Group 1 - The core viewpoint of the articles highlights a positive trend in the military industry, with military stocks showing signs of recovery and potential growth due to increasing demand and favorable market conditions [1][2] - The high-end equipment ETF (159638) has performed well, with a weekly increase of 5.7%, indicating strong investor interest in military-related assets [1] - Active equity funds have reduced their allocation to military stocks, reaching a historical low, which may suggest a potential undervaluation in the sector as the current price-to-book ratio is around 3.12, placing it in the lower range compared to the past five years [1][2] Group 2 - There are indications of improving fundamentals in the military sector, with some upstream companies reporting significant order growth, suggesting a recovery in demand [2] - Long-term perspectives suggest that military spending may increase as the "14th Five-Year Plan" approaches its conclusion, with potential growth in sectors like low-altitude economy, deep-sea technology, and commercial aerospace [2] - The military industry is expected to see a resurgence in market activity, driven by improved fundamentals and heightened investor interest in themes such as military trade and commercial aerospace, which could lead to a sustained rally in military stocks [2]

Core Viewpoint - The military industry stocks are experiencing a strong upward trend, with several stocks hitting their daily limit up, indicating significant investor interest and potential growth in this sector [1] Group 1: Stock Performance - Qifeng Precision Engineering reached its historical high with a 30% limit up [1] - Kunshan Intelligent (301311), Aerospace Nanhu, and Huaru Technology (301302) saw a 20% limit up [1] - AVIC Chengfei (302132), Hongda Electronics (300726), and Chenxi Aviation (300581) increased by over 10% [1] - Nearly 20 stocks, including Qiyi Er (603712) and Leike Defense (002413), hit the limit up [1] Group 2: Market Activity - Dark pool funds are flowing into these military stocks, indicating increased trading activity and potential investment interest [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 20.61 RMB [7][8]. Core Views - The company is expected to recover from the current downturn as the military industry gradually returns to normalcy, driven by the end of the "14th Five-Year Plan" [4][12]. - The company has faced significant revenue declines due to a slowdown in demand from downstream customers, with a projected revenue of 2.154 billion RMB in 2024, down 34.09% year-on-year [1][6]. - Despite the challenges, the company is actively expanding into new fields and clients, particularly in military and civilian wireless communication sectors, which are anticipated to see a recovery in demand [2][4]. Revenue and Profitability - The company's revenue for 2024 is projected at 2.154 billion RMB, with a net loss of 249 million RMB, reflecting a year-on-year decline of 156.58% [1][6]. - The gross margin for 2024 is expected to be 31.06%, down 10.79 percentage points year-on-year, while the net margin is projected at -11.55%, down 25.01 percentage points [3][4]. - The company aims to achieve a net profit of 253 million RMB in 2025, with further growth expected in subsequent years [4][12]. Financial Forecasts - The company’s revenue is expected to recover to 2.373 billion RMB in 2025, followed by 3.007 billion RMB in 2026 and 3.675 billion RMB in 2027, indicating a growth trajectory [6][12]. - The adjusted net profit forecasts for 2025, 2026, and 2027 are 253 million RMB, 322 million RMB, and 399 million RMB, respectively [4][12]. - The report anticipates a gradual improvement in gross margins, with expectations of 40.09% in 2025 [12]. Market Position and Strategy - The company continues to strengthen its position in military and civilian wireless communication, with several successful bids for military communication projects [2][4]. - The company is also focusing on technological advancements and new business areas, including 5G applications and smart systems [2][4].

Group 1 - The company Tianjin 712 Communication Broadcasting Co., Ltd. announced that its controlling shareholder, Tianjin Zhibo Intelligent Technology Development Co., Ltd. (Zhibo Technology), plans to increase its stake in the company through a centralized bidding transaction on the Shanghai Stock Exchange, with a total investment amount between RMB 50 million and RMB 55 million [1][4] - As of April 29, 2025, Zhibo Technology has completed its first purchase of 218,700 shares, representing approximately 0.028% of the company's total share capital, with a total transaction amount of RMB 4,012,662 (excluding transaction fees) [5][6] - Prior to the first purchase, Zhibo Technology held 370,167,500 shares, accounting for 47.95% of the company's total share capital [3] Group 2 - The increase in shareholding is based on Zhibo Technology's confidence in the company's future development prospects and long-term investment value, aiming to enhance investor confidence and promote the company's sustainable development [4][6] - The plan is still ongoing, and Zhibo Technology will continue to increase its stake in the company as per the announced plan [6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's revenue performance has declined due to fluctuations in downstream demand, leading to a reduction in product orders and a corresponding drop in revenue [2][4]. - The company's gross margin for the quarter has significantly improved on a sequential basis, primarily due to changes in revenue structure [2][10]. - The company is focusing on technological innovation to enhance product competitiveness and added value, aiming to transform innovation into a key driver for high-quality development [10]. Financial Performance - In the first quarter, the company achieved operating revenue of 216 million yuan, a year-on-year decrease of 55.88%, and a net profit attributable to the parent company of -54 million yuan, a year-on-year decrease of 440.23% [4]. - The gross margin for Q1 2025 increased by 5.49 percentage points year-on-year to 40.99%, and increased by 18.37 percentage points sequentially [10]. - The company expects to achieve net profits attributable to the parent company of 110 million, 250 million, and 400 million yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 146%, 119%, and 58% [10]. Market Position and Projects - In military communications, the company has successfully won bids for several projects, enhancing its competitive position in tactical communication products [10]. - In civil communications, the company has completed various projects, including third-party testing for heavy-load railway integration and the development of a digital train safety protection system [10].

