Investment Rating - The investment rating for Guobo Electronics (688375) is "Buy" with a target price of 70.00 CNY, indicating an expected return of over 10% relative to the CSI 300 index in the next six months [1][6][29]. Core Insights - Guobo Electronics is a leading enterprise in T/R component production, primarily serving the military electronics sector, with a significant focus on active phased array T/R components and RF integrated circuits [1][6]. - The company reported a revenue of 1.814 billion CNY for Q1-Q3 2024, a decrease of 35.83% year-on-year, and a net profit of 306 million CNY, down 31.93% year-on-year. However, the gross margin improved to 36.39%, up 4.14 percentage points [1][5]. - The report anticipates a recovery in the industry, with expectations for revenue growth in the coming years, projecting revenues of 2.827 billion CNY, 3.316 billion CNY, and 3.958 billion CNY for 2024, 2025, and 2026 respectively [6][12]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 511 million CNY, a year-on-year decline of 43.51%, and a net profit of 62 million CNY, down 56.28% year-on-year. The gross margin reached a historical high of 39.58% [1][5]. - The company's operating cash flow turned positive with a net cash flow of 147 million CNY, primarily due to increased cash receipts from maturing notes [5][6]. - The report highlights a slight increase in operating expenses, with sales expenses decreasing by 1.30% to 7 million CNY, while management expenses rose by 4.27% to 97 million CNY [5][6]. Market Position and Growth Potential - Guobo Electronics is positioned to benefit from its backing by China Electronics Technology Group Corporation and is the only listed platform under its subsidiary, which enhances its market competitiveness [1][6]. - The company has successfully delivered products in the low-altitude sensing and satellite communication sectors, indicating a diversification of its revenue streams [5][6]. - The report emphasizes the potential for growth in the low-altitude RF modules and chips, as well as in the low-orbit satellite and commercial aerospace markets, which are expected to accelerate in the coming years [6][12].

证券代码：688375 证券简称：国博电子 公告编号：2024-044 南京国博电子股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本次业绩说明会以网络互动形式召开，公司将针对 2024 年第三季度的经营 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，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 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： 会议召开时间：2024 年 11 月 26 日(星期二)下午 15:00-16:00； 会议召开地点 ： 上海证券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/）； 会议召开方式：上证路演中心网络互动； 投资者可于 2024 年 11 月 19 日(星期二)至 11 月 25 日(星期一)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 support@gbdz.net 进行提问。公司将在说明会上对投资者普遍关注的问题 ...

Group 1: Performance Overview - The company's Q3 performance is under pressure due to industry factors and order rhythm, but it aims to focus on core business development and enhance profitability and competitiveness through technological innovation and lean manufacturing [1] - The gross margin of the main business remains stable, with an overall upward trend [2] Group 2: Product Development and Market Position - The company has developed several RF amplifier chips for mobile terminals, achieving performance at the domestic advanced level, with new products gradually supplied to customers [2] - In the T/R component sector, the company maintains a leading market share in China, being the largest supplier of active phased array T/R components to various system integrators [4] Group 3: Industry Trends and Future Outlook - The demand for RF integrated circuits is expected to increase significantly with the advancement of new mobile communication technologies and the commercialization of 5G networks [2] - The company is actively developing products in the low Earth orbit satellite and commercial aerospace sectors, with multiple products already delivered to customers [3] Group 4: Strategic Initiatives - The company is closely monitoring policies related to mergers and acquisitions and will follow legal procedures for any significant plans in the future [3] - The company emphasizes cost control through lean manufacturing and automation to ensure stable profit margins [2]

