导语：导电炭黑中技术难度最高、价值量最大的品类。 作者：市值风云 App：木鱼 高端电缆导电炭黑？联科科技：看看我，国产独一份！ 高压电缆屏蔽料用导电炭黑，一种看似不起眼的黑色粉末，却曾长期被法国益瑞 石、日本狮王等国际巨头牢牢把控，成为中国电力基础设施建设的心头之痛。 直到 2024 年，一家来自山东青州的企业——联科科技（001207.SZ），凭借自 主研发的纳米碳材料技术，成功撕开了这道封锁线。 一、高压电缆导电炭黑国内唯一 联科科技是一家从事二氧化硅和炭黑产品的企业，实控人为吴晓林和吴晓强兄弟。 2025 年，联科科技炭黑、二氧化硅的收入分别为 12.65 亿元、10.33 亿元，分 别占比 54%、44%。 联科科技最核心的竞争力是其高压电缆用纳米炭黑技术，且是国内唯一一家攻克 该技术的公司。 炭黑分为橡胶用炭黑和非橡胶用炭黑，后者又可进一步分成导电炭黑、色素炭黑、 功能性炭黑等。高压电缆用纳米炭黑便属于导电炭黑，并且是里面技术难度最高、 价值量最大的品类。 我们知道，高压电缆（通常指 110kV 及以上的电压等级）是电力传输系统的核 心组件，负责将发电厂的电能输送至负荷中心。与低压电缆不同，高压电 ...

Group 1 - The report highlights that the Q3 2025 revenue exceeded expectations, with significant growth in overseas markets, particularly in North America, where the company is accelerating store openings [21][22][23] - The company achieved a year-on-year revenue growth of 245%-250% in Q3 2025, with overseas revenue increasing by 365%-370% [21] - The management's confidence is reflected in the recent share purchases by key stakeholders, indicating a positive outlook for future growth [27][29] Group 2 - The report indicates that the company has maintained a strong gross margin, with Q3 2025 gross margin at 55.62%, an increase of 4.42 percentage points year-on-year [31][32] - The company’s revenue for the first three quarters of 2025 reached 1.933 billion yuan, a year-on-year increase of 2.20% [31] - The life sciences segment is expected to drive future growth, with a planned investment of 1.15 billion yuan in a new high-end materials industrial park [33] Group 3 - The report notes that the company has seen a significant increase in net profit, with a year-on-year growth of 0.5% for the first three quarters of 2025, despite challenges in the mining services and defense sectors [36] - The company is actively pursuing a strategy to integrate its civil explosives business and is focusing on military transformation, which is expected to enhance long-term growth prospects [39][41] - The report emphasizes the importance of expanding domestic demand and the potential for increased consumer spending, particularly in the service sector [13][14][16] Group 4 - The optical lens industry is experiencing a shift towards high-end and smart products, with the market for AI smart glasses expected to grow significantly [44][45] - The company is positioned as a leading manufacturer of resin lenses, with a strong focus on R&D and partnerships with global tech firms to develop smart eyewear solutions [43][44] - The report highlights the increasing demand for functional and customized lenses, driven by rising health awareness and changing consumer preferences [44][45]