证券代码：000733 证券简称：振华科技 公告编号：2025-047 中国振华（集团）科技股份有限公司 一、董事会会议召开情况 中国振华（集团）科技股份有限公司（以下简称公司）第十届董事会 第八次会议于2025年9月8日下午在公司五楼会议室召开。本次会议通知于 2025年8月29日以书面、邮件方式通知全体董事。会议应到董事7人，实到 董事7人。会议由董事长杨立明先生主持。会议的召开符合《公司法》及 公司《章程》规定。 二、董事会会议审议情况 （一）审议通过《关于修订公司<章程>的议案》 表决结果：同意 7 票，反对 0 票，弃权 0 票。 第十届董事会第八次会议决议公告 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。 - 1 - （五）审议通过《关于放弃参股公司增资优先认缴出资权暨关联交易 的议案》 本议案需提交公司股东大会审议。 （二）审议通过《关于增补第十届董事会审计委员会委员的议案》 表决结果：同意 7 票，反对 0 票，弃权 0 票。 （三）审议通过《关于制定和修订公司部分治理制度的议案》 表决结果：同意 7 票，反对 0 票，弃权 0 票。 部分治 ...

Group 1 - China Zhinhua (Group) Technology Co., Ltd. has acquired new land in Guizhou Province, specifically in the Wudang District of Guiyang City, for industrial use with a transaction price of 1.4 million RMB [1] - The land acquisition is part of a public bidding process, with the contract signing date set for September 1, 2025 [1] - The company was established in 1997 and primarily engages in software and information technology services, with a registered capital of approximately 554.17 million RMB [1] Group 2 - China Zhinhua (Group) Technology Co., Ltd. has invested in 26 enterprises and participated in 29 bidding projects [1] - The company holds 45 trademarks and 211 patents, indicating a strong focus on intellectual property [1] - Additionally, the company possesses three administrative licenses, reflecting its operational compliance [1]

Core Insights - The power semiconductor industry in China has developed a complete ecosystem with leading companies specializing in various segments, including IGBT modules, diodes, and traditional devices, contributing to the import substitution process in key areas like automotive electronics and renewable energy [1][8]. Company Overview - New Energy and Stada Semiconductor focus on IGBT modules, leading in the renewable energy sector [1]. - Jiejie Microelectronics and Suzhou Good focus on diodes and thyristors, serving home appliances and industrial automation markets [1]. - Huazhong Microelectronics and Silan Microelectronics are IDM leaders covering the entire industry chain [1]. - Wentai Technology has expanded into automotive-grade products through the acquisition of Anshi Semiconductor [1]. - Yangjie Technology leads in discrete devices, while Dongwei Semiconductor and Hongwei Technology focus on high-end MOSFET and IGBT research [1]. - Pairui Technology specializes in high-voltage devices, and Zhenhua Technology and Huami Electronics have advantages in military and industrial sectors [1]. - Galaxy Microelectronics, Xindao Technology, and Kaiweite focus on miniaturized devices in niche markets [1]. Performance Comparison - In Q1 2025, most power semiconductor companies reported gross margins between 10% and 45%, indicating good profitability [5]. - Wentai Technology led in revenue with 13.1 billion yuan, although its year-on-year growth rate declined [5]. - Pairui Technology achieved the highest gross margin at 58.4%, showcasing its cost control and efficiency [5]. Revenue and Gross Margin Data - New Energy reported Q1 2025 revenue of 450 million yuan with a gross margin of 36.6% [6]. - Jiejie Microelectronics had revenue of 700 million yuan and a gross margin of 39.9% [6]. - Huazhong Microelectronics reported 2.35 billion yuan in revenue with a gross margin of 25.3% [6]. - Wentai Technology's revenue was 13.1 billion yuan with a gross margin of 14.0% [6]. - Silan Microelectronics had revenue of 3 billion yuan and a gross margin of 21.3% [6]. - Stada Semiconductor reported 920 million yuan in revenue with a gross margin of 30.4% [6]. - Suzhou Good achieved 900 million yuan in revenue with a gross margin of 10.8% [6]. - Yangjie Technology reported 1.58 billion yuan in revenue with a gross margin of 34.6% [6]. - Galaxy Microelectronics had revenue of 220 million yuan and a gross margin of 24.0% [6]. - Pairui Technology's revenue was 30 million yuan with a gross margin of 58.4% [6]. - Hongwei Technology reported 300 million yuan in revenue with a gross margin of 16.4% [6]. - Dongwei Semiconductor achieved 280 million yuan in revenue with a gross margin of 13.6% [7]. - Taiji Technology reported 70 million yuan in revenue with a gross margin of 29.0% [7]. - Zhenhua Technology had revenue of 910 million yuan and a gross margin of 42.5% [7]. - Huami Electronics reported 640 million yuan in revenue with a gross margin of 28.0% [7]. Regional Distribution - Domestic sales dominate, with most companies having over 70% of their sales in China, except Wentai Technology, which has a balanced global presence [8]. - The East and South China regions are core areas for companies like Stada Semiconductor, Silan Microelectronics, and New Energy, while North and Central China focus on industrial and power applications [8]. - Companies like Zhenhua Technology and Huami Electronics leverage local bases to expand into surrounding areas [8]. Future Business Plans - The industry aims to build competitive barriers through capacity expansion, automotive certification, and domestic substitution [16]. - Leading companies are accelerating the expansion of automotive-grade IGBT modules and focusing on the photovoltaic storage market [16]. - Companies are also enhancing their technology capabilities, with a focus on 12-inch wafer production and third-generation semiconductor layouts [16].

