旭光电子 20250724 摘要 Q&A 旭光电子在可控核聚变领域的布局和优势是什么？ 旭光电子在可控核聚变领域具有显著的卡位优势，能够同时满足托卡马克装置 和直线型装置这两条技术路线。在托卡马克装置中，公司产品包括大功率电子 管，其核心技术涉及热解石墨山沉积与激光精密加工、钨阴极动态碳化及三级 阴极自动点焊等多种材料表面处理工艺。该产品已实现供货，并且是耗材逻辑， 每半年左右需要更换一次，这使得其价值量相对于初始装备有翻倍的跃升。 在 直线型装置中，旭光电子正与相关企业共同研发真空开关、快控开关等产品。 这些装置迭代速度快，公司在其中的价值量占比较高。总体来看，旭光电子通 过其先进的技术和双重布局，在可控核聚变领域占据了重要位置。 旭光电子在电力设备业务中的表现如何？ 旭光电子的电力设备业务主要集中于真空灭弧室领域。预计 2024-2027 年的 营收年均增长率（CAGR）约为 10%，占公司主营业务 50%左右。目前公司 真空灭弧室市场与电力需求和电网投资相关，预计未来五年年均复合增 长率达 10%。国内市场集中度高，旭光电子是主要企业之一。 预计旭光电子未来三年收入分别为 19 亿、24 亿和 30 亿 ...

证券研究报告 | 行业周报 | 机械设备 本周报意在汇总大制造中观策略组内部每周重要深度报告、重要点评报告与边际 变化的观点。 ❑ 【团队核心标的】 华大九天，上海沿浦，浙江荣泰，罗博特科，巨星科技，雅迪控股，爱玛科 技，洪都航空，中际联合，北特科技等。 ❑ 【核心组合】 三一重工、徐工集团、山推股份、杭叉集团、安徽合力、中力股份、诺力股份、 兰剑智能、巨星科技、涛涛车业、杰克股份、华通线缆、中航沈飞、中航西飞、 洪都航空、中航成飞、内蒙一机、北方导航、中兵红箭、中国海防、西部材料、 中国船舶、中国重工。 截至 2025/07/18，上周（2025/07/14-2025/07/18）板块跟踪指数中，表现最好的 五大指数为：通信（申万）（+8%）、医药生物（申万）（+4%）、汽车（申万） （+3%）、机械设备（申万）（+3%）、国防军工（申万）（+2%）。 截至 2025/07/18，上周（2025/07/14-2025/07/18）大制造板块跟踪指数中，表现 最好的三大指数为：长江锂电设备指数（+5%）、汽车零部件（申万）（+4%）、 汽车（申万）（+3%）。 周期筑底、驭势而上、主题轮动 ——大制造中观策略 ...

旭光电子 20250718 摘要 旭光电子真空灭弧室业务稳定增长，受益于输配电领域需求，并在 126 千伏及以上高压等级产品上取得突破，预计国内市场需求达 2000 亿元， 公司投资 3.5 亿元启动一期项目以替代传统硫化技术。 军工业务通过内生和外延拓展，构建软硬一体化产品布局，近年来保持 20%-30%稳健增长，预计 2025 年增量超 30%，形成从芯片到成套设 备的国产化体系，涵盖弹药点火装置、雷达引爆电子对抗等领域。 电子材料业务聚焦陶瓷金属化技术，攻克氮化铝材料难题，2024 年氮 化铝粉体年产能达 500 吨，制品端通过客户验证并部分实现主供， 2025 年为该业务放量拐点，未来几年预计成倍增长。 核聚变领域，大功率电子管性能参数达国际先进水平，与法国泰勒兹共 同占据全球市场，前期出口德国用于通快激光切割，国内应用于大功率 广播等，并积极拓展核聚变和 EUV 光刻机等前沿应用。 新型电力成套设备业务受益于国家对新型电力推进，柔直技术相关旁路 开关和快速机械开关迎来高速增长期，公司与国内交流为主的客户避免 冲突，专注技术创新。 Q&A 旭光电子的主要业务板块有哪些？各自的发展情况如何？ 旭光电子目 ...

Core Viewpoint - Chengdu Xuguang Electronics Co., Ltd. is holding its second extraordinary general meeting of shareholders in 2025 to discuss key matters including a project loan secured by real estate [2][3]. Group 1: Meeting Details - The second extraordinary general meeting of shareholders is scheduled for July 29, 2025, at 14:30, with both on-site and online voting options available [3]. - The meeting will be presided over by the chairman, and the voting will combine results from both on-site and online platforms [3]. - Shareholders must register in advance to speak, with each speaker limited to five minutes [2][3]. Group 2: Loan and Project Details - The company plans to invest up to 355 million yuan in the first phase of the high-voltage vacuum extinguishing chamber industrialization project, funded through self-owned funds and bank loans [3][5]. - A loan of 279 million yuan has been applied for from CITIC Bank, secured by the company's real estate located at 1088 Puhua Road, Xindu District, Chengdu [3][5]. - The loan interest rate will be adjusted every three months based on the loan market quotation rate [3][5]. Group 3: Impact on the Company - The project loan is expected to align with the company's development interests, and the company currently has a good overall operating condition and debt repayment capability [5]. - The loan will not significantly impact the company's current profits or pose major financial risks [5].

