医药生物行业 增持（首次） 全国 MRI 超导磁体独立供应龙头 2026 年 2 月 24 日 分析师：谢雄雄 SAC 执业证书编号： S0340523110002 电话：0769-22110925 邮箱： xiexiongxiong@dgzq.com.cn 主要数据 2026 年 2 月 13 日 | 收盘价（元） | 44.00 | | --- | --- | | 总市值（亿元） | 73.78 | | 总股本（亿股） | 1.68 | | 流通股本（亿股）0.32 | | | ROE(TTM) | 10.43% | | 12 月最高价（元）58.12 | | | 12 月最低价（元）41.40 | | 股价走势 资料来源：东莞证券研究所，iFind 相关报告 公 司 研 究 证 券 研 究 报 告 健信超导（688805）深度报告 投资要点： ◼ 投资建议：预计公司2025年和2026年每股收益分别为0.42元和0.49元， 对应估值分别为105倍和89倍。公司作为全国MRI超导磁体独立供应龙 头，在超导磁体和永磁领域优势突出。首次覆盖，给予公司"增持"评 级。 ◼ 风险提示。研发进度不及预期风险、技术 ...

Core Viewpoint - The company, Jianxin Superconductor, provides a range of products including superconducting magnets, permanent magnets, and gradient coils, each with varying magnetic field strengths suitable for different clinical applications [2] Product Offerings - The company's product lineup includes superconducting magnets, permanent magnets, and gradient coils [2] - Different magnetic field strengths are tailored for specific clinical applications, emphasizing the importance of professional guidance in selecting the appropriate product for each scenario [2]

Group 1 - The new stock market is filled with traps, leading to significant losses for retail investors, with some stocks experiencing drastic price drops shortly after listing [1] - The stock in question is 688805 Jianxin Superconductor, which focuses on the research, production, and sales of core components for medical MRI equipment [3] - Jianxin Superconductor's performance shows steady growth, with revenues of 359 million yuan in 2022, projected to reach 451 million yuan in 2023, and 425 million yuan in 2024, alongside net profits increasing from 34.63 million yuan in 2022 to 55.78 million yuan in 2024 [5] Group 2 - The underwriter for Jianxin Superconductor is GF Securities, which earned approximately 60 million yuan in underwriting fees from the IPO, leaving retail investors with significant losses [6][7] - On its first trading day, Jianxin Superconductor opened high but closed at 58.12 yuan, a 212.81% increase, before entering a downward trend, dropping to 43 yuan over the next five trading days [9] - Retail investors express frustration, feeling that the IPO process primarily benefits the company while leaving them as the "sacrificial lambs," with many stocks following a pattern of peak prices on the first day followed by continuous declines [11]

Core Viewpoint - Five new stocks will be available for subscription next week, with Shuangxin Environmental Protection ranking sixth in total shares issued among new A-shares in 2025 and first among new stocks on the Shenzhen Stock Exchange [1] Group 1: New Stock Offerings - The new stocks available for subscription include Jianxin Superconductor, Jiangtian Technology, Qiangyi Co., Yufan Technology, and Shuangxin Environmental Protection [1] - Jianxin Superconductor has an issue price of 18.58 yuan per share and a total issuance of 41.92 million shares, with 10.06 million shares available for online subscription [2] - Jiangtian Technology's issue price is 21.21 yuan per share, with a total issuance of 13.21 million shares, and 11.89 million shares available for online subscription [9][10] Group 2: Company Profiles - Jianxin Superconductor specializes in the R&D, production, and sales of core components for MRI equipment, with a global market share of approximately 4.2% [2] - Jiangtian Technology focuses on the R&D and production of label printing products, with major clients including Yangshengtang and Nongfu Spring [10] - Qiangyi Co. is a leading enterprise in the semiconductor probe card industry, with significant growth in revenue expected [14][17] Group 3: Financial Performance - Jianxin Superconductor's revenue for 2022 to 2024 is projected at 3.59 billion yuan, 4.51 billion yuan, and 4.25 billion yuan, with a net profit of 346.35 million yuan, 487.35 million yuan, and 557.84 million yuan respectively [5] - Jiangtian Technology's revenue for the same period is expected to be 3.84 billion yuan, 5.07 billion yuan, and 5.38 billion yuan, with net profits of 744.54 million yuan, 964.61 million yuan, and 1.02 billion yuan [10] - Shuangxin Environmental Protection anticipates a revenue of 37.18 billion yuan for 2025, reflecting a growth of 6.66% [25]

