国盾量子 20251009 摘要 国盾量子业务覆盖量子通信、量子计算和量子精密测量三大领域，全球 稀缺，2025 年上半年营收同比增长 74.5%至 1.2 亿元，毛利率维持在 50%左右，手持订单超 2.2 亿元，未来订单预期乐观。 量子通信领域，国盾量子是国内最大供应商，市占率超 90%，已完成 20 余座城市城域网建设，并参与国际项目。中国电信入股后，加速城市 间组网建设，预计 2030 年完成 100 个城市城域网建设。 量子计算领域，国盾量子依托中科大技术平台，参与祖冲之三号研究， 在测控设备、稀释冷机等方面领先。2025 年上半年该领域营收同比增 长近三倍至 5,600 万元，并签订多笔大额订单。 量子精密测量方面，冷原子重力仪产品表现突出，已完成两笔订单并确 认营收，另有三笔冷原子钟订单，单价约 300 万元。该领域未来在矿场 勘测和地下结构勘探方面有增长潜力。 中国电信入股为国盾量子提供平台支持，加速城市间通信组网建设，提 升市场份额，并带来大额订单，如 6,400 万元整机订单有望在明年交付， 巩固行业领军地位。 Q&A 国盾量子公司在 A 股市场中的地位如何？ 国盾量子是目前 A 股市场上 ...

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 550.41 RMB based on a 2026 PS of 100x [4]. Core Viewpoints - The company is positioned to benefit from strong policy support and is expected to accelerate its growth in the quantum technology sector, which has been highlighted as a core area for future industrial development by the government [2]. - The company has shown significant revenue growth across its business segments, particularly in quantum computing, which has seen a remarkable increase of 283.92% in revenue [3][28]. - The company is expected to gradually overcome its low profitability issues, with a forecasted return to profitability in 2025, driven by revenue growth and improved cost management [3]. Summary by Sections Company Overview - Established in 2009, the company focuses on the R&D, production, and sales of quantum communication, quantum computing, and quantum precision measurement products, holding strong technical and cost advantages [1]. - In 2024, the company raised 1.775 billion RMB through a private placement, with China Telecom Quantum Group becoming the controlling shareholder [1]. Investment Logic - The quantum technology sector is receiving increased government investment, with over 2 billion USD allocated in 2024, positioning the company for accelerated growth [2]. Growth Potential - Revenue from quantum computing, quantum communication, and quantum precision measurement reached 55.96 million, 51.74 million, and 8.57 million RMB respectively in the first half of 2025, with significant year-on-year growth [3][28]. - The company is optimizing operational efficiency and reducing costs, with a notable decrease in sales and management expense ratios [3][29]. Financial Forecast and Valuation - Projected revenues for 2025, 2026, and 2027 are 371 million, 566 million, and 900 million RMB, respectively, with corresponding net profits of 24 million, 37 million, and 87 million RMB [4][8]. - The company is expected to achieve a significant increase in profitability, with a forecasted EPS of 0.23 RMB in 2025 [4]. Business Segments - The company has a diversified product portfolio across three main areas: quantum computing, quantum communication, and quantum precision measurement, each contributing to its growth [15][25]. - The quantum communication segment is particularly strong, with the company being a leading supplier of quantum communication devices in China [15][34]. Market Trends - The quantum communication market is projected to grow significantly, with an expected market size of 93.7 billion RMB by 2025, driven by increasing demand for secure communication technologies [40][44].

