Investment Rating - The report assigns a "Buy" rating to the company with a target price of 71.40 CNY [5][11][15]. Core Insights - The company has a strong foothold in the defense technology industry, focusing on basic components and electronic functional materials, which are widely used in key national projects and civilian applications. The steady growth of the defense budget and demand from various downstream sectors support the company's resilience and growth potential [2][11][23]. - The company is expected to achieve net profits of 9.41 billion CNY, 11.14 billion CNY, and 11.78 billion CNY from 2025 to 2027, with corresponding EPS of 1.70 CNY, 2.01 CNY, and 2.13 CNY [11][15]. - The company is positioned as a leading supplier of high-reliability electronic components, benefiting from a comprehensive product portfolio and strong system-level support capabilities [11][23]. Financial Summary - Total revenue is projected to be 7,789 million CNY in 2023, with a decrease to 5,219 million CNY in 2024, followed by a gradual increase to 7,051 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of 14.0% from 2025 to 2027 [4][17]. - Net profit attributable to shareholders is forecasted to decline to 970 million CNY in 2024, before recovering to 1,178 million CNY by 2027 [4][17]. - The company’s net asset return rate is expected to stabilize around 6.7% from 2026 onwards [4]. Business Overview - The company specializes in new electronic components, which accounted for nearly 100% of its revenue in 2024, highlighting its market dominance in this sector [35]. - The company’s product offerings include resistors, capacitors, integrated circuits, and electronic functional materials, which are essential for both military and civilian applications [23][31]. - The company is actively investing in R&D to enhance its product capabilities and maintain its competitive edge in high-reliability electronic components [11][33]. Industry Outlook - The electronic components industry is expected to continue expanding, driven by increasing demand across various sectors, including consumer electronics, automotive electronics, and industrial automation [39][43]. - The global electronic components market is projected to grow from 448.4 billion USD in 2026 to 870.93 billion USD by 2035, with a CAGR of 7.2% [43]. - The company is well-positioned to benefit from structural growth opportunities in the electronic components sector, particularly in the context of rising defense budgets and advancements in technology [11][39].

证券代码：000733 证券简称：振华科技 公告编号：2026-002 中国振华（集团）科技股份有限公司 关于公司职工董事离任的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事离任情况 中国振华（集团）科技股份有限公司（以下简称公司）董事会于近日 收到公司工会发来的《振华科技工会委员会决议》。因工作调动，左才凤 女士申请辞去公司职工董事职务，经公司工会委员会审议，左才凤女士不 再担任公司职工董事职务，亦不再担任公司审计委员会、提名委员会委员。 左才凤女士原定任职期间为 2024 年 12 月 3 日至 2027 年 12 月 2 日， 根据《公司法》《深圳证券交易所上市公司自律监管指引第 1 号--主板 上市公司规范运作（2025 年修订）》和公司《章程》的规定，左才凤女 士的离任未导致公司董事会成员人数低于法定最低人数，不会影响公司董 事会的正常运作，其离任材料自送达董事会之日起生效，离任生效时间为 2026 年 2 月 2 日。公司将按照相关法定程序尽快完成补选职工董事的相 关事宜。 公司及公司董事会对左才凤女士在任职期间的勤勉工作和为公司发 ...

证券日报网讯1月30日，振华科技（000733）在互动平台回答投资者提问时表示，具体经营业绩情况敬 请关注公司定期报告。 ...

Market Overview - The military electronics sector experienced a decline of 0.47% on January 16, with Shenglu Communication leading the drop [1] - The Shanghai Composite Index closed at 4101.91, down 0.26%, while the Shenzhen Component Index closed at 14281.08, down 0.18% [1] Top Gainers in Military Electronics - Gaode Infrared (002414) saw a significant increase of 7.67%, closing at 17.97 with a trading volume of 1.85 million shares and a transaction value of 3.33 billion [1] - Gaoling Information (688175) rose by 5.37%, closing at 32.57 with a trading volume of 42,500 shares and a transaction value of 136 million [1] - ST Lingchang (001270) increased by 5.00%, closing at 128.98 with a trading volume of 63,800 shares and a transaction value of 765 million [1] Top Losers in Military Electronics - Gankang Communication (002446) fell by 10.02%, closing at 13.20 with a trading volume of 2.49 million shares and a transaction value of 3.39 billion [2] - Haige Communication (002465) also dropped by 10.02%, closing at 21.56 with a trading volume of 126,300 shares [2] - Leike Defense (002413) decreased by 7.77%, closing at 13.54 with a trading volume of 3.35 million shares and a transaction value of 455.5 million [2] Capital Flow Analysis - The military electronics sector saw a net outflow of 3.638 billion from institutional investors, while retail investors contributed a net inflow of 2.419 billion [2] - The top stocks by net inflow from institutional investors included Gaode Infrared with 194 million and Zhenhua Technology with 93.17 million [3] - Notable outflows from retail investors were observed in Gaode Infrared with a net outflow of 113 million and Zhenhua Technology with a net outflow of 92.85 million [3]