Summary of Conference Call Company and Industry - The conference call involved **Baoguang Co., Ltd.**, a company in the **high-voltage electrical equipment** industry, specifically focusing on **vacuum circuit breakers** and **energy storage solutions**. Key Points and Arguments 1. **Core Business Performance**: The company's core business, particularly in fire extinguishing water systems, has seen a significant increase in contract liabilities, with a growth rate exceeding 100% in Q1 [2][3]. 2. **Revenue and Profit Trends**: Despite a decline in overall revenue, the company reported an increase in profits year-over-year, attributed to strategic adjustments in the energy storage segment, which saw a revenue drop of approximately 90 million [3][4]. 3. **Market Share and Product Launches**: The company has stabilized its market share at around 30% in Central Asia and successfully launched a new vacuum circuit breaker product in April 2024, which has been operational for a year [4][5]. 4. **Production Capacity Plans**: Baoguang plans to expand its production capacity significantly, with a target of establishing a production line capable of producing 30,000 units over the next three years, while reserving space for a potential 100,000 units [5][6]. 5. **Market Dynamics and Tendering Process**: The timing of large-scale tenders is contingent on the State Grid's bidding processes, with expectations for market volume to increase once the products have been in operation for a sufficient period [6][7]. 6. **International Market Challenges**: The company faces challenges in penetrating the European market due to the dominance of established brands, focusing instead on regions like the Middle East and South America where demand for high-voltage products is growing [9][10]. 7. **Pricing Strategy**: The pricing for the new 126 product is currently between 30,000 to 50,000, with expectations that costs will decrease as production scales up, potentially stabilizing around 15,000 per unit in the future [12][13]. 8. **Hydrogen and Energy Storage Projects**: The company is facing regulatory challenges in expanding its hydrogen projects, but it maintains a stable growth rate of around 10% in its current operations, contributing approximately 30 million annually [14][15]. 9. **Frequency Regulation Services**: The company is investing in frequency regulation services, with a focus on enhancing its market share in this area, which is expected to yield a gross margin of 50% to 60% [18][19]. 10. **Market Trends and Future Outlook**: The company anticipates that as the energy storage market matures, it will present opportunities for growth, particularly in the frequency regulation sector, despite potential competition from independent storage solutions [17][21]. Other Important Content - The company is currently navigating a transition phase in its energy storage segment, focusing on efficiency improvements and strategic partnerships to enhance its market position [16][20]. - The management emphasized the importance of technological advancements and policy support in driving future growth, particularly in the context of China's dual carbon goals [10][19].

Core Viewpoint - The company, Xuguang Electronics, is experiencing growth driven by its core businesses in power equipment, military industry, and electronic materials, with a notable improvement in gross margin in Q1 2025 compared to the previous year [1]. Group 1: Business Segments - In 2024, the company's revenue distribution was 54% from power equipment, 23% from military industry, and 5% from electronic materials, with vacuum circuit breakers being the leading product, contributing 43% to total revenue [2]. - The company achieved a record production and sales volume of 1.2 million vacuum circuit breakers in 2024, solidifying its leading position in the industry [4]. Group 2: Financial Performance - For 2024, the company reported a revenue of 1.586 billion yuan, a year-on-year increase of 20.5%, and a net profit attributable to shareholders of 102 million yuan, up 10.5% year-on-year, with a gross margin of 22.82%, down 3.87 percentage points [3]. - In Q1 2025, the company generated a revenue of 343 million yuan, a decrease of 11.4% year-on-year and 26.8% quarter-on-quarter, while the net profit attributable to shareholders was 30 million yuan, reflecting a year-on-year increase of 19.3% and a quarter-on-quarter increase of 39.3%, with a gross margin of 23.83%, up 3.6 percentage points year-on-year [3]. Group 3: Research and Development - The company increased its R&D expenditure by 23.9% in 2024, reaching 74 million yuan, indicating a strong commitment to innovation [2]. - The company successfully achieved an annual production capacity of 500 tons for aluminum nitride powder in 2024, introducing a high and mid-range product mix that meets international advanced standards [5]. Group 4: Market Opportunities - The company is focusing on emerging applications for its high-power electronic tubes, particularly in controlled nuclear fusion and semiconductor equipment, which are expected to drive revenue growth [4]. - The company is expanding its product offerings in new energy and power equipment, successfully securing multiple orders for bypass switches and rapid switches in offshore wind power projects [4].

