公司持续实施技术领先战略，报告期前几年布局的产品线的（机载、弹载、商业航天等）客户需求增长 大，订单同比上年增长较高，导致收入增幅较大。 格隆汇1月27日丨智明达(688636.SH)公布，经财务部门初步测算，预计2025年1-12月实现营业收入为 68,000万元左右，同比增长55%左右。经财务部门初步测算，预计2025年1-12月实现归属于母公司所有 者的净利润为10,000万元左右，同比增长414%左右。经财务部门初步测算，预计2025年1-12月实现归属 于上市公司股东的扣除非经常性损益的净利润为9,400万元左右，同比增长676%左右。 ...

Core Viewpoint - The company expects to achieve a net profit attributable to shareholders of approximately 100 million yuan in 2025, representing a year-on-year increase of around 414% [1] Group 1: Financial Performance - The significant increase in net profit is attributed to the high growth in customer demand for product lines established in previous years, including airborne, missile-borne, and commercial aerospace sectors [1] - The company has experienced a substantial year-on-year growth in orders, contributing to a significant increase in revenue [1]

Market Performance - The military electronics sector increased by 5.39% compared to the previous trading day, with Ruichuang Micro-Nano leading the gains [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Stock Highlights - Ruichuang Micro-Nano (688002) closed at 123.31, up 20.00% with a trading volume of 153,900 shares and a transaction value of 1.842 billion [1] - Yuanbo Electronics (688375) closed at 143.99, up 15.03% with a trading volume of 168,300 shares and a transaction value of 2.300 billion [1] - Quanxin Co., Ltd. (300447) closed at 21.84, up 11.77% with a trading volume of 455,800 shares and a transaction value of 0.951 billion [1] - Other notable stocks include Zhimingda (688636) up 9.70%, Xinguang Optoelectronics (688011) up 8.88%, and Shanghai Jianxun (300762) up 8.73% [1] Capital Flow - The military electronics sector saw a net inflow of 2.542 billion from institutional investors, while retail investors experienced a net outflow of 1.513 billion [2] - The table of capital flow indicates that major stocks like Shanghai Hantong (300762) had a significant net inflow of 5.39 billion from institutional investors [3] - Other stocks such as Beidou Star (002151) and Guode Electronics (688375) also showed varying degrees of net inflow and outflow from different investor categories [3]

Group 1 - The company believes that its value will grow alongside its performance [1] - The company has established a market value management system to enhance communication with the secondary market [1] - The company aims to actively disseminate its value to ensure investors have timely and in-depth understanding of its business and highlights [1]

Investment Rating - The report assigns an "Accumulate" rating for the industry [4]. Core Insights - The launch cycle of the Long March 12 rocket has been shortened, indicating a potential acceleration in China's commercial space launch rhythm. The report anticipates that by 2026, China's commercial space sector will experience rapid growth, becoming a core investment direction in the military industry during the 14th Five-Year Plan [2][4]. Summary by Sections Industry Overview - The Long March 12 rocket, developed by the China Aerospace Science and Technology Corporation, has demonstrated strong performance with a near-Earth orbit capacity of at least 12 tons and a 700 km sun-synchronous orbit capacity of at least 6 tons. The rocket's launch cycle has been optimized, reducing the time by 4 days, showcasing high efficiency in testing and launch operations [4]. Future Outlook - By 2025, significant breakthroughs in manned spaceflight, deep space exploration, and commercial space sectors are expected, with a projected total of 92 launches, setting a historical record. The report highlights that 2026 will bring further surprises and advancements in China's space endeavors, including the construction of space stations and lunar exploration [4]. Investment Recommendations - The report recommends specific stocks for investment, including Aerospace Electronics, Shaanxi Huada, Zhimin Da, Guobo Electronics, Guangwei Composite, and AVIC High-Tech. Related stocks mentioned include Chaojie Co., Zhenlei Technology, China Satellite, Aerospace Electric, Zhongtian Rocket, and Srey New Materials [4].