Investment Rating - The report maintains an "Outperform" rating for Guobo Electronics, indicating a positive outlook for the company's stock performance relative to the market [4]. Core Views - The company's revenue for Q1-Q3 2024 was 1.814 billion yuan, a year-on-year decrease of 35.83%, with a net profit of 306 million yuan, down 31.93% year-on-year. Q3 alone saw revenue of 511 million yuan, a decline of 43.51% year-on-year, and a net profit of 62 million yuan, down 56.28% year-on-year [4]. - The report highlights that the company's revenue is expected to stabilize and recover as downstream orders pick up, driven by increasing military demand and accelerated expansion in the civilian market [4]. - The gross margin for Q1-Q3 2024 was 36.39%, an increase of 4.14 percentage points year-on-year, while the net margin was 16.90%, up 0.97 percentage points year-on-year. The report notes that the company's profitability is expected to improve as cost reduction and efficiency enhancement measures take effect [4]. - The major shareholder's plan to increase their stake by 400-700 million yuan is seen as a positive signal for market confidence in the company's long-term growth potential [4]. - The company benefits from its strong technical background and dual-market strategy, with military and civilian sectors expected to drive revenue growth [4]. - The earnings forecast for 2024-2026 has been revised downwards due to the impact of fluctuating downstream demand, with projected net profits of 488 million yuan, 602 million yuan, and 787 million yuan for 2024, 2025, and 2026 respectively [4][5]. Summary by Sections Market Data - Closing price: 52.40 yuan - Market capitalization: 13,911 million yuan - Price-to-book ratio: 5.2 - Dividend yield: 0.97% [1][2]. Financial Performance - Q1-Q3 2024 revenue: 1.814 billion yuan, down 35.83% year-on-year - Q3 2024 revenue: 511 million yuan, down 43.51% year-on-year - Q1-Q3 2024 net profit: 306 million yuan, down 31.93% year-on-year - Q3 2024 net profit: 62 million yuan, down 56.28% year-on-year [4][5]. Profitability Metrics - Q1-Q3 2024 gross margin: 36.39%, up 4.14 percentage points year-on-year - Q1-Q3 2024 net margin: 16.90%, up 0.97 percentage points year-on-year - Q3 2024 net margin: 12.10%, down 3.54 percentage points year-on-year [4]. Earnings Forecast - 2024E net profit: 488 million yuan - 2025E net profit: 602 million yuan - 2026E net profit: 787 million yuan [5]. Shareholder Activity - Major shareholder plans to increase stake by 400-700 million yuan, enhancing market confidence [4]. Industry Position - The company is positioned as a leading player in the RF and T/R component market, benefiting from military and civilian demand growth [4].

Investment Rating - The report maintains a "Buy" rating for Guobo Electronics [1] Core Views - The company's revenue and profit have been under pressure due to a decline in the price of T/R components and RF modules, resulting in a 35.83% year-on-year decrease in revenue to 1.814 billion yuan and a 31.93% drop in net profit to 306 million yuan for the first three quarters of 2024 [1][2] - The decline in demand for RF integrated circuits and GaN RF modules is attributed to a slowdown in base station investments following the peak of 5G investments, impacting sales performance [1] - Despite progress in technology research and product development in low-orbit satellites and commercial aerospace, these efforts have not yet contributed significantly to market performance [1] Financial Performance Summary - For Q3 2024, the company reported revenue of 511 million yuan, down 43.51% year-on-year, and a net profit of 62 million yuan, which is a 56.28% decrease [1] - The net cash flow from operating activities reached -214 million yuan in Q3 2024, an increase of 45.19% year-on-year, while the cash flow for the first three quarters was 147 million yuan, up 159.40% year-on-year [2] - R&D expenses for Q3 2024 were 77 million yuan, down 8.38% year-on-year, and totaled 257 million yuan for the first three quarters, a decrease of 2.34% [2] Shareholder Actions - The controlling shareholder, Guojin Southern, plans to increase its stake by no less than 400 million yuan and up to 700 million yuan, indicating confidence in the company's future development and long-term investment value [3] - This share buyback is expected to enhance market confidence in Guobo Electronics and potentially attract more investors [3] Earnings Forecast and Valuation - The company has revised its net profit forecasts for 2024-2026 to 476 million, 556 million, and 703 million yuan, respectively, with corresponding P/E ratios of 70, 60, and 47 times [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.814 billion yuan for the first three quarters of 2024, a year-on-year decline of 35.83%, and a net profit attributable to shareholders of 306 million yuan, down 31.93% year-on-year [2] - The decline in performance is attributed to reduced revenue from T/R components and RF module businesses, but the increase in shareholding by the controlling shareholder reflects confidence in the company's long-term investment value [3] Financial Performance Summary - The company’s revenue for 2023 is projected at 3.567 billion yuan, with a year-on-year growth of 3.1%. For 2024, revenue is expected to decline by 21.5% to 2.799 billion yuan, followed by a recovery to 3.388 billion yuan in 2025 and 4.197 billion yuan in 2026 [6] - The net profit attributable to shareholders is forecasted to be 606 million yuan in 2023, decreasing to 484 million yuan in 2024, then increasing to 612 million yuan in 2025 and 775 million yuan in 2026 [6] - The projected P/E ratios for 2024, 2025, and 2026 are 64.47, 51.02, and 40.28 respectively [4] Shareholder Actions - On October 18, 2024, the controlling shareholder announced plans to increase their stake in the company over the next 12 months, indicating confidence in the company's future stability and long-term investment value [3]

