[Table_Page] 年报点评|军工电子Ⅱ 证券研究报告 [国Table_博Title] 电子（688375.SH） [公Tab司le_I评nves级t] 增持 当前价格 73.35元 业绩稳增，看好装备现代化及终端品类拓展潜力 合理价值 91.51元 前次评级 增持 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-05-06 ⚫ 事件：公司公告 2023 年年报以及 2024 年一季报。2023 年，公司分 [相Tab对le_P市icQ场uote表] 现 别实现营收、归母净利润、扣非归母净利润为 35.67、6.06、5.71 亿 元，分别同比增长3.08%、16.47%、13.94%。2024年一季度，公司 10% 0% 分别实现营收、归母净利润、扣非归母净利润为6.93、1.21、1.18亿 05/23 07/23 09/23 10/23 12/23 02/24 04/24 -10% 元，分别同比变动-0.62%、+4.22%、+14.32%。 -20% ⚫ 点评：23全年以及24Q1业绩实现稳健增长，看好公司受益装备现代 -30% 化及下游终端市场新品类拓展下的发展潜力。营 ...

其他军工Ⅲ 国博电子（688375.SH） 增持-A(维持) 盈利能力持续增强，军民用需求持续提升 2024年5月6日 公司研究/公司快报 公司近一年市场表现 事件描述  国博电子公司发布2023年报及2024年一季报。2023年公司营业收入为 35.67亿元，同比增长3.08%；归母净利润为6.06亿元，同比增长16.47%； 扣非后归母净利润为5.71亿元，同比增长13.94%；负债合计24.73亿元，同 比减少8.05%；货币资金23.31亿元，同比减少0.30%；应收账款17.40亿元， 同比增长22.98%；存货6.17亿元，同比减少35.43%。2024年一季度，公司 营业收入为6.93亿元，同比减少0.62%；归母净利润为1.21亿元，同比增长 4.22%；扣非后归母净利润为1.18亿元，同比增长14.32%；负债合计20.72 市场数据：2024年4月30日 亿元，同比减少30.44%；货币资金21.41亿元，同比增长16.05%；应收账款 收盘价（元）： 73.35 22.55亿元，同比增长37.87%；存货4.74亿元，同比减少60.94%。 年内最高/最低（元）： 90.09/50.6 ...

证券研究报告 | 2024年05月06日 国博电子（688375.SH） 增持 稳健发展，射频元器件竞争力持续提升 核心观点 公司研究·财报点评 公司2023年实现营收35.67亿元，同比上升3.08%，归母净利润6.06亿元， 通信·通信设备 同比上升16.47%；扣非净利润5.71亿元，同比上升13.94%。公司拟每10 证券分析师：马成龙 证券分析师：袁文翀 股以资本公积转增4.9 股。2024年一季度收入6.93亿元，同比下降0.62%； 021-60933150 021-60375411 machenglong@guosen.com.cn yuanwenchong@guosen.com.cn 单季度归母净利润1.21亿元，同比上升4.22%。 S0980518100002 S0980523110003 T/R组件业务稳健增长。公司聚焦主营业务发展和核心技术创新，T/R组件 基础数据 和射频模块业务2023年营收33.8亿元，同比增长7.6%。而我国5G基站投 投资评级 增持(维持) 合理估值 资放缓，运营商无线侧资本开支投入缩减，同时公司产品结构有所调整，射 收盘价 73.68元 总市值/流通市值 ...

