长江商报消息●长江商报记者 沈右荣 国庆中秋长假后的首个交易日，可控核聚变概念爆发，西部超导（688122.SH）也以20CM的涨停呈 现。 公开信息显示，国庆期间，中国聚变研究工程应用研究迎来重要进展。 西部超导被列为可控核聚变概念股，与上海电气、东方电气等被称为核聚变"四强"。 2025年初以来，二级市场上，西部超导的股票累计已经上涨85.67%，目前市值达507.5亿元。 西部超导的竞争优势明显。公司称，其是低温超导材料领域目前全球唯一的NbTi锭棒、超导线材、超 导磁体的全流程生产企业，也是ITER用低温超导线材在中国的唯一供应商。 年内首次20CM涨停 可控核聚变概念火爆，西部超导收获了一个久违的20CM涨停。 10月9日早盘，西部超导高开高走，午后涨停。虽然在涨停线附近几经博弈，尾盘仍然封住了涨停。 西部超导涨停，市场认为与可控核聚变相关。 西部超导主营业务分为三大板块，即超导业务、高端钛合金材料业务、高性能高温合金材料业务。 整体而言，近年来，西部超导的经营业绩稳步增长。2024年，公司实现归母净利润约8亿元，同比增逾 6%。2025年上半年，公司营业收入逾27亿元，同比增长近35%；归母净利润 ...

Core Viewpoint - Western Superconducting Technologies Co., Ltd. has seen a significant stock price increase, reflecting positive market sentiment and potential investment opportunities in the superconducting materials sector [1][2]. Company Overview - Western Superconducting Technologies Co., Ltd. was established on February 28, 2003, and went public on July 22, 2019. The company is located in Xi'an Economic and Technological Development Zone, Shaanxi Province [1]. - The company's main business includes the research, production, and sales of high-end titanium alloy materials, superconducting products, and high-performance high-temperature alloy materials. The revenue composition is as follows: high-end titanium alloy materials 57.59%, superconducting products 29.34%, high-performance high-temperature alloy materials 9.01%, and others 4.07% [1]. Stock Performance - As of September 30, the stock price of Western Superconducting increased by 5.11%, reaching 63.75 CNY per share, with a trading volume of 632 million CNY and a turnover rate of 1.55%. The total market capitalization is 41.416 billion CNY [1]. - The stock has experienced a continuous increase over four days, with a cumulative rise of 6.38% during this period [1]. Fund Holdings - According to data, a fund under Bank of China Securities holds a position in Western Superconducting. The fund, Zhongyin Securities CSI 500 ETF Linked A (008258), held 200 shares in the second quarter, accounting for 0.01% of the fund's net value, ranking as the fourth-largest holding [2]. - The fund has achieved a year-to-date return of 27.14%, ranking 2108 out of 4220 in its category, and a one-year return of 39.37%, ranking 1803 out of 3846 [2]. Fund Manager Performance - The fund managers of Zhongyin Securities CSI 500 ETF Linked A are Liu Xianzheng and Zhang Yimin. Liu has a tenure of 7 years and 246 days, with a best fund return of 118.04% and a worst return of -34.66% during his tenure [3]. - Zhang has a tenure of 5 years and 17 days, with a best fund return of 21.46% and a worst return of -40.75% during his tenure [3].

中银证券中证500ETF联接A（008258）基金经理为刘先政、张艺敏。 截至发稿，刘先政累计任职时间7年242天，现任基金资产总规模2.87亿元，任职期间最佳基金回报 118.04%， 任职期间最差基金回报-34.66%。 张艺敏累计任职时间5年13天，现任基金资产总规模2.87亿元，任职期间最佳基金回报20.36%， 任职期 间最差基金回报-40.75%。 9月26日，西部超导涨5.13%，截至发稿，报62.45元/股，成交9.48亿元，换手率2.38%，总市值405.72亿 元。 资料显示，西部超导材料科技股份有限公司位于陕西省西安经济技术开发区明光路12号，成立日期2003 年2月28日，上市日期2019年7月22日，公司主营业务涉及高端钛合金材料、超导产品和高性能高温合金 材料的研发、生产和销售。主营业务收入构成为：高端钛合金材料57.59%，超导产品29.34%，高性能 高温合金材料9.01%，其他4.07%。 从基金十大重仓股角度 数据显示，中银证券旗下1只基金重仓西部超导。中银证券中证500ETF联接A（008258）二季度持有股 数200股，占基金净值比例为0.01%，位居第四大重仓股。根据 ...

9月26日，西部超导涨5.13%，截至发稿，报62.45元/股，成交9.42亿元，换手率2.37%，总市值405.72亿 元。 资料显示，西部超导材料科技股份有限公司位于陕西省西安经济技术开发区明光路12号，成立日期2003 年2月28日，上市日期2019年7月22日，公司主营业务涉及高端钛合金材料、超导产品和高性能高温合金 材料的研发、生产和销售。主营业务收入构成为：高端钛合金材料57.59%，超导产品29.34%，高性能 高温合金材料9.01%，其他4.07%。 从基金十大重仓股角度 诺安中证500增强A（001351）基金经理为孔宪政、王海畅。 截至发稿，孔宪政累计任职时间4年305天，现任基金资产总规模46.07亿元，任职期间最佳基金回报 69.77%， 任职期间最差基金回报-16.74%。 王海畅累计任职时间3年67天，现任基金资产总规模25.29亿元，任职期间最佳基金回报57.83%， 任职 期间最差基金回报-18.8%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投 ...

