Investment Rating - The investment rating for the company is "Accumulate" (maintained) with a current price of 39.39 yuan [7]. Core Views - The company reported a significant recovery in demand, with third-quarter performance meeting expectations. For the first three quarters of 2025, the company achieved operating revenue of 652 million yuan, a year-on-year increase of 16.62%. The net profit attributable to shareholders was 56 million yuan, up 55.38% year-on-year, and the net profit after deducting non-recurring gains and losses was 55 million yuan, an increase of 77.53% year-on-year. In Q3 2025 alone, the company achieved operating revenue of 243 million yuan, a year-on-year increase of 35.04%, and a net profit attributable to shareholders of 19 million yuan, a staggering increase of 698.40% year-on-year [7][10]. Summary by Sections Revenue Performance - The revenue growth rate in Q3 2025 marked a clear turning point, likely linked to the continued recovery in downstream demand. The operating revenue for Q3 was 243 million yuan, with a year-on-year growth rate of 35.04%, compared to 219 million yuan in Q2 with a growth rate of 17.00%. The recovery in the defense sector and stable development in the aerospace sector contributed to this growth, alongside an expansion in the civil communication high-end equipment business [8]. Profitability - The company's performance in Q3 2025 was impressive, with both gross margin and net margin showing year-on-year improvements. The gross margin for Q3 was 36.09%, an increase of 5.59 percentage points from Q3 2024, while the net margin was 8.87%, up 6.73 percentage points from the previous year. This improvement is attributed to increased production and sales scale, as well as enhanced product profitability [10][11]. Financial Forecast - The company maintains its earnings forecast, expecting operating revenues of 913 million yuan, 1.05 billion yuan, and 1.19 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 19.75%, 14.92%, and 13.00%. The net profit attributable to shareholders is projected to be 123 million yuan, 147 million yuan, and 180 million yuan for the same years, with growth rates of 139.92%, 20.23%, and 22.37% respectively. The earnings per share (EPS) are expected to be 0.65 yuan, 0.79 yuan, and 0.96 yuan for 2025, 2026, and 2027 respectively [12][14].

Core Points - The total trading volume of stocks on the Beijing Stock Exchange reached 958 million shares, with a total transaction value of 22.95 billion yuan, a decrease of 3.08 billion yuan compared to the previous trading day [1] - Among the traded stocks, 34 stocks closed higher, accounting for 12.14% of the total, with notable gainers including Luqiao Information, Rongyi Precision, and Tianma New Materials, which rose by 10.82%, 10.52%, and 8.38% respectively [1] - Conversely, 242 stocks closed lower, with Danna Biology, Kaiter Co., and Deer Chemical leading the declines at 16.75%, 6.76%, and 5.85% respectively [1] Trading Activity - A total of 60 stocks had transaction values exceeding 10 million yuan, with the highest transaction values recorded for Fujida, Better Ray, and Rongyi Precision at 822 million yuan, 618 million yuan, and 568 million yuan respectively [1] - In terms of trading activity, 24 stocks had a turnover rate exceeding 10%, with 7 stocks exceeding 20%. Additionally, 44 stocks had turnover rates between 5% and 10%, while 205 stocks had turnover rates between 1% and 5% [1] - The stocks with the highest turnover rates included Danna Biology at 61.26%, Digital Human at 27.07%, and Rongyi Precision at 26.69% [1] Stock Performance - The closing prices and performance of notable stocks included: - Fujida: 40.08 yuan, up 1.75%, turnover rate 11.55%, transaction value 821.55 million yuan - Better Ray: 35.68 yuan, down 2.43%, turnover rate 1.55%, transaction value 617.83 million yuan - Rongyi Precision: 25.85 yuan, up 10.52%, turnover rate 26.69%, transaction value 568.32 million yuan - Danna Biology: 85.00 yuan, down 16.75%, turnover rate 61.26%, transaction value 394.83 million yuan [1][2][3]

