Group 1: Company Overview - The company is Zhejiang Chengchang Technology Co., Ltd., with stock code 001270 [1] - The company specializes in phased array radar technology and T/R chips, which are core components of phased array systems [2][3] Group 2: Market Position and Product Development - The company has established itself as a core supplier in the satellite communication field, having completed iterations of beamforming chips and launched a full suite of solutions [3] - The T/R chips developed by the company have leading advantages in integration, power consumption, and noise figures [3] Group 3: Financial Performance - The gross profit margin fluctuated significantly in Q1 2024 due to small revenue scale and increased management and R&D costs, but has stabilized since Q2 2024 [3] - The company aims to reduce costs and improve efficiency through enhanced R&D, automation, and process optimization [3] Group 4: Product Features and Technology - The company’s products include various high-performance microwave and millimeter-wave phased array chips, characterized by high performance, high integration, and high reliability [4] - The power amplifier chips utilize GaAs and GaN processes, offering advantages in power capacity and efficiency [4] Group 5: Tax Benefits - The company enjoys a 10% corporate income tax rate since 2022, following a five-year exemption for integrated circuit design enterprises [5] - In 2023, the company benefited from a VAT deduction amounting to 1,784,899.13 yuan [5]

致: 浙江铖昌科技股份有限公司 北京君合（杭州）律师事务所（以下简称"本所"）接受浙江铖昌科技股份有 限公司（以下简称"公司"）委托，根据《中华人民共和国证券法》（以下简称《证 券法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委 员会《上市公司股东大会规则（2022 年修订）》（以下简称《股东大会规则》）、《律 师事务所从事证券法律业务管理办法》等中华人民共和国（以下简称"中国"，为 本法律意见书之目的，不包括香港特别行政区、澳门特别行政区和台湾地区）现 行有效的法律、行政法规、规章和规范性文件和现行有效的《浙江铖昌科技股份 有限公司章程》（以下简称《公司章程》）有关规定，指派律师列席了公司于 2024 年 11 月 14 日召开的 2024 年第四次临时股东大会（以下简称"本次股东大会"）， 并就本次股东大会相关事项出具本法律意见书。 浙江省杭州市西湖区学院路 77 号 黄龙万科中心 A 座 16 楼 邮编：310012 电话：(86-571) 2689-8188 传真：(86-571) 2689-8199 北京君合（杭州）律师事务所 关于浙江铖昌科技股份有限公司 2024 年第四 ...

证券代码：001270 证券简称：铖昌科技 公告编号：2024-059 一、会议召开情况 浙江铖昌科技股份有限公司 1、会议召开时间： 2024年第四次临时股东大会决议公告 （1）现场会议召开时间：2024年11月14日（星期四）下午14:30 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 特别提示： 1、本次股东大会未出现否决提案的情形。 2、本次股东大会未涉及变更以往股东大会决议。 5、会议主持人：董事长罗珊珊女士 （2）通过深圳证券交易所交易系统进行网络投票的具体时间为：2024年11月 14日上午9:15-9:25和9:30-11:30，下午13:00-15:00。通过深圳证券交易所互联网投 票的具体时间为：2024年11月14日9:15-15:00期间的任意时间。 2、现场会议召开地点：杭州市西湖区智强路428号云创镓谷研发中心3号楼会 议室。 3、会议召开方式：本次股东大会采取现场投票与网络投票相结合的方式 6、会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所股票 上市规则》及《公司章程》等的有关规定。 二、会议出席情况 参加本次股 ...

证券代码：001270 证券简称：铖昌科技 公告编号：2024-060 鉴于本次回购注销部分限制性股票将导致公司注册资本减少，根据《中华人 民共和国公司法》等相关法律法规及《公司章程》的规定，公司特此通知债权人： 债权人自本公告之日起45日内向公司申报债权，并有权凭有效债权文件及相关凭 证要求公司清偿债务或者提供相应的担保。债权人如逾期未向公司申报债权，不 会因此影响其债权的有效性，相关债务（义务）将由公司根据原债权文件的约定 继续履行。债权人未在规定期限内行使上述权利的，本次回购注销将按法定程序 继续实施。公司各债权人如要求公司清偿债务或者提供相应担保的，应按相关法 律法规的规定向公司提出书面要求，并随附相关证明文件。 （一）债权申报所需材料： 1、公司债权人可持证明债权债务关系存在的合同、协议及其他凭证的原件 及复印件前往公司申报债权。 2、债权人为法人的，需提供法人营业执照副本原件及复印件、法定代表人 身份证明文件；委托他人申报的，除上述文件外，还需提供法定代表人授权委托 书和代理人有效身份证的原件及复印件。债权人为自然人的，需提供有效身份证 件的原件及复印件；委托他人申报的，除上述文件外，还需提供授权 ...

证券代码：001270 证券简称：铖昌科技 编号：20241112 | --- | --- | --- | --- | |-----------------------|---------------------------------------------------|----------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------| | | √ 特定对象调研 | □ 分析师会议 | | | | □ 媒体采访 □ | 业绩说明会 | | | 投资者关系活动 | □ 新闻发布会 | □ 路演活动 | | | 类别 | □ 现场参观 | | | | | □ 其他（请文字说明其他活动内容） | | | | 活动参与单位 | 本。 | | 鹏华基金、平安基金、宁银理财、华商基金、浙商证券、 招商证券、民生证券、华创证券、圆信 ...