Core Viewpoint - Ningbo Jianxin Superconductor Technology Co., Ltd. officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, marking a new chapter in its capital market journey [1] Company Overview - Jianxin Superconductor issued 41.92 million shares, raising a net amount of 689 million yuan, which will be primarily invested in the production of 600 sets of helium-free superconducting magnets and high-field medical superconducting magnets, as well as R&D of new superconducting magnets [2] - Established in 2013, the company focuses on the R&D, production, and sales of core components for MRI equipment, with key products including superconducting magnets, permanent magnets, and gradient coils, which account for approximately 50% of MRI equipment costs [2] Product and Technology - The company's 1.5T helium-free superconducting magnet utilizes solid-state conduction cooling technology, eliminating the need for liquid helium, addressing supply shortages, and enhancing reliability and adaptability of MRI equipment [3] - As of June 30, 2025, the company holds 85 authorized patents, including 45 invention patents, and has developed 13 core technologies with independent intellectual property rights [3] Financial Performance - Jianxin Superconductor has shown a growth trend in revenue, achieving 359 million yuan, 451 million yuan, and 425 million yuan in revenue for the years 2022 to 2024, with corresponding net profits of 34.63 million yuan, 48.73 million yuan, and 55.78 million yuan [4] - For the first nine months of 2025, the company reported revenue of 393 million yuan, a year-on-year increase of 37.34%, and a net profit of 47.62 million yuan, up 38.54% year-on-year [4] - The company projects 2025 revenue to reach between 580 million yuan and 620 million yuan, with a year-on-year growth of 36.31% to 45.71%, and net profit expected to be between 70 million yuan and 75 million yuan, reflecting a growth of 39.25% to 49.20% [4] Market Context - The demand for medical MRI equipment in China is significant, as the density of MRI devices remains lower than in Europe and the United States, indicating a potential market opportunity [1] - Jianxin Superconductor's products align with the trends of helium-free, high-field, and open MRI systems, and the company has established partnerships with leading global MRI manufacturers [2]

Core Viewpoint - The article highlights the significant advancements and market performance of Jianxin Superconductor, particularly its innovative technologies in the field of superconducting magnets and its successful debut on the STAR Market, indicating strong growth potential in the medical imaging sector [2][3]. Company Overview - Jianxin Superconductor became the 599th company listed on the STAR Market on December 24, with an initial offering price of 18.58 CNY per share, closing at 58.12 CNY, marking a first-day increase of 212.81% and a peak increase of 280% during trading [2]. - The company specializes in the research, production, and sales of core components for MRI equipment, including superconducting magnets, permanent magnets, and gradient coils, which account for approximately 50% of the cost of MRI equipment [2]. - Jianxin Superconductor is recognized as the largest independent supplier of superconducting magnets globally and has developed a diverse product matrix, including various types of superconducting magnets [2]. Technological Advancements - The company has made breakthroughs in next-generation helium-free superconducting technology, achieving a fully helium-free superconducting magnet, which is internationally leading in core parameters, performance indicators, and product costs [3]. - Jianxin Superconductor aims to expand the application of superconducting technology to broader industrial fields, including renewable energy and transportation [3]. Financial Performance - For the period from January to September 2025, Jianxin Superconductor reported a revenue of 393 million CNY, representing a year-on-year growth of 37.34%, and a net profit attributable to shareholders of 47.62 million CNY, up 38.54% [3]. - The company projects an unaudited revenue of 580 million to 620 million CNY for the full year of 2025, indicating a growth of 36.31% to 45.71%, with a forecasted net profit of 70 million to 75 million CNY, reflecting a growth of 39.25% to 49.20% [3]. Shareholding Structure - The shareholding structure of Jianxin Superconductor includes significant stakes held by key individuals: Xu Jianyi (41.51%), Xu Hui (4.36%), and Xu Dianbo (4.36%), collectively controlling 59.92% of the voting rights [4]. - Notable institutional investors include Ningbo Yunsheng, a major manufacturer of rare earth permanent magnet materials, holding 8.72% of shares, and GE Healthcare's venture capital arm in China, holding 3.10% [4].

