Financial Performance - The company's operating revenue for Q1 2025 was ¥168,492,571.31, a decrease of 6.36% compared to ¥179,943,616.32 in the same period last year[4] - Net profit attributable to shareholders decreased by 71.00% to ¥2,028,242.28 from ¥6,993,000.48 year-on-year[4] - The net profit after deducting non-recurring gains and losses was ¥1,956,263.87, down 59.27% from ¥4,803,111.41 in the previous year[4] - Basic and diluted earnings per share fell by 71.07% to ¥0.0105 from ¥0.0363 in the same quarter last year[5] - Net profit for Q1 2025 was ¥946,000.25, a significant decline of 73.9% from ¥3.64 million in Q1 2024[20] - The company reported a total comprehensive income of ¥1.32 million for Q1 2025, down from ¥4.31 million in Q1 2024[20] Research and Development - Research and development expenses totaled ¥42,739,035.56, representing 25.37% of operating revenue, a slight decrease from 25.66% year-on-year[5] - The company has ongoing research and development efforts, particularly in data resources, with development expenditures of ¥20,416,181.77[15] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,874,378,372.87, down 3.81% from ¥1,948,633,609.09 at the end of the previous year[5] - The company's current assets totaled ¥1,540,914,105.75, down from ¥1,624,856,724.95 at the end of 2024, indicating a decline of approximately 5.2%[14] - The company's cash and cash equivalents decreased to ¥175,455,586.62 from ¥318,657,749.04, representing a decline of about 45%[14] - The accounts receivable stood at ¥557,432,939.08, slightly down from ¥594,496,868.84, reflecting a decrease of approximately 6.2%[14] - The company's total liabilities were ¥807,637,335.76, down from ¥922,815,801.50, indicating a reduction of about 12.5%[16] - The company's equity attributable to shareholders increased to ¥922,889,637.90 from ¥906,053,836.69, showing a growth of approximately 1.9%[16] Cash Flow - The net cash flow from operating activities improved to -¥45,030,725.73, an improvement from -¥71,724,455.08 in the previous year[4] - Cash flow from operating activities showed a net outflow of ¥45.03 million in Q1 2025, an improvement from a net outflow of ¥71.72 million in Q1 2024[23] - Cash flow from investing activities resulted in a net outflow of ¥70.36 million in Q1 2025, compared to a net outflow of ¥9.39 million in Q1 2024[24] - Cash flow from financing activities recorded a net outflow of ¥27.87 million in Q1 2025, contrasting with a net inflow of ¥64.07 million in Q1 2024[24] Market Expansion - The company signed a framework agreement for the "Democratic Republic of the Congo National Backbone Fiber Optic Broadband Network Project" with a total budget of $1.5 billion (excluding tax)[11] - The company is actively pursuing market expansion opportunities, as evidenced by the significant contract signed for the broadband network project[11]

