Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company experienced significant revenue growth in Q1 2025, with a revenue of 92.01 million yuan, representing a year-on-year increase of 365%, and a net profit of 29.82 million yuan, up 300% year-on-year [1] - The company is focusing on recovering demand for traditional products while actively exploring new fields, which is expected to lead to a rapid recovery in performance [2] - The company is increasing its R&D investment to enhance conversion efficiency, with R&D expenses in 2024 amounting to 87.86 million yuan, a year-on-year increase of 29.15% [3] - The company is projected to benefit from the development of low-orbit satellite internet, with expected net profits of 129 million yuan, 182 million yuan, and 259 million yuan for 2025, 2026, and 2027 respectively [4] Financial Summary - In 2024, the company achieved a revenue of 212 million yuan, with a year-on-year decrease of 26%, and a net profit of -31 million yuan [5] - The projected revenue for 2025 is 418 million yuan, reflecting a growth of 98% [5] - The projected earnings per share (EPS) for 2025 is 0.62 yuan, with a P/E ratio of 54.07 [5]

铖昌科技发布年报和25 年一季报， 2024 年实现营收2.12 亿元（yoy-26.38%），归母净利-3111.79 万元 （yoy-139.04%），低于我们此前预期的0.90 亿元归母净利，主要系公司产品交付验收进度低于预期， 且研发投入增长。公司24 年收入低于3 亿且归母净利为负，根据规则公司股票交易将被深交所所实施退 市风险警示，4 月24 日起股票简称由"铖昌科技"变更为"*ST 铖昌"。考虑到公司24 年业绩下滑主要系行 业因素导致的交付节奏滞后，其行业核心地位和技术产品优势未发生改变，且25 年一季度业绩已出现 明显拐点，我们认为公司在仍具备投资价值，维持"买入"评级。 一季度业绩拐点显现，25 年全年业绩高增可期 我们预计公司2025-2027 年归母净利分别为1.15/1.84/2.57 亿元（前值25-26 年为1.61/2.40 亿元，下调 29%/23%），下调原因为公司研发费用预计保持较高水平。可比公司25 年Wind 一致预期PE 均值为70 倍，给予公司25 年70 倍PE，目标价39.45 元（前值59.19 元，基于25 年76 倍PE），维持"买入"评级。 风险提示： ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 39.45 [7][8]. Core Views - The company experienced a significant performance reversal in Q1 2025, with a revenue increase of 365.26% year-on-year, reaching RMB 0.92 billion, and a net profit of RMB 0.30 billion, up 300% year-on-year [2][5]. - Despite a decline in 2024 due to industry factors affecting delivery schedules, the company's core position and technological advantages remain intact, indicating potential for high growth in 2025 [1][2]. - The company is one of the few in China capable of providing complete T/R chip solutions, with established technology in satellite applications and ongoing expansion into airborne and ground-based phased array systems [3][4]. Summary by Sections Financial Performance - In 2024, the company reported revenue of RMB 2.12 billion, down 26.38% year-on-year, and a net loss of RMB 31.12 million, a decline of 139.04% year-on-year [1][6]. - The forecast for 2025-2027 projects net profits of RMB 1.15 billion, RMB 1.84 billion, and RMB 2.57 billion respectively, with a significant increase in 2025 due to improved market conditions [5][6]. Market Position and Growth Potential - The company is set to deliver next-generation low-orbit communication satellite T/R chips in 2025, which are expected to enhance market share [4]. - Multiple models of remote sensing satellite projects are entering mass delivery phases, and several airborne projects are transitioning to mass production [4]. Valuation Metrics - The company’s estimated PE ratio for 2025 is 70 times, with a target price set at RMB 39.45, reflecting a downward adjustment from previous estimates due to anticipated high R&D expenses [5][8].

Financial Performance - The company reported a revenue of 212 million yuan for 2024, representing a year-on-year decline of 26.38% [1][2] - The net profit attributable to shareholders was -31.12 million yuan, compared to a profit of 79.71 million yuan in the previous year, indicating a decrease of 139.04% [1][2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -43.61 million yuan, down 162.38% from 69.91 million yuan in the previous year [1][2] - The net cash flow from operating activities was -47.57 million yuan, a decline of 228.47% compared to the previous year [1][2] Stock Market Impact - The company announced that its stock will be subject to delisting risk warning and will be suspended for one day starting April 23, 2025, with trading resuming on April 24, 2025 [1] - Following the delisting risk warning, the stock's trading name will change to "*ST 铖昌," while the stock code remains "001270" [1] - The daily price fluctuation limit for the stock will be set at 5% after the delisting risk warning is implemented [1] Company Background - The company was listed on the Shenzhen Stock Exchange on June 6, 2022, with an initial public offering of 27.95 million shares at a price of 21.68 yuan per share [3] - The total amount raised from the IPO was approximately 606 million yuan, with a net amount of about 509 million yuan after expenses [3] - The funds were intended for the development and industrialization of next-generation phased array T/R chips and satellite internet phased array T/R chips [3]

