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.

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, ...