Investment Rating - The investment rating for the company is downgraded to "Recommended" with a target price of 51.52 CNY, compared to the current price of 44.46 CNY [1]. Core Views - The company's performance is under short-term pressure, but there is a slight recovery in net profit levels in Q3. The total revenue for the first three quarters of 2024 is 100 million CNY, a year-on-year decrease of 41.22%, and the net profit attributable to the parent company is -32 million CNY, a year-on-year decrease of 160.19% [1]. - The decline in revenue is primarily due to customer demand plans and pricing mechanisms, with a significant drop in project delivery in the first half of 2024. However, Q3 revenue shows a year-on-year increase of 413.08% [1]. - The company is actively responding to downstream project progress and demand, with production and delivery tasks concentrated in the second half of 2024, indicating potential for annual performance recovery [1]. Financial Summary - For 2024, the company is expected to have total revenue of 277 million CNY, a decrease of 3.7% year-on-year, and a net profit of 69 million CNY, a decrease of 14.0% year-on-year. The projected net profits for 2025 and 2026 are 119 million CNY and 141 million CNY, with growth rates of 73.0% and 18.4% respectively [2][5]. - The company's earnings per share (EPS) for 2024 is projected at 0.33 CNY, with a price-to-earnings (P/E) ratio of 134 [2][5]. - The company has a total market capitalization of 9.215 billion CNY and a circulating market value of 4.508 billion CNY [3]. Industry Context - The company is expanding its product application areas, particularly in satellite communication, and is involved in multiple projects that are entering mass production [1]. - Recent policies in China are encouraging the development of low-orbit satellite communication, which is expected to drive innovation and application in various sectors such as aviation, maritime, public safety, and energy [1].

Investment Rating - The report maintains a "Buy-B" rating for the company [4] Core Views - The domestic satellite industry is expected to experience explosive growth from 2025 to 2026, driven by the integration of rocket launch, satellite assembly, and payload industries [1] - The company's satellite models have expanded, with multiple R&D projects entering mass production, indicating potential for bulk orders in the near term [1] - The company's airborne TR chips have formed deep cooperative partnerships with customers, supporting airborne phased array antenna systems, and are expected to remain a major revenue contributor [2] - Ground-based TR chip deliveries have declined due to reduced customer demand, but recovery is anticipated as customer demand rebounds [2] - The company's Q3 2024 revenue reached a historical high, signaling a turning point in industry demand and order placement [3] - The company's R&D expenses doubled in Q3 2024, reflecting significant investment in innovation [3] - The company's fixed assets increased to 270 million yuan in Q3 2024 due to expanded production capacity and new office and laboratory facilities [3] - The company's market position is strong, being one of the few private enterprises capable of providing complete and advanced T/R chip solutions, as well as aerospace-grade chip R&D, testing, and production [4] - The company's performance is expected to recover rapidly, with projected net profits of 34 million yuan, 94 million yuan, and 150 million yuan for 2024, 2025, and 2026, respectively [4] Financial Performance and Projections - In Q1-Q3 2024, the company reported revenue of 100 million yuan, a year-on-year decrease of 41.22%, and a net loss of 32 million yuan, a year-on-year decrease of 160.19% [2] - In Q3 2024, the company achieved revenue of 29 million yuan, a year-on-year increase of 413.08%, and a net loss of 7 million yuan, a year-on-year improvement of 40.72% [2] - The company's inventory increased in Q3 2024, primarily due to raw material stockpiling and unfinished products awaiting customer pickup, which are expected to convert into future revenue [3] - The company's 2024-2026 revenue is projected to be 274 million yuan, 436 million yuan, and 609 million yuan, respectively, with corresponding net profits of 34 million yuan, 94 million yuan, and 150 million yuan [5] - The company's EPS for 2024-2026 is forecasted to be 0.17 yuan, 0.45 yuan, and 0.72 yuan, respectively [5] - The company's P/E ratios for 2024-2026 are estimated at 268.8x, 98.1x, and 61.4x, respectively [5] Industry and Market Outlook - The satellite industry is poised for rapid development, with the company benefiting from the integration of rocket launch, satellite assembly, and payload industries [1] - The company's airborne TR chips are expected to continue contributing significantly to revenue, supported by multiple models entering mass production [2] - The company's ground-based TR chips are anticipated to recover as customer demand rebounds, with the company's small-sized phased array TR chips offering advantages in target detection, anti-interference, and real-time processing [2] - The company's Q3 2024 performance indicates a turning point in industry demand, with inventory levels suggesting strong underlying demand [3] - The company's long-term outlook is positive, with expectations of a business inflection point in Q4 2024, driven by improved demand in the military and satellite industries [4]