Summary of Key Points Core Viewpoint - On November 3, the total trading volume of individual stocks on the Beijing Stock Exchange reached 1.054 billion shares, with a total transaction value of 26.031 billion yuan, representing a decrease of 6.957 billion yuan compared to the previous trading day. A total of 100 stocks closed higher, while 172 stocks closed lower [1]. Trading Performance - The stock that saw the highest increase was Danah Biotechnology, which surged by 497.08%, with a trading volume of 94.25% and a transaction value of 66.504 million yuan. Other notable gainers included Deer Chemical and Rongyi Precision, which rose by 20.75% and 10.23%, respectively [2][3]. - In terms of trading activity, 74 stocks had transaction values exceeding 10 million yuan, with Fujida, Better Ray, and Danah Biotechnology leading at 983.31 million yuan, 798.4 million yuan, and 665.04 million yuan, respectively [2]. - The overall trading activity showed that 27 stocks had a turnover rate exceeding 10%, with 6 stocks exceeding 20%. The majority of stocks had turnover rates between 1% and 5% [2]. Market Trends - The market experienced a significant decline in transaction value, with a total decrease of 6.957 billion yuan compared to the previous day. This indicates a potential shift in investor sentiment or market conditions [1]. - The performance of individual stocks varied widely, with a notable disparity between gainers and losers, reflecting a mixed market sentiment [1][2].

Group 1 - In the past month (from October 4 to November 3), 37 companies listed on the Beijing Stock Exchange (BSE) were investigated by institutions, with Minshida being the most notable, receiving attention from 115 institutions [1][2] - The types of institutions conducting the research include 36 brokerages, 33 funds, 26 private equity firms, 24 insurance companies, and 6 overseas institutions [1] - The companies that received the most institutional attention after Minshida are Guangxin Technology, Wanyuantong, and Fujida, with 84, 63, and 60 institutions participating in their investigations, respectively [1] Group 2 - Minshida, Yuanchang Precision, and Shisheng Intelligent received the most frequent institutional investigations, each being investigated twice [2] - Companies that were investigated by institutions saw an average stock price increase of 9.87% over the past month, with notable gainers including Litong Technology (up 81.28%), Lingge Technology (up 46.41%), and Fujida (up 37.01%) [2] - The average market capitalization of all companies on the BSE is 3.34 billion yuan, while the average market capitalization of the companies that were investigated is 4.19 billion yuan [2] Group 3 - The average daily turnover rate for the companies investigated is 5.60%, with the highest turnover rates recorded for Jinhua New Materials (28.66%), Lingge Technology (13.27%), and Tonghui Electronics (12.66%) [2] - The companies with the highest market capitalization among those investigated include Tiangong Co., Guangxin Technology, and Jinhua New Materials [2]

证券代码：920640 证券简称：富士达 公告编号：2025-101 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 三、 投资者关系活动主要内容 问题 1:公司 2025 年第三季度营业收入增长的主要驱动因素？从业务领域 角度看，民用通信、防务及宇航哪一领域的贡献更大？ 回答：2025 年第三季度，公司营业收入实现同比显著增长，主要得益于各 业务板块的协同发展。其中，防务领域延续并强化了自年中以来的恢复性增长 态势，订单量稳步提升，相关产品收入逐步转化，为公司业绩增长提供有力支 撑；宇航领域保持平稳发展；民用通信领域高端装备业务规模持续扩大，成为 重要增长驱动力。公司将继续深化在核心领域的战略布局，强化技术创新与产 品升级，为长期可持续发展奠定基础。 问题 2：低空经济领域合作进展及行业布局？ 二、 投资者关系活动情况 活动时间：2025 年 10 月 30 日 活动地点：中航富士达科技股份有限公司五楼会议室、 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - The company has shown significant performance improvement, with a revenue increase of 16.62% year-on-year for the first three quarters of 2025, reaching 652 million yuan, and a net profit growth of 55.38%, amounting to 55.93 million yuan [8] - The company is a leader in quantum communication technology domestically, with a strong focus on defense and communication sectors, establishing long-term partnerships with key clients [8] - The report highlights the robust demand for RF connectors and microwave devices, predicting a global market size exceeding 9 billion USD in 2025, with China holding over 35% market share [8] Financial Performance Summary - Revenue projections for the company are as follows: 2023A: 815.14 million yuan, 2024A: 762.80 million yuan, 2025E: 876.66 million yuan, 2026E: 1,016.19 million yuan, and 2027E: 1,187.99 million yuan, with a year-on-year growth rate of 14.93% in 2025 [1] - The net profit forecast for 2025 is 83.78 million yuan, reflecting a 63.88% increase compared to the previous year [1] - The report anticipates a decline in cash flow from operating activities, which may pose a risk of accounts receivable impairment, leading to a slight downward adjustment in profit forecasts for 2025-2027 [8]

