核心技术获得特等奖，下游需求复苏与核 聚变项目推进下各业务有望同步迎来增量 ⚫ 根据行业需求情况下调营收与毛利率，调整 25、26 年 EPS 为 1.60、1.97 元（前值 为 1.92、2.49 元），新增 27 年 EPS 为 2.41 元。参考可比公司 25 年估值水平，对 应 25 年 42 倍 PE，目标价 67.20 元，维持买入评级。 风险提示：行业需求不及预期；产品价格下降风险。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 4,159 | 4,612 | 6,028 | 7,337 | 8,839 | | 同比增长 (%) | -1.6% | 10.9% | 30.7% | 21.7% | 20.5% | | 营业利润(百万元) | 870 | 1,007 | 1,318 | 1,633 | 2,001 | | 同比增长 (%) | -29.7% | 15.7% | 30.9% | 23.9% | 22.5% | | 归属母公 ...

Investment Rating - The report assigns a "Recommended" rating for the company, with a target price of 51.03 CNY [1][6]. Core Insights - The company has shown steady growth in its superconducting and titanium alloy businesses, leading to continuous performance recovery. In 2024, the company achieved a total revenue of 46.12 billion CNY, representing a year-on-year increase of 10.91%, and a net profit attributable to shareholders of 8.01 billion CNY, up 6.44% year-on-year [6][7]. - The first quarter of 2025 saw significant growth, with revenue reaching 10.74 billion CNY, a year-on-year increase of 35.31%, and a net profit of 1.70 billion CNY, up 53.85% year-on-year [6][7]. - The company specializes in the research, production, and sales of superconducting materials, high-end titanium alloy materials, and high-performance high-temperature alloy materials. In 2024, high-end titanium alloy materials generated revenue of 27.52 billion CNY, a growth of 9.87% year-on-year, while superconducting products achieved revenue of 13.04 billion CNY, up 32.41% year-on-year [6][7]. Financial Summary - The company is projected to achieve the following financial metrics: - Total revenue: 5,625 million CNY in 2025, 6,817 million CNY in 2026, and 8,110 million CNY in 2027, with year-on-year growth rates of 22.0%, 21.2%, and 19.0% respectively [2][7]. - Net profit attributable to shareholders: 1,005 million CNY in 2025, 1,217 million CNY in 2026, and 1,434 million CNY in 2027, with year-on-year growth rates of 25.5%, 21.2%, and 17.8% respectively [2][7]. - Earnings per share (EPS) are expected to be 1.55 CNY in 2025, 1.87 CNY in 2026, and 2.21 CNY in 2027 [2][7]. Market Performance - The company's stock has shown a performance comparison against the CSI 300 index, with a notable increase of 40% from April 2024 to April 2025 [5].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected increase of over 15% relative to the CSI 300 index within the next six months [33]. Core Insights - The company, Western Superconducting Technologies Co., Ltd. (688122), reported a revenue of 4.612 billion yuan for 2024, reflecting a year-on-year growth of 10.91%. The net profit attributable to shareholders was 801 million yuan, up 6.44% year-on-year [7][8]. - The company has shown significant growth in its superconducting products and titanium alloy business, with a notable recovery in demand in the fourth quarter of 2024 [8][13]. - The company plans to distribute a cash dividend of 6.5 yuan per 10 shares to all shareholders [7]. Financial Performance - For 2024, the company achieved a gross margin of 33.55%, an increase of 1.68 percentage points year-on-year, and a net profit margin of 18.99%, up 0.61 percentage points [9][12]. - The first quarter of 2025 saw a revenue of 1.074 billion yuan, a year-on-year increase of 35.31%, and a net profit of 170 million yuan, up 53.85% [8]. - The high-end titanium alloy segment generated 2.752 billion yuan in revenue, accounting for 59.66% of total revenue, with a year-on-year growth of 9.87% [11]. Business Segments - The high-end titanium alloy business reported a gross margin of 38.67%, up 4.26 percentage points year-on-year, while the superconducting products segment had a gross margin of 30.22%, down 4.17 percentage points [12]. - The superconducting products segment achieved a revenue of 1.304 billion yuan, a growth of 32.41% year-on-year, contributing 28.26% to total revenue [11]. - The high-performance high-temperature alloy segment experienced a revenue decline of 31.02%, accounting for 7.09% of total revenue [11]. Future Outlook - The company is positioned to benefit from the recovery in defense demand, with expectations for significant growth in its core business lines, including titanium alloys and superconducting products [13][15]. - Revenue projections for 2025 to 2027 are estimated at 5.890 billion yuan, 7.164 billion yuan, and 8.457 billion yuan, respectively, with corresponding net profits of 1.023 billion yuan, 1.278 billion yuan, and 1.551 billion yuan [16][18].