Core Viewpoint - Zhenlei Technology has announced an annual performance forecast, expecting a significant increase in net profit for 2025, driven by growth in demand from special industries and improved operational efficiency [1] Financial Performance - The company anticipates a net profit attributable to shareholders of 123 million to 145 million yuan for 2025, representing a year-on-year increase of 529.64% to 642.26% [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between 104 million and 123 million yuan, reflecting a year-on-year increase of 3678.27% to 4332.00% [1] Market and Industry Dynamics - The company's products and technologies are primarily applied in special fields such as data links, electronic countermeasures, wireless communication terminals, next-generation radios, and phased array communications, as well as in civilian sectors like mobile communication systems and satellite internet [1] - The demand from downstream customers in the special integrated circuit industry has increased due to the domestic special industry cycle, which has positively impacted the company's sales [1] - The company is actively seizing market opportunities in the satellite communication sector, with a steady acceleration in market expansion and significant improvements in project delivery capabilities [1] Operational Efficiency - During the reporting period, the company strengthened cost control, leading to a decrease in operating expenses and an enhancement in operational efficiency and profitability [1]

人民财讯1月27日电，臻镭科技(688270)1月27日公告，预计2025年净利润为1.23亿元到1.45亿元，同比 增加529.64%到642.26%。报告期内，公司产品及技术主要应用于数据链、电子对抗、无线通信终端、 相控阵通信等特种领域，以及移动通信系统、卫星互联网等民用领域。受国内特种行业周期影响，下游 客户的产品需求有所增加。 ...

每经AI快讯，1月27日，臻镭科技(688270.SH)公告称，预计2025年归属于上市公司股东的净利润为1.23 亿元至1.45亿元，同比增长529.64%至642.26%。公司产品及技术主要应用于数据链、电子对抗、无线通 信终端、新一代电台、相控阵通信等特种领域，以及移动通信系统、卫星互联网等民用领域。受国内特 种行业周期影响，特种集成电路行业下游客户的产品需求有所增加，同时公司积极把握卫星通信领域市 场机遇，市场拓展节奏稳步加快，项目交付能力显著提升，整体推动了公司销售收入实现高速增长。 ...

臻镭科技公告称，预计2025年归属于上市公司股东的净利润为1.23亿元-1.45亿元，同比增长 529.64%-642.26%。公司产品及技术主要应用于数据链、电子对抗、无线通信终端、新一代电台、相控 阵通信等特种领域，以及移动通信系统、卫星互联网等民用领域。受国内特种行业周期影响，特种集成 电路行业下游客户的产品需求有所增加，同时公司积极把握卫星通信领域市场机遇，市场拓展节奏稳步 加快，项目交付能力显著提升，整体推动了公司销售收入实现高速增长。 ...

格隆汇1月27日丨臻镭科技（维权）(688270.SH)公布，经财务部门初步测算，预计公司2025年年度实现 归属于母公司所有者的净利润为12,300.00万元到14,500.00万元，同比增加529.64%到642.26%。预计 2025年年度归属于母公司所有者的扣除非经常性损益的净利润为10,400.00万元到12,300.00万元，同比增 加3,678.27%到4,332.00%。 公司产品及技术主要应用于数据链、电子对抗、无线通信终端、新一代电台、相控阵通信等特种领域， 以及移动通信系统、卫星互联网等民用领域。受国内特种行业周期影响，特种集成电路行业下游客户的 产品需求有所增加，同时公司积极把握卫星通信领域市场机遇，市场拓展节奏稳步加快，项目交付能力 显著提升，整体推动了公司销售收入实现高速增长。报告期内，公司强化成本管控，经营费用有所下 降，运营效率与盈利能力得到了提升。 ...

证券代码：688270 证券简称：臻镭科技 公告编号：2026-003 （二）业绩预告情况 1. 经财务部门初步测算，预计浙江臻镭科技股份有限公司（以下简称"公 司"）2025 年年度实现归属于母公司所有者的净利润为 12,300.00 万元到 14,500.00 万元，与上年同期（法定披露数据）相比，将增加 10,346.51 万元到 12,546.51 万元，同比增加 529.64%到 642.26%。 2. 预计 2025 年年度归属于母公司所有者的扣除非经常性损益的净利润为 10,400.00 万元到 12,300.00 万元，与上年同期（法定披露数据）相比实现扭亏 为盈，将增加 10,690.64 万元到 12,590.64 万元，同比增加 3,678.27%到 4,332.00%。 （三）本次业绩预告数据未经注册会计师审计。 浙江臻镭科技股份有限公司 2025 年年度业绩预告 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、准确性和完整性依法承担法律责任。 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 ...

Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry [4] Core Insights - The management adjustment at China Star Network is expected to accelerate the commercialization of satellite internet, with plans to deploy 13,000 low-orbit satellites between 2026 and 2030 [11][12] - The commercial space industry is projected to achieve 50 launches in 2025, marking a significant turning point in 2026, driven by policy support and advancements in reusable rocket technology [13][16] - The report emphasizes continued optimism for commercial aerospace, large aircraft, new combat capabilities, and military trade as key growth areas [16] Summary by Sections Industry Overview - The defense and military industry is experiencing a positive trend, with a 4.37% increase in the industry index, outperforming the Shanghai and Shenzhen 300 index [18][19] Commercial Aerospace - The management changes at China Star Network reflect a strategic focus on fulfilling satellite constellation deployment goals, with a critical period from 2027 to 2029 for compliance with ITU regulations [12] - The rapid growth in commercial space launches is highlighted, with 50 launches expected in 2025, representing 54% of total space launches in China [13][15] Investment Opportunities - The report identifies several investment targets within the commercial aerospace sector, including: - Aerospace Electronics (600879, Buy) - National Science and Technology Military Industry (688543, Not Rated) - Aerospace Power (600343, Not Rated) [16] - The report also highlights potential in the large aircraft and military trade sectors, suggesting a broad development space for military enterprises [16]

