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].

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over 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, representing a year-on-year growth of 10.91%. The net profit attributable to shareholders was 801 million yuan, up 6.44% year-on-year [6][7] - The company has seen a significant recovery in performance due to the rebound in demand for superconducting products and titanium alloy business, with a notable increase in revenue and profit in the fourth quarter of 2024 [7][12] - The company is positioned as a key player in the superconducting products and high-end titanium alloy markets, with a strong focus on R&D and production capabilities [12][14] Financial Performance Summary - 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 [8][11] - 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% [10] - The superconducting products segment reported revenue of 1.304 billion yuan, a growth of 32.41% year-on-year, while the high-performance high-temperature alloy segment saw a decline in revenue [10][11] Business Segment Analysis - The high-end titanium alloy business has shown robust growth, with sales volume reaching 7,909.63 tons, an increase of 8.95% year-on-year [10] - The superconducting products segment's sales volume increased by 32.46% year-on-year, indicating strong demand in this area [10] - The high-performance high-temperature alloy segment experienced a decline in both revenue and sales volume, highlighting challenges in this specific market [10][11] Future Outlook - The company is expected to benefit from the recovery in defense demand, which is anticipated to drive growth in its core business segments [12][14] - 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 [15][17] - The company is well-positioned to capitalize on the growing demand for advanced materials in various industries, including defense and aerospace [14]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [8][9]. Core Insights - The company achieved a revenue of 4.612 billion yuan in 2024, representing a year-on-year increase of 10.91%, with a net profit attributable to shareholders of 801 million yuan, up 6.44% year-on-year [3][9]. - The superconducting product segment continues to grow rapidly, with revenue reaching 1.304 billion yuan in 2024, a year-on-year increase of 32.41% [4][7]. - The titanium alloy business shows signs of recovery, with revenue of 2.752 billion yuan in 2024, up 9.87% year-on-year [4][7]. - The high-temperature alloy segment faced challenges, with revenue declining by 31.02% year-on-year to 327 million yuan in 2024 [4][7]. - The company plans to distribute a cash dividend of 422 million yuan for 2024, reflecting confidence in its operations [6][7]. Financial Performance Summary - In Q4 2024, the company reported revenue of 1.377 billion yuan, a quarter-on-quarter increase of 13.39% and a year-on-year increase of 28.64% [3]. - For Q1 2025, revenue was 1.074 billion yuan, a quarter-on-quarter decrease of 22.04% but a year-on-year increase of 35.31% [3]. - The gross margin for 2024 was 33.55%, an increase of 1.68 percentage points year-on-year [5][9]. - The company expects net profits for 2025-2027 to be 1.010 billion, 1.204 billion, and 1.454 billion yuan, respectively, with corresponding PE ratios of 31, 26, and 21 [8][9]. Market Position and Growth Potential - The company holds a leading position in the high-end titanium alloy and superconducting product markets, with significant growth expected from new capacity expansions [8][9]. - The successful delivery of superconducting materials for domestic nuclear fusion projects and the establishment of a strong foothold in the aerospace sector for titanium alloys are notable achievements [7][8]. - The company is set to increase its production capacity for titanium alloys to 10,000 tons and high-temperature alloys to 6,000 tons, indicating strong growth potential [7][8].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1][11][46]. Core Views - The superconducting business has shown remarkable performance, with a significant increase in net profit year-on-year for the first quarter of 2025 [1][5]. - The company achieved a revenue of 4.612 billion yuan in 2024, representing a year-on-year growth of 10.91%, and a net profit of 801 million yuan, up 6.44% year-on-year [4][11]. - The high-end titanium alloy materials segment saw a revenue increase of 9.87%, while superconducting products grew by 32.41% [6][11]. Summary by Sections Financial Performance - In Q1 2025, the company reported 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% year-on-year [5][8]. - The gross profit margin for Q1 2025 was 35.29%, an increase of 6.83 percentage points year-on-year [5][8]. - For the full year 2024, the company had a gross profit margin of 33.55%, which is an increase of 1.68 percentage points compared to the previous year [4][6]. Product Segments - The high-end titanium alloy materials segment generated a revenue of 2.752 billion yuan in 2024, with a gross margin of 38.67%, up 4.26 percentage points year-on-year [6][15]. - The superconducting wire segment achieved a revenue of 1.304 billion yuan, with a gross margin of 30.22%, although it decreased by 4.16 percentage points year-on-year [6][15]. - The high-performance high-temperature alloy materials segment saw a revenue decline of 31.02%, totaling 327 million yuan, but its gross margin improved by 6.39 percentage points [7][15]. Future Projections - The company is projected to achieve revenues of 5.632 billion yuan, 6.822 billion yuan, and 8.258 billion yuan for the years 2025, 2026, and 2027, respectively [11][44]. - Corresponding net profits are expected to be 1.010 billion yuan, 1.255 billion yuan, and 1.498 billion yuan for the same years [11][44]. - The report anticipates a positive demand trend for titanium alloys and a significant increase in superconducting wire production capacity [11][44].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved a year-on-year growth of 54% in Q1 2025, indicating a clear trend of continuous growth in performance [5] - The superconducting products segment is expected to benefit from increasing demand driven by nuclear fusion, semiconductors, and medical applications [9] - The high-end titanium alloy and high-temperature alloy markets are anticipated to experience a second growth phase due to increased demand from military aircraft [10] Summary by Sections Financial Performance - In 2024, the company reported revenue of 4.612 billion yuan, a year-on-year increase of 10.91%, and a net profit of 801 million yuan, up 6.44% year-on-year [6] - The gross margin was 33.55%, an increase of 1.68 percentage points year-on-year, while the net margin was 18.99%, up 0.61 percentage points [6] - For Q1 2025, the company achieved 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] Product Segments - Superconducting products generated revenue of 1.304 billion yuan in 2024, a year-on-year increase of 32.41%, with a production volume of 2,899 tons, up 67.54% [6] - High-end titanium alloys achieved revenue of 2.752 billion yuan, a year-on-year increase of 9.87%, while high-temperature alloys saw a revenue decline of 31.02% to 327 million yuan [7] Market Outlook - The nuclear fusion sector is projected to see significant growth in demand for superconducting materials, with expectations of nuclear power's contribution to China's energy mix increasing by 10% by 2035 [9] - The military sector's demand for high-end titanium and high-temperature alloys is expected to rise due to new military aircraft orders and upgrades [10] Profit Forecast - The company is expected to achieve net profits of 1.024 billion yuan, 1.232 billion yuan, and 1.479 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 27.92%, 20.23%, and 20.11% [10]

