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].

南京国博电子股份有限公司 2024 年第三季度报告 证券代码：688375 证券简称：国博电子 南京国博电子股份有限公司 2024 年第三季度报告 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。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------|----------------|---------------------------------------|------------------|----------------------------- ...

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。 证券代码：688375 证券简称：国博电子 公告编号：2024-043 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 重要内容提示： 南京国博电子股份有限公司（ 以下简称（ 公司"）于 2024 年 10 月 18 日 收到控股股东中电国基南方集团有限公司（ 以下简称（ 国基南方"）通知，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（ 中电科投资"）拟自 本公告披露之日起 12 个月内通过上海证券交易所交易系统允许的方式 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"）。 本次增持计划不触及要约收购，不会导致公司控股股东及实际控制人发 生变化。 本次增持计划可能存在因资本市场情况发生变化或目前尚无法预判的其 他风险因素导致增持计划的实施无法达到预期的风险。 2024 年 10 月 18 日，公司收到控股股东国基南方及其一致行动人 ...

证券代码：688375 证券简称：国博电子 南京国博电子股份有限公司投资者关系活动记录表 编号：2024-011 | --- | --- | --- | |-----------------------|------------------------|---------------------------------------------------------------------------------------------------------------| | | 特定对象调研 | 分析师会议 | | 投资者关系活动 | 媒体采访 | 业绩说明会 | | 类别 | 新闻发布会 | 路演活动 | | | 现场参观 | | | | 其他 | | | | | 国盛证券、人保资产、光证资管、兴银理财、华安基金、国寿 | | | | 资产、国金基金、宏利基金、宝盈基金、平安养老、招商资管、 | | 参与单位名称及 | | 永赢基金、西部利得、财通基金、远信投资、野村资管、银华 基金、长城基金、鹏华基金、中亿科技投资、中邮基金、中银 | | 人员姓名 | 管、源峰基金、长江养老 | 国际资管、华夏基金、 ...

一、 通过分配方案的股东大会届次和日期 本次利润分配方案经南京国博电子股份有限公司（以下简称"公司"）2024 年 9 月 20 日的 2024 年第二次临时股东大会审议通过。 二、 分配方案 证券代码：688375 证券简称：国博电子 公告编号：2024-042 南京国博电子股份有限公司 2024 年半年度权益分派实施公告 本公司董事会及全体董事保证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。 重要内容提示： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2024/10/18 | 2024/10/21 | 2024/10/21 | 1. 发放年度：2024 年半年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本 596,014,900 股为基数，每股派发 现金红利 0.51 元（含税），共计派发现金红利 303,967,5 ...

国浩律师（南京）事务所 关于南京国博电子股份有限公司 2024 年第二次临时股东大会的 法律意见书 . 中国江苏省南京市汉中门大街 309 号 B 座 5/7/8 层邮编：210036 5/7/8/F,BlockB,309HanzhongmenStreet,Nanjing,China,210036 电话/Tel:+862589660900 传真/Fax:+862589660966 网址/Website:http://www.grandall.com.cn 2024 年第二次临时股东大会的 2024 年 9 月 - 0 - 国浩律师（南京）事务所 关于南京国博电子股份有限公司 一、本次股东大会的召集和召开程序 （一）本次股东大会的召集 公司董事会于 2024 年 8 月 23 日召开公司第二届董事会第三次会议，决定于 2024 年 9 月 20 日召开公司 2024 年第二次临时股东大会。2024 年 8 月 26 日，公 司董事会在指定信息披露媒体及网站上发布了《南京国博电子股份有限公司关于 召开 2024 年第二次临时股东大会的通知》（以下简称"《会议通知》"），《会 议通知》就本次股东大会召开的时间、地点 ...