Group 1 - The core viewpoint of the news highlights the advancements in China's commercial aerospace sector, particularly the timelines and differentiated paths for the development of reusable rockets, with 2026 being a pivotal year for technology validation [1] - Key figures from major companies, including Zhang Xiaodong from Blue Arrow Aerospace and Li Jun from Star River Power, presented updates on their respective rocket projects, indicating a collaborative effort towards achieving reusable rocket technology [1] - The report from Western Securities emphasizes that the global commercial aerospace industry is transitioning from "single satellite tests" to "constellation networks," with China's satellite deployment currently at only about 1% completion [1] Group 2 - The Satellite ETF Penghua closely tracks the CSI Satellite Industry Index, which includes 50 listed companies involved in satellite manufacturing, launching, communication, navigation, and remote sensing, reflecting the overall performance of the satellite industry [2] - As of December 31, 2025, the top ten weighted stocks in the CSI Satellite Industry Index account for 63.64% of the index, with major companies including China Satellite, Aerospace Electronics, and China Satcom [2]

Core Insights - The report emphasizes the ongoing prosperity in the commercial aerospace and military sectors, highlighting opportunities in overseas markets and the importance of technological advancements in the industry [2][3] Group 1: Industry Overview - The commercial aerospace sector is experiencing upward momentum, driven by SpaceX's advancements in reusable rocket technology, which could reduce space access costs by 100 times [13] - The military aviation sector is expected to benefit from increased demand for large aircraft and military trade, with significant growth anticipated in 2026 [14] - The report identifies a focus on supply chain reforms and the integration of AI technologies as key trends shaping the future of the defense and aerospace industries [15] Group 2: Investment Recommendations - The report recommends companies that align with the "S-curve" evolution, focusing on supply chain reforms and automation, including firms like航发动力 (Aero Engine Corporation) and 中航沈飞 (AVIC Shenyang Aircraft Corporation) [15] - Companies positioned for expansion in military trade and civil aviation, such as 国睿科技 (Guorui Technology) and 中国动力 (China Power), are highlighted for their growth potential [15] - Emerging industries like commercial aerospace, AI, and quantum computing are also recommended, with firms like 睿创微纳 (Ruichuang Micro-Nano) and 菲利华 (Feilihua) noted for their innovative capabilities [15] Group 3: Company Valuations and Financial Analysis - 航发动力 (Aero Engine Corporation) is projected to have a 2025E EPS of 0.22 CNY, with a PE ratio of 216.82 for 2025 [6] - 中航高科 (AVIC High-tech) is expected to achieve a 2025E EPS of 0.90 CNY, with a PE ratio of 29.16 for 2025 [6] - The report provides detailed financial metrics for various companies, indicating growth in EPS and improvements in PE ratios across the sector, reflecting a positive outlook for the defense and aerospace industries [6]

Market Overview - On January 23, A-shares saw a collective rise in the three major indices, with the Shanghai Composite Index up by 0.33% closing at 4136 points, the Shenzhen Component Index up by 0.79%, and the ChiNext Index up by 0.63% [1] High-Performance Stocks - Fenglong Co. achieved an 18-day consecutive rise, Jianghuai Microelectronics had a 5-day consecutive rise, and Jin'an Guoji recorded 4 rises in 7 days [3] Top Net Buy and Sell on Dragon and Tiger List - The top three net buying stocks were Goldwind Technology (9.38 billion), Zhenlei Technology (8.35 billion), and Jiejiacreat (5.38 billion) [4] - The top three net selling stocks were Liou Co. (10.36 billion), China Great Wall (5.96 billion), and Shenzhen South Circuit (6.82 billion) [5] Institutional Activity - Among stocks with institutional special seats, the top net buying stocks were Goldwind Technology (2.66 billion), Weichai Heavy Machinery (1.46 billion), and Hongbaoli (1.33 billion) [5] - The top net selling stocks with institutional special seats were Shenzhen South Circuit (3.69 billion), JinkoSolar (2.41 billion), and Fenglong Co. (1.62 billion) [5] Key Trading Stocks - Youli Intelligent rose by 16.09% with a turnover rate of 32.32% and a total transaction amount of 2.64 billion [9] - Maiwei Co. hit the daily limit with a turnover rate of 4.26% and a total transaction amount of 26.02 billion [9] - Jiugang Hongxing also hit the daily limit with a turnover rate of 3.80% and a total transaction amount of 4.73 billion [9] - Zhewen Interconnect reached the daily limit with a turnover rate of 23.15% and a total transaction amount of 40.44 billion [9] - Shenzhen South Circuit fell by 6.97% with a turnover rate of 2.27% and a total transaction amount of 37.73 billion [9] Strategic Collaborations and Innovations - Goldwind Technology is involved in commercial aerospace, wind power leadership, and green hydrogen ammonia, with market attention on SpaceX's IPO plans and Blue Arrow Aerospace's status change to "under inquiry" [6] - Dongfang Risen is focusing on space photovoltaic technology and has achieved a record in mass production power with its heterojunction components [7]