业绩简评 2025 年 4 月 17 日，公司发布 2025 年一季度报告，公司 25Q1 实现 营收 3.50 亿（同比-49.5%，环比-55.0%）；实现归母净利润 0.58 亿（同比-52.4%，环比-67.7%），公司营收及利润阶段性承压。 经营分析 产品销售下滑，业绩阶段性承压：受行业宏观因素及产品交付节 奏影响，T/R 组件和射频模块业务收入减少，公司 25Q1 实现营收 3.50 亿（同比-49.5%，环比-55.0%）；实现归母净利润 0.58 亿（同 比-52.4%，环比-67.7%），业绩有所承压。 毛利率同比提升，或系产品结构调整：25Q1 毛利率 43.0%（同比 +7.4pct，环比-0.7pct），归母净利率 16.4%（同比-1.0pct，环比 -6.5pct）。25Q1 公司毛利率同比提升，或系自研芯片、下游需求 变化公司相应调整产品结构所致。 重视技术研发，研发费用率大幅提升：公司 25Q1 研发费用率 17.0% （同比+5.7pct，环比+8.0pct），公司加大射频芯片研发力度，高 度重视研发人才队伍建设，近年来新增研发人员主要围绕公司主 营业务如射频微系统、GaN ...

Group 1 - Sanan Optoelectronics received a loan commitment letter from China Industrial Bank for a repurchase loan of 1 billion yuan, valid for three years, to support stock buybacks [2] - Changying Precision reported a 23.40% increase in revenue to 16.934 billion yuan and an 800.24% increase in net profit to 772 million yuan for 2024, driven by humanoid robot projects [2] - Zhuhai Group's Q1 net profit increased by 74.07% to 277 million yuan, attributed to gains from precious metals [2] Group 2 - Qianyuan Power expects a Q1 net profit increase of 330%-365%, driven by a 62.70% increase in water inflow and a 59.40% rise in power generation [3] - Guofang Group's stock has experienced significant volatility, with a current P/E ratio of 110.1, indicating potential irrational speculation [3] - Fangyuan Co. decided to terminate a 3 billion yuan lithium carbonate production project due to market conditions and strategic changes, having already invested 97 million yuan [4] Group 3 - Baosteel plans to acquire a 49% stake in Maanshan Steel for a total consideration of 9 billion yuan, consisting of 5.139 billion yuan for equity purchase and 3.861 billion yuan for capital increase [5]

Financial Performance - The company's revenue for Q1 2025 was CNY 350,016,384.48, representing a decrease of 49.51% compared to CNY 693,204,264.14 in the same period last year[3] - Net profit attributable to shareholders was CNY 57,531,429.42, down 52.37% from CNY 120,776,726.47 year-on-year[3] - Basic and diluted earnings per share were both CNY 0.10, a decline of 50.00% compared to CNY 0.20 in the previous year[3] - Total revenue for Q1 2025 was CNY 350,016,384.48, a decrease of 49.6% compared to CNY 693,204,264.14 in Q1 2024[19] - Net profit for Q1 2025 was CNY 57,531,429.42, a decline of 52.4% compared to CNY 120,776,726.47 in Q1 2024[21] Assets and Liabilities - The company's total assets decreased by 4.89% to CNY 7,604,457,678.21 from CNY 7,995,335,175.06 at the end of the previous year[4] - Total assets as of the latest reporting period were CNY 7,604,457,678.21, compared to CNY 7,995,335,175.06 previously[17] - Total liabilities decreased to CNY 1,359,799,002.02 from CNY 1,809,565,299.75[17] - Non-current assets totaled CNY 2,034,551,188.41, slightly up from CNY 2,015,101,905.09[17] Cash Flow - The net cash flow from operating activities was negative at CNY -200,868,161.25, an improvement from CNY -240,764,880.71 in the previous year[3] - Cash inflow from operating activities totaled 594,457,655.64, while cash outflow was 795,325,816.89, leading to a significant cash flow deficit[23] - Total cash inflow from investment activities was 603,736,424.66, while cash outflow was 210,452,363.25, resulting in a net cash flow of -210,452,363.25, a decline from 50,850,288.52 in the previous period[23] - The ending balance of cash and cash equivalents was 1,910,442,905.28, down from 2,140,738,703.46 in the previous period[24] Shareholder Information - The total number of common shareholders at the end of the reporting period was 6,970[10] - The company reported a total of 213,745,979 shares held by China Electronics Corporation, representing 35.86% of total shares[11] - The second-largest shareholder, the 55th Research Institute of China Electronics Technology Group, holds 99,196,452 shares, accounting for 16.64%[11] Operational Insights - The company experienced a significant decline in revenue and profit primarily due to reduced sales of T/R components and RF modules during the reporting period[8] - There are no significant reminders or additional important information regarding the company's operational situation during the reporting period[13] - The company has not disclosed any new strategies or future outlook in the provided documents[13] Expenses - Research and development expenses totaled CNY 59,575,648.59, down 24.39% from CNY 78,792,100.04, while the R&D expense as a percentage of revenue increased to 17.02% from 11.37%[4] - Total operating costs for Q1 2025 were CNY 288,618,809.40, down 48.2% from CNY 556,830,962.14 in Q1 2024[20] - The company paid 169,582,923.26 in employee compensation, an increase from 166,413,314.70 in the previous period[23] - Tax payments increased to 46,743,437.01 from 30,036,833.75, reflecting a higher tax burden[23] Other Financial Metrics - The weighted average return on equity decreased to 0.93%, down 1.06 percentage points from 1.99%[4] - Non-recurring gains and losses amounted to CNY 70,541.93 after tax, primarily due to asset disposal losses and government subsidies[6] - Cash received from sales of goods and services in Q1 2025 was CNY 583,465,565.64, an increase of 1.5% from CNY 575,596,165.04 in Q1 2024[22] - Accounts receivable increased slightly to ¥2,672,242,850.59 from ¥2,626,868,163.31, showing a growth of approximately 1.7%[15] - Inventory rose significantly to ¥346,109,095.66 from ¥256,158,437.55, indicating an increase of around 35.1%[15] - Fixed assets increased to ¥1,450,322,761.93 from ¥1,393,403,952.78, reflecting a growth of about 4.1%[15]

