航空钛合金龙头优势地位稳固，超导、高温合金业务长期成长可期。根据公司公告：1）在传统高端钛 合金业务领域，公司与航空主机设计所、主机生产厂、船舶设计所等单位建立了长期合作关系，行业领 先优势稳固；2）公司超导产品完成国内核聚变CRAFT 项目用超导线材的交付任务，并开始为BEST 聚 变项目批量供货，产品性能稳定；3）高温合金领域突破了返回料处理技术，自主设计建成高温合金返 回料处理线并投产。我们认为，公司作为航空钛合金龙头企业，持续开拓超导和高温合金市场，长期成 长可期。 盈利预测与估值 综合考虑下游需求节奏，我们上调2025/2026 年净利润预测4.3%/4.3%至10.01/12.03 亿元，当前股价对应 2025/2026 年37.2/31.0x P/E。我们维持跑赢行业评级，考虑到公司作为航空钛合金龙头优势地位稳固， 超导、高温合金业务长期成长确定性较高，我们上调目标价33.6%至64.82 元，对应2025/2026 年 42.1/35.0x P/E，潜在涨幅13.0%。 风险 发展趋势 三大业务收入快速增长，为全年业绩提升奠定基础。公司1H25 高端钛合金/超导产品/高性能高温合金 实现营收1 ...

公司研发投入总额为1.49亿元，占营业收入比例为5.47%。截至报告期末，公司累计获得发明专利507 项，实用新型专利205项，软件著作权25项。 8月27日晚间，西部超导(688122)发布2025年半年报。报告显示，公司上半年实现营业收入27.23亿元， 同比增长34.76%；归属于上市公司股东的净利润5.46亿元，同比大幅增长56.72%；经营活动现金净流量 2.04亿元，同比增长77.73%，显示出强劲的盈利能力和现金流状况；基本每股收益0.8407元，同比增长 56.73%。 三大业务板块协同发力，超导产品增速领先 在低温超导材料领域，公司是NbTi锭棒、超导线材、超导磁体的全流程生产企业。公司是ITER用低温 超导线材在中国的供应商，也是SIEMENS和GE的合格供应商，生产的MCZ用磁体已实现批量供应。 分业务来看，西部超导三大核心业务均实现显著增长。超导产品收入同比增长65.75%，产能快速释 放，市场占有率不断提升；高端钛合金材料收入同比增长22.06%，多个牌号产品通过认证并实现批量 供货；高性能高温合金收入同比增长56.68%，在"两机"（航空发动机与燃气轮机）和航天领域应用进展 显著。 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's EAST large scientific device has achieved a key technology breakthrough in steady-state high-parameter plasma, winning the Anhui Provincial Science and Technology Progress Award [1] - The recovery in downstream demand and the advancement of nuclear fusion projects are expected to drive growth across various business segments [1] Financial Forecast and Investment Recommendations - Revenue and gross margin have been adjusted downward based on industry demand, with EPS for 2025 and 2026 revised to 1.60 and 1.97 yuan respectively, and a new EPS for 2027 set at 2.41 yuan [2] - The target price is set at 67.20 yuan, corresponding to a 42x PE for 2025, maintaining the "Buy" rating [2] Key Financial Information - Projected revenue (in million yuan) for 2023A to 2027E: 4,159, 4,612, 6,028, 7,337, 8,839, with growth rates of -1.6%, 10.9%, 30.7%, 21.7%, and 20.5% respectively [3] - Projected net profit attributable to the parent company (in million yuan) for 2023A to 2027E: 752, 801, 1,042, 1,282, 1,567, with growth rates of -30.3%, 6.4%, 30.1%, 23.0%, and 22.3% respectively [3] - Projected EPS for 2023A to 2027E: 1.16, 1.23, 1.60, 1.97, 2.41 [3] - Projected gross margin for 2023A to 2027E: 31.9%, 33.6%, 33.9%, 34.7%, 35.4% [3] Business Developments - The company has achieved significant breakthroughs in superconducting materials, with multiple projects achieving mass supply, including superconducting wire for the EAST device and the domestic nuclear fusion CRAFT project [9] - The high-performance high-temperature alloy technology has seen key innovations, enhancing the company's competitive edge in the industry [9] - The high-end titanium alloy market is expanding, with successful development of new specifications and production technologies [9]