Core Viewpoint - The company reported a revenue of 2.591 billion yuan for 2024, a year-on-year decrease of 27.36%, and a net profit attributable to shareholders of 485 million yuan, down 20.06% year-on-year, which aligns with previous announcements [1] Financial Performance - In Q1 2025, the company achieved a revenue of 350 million yuan, a year-on-year decline of 49.51%, and a net profit of 57.53 million yuan, down 52.37% year-on-year, which was below the previous net profit expectation of 124 million yuan [1] - The company's gross margin for 2024 was 38.59%, an increase of 6.31 percentage points year-on-year, with a net profit margin of 18.70%, up 1.71 percentage points year-on-year [2] - For Q1 2025, the gross margin was 43.01%, an increase of 7.38 percentage points year-on-year, while the net profit margin was 16.44%, a decrease of 0.99 percentage points year-on-year [2] Business Segments - The T/R component and RF module business generated revenue of 2.332 billion yuan in 2024, a year-on-year decrease of 30.99%, while the RF chip business revenue was 170 million yuan, an increase of 33.46% year-on-year [2] - The company is actively expanding its T/R component applications across various platforms, including airborne, satellite, and naval systems, which are expected to contribute to performance in 2025 [2] - The company is accelerating its expansion into the mobile terminal sector, with expectations for rapid growth in the RF chip business as products enter mass production [1] Future Outlook - The company maintains an "overweight" rating, projecting net profits for 2025-2027 to be 603 million, 745 million, and 919 million yuan respectively, with slight downward adjustments from previous estimates [3] - The target price for 2025 is set at 62.67 yuan per share, based on a target PE of 62x, reflecting the anticipated growth in military T/R components and rapid breakthroughs in civilian RF chips [3]

Investment Rating - The report maintains an "Accumulate" rating for the company [6]. Core Views - The company experienced a significant revenue decline in Q1 2025, with a year-over-year decrease of 49.51%, primarily due to product delivery rhythm impacts. However, there are expectations for recovery in military products and rapid growth in civilian RF chip business as the company expands into new fields like low-orbit satellites and commercial aerospace [1][2]. - The company’s gross margin improved to 38.59% in 2024, up by 6.31 percentage points year-over-year, attributed to increased application of self-developed chips and effective cost control [2]. - The projected net profit for the company is expected to recover from 4.85 billion yuan in 2024 to 6.03 billion yuan in 2025, with a target price set at 62.67 yuan per share, reflecting a price-to-earnings ratio of 62x for 2025 [3][6]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 2.591 billion yuan, down 27.36% year-over-year, and a net profit of 484.65 million yuan, down 20.06% year-over-year. The first quarter of 2025 saw a revenue of 350 million yuan, down 49.51% year-over-year, and a net profit of 57.53 million yuan, down 52.37% year-over-year [1][5]. - The company’s gross margin for 2024 was 38.59%, with a net profit margin of 18.70%. In Q1 2025, the gross margin increased to 43.01%, while the net profit margin was 16.44% [2]. Business Segments - The T/R component and RF module business is projected to generate 2.332 billion yuan in revenue for 2024, a decrease of 30.99% year-over-year, while the RF chip business is expected to grow by 33.46% year-over-year to 170 million yuan [2]. - The company is actively expanding its T/R component applications across various platforms, which is expected to contribute to performance in 2025 [2]. Valuation Metrics - The company’s projected earnings per share (EPS) for 2025 is 1.01 yuan, with a price-to-earnings (PE) ratio of 49.77x. The projected return on equity (ROE) for 2025 is 9.46% [5][22].

Investment Rating - The report maintains an "Outperform" rating for Guobo Electronics [2][8] Core Views - The company reported 2024 revenue of 2.591 billion yuan, down 27.36% year-on-year, and a net profit of 485 million yuan, down 20.06% year-on-year. Q1 2025 revenue was 350 million yuan, down 49.51% year-on-year, with a net profit of 58 million yuan, down 52.37% year-on-year, indicating performance below market expectations [5][8] - The company is focusing on low-orbit satellites and commercial aerospace, with ongoing technology and product development in these areas, which is expected to provide long-term growth potential [8] - The company is backed by the China Electronics Technology Group Corporation, which is expected to drive steady growth in performance through military and civilian market demand [8] Financial Data and Earnings Forecast - 2024 total revenue is projected at 2.591 billion yuan, with a year-on-year decline of 27.4%. Q1 2025 revenue is expected to be 350 million yuan, with a year-on-year decline of 49.5%. Revenue is forecasted to recover to 3.040 billion yuan in 2025, with a growth rate of 17.3% [7][10] - The net profit for 2024 is projected at 485 million yuan, with a year-on-year decline of 20.1%. The forecast for Q1 2025 is 58 million yuan, down 52.4% year-on-year. The net profit is expected to increase to 587 million yuan in 2025, with a growth rate of 21.1% [7][10] - The gross margin for 2024 is expected to be 38.6%, improving from the previous year, while the net margin is projected at 18.7% [8] Market Position and Strategy - The company is experiencing short-term revenue pressure due to demand fluctuations in its T/R components and RF modules, but it is actively expanding into the terminal market, which is expected to stabilize revenue in the future [8] - The company has a comprehensive industry chain layout from chips to modules and components, which positions it to benefit from external demand recovery [8] - The report has adjusted the profit forecast for 2025-2026, with net profit estimates of 587 million yuan and 735 million yuan respectively, reflecting the impact of demand fluctuations [8]