Core Viewpoint - Chengchang Technology has announced a negative net profit for the fiscal year 2024, leading to a one-day suspension of its stock and a subsequent risk warning for delisting due to insufficient revenue and profit metrics [2][4]. Group 1: Financial Performance - For the fiscal year 2024, Chengchang Technology reported a total revenue of 211.5 million yuan, a year-on-year decrease of 26% [4]. - The net profit attributable to shareholders was -31.12 million yuan, with a net loss of 43.61 million yuan after excluding non-recurring gains and losses [4]. - In the first quarter of 2025, the company achieved a turnaround with a revenue of 92.01 million yuan, an increase of 72.23 million yuan compared to the same period last year, and a net profit of 29.82 million yuan [4][5]. Group 2: Stock Market Impact - Due to the negative net profit and revenue below 300 million yuan, Chengchang Technology's stock will be marked with a "*ST" designation, indicating a risk of delisting [2][4]. - The stock will be subject to a daily price fluctuation limit of 5% following the risk warning [2]. Group 3: Operational Challenges - The company cited delays in project approvals and delivery as factors contributing to the lower-than-expected revenue and profit [4]. - Chengchang Technology is actively investing in research and development across multiple fields, which has impacted its revenue and net profit [4]. Group 4: Company Background - Established in November 2010, Chengchang Technology specializes in the research, production, and sales of microwave and millimeter-wave phased array T/R chips, being one of the few companies in China to provide complete solutions for these chips [5].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][13]. Core Views - The company faced significant challenges in 2024, with a revenue decline of 26.38% year-on-year, resulting in a net loss of 31 million yuan. However, the first quarter of 2025 showed a strong recovery with a revenue increase of 365.26% year-on-year and a net profit of 30 million yuan, marking a 300.06% growth [2][3]. - The company is positioned as a leader in T/R chip development, benefiting from the dual growth drivers of satellite and military applications. The low-orbit satellite sector is entering a concentrated launch phase, and the demand for airborne and missile-mounted chips is expected to rise due to advancements in national defense information technology [4]. Summary by Sections Financial Performance - In 2024, the company reported revenues of 212 million yuan, down from 287 million yuan in 2023. The net profit for 2024 was a loss of 31 million yuan, compared to a profit of 80 million yuan in 2023. The first quarter of 2025 saw revenues of 92 million yuan, a significant increase from the previous year [2][10]. - The company’s gross margin improved to 75.4% in Q1 2025, up 37 percentage points year-on-year, indicating a recovery in profitability [3]. Operational Analysis - The decline in 2024 was attributed to delayed project approvals and increased R&D expenses, with a research expense ratio of 41.5%, up 17.86 percentage points year-on-year. The company also recorded credit impairment losses of 49.58 million yuan [3]. - The company has optimized its operational quality, with inventory levels decreasing from 688,000 units to 353,000 units, enhancing inventory turnover efficiency [3]. Future Projections - Revenue projections for 2025-2027 are estimated at 446 million yuan, 597 million yuan, and 788 million yuan, respectively. The net profit is expected to reach 108 million yuan in 2025, 153 million yuan in 2026, and 182 million yuan in 2027 [5][10]. - The company is expected to enter a new growth cycle, supported by the new production base and improved automation in testing, which will enhance delivery efficiency [3].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][13]. Core Views - The company faced significant challenges in 2024, with a revenue decline of 26.38% year-on-year, resulting in a net loss of 31 million yuan. However, the first quarter of 2025 showed a strong recovery with a revenue increase of 365.26% year-on-year and a net profit of 30 million yuan, marking a 300.06% increase [2][3]. Summary by Sections Event Review - In 2024, the company reported revenues of 212 million yuan and a net loss of 31 million yuan. In Q1 2025, revenues reached 92 million yuan, showing a significant year-on-year growth [2]. Operational Analysis - The company's 2024 performance was impacted by delayed project approvals and increased R&D expenses, with a R&D expense ratio of 41.5%, up 17.86 percentage points year-on-year. Despite these challenges, the gross margin improved to 74.6% in Q4 2024, and inventory levels decreased significantly, enhancing operational efficiency [3]. - The company is positioned for growth with a dual focus on satellite and airborne applications, benefiting from the increasing demand in low-orbit satellite launches and military applications [4]. Profit Forecast, Valuation, and Rating - Revenue projections for 2025-2027 are 446 million, 597 million, and 788 million yuan, respectively, with net profits expected to be 108 million, 153 million, and 182 million yuan. The corresponding price-to-earnings ratios are 62.8, 44.4, and 37.2 [5].