Group 1 - The company plans to propose a mid-term dividend scheme for 2025, with total cash dividends not exceeding the net profit attributable to shareholders for the corresponding period [1][2][4] - The board of directors has authorized to formulate the mid-term dividend plan based on undistributed profits and current performance, subject to approval at the 2024 annual general meeting [1][2][3] Group 2 - The independent directors and the supervisory board have reviewed and approved the profit distribution plan for 2024 and the proposal for the mid-term dividend scheme for 2025, emphasizing reasonable returns to investors while ensuring the company's normal operations and long-term development [3][4] - The supervisory board's approval is necessary for the implementation of the profit distribution plan and the mid-term dividend proposal [4] Group 3 - The company intends to use up to RMB 950 million of temporarily idle raised funds for cash management, investing in low-risk, liquid principal-protected financial products [18][22][27] - The cash management plan is designed to enhance the efficiency of fund utilization without affecting the ongoing investment projects [20][27] Group 4 - The company has proposed to reappoint the accounting firm Xinyong Zhonghe for the 2025 financial audit, pending approval at the shareholders' meeting [7][17] - The accounting firm has a strong track record, with significant experience in auditing listed companies and a robust investor protection capability [8][9][10] Group 5 - Changes in the company's independent directors and senior management have been announced, with the nomination of Yun Hong as a new independent director, subject to shareholder approval [35][37] - The company emphasizes that the departure of key technical personnel will not adversely affect its research and development capabilities or operational continuity [42][44]