国博电子公告，2025年第一季度营收为3.5亿元，同比下降49.51%；净利润为5753.14万元，同比下降 52.37%。 ...

增加自助研发我们自研芯片占比也是逐年的一个增长在2014年的组建中我们自研芯片的占比大概已经增长到了80%左右后面我们也继续将围绕一些低成本的工业进行研发主要是也是围绕一些像超宽带高密度集成 还有一些超高频芯片这方面持续发力希望也能预计让我们保持一个较高水平的较高的毛利率水平吧然后咱们咱们这种位置自研的芯片的话目前的话有外销吗然后后面的话后面那些计划会外销吗这个情况因为我看到咱们 自研的芯片好像大部分是自用的吧 那那领导我这边是属于那些我在想问一个技术问题就是呃然后我看到我们在联报里面提了很多就是三代半导体半价然后然后也提到了一代半导体生呃规码二代半导体生化价然后就是也有很多投资向我们对就三代半导体相对于二代半导体的话他的一个技术壁垒在哪里就为什么在上市公司里面国部电子的这个收益相对大的 而且格局是最好的目前没有看到一个公司能撼动国库电子的一个市场地位这个问题我来回答一下首先二代三代半导体的话材料各有各的优势也有不同的应用场景二代半导体是以生化加为主三代半导体以氮化加为主 另外就是我看到咱们有就是那个联邦有这句话就是第三代半导体淡化加大规模应用提升加的组件的密度与工作频段 然后同时模块化设计如果如瓦片架构进一 ...

核心观点 盈利预测与投资建议 ⚫ 根据 24 年年报调整营收增速、毛利率和费用率，下调 25、26 年归母净利润为 5.84、7.69 亿元（前值为 8.44、10.41 亿元），新增 27 年归母净利润为 9.62 亿元， 参考可比公司 25 年 67 倍 PE，给予目标价 65.66 元，维持买入评级。 风险提示：下游需求不及预期；终端射频芯片业务开拓进度不及预期。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 3,567 | 2,591 | 3,352 | 4,321 | 5,386 | | 同比增长 (%) | 3.1% | -27.4% | 29.4% | 28.9% | 24.6% | | 营业利润(百万元) | 654 | 514 | 621 | 817 | 1,021 | | 同比增长 (%) | 17.3% | -21.4% | 20.8% | 31.6% | 25.0% | | 归属母公司净利润(百万元) | 606 | 485 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 65.66 CNY, based on a projected PE of 67 times for 2025 [2][4]. Core Views - The company experienced a revenue decline in 2024, with total revenue of 2.591 billion CNY, down 27.36% year-on-year, and a net profit attributable to the parent company of 485 million CNY, down 20.06% [8]. - Despite the revenue drop, the company's gross margin improved to 38.59%, up 6.31 percentage points, indicating enhanced profitability [8]. - The company is focusing on expanding into new fields, particularly in military and civilian applications, positioning itself as a leader in T/R components and benefiting from advancements in military information technology [8]. Financial Summary - **Revenue Forecasts**: - 2023: 3,567 million CNY - 2024: 2,591 million CNY (down 27.4%) - 2025: 3,352 million CNY (up 29.4%) - 2026: 4,321 million CNY (up 28.9%) - 2027: 5,386 million CNY (up 24.6%) [3] - **Net Profit Forecasts**: - 2023: 606 million CNY - 2024: 485 million CNY (down 20.1%) - 2025: 584 million CNY (up 20.6%) - 2026: 769 million CNY (up 31.6%) - 2027: 962 million CNY (up 25.1%) [3] - **Key Financial Ratios**: - Gross Margin: - 2023: 32.3% - 2024: 38.6% - 2025: 34.7% - 2026: 32.9% - 2027: 31.6% [3] - Net Margin: - 2023: 17.0% - 2024: 18.7% - 2025: 17.4% - 2026: 17.8% - 2027: 17.9% [3] - **Earnings Per Share**: - 2023: 1.02 CNY - 2024: 0.81 CNY - 2025: 0.98 CNY - 2026: 1.29 CNY - 2027: 1.61 CNY [3]

