8月27日，美亚光电盘中上涨2.04%，截至10:58，报20.00元/股，成交3.82亿元，换手率4.46%，总市值 176.45亿元。 截至8月20日，美亚光电股东户数2.92万，较上期减少3.04%；人均流通股14865股，较上期增加3.14%。 2025年1月-6月，美亚光电实现营业收入10.23亿元，同比增长9.92%；归母净利润3.03亿元，同比增长 11.34%。 分红方面，美亚光电A股上市后累计派现48.98亿元。近三年，累计派现18.52亿元。 机构持仓方面，截止2025年6月30日，美亚光电十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股5177.18万股，相比上期增加818.29万股。富国长期成长混合A（011037）位居第九大流通 股东，持股506.42万股，为新进股东。东方红智远三年持有混合（009576）位居第十大流通股东，持股 443.47万股，相比上期减少35.72万股。南方中证500ETF（510500）退出十大流通股东之列。 责任编辑：小浪快报 资金流向方面，主力资金净流入973.82万元，特大单买入1151.97万元，占比3.02%，卖出898.71万元， ...

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 ...

美亚光电 20250826 摘要 2025 年上半年，美亚光电口腔业务收入与去年同期基本持平，销量提 升但毛利率有所回升，主要受益于产品迭代和销售结构变化。公司通过 市场布局和资源投入，扩大在低谷期国内口腔行业的领先优势，并对未 来发展持乐观态度。 美亚光电在口腔医疗领域的核心策略是提升核心竞争力，灵活营销扩大 销售。2025 年上半年毛利率环比修复，下半年销售体量预计更大，公 司坚持高质量发展，不以牺牲毛利换取市场份额，通过产品力、技术、 品质和服务提升自然竞争。 美亚光电深度应用 AI 和数字化技术，如美亚大师 4.0 和全栈式大米数字 化加工解决方案，提升生产效率和效益。在口腔医疗方面，推出美亚引 擎，将 AI 技术应用于口腔 CBCT，提高医生工作效率，并为患者提供清 晰明了的诊疗信息。 美亚光电的再生资源业务已占色选机整体收入的 20%，且上半年增速较 快。该业务板块与国家政策及全球可再生资源发展导向密切相关，具有 广阔的发展空间和较高的毛利水平。 Q&A 美亚光电 2025 年上半年经营情况如何？有哪些主要业务板块表现突出？ 2025 年上半年，美亚光电整体经营状况稳健，收入增长 10%，净利润增 ...

美亚光电分析师会议 调研日期：2025年08月26日 调研行业：专用设备 参与调研的机构：上海正心谷投资、山西机械、摩根士丹利、重 阳投资、弘尚资产等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | STA ...

2025年8月26日，合肥美亚光电技术股份有限公司通过电话交流会的形式，接受了上海明河投资、 Harding Loevner、上海亚商资产等约90名投资者的调研，公司董事会秘书程晓宏参与接待。 交流会上，公司对2025年上半年整体经营情况进行了简要介绍，并就投资者关心的问题进行了解答。 2025年上半年国内外形势复杂多变，全球经济复苏面临多重困难和障碍，国内经济发展仍承受较大压 力。公司在中长期发展战略的指引下稳步推进主营业务发展。上半年实现营收10.23亿元，同比增长 10%；实现净利润3.03亿元，同比增长11.34%；经营活动产生的现金流量净额3.93亿元，同比大增 125%；产品综合毛利率同比提升1.26个百分点。 从主营业务板块来看，色选机业务依然保持良好市场景气度，尤其是再生资源相关业务，保持了较快增 长速度。受口腔行业低迷、市场竞争持续激烈等客观因素影响，医疗板块相关业务发展受限，但已逐步 扭转2024年以来收入大幅下滑的不利局面。 在问答环节，公司就色选机业务表现出色、口腔相关业务表现欠佳、出口增长放缓、非口腔类医疗设备 市场推广、合同负债增长、人工智能技术应用影响、口腔行业现状及未来趋势、经 ...

证券代码：002690 证券简称：美亚光电 合肥美亚光电技术股份有限公司 投资者关系活动记录表 编号：T2025-004 投资者关 系活动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 ■电话交流会 活动参与人员 上海明河投资 王蒙、Harding Loevner Lee Gao、上海亚商资产 陈一羲、中国 公司 张杰敏 张梓丁、国海证券 张钰莹、凯基证券 郭亮亮、赛德堡资本 Luke Hong、中银国际资管张岩松、西安江岳基金 吕政和、中加基金 赵军华、杭州荣 泽石资产 于淼、稷定私募基金 马骁翔、长城国瑞证券 胡晨曦 黄文忠、深圳市 泰石投资 车克、中国人保资产 徐良成、上海晨燕资产 倪耿皓、太平洋证券 王 湛、盈峰资本 张国平、广州市航长投资 麦浩明、上海正心谷投资 常晟、山西 机械 徐风、摩根士丹利 王金琳、重阳投资 陈心、弘尚资产 华如嫣、国投瑞银 袁野、JK 资本 Sabrina(Hui) Ren、国元证券 周雷、浙商证券 吴天佑 许运凯周 向昉、中泰证券 阎鹏 郑雅梦、新华基金 刘海彬、招商信诺资产 刘延波、国泰 君安资管 金润、国联民生证券 ...

