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]

证券研究报告 七一二 (603712 CH) 行业调整拖累业绩，静待需求回暖 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 07 日│中国内地 | 通信设备制造 | 公司 2024 年实现营收 21.54 亿元（yoy-34.09%），归母净利-2.49 亿元 （yoy-156.58%），扣非净利-2.88 亿元（yoy-173.74%），主要系下游客户 需求放缓，同时期间费用率、信用减值损失等同比增长。1Q25 实现营收 2.16 亿元（yoy-55.88%），归母净利-5401.97 万元（yoy-440.23%），低于我们 此前预期（0.13 亿元），主要系期间费用率仍呈现扩大趋势。展望 25-27 年， 我们认为随着"十四五"进入尾声，军工行业有望逐步恢复常态，推动公司 业绩复苏。维持"买入"评级。 军民无线通信领域持续深耕，积极拓展新领域新客户 2024 年，公司终端、系统产品分别实现营收 12.22/8.01 亿元，分别同比 -36.86/-33.47%，主要受军工行业调整影响。公司持续深耕主业，巩固军民 用无线通信领 ...

丨证券研究报告丨 公司研究丨点评报告丨七一二（603712.SH） [Table_Title] 需求波动导致收入业绩下滑，静待景气复苏 报告要点 [Table_Summary] 受下游需求波动影响，公司产品订单减少导致收入业绩同步下滑。公司单季度毛利率环比显著 提升，主要系收入结构影响所致。 分析师及联系人 [Table_Author] 王贺嘉 王清 SAC：S0490520110004 SAC：S0490524050001 SFC：BUX462 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 七一二（603712.SH） cjzqdt11111 [Table_Title2] 需求波动导致收入业绩下滑，静待景气复苏 [Table_Summary2] 事件描述 公司发布一季报，实现营业收入 2.16 亿元，同比减少 55.88%，实现归母净利润-0.54 亿元， 同比减少 440.23%。 事件评论 丨证券研究报告丨 2025-05-02 公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 公司基础数据 [Table_BaseData] 当前股价(元 ...

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 ...