Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company's performance is expected to continue recovering driven by growth in the defense business, with potential in new fields such as quantum technology and instrumentation [5][6] - The company is projected to achieve net profits of 100 million, 145 million, and 172 million yuan for the years 2025, 2026, and 2027 respectively, corresponding to PE ratios of 63.1, 43.7, and 36.9 times at the current stock price [6] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 652 million yuan (up 17% year-on-year) and a net profit of 55.93 million yuan (up 55% year-on-year) [9] - In Q3 2025, revenue reached 243 million yuan (up 35% year-on-year and up 11% quarter-on-quarter), with a net profit of 18.75 million yuan (up 698% year-on-year but down 24% quarter-on-quarter) [9] - The company’s revenue and profitability showed significant recovery in Q3 2025, benefiting from improved demand in the defense sector [9] Business Outlook - The company is focusing on strategic emerging industries, with a strong foundation provided by the recovery of defense orders [9] - The company is actively expanding into quantum communication, medical, low-altitude economy, and intelligent connected vehicles, which are expected to drive future business growth [9] - The company maintains a high R&D expense ratio of 9%, with significant investment in defense-related new product development [9]

Core Insights - The A-share market has seen a collective surge in quantum technology stocks, with notable gains including Fujidata reaching a 30% limit up, Guodun Quantum rising over 18%, and Keda Guochuang increasing over 11% [1] - The Central Committee of the Communist Party of China has released recommendations for the 15th Five-Year Plan, emphasizing the need to explore diverse technological routes and applications in quantum technology, biomanufacturing, hydrogen energy, nuclear fusion, brain-computer interfaces, embodied intelligence, and 6G mobile communication as new economic growth points [1] - According to a forecast by Zhongyan Puhua Research Institute, the global quantum technology market is expected to exceed $6.1 billion by 2025, with China's market projected to reach 11.56 billion yuan, reflecting a compound annual growth rate of over 30% over five years [1] Company Performance - Fujidata (920640) has seen a price increase of 29.99% with a total market capitalization of 8.226 billion yuan and a year-to-date increase of 61.31% [2] - Guodun Quantum (688027) has increased by 18.10%, with a market cap of 62.1 billion yuan and a year-to-date increase of 102.27% [2] - Keda Guochuang (300520) has risen by 11.99%, with a market cap of 1.37 billion yuan and a year-to-date increase of 104.55% [2] - Zhejiang Dongfang (600120) and Shenzhou Information (000555) both reached a 10% limit up, with market caps of 25.2 billion yuan and 18 billion yuan respectively, and year-to-date increases of 60.36% and 64.29% [2] - Guoxin Technology (688262) has increased by 9.43%, with a market cap of 1.15 billion yuan and a year-to-date increase of 23.21% [2] Industry Outlook - Quantum computing is recognized as one of the most disruptive frontier technologies, currently in an early stage of technological development, with potential for significant advancements in the next 5 to 10 years [1] - Quantum security applications are still in their infancy, but there is substantial growth potential, with China leading in the QKD quantum security field and establishing a relatively complete quantum secure communication industry chain [1] - The quantum measurement industry is entering a phase of diversified development [1]

证券代码：920640 证券简称：富士达 公告编号：2025-099 中航富士达科技股份有限公司 第八届董事会第十五次会议决议公告 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、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 10 月 27 日 2.会议召开地点：中航富士达科技股份有限公司四楼会议室 7.召开情况合法合规的说明： 本次会议的召集、召开、议案审议程序等符合有关法律、行政法规、部门 规章、规范性文件和《公司章程》的规定。 （二）会议出席情况 会议应出席董事 9 人，出席和授权出席董事 9 人。 二、议案审议情况 （一）审议通过《关于 2025 年第三季度报告的议案》 1.议案内容： 根据《公司法》《证券法》《北京证券交易所股票上市规则》等相关规定， 公司编制了 2025 年第三季度报告。 3.会议召开方式：现场方式 4.发出董事会会议通知的时间和方式：2025 年 10 月 17 日以电子邮件方式发 出 5.会议主持人：董事长武向文先生 6.会议列席人员：公司全 ...

