资料显示，智明达成立于2002年，位于成都市青羊区敬业路229号H3栋D单元，是一家以从事面向国家 重点领域客户,提供定制化嵌入式计算机模块和解决方案。为主的企业。企业注册资本1.13亿人民币，法 人代表为王勇。 智明达公告称，预计2025年1-3月归属于上市公司股东的净利润盈利约:780万元,同比上年增长1,891万元 左右。预计2025年1-3月营业收入约:8,000万元,同比上年增长:63%左右,同比上年增长3,101万元左右。 公告显示，公司持续实施技术领先战略,不断提升技术实力,在前几年产品线布局较广(机载、弹载、商业 航天、无人装备等),同时单个型号价值量较之前型号大幅提升。今年随客户需求大幅增加,相关产品订单 出现爆发式增长。公司一季度新增订单较上年同期大幅增长,同比创历史新高,其中弹载产品订单增幅最 大,机载、无人机、AI相关产品订单也有不同程度增长,为保证全年增长打下良好基础。①报告期由于新 增订单大幅增加,公司交付增加,收入大幅增长;②报告期参股公司业绩有所改善,亏损同比减少,公司投资 收益同比增加;③报告期公司AI相关产品已小批量交付,预计本年度实现更多收入贡献。 通过天眼查大数据分析， ...

一、停牌 1、成大生物：韶关高腾要约收购期满，股票停牌一天。 二、并购 1、圣农发展：拟收购太阳谷54%股权。 三、股权转让，回购 1、高测股份：控股股东张顼拟询价转让4.99%。 2、雅本化学：公司实际控制人变更为蔡彤、汪新芽。 3、三一重工：拟以10亿元-20亿元回购公司股份，用于员工持股计划。 4、德邦科技：拟4000万元-8000万元回购股份。 四、对外投资、日常经营 1、夏厦精密：拟投资不超过10亿元建设行星滚柱丝杠和减速机等生产项目。 2、锦龙股份：拟转让所持有的中山证券67.78%股权，目前已在上海联合产权交易所预挂牌。 3、三一重能：拟合计投资不超过10亿美元在乌兹别克斯坦建设两个风电场项目。 4、恩捷股份：下属子公司与美国某知名汽车公司签订锂电池隔离膜供应协议。 5、城地香江：子公司签订中国移动呼和浩特数据中心算力基础设施建维服务项目合同。 6、通裕重工：拟向金融机构申请70亿元融资额度。 五、业绩变动 1、利尔化学：预计一季度净利润同比增长203.08%-223.98%；公司部分产品的销量和价格有所上涨，导 致一季度经营业绩同比实现增长。 2、智明达：预计一季度净利润为780万元，同比扭亏 ...

Revenue Expectations - The company expects Q1 2025 revenue to be approximately 80 million yuan, an increase of about 31.01 million yuan, representing a year-over-year growth of approximately 63%[3]. - The significant revenue growth is attributed to a substantial increase in new orders, particularly in airborne and unmanned equipment products, which have reached historical highs compared to the previous year[6]. - AI-related products have begun small-scale deliveries, with expectations for more revenue contributions throughout the year[8]. Profitability - The estimated net profit attributable to the parent company for Q1 2025 is around 7.8 million yuan, a turnaround from a loss of 11.12 million yuan in the same period last year, reflecting an increase of about 18.91 million yuan[3][5]. - The company has seen improvements in the performance of its equity investments, resulting in a year-over-year increase in investment income[8]. Financial Reporting - The financial data in the earnings forecast has not been audited by registered accountants and is based on preliminary calculations by the company's finance department[4][9]. - The company emphasizes that the forecast data is preliminary and the final financial figures will be disclosed in the official Q1 2025 report[10].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 60.00, compared to the last closing price of 39.87 [1]. Core Insights - The company, Zhimin Da (688636), is a leading player in the domestic embedded computer industry, focusing on key national sectors and providing customized solutions, products, and services [4][11]. - The demand for embedded computers in key sectors is expected to grow significantly due to the acceleration of national defense information construction and the increasing sophistication of equipment [5][45]. - The company is well-positioned to benefit from the recovery of orders in key sectors, with expectations of improved financial performance in the coming years [5][24]. Summary by Sections 1. Company Overview - Zhimin Da has over 20 years of experience in embedded technology, ensuring its leading position in the industry through core technical advantages [12][13]. - The company has a stable revenue growth rate, with a compound annual growth rate of 13.85% from 2019 to 2024, and a gross margin maintained above 40% [24]. 2. Market Demand - The embedded computer market is experiencing significant growth driven by the demand for intelligent equipment in various sectors, including communications and healthcare [4][42]. - The global market for embedded systems in key sectors is projected to grow from USD 101.9 billion in 2020 to USD 238.0 billion by 2027, with a CAGR of 12.9% [44]. 3. Product Applications - The company’s products are widely used in key sectors, including airborne and missile systems, with a focus on enhancing capabilities in these areas [5][28]. - The company has expanded its product offerings to include applications in satellite and drone markets, which are expected to contribute to future growth [5][28]. 4. Financial Projections - The company’s net profit is projected to be CNY 0.19 million, CNY 1.13 million, and CNY 1.54 million for 2024, 2025, and 2026 respectively, with corresponding EPS of CNY 0.17, CNY 1.01, and CNY 1.37 [5][7].

