格隆汇12月3日丨盟升电子(688311.SH)在投资者互动平台表示，公司未与"四川凌空天行科技"签署战略 合作。 ...

Core Insights - The report highlights a significant turning point for the defense and military industry in 2025, with a strong recovery in both fundamentals and market performance, indicating a shift from policy expectations to actual performance realization [4][9][11] - The industry is entering a new phase characterized by rigid demand, structural upgrades, and improved financial health, with five core judgments outlined for 2026 [4][6][24] Industry Trends - The defense and military sector saw a cumulative increase of 16.39% in the Shenwan Defense Index by October 31, 2025, closely aligning with the performance of the CSI 300 index but lagging behind the growth-driven ChiNext index [9] - The market experienced a "Q1 bottoming, Q2 recovery, Q3 acceleration, and Q4 consolidation" rhythm, with the driving force shifting from policy expectations to performance realization [9][10] Financial Performance - The industry ended the "increasing revenue without increasing profit" dilemma, with significant improvements in operating cash flow and profitability quality, marking a transition to a new phase of high-quality development [4][24][26] - By November 10, 2025, the PE-TTM (excluding negative values) for the defense sector was approximately 70 times, indicating a structural revaluation rather than a systemic bubble [20][24] Revenue and Profitability - The report indicates a recovery in revenue and profit growth in 2025, with a notable increase in operating cash flow, signaling a turnaround from previous years of negative cash flow [24][31] - The industry experienced a significant rebound in profitability, with a 17.29% year-on-year increase in net profit attributable to shareholders in Q3 2025, reflecting effective cost control and improved operational efficiency [26][31] Investment Focus - The investment strategy focuses on four main lines: the main battle equipment supply chain from a military trade perspective, advanced combat capabilities, military-civilian integration sectors, and reform and asset securitization [4][6][26] - Key companies to watch include AVIC Shenyang Aircraft Corporation, China Aerospace Science and Technology Corporation, and others involved in military trade and advanced combat technologies [4][6][26]

Core Viewpoint - The company, established in 2013 and listed in 2020, specializes in satellite navigation and communication terminal equipment, showing strengths in satellite application technology research and manufacturing [1]. Group 1: Business Performance - For Q3 2025, the company's revenue was 248 million yuan, ranking 46th among 64 companies in the industry, with the industry leader, AVIC Chengfei, reporting revenue of 48.286 billion yuan [2]. - The net profit for the same period was -47.387 million yuan, placing the company 45th in the industry, while the top performer reported a net profit of 2.175 billion yuan [2]. Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 29.99%, lower than the previous year's 32.32% and below the industry average of 32.84%, indicating good solvency [3]. - The gross profit margin for the same period was 34.64%, down from 45.42% year-on-year and slightly below the industry average of 34.84%, suggesting pressure on profitability [3]. Group 3: Executive Compensation - The chairman, Xiang Rong, received a salary of 1.893 million yuan in 2024, a decrease of 132,500 yuan from 2023 [4]. - The general manager, Liu Rong, had a salary of 1.2554 million yuan in 2024, down by 95,100 yuan from the previous year [4]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 38.95% to 9,404, while the average number of shares held per shareholder decreased by 28.03% to 17,900 shares [5]. - New major shareholders include Changxin National Defense and Hong Kong Central Clearing, while some previous shareholders exited the top ten list [5]. Group 5: Future Outlook - Huatai Securities is optimistic about the company's development prospects, highlighting recovery in military products and growth in civil products, particularly in satellite communications [6]. - The company has signed a strategic cooperation agreement with Sichuan Development Strategy, which is expected to enhance its market expansion in aerospace and satellite industries [6]. - Profit forecasts have been adjusted downward, with expected net profits for 2025-2027 being 50 million, 150 million, and 237 million yuan respectively, with a target price of 49.94 yuan based on a 56x PE valuation for 2026 [6].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 49.94 RMB [7][5]. Core Insights - The company has experienced rapid revenue growth driven by a recovery in military product demand, with Q3 revenue reaching 128 million RMB, a year-on-year increase of 1727.32% and a quarter-on-quarter increase of 30.25% [1][2]. - The military product segment is seeing a resurgence, particularly in precision-guided munitions and electronic countermeasures, while the civil product segment is expanding with advancements in aviation satellite communication and low-orbit satellite networks [2][3]. - The strategic investment from Sichuan Development, acquiring a 6.25% stake, is expected to enhance the company's capabilities in the aerospace and satellite industries [3]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a total revenue of 248 million RMB, a year-on-year increase of 185.29%, while the net profit attributable to the parent company was a loss of 47.54 million RMB, improving by 62.74% year-on-year [1][4]. - The gross margin for the first nine months of 2025 was 34.64%, a decrease of 10.78 percentage points year-on-year, while the net profit margin was -19.15%, an increase of 127.51 percentage points year-on-year [4]. Business Outlook - The company is expected to benefit from a strong order backlog and growth in demand for military and civil products during the 14th Five-Year Plan period [2]. - The civil product business is actively pursuing market opportunities, particularly in the C919 domestic aircraft and satellite internet sectors, which are anticipated to see significant growth [2]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 50.41 million RMB, 149.74 million RMB, and 236.75 million RMB respectively, reflecting a downward revision due to slower-than-expected profit recovery [5][11]. - The company is assigned a 2026 PE valuation of 56 times, with a target price adjustment to 49.94 RMB [5][11].

