Group 1 - The company reported a revenue of 937 million yuan for the first three quarters of 2025, representing a year-on-year increase of 71.23%, and a net profit attributable to shareholders of 56 million yuan, up 111.21% year-on-year [1] - In Q3 2025, the company achieved a revenue of 368 million yuan, reflecting a year-on-year growth of 72.38% and a quarter-on-quarter increase of 8.61%, with a net profit attributable to shareholders of 20 million yuan, up 71.45% year-on-year but down 16.52% quarter-on-quarter [1] - The growth in performance is attributed to strong demand in the new energy vehicle industry, significant revenue growth from core products, and effective cost and expense control [1] Group 2 - The company has made long-term technological accumulation and strategic layout in vacuum active devices for large scientific engineering applications, focusing on products like hydrogen thyristors and high-power fast-tuning tubes, which are in critical stages of R&D and customer validation [2] - The company is concentrating R&D resources on high-barrier products like cyclotron tubes and has established stable partnerships with leading domestic research institutions to advance the development and testing of engineering prototypes [2] - The company expects net profits attributable to shareholders to reach 91 million yuan, 193 million yuan, and 266 million yuan from 2025 to 2027, with corresponding EPS of 0.95, 2.03, and 2.79 yuan, and PE ratios of 68.8, 32.3, and 23.5 times [2]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has shown rapid growth in performance, with a focus on deepening its layout in large scientific projects [7] - The expected net profit for the company from 2025 to 2027 is projected to be 0.91 billion, 1.93 billion, and 2.66 billion respectively, with corresponding EPS of 0.95, 2.03, and 2.79 [7] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 937 million, a year-on-year increase of 71.23%, and a net profit attributable to shareholders of 56 million, up 111.21% year-on-year [7] - The gross profit margin for the first three quarters was 26.74%, a decrease of 1.13 percentage points year-on-year [7] - The company’s revenue for Q3 2025 was 368 million, representing a year-on-year increase of 72.38% and a quarter-on-quarter increase of 8.61% [7] - The net profit for Q3 2025 was 20 million, a year-on-year increase of 71.45% but a quarter-on-quarter decrease of 16.52% [7] Revenue and Profit Forecast - Revenue is forecasted to grow from 692 million in 2023 to 2.30 billion in 2027, with a compound annual growth rate (CAGR) of 24.8% [6] - The net profit is expected to increase from 64 million in 2023 to 266 million in 2027, with a significant growth rate of 199.9% in 2025 [6] - The company's EPS is projected to rise from 0.67 in 2023 to 2.79 in 2027 [6] Market Position and Strategic Initiatives - The company is actively involved in the booming electric vehicle industry, which has led to a substantial increase in product orders [7] - The company is focusing on the development of vacuum active components for large scientific projects, including controllable nuclear fusion applications [7] - The company has established stable partnerships with leading research institutions in the field to advance the development and testing of engineering prototypes [7]

Core Viewpoint - The company has confirmed that its vacuum capacitor products are already applied in the field of controlled nuclear fusion, and other products like hydrogen thyratrons, cyclotron tubes, and traveling wave tubes have certain technological accumulation and are undergoing verification with clients [1] Group 1: Product Application - The company's vacuum capacitor products are utilized in controlled nuclear fusion applications [1] - Other products such as hydrogen thyratrons, cyclotron tubes, and traveling wave tubes have been developed to a certain extent and are in the process of being validated with customers [1] Group 2: Value Assessment - The value of the products in a nuclear fusion project needs to be assessed based on specific technical solutions, system configurations, and performance requirements [1] - There are differences in technical paths and component requirements across different devices in nuclear fusion projects [1]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The controlled nuclear fusion sector is experiencing steady progress in research and construction, with continuous order releases, indicating a positive long-term development outlook [8][35] - The BEST device construction has fully commenced, and the core component bidding is expected to accelerate [6][22] - Recent breakthroughs in plasma discharge frequency and intensity by Zap Energy mark significant advancements towards commercialization [20][21] Summary by Sections Sector Review - In the week of October 9-10, 2025, most segments within the controlled nuclear fusion sector saw price increases, with notable gains in individual stocks such as Hahai Huadong (+29.6%), Hezhuan Intelligent (+21.0%), and Antai Technology (+21.0%) [5][15] - The magnetic materials segment rose by 10.9%, vacuum chamber and metal forgings by 10.8%, and upstream metal materials by 7.6% [17] Industry Dynamics - The BEST device's key component, the Dewar base, has been successfully installed, marking a new phase in the project [22] - Germany announced a €2 billion fusion action plan aimed at establishing a demonstration reactor by the 2040s [25] - Gauss Fusion released a concept design report for Europe's first commercial fusion power plant, with an estimated investment of €15-18 billion [31] Company Developments - Hangyang Group won a bid for a low-temperature liquid helium testing system project, which is crucial for the controlled nuclear fusion low-temperature system [34] Weekly Perspective - The ongoing development of nuclear fusion devices and the release of orders are viewed positively for the sector's long-term prospects, with a focus on core components such as magnets, main units, and power supplies [35]