报告发布方：中金企信国际咨询 项目可行性报告&商业计划书专业权威编制服务机构（符合发改委印发项目可行性研究报告编制要求）-中金企信国际咨询：集 13年项目编制服务经验为各类项目立项、投融资、商业合作、贷款、批地、并购&合作、投资决策、产业规划、境外投资、战 略规划、风险评估等提供项目可行性报告&商业计划书编制、设计、规划、咨询等一站式解决方案。助力项目实施落地、提升 项目单位申报项目的通过效率。 直拉单晶炉是通过直拉法生产单晶硅的设备，广泛应用于光伏和半导体行业。直拉法以高纯度多晶硅为原料，在氩气环境中利 用石墨加热器形成具有梯度变化的热场，通过旋转籽晶从多晶硅熔液中提取出连续生长的单晶硅棒，具有生长速度快的优点， 目前是生长单晶硅的主流技术。在传统的直拉单晶炉中，晶体生长过程主要依赖于精确的温度控制和拉晶速度调节。随着对单 晶硅质量要求的不断提高，尤其是对高纯度、低缺陷密度和高均匀性的需求，传统的热场控制方法逐渐面临瓶颈。 2024-2030年全球超导磁控单晶炉用高温超导材料市场规模分析 数据整理：中金企信国际咨询 第一章 行业概述及全球与中国市场发展现状 13 第一节 超导磁控单晶炉行业发展概述 13 超 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown a significant improvement in its operational efficiency, with both revenue and profit increasing in Q1 2025 due to effective cost reduction and industrial optimization [5] - The laser business is progressing steadily, with large orders being gradually released, indicating a promising market outlook [6] - The high-temperature superconducting business is successfully transitioning to industrialization, with substantial potential in nuclear fusion applications [7][8] - Revenue forecasts for 2025-2027 are projected at 32.91 billion, 38.01 billion, and 45.04 billion yuan respectively, with corresponding EPS of 1.37, 1.61, and 2.25 yuan, reflecting strong growth potential [9] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 31.04 billion yuan, a year-on-year decrease of 4.17%, and a net profit of 2.41 billion yuan, down 27.86% [4] - For Q1 2025, the company reported revenue of 8.01 billion yuan, an increase of 11.54% year-on-year, and a net profit of 1.16 billion yuan, up 10.57% [4] Business Development - The company is focusing on optimizing its product and industrial structure, moving away from traditional products that do not contribute to profit, and targeting new products with market potential and technological barriers [5] - The laser business has seen rapid revenue growth due to the release of large orders, and the company has received significant interest in its laser anti-drone equipment from over 70 potential clients [6] High-Temperature Superconducting Business - The company’s subsidiary has successfully completed the first domestic low-temperature experiment based on high-temperature superconducting cables and is in the process of mass delivery of equipment [7] - The company has secured contracts for superconducting coil development and testing services, laying the groundwork for future nuclear fusion projects [8] Earnings Forecast - The company’s revenue is expected to grow at rates of 6.0%, 15.5%, and 18.5% for the years 2025, 2026, and 2027 respectively, with net profit growth rates of 159.3%, 17.3%, and 39.7% [11]

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Views - The company reported a total revenue of 3.104 billion yuan in 2024, a decrease of 4.17% year-on-year, and a net profit attributable to shareholders of 241 million yuan, down 27.86% year-on-year. In Q1 2025, the company achieved revenue of 801 million yuan, an increase of 11.54% year-on-year, and a net profit of 116 million yuan, up 10.57% year-on-year [4][5] - The company is optimizing its industrial and product structure, focusing on new products with market potential and technical barriers, which enhances its core competitiveness and future growth potential [5] - The laser business is progressing steadily, with significant orders being released in Q1 2025. The company showcased its laser anti-drone equipment at an international defense exhibition, attracting over 70 potential clients [6] - The high-temperature superconducting business is successfully industrializing, with significant orders for superconducting equipment and projects related to nuclear fusion applications [7][8] Summary by Sections Financial Performance - In 2024, the company achieved total operating revenue of 3.104 billion yuan and a net profit of 241 million yuan. The revenue is expected to grow to 3.291 billion yuan in 2025, with a projected growth rate of 6.0% [11] - The net profit is forecasted to increase significantly to 625 million yuan in 2025, reflecting a growth rate of 159.3% [11] Business Development - The company is transitioning from traditional products to new products with higher market potential, leading to improved profitability [5] - The laser business is expected to see substantial growth due to the release of large orders and successful market engagement [6] - The high-temperature superconducting business is positioned for significant growth, with successful project bids and ongoing industrialization efforts [7][8] Earnings Forecast - The company is projected to achieve revenues of 3.291 billion yuan in 2025, 3.801 billion yuan in 2026, and 4.504 billion yuan in 2027, with corresponding EPS of 1.37 yuan, 1.61 yuan, and 2.25 yuan respectively [9][11]