Group 1: Macro and Strategy - The report discusses the "Self-Indulgence Economy" in China and Japan, highlighting the growth and valuation differences between Chinese companies in this sector and their Japanese counterparts, with Chinese firms generally in a rapid growth phase compared to Japan's mature companies [7][8] - Key investment logic includes leveraging the time advantage of development stages, innovative business models, rediscovery of cultural values, and technology-driven differentiation in competition [8] Group 2: Industry and Company Analysis - The retail industry report indicates that the 618 shopping festival showed stable performance, with significant growth in sales and user engagement on platforms like JD and Tmall, where brands like Perleya and Maogeping performed well [10][11] - The report on Xuguang Electronics (600353.SH) highlights a 20.5% year-on-year revenue growth in 2024, with a focus on power equipment, military, and electronic materials, and a notable increase in R&D spending [13][14] - China Jinmao (00817.HK) is noted for its diversified business structure and successful turnaround in 2024, driven by reduced inventory impairment and improved gross margins, with a strong focus on urban and property development [15][16]

Company Overview - The company is a leading domestic enterprise in vacuum electronic devices and electronic ceramic materials, with main businesses covering power equipment, military products, and electronic materials, while actively exploring controlled nuclear fusion, semiconductors, and CT tube fields [1] Power Equipment Sector - The company's vacuum electronic device business focuses on vacuum arc extinguishing chambers and high-power laser RF tubes, forming a complete industrial chain for vacuum switch tubes and sealed poles, with an annual production capacity exceeding 1.2 million vacuum arc extinguishing chambers [2] - The company has taken the lead in the domestic flexible DC field and has advanced technology performance in new power and renewable energy equipment, establishing a comprehensive power business system covering traditional, new, and ultimate energy [2] Military Products Sector - The company has a rich accumulation of customer resources in the military sector, covering a product matrix that includes "ammunition, aircraft, and ships," with significant advantages in collaborative development across the supply chain [3] - The military segment is projected to generate total revenue of 367 million yuan in 2024, reflecting a year-on-year growth of 11.9% [3] Electronic Materials Sector - The company has achieved mass production of aluminum nitride powder, with an annual capacity of 500 tons, and has established batch supply cooperation with over 400 customers, becoming a major supplier for more than 100 clients [4] - The company has developed ultra-high thermal conductivity substrates and is in the verification stage for high toughness and high bending resistance substrates, aiming to become the first domestic supplier [4] Financial Performance - In 2024, the company's total revenue is projected to be 1.586 billion yuan, a year-on-year increase of 20.48%, with a net profit attributable to shareholders of 102 million yuan, reflecting a growth of 10.53% [4] - The net profit margin is 6.46%, showing a slight decline of 0.6 percentage points, attributed to increased investments in new industries such as photolithography and controlled nuclear fusion [4] Profit Forecast - The company is expected to achieve net profits of 184 million yuan, 241 million yuan, and 308 million yuan from 2025 to 2027, with corresponding EPS of 0.22, 0.29, and 0.37 yuan, and PE ratios of 50.10, 38.24, and 29.87 times respectively [5]

Core Viewpoint - Chengdu Xuguang Electronics Co., Ltd. reported a net profit of 27.64 million yuan for Q1 2025, a year-on-year increase of 35.66%, driven by product structure optimization and investment income from a joint venture [1] Group 1: Financial Performance - The company achieved a net profit attributable to shareholders after deducting non-recurring gains and losses of 27.64 million yuan, reflecting a 35.66% increase year-on-year [1] - The investment in the high-voltage vacuum circuit breaker project is capped at 355 million yuan, aiming to produce 20,000 units annually [1] Group 2: Market Position and Strategy - The high-voltage vacuum circuit breaker market is currently dominated by foreign brands, holding approximately 70% market share, and the company's investment aims to break this monopoly and enhance market competitiveness [2] - The company has developed a mature technology system and industrialization capability for its 126kV vacuum circuit breaker, which has passed certification and is now operational [2] Group 3: Industry Trends and Future Outlook - The demand for high-voltage vacuum circuit breakers is expected to grow due to domestic power grid upgrades and the global trend of replacing SF₆ gas [1][2] - The company is expanding its power business system to cover traditional, new, and ultimate energy sectors, with products applicable in various energy fields [2] - The ongoing development in the power industry, coupled with national policies supporting domestic production, is expected to drive the electronic components industry towards higher voltage levels, performance, and miniaturization [3]

Group 1 - The company has announced the extension of the second phase of its employee stock ownership plan for an additional 12 months, now set to expire on May 22, 2026 [6][8][49] - The first phase of the employee stock ownership plan has also been extended for another 12 months, now set to expire on August 20, 2026 [49][51] - The company plans to invest in the high-voltage vacuum arc extinguishing chamber industrialization project with a total investment not exceeding 355 million yuan, aiming to produce 20,000 units annually [10][12][45] Group 2 - The company intends to participate in an auction to purchase a property in Chengdu, with a starting price of 110 million yuan, to support its production expansion [22][24][32] - The auctioned property has a land area of 60,000 square meters and a building area of 48,153.95 square meters, which will enhance the company's operational capabilities [31][32] - The company emphasizes that the investment in the high-voltage vacuum arc extinguishing chamber project aligns with national dual-carbon strategies and aims to enhance its market competitiveness [17][18]