中国振华(集团)科技股份有限公司 2025 年第三季度报告 证券代码：000733 证券简称：振华科技 公告编号：2025-061 中国振华(集团)科技股份有限公司 2025 年第三季度报告 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。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报 告中财务信息的真实、准确、完整。 3.第三季度财务会计报告是否经过审计 □是 否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末 | | --- | --- | --- | --- | --- | | | | 增减 | | 比上年同期增减 | | 营业收入（元） | 1,516,317,401.00 | 15.78% | 3,925,980,542.44 | 4. ...

Core Viewpoint - The company announced a board meeting on October 23, 2025, to approve the absorption merger of its wholly-owned subsidiary, Zhenhua Xinyun, with another wholly-owned subsidiary, Zhenhua Hongyun, aimed at optimizing corporate structure and improving operational efficiency [1] Group 1 - The merger is intended to streamline the corporate structure, reduce management costs, and enhance operational efficiency [1] - Zhenhua Xinyun focuses on the development, production, sales, and processing of electronic components and related electronic products [1] - Zhenhua Hongyun specializes in the processing, production, sales, and services of piezoelectric ceramic electronic components [1] Group 2 - Upon completion of the merger, Zhenhua Hongyun will cancel its independent legal status, and its assets, debts, and business will be inherited by Zhenhua Xinyun [1] - The merger does not constitute a related party transaction and does not involve a major asset restructuring, thus no shareholder meeting approval is required [1]

振华科技公告，第三季度营收为15.16亿元，同比增长15.78%；净利润为3.11亿元，同比增长38.68%。 前三季度营收为39.26亿元，同比增长4.98%；净利润为6.23亿元，同比下降3.31%。 ...

Group 1 - The core point of the article highlights the recent performance of Zhenhua Technology, which saw a 5.08% increase in stock price, reaching 49.20 yuan per share, with a trading volume of 377 million yuan and a turnover rate of 1.41%, resulting in a total market capitalization of 27.265 billion yuan [1] - Zhenhua Technology, established on June 26, 1997, and listed on July 3, 1997, is primarily engaged in the production of new electronic components, which account for 99.01% of its revenue, while modern services contribute only 0.99% [1] Group 2 - From the perspective of major fund holdings, Zhenhua Technology is heavily invested in by Debang Fund, specifically the Debang Value Selected Mixed A Fund (012437), which held 210,000 shares in the second quarter, representing 2.72% of the fund's net value, making it the eighth largest holding [2] - The Debang Value Selected Mixed A Fund, established on August 12, 2021, has a current size of 375 million yuan, with a year-to-date return of 10.49%, ranking 5667 out of 8154 in its category, and a one-year return of 7.02%, ranking 6117 out of 8025 [2] - The fund manager, Li Ying, has been in the position for 10 years and 146 days, overseeing a total asset size of 540 million yuan, with the best fund return during her tenure being 60.89% and the worst being -38.33% [2]

Investment Rating - The report maintains an "Accumulate" rating for the defense and military industry [6]. Core Insights - The upcoming 20th Central Committee's Fourth Plenary Session will focus on the "14th Five-Year Plan," which is expected to support the modernization of national defense and military by 2035, building on the achievements of the "13th Five-Year Plan" [9][23]. - The J-35 aircraft's production ramp-up is anticipated to boost the traditional domestic demand, with upstream material suppliers already announcing significant contracts that will support future revenue growth [9][23]. - The aerospace engine industry is experiencing sustained high demand, with the completion of price adjustments and inventory reduction, alongside ongoing state-owned enterprise reforms [10][23]. - The commercial aerospace sector is entering a critical development phase, with plans to launch approximately 2,100 satellites by 2025 and significant advancements in satellite manufacturing capabilities [11][23]. - Global military expenditure is expected to reach new highs in 2024, driven by geopolitical tensions, creating opportunities for domestic military trade [12][23]. Summary by Sections Industry Overview - The defense and military industry comprises 144 listed companies with a total market value of 28,244.53 billion and a circulating market value of 24,587.80 billion [3]. Market Performance - The defense and military index fell by 4.70% this week, ranking 23rd among 31 major industries [8][36]. - The current PE (TTM) for the defense and military sector is 73.8 times, with various sub-sectors showing different valuations [8][42]. Key Developments - The report highlights the importance of the upcoming 20th Central Committee's Fourth Plenary Session, which will focus on the "14th Five-Year Plan" and its implications for national defense [9][23]. - The aerospace engine sector is expected to benefit from military trade advancements and the introduction of new engine models, such as the CJ-1000A, which is set to enter commercial operation by 2030 [10][11][23]. - The commercial space sector is projected to see significant growth, with plans for large-scale satellite launches and advancements in satellite manufacturing capabilities [11][35]. Investment Opportunities - The report suggests focusing on companies involved in missile and military electronics, aerospace engines, and military trade, highlighting specific firms such as Zhonghang Chengfei, Zhonghang Shenfei, and Huazhong Technology [19][25][26][27][28].

Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry in China [5] Core Viewpoints - The military trade market in China is continuously expanding, with significant developments such as Indonesia's procurement of the J-10 fighter jet, indicating a rapid growth in the military trade market scale [11] - The "Qianfan Constellation" satellite network has resumed operations after a 7-month hiatus, with the recent launch of 18 satellites, suggesting an acceleration in low-orbit satellite deployment [12] - The current market conditions show stabilization in military sector stock prices, with a focus on domestic demand and the upcoming "14th Five-Year Plan" which is expected to clarify new equipment construction plans [16][17] Summary by Sections Investment Suggestions and Targets - The report highlights several investment targets within the military electronics sector, including: - Aerospace Electric (002025, Buy) - Zhonghang Optics (002179, Buy) - Aerospace Electronics (600879, Not Rated) - In the new quality and domain sector, notable mentions include: - Haige Communication (002465, Buy) - New Light Optoelectronics (688011, Increase Holding) - For the engine chain, key targets include: - West Superconducting (688122, Buy) - Huqin Technology (688281, Increase Holding) - In military trade and main equipment, companies like AVIC Shenyang Aircraft (600760, Not Rated) are highlighted [17]

Core Viewpoint - The company is actively promoting the application of its existing tantalum capacitors and MLCC products in AI servers, although it has not yet formed bulk orders [1] Group 1 - The company is focusing on the application of tantalum capacitors and MLCC in AI servers [1] - There is currently no bulk ordering for these products [1]

Core Viewpoint - The company is actively promoting the application of its existing tantalum capacitors and MLCC products in AI servers, although it has not yet formed bulk orders [1] Group 1 - The company is focusing on the integration of its products into the AI server market [1] - Current product offerings include tantalum capacitors and MLCC [1] - There is an ongoing effort to advance the application of these products, indicating potential future growth [1]

Company Overview - Zhenhua Technology's stock price decreased by 2.00% on October 14, trading at 49.00 CNY per share with a total transaction volume of 3.81 billion CNY and a market capitalization of 27.154 billion CNY [1] - The company specializes in new electronic components and modern services, with 99.01% of its revenue coming from electronic components and 0.99% from modern services [1] Financial Performance - For the first half of 2025, Zhenhua Technology reported a revenue of 2.41 billion CNY, a year-on-year decrease of 0.83%, and a net profit attributable to shareholders of 312 million CNY, down 25.74% year-on-year [2] - The company has distributed a total of 1.849 billion CNY in dividends since its A-share listing, with 1.313 billion CNY distributed in the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 45.43% to 75,000, while the average number of tradable shares per shareholder decreased by 31.20% to 7,391 shares [2] - Major shareholders include E Fund Defense Industry Mixed A, which holds 13.612 million shares, and new entrants like the Guotai Junan CSI Military Industry ETF, holding 4.515 million shares [3] Market Activity - The stock has seen a year-to-date increase of 16.69%, with a recent decline of 1.49% over the last five trading days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with a net buy of -65.4667 million CNY on April 17 [1] Industry Context - Zhenhua Technology operates within the defense and military industry, specifically in military electronics, and is involved in sectors such as commercial aerospace, large aircraft, and military-civilian integration [2]

Investment Rating - The report maintains a "Positive" outlook for the defense and military industry in China [6] Core Views - China's military trade market is expected to achieve new breakthroughs, with the successful establishment of a reusable rocket factory accelerating the low-orbit satellite network [2][11] - The procurement of 20 J-10CE fighter jets by Bangladesh for $2.2 billion signifies the growing recognition of Chinese military products and the potential for market expansion [10][15] - The completion of the first reusable rocket factory in Wenchang, Hainan, marks a significant advancement in commercial aerospace infrastructure, paving the way for scalable and reusable rocket development [10][17] Summary by Sections Military Trade Developments - Bangladesh plans to invest $2.2 billion to purchase 20 J-10CE fighter jets, with the total procurement cost including training and logistics expected to reach $2.2 billion [10][15] - The international competitiveness of Chinese military equipment is increasing due to enhanced technology performance and cost-effectiveness, transitioning from a focus on individual product advantages to comprehensive solution capabilities [16] Commercial Aerospace Advancements - The first reusable rocket assembly and testing factory in Wenchang, Hainan, has been completed, which will significantly enhance the production capacity and testing capabilities for reusable rockets [10][17] - The factory is expected to lower launch costs and accelerate the progress of commercial low-orbit satellite networks [17] Current Market Outlook - The military industry has stabilized recently, with a focus on domestic demand and military trade developments as key growth drivers [20] - The report highlights the importance of upstream components and key materials in supporting the lifecycle of various military equipment, indicating potential benefits from demand amplification effects [20] - The report suggests continued optimism for the military sector, with specific investment recommendations for various companies within the industry [10][20]