炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 半导体板块爆发 半导体板块今日大幅拉升，截至收盘，晶华微、唯捷创芯、富满微、纳芯微、圣邦股份、思瑞浦等20% 涨停，华虹公司涨19.75%。 在全球股市普遍走低背景下，A股、港股逆市走高。 今日，在隔夜美股大跌后，亚太市场普遍走低，日经225指数一度跌超5%。欧股今日开盘后也迅速走 低，截至发稿，主要指数均转跌，德国DAX指数、意大利富时MIB指数、欧元区斯托克50指数跌幅均 超1%。 | 英国富时100 | 7883.60 | -29.65 | -0.37% | | --- | --- | --- | --- | | 法国CAC40 | 7088.53 | -37.49 | -0.53% | | 德国DAX | 20341.84 | -220.89 | -1.07% | | 意大利富时MIB | 33779.85 | -497.24 | -1.45% | | 欧元区STOXX50(欧元) | 4762.53 d | -56.39 | -1.17% | A股、港股今日逆市走高。A股创业板指、科创50指数等较为强势；港股午后再度拉升，恒生 ...

根据最新业绩预告，智明达预计2025年第一季度净利润为780万元，实现扭亏。这一成绩是在智明达2024年整体业绩承压的背景下取得的。2024年，智明达 实现营业收入43792.76万元，同比减少33.95%；实现归属于母公司所有者的净利润1925.00万元，同比减少80.00%。智明达2025年第一季度的盈利表现仍显 示出其经营状况正在逐步改善。 虽然，智明达在技术转型和市场拓展方面取得了一定成效，但仍面临诸多挑战。首先，行业竞争激烈，智明达在机载、弹载等传统优势领域面临着来自同行 的激烈竞争。其次，受行业因素影响，智明达多型号订单延后，导致2024年收入同比降幅较大。此外，智明达在2024年前三季度的营业利润和净利润均出现 了亏损，反映出其在成本控制和盈利能力方面仍需进一步提升。 据悉，智明达近年来在技术研发和市场拓展方面持续发力，特别是在AI技术的应用上取得了显著进展。智明达此前布局的AI技术已陆续落地于视觉着陆、 导引头图像处理、无人机协同控制等多个应用领域，并成功装备到各类产品中。此外，智明达还在无人机、低空经济、商业航天等新兴领域积极拓展业务， 为未来的增长奠定了基础。 4月7日，智明达（68863 ...

2025-04-07 公司点评 买入/维持 智明达（688636） 目标价：60.00 昨收盘：39.48 国防军工 产品订单大幅增长，看好全年业绩表现 走势比较 -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% Apr/24 May/24 Jun/24 Jul/24 Aug/24 Sep/24 Oct/24 Nov/24 Dec/24 Jan/25 Feb/25 Mar/25 智明达 沪深300 股票数据 | 总股本/流通(亿股) | 1.13/1.13 | 1.76/0.97 | | --- | --- | --- | | 总市值/流通(亿元) | 44.44/44.42 | 88.08/44.24 | | 12 个月最高/最低(元) | 42.77/24.37 | 59.68/43.90 | 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 智明达（688636）深度报告："嵌入"国家 重点领域，迎接智能化时代发展新机遇 事件：公司发布 2025 年一季度业绩预告，经财务部门初步测算，预 计 2025 年第一季度实现营业 ...

Group 1 - The company expects a net profit attributable to shareholders of approximately 7.8 million yuan for Q1 2025, an increase of about 18.91 million yuan year-on-year [1] - The projected operating revenue for Q1 2025 is around 80 million yuan, reflecting a year-on-year growth of approximately 63%, which translates to an increase of about 31.01 million yuan [1] - The company has implemented a technology-leading strategy, enhancing its technical capabilities and expanding its product line across various sectors, including airborne, missile, commercial aerospace, and unmanned equipment [1] Group 2 - The company has experienced a significant increase in orders due to rising customer demand, with Q1 orders reaching a historical high compared to the same period last year [1] - The largest growth in orders was seen in missile-mounted products, while airborne, drone, and AI-related product orders also experienced varying degrees of increase [1] - The company has reported improved performance from its equity investees, with reduced losses year-on-year and increased investment income [1] Group 3 - The company has delivered AI-related products in small batches, with expectations for greater revenue contributions throughout the year [1] - Chengdu Zhimianda Electronics Co., Ltd. has made investments in two enterprises and participated in 102 bidding projects [2] - The company holds 1 trademark and 69 patents, along with 24 administrative licenses [2]

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].

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.