Company Overview - Tianjin 712 Communication Broadcasting Co., Ltd. was established in 2004 and is located in Tianjin, China, primarily engaged in the manufacturing of computers, communications, and other electronic devices [2] - The company has a registered capital of 77.2 million RMB [2] - It has made investments in 11 enterprises and participated in 683 bidding projects [2] - The company holds 36 trademark registrations and 727 patent registrations, along with 67 administrative licenses [2] Patent Application - The company has applied for a patent titled "A Compact Arrangement Differential Partial Disassembly Device for LRMDP Socket Connector," with publication number CN119890815A and an application date of December 2024 [1] - The patent describes a device that includes a lower frame for positioning differential parts, which is equipped with a lower hole plate and a sliding upper frame with an upper hole plate [1] - The device features guiding columns and a sliding groove with a first long hole, designed to facilitate the relative movement between the lower and upper frames for disassembly purposes [1]

证券代码：603712 证券简称：七一二 公告编号：临 2025-019 天津七一二通信广播股份有限公司关于控股股东 首次增持公司股份暨增持计划进展的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： 天津七一二通信广播股份有限公司（以下简称"公司"）于 2025 年 1 月 18 日在上海证券交易所网站（www.sse.com.cn）披露了《天津七一二通信广 播股份有限公司关于控股股东增持公司股份计划的公告》（公告编号：临 2025-003），公司控股股东天津智博智能科技发展有限公司（以下简称"智博科 技"）计划通过上海证券交易所交易系统以集中竞价交易方式增持公司 A 股股份。 本次增持计划的实施期限为自上述公告披露之日起 6 个月内，增持金额不低于人 民币 5000 万元（含），不超过人民币 5500 万元（含），增持不设定价格区间。（以 下简称"本次增持计划"） 首次增持情况：2025 年 4 月 29 日，公司控股股东智博科技通过上海证 券交易所系统以集中竞价交易方式增持公司股份 218,700 股（ ...

证券代码：603712 证券简称：七一二 公告编号：临 2025-018 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 天津七一二通信广播股份有限公司 重要内容提示： 关于召开 2024 年度业绩说明会的公告 投资者可于 2025 年 5 月 16 日（星期五）至 5 月 22 日（星期四）16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱：712ir@712.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 董事长：庞辉先生 董事会秘书、副总经理：马海永先生 董事、财务负责人、总会计师：孙杨女士 独立董事：李姝女士 四、 投资者参加方式 （一）投资者可在 2025 年 5 月 23 日（星期五）15:00-16:00，通过互联网 登录上证路演中心（https://roadshow.sseinfo.com/），在线参与本次业绩说 一、 说明会类型 本次投资者说明会以视频结合网络互动召开，公司将针对 2024 年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允 ...

天津七一二通信广播股份有限公司关于公司 拟修订《公司章程》及附件并取消监事会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 为贯彻执行新修订的《中华人民共和国公司法》（2023 年修订），根据中国 证监会发布的《上市公司章程指引》（2025 年修订）、《上市公司股东会规则》（2025 年修订）等法律法规规定，天津七一二通信广播股份有限公司（以下简称"公司"） 拟对《天津七一二通信广播股份有限公司章程》（以下简称"《公司章程》"）及其 附件《天津七一二通信广播股份有限公司股东大会议事规则》《天津七一二通信 广播股份有限公司董事会议事规则》（以下简称："《董事会议事规则》"）进行内 容修订。 本次修订《公司章程》及附件并取消监事会事项须经公司 2024 年年度股东 大会以特别决议方式审批批准后生效，批准生效后公司将不再设置监事会，监事 会的职权由董事会审计与风险控制委员会行使，《天津七一二通信广播股份有限 公司监事会议事规则》相应废止。现将具体情况公告如下： 公司已于 2025 年 4 月 28 日召开了第三届董事会第二十 ...

证券代码：603712 证券简称：七一二 公告编号：临 2025-017 天津七一二通信广播股份有限公司 关于召开2024年年度股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： 一、 召开会议的基本情况 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 的投票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — 规范运 作》等有关规定执行。 (七) 涉及公开征集股东投票权 不涉及 二、 会议审议事项 本次股东大会审议议案及投票股东类型 | 序号 | 议案名称 | | 投票股东类型 | | --- | --- | --- | --- | | | | A | 股股东 | | 非 ...