编号：2025-03 | | □特定对象调研 □分析师会议 □其他 □媒体采访 □业绩说明会 | | --- | --- | | 投资者关系活 | | | 动类别 | □新闻发布会 路演活动 | | | □现场参观 □电话会议 | | 参与单位名称 | 西部证券、华创证券、中信证券、银河证券、天弘基金、阳光资 | | 及人员姓名 | 产、大家资产、华夏未来资本、聚力基金、中兵资管 | | 时间 | 2025 年 9 月 9 日 | | 地点 | 北京中国大饭店、嘉里大酒店 | | 上市公司接待 人员姓名 | 证券投资部负责人 罗明磊 | | | 沟通与交流的主要情况和观点： | | | 1. 在下游需求变化的背景下，请问公司未来有哪些新的增长 | | | 点？ | | | 答：相关研究显示，全球能源革命（油改电、气改电、煤改 | | | 电）、发达国家老化电网升级、算力爆发式增长等多重因素叠加， | | 投资者关系 | 将催生长周期、高景气的电力需求。 | | 活动主要内容 | 公司专业从事扁电磁线和电线电缆产品研发、生产和销售， | | 介绍 | 致力于为客户提供一体化的电能绿色传输解决方案，近年来公司 ...

Investment Rating - The investment rating for the electric equipment and new energy industry is "Outperform the Market" (maintained) [1]. Core Insights - On July 22, China Fusion Energy Co., Ltd. was established with a total investment of 11.5 billion RMB from various stakeholders, marking a significant step in advancing fusion energy technology in China [2]. - The company will focus on overall design, technology verification, and digital R&D, aiming to build a technology research platform and a capital operation platform [2]. - The capital injection will be used for the construction of the technology research platform and integration of the industrial chain [2]. Company Summaries - **Jinbei Electric**: A leader in ultra-high voltage electromagnetic wire, with products used in nuclear fission projects. The company has developed a fourth-generation ultra-high temperature electromagnetic wire, ending reliance on imports in this field [2]. - **Guangda Special Materials**: A top domestic enterprise in special steel materials and wind power castings, with a strong technical foundation. The company supplies materials for superconducting coil armor and has successfully delivered low-activation martensitic steel [2]. - **Xuji Electric**: A leading enterprise in ultra-high voltage converter valves, with deep expertise in power electronics technology. The company has capabilities in new magnetic field power supply projects for magnetic confinement fusion [2]. - **Dongfang Electric**: A major energy equipment R&D and manufacturing group in China, successfully developing the first batch of blanket shielding modules for the International Thermonuclear Experimental Reactor (ITER) [2]. - **Shanghai Electric**: The largest comprehensive equipment manufacturing group in China, with a complete nuclear energy equipment manufacturing industry chain covering various nuclear power technologies [3]. Financial Forecasts - **Jinbei Electric**: Market capitalization of 7.6 billion RMB, with projected net profits of 570 million RMB in 2024, increasing to 770 million RMB by 2026 [5]. - **Guangda Special Materials**: Market capitalization of 6.6 billion RMB, with projected net profits of 110 million RMB in 2024, increasing to 410 million RMB by 2026 [5]. - **Xuji Electric**: Market capitalization of 25.3 billion RMB, with projected net profits of 1.12 billion RMB in 2024, increasing to 1.88 billion RMB by 2026 [5]. - **Dongfang Electric**: Market capitalization of 73.2 billion RMB, with projected net profits of 2.92 billion RMB in 2024, increasing to 5.52 billion RMB by 2026 [5].