 100% and an average first-day increase of 257.88% [2] - Among the newly listed Sci-Tech Innovation Board stocks, 17 have averaged a first-day increase of 250.86% [2] - Notable recent IPOs include Moer Thread-U, which saw a first-day increase of over 400%, and Muxi Co., which had a first-day increase of nearly 700% [2] Group 2: Company Overview - Jianxin Superconductor specializes in the R&D, production, and sales of core components for medical MRI equipment, including superconducting magnets, permanent magnets, and gradient coils, which account for approximately 50% of MRI equipment costs [3] - The company has developed a comprehensive product matrix in the superconducting field, including various types of superconducting magnets, and has become the leading independent supplier of superconducting magnets in the global MRI industry [4] Group 3: Technological Advancements - Jianxin has closed a 20-year technology gap with international giants in the field of zero-evaporation superconducting technology, achieving mass production of 1.5T zero-evaporation superconducting magnets and breaking the monopoly of European, American, and Japanese manufacturers [4] - The company has transitioned from a follower to a leader in the next-generation helium-free superconducting technology, successfully developing a fully helium-free superconducting magnet, recognized as the "first of its kind" by the Zhejiang Provincial Department of Economy and Information Technology [4] Group 4: Financial Performance - For the first nine months of 2025, the company reported revenue of 393 million yuan, a year-on-year increase of 37.34%, and a net profit of 47.62 million yuan, up 38.54% year-on-year [7] - The company projects revenue for 2025 to be between 580 million and 620 million yuan, representing a year-on-year growth of 36.31% to 45.71%, with an expected net profit of 72 million to 77 million yuan, reflecting a growth of 29.07% to 38.03% [8] Group 5: Research and Development - The company has consistently increased its R&D investment, with expenditures of 20.33 million yuan, 24.42 million yuan, and 27.65 million yuan from 2022 to 2024, resulting in a compound annual growth rate of 16.61% [8] - R&D investment accounted for 5.86% of total revenue over three years, with a rise to 6.65% in the first half of 2025, indicating a commitment to enhancing product and technology development [8]

科创板风险提示 本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风 险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投 资者应充分了解科创板的投资风险及本公司所披露的风险因素，审慎作出 投资决定。 宁波健信超导科技股份有限公司 Ningbo Jansen Superconducting Technologies Co., Ltd. （浙江省慈溪高新技术产业开发区高科大道427号） 首次公开发行股票并在科创板上市 招 股 说 明 书 保荐人（主承销商） 广东省广州市黄埔区中新广州知识城腾飞一街 2 号 618 室 宁波健信超导科技股份有限公司 招股说明书 重要声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行 承担股票依法发行后因发行人经营与收益变化或者股 ...

Core Insights - The company, Ningbo Jianxin Superconductor Technology Co., Ltd., aims to make MRI technology accessible to the general public, focusing on superconducting magnets, permanent magnets, and gradient coils [2] - The company has made significant technological advancements, closing a 20-year gap with international competitors in zero-evaporation superconducting technology and breaking the monopoly of European, American, and Japanese manufacturers [2] - The company has developed a 1.5T helium-free superconducting magnet using all-solid-state conduction cooling technology, achieving international leadership in core parameters, performance indicators, and product costs [2] Market Position - The company is recognized as the world's leading independent supplier of superconducting magnets in the MRI industry, with a projected market share ranking of fifth globally for superconducting magnets in 2024 and first for permanent magnet products [3] - The company's products are increasingly integrated into the supply chains of major equipment manufacturers [3] Future Strategy - The company plans to implement a globalization strategy, enhancing independent innovation through technological iterations to lead the development of core components in the MRI industry [3] - The company aims to expand the application boundaries of superconducting core technologies in collaboration with customers, aspiring to become a leading brand in the global MRI core component industry [3]

科创板风险提示 本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风 险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投 资者应充分了解科创板的投资风险及本公司所披露的风险因素，审慎作出 投资决定。 宁波健信超导科技股份有限公司 Ningbo Jansen Superconducting Technologies Co., Ltd. （浙江省慈溪高新技术产业开发区高科大道427号） 首次公开发行股票并在科创板上市 保荐人（主承销商） 招 股 意 向 书 广东省广州市黄埔区中新广州知识城腾飞一街 2 号 618 室 宁波健信超导科技股份有限公司 招股意向书 重要声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行 承担股票依法发行后因发行人经营与收益变化或者股 ...

Core Viewpoint - Ningbo Jianxin Superconducting Technology Co., Ltd. is undergoing a listing review on October 21, focusing on the development, production, and sales of core components for MRI equipment, which constitute about 50% of the MRI equipment's cost [1] Company Overview - Jianxin Superconducting is the largest independent supplier of superconducting magnets globally and the largest supplier of permanent magnets for MRI equipment [1] - The company has developed a rich product matrix in the superconducting field, including various types of superconducting magnets, significantly reducing the technological gap with international giants [1][2] Market Position - In 2024, Jianxin Superconducting is projected to hold a 5% global market share in superconducting magnets and a 61% share in permanent magnets, establishing itself as a leader in both segments [1][2] Technological Advancements - The company has pioneered the all-solid-state conduction cooling technology, eliminating the reliance on liquid helium for MRI equipment, addressing domestic shortages [2] - The 1.5T helium-free superconducting magnet has been recognized as an "international first" by the Zhejiang Provincial Economic and Information Technology Department [2] Financial Performance - Jianxin Superconducting's revenue has shown consistent growth from 2022 to mid-2025, with a notable 57.10% year-on-year growth in the first half of 2025 [3] - Sales of helium-free superconducting products surged by 437.86%, contributing to the rapid expansion of the company's overall business scale [3] Industry Growth - The global MRI equipment market has grown from $7.5 billion in 2015 to an estimated $11.1 billion in 2024, with a compound annual growth rate (CAGR) of 4.5% [3] - The market is expected to reach $14.89 billion by 2030, driven by the proliferation of MRI equipment in emerging markets and domestic demand [3] Research and Development - As of June 30, 2025, the company holds 85 authorized patents, including 45 invention patents, reflecting its commitment to innovation [4] - Jianxin Superconducting aims to make MRI technology more accessible and affordable, addressing public healthcare challenges [4]