广发证券股份有限公司 关于中国振华（集团）科技股份有限公司 使用部分闲置募集资金进行现金管理的核查意见 单位：万元 | 序号 | 项目名称 | 项目总投资 | 拟投入募集资金 | | --- | --- | --- | --- | | 1 | 半导体功率器件产能提升项目 | 79,000.00 | 79,000.00 | | 2 | 混合集成电路柔性智能制造能力提升项目 | 72,000.00 | 72,000.00 | | 3 | 新型阻容元件生产线建设项目 | 14,000.00 | 14,000.00 | | 4 | 继电器及控制组件数智化生产线建设项目 | 38,000.00 | 38,000.00 | 1 | 序号 | 项目名称 | 项目总投资 | 拟投入募集资金 | | --- | --- | --- | --- | | 5 | 开关及显控组件研发与产业化能力建设项目 | 28,800.00 | 28,800.00 | | 6 | 补充流动资金 | 20,000.00 | 20,000.00 | | | 合计 | 251,800.00 | 251,800.00 | 广发证券股份有限公司（以下简称" ...

Group 1 - The company primarily provides electronic components, switches, connectors, and relays that are applied in the commercial aerospace sector [2] - The company has indicated that its production capacity can meet the growing demand in the commercial aerospace segment, particularly for low Earth orbit satellites [2]

Core Viewpoint - The company, Zhenhua Technology (000733), is actively engaging in various sectors, including commercial aerospace and emerging civil fields, while focusing on enhancing its market value and operational capabilities through strategic initiatives and investor relations [1][5][6]. Group 1: Order and Revenue Situation - The company has seen a growth in new signed orders compared to the same period last year, although there is a time lag from production to delivery and revenue recognition [2]. - For the first half of 2025, the company reported a main revenue of 2.41 billion yuan, a slight decrease of 0.83% year-on-year, with a net profit attributable to shareholders of 312 million yuan, down 25.74% year-on-year [8]. Group 2: Expansion in Civil Fields - The company is actively expanding into emerging civil sectors, with subsidiaries increasing collaboration in commercial aerospace, automotive electronics, low-altitude economy, and steadily advancing in rail transit, wind power, energy storage, and photovoltaic markets [3]. Group 3: M&A and Strategic Planning - Currently, there are no immediate plans for mergers and acquisitions, but the company intends to implement strategies for building, supplementing, expanding, and strengthening its industrial chain in the future [4]. - The company aims to enhance its value creation capabilities by focusing on core business development, advancing research in new electronic components, and leveraging its industrial ecosystem [5]. Group 4: Market Communication and Investor Relations - The company is committed to improving market communication and optimizing information disclosure to enhance investor understanding and recognition [6]. - It plans to establish a project reserve for potential acquisitions and utilize its capital platform to improve efficiency in business expansion [6]. Group 5: Future Outlook - Over the next 3-5 years, the company will focus on enhancing product technology, expanding its industrial chain, and developing a collaborative industrial ecosystem [7]. - The company targets a 30% share of its business from high-end civil sectors by the end of the 14th Five-Year Plan, emphasizing reliability in products for sectors like low-altitude economy and commercial aerospace [7][8]. Group 6: International Business Development - The company is aligning its products with international standards and actively participating in global exhibitions to understand overseas market demands and seek international collaborations [8]. Group 7: Institutional Ratings and Forecasts - In the last 90 days, six institutions have rated the stock, with five buy ratings and one hold rating, and the average target price set at 66.84 yuan [9]. - Detailed profit forecasts indicate a projected net profit of 1.083 billion yuan for 2025, with expectations for growth in subsequent years [10].

Group 1: Order and Market Expansion - New signed order amount has maintained growth compared to the same period last year, although there is a time cycle from production to delivery and revenue recognition [2][3] - The company is actively expanding into emerging civil sectors, achieving breakthroughs in commercial aerospace, automotive electronics, low-altitude economy, and steadily expanding in rail transit, wind power, energy storage, and photovoltaic markets [3][4] Group 2: M&A and Capital Management - There are currently no plans for mergers and acquisitions; however, the company will implement strategies to build, supplement, expand, and strengthen its industrial chain as needed [3] - The company emphasizes value management as a tool to enhance development quality and investor returns, despite facing demand fluctuations in the high-tech electronics sector [3] Group 3: Future Development Focus - In the next 3-5 years, the company aims to enhance product technology development routes, increase R&D investment, and upgrade products to mid-to-high-end levels [3][5] - The goal is to increase the proportion of civil business to 30% by the end of the 14th Five-Year Plan, focusing on high-reliability products in sectors like low-altitude economy, commercial aerospace, and new energy vehicles [5] Group 4: International Business Strategy - The company plans to benchmark against international leading enterprises, enhance product performance, and participate in international exhibitions to understand overseas market demands [5]

Core Viewpoint - The company is focused on enhancing its core competitiveness and improving investor returns while strengthening communication with investors, aiming for long-term value creation and greater market recognition [1] Group 1: Business Strategy - The company is committed to its main business and is actively working to improve operational performance [1] - New orders in the high-tech electronics sector have shown year-on-year growth since the beginning of the year [1] Group 2: Future Plans - The company plans to reinforce the strategic position of its civil business and accelerate the application of advanced high-tech electronic technologies in high-end civil sectors such as new energy vehicles, civil aviation, commercial aerospace, and rail transit [1] - The company aims to expand into new markets [1]

Core Viewpoint - The company Zhuhai Technology (振华科技) is actively engaged in the research, production, and sales of lithium-ion batteries through its subsidiary Dongguan Zhuhua New Energy Technology Co., Ltd, with applications in various sectors including small energy storage, light power, consumer electronics, and special applications [1] Company Summary - Zhuhai Technology's subsidiary focuses on lithium-ion battery development and production [1] - The lithium battery products are primarily used in small energy storage systems, lightweight power solutions, consumer digital products, and specialized applications [1]

Group 1 - The company Zhihua Technology (000733.SZ) has a subsidiary, Dongguan Zhihua New Energy Technology Co., Ltd., which focuses on the research, production, and sales of lithium-ion batteries [1] - The lithium battery products of the company are primarily used in small energy storage, lightweight power, consumer electronics, and special applications [1] - An investor inquired about the availability of energy storage cells from the subsidiary Zhihua New Energy on the investor interaction platform [3]

Group 1 - The company stated that there is no business relationship with its brother unit, Zhenhua New Materials, and only minor business interactions exist with Zhenhua Wind Power, primarily in material procurement, processing services, and utility supply [1][3] - The company emphasized that there is no competitive relationship with Zhenhua New Materials, which has solid-state battery material technology [1][3] - The company acknowledged the inquiry regarding potential collaboration in the solid-state battery sector, given its control over a new energy technology company with 3GW battery cell capacity [3]

Group 1 - The company has no current business dealings with its brother unit, Zhenhua New Materials (688707), which specializes in solid-state battery materials [1] - There is a minor business relationship with Zhenhua Wind Power (688439) involving material procurement, processing services, and utility supply, but it does not constitute a competitive relationship [1] - The company emphasizes its position as a central enterprise aiming to become a benchmark in the new energy sector [1]

Group 1 - The company Zhuhai Technology (000733) announced the addition of independent director Mr. Chen Wanjun and director Ms. Zuo Caifeng to the audit committee of the tenth board of directors [1]