Core Viewpoint - Ningbo Jianxin Superconducting Technology Co., Ltd. successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, becoming the first company to achieve "zero liquid helium" superconducting technology in the A-share market [1][2]. Company Overview - Jianxin Superconducting, established in 2013 and headquartered in Cixi High-tech Industrial Development Zone, focuses on the R&D, production, and sales of core components for medical magnetic resonance imaging (MRI) equipment, including superconducting magnets, permanent magnets, and gradient coils, which account for approximately 50% of the cost of MRI core components [4][7]. - The company has developed a unique all-solid-state conduction cooling technology, achieving a fully helium-free superconducting magnet, with its 1.5T helium-free superconducting magnet already in global commercial application [4][7]. Market Position - As of 2024, Jianxin Superconducting holds a global market share of approximately 4.2%, ranking fifth globally and second among domestic companies, only behind United Imaging Healthcare [7][9]. - The company’s clients for the 1.5T helium-free superconducting magnet include major players such as Wandong Medical, Fujifilm Group, GE Healthcare, and others [7]. Financial Performance - From 2022 to 2025, Jianxin Superconducting's R&D expenses were 20.33 million, 24.42 million, 27.65 million, and 16.75 million yuan respectively [8]. - The company's revenue increased from 359 million yuan in 2022 to 425 million yuan in 2024, with a net profit attributable to shareholders rising from 30.85 million yuan to 50.27 million yuan during the same period [12]. - For the first three quarters of 2025, the company achieved revenue of 393 million yuan, a year-on-year increase of 37.34%, and a net profit of 47.62 million yuan, up 38.54% year-on-year [12]. Industry Trends - The global MRI equipment market is projected to grow from 7.5 billion USD in 2015 to 11.1 billion USD in 2024, with expectations to reach 14.89 billion USD by 2030 [11]. - The cancellation of configuration management for 1.5T and above MRI equipment by the National Health Commission in 2023 is expected to drive the penetration of these devices into the market [11]. - The company is focusing on the development of 3.0T helium-free superconducting magnets, which are anticipated to be a major research direction in the coming years [11].

Core Insights - The core viewpoint of the articles emphasizes the importance of domestic production of MRI equipment, particularly focusing on the self-sufficiency of key components like superconducting magnets and permanent magnets, which are crucial for overcoming industry bottlenecks [1][4]. Company Overview - Jianxin Superconducting has achieved significant technological breakthroughs and large-scale manufacturing in core components such as superconducting magnets and permanent magnets, becoming one of the earliest manufacturers in China to produce high-field superconducting magnets on a large scale and the largest global supplier of MRI equipment permanent magnets [1][4]. - The company has developed a diverse product matrix that includes 1.5T zero-evaporation superconducting magnets, 1.5T liquid helium-free superconducting magnets, and 3.0T zero-evaporation superconducting magnets [4]. Market Position and Strategy - The company aims to make MRI scans more affordable, reducing costs from thousands of yuan to hundreds, and has integrated these services into medical insurance, thereby enhancing access to quality healthcare [1][3]. - Jianxin Superconducting has established deep collaborations with leading manufacturers like Wandong Medical and Shenzhen Anke, ensuring stable supply of 1.5T products and gradually increasing supply of 3.0T products to rural hospitals [6]. Technological Innovation - The company has mastered 13 core technologies with independent intellectual property rights, covering areas such as electromagnetic fields, cryogenics, finite element analysis, structural design, intelligent control, and large-scale manufacturing processes [4]. - Jianxin Superconducting has successfully developed the world's first 1.5T liquid helium-free superconducting magnet, which does not require liquid helium and can automatically recover after quenching, making it suitable for emerging markets with limited maintenance capabilities [6][7]. Global Expansion - The company is actively expanding its overseas market presence, with over 50% of its MRI equipment products sold internationally. It has established local service networks in regions like India and Italy to address the affordability and usability issues in international markets [6][7]. - Jianxin Superconducting's global layout and technological innovations are expected to significantly reduce the overseas delivery and maintenance costs of superconducting magnets, thereby supporting leading manufacturers in promoting their products globally [7]. Long-term Vision - The company emphasizes a long-term commitment to technological innovation and market needs, focusing on core business areas while exploring the feasibility of applying superconducting technology in industrial sectors like wind power and power transmission [9]. - Jianxin Superconducting plans to invest in projects aimed at producing 600 sets of liquid helium-free superconducting magnets annually and upgrading high-field superconducting magnet production, reinforcing its commitment to sustainable growth and innovation in the healthcare sector [9].