Group 1 - The core viewpoint of the news is that Yongjin Investment has conducted research on Guobo Electronics, focusing on various aspects such as gross margin improvement, revenue changes, inventory management, and strategic development in response to industry trends [1] - Guobo Electronics has detailed its strategies for enhancing gross margin through cost control and product structure adjustments, despite revenue fluctuations due to macroeconomic factors [1] - The company reported a normal increase in inventory for production reserves in the first quarter, indicating stable production levels [1] - T/R component products are characterized by customization, with revenue recognition based on customer acceptance [1] - Guobo Electronics is actively participating in key projects and maintaining stable prices for mainstream products, with good capacity utilization [1] - The company is strategically expanding into satellite and low-altitude fields, with RF chips already applied in terminal products such as drones, addressing the demands of next-generation mobile communication technologies like 5G-A and 6G [1] - Future plans include extending into antenna array microsystems and deepening involvement in active phased array radar and RF front-end for 5G-A/6G communication base stations, promoting high-quality development [1]

Group 1: Guobo Electronics - Guobo Electronics has improved its gross margin through cost control and product structure adjustments, despite revenue fluctuations due to macroeconomic factors [1] - The company reported a normal increase in inventory as part of production reserves, with stable prices for mainstream products and good capacity utilization [1] - Guobo is actively participating in key projects and is expanding into satellite and low-altitude fields, with RF chips already applied in drone products to meet the demands of next-generation mobile communication technologies [1] Group 2: Lege Co., Ltd. - In 2024, Lege Co., Ltd. faced a challenging environment with a revenue growth of 45.33% but a net profit decline of 46.99%, primarily due to reduced non-recurring income and increased R&D investment [2] - The company has expanded its overseas warehouse operations to 662,100 square meters, serving 1,175 enterprises and shipping over 11 million items, with a capacity utilization rate of 60%-70% [2] - Lege plans to maintain steady progress in 2025, focusing on smart home and overseas warehouse dual main businesses while enhancing brand building and talent optimization [2] Group 3: Baike Biotech - Baike Biotech experienced significant declines in performance in 2024 and the first quarter of 2025, with decreases of 32.64% and 39.96% respectively, mainly due to the impact on shingles vaccine sales [3] - The company aims to enhance market awareness of the shingles vaccine and solidify its position in the chickenpox vaccine market while expanding into international markets [3] - Baike anticipates an increase in R&D investment and sales expense ratios in 2025, followed by a gradual decrease [3] Group 4: Mona Lisa - Mona Lisa is facing multiple challenges in 2024 due to changes in trade environments and real estate adjustments, leading to a 16.34% decline in sales volume and revenue [4] - The company has seen a 20.72% decrease in operating costs, primarily due to lower direct material and fuel costs, and has implemented cost reduction and efficiency measures [4] - Looking ahead to 2025, the industry faces challenges from weakened demand, but urbanization and stock housing renovations present new opportunities [4]

Core Viewpoint - The company has established a strong position in the terminal RF chip market, with recognized supply chain resilience and quality control, and is currently supplying multiple well-known terminal manufacturers [2] Group 1: Product and Supply Chain - The company's terminal RF chip products include RF switches, antenna tuners, WiFi modules, and terminal modules, which are being supplied in bulk to several industry-leading terminal manufacturers [2] - New products based on advanced semiconductor processes, such as mobile PAs, are gradually being supplied to customers [2] Group 2: Financial Performance - The gross margin for Q4 2024 and Q1 2025 is expected to exceed 40%, attributed to cost control measures including process optimization, automation, and self-developed chip applications [2] - Revenue in Q1 experienced a decline due to weak industry demand and delivery pace affecting T/R component and RF module business [2] Group 3: Inventory Management and Production Capacity - The company emphasizes a "sales-driven production" model to ensure supply chain safety, with the increase in inventory in Q1 being a normal production reserve [2] - Current production capacity utilization is good, and completed fundraising projects have enhanced R&D and manufacturing capabilities in the RF chip and component sectors [2] Group 4: Future Outlook - The company aims to consolidate its market position in radar and 5G base stations while expanding into emerging fields such as satellite communication and low-altitude economy [3] - T/R components, as core components for low-orbit satellites, have been delivered in bulk, and RF chips for 5G-A sensing base stations and drone terminals are being applied on a large scale [3] - Continuous development of high-frequency, high-density T/R components and RF microsystem technology is planned to enhance product integration and spectrum range [3]