Financial Performance - The company reported no cash dividends, stock bonuses, or capital reserve transfers for the 2024 profit distribution plan[5]. - The company is not currently profitable and has not achieved profitability since its listing[3]. - The company's operating revenue for 2024 reached ¥951,658,156.92, representing a 7.60% increase compared to ¥884,409,631.39 in 2023[25]. - The net profit attributable to shareholders for 2024 was ¥27,437,030.62, a significant recovery from a loss of ¥86,558,781.99 in 2023[25]. - The net cash flow from operating activities improved to ¥111,799,942.40 in 2024, compared to a negative cash flow of ¥9,870,947.82 in 2023[25]. - The total assets of the company increased by 4.51% to ¥1,948,633,609.09 at the end of 2024, up from ¥1,864,604,646.91 in 2023[25]. - The basic earnings per share for 2024 was ¥0.1425, a recovery from a loss of ¥0.4495 in 2023[26]. - The company's R&D expenditure as a percentage of operating revenue was 20.22% in 2024, down from 22.75% in 2023[26]. - The weighted average return on net assets increased to 3.26% in 2024, up from -9.91% in 2023, marking an improvement of 13.17 percentage points[26]. - The net assets attributable to shareholders at the end of 2024 were ¥906,053,836.69, a 9.65% increase from ¥826,343,385.89 in 2023[25]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by the end of 2024[14]. - A strategic acquisition of a local telecom firm is anticipated to be finalized by Q2 2024, which is expected to contribute an additional RMB 100 million in annual revenue[14]. - The company is focusing on the satellite internet market and has a unique advantage in the satellite core network field, enhancing its technological capabilities through independent research and development[39]. - The company has adopted a "dual-wheel drive" strategy, focusing on both domestic and overseas markets to capitalize on opportunities in satellite internet and low-altitude economy sectors[39]. - The company is actively pursuing market expansion opportunities in domestic and international telecommunications sectors[104]. - The company is strategically positioned to leverage the growing demand for customized solutions in satellite communication markets, particularly in developing countries[189]. - The company is investing in the development of a comprehensive communication infrastructure to support the "Belt and Road" initiative, targeting emerging markets with significant growth potential[193]. Technological Advancements - The development of new technologies, including advancements in 5G and AIoT integration, is expected to enhance service offerings and operational efficiency[14]. - The company is focusing on next-generation enhanced technologies such as XG(S)-PON, which includes GPON and XGS-PON, aimed at improving bandwidth and efficiency[15]. - The introduction of VoLTE technology allows for shorter call connection times and higher quality voice and video calls over LTE networks[16]. - The company is advancing its optical network capabilities with the development of Virtualized Optical Line Terminals (VOLT), enhancing interface decoupling and network flexibility[16]. - The company is exploring the integration of Open Radio Access Network (O-RAN) standards to enhance interoperability and reduce vendor lock-in[16]. - The company is actively involved in the development of 5G and F5G technologies, with ongoing projects in satellite internet and quantum communication[45][49]. - The company is focusing on the development of satellite narrowband IoT technology, targeting over 70% of uninhabited land areas and oceans for communication solutions[115]. - The company has developed a fully cloud-based IMS core network system that supports 4G HD voice (VoLTE) and 5G HD voice (VoNR)[123]. Research and Development - The company has invested RMB 50 million in R&D for the development of low Earth orbit satellite technology to improve global internet coverage[14]. - The company has applied for a total of 812 patents, including 712 invention patents, and was granted 447 patents, with a focus on core technology protection[43]. - The company has achieved a significant reduction in the proportion of capitalized R&D investment, which decreased by 3.49 percentage points to 14.62%[98]. - The company has filed a total of 1,331 patent applications, with 943 patents granted cumulatively[96]. - The R&D team includes 2 PhD holders, 95 master's degree holders, and 521 bachelor's degree holders, indicating a strong educational background[121]. - The company is focusing on developing a digital platform for smart industrial parks, with an expected total investment of ¥1,200 million and a current investment of ¥1,166.04 million[101]. Operational Efficiency - The operational cost has been reduced by 15% due to the implementation of M-OTN technology, enhancing overall service delivery[14]. - The company has implemented a standardized delivery system to strengthen project management capabilities and improve operational efficiency[39]. - The company has established a comprehensive customer service system, providing 24/7 technical support and personalized solutions[132]. - The company is enhancing its governance structure and compliance management in accordance with relevant laws and regulations, improving operational quality and governance efficiency[63]. - The company has developed a mine safety communication system that integrates emergency broadcasting and personnel positioning, significantly improving operational efficiency[103]. Risk Management - The company has a comprehensive risk disclosure regarding potential operational risks and corresponding countermeasures[3]. - The company has not faced any non-operating fund occupation by controlling shareholders or related parties[7]. - The company has not violated decision-making procedures for external guarantees[8]. - The company faces risks related to raw material supply, financial management, and industry competition, which could impact future performance[138][140][143]. Industry Trends and Insights - The satellite internet industry in China is projected to reach a market size of 44.692 billion yuan by 2025, with a compound annual growth rate (CAGR) of 11.2% from 2021 to 2025[85]. - The global optical communication industry is transitioning from gigabit to 10-gigabit networks, with a focus on technologies like 50G-PON and Wi-Fi 7, which are expected to accelerate commercial applications[86]. - The demand for high-speed, high-capacity transmission networks is increasing due to the widespread adoption of 5G, cloud computing, and IoT technologies[86]. - The digital economy in major countries, including China, reached over $33 trillion in 2023, with a growth rate exceeding 8%[197]. - The government emphasizes the development of commercial aerospace and low-altitude economy as new growth engines, marking a shift from policy benefits to industry breakthroughs[196].

目 录 一、内部控制审计报告…………………………………………第 1—2 页 内部控制审计报告 天健审〔2025〕7081 号 深圳震有科技股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了深圳震有科技股份有限公司（以下简称震有科技公司）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是震有 科技公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 第 1 页 共 2 页 我们认为，震有科技公司于 2024 年 12 月 3 ...

目 录 一、非经营性资金占用及其他关联资金往来情况的专项 审计说明…………………………………………………………第 1—2 页 二、非经营性资金占用及其他关联资金往来情况汇总表…………… 第 3 页 非经营性资金占用及其他关联资金往来情况的 专项审计说明 天健审〔2025〕7029 号 震有科技公司管理层的责任是提供真实、合法、完整的相关资料，按照《上 市公司监管指引第 8 号——上市公司资金往来、对外担保的监管要求》（证监会 公告〔2022〕26 号）和《科创板上市公司自律监管指南第 7 号——年度报告相 关事项（2024 年 5 月修订）》（上证函〔2024〕3305 号）的规定编制汇总表， 并保证其内容真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏。 第 1 页 共 3 页 三、注册会计师的责任 我们的责任是在实施审计工作的基础上对震有科技公司管理层编制的汇总 表发表专项审计意见。 深圳震有科技股份有限公司全体股东： 我们接受委托，审计了深圳震有科技股份有限公司（以下简称震有科技公司） 2024 年度财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母 ...