Core Viewpoint - Ningbo Jianxin Superconducting Technology Co., Ltd. (stock code: 688805.SH) was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, with a closing price of 58.12 yuan, reflecting a 212.81% increase from the opening price [1] Company Overview - Jianxin Superconducting focuses on the research, production, and sales of core components for medical magnetic resonance imaging (MRI) equipment, including superconducting magnets, permanent magnets, and gradient coils, which account for approximately 50% of the cost of MRI equipment [1] - The controlling shareholders are Xu Jianyi, Xu Hui, and Xu Dianbo, who collectively control 59.92% of the voting rights prior to the issuance [1] Shareholding Structure Post-Issue - After the issuance, the controlling shareholders still include Xu Jianyi, Xu Hui, and Xu Dianbo, with their respective holdings reduced to 31.13%, 3.27%, and 3.27% [2] - The total voting rights controlled by these shareholders decreased to 44.94% post-issue [2] Financial Performance - Revenue for Jianxin Superconducting from 2022 to 2024 was 358.93 million yuan, 450.64 million yuan, and 425.50 million yuan, respectively, with net profits of 34.63 million yuan, 48.73 million yuan, and 55.78 million yuan [6] - For the first nine months of 2025, the company reported revenue of 393.30 million yuan, a year-on-year increase of 37.34%, and a net profit of 47.62 million yuan, up 38.54% [10] Future Projections - The company expects to achieve revenue between 580 million yuan and 620 million yuan in 2025, representing a growth of 36.31% to 45.71% compared to 2024 [12] - Projected net profit for 2025 is estimated to be between 72 million yuan and 77 million yuan, indicating a growth of 29.07% to 38.03% [12] Fundraising and Investment Plans - Jianxin Superconducting raised a total of 778.87 million yuan from the issuance, with a net amount of 688.64 million yuan after deducting issuance costs [3] - The funds will be allocated to projects including the annual production of 600 sets of helium-free superconducting magnets and the technological transformation of high-field medical superconducting magnets [5]

Core Viewpoint - Jianxin Superconductor officially listed on the Sci-Tech Innovation Board, becoming the 599th company on the board, amidst a surge in new stock listings and significant first-day gains for recent IPOs [2] Group 1: Market Performance - A total of 109 companies have gone public this year, with a first-day gain probability of 100% and an average first-day increase of 257.88% [2] - Among the newly listed Sci-Tech Innovation Board stocks, 17 have averaged a first-day increase of 250.86% [2] - Notable recent IPOs include Moer Thread-U, which saw a first-day increase of over 400%, and Muxi Co., which had a first-day increase of nearly 700% [2] Group 2: Company Overview - Jianxin Superconductor specializes in the R&D, production, and sales of core components for medical MRI equipment, including superconducting magnets, permanent magnets, and gradient coils, which account for approximately 50% of MRI equipment costs [3] - The company has developed a comprehensive product matrix in the superconducting field, including various types of superconducting magnets, and has become the leading independent supplier of superconducting magnets in the global MRI industry [4] Group 3: Technological Advancements - Jianxin has closed a 20-year technology gap with international giants in the field of zero-evaporation superconducting technology, achieving mass production of 1.5T zero-evaporation superconducting magnets and breaking the monopoly of European, American, and Japanese manufacturers [4] - The company has transitioned from a follower to a leader in the next-generation helium-free superconducting technology, successfully developing a fully helium-free superconducting magnet, recognized as the "first of its kind" by the Zhejiang Provincial Department of Economy and Information Technology [4] Group 4: Financial Performance - For the first nine months of 2025, the company reported revenue of 393 million yuan, a year-on-year increase of 37.34%, and a net profit of 47.62 million yuan, up 38.54% year-on-year [7] - The company projects revenue for 2025 to be between 580 million and 620 million yuan, representing a year-on-year growth of 36.31% to 45.71%, with an expected net profit of 72 million to 77 million yuan, reflecting a growth of 29.07% to 38.03% [8] Group 5: Research and Development - The company has consistently increased its R&D investment, with expenditures of 20.33 million yuan, 24.42 million yuan, and 27.65 million yuan from 2022 to 2024, resulting in a compound annual growth rate of 16.61% [8] - R&D investment accounted for 5.86% of total revenue over three years, with a rise to 6.65% in the first half of 2025, indicating a commitment to enhancing product and technology development [8]