Core Insights - The North Exchange stocks showed strong performance in the afternoon, with the North 50 Index rising nearly 9% [1] - Notable gainers included Huaxin Yongdao up 25%, Better Ray up over 18%, and Fujida up over 16% [1] - The Chairman of the North Exchange, Lu Songbin, announced plans to optimize the index system and introduce the North 50 ETF, enhancing trading convenience [1] Company Performance - Huaxin Yongdao: October increase of 25.21%, total market value of 4.057 billion, year-to-date increase of 5.52% [2] - Better Ray: October increase of 18.74%, total market value of 39.6 billion, year-to-date increase of 82.19% [2] - Fujida: October increase of 16.37%, total market value of 6.407 billion, year-to-date increase of 25.64% [2] - Tianma New Materials: October increase of 13.88%, total market value of 3.846 billion, year-to-date increase of 45.86% [2] - Tonghui Electronics: October increase of 13.64%, total market value of 7.052 billion, year-to-date increase of 211.92% [2] - Shuguang Digital Innovation: October increase of 13.19%, total market value of 19.2 billion, year-to-date increase of 42.24% [2]

Core Points - The total trading volume of stocks on the Beijing Stock Exchange reached 752 million shares, with a total transaction value of 17.605 billion yuan, an increase of 580 million yuan compared to the previous trading day [1] - A total of 156 stocks closed higher, accounting for 56.12% of the tradable stocks, with notable gainers including Tongyi Aerospace, Jiahe Technology, and Lingge Technology, which rose by 21.97%, 12.29%, and 5.74% respectively [1] - Conversely, 111 stocks closed lower, with significant declines seen in Chenguang Medical, Guangzi International, and Luqiao Information, which fell by 8.80%, 6.17%, and 5.74% respectively [1] Trading Activity - 52 stocks had transaction values exceeding 10 million yuan, with the highest transaction values recorded for Tongyi Aerospace (544.3 million yuan), Fujida (379.1 million yuan), and Tonghui Electronics (334.4 million yuan) [1] - The trading activity showed that 23 stocks had a turnover rate exceeding 10%, with 6 stocks exceeding 20%. The highest turnover rates were observed in Changjiang Nengke (43.34%), Tongyi Aerospace (28.98%), and Tiangang Co. (21.16%) [1] Stock Performance - The closing prices and performance of notable stocks included: - Tongyi Aerospace: Closing price at 18.10 yuan, up 21.97%, turnover rate at 28.98%, transaction value at 544.3 million yuan [1] - Fujida: Closing price at 28.55 yuan, down 2.02%, turnover rate at 6.98%, transaction value at 379.1 million yuan [2] - Tonghui Electronics: Closing price at 38.04 yuan, up 3.88%, turnover rate at 10.28%, transaction value at 334.4 million yuan [2] - Changjiang Nengke: Closing price at 18.98 yuan, up 0.48%, turnover rate at 43.34%, transaction value at 330.4 million yuan [2] - Jiahe Technology: Closing price at 36.00 yuan, up 12.29%, transaction value at 63.7 million yuan [3]

证券代码：920640 证券简称：富士达 公告编号：2025-098 法定代表人：武向文 注册资本：18772.8 万元 中航富士达科技股份有限公司 关于完成工商变更登记及公司章程备案并换发营业执照的公告 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。 一、基本情况 中航富士达科技股份有限公司（以下简称"公司"）于 2025 年 8 月 27日召 开第八届董事会第十二次会议、第八届监事会第九次会议，并于 2025 年 9 月 17 日召开 2025 年第二次临时股东会，审议通过了《关于取消监事会、变更经营范 围并修订<公司章程>的议案》，具体内容详见公司于 2025 年 8 月 29 日在北京证 券交易所信息披露平台（https://www.bse.cn/）披露的《关于取消监事会、变更 经营范围并修订<公司章程>的公告》（公告编号：2025-054）。 二、工商变更登记情况 目前，公司已完成相应的工商变更登记及公司章程备案工作，并取得了西安 市市场监督管理局核发的《营业执照》。本次变更后的营业执照信息如 ...