Core Viewpoint - The company is actively developing its supercapacitor products for applications in AI data centers, although currently, these products are primarily used in aerospace and related fields [2]. Company Summary - The company, Zhenhua Technology (振华科技), has confirmed that its supercapacitor products are mainly utilized in the aerospace sector [2]. - The company is pursuing product development for AI data center applications, indicating a strategic expansion into new markets [2]. Industry Summary - The application of supercapacitors in AI data centers represents a growing trend in the industry, highlighting the potential for innovative energy solutions in high-demand sectors [2].

Group 1 - The company, Zhenhua Technology (000733.SZ), currently does not have liquid cooling products for servers [1]

Core Viewpoint - The report highlights the strategic transformation of the company, focusing on optimizing its product structure to enhance long-term competitiveness, despite facing revenue and profit declines in the first half of 2025 [1][3]. Financial Performance - In the first half of 2025, the company achieved revenue of 2.41 billion yuan, a slight decrease of 0.83% year-on-year, and a net profit attributable to shareholders of 312 million yuan, down 25.74% year-on-year [2][3]. - The decline in performance is attributed to price pressures in the new electronic components sector and an increase in the proportion of low-value-added products, alongside an 11.50% rise in operating costs due to raw material price increases [3][4]. Product and Market Dynamics - The revenue from new electronic components was 2.39 billion yuan, accounting for 99.01% of total revenue, which represents a 0.95% decrease year-on-year. The modern service industry revenue was 24 million yuan, showing a growth of 12.65% year-on-year [3]. - The core business areas, such as semiconductor discrete devices and general components, faced price pressures due to intensified industry competition, while high-value-added products like hybrid integrated circuits experienced revenue contraction due to fluctuating customer demand [3]. Profitability and Cash Flow - The company's gross margin for the first half of 2025 was 44.67%, a decrease of 6.12 percentage points year-on-year. The net cash flow from operating activities was 949 million yuan, down 20.30% year-on-year, primarily due to reduced sales receipts and increased procurement expenses [4]. - Contract liabilities increased by 64.53% year-on-year to 36 million yuan, indicating a robust order reserve, while inventory rose by 10.01% year-on-year to 2.47 billion yuan, mainly due to an increase in dispatched goods [4]. Competitive Advancements - The company made significant breakthroughs in core competitiveness, including the successful development of high-voltage radiation-resistant MOSFET products and advancements in hybrid integrated circuit technologies [4]. - During the reporting period, the company applied for 176 patents, including 80 invention patents, and now holds a total of 1,702 patents. The application of its key products has progressed in strategic emerging fields such as commercial aerospace, low-altitude economy, and new energy vehicles [4]. Investment Outlook - The company’s performance aligns with expectations, maintaining previous profit forecasts for 2025-2027, with projected net profits of 1.08 billion yuan, 1.25 billion yuan, and 1.45 billion yuan, respectively, corresponding to P/E ratios of 26, 22, and 19 times [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company focuses on building an ecosystem for electronic components, laying the foundation for expansion into high-end markets [1] - The company's revenue for the first half of 2025 was 2.41 billion yuan, a slight decrease of 0.83% year-on-year, while the net profit attributable to shareholders was 312 million yuan, down 25.74% year-on-year [1] - The decline in performance is attributed to price pressures in the new electronic components sector and an increase in the proportion of low-value-added products, alongside rising raw material costs [1] - The company achieved a gross margin of 44.67% in the first half of 2025, a decrease of 6.12 percentage points year-on-year [1] - The company has made significant breakthroughs in core competitiveness, including the development of high-voltage radiation-resistant MOSFET products and advancements in hybrid integrated circuit technology [1] Financial Summary - The company forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 1.08 billion, 1.25 billion, and 1.45 billion yuan respectively, corresponding to P/E ratios of 26, 22, and 19 times [1] - The company's total revenue is projected to grow from 5.22 billion yuan in 2024 to 7.86 billion yuan in 2027, with a compound annual growth rate of approximately 14.99% [1][8] - The operating cash flow for the first half of 2025 was 949 million yuan, a decrease of 20.30% year-on-year, primarily due to reduced sales collections and increased procurement expenses [1]

