High-growth companies in the field of controlled nuclear fusion (2025 data).

The following are the 10 A-share companies based on the 2024 annual report and performance forecast, covering core links such as equipment supply, material research and development, and engineering construction, which are classified according to the division of labor in the industrial chain

1. Key equipment and systems

Snowman shares (002639).

Growth

: Net profit of 30 million to 45 million in 2024 (turning losses into profits).

Core business

: Provide helium screw compressor for Hefei Institute of Physics, Chinese Academy of Sciences, which is applied to the cryogenic cooling system of fully superconducting tokamak device.

Neway shares (603699).

Growth

: Net profit in 2024 will be 1.02-1.33 billion (+41%~84% year-on-year).

Core business

: Nuclear power valve leader, supplied more than 60 million yuan of nuclear-grade valves to the French ITER project, and the technology is adapted to the vacuum system of nuclear fusion device.

Blue stone reloading (603169).

Growth

: Net profit in 2024 will be 156 million (+1.59% year-on-year).

Core business

: Development of a high-efficiency compact heat exchanger (PCHE) for helium-cooled test project of China Fusion Engineering Experimental Reactor (CFETR).

Hailu Heavy Industry (002255).

Growth

: Net profit in 2024 will be 377 million (+10.86% year-on-year).

Core business

: Supply of thermonuclear fusion reactor pressure vessels and vacuum chamber equipment, and participated in the fusion project of China National Nuclear Corporation.

2. Core materials and components

Antai Technology (000969).

Growth

: Net profit in 2024 will be 372 million (+49% year-on-year).

Core business

Antai Zhongke, a subsidiary, provides all-tungsten composite components for deflectors for EAST device and ITER, with internationally leading technology.

Atlantic Ocean (600558).

Growth

: Net profit in 2024 will be 155 million (+52.9% year-on-year).

Core business

Cooperate with China National Nuclear Power Corporation and China General Nuclear Power Corporation to develop nickel-based/stainless steel welding consumables for the manufacture of nuclear fusion reactor vessels.

Western superconductivity (688122).

Growth

: Net profit in 2024 will be 809 million (+7% year-on-year).

Core business

: Superconducting filaments cover the field of nuclear fusion and provide low-temperature superconducting materials for ITER, with a global market share of about 15%.

Zhongzhou Special Materials (300963).

Growth

: Net profit in 2024 will be 93 million to 99 million (+13%~20% year-on-year).

Core business

Research and development of high-temperature-resistant, radiation-resistant special alloy materials for the inner wall protection of nuclear fusion reactors.

3. Cooperation between engineering and scientific research

Baobian Electric (600550).

Growth

: Net profit of 95 million in 2024 (turning losses into profits).

Core business

: Delivered the ITER French electric transformer project, and the technology was internationally recognized.

Xuguang Electronics (600353).

Growth

: Net profit in 2024 will be 102 million (+10.5% year-on-year).

Core business

Undertake the nuclear fusion project of Hefei Institute of Plasma, Chinese Academy of Sciences, and develop key components such as vacuum interrupters.

Fourth, industry trends and investment logic

Technological Breakthrough:

China's "China Circulation-3" has achieved an atomic/electronic temperature of more than 100 million degrees, and the operational stability of the fusion device has been improved.

ITER plans to enter the delivery period of key equipment, and the delivery of transformers, deflectors and other components in France will accelerate commercial verification.

Policy support:

China's 14th Five-Year Plan specifies a special project for nuclear fusion, and the scale of bidding for experimental devices will exceed 46 in 2025.

Europe and the United States have promoted the "Accelerating Nuclear Fusion Initiative", and plan to invest more than 50 billion US dollars in R&D by 2030.

Commercialization Path:

Short-term

(2025-2030): The demand for drive equipment for the construction of experimental plants is expected to reach the global market size of $28 billion.

Long-term

(After 2035): CFETR demonstration power generation and ITER power generation test, and promote the mass production of high-temperature superconductivity and tungsten copper materials.

Domestic substitution opportunities:

The import substitution space of core materials such as high-temperature superconducting strip (Yongding Co., Ltd.) and tungsten copper parts (Antai Technology) exceeds 60%.

Risk Warning:

The technology commercialization cycle is long, and the short-term performance contribution is limited;

The pace of equipment orders is affected by the uncertainty of policies and international cooperation;

Some companies' annual reports have not yet been disclosed, and it is necessary to dynamically track the performance fulfillment.

(Redirected from: Little Doctor of Finance).