Core Insights - The company, Alliance Electronics (688311.SH), reported a significant increase in total operating revenue for the first three quarters of 2025, reaching 248 million yuan, which represents a year-on-year growth of 185.29% [1] - The net profit attributable to shareholders of the parent company was a loss of 47.5454 million yuan, which is an improvement of 80.0599 million yuan compared to the same period last year [1] - The basic earnings per share stood at -0.28 yuan [1]

Group 1 - The core point of the article is that Mengsheng Electronics reported significant revenue growth in Q3 2025, with a year-on-year increase of 185.29% to approximately 248 million yuan, despite a net loss attributable to shareholders of about 47.55 million yuan [1] - The basic earnings per share for the company is reported as a loss of 0.28 yuan [1] - As of the report date, Mengsheng Electronics has a market capitalization of 6.3 billion yuan [2]

使用部分闲置可转债募集资金进行现金管理的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐机构"） 作为成都盟升电子技术股份有限公司（以下简称"盟升电子"或"公司"）向不 特定对象发行可转换公司债券并在科创板上市的保荐机构，根据《上市公司募集 资金监管规则》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范 运作》等等法律、行政法规、部门规章及业务规则，对盟升电子拟使用部分闲置 可转债募集资金进行现金管理的事项进行了认真、审慎的核查，核查情况如下： 一、募集资金基本情况 经中国证券监督管理委员会核发的《关于同意成都盟升电子技术股份有限公 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[2023]1352 号），公 司向不特定对象发行可转换公司债券300.00万张，每张面值为人民币100.00元， 募集资金总额为人民币 300,000,000.00 元，扣除发行费用 5,272,641.51 元（不含 增值税）后，实际募集资金净额为 294,727,358.49 元。本次募集资金已于 2023 年 9 月 18 日全部到位，立信会计师事务所（特殊普通合伙）于 2023 年 9 ...

| 证券代码：688311 | 证券简称：盟升电子 | 公告编号：2025-076 | | --- | --- | --- | | 转债代码：118045 | 转债简称：盟升转债 | | 成都盟升电子技术股份有限公司 关于使用部分闲置可转债募集资金进行现金管理的 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、准确性和完整性依法承担法律责任。 成都盟升电子技术股份有限公司（以下简称"公司"）于2025年10月27日召 开第五届董事会第四次会议，审议通过了《关于使用部分闲置可转债募集资金进 行现金管理的议案》，同意公司使用最高不超过人民币2.3亿元（包含本数）的 暂时闲置可转债募集资金进行现金管理，用于购买安全性高、流动性好、有保本 约定的投资产品（包括但不限于结构性存款、大额存单等安全性高的保本型产品）， 在上述额度范围内，资金可以滚动使用，使用期限不超过12个月，额度自董事会 审议通过之日起12个月内有效。董事会授权管理层行使该项决策权及签署相关法 律文件，具体事项由公司总经理负责组织实施。该事项在董事会审批权限范围内， 无需提交股东会审批。保荐机 ...