Market Overview - On October 31, the total trading volume of individual stocks on the Beijing Stock Exchange reached 1.299 billion shares, with a total trading value of 32.323 billion yuan, a decrease of 10.622 billion yuan compared to the previous trading day [1] - Among the tradable stocks, 219 stocks closed higher, accounting for 78.49% of the total, with notable gainers including Lijia Technology, Deyuan Pharmaceutical, and Sanyuan Gene, which rose by 13.91%, 13.09%, and 13.07% respectively [1] - Conversely, 55 stocks closed lower, with Huifeng Diamond, Jiuling Technology, and Meizhigao experiencing declines of 6.34%, 4.96%, and 4.57% respectively [1] Trading Activity - A total of 93 stocks had trading volumes exceeding 100 million yuan, with the highest trading values recorded for Beiterui, Fujida, and Guozi Software at 1.359 billion yuan, 999.5 million yuan, and 710 million yuan respectively [1] - The trading activity showed that 46 stocks had a turnover rate exceeding 10%, with 8 stocks exceeding 20%. Additionally, 73 stocks had turnover rates between 5% and 10%, while 159 stocks had turnover rates between 1% and 5% [1] Notable Stocks - Beiterui closed at 36.45 yuan with a rise of 4.71% and a turnover rate of 3.29%, with a trading value of approximately 1.359 billion yuan [1] - Guozi Software saw a significant increase of 11.75% to close at 44.70 yuan, with a turnover rate of 26.35% and a trading value of around 710 million yuan [1] - Deyuan Pharmaceutical closed at 41.30 yuan, up 13.09%, with a turnover rate of 12.64% and a trading value of approximately 523 million yuan [1] Summary of Trading Data - The trading data indicates a robust market activity with a significant number of stocks experiencing notable price movements and trading volumes, reflecting investor sentiment and market dynamics [1][2][3]

Summary of Key Points Core Viewpoint - On October 31, the Beijing Stock Exchange (BSE) saw a total trading volume of 1.299 billion shares and a trading value of 32.323 billion yuan, representing a decrease of 10.622 billion yuan compared to the previous trading day. A total of 219 stocks closed higher, indicating a positive market sentiment despite the drop in trading volume [1]. Trading Performance - The trading volume for the BSE was 1.299 billion shares, with a trading value of 32.323 billion yuan, down from the previous day by 10.622 billion yuan [1]. - Among the traded stocks, 219 stocks rose, accounting for 78.49% of the total, with notable gainers including Lijia Technology (up 13.91%), Deyuan Pharmaceutical (up 13.09%), and Sanyuan Gene (up 13.07%) [1]. - Conversely, 55 stocks declined, with Huifeng Diamond, Jiuling Technology, and Mezhigao experiencing the largest drops of 6.34%, 4.96%, and 4.57% respectively [1]. Active Stocks - A total of 93 stocks had a trading value exceeding 100 million yuan, with the highest trading values recorded for Beiterui (1.359 billion yuan), Fujida (999.5 million yuan), and Guozi Software (709.8 million yuan) [1]. - The trading activity was characterized by 46 stocks having a turnover rate exceeding 10%, with 8 stocks exceeding 20%. The highest turnover rates were seen in Digital Human (32.55%), Jinhua New Materials (28.91%), and Taikai Ying (27.85%) [1]. Notable Stock Details - Key stocks and their performance included: - Beiterui: Closing price 36.45 yuan, up 4.71%, turnover rate 3.29%, trading value 1.359 billion yuan [1]. - Guozi Software: Closing price 44.70 yuan, up 11.75%, turnover rate 26.35%, trading value 709.8 million yuan [1]. - Deyuan Pharmaceutical: Closing price 41.30 yuan, up 13.09%, turnover rate 12.64%, trading value 523.0 million yuan [1].