Core Viewpoint - The company, Zhimingda, focuses on providing embedded computing systems for key national sectors, emphasizing its role in high-end equipment applications such as aircraft, missiles, satellites, rockets, and unmanned systems [2]. Group 1: Product Applications - The company's embedded computing systems are widely used in critical electronic systems, including electronic countermeasures, precision guidance, radar, communication, and flight control [2]. - Zhimingda offers comprehensive solutions that include signal acquisition and processing, image perception and intelligent processing, edge storage, intelligent power supply, and intelligent computing terminals [2]. Group 2: Technical Approach - The company is dedicated to researching the adaptation and driver programming of embedded real-time operating systems, as well as application program development [2]. - Zhimingda employs a "hardware customization + software customization" approach to meet the application needs of its clients, tailored to the characteristics of users in key national sectors [2].

Core Viewpoint - The company, Zhimingda, focuses on providing embedded computer systems primarily for key national sectors, emphasizing its role in high-end equipment applications such as aircraft, missiles, satellites, rockets, and unmanned systems [1] Group 1: Product Offerings - Zhimingda's embedded computer systems are utilized in critical electronic systems for electronic countermeasures, precision guidance, radar, communication, and flight control [1] - The company offers a comprehensive solution that includes signal acquisition and processing, image perception and intelligent processing, edge storage, smart power supply, and intelligent computing terminals [1] Group 2: Development Approach - The company is dedicated to researching the adaptation of embedded real-time operating systems, driver programs, and application development [1] - Zhimingda employs a "hardware customization + software customization" strategy to meet the application needs of its clients, tailored to the characteristics of users in key national sectors [1]

Core Viewpoint - The stock price of Zhimin Da (688636.SH) has surged due to the commercial aerospace concept, with a significant increase in share price observed since the beginning of 2026, despite the company's commercial aerospace products being in the early stages of industrialization [1][2]. Group 1: Stock Performance - Zhimin Da's stock price rose from 42.84 CNY per share to a peak of 61.81 CNY per share by January 12, 2026, marking a maximum increase of 44.28% [1][2]. - On January 13, 2026, the stock price fell by 7% to 55.8 CNY per share, but it still recorded a 30.25% increase over the first seven trading days of the year [1][2]. Group 2: Business Overview - The main business of Zhimin Da is providing customized embedded modules and solutions, with a focus on airborne and missile-borne embedded computers [4][5]. - As of the first three quarters of 2025, the revenue from commercial aerospace embedded computers was 2.023 million CNY, accounting for only 3.97% of total revenue during the same period [2][4]. Group 3: Financial Performance - In 2025, Zhimin Da reported a significant increase in performance, achieving a revenue of 512 million CNY, a year-on-year growth of 145.16%, and a net profit of 81.99 million CNY, reversing previous losses [4]. - The company had a backlog of orders (including verbal agreements) amounting to 450 million CNY by the end of September 2025, with a notable increase in orders for airborne and missile-borne products [4]. Group 4: Future Prospects - Zhimin Da has plans to expand its commercial aerospace business, having started developing satellite terminal equipment and other related products, with expectations of high growth in revenue from this sector in the coming years [3][6]. - The company completed a fundraising of 208 million CNY by the end of 2025, aimed at supporting the research and industrialization of unmanned equipment and commercial aerospace embedded computers [6].