Investment Rating - The report maintains a "Buy" rating for Guobo Electronics (688375 SH) with a target price of 73 68 yuan [4][10] Core Views - Guobo Electronics achieved revenue of 3 567 billion yuan in 2023, a year-on-year increase of 3 08%, with net profit attributable to shareholders of 606 million yuan, up 16 47% year-on-year [1][6] - The company's T/R component and RF module business generated revenue of 3 38 billion yuan in 2023, a year-on-year increase of 7 6%, while RF chip revenue decreased by 53% to 127 million yuan due to adjustments in product structure [1][7] - The company's overall gross margin in 2023 was 32 28%, an increase of 1 61 percentage points year-on-year, with T/R components and RF modules contributing to a 2 69 percentage point increase in gross margin [1][7] - Guobo Electronics is focusing on technological advancements, including miniaturization, lightweight, and multifunctional chip technologies, as well as digital array and phased array radar systems [1][7] - The company is actively developing 5 5G and 6G technologies, with several RF integrated circuits already being used in 5 5G base stations and drone RF front-end modules [1][7] Financial Performance and Forecast - In Q1 2024, the company's revenue was 693 million yuan, a slight decrease of 0 62% year-on-year, while net profit attributable to shareholders increased by 4 22% to 121 million yuan [1][6] - The company plans to issue a capital reserve transfer of 4 9 shares for every 10 shares held [1][6] - Revenue for 2024 is projected to reach 4 092 billion yuan, with net profit attributable to shareholders expected to be 726 million yuan, representing a year-on-year increase of 19 7% [3][10] - The company's T/R component and RF module business is expected to grow by 15%, 20%, and 25% year-on-year in 2024, 2025, and 2026, respectively, driven by increased defense budget allocations and new product demands [8][9] - RF chip revenue is forecasted to grow by 5%, 10%, and 15% year-on-year in 2024, 2025, and 2026, respectively, as the company expands its applications in terminals such as smartphones and drones [8][9] Industry and Market Trends - The establishment of the Information Support Force of the People's Liberation Army is expected to benefit Guobo Electronics, as the company's T/R components and chips are critical RF components in network infrastructure [2] - The company is well-positioned to capitalize on the development of 5 5G and 6G technologies, with several products already being adopted by customers in satellite communication and 5 5G base stations [1][7]

有的人大家上午好我是先生券研究院副院长全国机械行业手续分析师石康欢迎大家介入今天我们来主持的国国电子2030年报及2024年异地报解读电话会议今天我们非常荣幸的邀请到公司总统秘书刘洋总还有财务总监何碧娜总以及咱们支撑部的两个领导一起来给大家解读昨天晚上公司刚刚披露的两份重要的抬报下面的话 我就先把时间交给刘总感谢刘总尊敬的各位投资者各位关心和支持国播电子的朋友们大家上午好我是公司董事会秘书刘洋欢迎各位参加由新业证券举办的国播电子2023年度年度报告及2024年度一季度报告机构投资者交流会借此机会 我谨代表公司对所有参加今天交流会的投资者表示热烈的欢迎对长期以来关心和支持国波电子的朋友们表示衷心的感谢今天将由我和公司的财务总监何丽娜女士一起就大家关心的2023年度24年一季度的经营和财务等情况与各位进行沟通和交流国波电子呢主要是从事有源相关的TR组件和设计集成电路相关产品 研发生产和销售是国内能够批量提供有源相控的TR组件和系列化设计集成电路的领先企业核心技术达到国内领先国际先进的水平公司的主要客户是各军工的科研院所和整体单位另外还有主流的移动通信设备的制造商2023年公司以习近平新时代中国特色社会主义思想为指 ...

国[Ta博ble电_Sto子ckN（am6eR8p8tT3yp7e5] ） 公司研究/公司点评 利润维持增长，多领域均取得一定进展 [T投 a资 ble评 _R级 an： k]买 入（维持） 主要观点： 报告日期： 2024-05-04 ⚫[ T事ab件le描_S述um mary] 4月30日，公司发布2023年年度报告及2024年第一季度报告。根据公 [收Ta盘bl价e_（Ba元se）D ata] 73.35 告，2023年公司营业收入为35.67亿元，同比增长3.08%；归母净利润 近12个月最高/最低（元） 90.09/50.65 为6.06亿元，同比上升16.47%。2024年一季度公司营业收入为6.93亿 总股本（百万股） 400 元，同比下滑0.62%；归母净利润为1.21亿元，同比上升4.22%。 流通股本（百万股） 177 流通股比例（%） 44.24 ⚫ 公司产品在多领域均取得一定进展 总市值（亿元） 293 T/R 组件方面，公司积极开展 T/R 组件应用领域拓展，在低轨卫星和商 流通市值（亿元） 130 业航天领域均开展了技术研发和产品开发工作，多款产品已开始交付客 [公Ta司ble价_ ...

