转自：智通财经 【睿创微纳：前三季度净利润同比增长46.21%】智通财经10月27日电，睿创微纳(688002.SH)发布2025 年第三季度报告，第三季度营收为15.42亿元，同比增长36.70%；净利润为3.56亿元，同比增长 37.33%。前三季度营收为40.86亿元，同比增长29.72%；净利润为7.07亿元，同比增长46.21%。业绩增 长主要系红外热成像及光电业务销售收入增加，产品销售结构优化带动毛利上升所致。 ...

证券之星消息，10月27日鹏华基金旗下苏俊杰管理的鹏华上证科创板100交易型开放式指数基金公布三季报，近1年净值增长率49.82%。与上一季 度相比，该基金前十大重仓股新增东芯股份，源杰科技，云天励飞；其中华虹公司持仓占比3.74%，为该基金第一大重仓股；泽璟制药，纳芯 微，国盾量子等退出前十大重仓股；详细数据如下： | 重合股 | 增减仓 | la s | 持有总数 | 持仓市值 | | --- | --- | --- | --- | --- | | 东芯股份 (688110) | 新进十大 | | 187.2万股 | 2.0亿元 | | 源杰科技 | | | | | | (688498) | 新进十大 | 20 | 36.25万股 | 1.56亿元 | | 云大励飞 (688343) | 新进十大 | | 150.19万股 | 1.33亿元 | | 华虹公司 | 減仓 | -1.75% | 246.35万股 | 2.82亿元 | | (688347) | | | | | | 百济神州 (688235) | 減仓 | -1.89% | 69.59万股 | 2.14亿元 | | 睿创微纳 (688002) | ...

Investment Rating - The report maintains a "Positive" investment rating for the military industry [2] Core Insights - The report emphasizes the timely achievement of the centenary goal of building a strong military, highlighting the modernization of national defense and military capabilities [13] - It identifies three dimensions—defense budget, military trade, and military-civilian integration—as key areas for growth in the military industry, indicating that the sector still has significant growth potential [20] - The report outlines a new "three-step" strategy for national defense and military modernization, aiming for substantial advancements by 2035 and a world-class military by the mid-21st century [17] Summary by Sections Section 1: National Defense and Military Goals - The Fourth Plenary Session of the 20th Central Committee emphasizes achieving the centenary goal of building a strong military and advancing military modernization [13] - The session outlines a strategic framework for military development, focusing on political, reform, technological, and talent-driven advancements [13] Section 2: Defense Budget and Military Trade - China's defense budget for 2025 is projected at 1.7847 trillion yuan, with a growth rate of 7.2%, which is higher than the GDP growth target [23] - The report notes that China's defense spending as a percentage of GDP has room to grow, with a current ratio lower than that of major Western countries [23][25] - China's military trade share in the global market is approximately 6%, with potential for significant growth if it reaches 10%-20% [28] Section 3: Military-Civilian Integration - The report highlights the commercial aviation sector's potential for growth, estimating that the domestic commercial aircraft market could be 2.5 times the current military aircraft market [33] - It discusses the expected growth in the commercial aerospace sector, driven by advancements in satellite technology and the establishment of large satellite constellations [39] Section 4: Space Industry Development - The Fourth Plenary Session calls for accelerated construction of a strong aerospace nation, with significant investments in commercial space initiatives [39] - The report details plans for multiple large-scale satellite constellations, with significant deployment milestones set for 2025, 2027, and 2030 [52][48] Section 5: Investment Strategy for the Military Industry - The report suggests a focus on companies that enhance product capabilities, market penetration, and customer pricing as key investment targets [71] - It emphasizes the importance of selecting stocks based on their potential for growth in the context of military modernization and technological advancements [71]

Core Viewpoint - The A-share market has seen significant gains in semiconductor stocks, with several companies reaching their daily price limits, indicating strong investor interest and market momentum [1] Group 1: Stock Performance - Yuanjie Technology hit the 20% daily limit increase [1] - Taiji Industry and Wentai Technology both reached a 10% daily limit increase [1] - Zhongwei Semiconductor rose over 9% [1] - Canxin Technology increased over 8% [1] - Companies such as Diaomicro, Jucheng Technology, and others saw gains exceeding 7% [1] - A number of other semiconductor stocks, including Hanwha Technology and Chipone Technology, experienced increases of over 5% [1]