证券研究报告 美亚光电 (002690 CH) 盈利质量改善，期待景气复苏 2025 年 8 月 26 日│中国内地 专用设备 美亚光电发布半年报，2025H1 实现营收 10.23 亿元（yoy+9.92%），归母 净利 3.03 亿元（yoy+11.34%），扣非净利 2.95 亿元（yoy+11.62%）。其 中 Q2 实现营收 6.30 亿元（yoy+5.24%，qoq+60.63%），归母净利 1.94 亿元（yoy+13.62%，qoq+79.16%）。上半年口腔医疗行业景气仍然不佳 的背景下，公司相关收入维持稳定，医疗业务毛利率出现环比回升，体现出 CBCT 行业竞争格局正边际改善，同时整体经营质量出现改善。国内口腔医 疗行业仍有较大发展空间，静待未来行业景气复苏，维持"增持"评级。 盈利预测与估值 看好公司未来色选机业务成长性及 CBCT 业务的景气复苏，维持 2025 年盈 利预测，我们预计公司 2025-2027 年归母净利润分别为 7.0、7.4 和 7.9 亿 元，可比公司 25 年 Wind 一致预期 PE 均值为 39 倍，考虑公司成长性弱于 可比公司，给予公司 25 年 32 倍 ...

Core Viewpoint - Hefei has transformed from a "county town" to a "new first-tier city," with a notable rise in its private economy, which plays a crucial role in its development and innovation [1][2]. Group 1: Company Growth Stories - iFlytek, a prominent company in Hefei, has seen its market value grow 26 times over the past decade, showcasing the successful transformation of research results into commercial products [3][4]. - The company was founded in 1999, initially facing challenges with its first product but later pivoted to focus on voice technology, leading to its successful listing on the Shenzhen Stock Exchange in 2008 [5][6]. - iFlytek's growth has been supported by local government initiatives, which provided funding and a conducive environment for innovation [7][8]. Group 2: Government Support and Ecosystem - The Hefei government has actively supported startups like iFlytek by facilitating funding and creating a favorable policy environment, which has been crucial for the survival and growth of tech companies [6][7]. - The establishment of the "Keda Silicon Valley" innovation platform has attracted over 2,500 tech companies, enhancing the local innovation ecosystem [12][20]. - Hefei's government has implemented various policies to support the private economy, including the establishment of innovation centers and funding initiatives [19][20]. Group 3: Industry Development - The artificial intelligence industry in Hefei has flourished, with over 2,000 companies now operating in this sector, positioning the city as a national leader in advanced manufacturing [8][20]. - The logistics and digital freight sectors are also experiencing significant growth, with companies like Weitian Yuntong revolutionizing the industry through digital solutions [15][16]. - Hefei's strategic planning aims to establish itself as a national transportation hub, further enhancing the logistics industry's potential [14][15]. Group 4: Talent Development - Hefei has developed a robust talent cultivation strategy, focusing on nurturing entrepreneurs and skilled professionals to support its growing industries [21][22]. - The presence of institutions like the University of Science and Technology of China has contributed to a steady supply of talent, fostering innovation and entrepreneurship [22][24]. - The city has implemented various policies to attract and retain talent, ensuring a continuous influx of skilled individuals to support its economic growth [21][22].

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].

Summary of the Conference Call Industry Overview - The nuclear fusion energy sector in China is experiencing significant investment, projected to reach 20 billion yuan annually by 2028, with total investments potentially exceeding 200 billion yuan if demonstration projects are included, which could raise annual investments to 40 billion yuan. This is relatively small compared to traditional nuclear power investments, which exceed 100 billion yuan annually [2][3]. Company Profile: 合锻智能 (Hezhong Intelligent) - Hezhong Intelligent is a leading enterprise in the nuclear fusion industry, with its vacuum chamber and in-vessel components accounting for approximately 10% of the total device value. The company is expected to generate 4 billion yuan in revenue and 1 billion yuan in net profit from the anticipated 40 billion yuan annual investment in the sector [2][4][6]. - The company is involved in significant projects such as EAST renovation, Krafton, and BEST, and is expected to return to normal profitability by 2025, with profits gradually increasing in the following years [5][18]. Key Insights and Arguments - The vacuum chamber is a critical component of the Tokamak device, providing a stable operating environment for plasma and acting as a safety barrier. Its value contribution is about 8%, while in-vessel components increase this to 25% [2][7]. - The materials used in nuclear fusion devices include advanced metals and non-metals, such as low-activation ferritic-martensitic steel and high-entropy alloys, aimed at enhancing thermal conductivity and heat resistance [8]. - The DIB (Divertor Inner Wall) plays a crucial role in preventing impurity contamination of the plasma and dissipating heat generated by plasma radiation, typically using beryllium or tungsten as facing materials [9]. Market Position and Valuation - Hezhong Intelligent is currently valued at approximately 50 times its earnings, suggesting a market capitalization of around 50 billion yuan. The potential for market growth is significant, with estimates indicating a market cap could reach 250 billion yuan by 2027-2028 [6][25]. - The company’s market share in the nuclear fusion sector is expected to be around 10%, translating to projected revenues of 4 billion yuan and a net profit of 1 billion yuan, with a valuation of 50 times earnings [25]. Additional Important Information - The shielding modules in nuclear fusion devices are designed to protect against neutron radiation and manage heat loads, with significant components being manufactured by both domestic and international suppliers [11][13]. - The overall bidding situation for nuclear fusion components is robust, with significant tenders expected throughout 2025, indicating a healthy market environment for Hezhong Intelligent and its peers [22][23]. - The establishment of the Fusion New Energy Company, backed by the Hefei government and state-owned enterprises, is a key player in advancing nuclear fusion technology and industry development [19]. Conclusion - Hezhong Intelligent is positioned as a key player in the nuclear fusion industry, with strong growth potential driven by increasing investments and participation in major projects. The company's strategic focus on advanced materials and component manufacturing aligns well with the industry's future demands, making it a compelling investment opportunity.