国博电子(688375)发布的2024年年报显示，公司全年营业总收入为25.91亿元，同比下降27.36%；归母净 利润为4.85亿元，同比下降20.05%；扣非净利润为4.77亿元，同比下降16.53%。尽管全年业绩下滑，但 第四季度表现有所改善，营业总收入为7.77亿元，同比上升4.94%；归母净利润为1.78亿元，同比上升 14.19%。 关键财务指标分析 盈利能力 尽管毛利率和净利率有所提升，但每股收益的下降反映出整体盈利能力的减弱。 近期国博电子(688375)发布2024年年报，证券之星财报模型分析如下： 经营业绩概览 三费占营收比：4.48%，同比增加37.77%。 成本与费用 公司在销售费用、管理费用和财务费用上的支出占营收比例显著上升，表明运营成本有所增加。 现金流与资产状况 经营活动产生的现金流量净额大幅减少，主要原因是销售商品、提供劳务收到的现金减少。同时，应收 账款的激增可能影响公司的资金周转效率。 资产负债情况 主营业务构成 发展回顾与展望 国博电子在报告期内积极应对外部环境的不确定性，持续推进技术创新和市场拓展。公司申请了多项专 利，并在有源相控阵T/R组件和射频集成电路领域保持技 ...

南京国博电子股份有限公司（股票简称：国博电子）成立于2000年，2022年7月在上交所科创板上市，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。 国博电子建立了以化合物半导体为核心的技术体系和系列化产品布局，产品包括芯片、模块和组件。产品覆盖防务与民用领域，是目前国内能够批量提供有 源相控阵T/R组件及系列化射频集成电路产品的领先企业。 2024年，国博电子的营收同比下跌了27.4%，是2023年增长减速后的惯性表现。2021年和2022年那波半导体行业的大行情，总是需要回调的，只是国博电子 似乎回调的多了一些。 毛利率大幅增长6.3个百分点，创下了有公开数据以来的新高。由于增长前的毛利率也高达三成以上，我们当然不能猜测国博电子是挑选着毛利率高的业务 来做；应该还是下游需求变化导致的营收下跌，要更靠谱一些。对于这类半导体产品，显然不能像消费品一样，降价促销就能明显提升销量的。 上市前的销售净利率和净资产收益率的差异不大，个别年份的净资产收益率还有明显的优势。上市后的情况就变化了，哪怕2023年净利润创下新高时，当年 也是下滑的状态。2024年的净资产收益跌破10%，总体表现只能算过得 ...

招商证券股份有限公司 关于南京国博电子股份有限公司 募投项目结项并将节余募集资金永久补充流动资金 二、募集资金投资项目情况 的核查意见 招商证券股份有限公司（以下简称"招商证券"或"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"或"公司"）首次公开发行股票的保荐机构，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》《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》等有关规定，对国博电 子募投项目结项并将节余募集资金永久补充流动资金的核查意见进行了核查，核查意 见如下： 一、募集资金的基本情况 经中国证券监督管理委员会《关于同意南京国博电子股份有限公司首次公开发行 股票注册的批复》（证监许可〔2022〕911 号）和上海证券交易所《自律监管决定书》 〔2022〕190 号核准同意，公司首次公开发行人民币普通股 4,001 万股，发行价格 70.88 元/股，新股发行募集资金总额为 283,590.88 万元,扣除发行费用 9,295.07 万元,募集资 金净额为 274,295.81 万元，其中超募资金为 6,797.29 万元。 上述募集资金到位情 ...