Investment Rating - The report assigns an "Overweight" rating for the defense industry [9]. Core Viewpoints - The report highlights the successful launch of the "Yinli No. 1" rocket, which deployed three satellites, and notes the acceleration of unmanned transformation in multiple navies [2][7]. - It emphasizes that the intensification of great power competition is a long-term trend, suggesting that defense spending will increase as nations seek to ensure peace and security [8][9]. Summary by Sections Investment Highlights - Recommended stocks include: 1) Assembly: AVIC Shenyang Aircraft (600760.SH), Aerospace South Lake (688552.SH), AVIC Xi'an Aircraft (000768.SZ) 2) Components: AVIC Optoelectronics (002179.SZ), Guobo Electronics (688375.SH), Ruichuang Micro-Nano (688002.SH) 3) Subsystems: Aero Engine Corporation of China (600893.SH), AVIC Avionics (600372.SH), Northern Navigation (600435.SH) 4) Materials and Processing: Feilihua (300395.SZ), Guangwei Composite (300699.SZ), Huayin Technology (688281.SH) [9][10]. Market Review - The defense industry index rose by 0.24% last week, underperforming the broader market by 0.13 percentage points, ranking 16th out of 29 sectors [11][12]. - The report notes that the materials and processing sector performed particularly well during this period [11][12]. Major News in the Defense Industry - Domestic news includes the deployment of a naval escort fleet to the Gulf of Aden and the upcoming "Peace and Friendship-2025" joint exercise between China and Malaysia [21][25]. - Internationally, several navies, including those of the UK, France, the US, and South Korea, are advancing unmanned capabilities and enhancing collaborative operations between manned and unmanned systems [27][28].

Core Viewpoint - Ruichuang Micro-Nano has experienced a decline in stock price, with a 5.13% drop on October 14, bringing the share price to 80.00 yuan, and a total market capitalization of 368.19 billion yuan. The stock has fallen 4.65% over the last three days [1]. Company Overview - Ruichuang Micro-Nano Technology Co., Ltd. is located in the Yantai Free Trade Zone, Shandong, China, and was established on December 11, 2009. The company went public on July 22, 2019. Its main business includes the design and manufacturing of specialized integrated circuits, MEMS sensors, and infrared imaging products. The revenue composition is as follows: infrared thermal imaging and optoelectronic business 94.48%, microwave radio frequency business 2.94%, and others 2.59% [1]. Fund Holdings - According to data from the top ten holdings of funds, one fund under the Fortune Fund has a significant position in Ruichuang Micro-Nano. The Fortune SSE STAR 100 Index Initiated A Fund (021329) reduced its holdings by 6,437 shares in the second quarter, holding 68,200 shares, which accounts for 2.73% of the fund's net value, making it the second-largest holding. The estimated floating loss today is approximately 295,200 yuan, with a total floating loss of 280,200 yuan during the three-day decline [2]. Fund Manager Performance - The fund manager of the Fortune SSE STAR 100 Index Initiated A Fund (021329) is Cao Ludi. As of the report, Cao has been in the position for 5 years and 149 days, with total fund assets of 13.739 billion yuan. The best fund return during the tenure is 115.14%, while the worst return is -44.98% [3].

重要内容提示： 一、可转债发行上市概况 根据中国证券监督管理委员会出具的《关于同意烟台睿创微纳技术股份有限 公司向不特定对象发行可转换公司债券注册的批复》（证监许可[2022]2749 号）， 公司向不特定对象发行可转债 15,646,900 张，每张面值为人民币 100 元，按面 值发行。本次发行可转换公司债券募集资金总额为 156,469.00 万元（含发行费 用），实际募集资金净额人民币 155,479.06 万元。上述募集资金已全部到位，信 转股情况：自 2025 年 7 月 1 日起至 2025 年 9 月 30 日，"睿创转债" 共有人民币 8,000 元已转换为公司股票，转股数量为 202 股，占"睿创 转债"发行总额的 0.01%。 累计转股情况：截止 2025 年 9 月 30 日，"睿创转债"累计有人民币 95,256,000 元已转换为公司股票，累计转股数量为 2,399,263 股，占"睿 创转债"发行总额的 6.09%。 尚未转股情况：截止 2025 年 9 月 30 日，"睿创转债"尚未转股的可转 债金额为人民币 1,469,434,000 元，占"睿创转债"发行总额的 93.91 ...

