8月26日晚间，可控核聚变概念牛股合锻智能（603011）(603011.SH，股价16.82元，市值83.16亿元)发 布2025年半年报。报告期内，公司实现总营业收入9.82亿元，同比增长8.23%，实现归母净利润951.31 万元，同比减少11.39%。 真空室是可控核聚变装置中的核心部件之一，合锻智能2024年参与合肥BEST项目真空室偏滤器项目研 制工作。2025年3月至5月期间，受可控核聚变技术进展及项目启动影响，市场对可控核聚变技术商业化 前景充满期待，公司股价多次异动，成为板块龙头股。不过，报告期内，投入可控聚变行业尚未给公司 带来显著业绩增长。2025年上半年增收不增利 不过，当前可控核聚变产业尚处于早期发展阶段，商业公司相关业务尚未形成稳定盈利模式。合锻智能 称，可控核聚变行业当前已进入工程可行性验证阶段，Q值(可控核聚变反应能量效率的关键衡量指标) 突破有望引爆商业化革命。 据全球咨询公司The Business Research Company统计，2024年全球可控核聚变市场规模为3314.9亿美 元，并预计以5.9%的增速到2025年达3511.1亿美元。未来，由于私营部门投资、全 ...

Summary of the Conference Call for 合锻智能 Company Overview - 合锻智能 is a leading enterprise in the high-end forming machine tool equipment industry in China, benefiting from the lightweight trend in the new energy vehicle sector, with expected growth in hot forming and composite material product orders, aiming to reverse last year's losses and achieve profitability [2][5][8]. Industry Insights - The company has formed a duopoly in the color sorting machine sector with 美亚光电, holding a global market share of approximately 20 billion RMB, with about 8 billion RMB in the domestic market [2][9]. - The company is confident in maintaining a growth rate of 10%-20% post-strategic adjustments in 2025, with a positive export trend to countries like India, Turkey, and Vietnam [2][5][10]. Key Projects and Developments - 合锻智能 has secured an order for a nuclear fusion vacuum chamber worth approximately 210 million RMB, with the first batch of gravity supports already delivered and the main body expected to be partially delivered in 2025 [2][11]. - The company has established a partnership with the Chinese Academy of Sciences to address high technical barriers in vacuum chamber manufacturing, focusing on welding deformation control as a significant challenge [4][12]. Strategic Direction - In 2025, 合锻智能 plans to expand in multiple business segments, prioritizing Southeast Asia and Central Europe through localized agents and service networks to reduce operational costs [5][8]. - The company aims to enhance brand exposure through international exhibitions and social media, providing differentiated solutions for various regions [5][8]. Research and Development - 合锻智能 has invested significantly in R&D, particularly in the nuclear fusion sector, with a focus on manufacturing processes, material selection, and structural design to meet extreme conditions [13][20]. - The company has established a strategic cooperation agreement with the Shanghai Li Zhengdao Research Institute to build a cutting-edge manufacturing laboratory, aiming to expand its potential in the nuclear energy and scientific device sectors [20][21]. Competitive Advantages - As a national-level manufacturing champion, 合锻智能 has revised multiple national and industry standards and participated in significant national science and technology projects, reinforcing its competitive edge in niche markets [6][7]. - The company’s strategic acquisitions, such as the German brand 劳法尔, are aimed at deepening its presence in the European market and enhancing its competitiveness in high-end sectors like automotive and home appliances [2][8]. Market Challenges - The company acknowledges the need to adapt to international market changes and currency fluctuations, which may impact its export business [5][10]. - The color sorting machine sector faces rapid iteration cycles, with replacement periods of 2 to 5 years, necessitating continuous innovation to stay competitive [9][10]. Conclusion - 合锻智能 is positioned to leverage its technological advancements and strategic partnerships to capitalize on growth opportunities in both domestic and international markets, particularly in the high-end manufacturing and nuclear fusion sectors [2][21].

Core Viewpoint - The company is a leading enterprise in the high-end forming machine tool and intelligent sorting equipment industry, with a focus on the nuclear fusion sector, which is expected to drive its growth trajectory in the coming years [1][3]. Group 1: Nuclear Fusion Industry Developments - The company has accelerated its involvement in nuclear fusion projects, winning contracts for key components such as vacuum chambers and gravity supports, indicating a strong order pipeline [1][2]. - The domestic nuclear fusion industry is projected to grow rapidly, with significant projects like CFEDR and various hybrid reactors expected to commence in the near future, positioning the company to benefit from this growth [2][3]. - Global nuclear fusion initiatives, including the ITER project and private sector efforts in the U.S. and Japan, highlight the increasing international focus on fusion energy, which may create additional opportunities for the company [2][3]. Group 2: Core Business Performance - The company is recognized as a champion in the forming machine tool sector, with products utilized across various industries including automotive, aerospace, and defense, showing a robust recovery in its core business [3][4]. - The hydraulic press segment has seen significant advancements, particularly in applications related to new energy vehicles, contributing to an increase in market share [3][4]. - The mechanical press segment is experiencing growth due to rising demand from the new energy vehicle sector and domestic brands, with a notable increase in orders for high-end automated pressure machines [4]. Group 3: Intelligent Sorting Equipment - The company is a pioneer in the optical sorting equipment market, with a strong focus on applications in food safety and recycling, leading to a substantial increase in revenue from this segment [4]. - The revenue from the color sorting machine business is projected to grow significantly, reflecting a compound annual growth rate (CAGR) of approximately 26.2% from 2021 to 2024 [4]. Group 4: Financial Projections - The company is expected to achieve revenues of 24.8 billion, 28.4 billion, and 33.5 billion from 2025 to 2027, with corresponding net profits of 0.37 billion, 1.34 billion, and 2.58 billion [5]. - The current valuation reflects the early-stage development of the nuclear fusion industry, suggesting substantial future growth potential [5][6].

Group 1 - The company, Hefei Huoan Intelligent Manufacturing Co., Ltd., focuses on high-end and intelligent manufacturing strategies, primarily in high-end forming machine tools and intelligent sorting equipment [5][6][36] - The company has a negative distributable profit of RMB -398,157,643.03 as of December 31, 2024, and has decided not to distribute profits or increase capital from reserves for the year 2024 [4][28] - The company has received a standard unqualified audit report from Rongcheng Accounting Firm [3] Group 2 - The company's hydraulic press business serves multiple sectors including automotive, aerospace, defense, smart home appliances, and new materials, with a leading market share in automotive lightweight technology [6][10][35] - The company has developed advanced hydraulic machines for various applications, including high-strength steel hot forming hydraulic machines and large hydraulic press stamping production lines [8][9][10] - The company has achieved breakthroughs in manufacturing core components for fusion reactors, participating in significant national projects and focusing on advanced manufacturing technologies [28][29] Group 3 - The company employs a direct sales model, utilizing industry exhibitions and promotional events to market its products, while also providing value-added services such as remote diagnostics and equipment upgrades [31][44] - The procurement strategy is based on order-driven purchasing, ensuring cost control and quality through a structured supplier evaluation process [32][45] - The production model emphasizes personalized customization alongside standardized design, utilizing a flexible production approach to meet market demands [34][46] Group 4 - The company’s intelligent sorting equipment focuses on various sectors including rice, grains, tea, minerals, and solid waste, leveraging deep learning technology for enhanced sorting capabilities [36][37][49] - The company has introduced innovative products in the rice sorting segment, utilizing advanced data models and hardware configurations to improve sorting efficiency [37][38] - The company has established a strong market position in intelligent sorting, continuously expanding its product offerings and maintaining industry leadership through technological advancements [49]