Core Viewpoint - The article discusses the dramatic decline in the financial performance of Keda Guodun (科大国盾) after its initial public offering (IPO), highlighting the disparity between pre-IPO expectations and post-IPO realities, leading to significant investor losses [1][2][4]. Financial Performance - Keda Guodun experienced a staggering 923.91% increase on its first trading day, setting a record in the STAR Market [1] - The company reported its first annual loss in 2021, with a net loss amounting to several million yuan, which was initially attributed to pandemic impacts and increased R&D investments [1][2] - By 2023, the net loss expanded to several hundred million yuan, with a sharp decline in operating revenue, marking a significant contrast to pre-IPO performance [2][3] Market Expectations vs. Reality - Pre-IPO, Keda Guodun projected a booming market for quantum key distribution (QKD) technology, with expectations of a compound annual growth rate (CAGR) of 30% to 50%, and a domestic market size reaching hundreds of billions of yuan by 2025 [5][6] - Post-IPO, the actual market growth was significantly slower than anticipated, with over 90% of real-world applications concentrated in a few sectors such as government and military, rather than the broad market initially envisioned [6][7] Product Development and Market Response - The company launched several products aimed at consumer markets, including "Quantum Secret Talk" and "Quantum Security U-Shield," but faced challenges in market acceptance due to high costs and limited coverage [2][3] - Despite attempts to diversify its product offerings, Keda Guodun struggled to generate new revenue streams, revealing weaknesses in its marketization capabilities [3][4] Government Support and Dependency - Keda Guodun has relied heavily on government subsidies, particularly from local governments in Anhui province, which have provided substantial financial support over the years [10][11] - This dependency on government funding has raised concerns about the company's long-term sustainability and market independence [10][11] Future Outlook and Valuation - The company's valuation is expected to undergo a fundamental shift, transitioning from a high-growth tech stock to a low-growth utility or supplier stock, leading to a significant decrease in valuation multiples [12] - This change in valuation logic reflects a broader trend in the market, where investor sentiment may shift away from companies that fail to deliver on growth promises [12]

Core Insights - The article highlights the rapid advancements in technology and innovation across various regions in China, emphasizing the role of artificial intelligence and new energy vehicles in driving economic growth and modernization [2][3][4][5][6][10]. Group 1: Artificial Intelligence and Innovation - Beijing is emerging as the "first city of artificial intelligence," with over 2400 AI companies and a core industry scale nearing 350 billion yuan, accounting for more than half of the national total [4]. - The Beijing Academy of Artificial Intelligence is working on cutting-edge multi-modal models to enhance AI's understanding and interaction with the physical world [4]. - The city has cultivated three trillion-level industrial clusters and seven hundred billion-level clusters, focusing on high-tech and innovative industries [4]. Group 2: New Energy Vehicles - Anhui province, particularly Hefei, has become a leader in new energy vehicle production, achieving the highest output in the country from January to May this year [5]. - The collaboration between Jianghuai Automobile and Huawei has led to the establishment of a highly automated factory, showcasing advanced manufacturing technologies [5]. - The production line at the Xiaomi automobile factory exemplifies the integration of robotics and automation, with a vehicle being produced every 76 seconds [2][3]. Group 3: Traditional Industry Transformation - Traditional industries in Guangdong, such as ceramics, are undergoing significant transformation, with companies like Chaozhou Sanhuan successfully producing high-tech electronic components [7][8]. - The province is focusing on upgrading traditional manufacturing while simultaneously nurturing emerging industries, aiming to create a modern industrial system [8]. - The integration of digital technologies in agriculture in Anhui is enhancing productivity and innovation in traditional sectors [9]. Group 4: Future Industry Development - Anhui is establishing a quantum technology industry cluster, with significant advancements in quantum communication services already reaching nearly 6 million users [10]. - The province is also investing in future industries, including quantum technology and artificial intelligence, to drive high-quality economic growth [10]. - The development of humanoid robots in Beijing is supported by government initiatives, with the industry projected to exceed 30 billion yuan in revenue by 2024, reflecting a nearly 50% year-on-year growth [12][13].