Group 1 - The commercial aerospace sector is experiencing significant investor interest, driven by favorable news and a surge in stock prices, with nearly 50 stocks hitting the daily limit up [1] - China has applied for frequency resources for over 200,000 satellites, indicating that satellite frequency resource applications have reached a national strategic level [1] - Companies such as Goldwind Technology and Tongyu Communication have seen substantial stock price increases, with Goldwind achieving five consecutive limit-up days [1] Group 2 - Shaanxi Huada is deeply involved in major aerospace projects and is expanding its product offerings to meet customer demands in commercial aerospace [2] - AVIC Optoelectronics is the main supplier of cable connectors for Blue Arrow Aerospace, indicating a long-term partnership and commitment to innovation in the commercial aerospace sector [3] - Huayin Technology is focusing on special functional materials and is exploring opportunities in aerospace component processing, although its main revenue still comes from the aviation engine sector [4] Group 3 - Zhimin Da reported that its embedded computers for commercial aerospace have a small revenue contribution, with orders amounting to approximately 20 million yuan, representing only 4.8% of total orders [5] - Haoneng Co. stated that its aerospace-related revenue is minimal and does not significantly impact its main business [6][7] - *ST Chengchang noted that the commercial aerospace industry is still in its early stages, with no significant changes in its fundamentals [8] Group 4 - Plitel's revenue contribution from commercial aerospace is limited, accounting for about 3% as of September 30, 2025, while the company is under investigation [9] - Guoke Military Industry is collaborating with commercial aerospace companies on rocket projects that are still in the research phase, contributing minimally to revenue [10] - Zhongke Xingtou highlighted a mismatch between its stock price increase and actual performance in the commercial aerospace sector, indicating potential risks [10] Group 5 - Zhongheng Design has won contracts for commercial aerospace manufacturing base design projects, but the revenue from these projects is relatively small [11] - LIGONG Navigation's planning in the commercial aerospace sector is still in the early stages, with minimal revenue generated [12] - Aerospace Power clarified that its main business does not involve commercial aerospace, focusing instead on rocket engine component processing [13] Group 6 - Hengbo Co. has not yet entered the commercial aerospace sector, despite developing materials that could be applicable [14] - Beifang Navigation reported no relevant business or orders in the commercial aerospace field, despite stock price increases [15] - Aerospace Engineering confirmed that it does not engage in commercial aerospace activities, focusing on gasification technology instead [15] Group 7 - Xinghuan Technology stated that it does not conduct commercial aerospace business and is focused on AI database technology development [16] - Aerospace Changfeng reported significant stock price increases but confirmed it does not engage in commercial aerospace activities [17]

Core Viewpoint - The commercial aerospace sector remains active, with multiple stocks experiencing significant movements, but many companies clarify that they do not engage in commercial aerospace-related businesses [1] Group 1: Companies Not Involved in Commercial Aerospace - Aerospace Engineering explicitly states it does not engage in commercial aerospace or related businesses, and its shareholder reduction plan is not yet fully implemented [2] - Northern Navigation confirms it has no relevant business in commercial aerospace and has not received related orders [2] - Star Ring Technology indicates it does not actually conduct commercial aerospace business and has no connection with Shanghai Star Ring Energy Technology Co., Ltd [2] - Aerospace Longfeng currently does not engage in brain-computer interface or commercial aerospace-related businesses [2] - Aerospace Power's main business does not involve commercial aerospace, focusing instead on processing rocket engine components [2] Group 2: Companies with Minimal Involvement in Commercial Aerospace - *ST Chengchang notes that the commercial aerospace industry is in its early stages, with no significant changes to the company's fundamentals [2] - XinKe Mobile reports that revenue from the satellite internet sector accounts for approximately 2% to 3% of total revenue, having no major impact on performance [2] - Huayin Technology primarily engages in the production and sales of special functional materials and is exploring aerospace component processing [2] - Aerospace Hongtu's main business is still in the satellite application phase [2] - ZhiMingDa has approximately 20 million yuan in embedded computing orders related to commercial aerospace, representing 4.8% of its total [2] Group 3: Companies with Limited Commercial Aerospace Revenue - Platinum Specialties indicates that commercial aerospace contributes minimally to total revenue [2] - Haoneng Co., Ltd. states that its aerospace component business, including valves and sheet metal products, generates very small revenue [2] - Zhongke Xingtou mentions that the stock price increase is not supported by actual performance in commercial aerospace, indicating a significant disconnect from fundamentals [2] - Aerospace Morning Light's main business involves special equipment and specialized vehicle modifications, with no expected major changes in revenue structure in the short term [2] - Electric Science Digital has not previously engaged in commercial aerospace, with satellite communication products accounting for less than 0.1% of overall business [2] - Zhongheng Design has won bids for some high-end manufacturing base design projects in commercial aerospace, but individual project contract amounts are small [2]