Investment Rating - The report maintains a "Positive" outlook on the defense and military industry [5]. Core Viewpoints - The upcoming September military parade will showcase multiple new types of equipment, indicating an expansion in investment for advanced equipment technology during the "14th Five-Year Plan" [11][15]. - Guangdong Province has released comprehensive policy support for the commercial aerospace sector, which is expected to accelerate the progress of satellite networking and related infrastructure [15][17]. - The current geopolitical climate and military competition are intensifying, with China's main battle equipment technology rapidly advancing to world-class levels in various fields such as radar, drones, and military aircraft [15][11]. Summary by Sections 1.1 Military Parade and Equipment Display - The September military parade will feature a significant number of new equipment types, marking a first for the new military structure and showcasing advanced weaponry from domestic active service [12][15]. - The parade will include various formations and equipment, highlighting the modernization and capabilities of the military [12][13]. 1.2 Policy Support for Commercial Aerospace - Guangdong's policies aim for the commercial aerospace and related industries to reach a scale of 300 billion yuan by 2026, with a focus on key technologies such as reusable rockets [15][17]. - The policies encompass the entire commercial aerospace industry chain, including satellite constellation construction and ground station deployment [15][18]. 1.3 Continued Optimism for the Military Industry - As the "14th Five-Year Plan" approaches, a new phase of equipment construction is set to begin, with a focus on domestic demand and advancements in new quality production [19]. - The report suggests monitoring the performance of upstream components and key raw materials, which are crucial for the lifecycle of various military equipment [19]. Investment Recommendations - Suggested stocks in the military electronics sector include Zhihua Technology (000733, Buy), Aerospace Electronics (600879, Not Rated), and others [19]. - In the new quality and domain sector, recommended stocks include Haige Communication (002465, Buy) and others [19]. - For the aerospace propulsion chain, stocks like West Superconductor (688122, Buy) are highlighted [19].

Investment Rating - The report maintains a strong buy rating for several key companies in the military industry, including AVIC Xi'an Aircraft Industry Group (中航西飞), AVIC Optoelectronics (中航光电), and Aerospace Rainbow (航天彩虹) [8]. Core Insights - The military industry index increased by 3.07% this week, underperforming the CSI 300 index by 1.11 percentage points. Year-to-date, the military industry index has risen by 25.49%, outperforming the CSI 300 index by 14.23 percentage points [1][13]. - The report highlights that the mid-year performance of certain sub-sectors, such as artillery and military electronics, has shown initial signs of recovery, with strong year-on-year growth in revenues for key companies [21][24]. - The report anticipates a significant acceleration in performance for the commercial aerospace sector in the second half of the year, driven by an increase in launch activities [24]. Summary by Sections Market Review - The military industry index rose by 3.07% this week, lagging behind the CSI 300 index. The aerospace equipment, military electronics, and aviation equipment sub-sectors outperformed the military industry index, with increases of 4.42%, 3.69%, and 3.64% respectively [1][15]. Key Events - The mid-year performance reports indicate a strong recovery in the artillery sector, with a 17.36% revenue growth for China North Arrow (中兵红箭) and a significant increase in specialized equipment manufacturing [24]. - In the military electronics sector, companies like Hongyuan Electronics (鸿远电子) and Torch Electronics (火炬电子) reported rapid revenue and profit recovery, with year-on-year increases of 22.3% and 24.2% respectively [24]. Forward-Looking Catalysts - The establishment of new policy financial tools is expected to support emerging industries, with an estimated investment of around 500 billion yuan, potentially benefiting sectors like commercial aerospace and deep-sea technology [26]. - The development of unmanned equipment is highlighted as a new force in maritime defense, with various unmanned systems being introduced, such as the HSU-001 unmanned submersible and the "Whale" unmanned vessel [26][27].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 63.69 CNY [2][6]. Core Views - The company's performance is under pressure due to changes in product structure and pricing, but is expected to improve sequentially starting from Q3 as market conditions recover [1][10]. - The company reported a revenue of 2.41 billion CNY in H1 2025, a decrease of 0.83% year-on-year, and a net profit attributable to shareholders of 312 million CNY, down 25.74% [1]. - The second quarter of 2025 saw a revenue increase of 6.05% to 1.50 billion CNY, although net profit decreased by 20.34% to 253 million CNY [1]. Financial Forecasts - The gross margin has been adjusted downward, with EPS forecasts for 2025, 2026, and 2027 revised to 1.93 CNY, 2.82 CNY, and 3.37 CNY respectively [2]. - The company is expected to benefit from the recovery in the defense market, with significant improvements anticipated in revenue recognition and profitability as the market conditions improve [10]. - The financial projections indicate a revenue growth of 26.5% in 2025, followed by 24.2% in 2026 and 16.3% in 2027 [4][10]. Company Financial Information - The company reported a revenue of 7.79 billion CNY in 2023, with a projected revenue of 6.60 billion CNY in 2025, and 8.20 billion CNY in 2026 [4]. - The net profit attributable to shareholders is projected to recover from 970 million CNY in 2024 to 1.07 billion CNY in 2025, and further to 1.56 billion CNY in 2026 [4]. - The gross margin is expected to decline to 46.9% in 2025 but is projected to stabilize at 49.4% in 2026 and 2027 [4].