The amount of le S3 information mm leads a domain ry shows a trend of accelerated development, "quantum +" multi-field breakthrough application is expected to land.

Recently, the 24th China International Optoelectronics Expo (CIOE) was held in Shenzhen International Convention and Exhibition Center, the company vigorously promoted the core optoelectronic technology based on single-photon preparation, modulation, detection and demodulation in the field of quantum technology, and promoted the integration and development of "quantum + optics". With the continuous release of frontier cross-cutting policies at home and abroad, such as supporting the cultivation of quantum information, quantum technology is expected to be applied in national defense, finance and other high-security industries. In addition, the Institute of Quantum Information of the Chinese Academy of Sciences will hold the second "emerging Quantum Technology International Conference" on September 17. As one of the sponsors of the conference, the company will take part in this international event with the achievements of quantum industrialization.

Relying on the cooperation of the Quantum Research Institute of China University of Science and Technology and other platforms, the company is constantly moving towards the preparation and measurement and control of large-scale entangled states of neutral atoms, and is expected to achieve sustainable technological breakthroughs.

Revenue grew faster than expected in the first half of the year, and the quantum communications infrastructure network promoted the prosperity and security ecology.

In terms of profitability, as of the first half of 23 years, the company had achieved revenue of 56.79 million yuan (year-on-year + 299.78%); net profit loss of 41.96 million yuan (+ 7.51%); and net profit loss of 58.39 million yuan (+ 26.27%). The company vigorously promoted the sales of related instruments and equipment, and its revenue increased significantly compared with the same period last year. From the Q2 single quarter, the company achieved revenue of 26.28 million yuan (year-on-year + 508.78%); net profit loss of 25.73 million yuan (down 0.10% year-on-year); non-return net profit of 34.46 million yuan (down 16.06% from the same period last year), and profitability continued to repair. From the perspective of the business sector, in terms of quantum communications, revenue from network construction-related products increased by 213.85% year-on-year during the reporting period, while the company vigorously promoted the application of quantum security industry, with revenue up 231.85% over the same period last year. The company continues to promote the construction of "integrated satellite and earth" quantum network:

The construction of the national wide area quantum secure communication backbone network (phase I) and the Hefei metropolitan area network (phase I) project have been completed and passed acceptance; the company's miniaturized micro-nano satellite ground station has completed one delivery.

In terms of quantum computing, during the reporting period, researchers used "Nine chapters" optical quantum computers to solve two graph theory problems and expanded the task list that noisy medium-sized quantum computers (NISQ) can achieve "quantum superiority". The superconducting quantum computing team achieved "51 superconducting quantum bit cluster states preparation and verification" on "Zu Chong", setting a new world record for the number of true entangled bits in all quantum systems. In the field of quantum measurement, the company has completed the delivery of a femtosecond laser frequency comb equipment, and the company has made great efforts to promote the sales of related instruments and equipment, with a year-on-year high growth in revenue. The company continues to increase the investment of resources to carry out independent and controllable industrial chain layout, which is expected to achieve sustained and high-quality development.

Independent and controllable technological innovation has made continuous breakthroughs and continued to lead the construction of quantum communication standards at home and abroad.

Aiming at the frontiers of science and technology in the world, the company invested 74.0701 million yuan in R & D in the first half of the year (the R & D expenditure rate reached 130.43%), 64 new patents were granted (including 43 invention patents), and the patent reserve of key core technologies continued to increase. The company is deeply involved in the field of quantum computing, the first national standard "Quantum Computing terms and Definitions" and the communications industry standard "Quantum secure Communication Network Architecture" and other important standards have been released. In terms of international standards, the ISO/IEC international standard "Security requirements, testing and Evaluation methods for Quantum key Distribution", jointly led by the China Information Security Evaluation Center and the company, will soon be released, which is expected to become the first international standard to systematically regulate the security testing technology of Quantum key Distribution (QKD). Combined with the latest performance, the 2023-2025 revenue forecast value of 192 million yuan, 256 million yuan, 343 million yuan, corresponding to PS is 56.42,42.28,31.58 times, taking into account the technical advantages, for the first time to cover the "cautious recommendation" rating.

Risk tips: technology development risk; technology core personnel loss risk; market development is not as expected risk; sales revenue seasonal fluctuation risk.