Investment Rating - The report maintains a "Buy" rating for the company [1][19][21]. Core Views - The company experienced a significant decline in revenue and profit in Q3 2024, with revenue of 5.11 billion RMB, down 43.5% year-on-year and 16.2% quarter-on-quarter, and a net profit of 0.62 billion RMB, down 56.3% year-on-year and 50.0% quarter-on-quarter [1][9]. - The decrease in sales is attributed to reduced revenue from T/R components and RF module businesses, indicating a phase of performance pressure [1][9]. - Despite the challenges, the gross margin improved to 39.6% in Q3 2024, up 5.9 percentage points year-on-year, possibly due to changes in revenue structure [2][9]. - The company reported a significant improvement in operating cash flow, achieving 1.5 billion RMB in Q1-Q3 2024, compared to a negative cash flow of 2.5 billion RMB in the same period last year [2][17]. - Shareholders have shown confidence in the company's long-term prospects, with plans for significant share buybacks amounting to 4-7 billion RMB [2][19]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company reported total revenue of 18.14 billion RMB, down 35.8% year-on-year, and a net profit of 3.06 billion RMB, down 31.9% year-on-year [1][9]. - The gross margin for Q1-Q3 2024 was 36.4%, an increase of 4.1 percentage points year-on-year, while the net profit margin was 16.9%, up 1.0 percentage point year-on-year [2][9]. Cash Flow and Shareholder Confidence - The operating cash flow for Q1-Q3 2024 was 1.5 billion RMB, a year-on-year increase of 4.0 billion RMB, primarily due to reduced procurement payments [2][17]. - The controlling shareholder plans to increase their stake in the company, reflecting confidence in its long-term development [2][19]. Profit Forecast and Valuation - The company is projected to achieve net profits of 4.70 billion RMB, 5.24 billion RMB, and 6.81 billion RMB for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 71, 63, and 49 [2][19].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its technological advantages and growth potential in new fields [1][3]. Core Views - The company reported a revenue of 1.814 billion yuan for the first three quarters of 2024, a year-over-year decrease of 35.8%, with a net profit attributable to shareholders of 306 million yuan, down 31.9% year-over-year [1]. - The decline in revenue is attributed to adjustments in industry demand, particularly affecting the T/R components and RF module businesses, but profit margins have improved [1]. - The major shareholder plans to increase their stake in the company by 400 to 700 million yuan, reflecting confidence in the company's long-term development [1]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 511 million yuan, a year-over-year decline of 43.5% [1]. - The gross margin for the first three quarters of 2024 improved by 4.1 percentage points to 36.4%, while the net margin increased by 1.0 percentage point to 16.9% [1]. - Research and development expenses as a percentage of revenue increased by 4.9 percentage points to 14.2% [1]. - The company reported a net cash flow from operating activities of 147 million yuan, a significant improvement from a negative cash flow of 248 million yuan in the same period last year [1]. Future Earnings Forecast - The company is expected to see net profits of 516 million yuan, 664 million yuan, and 838 million yuan for the years 2024, 2025, and 2026, respectively [1][4]. - The current stock price corresponds to price-to-earnings ratios of 64x, 50x, and 40x for the years 2024, 2025, and 2026 [1][4].

《科创板日报》10月30日讯（记者 邱思雨） 10月29日晚间，国博电子发布三季度业绩公告。 该公司2024年前三季度营收约18.14亿元，同比减少35.83%；归母净利润约3.06亿元，同比减少 31.93%。 单看第三季度，该公司实现营收5.11亿元，同比减少43.51%；归母净利润6185.33万元，同比减少 56.28%。 对于营收、净利润下滑，国博电子解释主要系T/R组件和射频模块业务收入减少所致。 国博电子主要从事有源相控阵T/R组件和射频集成电路相关产品的研发、生产和销售，产品主要包括有 源相控阵T/R组件、砷化镓基站射频集成电路等，覆盖军用与民用领域。有源相控阵T/R组件主要应用 于精确制导、雷达探测领域，砷化镓基站射频集成电路主要应用于移动通信基站领域,并逐步拓展到移 动通信终端和无线局域网领域。 T/R组件是低轨卫星载荷平台的核心之一，在卫星载荷中价值占比较高。国博电子表示，组件方面， 该 公司在低轨卫星和商业航天领域均开展了技术研发和产品开发工作，多款T/R组件产品已开始交付客 户。 基站领域， 5G投资高峰过后，基站投资放缓，受此影响基站设备制造商对射频集成电路和GaN射频模 块的需求 ...

