20251209-浙商证券-西部超导-688122.SH-西部超导点评报告_高端金属材料与超导双轮驱动_聚变核心供应商加速产业布局_4页_454kb

Summary of Western Superconductivity (688122) Company Review

Company Focus: Western Superconductivity operates in the aerospace equipment sector, specializing in high-end metal materials and superconductors. The company is a key player in nuclear fusion energy and titanium alloys.

Investment Rating: Maintain "Buy" for 2025.

Core Business Highlights:

• Superconductors: Global leader as the sole producer of NbTi superconductors, with applications in MRI machines and nuclear fusion projects. Delivered CRAFT project and supplying BEST project.
• Titanium Alloys: Primary revenue source, supplying C919 aircraft and contributing to aerospace, military, and deep-sea sectors.
• High-Performance High-Temperature Alloys: Strategic growth area for engines and heat-resistant parts, with expanded certification driving revenue growth.

Key Developments: In Oct 2025, formed Hefei Junning Superconducting Wire Technology Co. with partners, investing ¥70 million to focus on domestic fusion energy with superconducting wire production.

Financial Projections: Expected 2024-2027 net profit compound annual growth rate (CAGR) of 22%. Estimated 2025-2027 earnings per share range from ¥1.57 to ¥2.24, with PE ratio declining from 43 to 30 times.

Investment Recommendations: Based on high-growth potential in defense, aerospace, and fusion energy, maintaining "Buy" due to strong market demand. Target prices and valuation metrics support the recommendation.

Risks: Potential underperformance in military orders and volatility in raw material costs.

For detailed financial data and historical performance, refer to the full report.