Investment Rating - The report indicates a positive outlook for the industry, suggesting a potential upward trend despite recent technical corrections in the market [3][4]. Core Insights - The market experienced a technical correction on October 30, 2025, with the North Exchange A-share trading volume reaching 42.9 billion yuan, an increase of 8 billion yuan from the previous trading day. The North Exchange 50 Index closed at 1553.32, down 1.30%, with a PE_TTM of 74.99 times [1][7]. - The report highlights that 65 out of 280 companies listed on the North Exchange saw their stock prices rise, while 212 experienced declines. The top five gainers included Fujida (19.8%), Jiahe Technology (13.1%), and Jiuling Technology (9.9%), while the top five losers included Luqiao Information (-16.4%) and Litong Technology (-13.1%) [1][16]. - The core driving force behind the current market trend is the positive signals released by regulators during the Financial Street Forum on October 29, 2025. The chairman of the North Exchange announced plans to accelerate the launch of the North Exchange 50 ETF and explore fixed-price trading after hours, which is expected to lower investment thresholds and attract passive capital [3][4]. Summary by Sections Market Review - On October 30, 2025, the North Exchange A-share trading volume was 42.9 billion yuan, up 8 billion yuan from the previous day. The North Exchange 50 Index closed at 1553.32, down 1.30%, while the specialized and innovative index closed at 2660.10, down 1.05% [1][7]. Important News - The Ministry of Finance and other departments announced an upgrade to the duty-free shop policy effective November 1, 2025, aimed at boosting consumption by optimizing tax policies and expanding product categories [19]. - A new policy financial tool worth 500 billion yuan has been fully deployed, expected to drive total project investments exceeding 7 trillion yuan, focusing on technology innovation and consumption expansion [20]. Key Company Announcements - Huifeng Diamond reported a third-quarter revenue of 117 million yuan, a year-on-year decrease of 27.62%, with a net profit of 12 million yuan, down 278.48% [21]. - Kaite Co. announced a third-quarter revenue of 796 million yuan, an increase of 43.84%, with a net profit of 130 million yuan, up 37.24% [28].

Core Insights - In the past month (October 1 to October 31), 30 companies listed on the Beijing Stock Exchange (BSE) were investigated by institutions, with Minshida being the most notable, attracting 115 participating institutions [2][3] - The average stock price of the companies that received institutional research increased by 12.11% during this period, with 25 stocks rising, including Lituo Technology, Tonghui Electronics, and Lingge Technology, which saw increases of 76.03%, 40.11%, and 39.05% respectively [3][4] Institutional Research Overview - A total of 30 BSE companies were subject to institutional research, with 29 companies investigated by brokerages, 27 by funds, 21 by private equity, 20 by insurance, and 5 by overseas institutions [2] - Minshida led the research interest with 115 institutions, followed by Guangxin Technology (84), Wanyuantong (63), and Fujida (60) [2] Industry Distribution - The companies that received institutional research belong to 13 different industries, with a concentration in machinery equipment, electronics, and basic chemicals, which had 4, 4, and 3 companies respectively [2] Market Performance - The average market capitalization of all BSE companies was 3.314 billion yuan, while the average market capitalization of the companies that received research was 4.040 billion yuan [3] - The companies with the highest market capitalization among those researched included Guangxin Technology, Jinhua New Materials, and Fujida [3]