Investment Rating - The report assigns a "Buy" rating for the company with a target price of 24.05 CNY, based on a current price of 19.99 CNY [7]. Core Viewpoints - The company is positioned as a core supplier of military communication products, benefiting from the ongoing modernization of military communication systems and the anticipated recovery in orders during the "15th Five-Year Plan" period [3][4]. - The company has experienced a significant decline in revenue and net profit in 2024, primarily due to industry cyclical adjustments and a decrease in new orders, but it is expected to recover as delayed orders are released and new equipment is procured [3][24]. - The company maintains a strong focus on R&D, with R&D expenses constituting 29.27% of revenue in 2024, which supports its competitive advantage in the military communication sector [33][34]. Summary by Sections Company Overview - The company, established in 1936, is a major electronic enterprise specializing in military and civilian wireless communication, as well as environmental monitoring [2][14]. - It was listed on the Shanghai Stock Exchange in 2018 and is controlled by the Tianjin State-owned Assets Supervision and Administration Commission [2][14]. Financial Performance - In 2024, the company reported revenue of 2.15 billion CNY, a year-on-year decrease of 34.09%, and a net loss of 248.82 million CNY, a decline of 156.58% [3][6]. - The company’s revenue and net profit showed an upward trend from 2019 to 2022, but faced challenges in 2024 due to market conditions [24][26]. Market Outlook - The military communication sector is expected to see increased demand due to the modernization of the military and the emphasis on information technology in warfare [37][41]. - The civilian communication market is also projected to grow, driven by national transportation infrastructure development and the integration of various transportation systems [42][44]. Profit Forecast and Valuation - The company is expected to see revenue growth in the coming years, with projected increases of 30% in 2025, 25% in 2026, and 20% in 2027 for terminal products [46][47]. - The report suggests that the company’s competitive advantages and market position will allow it to outperform its peers in the military communication sector [5][46].

Core Viewpoint - The military industry sector has experienced a significant surge, driven by two main factors: the easing of the India-Pakistan conflict and the emphasis on technological advancements in military capabilities [1] Group 1: Market Performance - The military sector saw a substantial increase, with over 30 stocks, including China Shipbuilding, reaching their daily limit or rising over 10% [1] - The military ETF rose nearly 6%, indicating strong investor interest in the sector [1] Group 2: Influencing Factors - An article published by the People's Daily highlighted the need to accelerate the development of new combat capabilities, emphasizing the role of high-tech weapons, smart technology, unmanned equipment, and big data applications as new growth points for military effectiveness [1] - The global military trade sales are projected to reach $111.6 billion in 2024, indicating significant potential for growth in the military sector [1]

Core Viewpoint - The military industry sector has experienced a significant surge, driven by geopolitical factors and advancements in technology, with a notable increase in military trade potential for 2024 [1][4][6]. Group 1: Market Performance - The military sector saw a strong rebound, with the military ETF rising nearly 6% and over 30 stocks hitting the daily limit or increasing by more than 10% [1][3]. - The backdrop of easing tensions in the India-Pakistan conflict has contributed to this unexpected rally in the military sector [3][6]. Group 2: Technological Advancements - A recent article from the People's Daily emphasized the rapid development of a new round of technological revolution and industrial transformation, highlighting the importance of high-tech weapons in modern warfare [3][4]. - Key growth areas for military capabilities include intelligent technology, unmanned equipment, and big data applications [3][4]. Group 3: Global Military Trade - The global military trade sales are projected to reach $111.6 billion in 2024, with the United States accounting for $42.33 billion, representing 37.92% of the total [4][6]. - The geopolitical landscape, particularly the India-Pakistan conflict, is expected to enhance military trade potential [4][6]. Group 4: Funding and Investment Outlook - Recent data indicates an improvement in the funding landscape for the military sector, with an increase in passive fund sizes and leverage compared to the previous week [4][6]. - Analysts are optimistic about the military industry's recovery in demand by 2025, suggesting a favorable investment environment [4][6]. Group 5: Company Performance and Future Plans - Companies in the military sector are showing confidence in their growth plans for 2025, with significant revenue and profit targets set by firms like Beifang Navigation and Zhongbing Hongjian [7]. - The military sector is expected to see continued activity in themes such as low-altitude economy, commercial aerospace, deep-sea technology, and military intelligence [7].

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（ ...