Core Viewpoint - Nanjing Guobo Electronics Co., Ltd. announced the progress of its major shareholder's shareholding increase plan, indicating ongoing confidence in the company's future development and long-term investment value [2][5][10]. Summary by Relevant Sections Shareholding Increase Plan Overview - The controlling shareholder, Zhongdian Guojin Southern Group Co., Ltd. (Guojin Southern), and its concerted actor, Zhongdian Ke Investment Holdings Co., Ltd. (Ke Investment), plan to increase their shareholding by no less than 400 million RMB and no more than 700 million RMB within 12 months starting from October 19, 2024 [2][5]. - The increase will be executed through methods permitted by the Shanghai Stock Exchange, including but not limited to centralized bidding and block trading [2][5]. Progress of the Shareholding Increase - As of the announcement date, Guojin Southern and Ke Investment have cumulatively increased their holdings by 2,556,454 shares, accounting for 0.43% of the total share capital, with a total transaction amount of approximately 125.23 million RMB, which is less than 50% of the lower limit of the planned increase [2][9]. - By April 18, 2025, Guojin Southern held 213,769,982 shares (35.87% of total shares), while Ke Investment held 20,132,574 shares (3.38% of total shares) [10]. Funding Sources for the Increase - Guojin Southern has secured a loan commitment from China Construction Bank for 270 million RMB to support the shareholding increase, which will be funded through both self-owned funds and this specialized loan [8]. Compliance and Regulatory Framework - The shareholding increase plan complies with relevant laws and regulations, including the Securities Law of the People's Republic of China and the rules of the Shanghai Stock Exchange [12]. Future Actions - The shareholding increase plan is not yet completed, and both Guojin Southern and Ke Investment will continue to execute the plan as market conditions allow [10].

证券代码：688375 证券简称：国博电子 公告编号：2025-015 南京国博电子股份有限公司 关于控股股东及其一致行动人增持公司股份计划 时间过半暨增持进展的公告 本公司董事会、全体董事及相关股东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： 增持计划的基本情况：南京国博电子股份有限公司（以下简称"公司"） 于 2024 年 10 月 19 日披露《南京国博电子股份有限公司关于控股股东及其一致 行动人增持公司股份计划的公告》（公告编号：2024-043），公司控股股东中电 国基南方集团有限公司（以下简称"国基南方"）及其一致行动人中电科投资控 股有限公司（以下简称"电科投资"）计划自 2024 年 10 月 19 日起 12 个月内通 过上海证券交易所允许的方式（包括但不限于集中竞价、大宗交易等）增持公司 股份，增持总金额不低于 4 亿元人民币（含），不超过 7 亿元人民币（含）（以 下简称"本次增持计划"）。 增持计划的进展情况：截至本公告披露日，本次增持计划实施期限已过 半，国基南方及电科投资通过上海证券交易所系统集中竞价方 ...

招商证券股份有限公司 关于南京国博电子股份有限公司 2024 年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》等有关法律、法规的规定，招商证券股份有限公司（以下简称"保荐机构"） 作为南京国博电子股份有限公司（以下简称"国博电子"、"公司"）持续督导工作 的保荐机构，负责国博电子上市后的持续督导工作，并出具本持续督导年度报告 书。 | 序 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 号 | | | | 1 | 建立健全并有效执行持续督导工作制度，并针对 具体的持续督导工作制定相应的工作计划 | 保荐机构已建立健全并有效执 行了持续督导制度，并制定了 | | | | 相应的工作计划 | | 2 | 根据中国证监会相关规定，在持续督导工作开始 | 保荐机构已与国博电子签订 | | | 前，与上市公司或相关当事人签署持续督导协 | 《保荐协议》，该协议明确了双 | | | 议，明确双方在持续督导期间的权利义务，并报 | 方在持续督导期间的权利和义 | | | 上海证券交易所备案 | 务，并报上海证券交易所备案 | | 3 | 通过日 ...

国博电子公告，截至本公告披露日，公司控股股东中电国基南方集团有限公司及其一致行动人中电科投 资控股有限公司通过上海证券交易所系统集中竞价方式累计增持公司总股份255.65万股，占公司总股本 的0.43%，合计增持股份成交金额为1.25亿元，未超过本次增持计划拟增持金额区间下限的50%，本次 增持计划尚未实施完毕。 ...