| 证券代码：688311 | 证券简称：盟升电子 公告编号：2025-077 | | --- | --- | | 转债代码：118045 | 转债简称：盟升转债 | 成都盟升电子技术股份有限公司 第五届董事会第四次会议决议公告 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、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 成都盟升电子技术股份有限公司（以下简称"公司"）第五届董事会第四次 会议通知于2025年10月23日以通讯方式送达全体董事。会议于2025年10月27日在 公司会议室以现场和通讯相结合的方式召开。本次会议由公司董事长向荣先生召 集并主持，应到董事7人，实到董事7人。本次会议的召集和召开程序符合《中华 人民共和国公司法》和《成都盟升电子技术股份有限公司章程》等相关规定，会 议形成的决议合法、有效。 本议案已经公司第五届董事会审计委员会第二次会议审议通过，董事会审计 委员会认为：公司2025年第三季度报告真实反映了公司2025年第三季度的财务状 况、经营成果和现金流量，不存在虚假记载、误导性陈述和重大遗漏，同意将该 项议案提交公司 ...

Financial Performance - The company's operating revenue for the third quarter was ¥128,471,313.38, representing a year-on-year increase of 1727.32%[3] - Year-to-date operating revenue reached ¥248,222,145.07, showing an increase of 185.29% compared to the same period last year[3] - Total operating revenue for the first three quarters of 2025 reached ¥248,222,145.07, a significant increase from ¥87,005,718.07 in the same period of 2024, representing a growth of approximately 185.1%[20] - Total operating costs for the first three quarters of 2025 were ¥312,869,742.45, compared to ¥201,365,706.13 in 2024, indicating an increase of about 55.4%[20] - Net loss for the first three quarters of 2025 was ¥47,386,976.35, an improvement from a net loss of ¥128,469,423.52 in the same period of 2024[21] - The company reported a basic and diluted earnings per share of -¥0.28 for the first three quarters of 2025, compared to -¥0.80 in 2024[22] Cash Flow - The cash flow from operating activities for the year-to-date was ¥158,587,642.50, indicating a significant recovery in cash inflow[3][9] - Cash inflows from operating activities totaled ¥389,345,892.37 in the first three quarters of 2025, significantly higher than ¥141,093,831.74 in 2024[24] - The net cash flow from operating activities was 158,587,642.50, a significant improvement compared to -152,479,560.10 from the previous period[25] - Cash outflows from operating activities totaled 230,758,249.87, down from 293,573,391.84 in the prior period[25] - The net cash flow from investing activities was -83,805,417.59, an improvement from -118,231,782.47 in the previous period[25] - Cash inflows from investing activities amounted to 1,219,713,295.51, compared to 1,274,008,178.71 previously[25] - The net cash flow from financing activities was -23,810,670.72, an improvement from -49,323,828.07 previously[27] Assets and Liabilities - The total assets at the end of the reporting period were ¥2,344,382,249.39, reflecting a 2.32% increase from the end of the previous year[4] - The total liabilities increased to ¥703,115,581.20 in 2025 from ¥613,934,873.89 in 2024, marking an increase of approximately 14.6%[19] - The company's total equity decreased to ¥1,641,266,668.19 in 2025 from ¥1,677,222,997.71 in 2024, a decline of about 2.1%[19] - The company reported a decrease in net assets attributable to shareholders by 2.22% compared to the previous year[4] Research and Development - Research and development expenses totaled ¥28,658,489.25 for the quarter, accounting for 22.31% of operating revenue, a decrease of 195.76 percentage points[4] - Research and development expenses for the first three quarters of 2025 amounted to ¥62,421,808.48, up from ¥54,023,477.06 in 2024, reflecting a focus on innovation[20] Shareholder Information - The total number of common shareholders at the end of the reporting period is 9,404[11] - Chengdu Rongtou Innovation Investment Co., Ltd. holds 25.25% of shares, totaling 42,390,840 shares[12] Inventory and Receivables - Accounts receivable increased to ¥558,251,781.61 from ¥499,382,092.11, reflecting a growth of about 11.8%[16] - Inventory has risen to ¥409,289,901.23 from ¥329,137,969.09, indicating an increase of approximately 24.3%[17] Other Information - The company has no significant new product launches or technological developments reported in the conference call[14] - There are no updates on market expansion or mergers and acquisitions mentioned during the call[14] - The company has not disclosed any new strategic initiatives in the recent earnings call[14] - There are no changes in the shareholding structure due to margin trading or securities lending activities reported[13]