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。 ...

处 目前，公司董事长为冯勇，董秘为王凯旋，员工人数为1710人，实际控制人为陕西省财政厅。 公司参股公司12家，包括北京西燕超导量子技术有限公司、西安聚能超导线材科技有限公司、西安聚能装备技术有限公司、西安聚能高温合金材料科技有限 公司、西安九洲生物材料有限公司等。 在业绩方面，公司2022年至2024年营业收入分别为42.27亿元、41.59亿元和46.12亿元，同比分别增长44.41%、-1.62%和10.91%。归母净利润分别为10.80亿 元、7.52亿元和8.01亿元，归母净利润同比增长分别为45.65%、-30.33%和6.44%。同期，公司资产负债率分别为43.73%、44.26%和46.60%。 在风险方面，天眼查信息显示，公司自身天眼风险107条，周边天眼风险29857条，历史天眼风险0条，预警提醒天眼风险692条。 8月26日，西部超导（688122）公告，公司于2025年8月26日收到中国证券监督管理委员会陕西监管局的行政监管措施决定书。该决定书指出公司存在收入核 算不规范、募集资金存放与使用不规范、2024年年报前五大客户明细金额披露不准确等问题，违反了《上市公司信息披露管理办法》等相 ...

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].