Core Viewpoint - The stock of Ruichuang Micro-Nano has shown significant growth this year, with a year-to-date increase of 79% as of September 29, 2023, despite a recent decline in share price [1] Financial Performance - For the first half of 2025, Ruichuang Micro-Nano reported a revenue of 2.544 billion yuan, representing a year-on-year growth of 25.82% [2] - The net profit attributable to shareholders for the same period was 351 million yuan, reflecting a year-on-year increase of 56.46% [2] Shareholder Information - As of June 30, 2025, the number of shareholders for Ruichuang Micro-Nano was 13,800, a decrease of 17.63% from the previous period [2] - The average number of circulating shares per shareholder increased by 21.95% to 33,156 shares [2] Dividend Distribution - Since its A-share listing, Ruichuang Micro-Nano has distributed a total of 331 million yuan in dividends, with 199 million yuan distributed over the last three years [3] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, holding 13.1661 million shares, a decrease of 2.2672 million shares from the previous period [3] - The top ten circulating shareholders included various ETFs, with notable increases in holdings from the Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF and the Southern CSI 500 ETF [3]

Summary of RuiChuang WeiNa Conference Call Company Overview - RuiChuang WeiNa has acquired a 70% stake in Wuxi HuaCe through two acquisitions, strategically positioning itself in the RF front-end chip and module (TR component) sector, which is crucial for modern radar and communication systems. The demand for TR components is expected to rise significantly due to the trend towards active phased array radar and major national projects like satellite internet construction, projected to create a market worth hundreds of billions [2][19]. Core Business Segments - The company operates primarily in two segments: infrared imaging and RF business. The infrared imaging segment is the foundation of the company, achieving a leading global market share with a market size reaching tens of billions of USD. The RF business has been bolstered by acquisitions, with a 50% market share in the global drone and payload market [4][15]. Technological Advancements - RuiChuang WeiNa boasts leading technologies in infrared imaging, including 8-micron ultra-high-definition and 6-micron uncooled infrared detectors. The company has transitioned from catching up to surpassing competitors in technology [6][14]. - The company is also expanding into multi-dimensional sensing solutions, including laser and microwave technologies, to build a comprehensive sensing architecture [6]. Financial Performance - Revenue has been steadily increasing, with a recovery in profits expected in 2023 and 2024 after a decline in 2021 and 2022 due to demand fluctuations. The infrared imaging segment has consistently contributed 40%-50% to overall sales [8][9]. Research and Development - R&D expenses are close to 20% of revenue, with a rising proportion of high-end innovative talent, increasing from 22% in 2020 to 29% in 2024. A convertible bond project is expected to generate an additional 4.5 billion CNY in revenue upon reaching full production [9][10]. Market Trends - The infrared thermal imaging market is expected to grow significantly, with military applications projected to have a compound annual growth rate (CAGR) of around 10%. The civilian market is driven by decreasing unit prices, with handheld thermal imaging demand expected to grow at 8% annually [13][25]. Cost Reduction Strategies - The company is focused on reducing unit costs to expand into the civilian market. By mastering advanced packaging technologies, particularly wafer-level packaging, the company aims to lower packaging costs from 50-60% to 25-35% [16][17]. International Market Presence - Europe represents a significant opportunity, as it accounts for 30% of global thermal imaging purchases but only produces 13%. RuiChuang WeiNa's products are highly recognized in Europe and North America, making it a key supplier in these regions [18]. Future Developments - The company plans to launch several projects by the end of the year, which are expected to enhance market demand fulfillment and drive long-term growth. A new equity incentive plan is also set to be implemented in mid-2025 to align interests with core staff [10][11]. Competitive Advantages - The company has established a full value chain from chip production to complete systems, enhancing its competitive edge in both military and civilian markets. The dual business model aims for steady growth through RF business development alongside its core operations [27]. Conclusion - RuiChuang WeiNa is well-positioned for future growth with its strategic acquisitions, technological advancements, and strong market presence in both infrared imaging and RF components, supported by robust R&D and cost-reduction strategies. The company is set to capitalize on emerging market opportunities and trends in both military and civilian applications.

Core Viewpoint - The company is actively exploring the robotics market and collaborating with major domestic robotics manufacturers to develop various products [1] Group 1 - The company has received inquiries about its involvement in humanoid robotics and potential collaborations with companies like Tesla, Yushun, and Figure [1] - The company is engaged in cooperation and sample testing with leading domestic robotics firms [1] - The products being developed include infrared temperature measurement modules, multi-dimensional perception fusion modules, and multi-dimensional perception gimbals [1]