2025-03-28 公司深度研究 买入/维持 智明达（688636） 目标价：60.00 昨收盘：39.87 国防军工 "嵌入"国家重点领域，迎接智能化时代发展新机遇 走势比较 -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% Mar/24 Apr/24 May/24 Jun/24 Jul/24 Aug/24 Sep/24 Oct/24 Nov/24 Dec/24 Jan/25 Feb/25 智明达 沪深300 股票数据 | 总股本/流通(亿股) | 1.13/1.13 | | --- | --- | | 总市值/流通(亿元) | 44.88/44.85 | | 12 个月最高/最低(元) | 42.77/24.37 | 相关研究报告 【太平洋证券】国防军工 2025 年度 策略：聚焦新域新质，迎接景气拐点 报告摘要 国内重点领域嵌入式计算机行业"小巨人"。智明达是国内重点领域嵌 入式计算机行业的领先企业，基于客户需求为国内重点领域客户提供嵌入 式计算机相关的定制方案、产品与服务。目前，公司的产品和解决方案已 涵盖接口控制、数据处理、信号处理、图形图像处 ...

证券代码：688636 证券简称：智明达 公告编号：2025-004 1%整数倍的提示性公告 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、准确性和完整性承担个别及连带责任。 重要内容提示： 本次权益变动为共青城智为投资合伙企业（有限合伙）（曾用名为"成 都智为企业管理合伙企业（有限合伙）"，以下简称"共青城智为"）履行此前披 露的减持股份计划所致，不触及要约收购。 本次权益变动不会导致公司控股股东、实际控制人发生变化，不会对公 司治理结构及未来持续经营产生重大影响。 王勇、张跃为成都智明达电子股份有限公司（以下简称"公司"）实际 控制人，王勇系共青城智为执行事务合伙人，与共青城智为形成一致行动人关系， 实际控制人未参与本次共青城智为的减持计划。 本次权益变动后，共青城智为持有公司股份 5,975,719 股，占公司总股 本的 5.31%，王勇持有公司股份 33,043,413 股，占公司总股本的 29.36%，张跃 持有公司股份 4,720,487 股，占公司总股本的 4.19%。合计持有公司股份从 44,137,804 股减少至 43,739,619 ...

Summary of Conference Call Company and Industry Overview - The conference call discusses the performance of a company in the defense and aerospace industry, focusing on its financial results for 2024 and expectations for 2025 and beyond. The company reported a significant decline in revenue and profit due to industry challenges but anticipates a recovery in the upcoming years. Key Financial Highlights - **2024 Revenue**: 430 million, a year-over-year decrease of 33% [1] - **Net Profit**: 19.25 million, down 80% year-over-year [1] - **Net Profit After Deductions**: 11.91 million, also down 80% year-over-year [1] - **Gross Margin**: Stabilized at approximately 45% in 2024, up from 43% in 2023 [5] Operational Insights - The company has focused on cost reduction and supply chain efficiency, while also expanding its product offerings in areas such as drones, anti-drone systems, low-altitude economy projects, commercial space, and satellite communication equipment [1][2]. - The company has seen a significant backlog of orders, with a reported increase of nearly 300 million in orders since the end of 2024, totaling over 700 million [4]. Industry Trends and Future Outlook - The industry is expected to experience a turnaround in 2025, with a notable increase in demand and orders, particularly in the last year of the 14th Five-Year Plan [2]. - The company anticipates that 2026 will be a year of significant demand growth as the industry continues to recover [2]. Product Development and Market Segments - The company has diversified its product lines, with a focus on core areas such as base load systems, drones, and missile systems, which collectively account for a significant portion of its order backlog [4][15]. - The company has engaged in 171 new projects in 2024, with various segments contributing to the overall project distribution: base load (43%), missile systems (32%), drones (7%), and others [15]. AI and Technological Advancements - The company has been investing in AI since 2019, with over 57 projects currently in development, expecting to generate significant revenue in the coming years [9][11]. - AI applications are being integrated into various products, enhancing capabilities in areas such as target tracking and data processing [10][12]. Challenges and Competitive Landscape - The company faces pressure from competitors, particularly in the commercial space sector, where cost efficiency is critical [22][23]. - There is a trend towards integrating hardware and software solutions, which may require the company to adapt its offerings to meet evolving customer demands [19]. Conclusion - The company is optimistic about its future growth prospects, driven by a recovering industry, a robust order backlog, and ongoing investments in technology and product development. The focus will remain on maintaining operational efficiency and adapting to market changes while leveraging its technological advancements in AI and other areas.