公司研究 | 年报点评 国博电子 688375.SH 23 年业绩同比+16.47%，持续开拓新领域 买入 （维持） 股价（2024年04月30日） 73.35元 培育新增长点 目标价格 89.04元 52周最高价/最低价 90.09/50.65元 总股本/流通A股（万股） 40,001/17,697 A股市值（百万元） 29,341 核心观点 国家/地区 中国 行业 国防军工 事件：公司发布2023年年报及2024年一季报，23年营收35.67亿（+3.08%），归母 报告发布日期 2024年04月30日 净利润 6.06 亿（+16.47%）。23Q4 营收 7.41 亿（-7.29%），归母净利润 1.56 亿 （+31.45%）；24Q1营收6.93亿（-0.62%），归母净利润1.21亿（+4.22%）。 1周 1月 3月 12月 ⚫ 23 年营收稳健增长，业绩同比+16.47%，净利率创历史新高。公司 23 年实现营收 绝对表现% 3.88 6.3 18.21 -11.95 35.67亿（+3.08%），营收稳步增长，实现归母净利润 6.06亿（+16.47%），利润 相对表现% 1.08 4.4 ...

国博电子（688375.SH）2023 年年报及 2024 年一季报点评 4Q23 归母净利润同比增长 31%；拓展 T/R 组件应用领域 2024 年 04 月 30 日 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

来源：公司年报、国金证券研究所 国博电子 (688375.SH) 2024年04月29日 买入(维持评级) 公司点评 证券研究报告 业绩稳健增长,布局卫星及低空高成长 军工组 分析师：杨晨 (执业 S1130522060001) yangchen@gjzq.com.cn 事件 2024年4月29日,公司发布 23年年报及 24年一季报,23年实 现营收 35.7 亿元,同比+3.1%,归母 6.1 亿元,同比+16.5%。其 中 Q4 实现营收 7.4 亿元,同比-7.3%,环比-18.1%;归母 1.6 亿 元,同比+31.3%,环比+10.3%。24年一季度实现营收 6.9 亿元, 同比-0.6%, 环比-6.4%; 归母 1.2 亿元, 同比+4.2%, 环比-22.6%. 点评 公司受到行业去库存影响,Q1 收入增速下滑。公司持续拓展产品 应用领域,布局卫星通信、5.5G、低空经济。低轨卫星和商业航 天领域,TR 组件多款产品开始交付客户;基站领域,应用于新一 代智能天线的高线性控制器件需求持续旺盛:终端领域,射频放 大类芯片完成开发,射频开关、天线调谐器、DiFEM 芯片量产。公 司 23 年 T/ ...

