Sichuan Injet Electric (SZ:300820)2025-06-27 08:08Group 1: Business Overview - The company has been deeply involved in the controllable nuclear fusion power supply sector for many years, providing various auxiliary heating power supplies such as cyclotron power supplies and neutral beam power supplies. Recently, the technology has shifted from traditional thyristors to IGBT, and the company has started offering magnetic field power supplies among other products [1] - The company has established long-term cooperative relationships with research institutions such as the Southwest Institute of Physics and the Hefei Institute of Plasma Physics. In 2024, the company's orders related to nuclear fusion power supplies exceeded tens of millions RMB, with historical cumulative orders amounting to several tens of millions RMB [2] Group 2: Market Position and Competition - The company has actively engaged with key domestic commercial nuclear fusion projects across various regions including Anhui, Hebei, Shanghai, Sichuan, and Shaanxi [3] - In the nuclear fusion power supply sector, there are competitors located in cities such as Anshan, Chengdu, Tianjin, and Wuhan. The company has established barriers due to its mature technology and production capacity, as the high power requirements (megawatt level) and stability of the power supply necessitate advanced technical capabilities [4] Group 3: Market Potential and Order Planning - There are multiple nuclear fusion projects in China with significant investment scales ranging from tens of billions to hundreds of billions RMB, where the value of power supplies constitutes a considerable proportion. The company has a higher share in the magnetic field and heating power supplies it currently supplies [5] - Several projects are entering the bidding phase in the second half of 2025, and the company is actively tracking and engaging with project bidding progress [5]