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].

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 defense information construction and the increasing intelligence of equipment [5][51]. - 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 industries, 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 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][61]. - 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]. - The expected PE ratios for the same periods are 233, 40, and 29, indicating a potential for significant valuation improvement as the market recovers [5].

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.

Summary of the Conference Call Company and Industry Overview - The conference call pertains to **Zhimin Da** (智明达), a company operating in the **defense and aerospace industry**. The discussion includes financial performance and future outlook for the company. Key Financial Highlights - **2024 Financial Performance**: - Revenue: **430 million** (down **30%** year-on-year) [1] - Net Profit: **19.25 million** (down **80%** year-on-year) [1] - Non-recurring Net Profit: **11.91 million** (down **80%** year-on-year) [1] Core Business Insights - The company has focused on **cost reduction and efficiency improvements** in the supply chain while deepening its existing smart manufacturing products [2]. - Significant projects include: - **Drones** and **anti-drone systems** - **Low-altitude economy projects** - **Commercial space projects** including rockets and satellite communication equipment [2]. - The company has made early investments in **AI technology**, with projects in visual landing, image processing for guidance systems, and drone coordination already being implemented [2]. Order and Demand Trends - Orders for many models have been delayed until the fourth quarter due to industry conditions, impacting revenue and profit [2]. - The company reported a **significant increase in orders** at the beginning of 2025, indicating a potential industry recovery [3]. - As of February 21, 2025, the company has approximately **700 million** in orders, a significant increase from previous figures [5]. Profitability and Margin Analysis - The gross margin has fluctuated, with a reported **45%** in 2024, stabilizing from a previous decline [5]. - The company anticipates maintaining a gross margin around **45%** moving forward, despite pressures from procurement costs and pricing [5]. Commercial Space and AI Developments - The commercial space segment generated approximately **1.3 million** in revenue in 2024, with expectations for significant growth in 2025 due to a low base [6][7]. - The company has been involved in **57 AI projects**, with 20 already implemented in various applications, including optical, radar, and communication systems [9][11]. - Future AI projects are expected to generate between **20 million** to **40 million** in revenue by 2025, with long-term projections suggesting potential revenues of **2 billion** to **3 billion** by 2027 [12]. Market Dynamics and Competitive Landscape - The company is facing competition from **private enterprises** in the commercial space sector, which are pushing for lower costs while maintaining performance standards [28]. - The company is adapting to this trend by exploring cost-reduction strategies without compromising on quality [28]. Future Outlook - The company expects to see a **rebound in demand** in 2025, with projections to at least match or exceed 2023 revenue levels [31]. - The production capacity has been expanded with a new **15,000 square meter facility**, which is designed to support a production output of **2 billion** to **3 billion** [35]. Additional Considerations - The company is not currently considering stock options as a form of employee incentive due to market conditions [36]. - There is a focus on maintaining stable operational costs and managing personnel effectively to support growth [38]. This summary encapsulates the key points discussed during the conference call, highlighting the company's financial performance, strategic initiatives, and market outlook.

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, ...

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Revenue and Profit Forecast - The company expects 2024 annual revenue to be between 400 million and 450 million yuan, a decrease of 213 million to 263 million yuan compared to the previous year, representing a decline of 32.13% to 39.67%[3] - The projected net profit attributable to the parent company for 2024 is estimated to be between 18 million and 22 million yuan, a decrease of 74.26 million to 78.26 million yuan year-on-year, reflecting a decline of 77.14% to 81.30%[3] - In 2023, the company achieved an annual revenue of 663 million yuan and a net profit of 96.26 million yuan[5] Reasons for Decline - The significant decline in revenue and net profit is primarily due to industry factors, including delayed orders and lower-than-expected new orders during the reporting period[6] - The decrease in net profit is also attributed to the absence of investment income from the transfer of equity stakes in associated companies, which occurred in the previous year[7] Financial Data and Uncertainties - The financial data in the earnings forecast has not been audited by a registered accountant and is based on preliminary calculations by the company's finance department[4] - The company has not identified any major uncertainties that could affect the accuracy of this earnings forecast as of the announcement date[8] - Investors are advised that the forecast data is preliminary and the accurate financial data will be disclosed in the official 2024 annual report[9]

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