Core Viewpoint - The passive components industry is crucial for electronic devices, providing essential functions such as signal regulation and energy storage without external power. The industry is supported by various national policies aimed at promoting innovation and domestic production, with significant growth expected in both global and Chinese markets by 2024 [1][4][7]. Industry Overview - Passive components, also known as passive devices, operate without external power and rely on physical properties to perform functions like current/voltage regulation and energy storage. They are essential for ensuring signal transmission and circuit stability, forming the backbone of the electronic industry [2][3]. Policy Support - China has implemented several key policies to support the passive components industry, including reforms in management systems, strategies to expand domestic demand, and guidelines for energy electronics development. These policies aim to enhance local companies' capabilities in high-end material research and precision manufacturing [4][5]. Industry Chain - The upstream of the passive components industry consists of raw material and equipment suppliers, with critical materials largely imported. The midstream includes manufacturing of capacitors, inductors, and resistors, with domestic companies like Fenghua Advanced Technology and SanHuan Group leading in mid-to-low-end markets. The downstream market is driven by consumer electronics, automotive electronics, and emerging fields like AI and 5G [5][6]. Market Dynamics - The global passive components market is expected to reach $39.1 billion by 2024, with a growth rate of 7.7%. The Asia-Pacific region dominates, accounting for over 70% of the market share. China, as the largest demand market, is projected to grow to 142.3 billion yuan in 2024, with a compound annual growth rate of 15.2% from 2020 to 2024 [7][8]. Competitive Landscape - The competitive landscape of the passive components industry in China is characterized by international giants dominating high-end markets, while domestic companies are making strides in mid-to-low-end segments. Key players like Fenghua Advanced Technology and SanHuan Group are focusing on high-end product certifications and technological advancements [9][10]. Development Trends - The future of the passive components industry in China will focus on three main areas: technological upgrades, deepening domestic substitution, and ecological collaboration. Products will evolve towards higher capacitance, miniaturization, and reliability, with a strong emphasis on self-sufficiency in materials and core technologies [11][12].

Core Viewpoint - The company is actively promoting its MLCC and tantalum capacitor products in high-end special applications and civilian sectors, particularly in AI server applications, although bulk orders have not yet materialized [1] Group 1: Product Applications - The company's MLCC and tantalum capacitor products are primarily used in high-end special application fields [1] - The company also supplies products to civilian sector customers [1] Group 2: AI Server Applications - The company is pushing for the application promotion of its tantalum capacitors and MLCC products in AI server applications [1] - Currently, there are no bulk orders for these products in the AI server sector [1] Group 3: Production Capacity - The company's existing production capacity is sufficient to meet current order demands [1] - There are no plans for capacity expansion at this time [1]

证券日报网讯 1月14日，振华科技（000733）在互动平台回答投资者提问时表示，原材料价格上涨会对 公司生产成本产生一定的影响，公司制定有较为成熟的管理举措应对原材料价格波动。 ...

Group 1 - The core viewpoint of the article is that Zhuhai Technology (振华科技) is actively advancing the research and development of solid-state battery products through its subsidiary Dongguan Zhuhai New Energy Technology Co., Ltd. [1] Group 2 - The company primarily engages in the research, production, and sales of lithium-ion batteries [1]

Group 1 - The company, Zhenhua Technology, is a key supplier of core components for satellite manufacturing and rocket launches in China [1] - Its products are stably applied in various types of satellites across high, medium, and low orbits, establishing deep cooperative relationships with clients such as Galaxy Aerospace and Changguang Satellite [1] - The company has achieved comprehensive self-control over capacitor products, from technology to key raw materials, with tantalum capacitor products ranking among the top in shipment volume in high-end special application fields [1]

（编辑 任世碧） 证券日报网讯 1月14日，振华科技在互动平台回答投资者提问时表示，公司主营产品可应用于脑机接口 的基础电路、信号传输系统、电源管理系统等，目前暂未形成应用配套。未来，公司将密切关注相关行 业的市场需求和发展机遇，持续推动优势高新电子技术的民用化拓展，探索包括脑机接口在内的高端民 用领域技术应用可能性。 ...