Core Viewpoint - Western Superconducting Technologies Co., Ltd. has shown significant stock performance and financial growth in 2023, with a notable increase in revenue and net profit, indicating strong operational capabilities and market position [2][3]. Stock Performance - As of September 24, Western Superconducting's stock price increased by 2.03% to 58.17 CNY per share, with a trading volume of 6.72 billion CNY and a market capitalization of 377.91 billion CNY [1]. - The stock has risen by 38.27% year-to-date, with a 1.02% increase over the last five trading days, 1.41% over the last twenty days, and 15.17% over the last sixty days [2]. Financial Performance - For the period from January to June 2025, the company achieved a revenue of 2.723 billion CNY, representing a year-on-year growth of 34.76%, and a net profit attributable to shareholders of 546 million CNY, reflecting a 56.72% increase [2]. - Cumulatively, the company has distributed 2.179 billion CNY in dividends since its A-share listing, with 1.406 billion CNY distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders increased by 7.91% to 26,900, with an average of 24,152 circulating shares per shareholder, a decrease of 7.33% [2]. - The top ten circulating shareholders include significant institutional investors, with notable changes in holdings among ETFs and other funds [3].

Core Viewpoint - Western Superconducting Technologies Co., Ltd. has experienced fluctuations in stock price and significant growth in revenue and profit, indicating a dynamic market position and potential investment opportunities [1][2]. Financial Performance - As of June 30, 2025, Western Superconducting achieved a revenue of 2.723 billion yuan, representing a year-on-year growth of 34.76% [2]. - The net profit attributable to shareholders reached 546 million yuan, with a year-on-year increase of 56.72% [2]. - Cumulative cash dividends since the A-share listing amount to 2.179 billion yuan, with 1.406 billion yuan distributed over the past three years [3]. Stock Market Activity - On September 15, the stock price of Western Superconducting fell by 2.01%, trading at 58.55 yuan per share, with a total market capitalization of 38.038 billion yuan [1]. - The stock has increased by 39.17% year-to-date, but has seen a decline of 6.74% over the last five trading days [1]. - The stock's trading volume on September 15 was 469 million yuan, with a turnover rate of 1.22% [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased to 26,900, a rise of 7.91% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 7.33% to 24,152 shares [2]. - Major shareholders include various ETFs and investment funds, with notable changes in holdings among the top ten shareholders [3].

Core Viewpoint - Western Superconducting Technologies Co., Ltd. has shown significant stock performance with a year-to-date increase of 43.43%, despite a recent decline of 3.24% over the past five trading days [2]. Company Overview - Western Superconducting, established on February 28, 2003, and listed on July 22, 2019, is located in Xi'an Economic and Technological Development Zone, specializing in high-end titanium alloy materials, superconducting products, and high-performance high-temperature alloy materials [2]. - The company's revenue composition includes high-end titanium alloy materials (60.45%), superconducting products (28.64%), high-performance high-temperature alloy materials (7.19%), and other (3.72%) [2]. Financial Performance - For the period from January to June 2025, Western Superconducting achieved a revenue of 2.723 billion yuan, representing a year-on-year growth of 34.76%, and a net profit attributable to shareholders of 546 million yuan, reflecting a growth of 56.72% [2]. - Cumulatively, the company has distributed 2.179 billion yuan in dividends since its A-share listing, with 1.406 billion yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders increased by 7.91% to 26,900, with an average of 24,152 circulating shares per person, a decrease of 7.33% [2]. - The top ten circulating shareholders include notable funds such as Huaxia SSE Sci-Tech Innovation Board 50 ETF and E Fund SSE Sci-Tech Innovation Board 50 ETF, with varying changes in their holdings [3].

Core Viewpoint - The company West Superconducting (688122) has received an administrative regulatory measure from the Shaanxi Securities Regulatory Bureau due to issues related to revenue accounting, improper use of raised funds, and inaccurate disclosure of major customer details in the 2024 annual report [3][4]. Company Overview - West Superconducting was established on February 28, 2003, with a registered capital of 649.664497 million RMB. The company is headquartered in Xi'an Economic and Technological Development Zone and specializes in the R&D, production, and sales of superconducting products, high-end titanium alloy materials, and high-performance high-temperature alloy materials [5][6]. - The current chairman is Feng Yong, and the company has 1,710 employees. The actual controller is the Shaanxi Provincial Department of Finance [6]. Financial Performance - The company's operating revenues for 2022, 2023, and 2024 were 4.227 billion RMB, 4.159 billion RMB, and 4.612 billion RMB, reflecting year-on-year growth rates of 44.41%, -1.62%, and 10.91% respectively [6]. - The net profit attributable to the parent company for the same years was 1.08 billion RMB, 752 million RMB, and 801 million RMB, with year-on-year growth rates of 45.65%, -30.33%, and 6.44% respectively [6]. - The asset-liability ratios for the years 2022, 2023, and 2024 were 43.73%, 44.26%, and 46.60% respectively [6]. Regulatory Actions - The Shaanxi Securities Regulatory Bureau has mandated the company to rectify the identified issues and has issued warning letters to key executives including the chairman, general manager, financial director, and board secretary [4]. - The company has committed to actively rectify the issues and submit a written report on the corrective actions taken [5]. Risk Information - The company has 107 internal risk alerts and 29,857 external risk alerts, with 692 warnings currently active [7].

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].