Investment Rating - The report gives a "Recommended" rating for the company Fujida (835640.BJ) [5]. Core Views - Fujida is a high-tech enterprise specializing in the research, production, and sales of RF coaxial connectors and cables, with a strong position in the commercial satellite market and a focus on new product development [5][11]. - The company experienced a decline in revenue and net profit in 2024 due to fluctuations in defense market demand, but it is expected to recover as new projects are initiated [34]. - The company is actively pursuing new technologies and products to create a second growth curve, particularly in the commercial aerospace sector [5][34]. Company Overview - Fujida was established in 1998 and went public on the Beijing Stock Exchange in November 2021. It is recognized as a national-level specialized and innovative "little giant" enterprise [11][12]. - The company is controlled by AVIC Optoelectronics Technology Co., Ltd., which is part of the China Aviation Industry Corporation [14]. Business Performance - In 2024, Fujida's revenue was 762.80 million yuan, a decrease of 6.42% year-on-year, while net profit fell by 65.35% to 50.64 million yuan [34]. - The decline in profit was attributed to changes in revenue structure and a significant drop in defense-related business due to market fluctuations [34]. Industry Analysis - The RF coaxial connector market is characterized by high concentration and stable competition, with increasing demand driven by the rapid development of commercial satellites [5][34]. - Fujida is one of the few domestic companies qualified to supply defense satellite components, positioning it well to benefit from market growth [5][34]. Financial Forecast and Valuation - Revenue projections for 2024-2026 are 763 million, 883 million, and 1.096 billion yuan, with corresponding growth rates of -6.42%, 15.76%, and 24.12% [5][6]. - Net profit forecasts for the same period are 51 million, 108 million, and 156 million yuan, with growth rates of -65.35%, 112.49%, and 45.18% [5][6]. Investment Recommendations - The report highlights Fujida's strong position in the RF connector industry, its proprietary technology, and the broad market demand for its products, particularly in the commercial satellite sector [5][34]. - The company is expected to benefit from its ongoing product development and the recovery of the defense market, making it a promising investment opportunity [5][34].

公司深度报告 · 北交所 商业卫星需求广阔 射频同轴连资器。 富士达公司深度报告 2025 年 03 月 12 日 富士达(835640.BJ) | | | 分析师 资料来源：中国银河证券研究院 相关研究 1. 【银河北交所】2025 年度策略_并购重组助高质 发展,抓两新两重投资机遇 www.chinastock.com.cn 张智浩 网: zhangzhihao_yj@chinastock.com.cn 分析师登记编码：S0130524100001 मिल कि ☎：0755-8347-9312 网：hongye_yj @chinastock.com.cn 分析师登记编码：S0130523060002 | 市场数据 | 2025-03-11 | | --- | --- | | 股票代码 | 835640.BI | | A 股收盘价(元) | 29.70 | | 上证指数 | 3,379.83 | | 总股本(万股) | 18,772.80 | | 实际流通 A 股(万股) | 18,060 | | 流通 A 股市值(亿元) | 53.64 | 2025-03-11 相对北证 50 表现图 证券研究报告 请 ...

证券代码：835640 证券简称：富士达 公告编号：2025-011 中航富士达科技股份有限公司 持股 5%以上股东减持股份结果公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带法律责任。 一、 减持主体减持前基本情况 （二） 本次减持事项是否与股东此前已披露的计划、承诺一致 √是 □否 （三） 减持时间区间届满，是否未实施减持 □是 √否 | 股东名称 | 股东身份 | | 持股数量 | 持股比例 | 当前持股股份来 | | --- | --- | --- | --- | --- | --- | | | | | （股） | | 源 | | 北京银河鼎发创业投资有 | 持股 | 5%以上股 | 10,275,092 | 5.4734% | 北交所上市前取得 | | 限公司 | 东 | | | | | | 吉林省国家汽车电子产业 | 持股 | 5%以上股 | 7,393,581 | 3.9385% | 北交所上市前取得 | | 创业投资有限责任公司 | | 东的一致行动人 | | | | | 北京银河吉星创业投资 ...

证券代码：835640 证券简称：富士达 公告编号：2025-010 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 中航富士达科技股份有限公司（以下简称"公司"）于 2025 年 2 月 13 日收到 吉林省国家汽车电子产业创业投资有限责任公司（以下简称"汽车电子创投"）、 北京银河鼎发创业投资有限公司（以下简称"银河鼎发创投"）、及其一致行动人 北京银河吉星创业投资有限责任公司（以下简称"银河吉星创投"）出具的《股份 减持告知函》，上述股东于 2025 年 2 月 11 日至 2025 年 2 月 13 日期间通过集中 竞价累计减持公司 1,894,412 股，持有公司股份比例从 8.73%减少至 7.72%，上 述一致行动人，权益变动触及 1%的情形。现将其有关权益变动情况公告如下： | 信息披露义务人 | | | 汽车电子创投、银河鼎发创投、银河吉 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 星创投 | | | ...