证券代码：920640 证券简称：富士达 公告编号：2025-097 中航富士达科技股份有限公司 投资者关系活动记录表 □媒体采访 □现场参观 □新闻发布会 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 □分析师会议 □路演活动 √其他 (线上会议) 二、 投资者关系活动情况 活动时间：2025 年 10 月 13 日 活动地点：线上会议 参会单位及人员：爱建证券、八零后资产、冰河资产、长江证券、呈瑞投资、 创富兆业、创金合信、德邦基金、点石成鑫、敦和资产、丰道投资、富安达投资、 富敦投资、富兰克林华美、富唐资产、光证资管、古曲私募、国华兴益资管、国 寿养老、国投证券、国泰基金、惠理香港、华龙证券、汇添富基金、九泰基金、 开思投资、开源证券、临信资产、民生证券、南方基金、农银人寿资管、平安基 金、平安理财、青创伯乐、清淙投资、趣时资产、睿亿投资、睿源私募、沙钢投 资、太平洋证券、泰石投资、太平养老、太平资产、天弘基金、西投资本、相程 私募、相聚资 ...

证券代码：920640 证券简称：富士达 公告编号：2025-096 | 调整前 | 调整后 | | --- | --- | | 武向文【主任委员（召集人）】 | 武向文【主任委员（召集人）】 | | 张福顺、刘自成、陈戈、付景超 | 张福顺、刘自成、张磊、付景超 | 一、战略与投资委员会： 二、审计与风控委员会： | 调整前 | 调整后 | | --- | --- | | 张功富【主任委员（召集人）】 | 张功富【主任委员（召集人）】 | | 刘自成、杨立新 | 刘自成、侯慧钊 | 三、提名与法治委员会： | 调整前 | 调整后 | | --- | --- | | 张福顺【主任委员（召集人）】 | 张福顺【主任委员（召集人）】 | | 张功富、卢明胜 | 张功富、吝锐妮 | 中航富士达科技股份有限公司 关于调整公司第八届董事会专门委员会委员的公告 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 2025 年 10 月 10 日召 开第八届董事会第十四次 ...

证券代码：920640 证券简称：富士达 公告编号：2025-094 中航富士达科技股份有限公司 2025 年第三次临时股东会决议公告 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、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 10 月 10 日 2.会议召开地点：西安市高新区上林苑四路与定昆池二路十字向西 200 米中 航富士达产业基地四楼会议室。 3.会议召开方式：本次会议采用现场投票、网络投票和其他投票方式相结合 方式召开。 4.会议召集人：董事会 5.会议主持人：董事长武向文先生 6.召开情况合法合规的说明： 本次股东会的召集、召开符合有关法律、行政法规、部门规章、规范性文 件和《公司章程》的相关规定。 （二）会议出席情况 2.公司董事会秘书出席会议； 3.公司高管列席会议。 二、议案审议情况 （一）累积投票议案表决情况 1.关于非独立董事选举的议案表决结果 | 议案 | 议案 | 得票数 | 得票数占出席会议 | 是否当选 | | --- | --- | --- ...

上海市锦天城(西安)律师事务所 关于中航富士达科技股份有限公司 2025年第三次临时股东会律师见证的 法律意见书 多 所 LAW OFFICES 地址:西安市高新区丈八一路10号中铁西安中心32层 电话:029-89840840 传真:029-89840848 邮编: 710065 上海市锦天城(西安) 律师事务所 法律意见书 上海市锦天城(西安) 律师事务所关于 中航富士达科技股份有限公司2025年第三次临时股东会 一、本次股东会的召集与召开的程序 上海市锦天城(西安) 律师事务所 法律意见书 (一) 本次股东会的召集 经核查,公司本次股东会由公司董事会召集。2025年9月23日,公司召开 第八届董事会第十三次会议,审议通过《关于提请召开公司 2025年第三次临时 股东会的议案》决议召集本次股东会。公司已于 2025年9月24日在北京证券交 易所网站上发出了《中航富士达科技股份有限公司关于召开 2025 年第三次临时 股东会通知公告(提供网络投票)》(公告编号:2025-093),前述会议通知载 明了本次股东会的召集人、会议召开方式、会议召开目期和时间、出席对象、股 权登记目、会议地点、会议审议事项、会议登 ...