目 录 | 一、审计报告……………………………………………………… 第 1—6 | 页 | | --- | --- | | 二、财务报表……………………………………………………… 第 7—14 | 页 | | （一）合并资产负债表…………………………………………… 第 | 7 页 | | （二）母公司资产负债表………………………………………… 第 | 8 页 | | （三）合并利润表………………………………………………… 第 | 9 页 | | （四）母公司利润表………………………………………………第 | 10 页 | | （五）合并现金流量表……………………………………………第 | 11 页 | | （六）母公司现金流量表…………………………………………第 | 12 页 | | （七）合并所有者权益变动表……………………………………第 | 13 页 | | （八）母公司所有者权益变动表…………………………………第 | 14 页 | | | | 四、附件…………………………………………………………第 105—108 页 审 计 报 告 天健审〔2025〕7028 号 深圳震有科技股份有限公司全体股东： 一、审 ...

震有科技公告，2025年第一季度营收为1.68亿元，同比下降6.36%；净利润为202.82万元，同比下降 71.00%。 ...

震有科技（688418.SH）公司事件点评 签订 15 亿美元光纤总包项目，"低空+低轨"助力成长 2025 年 04 月 16 日 ➢ 事件：4 月 15 日，震有科技发布公告，公司与刚果民主共和国光纤公司签 署了关于"刚果民主共和国国家骨干光纤宽带网络项目"的总包工程框架协议， 合同金额为 15 亿美元（不含税）。 ➢ 公司大额订单签订有望在后续对公司业绩产生明显积极影响。本项目采用总 价合同模式，总包预算金额为 15 亿美元。项目由"框架协议+订单"构成，订 单为本协议的组成部分；每个订单独立验收，独立结算；公司以收到预付款为执 行订单的前提，不存在前期垫资风险，共计 48 个月完成整个工程。我们认为本 次合作的具体落实将有助于进一步拓展公司在非洲地区光通信业务的市场布局， 提高市场竞争力，项目确收也将对公司未来业绩产生明显积极影响。 ➢ 横向前瞻拓展低空经济布局，多维度推进低空场景应用。低空经济领域的发 展离不开稳定、高效的通信网络支持，公司所布局的通信产品技术，可以为低空 经济业务做好通信侧的支撑。公司旗下的鹏有（深圳）飞行科技有限公司， 持 续探索于 eVTOL（电动垂直起降飞行器）起降站点建设、 ...

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The company is positioned as a leading enterprise in satellite core networks and is expected to benefit from the growth of its overseas business [4][5]. - The recent signing of a framework agreement for a $1.5 billion project in the Democratic Republic of Congo is anticipated to drive revenue growth [4]. - The company is actively optimizing its overseas market layout, with increasing demand for optical infrastructure globally [4][5]. Financial Summary - The company’s projected total revenue for 2024-2026 is estimated at 949 million, 1,251 million, and 1,588 million yuan respectively, with a net profit forecast of 26 million, 113 million, and 176 million yuan [5][7]. - The expected year-on-year revenue growth rates are 66.1% for 2023, 7.3% for 2024, 31.8% for 2025, and 26.9% for 2026 [7]. - The gross profit margin is projected to improve from 40.5% in 2023 to 52.5% by 2026 [7]. Project Highlights - The company has secured multiple overseas projects, including significant contracts in Angola, Mauritania, and Bangladesh, indicating a robust international presence [4][5]. - The satellite internet sector is showing initial demand, with the company being a key supplier for the "Tiantong-1" project core network [5]. Market Performance - The company's stock has shown a relative increase compared to the CSI 300 index, with absolute growth rates of 5.60%, 21.90%, and 6.35% over the past months [3][4].

[Table_Main] 证券研究报告 | 公司点评 买入（维持） 所属行业：通信/通信设备 当前价格(元)：33.18 证券分析师 李宏涛 资格编号：S0120524070003 1.《震有科技(688418.SH)：卫星核心 网领先企业，有望受益出海业务增 长》，2025.3.13 震有科技(688418.SH) 2025 年 04 月 15 日 邮箱：liht＠tebon.com.cn 研究助理 市场表现 沪深300对比 1M 2M 3M -26% 0% 26% 51% 77% 103% 129% 154% 2024-04 2024-08 2024-12 2025-04 震有科技 沪深300 绝对涨幅(%) 5.60 21.90 6.35 相对涨幅(%) 11.72 26.41 7.90 资料来源：德邦研究所，聚源数据 相关研究 震有科技（688418.SH）：刚果 总包项目落成，海外业绩增长启 动 投资要点 请务必阅读正文之后的信息披露和法律声明 事件： 4 月 15 日，震有科技发布《关于签署总包工程框架协议的公告》。公司与刚 果民主共和国光纤公司签订了关于"刚果民主共和国国家骨干光纤宽带网络项目" ...