证券研究报告 | 行业深度报告 2025 年 06 月 30 日 可控核聚变系列报告（1） 核聚变产业化加速，关注电源系统 中游制造/电力设备及新能源 可控核聚变是理论上最理想的终极能源形式之一，国内外都高度重视，近几年 资本纷纷入局，加速了技术进步和迭代，全球可控核聚变的产业化进度明显加 速。本报告简单梳理了海外和国内可控核聚变的发展近况，并重点分析电源系 统的重要性、壁垒和相应机会。 重点公司主要财务指标 | 公司简称 | 公司代码 | 市值 | 24EPS | 25EPS | 25PE | PB | 投资评级 | | --- | --- | --- | --- | --- | --- | --- | --- | | 禾望电气 | 603063.SH | 15.4 | 0.99 | 1.54 | 22.0 | 3.3 | 强烈推荐 | | 爱科赛博 | 688719.SH | 4.9 | 0.63 | 0.83 | 51.4 | 2.9 | 未予评级 | | 旭光电子 | 600353.SH | 10.4 | 0.12 | 0.2 | 62.7 | 5.8 | 未予评级 | | 弘讯科技 | 603015 ...

转自：科技日报 本报记者 夏 凡 江苏坚米智能技术有限公司是浙江中坚科技股份有限公司的子公司，成立于2024年4月。据了解，该款 机器狗搭配了16线激光雷达和深度摄像头，从模型设计到开模组装，再到软件开发，均由该公司自主研 发。 在中东欧展区的浙江馆，除了机器狗，有一套康复训练系统也格外引人注目。 在博灵脑机（杭州）科技有限公司（以下简称"博灵脑机"）的展台前，操作者正在向观众演示赛博灵科 HC2手部柔性外骨骼康复训练系统。博灵脑机技术总监郑永特介绍，该款系统依托脑机接口技术，基 于"中枢—外周—中枢"的闭环康复理论设计研发。它通过手环采集和分析使用者对大脑手部运动控制的 意图信号，再由手部外骨骼执行手部运动指令，从而带动手指自由活动。 博灵脑机是一家成立于2021年的科技型公司，以脑机接口为核心技术，聚焦科学研究与医疗健康领域的 成果转化。"这次展会我们带来了3款产品，它们都应用了脑机接口技术。"郑永特说，团队采用非侵入 式脑机接口技术，选择轻便可穿戴的外骨骼作为载体，为中风后偏瘫人群提供有效的康复和运动辅助支 持。 郑永特透露，接下来，公司的研发重点是实现更加轻便、灵活、精准且成本更低的智能外骨骼产品，让 ...

Financial Performance - The company achieved operating revenue of 1.933 billion, a year-on-year increase of 5.38% [7] - The net profit attributable to shareholders was 94.6 million, showing a slight decline compared to the previous year [7] - The total assets and net assets attributable to shareholders experienced significant growth [7] Market Expansion - In 2024, the revenue from exported vehicle-mounted products increased to 6.8% of total revenue, indicating progress in international market development [2] - The company successfully secured projects with leading global automotive brands, contributing to future revenue growth [5] - The global sales of new energy vehicles reached 18.236 million units in 2024, a year-on-year growth of 24.4% [5] Research and Development - The R&D investment for 2024 was 200 million, accounting for 10.35% of operating revenue, with a capitalization rate of 0% [2] - The R&D team expanded to 813 members, covering various key functions to enhance innovation capabilities [7] - The company maintains a high level of R&D investment to support long-term development and ensure product performance remains industry-leading [3] Accounts Receivable - The accounts receivable and notes receivable increased by 136.22% compared to the previous year, with a 13.41 percentage point rise in their proportion of total assets [7] - The increase in accounts receivable is primarily due to high sales in the fourth quarter, with good quality of receivables from major clients [7] Strategic Outlook - The company plans to strengthen its domestic market while leveraging its brand advantages to explore international clients [2] - Future gross margin levels are expected to be influenced by customer pricing and supply chain cost reduction measures [4] - The company aims to enhance its market share in the global high-voltage power supply systems for new energy vehicles [2]