Financial Performance - Revenue for Q3 2024 was CNY 510,981,624.01, a decrease of 43.51% compared to the same period last year[2] - Net profit attributable to shareholders for Q3 2024 was CNY 61,853,328.50, down 56.28% year-on-year[2] - Basic earnings per share for Q3 2024 was CNY 0.10, a decline of 58.33% compared to the previous year[3] - The company reported a decrease in net profit for the year-to-date of 31.93% compared to the same period last year[6] - Total operating revenue for the first three quarters of 2024 was CNY 1,813,593,985.69, a decrease of 35.8% compared to CNY 2,826,048,619.13 in the same period of 2023[14] - Net profit for the first three quarters of 2024 was CNY 306,409,434.58, a decline of 32.0% compared to CNY 450,138,422.29 in 2023[15] - The total comprehensive income for the third quarter of 2024 was CNY 306,409,434.58, a decrease of 32% compared to CNY 450,138,422.29 in the same period of 2023[16] Research and Development - R&D investment totaled CNY 76,944,884.71 in Q3 2024, representing 15.06% of revenue, an increase of 5.78 percentage points year-on-year[3] - The company reported a research and development expense of CNY 256,776,758.01 for the first three quarters of 2024, slightly down from CNY 262,932,939.83 in 2023[14] Assets and Liabilities - Total assets at the end of Q3 2024 were CNY 8,039,256,980.88, a decrease of 5.10% from the end of the previous year[3] - Total assets decreased to CNY 8,039,256,980.88 in Q3 2024 from CNY 8,471,069,558.54 in Q3 2023, reflecting a reduction of 5.1%[13] - Total liabilities decreased to CNY 2,032,929,445.46 in Q3 2024 from CNY 2,473,001,530.56 in Q3 2023, a decline of 17.8%[13] - Current assets totaled CNY 6,028,295,454.83 in Q3 2024, down from CNY 6,501,193,730.70 in Q3 2023, a decrease of 7.3%[12] - The company’s total equity increased to CNY 6,006,327,535.42 in Q3 2024 from CNY 5,998,068,027.98 in Q3 2023, a slight increase of 0.1%[13] Cash Flow - Net cash flow from operating activities for the year-to-date was CNY 147,466,485.41[2] - Cash flow from operating activities generated a net cash inflow of CNY 147,466,485.41, a significant recovery from a net outflow of CNY -248,253,070.86 in the same period last year[18] - Cash inflow from operating activities totaled CNY 2,153,158,712.63, an increase of 11.9% compared to CNY 1,924,286,680.97 in the previous year[18] - Cash outflow from operating activities was CNY 2,005,692,227.22, down 7.67% from CNY 2,172,539,751.83 in the same period of 2023[18] - Cash flow from investing activities generated a net cash inflow of CNY 20,040,669.69, a decrease of 86.76% compared to CNY 150,980,491.09 in the previous year[18] - The cash and cash equivalents at the end of the period increased to CNY 2,475,222,272.21, up from CNY 2,216,088,083.61 at the end of the same period last year[19] Shareholder Information - The total number of common shareholders at the end of the reporting period is 6,694[7] - The largest shareholder, China Electronics Technology Group Corporation, holds 213,560,151 shares, representing 35.83% of total shares[8] - The top ten shareholders collectively hold a significant portion of shares, with the top three alone accounting for over 67%[8] - The total number of shares held by the top ten unrestricted shareholders is 5,609,145, representing 0.94% of total shares[10] - The company has not reported any changes in the top ten shareholders due to margin trading or securities lending activities[11] - The company has not identified any related party transactions among its major shareholders[9] Inventory and Receivables - Accounts receivable increased to CNY 2.67 billion from CNY 1.74 billion year-over-year, indicating a significant rise in sales or credit terms[11] - Inventory decreased to CNY 365.67 million from CNY 616.71 million, suggesting improved inventory management or reduced production[11] - The company reported a decrease in trading financial assets from CNY 400.58 million to CNY 120.24 million, indicating a shift in investment strategy[11] Tax and Employee Payments - The company reported a decrease in tax payments to CNY 91,202,752.54, down 35.7% from CNY 141,956,464.87 in the previous year[18] - The company paid CNY 307,673,427.36 in cash to employees, an increase of 11.5% compared to CNY 276,053,661.44 in the same period last year[18]