Fundraising Overview - The company raised a total of RMB 663 million through its initial public offering (IPO) on July 1, 2019, with a net amount of RMB 603.12 million after deducting fees [1] - In a subsequent issuance to specific investors on November 23, 2021, the company raised RMB 2.01 billion, with a net amount of RMB 1.98 billion after fees [2] Fund Utilization - The company has not used idle fundraising for cash management during the reporting period [6] - As of December 31, 2024, the company had a balance of RMB 730 million in structured deposits and time deposits from the raised funds [7] - The company has not experienced any early investment or replacement of funds as of the reporting date [9][10] Fund Management - The company has established a dedicated bank account for fundraising and has implemented a management system in compliance with relevant laws and regulations [4] - The company signed tripartite supervision agreements with its underwriters and banks to ensure the proper use of funds [5] Project Progress and Adjustments - The company has reported that the "High-Performance Superconducting Wire Industry Project" has been completed, and surplus funds of RMB 77.84 million will be permanently used to supplement working capital [15] - The "Superconducting Innovation Research Institute Project" has had its expected completion date extended to December 31, 2025, due to changes in the project location [20] Financial Performance and Profit Distribution - The company plans to distribute a cash dividend of RMB 0.65 per share, totaling approximately RMB 422.28 million based on the total share capital as of December 31, 2024 [47][48] - The company has proposed a mid-term dividend plan for 2025, subject to shareholder approval [49] Corporate Governance - The company has appointed a new employee representative supervisor, Zhang Gang, to ensure compliance with corporate governance practices [55][56]

中信建投证券股份有限公司 关于西部超导材料科技股份有限公司 2024 年持续督导年度报告书 | 保荐人名称：中信建投证券股份有限 | 上市公司名称：西部超导材料科技股份 | | --- | --- | | 公司 | 有限公司 | | 保荐代表人姓名：郭尧 | 联系方式：010-56052384 联系地址：北京市朝阳区景辉街 号院 16 | | | 1 号楼泰康集团大厦 11 层 | | 保荐代表人姓名：朱旭东 | 联系方式：010-56052384 16 号院 | | | 联系地址：北京市朝阳区景辉街 | | | 1 号楼泰康集团大厦 11 层 | 经中国证监会于 2021 年 11 月 23 日出具的《关于同意西部超导材料科技股 份有限公司向特定对象发行股票注册的批复》（证监许可〔2021〕3709 号）批准， 公司向特定对象发行人民币普通股（A 股）股票 22,774,069 股，每股发行价格为 人民币 88.39 元，募集资金总额为 2,012,999,958.91 元，扣除发行费用 31,914,627.63 元（不考虑增值税）后，实际募集资金净额为 1,981,085,331.28 元。 本次发行新 ...

西部超导材料科技股份有限公司 2024 年度 审计报告 | 索引 | | 页码 | | --- | --- | --- | | 审计报告 | | 1-5 | | 公司财务报表 | | | | — | 合并资产负债表 | 6-7 | | — | 母公司资产负债表 | 8-9 | | — | 合并利润表 | 10 | | — | 母公司利润表 | 11 | | — | 合并现金流量表 | 12 | | — | 母公司现金流量表 | 13 | | — | 合并股东权益变动表 | 14-15 | | — | 母公司股东权益变动表 | 16-17 | | — | 财务报表附注 | 18-115 | 信永中和会计师事务所| 北京市东城区朝阳门北大街 8 号富华大厦 A 座 9 层 联系电话: telephone: +86 (010) 6554 2288 9/F. Block A. Fu Hr No.8. Chaovangmen Beidaii Donachena District, Beijin ublic accountants 100027 P R China 审计报告 XYZH/2025BJAG1B0064 西部超 ...