Market Overview - The market is currently experiencing narrow fluctuations and remains in a state of consolidation [1][24] - Major U.S. stock indices rebounded significantly, with the Dow Jones up 2.66%, S&P 500 up 2.51%, and Nasdaq up 2.71%, marking the largest single-day gains in recent weeks [3] Economic Forecasts - The International Monetary Fund (IMF) has significantly downgraded global economic growth forecasts, predicting a decline to 2.8% in 2025 and 3% in 2026, down from earlier estimates of 3.3% for both years [4] - The U.S. economic growth forecast for 2025 has been reduced to 1.8%, with a 40% probability of recession, up from 27% previously [4] Corporate Developments - Baidu released an AI white paper and action plan focusing on generative AI patent layout [9] - Boeing agreed to sell part of its digital aviation solutions business to Thoma Bravo for $10.55 billion [7] - Gree Electric's shareholders approved the re-election of Dong Mingzhu as chairman, with a dividend plan of 10 yuan per 10 shares [12] - Meituan's self-developed fourth-generation drone received a nationwide operational certificate for low-altitude logistics [13] Financial Performance - Newye Semiconductor reported a 384.54% increase in net profit for Q1 2025, with revenue of 4.052 billion yuan, up 264.13% [20] - Hailanxin's Q1 2025 net profit surged by 1324.75%, driven by project completions [21] - Zhonghong Medical's Q1 2025 net profit increased by 1370% [22] - Erkang Pharmaceutical reported a net profit of 28.11 million yuan for Q1 2025, up 868.91% [23] Industry Trends - The pharmaceutical sector is expected to continue its upward trend due to improved fundamentals and technological advancements [24]

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： 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：001270 证券简称：铖昌科技 公告编号：2025-024 1.董事会、监事会及董事、监事、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.第一季度报告是否经审计 □是 R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 R是 □否 追溯调整或重述原因 □会计政策变更 □会计差错更正 □同一控制下企业合并 R其他原因 （二） 非经常性损益项目和金额 R适用 □不适用 单位：元 其他符合非经常性损益定义的损益项目的具体情况 □适用 R不适用 公司不存在其他符合非经常性损益定义的损益项目的具体情况。 将《公开发行证券的公司信息披露解释性公告第1号——非经常性损益》中列举的非经常性损益项目界 定为经常性损益项目的 ...

Core Points - Zhejiang Chengchang Technology Co., Ltd. reported significant declines in multiple financial metrics for the year 2024, including a net profit decrease of 139.04% and a cash flow from operating activities decline of 228.47% [1] Revenue - The company's operating revenue for 2024 was 211,539,009.02 yuan, down 26.38% from 287,353,971.81 yuan in the previous year, primarily due to project delays and extended funding approval cycles [2] - T/R chip sales accounted for 91.48% of total revenue but fell by 30.52% year-on-year, while revenue from technical services grew by 103.95% [2] Net Profit - The net profit attributable to shareholders was -31,117,893.52 yuan in 2024, compared to 79,707,857.22 yuan in 2023, marking a shift from profit to loss [3] - The decline in net profit was attributed to high R&D investments, increased credit impairment losses, and stock-based compensation expenses related to an employee incentive plan [3] Deducted Non-Recurring Profit - The deducted non-recurring profit was -43,613,965.50 yuan, a decrease of 162.38% from 69,911,116.06 yuan in 2023, indicating weakened core business profitability [4] Earnings Per Share - Basic earnings per share fell to -0.1529 yuan from 0.3917 yuan in 2023, reflecting a significant decline in shareholder returns [5] - The deducted earnings per share also turned negative at -0.2143 yuan, highlighting operational challenges [6] Expenses - Sales expenses increased by 6.17% to 10,813,778.71 yuan, likely due to efforts to expand market share [7] - Management expenses rose by 13.58% to 28,845,485.07 yuan, driven by increased personnel costs and other operational expenditures [9] - Financial expenses showed a 36.46% increase due to reduced interest income [10] - R&D expenses surged by 29.15% to 87,859,915.93 yuan, reflecting the company's commitment to innovation despite short-term profit pressures [11] Cash Flow - The net cash flow from operating activities was -47,571,089.62 yuan, a decrease of 228.47% from the previous year, indicating reduced cash generation capabilities [13] - The net cash flow from investing activities turned negative at -145,078,870.29 yuan, primarily due to increased capital expenditures [14] - The net cash flow from financing activities increased by 197.81% to 52,961,833.20 yuan, aided by employee stock incentive funding [15] R&D Personnel - The number of R&D personnel remained stable at 99, but the proportion of R&D staff decreased from 47.60% to 41.77% [12] Summary - Overall, Chengchang Technology's performance in 2024 showed significant declines across various financial metrics, with multiple challenges ahead, including cash flow issues and operational pressures. The company is actively pursuing market expansion and R&D initiatives to address these challenges [1]