Financial Performance - The company's operating revenue for the reporting period was CNY 762,797,542.26, a decrease of 6.42% compared to the previous year[3]. - The total profit for the reporting period was CNY 54,514,560.24, down 66.65% year-on-year[3]. - The net profit attributable to shareholders of the listed company was CNY 50,643,792.23, a decline of 65.35% compared to the same period last year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 48,521,716.59, down 63.40% year-on-year[3]. - Basic earnings per share for the reporting period were CNY 0.2698, a decrease of 65.35% compared to the previous year[3]. Assets and Equity - Total assets at the end of the reporting period were CNY 1,426,106,839.63, an increase of 3.64% from the beginning of the period[4]. - The equity attributable to shareholders of the listed company was CNY 872,036,100.48, up 1.26% year-on-year[4]. Market Challenges and Strategic Focus - The company faced challenges due to a contraction in defense market demand and project suspensions, impacting revenue and profit significantly[5]. - The company is focusing on new business layouts and technological advancements, particularly in RF links, antennas, and electronic ceramics[5]. Audit Disclaimer - The final financial data will be subject to audit and may differ from the preliminary figures provided[8].

证券代码：835640 证券简称：富士达 公告编号：2025-008 中航富士达科技股份有限公司股票解除限售公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带法律责任。 一、本次股票解除限售数量总额为 5,061,000 股，占公司总股本 2.6959%，可交 易时间为 2025 年 2 月 18 日。 二、本次股票解除限售的明细情况及原因 单位：股 | | 股东姓名或 | 是否为控 股股东、 | 董事、 监事、 | | 本次解除 | 本次解除 | 尚未解 | | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | | 实际控制 | 高级管 | 本次解限 | 限售登记 | 限售股数 | 除限售 | | | 名称 | 人或其一 | 理人员 | 售原因 | 股票数量 | 占公司总 | 的股票 | | | | 致行动人 | 任职情 | | | 股本比例 | 数量 | | | | | 况 | | | | | | 1 | 周东升 | 否 | 离任 | B | 4, ...

证券代码：835640 证券简称：富士达 公告编号：2025-006 中航富士达科技股份有限公司 关于北京证券交易所中止审核公司向特定对象发行股票的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 中航富士达科技股份有限公司（以下简称"公司"）于2023年11月27日向北 京证券交易所（以下简称"北交所"）报送了《中航富士达科技股份有限公司向 特定对象发行股票的申请报告》及相关申请文件，公司于2023年12月4日收到北 交所出具的《受理通知书》（DF20231204001），并披露了《关于向特定对象发行 股票申请获得北京证券交易所受理的公告》（公告编号：2023-093）及相关申报 稿。 2023年12月7日，公司收到北交所下发的《关于中航富士达科技股份有限公 司向特定对象发行股票申请文件的审核问询函》，并披露了《关于收到北京证券 交易所<关于中航富士达科技股份有限公司向特定对象发行股票申请文件的审核 问询函>的公告》（公告编号：2023-095）。2024年1月4日，公司向北交所提交了 问询回复。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][15]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 50 to 55 million yuan in 2024, representing a year-on-year decline of 62.37% to 65.79% due to fluctuations in defense market demand and project delivery delays [3]. - The company has made progress in the high-speed copper cable sector, with small-scale production lines completed, and is focusing on high-end products, particularly those meeting 400G and above demand [5]. - The company is actively involved in mainstream commercial satellite projects and anticipates rapid growth in its satellite business over the next few years [5]. Financial Summary - The total market capitalization of the company is 4.453 billion yuan, with a circulating market capitalization of 4.164 billion yuan [2]. - The company's revenue for 2024 is projected to be 747 million yuan, a decrease of 8.4% year-on-year, while the net profit is expected to be 52 million yuan [7]. - The earnings per share (EPS) for 2024 is estimated at 0.28 yuan, with a price-to-earnings (P/E) ratio of 86.2 times [7]. - The company expects its daily related transactions to increase to 402 million yuan in 2025 [4].

证券代码：835640 证券简称：富士达 公告编号：2025-005 □路演活动 中航富士达科技股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带法律责任。 一、 投资者关系活动类别 √特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □其他 二、 投资者关系活动情况 活动时间：2025 年 1 月 20 日 活动地点：线上交流会 参会单位及人员：华源证券、华夏基金、富国基金、博时基金、广发基金、 中信建投基金、平安大华基金、海富通基金、中庚基金、天治基金、上海人寿、 百年保险资管、渤海证券、第一创业证券、国投证券、红塔证券、山西证券、中 泰证券、华鑫证券、长江证券、联储证券、开源证券、浙商证券、光大证券、财 信证券、东北证券、深圳市国晖投资有限公司、中天汇富基金管理有限公司、杭 州正鑫私募基金管理有限公司、复通私募投资基金、中烨正企(北京)国际投资有 限公司、上海冰河资产管理有限公司、北京指南创业投资管理有限公司、鹏山资 产、上海瀚伦私募基金管理有限 ...