据上证报报道，近日，聚变新能(安徽)有限公司采购项目发布，总金额超20亿元。根据业务需要，本次 采购涉及BEST离子回旋波源系统、低温系统关键部件、BEST屏蔽包层系统不锈钢屏蔽块、BEST屏蔽 包层系统高硼钢屏蔽块等。 新风光：加大关键核心技术和新产品的开发力度，积极推动可控核聚变电源、SST(固态变压器)等产品 的开发，寻求新的增长空间。 合锻智能：参与了聚变堆、真空室、偏滤器等核心部件的制造预研工作。主要包括材料预研和性能验证 与验收。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 中金公司认为，核聚变具备环境友好、资源充足、能量密度高、自限性反应机制等优势。中国将核聚变 纳入未来产业重点方向，美国、日本、英国等国则通过专项立法、资金引导等方式加快落地节奏，形成 从顶层设计到产业实践的全链条支持体系。 根据FIA统计，截至2025年年中，全球商业核聚变产业累计融资总额达到97.66亿美元，较2024年新增 26.43亿美元。整体来看，全球核聚变发展正处于向百兆瓦级工程演进的关键跃迁期，未来5-10年内将 有多个示范性装置陆续落地。 公司方面，据上证报表示， ...

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company reported a revenue of 722 million yuan for the first half of 2025, a year-on-year decrease of 9.42%, and a net profit attributable to shareholders of 119 million yuan, down 32.71% year-on-year [1]. - The photovoltaic business is facing a downturn, with a revenue of 298 million yuan in the first half of 2025, a decrease of 25.18% year-on-year, while the semiconductor and nuclear fusion power businesses are progressing well [2][3]. - The company is actively expanding its overseas photovoltaic market and enhancing project acceptance management and accounts receivable collection to mitigate domestic market challenges [2]. - The semiconductor sector saw a revenue of 160 million yuan, down 13.45% year-on-year, but the company is increasing its R&D investment and customer base in this area [2]. - The company is also expanding into other power supply businesses, including charging stations and nuclear fusion, with significant growth in orders in the steel metallurgy sector [3]. Summary by Relevant Sections Financial Performance - In Q2 2025, the company achieved a revenue of 397 million yuan, a year-on-year decrease of 5.98% but a quarter-on-quarter increase of 22.36% [1]. - The company's net profit for Q2 2025 was 69 million yuan, down 29.32% year-on-year but up 36.64% quarter-on-quarter [1]. Revenue and Profit Forecast - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 281 million yuan, 329 million yuan, and 383 million yuan respectively, which represents a downward adjustment of 30%, 27%, and 24% [3][4]. - The expected EPS for 2025-2027 is 1.27 yuan, 1.49 yuan, and 1.73 yuan, with corresponding P/E ratios of 41, 35, and 30 times [3][4]. Business Segments - The photovoltaic sector is under pressure, while the semiconductor and nuclear fusion sectors are seen as having significant growth potential [3]. - The company is forming partnerships in the charging station sector and has secured over 10 million yuan in nuclear fusion-related power orders for 2024 [3].