[Table_Info1] 国盾量子(688027) 通信 [Table_Title] 证券研究报告 / 公司点评报告 量子计算业务显著放量，量超融合打开 AI 算力 新范式 事件： [Table_Summary] 公司发布 2025 年年度报告。2025 年公司实现营业收入 3.10 亿元，同比增长 22.53%；实 现归母净利润 539.19 万元，扭亏为盈。 风险提示：量子技术发展不及预期、海外制裁加剧、业绩预测与估值不及预期等。 | [Table_Finance] 财务摘要（百万元） | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 253 | 310 | 588 | 1,104 | 1,989 | | (+/-)% | 62.30% | 22.53% | 89.52% | 87.57% | 80.25% | | 归属母公司净利润 | -32 | 5 | 39 | 84 | 262 | | (+/-)% | 74.30% | — | 624.74% | 113.71% | 2 ...

Financing Information - TuringQ has completed a new round of financing amounting to several hundred million yuan in its Series B round [1] - The financing was led by major state-owned capital and includes strategic investors such as Sichuan Provincial Industrial Revitalization Group, Shenzhen Investment Holdings, Fosun, and SenseTime [1] - The funds will be primarily used for the research and development of domestically controllable quantum computers, core technology breakthroughs, and the establishment of a high-end R&D talent team [1] Company Overview - TuringQ was established in 2021 and is headquartered in Shanghai [2] - The company focuses on "photon chip + quantum computing" technology and aims to promote the industrialization of photonic quantum computing [2] - Its core products include the TuringQ Gen2 large-scale programmable photonic quantum computing system and a fully controllable quantum-classical hybrid computing solution [2] Technical Highlights - TuringQ has achieved a complete closed-loop from design to system integration, establishing full autonomy in chip to system capabilities [4] - The company leads in materials and processes, utilizing thin-film lithium niobate for photonic chips and has built the first domestic pilot line for photonic chips [4] - TuringQ has launched the TuringQ Gen2 quantum computer, the DeepQuantum AI programming framework, and the "Quantum Engine" cloud platform [4] Market Potential - The quantum computing market is projected to reach $811.7 billion by 2035, with photonic quantum computing being a mainstream path due to its compatibility with existing semiconductor processes [5] - TuringQ has overcome key technical bottlenecks in photonic quantum chip manufacturing, enabling scalable and programmable production [5] Business Growth - TuringQ has shown strong commercial growth, with orders exceeding 100 million yuan by 2025 and a compound annual growth rate of over 200% in revenue [8] - The company is involved in multiple national-level major projects and participates in the formulation of industry and national standards [8] Team Background - The founder, Jin Xianmin, is a distinguished professor with over 20 years of experience in photonic quantum chips and has published over 150 papers [9] - The core team includes talents from prestigious institutions, with over 70% holding master's or doctoral degrees [9] Strategic Direction - The company aims to scale the application of photonic quantum computers and deploy "quantum-super fusion" computing centers nationwide [12] - TuringQ is transitioning from being a product and solution provider to a builder of computing infrastructure and "quantum+" ecosystems [11]