Group 1 - The number of artificial intelligence companies in Beijing is expected to exceed 2,400 by 2024, with a core industry scale of nearly 350 billion yuan, accounting for over half of the national total [9][12] - Guangdong is accelerating the transformation of its manufacturing industry, focusing on high-tech and new technologies, with a strong emphasis on innovation and industrial upgrades [4][14] - Anhui has become a leader in the production of new energy vehicles and quantum communication networks, aiming to build a technology innovation hub [11][25] Group 2 - Xiaomi's automotive factory showcases advanced automation, with over 700 robots collaborating and achieving 100% automation in more than 200 key processes [4][6] - The integration of AI in various sectors, including agriculture and manufacturing, is driving significant advancements and efficiency improvements [12][14] - The traditional industries in Guangdong are undergoing transformation through high-end technology, such as the development of multilayer ceramic capacitors (MLCC) for electronic devices [15][19] Group 3 - The establishment of the Quantum Industry Cluster in Anhui is promoting the practical application of quantum technology, with services like quantum encrypted communication already reaching nearly 6 million users [23][25] - The Beijing humanoid robot "Tiangong 2.0" has achieved significant milestones, including winning a half marathon, demonstrating the advancements in robotics and AI applications [27][28] - The autonomous driving sector is rapidly developing in Guangzhou, with companies like Pony.ai providing commercial services and testing vehicles in urban environments [30][31]

Core Viewpoint - Huizhou Telecom is committed to driving digital transformation through innovative technologies, focusing on AI and quantum technology to enhance public services and improve operational efficiency in various sectors [1][3][5]. Group 1: Digital Transformation and Innovation - Huizhou Telecom adheres to the "red telecom spirit," emphasizing innovation and technology to support the digital transformation of the economy and society [1][3]. - The company has received numerous accolades, including the "National User Satisfaction Enterprise" and "Advanced Anti-Fraud Unit," reflecting its strong brand and effective management [1]. - Huizhou Telecom is actively implementing the "AI+" strategy, integrating deep intelligent technologies into government services, marking the transition to "Smart Government 3.0" [5][6]. Group 2: AI and Government Services - The company has developed the DeepSeek atomic capability platform, enabling significant advancements in AI applications for government operations, such as intelligent document drafting and citizen inquiry responses [5][10]. - Huizhou Telecom's AI-driven "proactive governance" model enhances decision-making by analyzing public sentiment and optimizing resource allocation [11]. - The integration of AI in the 12345 hotline has improved service efficiency and quality, establishing a comprehensive AI empowerment system [10][11]. Group 3: Security and Safety - Huizhou Telecom prioritizes cybersecurity, employing advanced technologies like quantum communication and AI to create a robust security framework for users [19][20]. - The company has launched quantum communication services, providing secure communication solutions for various sectors, including government and finance [20]. - Huizhou Telecom's anti-fraud initiatives have earned it recognition as an "Advanced Anti-Fraud Unit," reflecting its commitment to protecting citizens' assets [21]. Group 4: Community and Social Responsibility - The company actively participates in rural development initiatives, improving communication infrastructure in villages and contributing to the "Beautiful Countryside" project [24][26]. - Huizhou Telecom engages in public welfare activities, such as anti-fraud campaigns, demonstrating its commitment to social responsibility and community service [28].

来源：环球网 在量子科技领域，时间与算力已成为攀登全球科技高峰的重要变量。近年来，中国电信深入布局量子信 息前沿技术，在量子计算、量子通信、量子精密测量等多个方向持续发力，形成从基础研究到产业应用 的完整链条。与此同时，以中电信量子集团为代表的科技力量不断攻克技术难题，实现了从量子芯片、 纠缠源到成套系统的自主可控。在量子通信、精密测量等多个领域跻身世界前列，标志着我国在该领域 已具备引领全球创新的重要潜力。 "量子计算机可能会对全球商业加密系统产生巨大威胁。"中国电信量子首席科学家彭承志在接受采访时 如是说。他指出，量子计算技术一旦实现实用化突破，其对现有信息安全体系产生较大的冲击，对全球 金融、通信、能源等领域将产生颠覆性影响。 "我们国家是全球唯一一个在光量子和超导量子两条技术路线上都实现量子计算优越性的国家。"国盾量 子党支部书记、副总裁周雷介绍道。这项突破意味着，在面对特定问题时，中国自主研发的"九章"系列 光量子计算机与"祖冲之号"系列超导量子计算机已实现对经典超级计算机的超越。 目前，国盾量子团队已拥有了超导量子计算机整机搭建及运维能力。而超导路线的整机装置中，最关键 的超导芯片需在接近-273 ...