在会开始前，我们提示各位投资者，在主讲嘉宾发言结束后将留提问时间。接下来有请董 事会秘书秦英女士发言，谢谢。 发言人 2 0:00:12 各位早上好，非常感谢各位在 25 年春暖花开的时候，参加我们智明达的第一场业绩说明 会。今天参加我们说明会的由我们董事长江虎董事长，还有我们。销售副总 万崇刚万总， 还有我们总师办主任耿剑主任下面我将 2024 年公司业绩快报向大家做一个汇报。2024 年公司营业收入 4.3 亿，同比下降 30%。归属于母公司净利润 1925 万，同比下降 80%。扣非后净利润 1191 万，同比下降 80%。这是财务数据情况。我将 2024 年的经营 情况也简单向大家做个汇报。其实 2024 年大家也知道，我们这个行业经历了比较多的一 些事情，但公司整体的运营情况态势是平稳的。 我们不但做了很多降本增效供应链方面的工作，也在我们原有的智能制造的产品上深耕细 作。包括拓展的客户新的产品。同时大力的发展了无人机的项目，也包括反无的系统的项 目，还有低空经济的项目，商业航天领域的项目，包括我们也进入到火箭领域，以及我们 说的现在的卫星通信设备的领域。同时也向大家汇报一下，其实在前几年公司已经布 ...

Financial Performance - Total operating revenue for 2024 was RMB 437.93 million, a decrease of 33.95% compared to the previous year[4] - Net profit attributable to shareholders of the parent company was RMB 19.25 million, down 80.00% year-on-year[4] - The basic earnings per share decreased to RMB 0.17, a decline of 80.23% from RMB 1.28 in the previous year[4] - The net asset value per share decreased by 32.06% to RMB 9.81[9] Assets and Equity - Total assets at the end of the reporting period were RMB 1,529.19 million, a slight decrease of 0.29% from the beginning of the period[9] - The company's equity attributable to shareholders of the parent company increased by 1.65% to RMB 1,104.33 million[9] - The company's share capital increased by 49.60% due to a capital reserve conversion plan approved at the annual shareholders' meeting[11] Product Development and Market Challenges - The company expanded its product applications in UAVs, low-altitude economy, and commercial aerospace during the reporting period[7] - AI technology applications have been successfully integrated into various products, including visual landing and drone collaborative control[7] - The company faced delays in multi-model orders, leading to lower-than-expected new orders during the reporting period[10]

证券代码：688636 证券简称：智明达 公告编号：2025-002 成都智明达电子股份有限公司 关于持股 5%以上股东集中竞价减持股份计划公告 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、准确性和完整性依法承担法律 责任。 重要内容提示： 持股 5%以上股东持股的基本情况 截至本公告披露日，共青城智为投资合伙企业（有限合伙）（曾用名为"成 都智为企业管理合伙企业（有限合伙）"，以下简称"共青城智为"）持有成都智 明达电子股份有限公司（以下简称"公司"或"智明达"）股份 6,373,904 股， 占公司总股本的 5.66%。王勇、张跃为公司实际控制人，王勇系共青城智为执行 事务合伙人，与共青城智为形成一致行动人关系，上述一致行动人合计持有公司 股份 44,137,804 股，占公司总股本的 39.21%。上述股份为公司首次公开发行前 及资本公积转增股本取得的股份，且已于 2024 年 4 月 8 日解除限售并上市流通。 集中竞价减持计划的主要内容 共青城智为因自身资金需求，拟通过集中竞价交易方式减持其所持有的公司 股份合计不超过 1,125, ...