Core Viewpoint - A-share listed company Chengchang Technology (001270) faces unprecedented operational challenges and market pressure, leading to a formal delisting risk warning and a change in stock abbreviation to "*ST Chengchang" starting April 24, 2025 [1] Financial Performance - In 2024, Chengchang Technology reported an operating revenue of 212 million yuan, a year-on-year decline of 26.38% [1] - The company recorded a net profit attributable to shareholders of -31.12 million yuan, showing a significant year-on-year decrease [1] - After excluding non-recurring gains and losses, the net profit loss reached 43.61 million yuan [1] Business Challenges - The company's main business involves the research, production, sales, and technical services of microwave and millimeter-wave analog phased array T/R chips [1] - The sharp decline in performance reflects various challenges faced during operations, including long production cycles of downstream equipment and delays in project approvals, which severely impacted revenue recognition and profit realization [1] R&D and Financial Management - Chengchang Technology has been increasing its R&D investment to maintain technological leadership and market competitiveness, which has negatively impacted revenue and net profit [2] - The increase in credit impairment losses on accounts receivable has also significantly contributed to the decline in net profit [2] Strategic Response - In response to the delisting risk warning, Chengchang Technology plans to take proactive measures to address its operational difficulties [2] - The company aims to enhance product quality and technical standards while strengthening communication and cooperation with customers to accelerate product delivery and acceptance [2] - Additionally, the company will focus on improving internal management and risk control, optimizing accounts receivable management, and exploring new business areas and market opportunities for profit growth [2]

中信证券（600030）研报表示，2025年4月22日，铖昌科技与臻镭科技公告2025年一季报：铖昌实现营 业收入实现归母净利润0.3亿元，同比增长300.06%；臻镭科技实现归母净利润0.22亿元，同比增长 495.74%。4月17日，上海市政府副秘书长庄木弟表示力争到2027年上海商业航天产业规模达到1000亿 元以上。近期，上交所与10家商业航天进行企业座谈会，反映交易所全力支持商业航天发展 （000547）。4月18日，上海垣信最新公开两个中标/中标候选人文件，千帆星座正向地面设备环节深 化。综合核心企业的业绩、订单变化，以及产业端政策和向下游深化程度，我们认为卫星互联网行业正 在进入景气上行拐点。( ...

裘翔｜中信证券首席A股策略师 S1010518080002 策略｜"国家队"未曾减持ETF 2023年10月以来，中央汇金通过增持ETF有效稳定资本市场预期、提振投资者信心。 根据公募基金23Q4-25Q1季度披露的持有人数据，汇金持有的ETF份额未曾出现环比 净减少的情况，诸如"汇金通常在市场阶段性上涨后卖出"等传言与实际情况完全不 符。2025年4月以来，汇金持有的ETF获明显的资金净流入，且结构上更加均衡。我 们认为，A股也是中国贸易战中提振信心的关键环节，应充分相信国家维护资本市场 稳定的决心。同时，本文汇总了对这一揽子ETF资金流的跟踪测算方式，供投资者参 考。 风险因素：一揽子ETF的净申赎、成交量、净买入水平估算方式并非汇金实际净申赎 数据，与中央汇金实际增持情况存在误差。 明明｜中信证券首席经济学家 S1010517100001 债市启明｜二季度隐债置换规模与区域占比 化债资金前置发行的背景下，一季度地方债发行规模创新高，合计发行2.84万亿元， 其中化债资金1.4万亿元，包括1.3万亿元置换隐债专项债和1172亿元特殊新增专项 债。但从新增地方债的角度看，一季度发行新增一般债2791亿元，新 ...

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].