Financial Performance - The company's revenue for 2023 reached approximately ¥3.57 billion, representing a 3.08% increase compared to ¥3.46 billion in 2022[19]. - Net profit attributable to shareholders was approximately ¥606.23 million, marking a 16.47% increase from ¥520.48 million in the previous year[19]. - The net cash flow from operating activities was approximately ¥838.93 million, a significant recovery from a negative cash flow of ¥183.99 million in 2022[19]. - The total assets of the company as of the end of 2023 were approximately ¥8.47 billion, reflecting a 1.45% increase from ¥8.35 billion in 2022[19]. - The net assets attributable to shareholders increased to approximately ¥5.99 billion, a 6.43% rise from ¥5.64 billion in the previous year[19]. - The basic earnings per share for 2023 was 1.52 RMB, an increase of 10.14% compared to the previous year[20]. - The weighted average return on equity decreased to 10.31%, down 2.98 percentage points from the previous year[20]. - The gross profit margin for the T/R components and RF modules was 31.90%, a decrease of 2.69 percentage points compared to the previous year[66]. Share Capital and Profit Distribution - The company plans to increase its total share capital from 400,010,000 shares to 596,014,900 shares by distributing 4.9 shares for every 10 shares held, resulting in a total increase of 196,004,900 shares[5]. - The board of directors has approved the profit distribution plan, which is subject to shareholder meeting approval[5]. - The company reported a cash dividend of 6.25 RMB per 10 shares, totaling 250,006,250.00 RMB (including tax) for the first half of 2023[126]. - The net profit attributable to ordinary shareholders in the consolidated financial statements for the year was 606,228,249.97 RMB, with a dividend payout ratio of 41.24%[128]. Corporate Governance - The company has received a standard unqualified audit report from Tianjian Accounting Firm[4]. - The financial report has been confirmed by the company's responsible persons, ensuring its authenticity and completeness[4]. - The company has not disclosed any special arrangements for corporate governance[8]. - The company has maintained independence from its controlling shareholder, ensuring no interference in decision-making or operations[95]. - The company has established a systematic and diversified compensation management system to enhance employee motivation and engagement[123]. - The company has established a sound investor relations management system, holding three earnings briefings in 2023[151]. Research and Development - The company is committed to expanding its market presence and enhancing its product offerings in the semiconductor materials sector[19]. - Research and development expenses accounted for 9.86% of operating revenue, a slight decrease of 0.11 percentage points[20]. - The company has applied for 12 invention patents and 4 utility model patents during the reporting period, with a total of 157 intellectual property rights accumulated[41]. - The company is focused on automation and digital upgrades in its manufacturing platform, enhancing overall operational efficiency[47]. - The company aims to establish a leading position in RF micro-system design and manufacturing capabilities through its R&D initiatives[47]. Market and Product Development - The company specializes in the R&D, production, and sales of active phased array T/R components and RF integrated circuits, positioning itself as a leading domestic provider[29]. - The GaN RF module product line covers DC-10GHz, primarily used in 4G and 5G base station equipment, with plans for 6G applications[31]. - The company is actively expanding into satellite communication and commercial aerospace fields, with multiple products already delivered to customers[39]. - The ongoing evolution of 5.5G and 6G technologies is creating new opportunities for RF integrated circuit manufacturers, with increasing demands for various communication nodes[38]. Risks and Challenges - The company has disclosed potential risks in its management discussion and analysis section, urging investors to review these risks[4]. - Guobotech faces risks related to new product development, including the need for substantial investment in R&D and the potential for technological obsolescence if it fails to attract top talent[51]. - The company is at risk of core technology leakage due to employee turnover or operational errors, which could adversely affect its competitive position[52]. - Increased competition in the market is anticipated as more resources enter the sector, posing a challenge to Guobotech's market position[52]. - The company faces risks related to raw material price fluctuations, which could impact operational performance due to reliance on various components[54]. Strategic Plans and Future Outlook - The company plans to enhance product variety and increase existing production capacity through the implementation of fundraising investment projects[91]. - The company has outlined a commitment to not interfere with the management activities of its subsidiaries and to protect the interests of the company[167]. - The company aims to implement a compensation assessment system linking executive pay to the execution of shareholder return measures[166]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[103]. - The company is exploring potential acquisitions to enhance its technology portfolio, with a budget of $200 million allocated for this purpose[104]. Environmental and Social Responsibility - The company invested 39.23 million yuan in environmental protection during the reporting period[134]. - The company has established partnerships with several universities for talent development and training programs[124]. - The company has actively engaged in social responsibility activities, contributing 3.19 million yuan to support employees in need[143]. - The management emphasized the importance of sustainability in its new strategies, aiming for a 50% reduction in carbon emissions by 2030[103]. Internal Controls and Compliance - The company has established a comprehensive internal control system in accordance with relevant laws and regulations, with no significant deficiencies reported during the period[130]. - The company has not faced any penalties from securities regulatory agencies in the past three years[112]. - The company strictly adheres to information disclosure regulations, ensuring transparency and protecting investor interests[153].