Group 1: Company Overview and Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 10,043.24 million yuan, a decrease of 41.22% compared to the same period last year (7,041.93 million yuan) [1] - The third quarter of 2024 saw operating revenue of 2,861.33 million yuan, an increase of 413.08% compared to the same period last year (2,303.65 million yuan) [2] - The net profit for the third quarter of 2024 was -724.96 million yuan, but this represented a 40.72% improvement from -1,222.98 million yuan in the same period last year [2] Group 2: Project Delivery and Market Demand - The company’s product delivery in the first three quarters was primarily focused on satellite, airborne, and ground phased array radar and satellite communication fields [2] - The delivery scale in the ground sector decreased compared to last year due to customer demand fluctuations, but is gradually recovering [2] - The company is actively working to accelerate project delivery and has a high amount of accounts receivable from quality clients, which are primarily large national research institutions [2][3] Group 3: Research and Development - The company has been increasing its R&D investment, focusing on both customer-driven product enhancements and forward-looking technology applications [4] - R&D efforts have led to the development of a series of products across various frequency bands and applications, enhancing product competitiveness [4] - The company is one of the few in China capable of providing complete solutions for T/R chips, with products already in mass production for satellite, ground, and airborne phased array radar and satellite communication [3][4] Group 4: Industry Position and Future Outlook - The phased array antenna technology offers significant advantages over traditional systems, positioning it as a mainstream development direction for advanced wireless systems [3] - The company is committed to maintaining its technological leadership and will continue to invest in R&D to meet the evolving needs of customers for high-frequency, high-integration, lightweight, and multifunctional products [3][4] - The company has established itself as a core supplier in the satellite communication sector, with ongoing collaborations with research institutions and enterprises [3][4]

Investment Rating - The report has adjusted the investment rating for the company to "Accumulate" [1][3]. Core Views - The company experienced a significant decline in revenue and net profit in the first three quarters of 2024, with total revenue of 100 million yuan, a year-on-year decrease of 41.22%, and a net profit attributable to shareholders of -31.53 million yuan, a year-on-year decrease of 160.19% [1]. - Despite the overall decline, there was a notable recovery in the third quarter, with revenue reaching 29 million yuan, a year-on-year increase of 413.08% [1]. - The company is focusing on expanding its product applications in satellite, airborne, and ground fields, achieving significant progress in satellite projects that are entering mass production [3]. Financial Performance Summary - For 2024, the company is expected to generate total revenue of 301.93 million yuan, with a year-on-year growth of 5.07% [1]. - The net profit forecast for 2024 has been adjusted to 81.05 million yuan, with a slight increase of 1.68% year-on-year [1]. - The earnings per share (EPS) for 2024 is projected to be 0.39 yuan, with a price-to-earnings (P/E) ratio of 106.08 [1]. Cash Flow and Asset Management - As of the third quarter of 2024, the company's total assets amounted to 1.47 billion yuan, a year-on-year decrease of 2.63% [2]. - The cash flow from operating activities showed a net outflow of -106 million yuan, a decline of 120.98%, primarily due to slow customer payments [2]. - The company has increased its fixed assets by 119.74%, reaching 271 million yuan, driven by capacity expansion and equipment procurement [2].

Financial Performance - The company's revenue for Q3 2024 reached ¥28,613,256.37, a significant increase of 413.08% compared to ¥5,576,739.22 in the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was -¥7,249,577.65, showing a 40.72% improvement from -¥12,229,785.65 in Q3 2023[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥8,210,607.79, a 19.52% increase compared to -¥10,202,031.39 in the previous year[2]. - The company achieved a revenue of ¥100,432,357.94 for the first three quarters of 2024, a decrease of 41.22% compared to ¥170,851,646.10 in the same period last year[4]. - Operating revenue for the first nine months of 2024 was ¥100,432,357.94, a decline of 41.22% compared to ¥170,851,646.10 in the same period of 2023, primarily due to slower project delivery[8]. - Net profit for the first nine months of 2024 was -¥31,532,277.60, a decrease of 160.19% from ¥52,389,699.06 in 2023, impacted by increased credit impairment losses and R&D costs[8]. - Total operating revenue for the current period was ¥100,432,357.94, a decrease of 41.0% compared to ¥170,851,646.10 in the previous period[14]. - Net profit for the current period was a loss of ¥31,532,277.60, compared to a profit of ¥52,389,699.06 in the previous period[15]. - Earnings per share for the current period was -0.1550, down from 0.2574 in the previous period[16]. Cash Flow and Liquidity - The company reported a net cash flow from operating activities of -¥106,440,920.69 for the year-to-date, a decline of 120.98% from -¥48,167,314.47 in the same period last year[2]. - Cash and cash equivalents decreased by 61.96% to ¥193,034,430.60 due to investments in financial products and slow customer payments[6]. - The net cash flow from operating activities was -¥106,440,920.69, a decline of 120.98% compared to -¥48,167,314.47 in the previous year, due to slow customer payments[8]. - Cash inflow from operating activities totaled ¥97,885,857.40, a decrease of 38.0% from ¥157,963,171.68 in the previous period[17]. - The ending balance of cash and cash equivalents was ¥193,034,430.60, significantly down from ¥489,754,811.78 year-over-year[18]. - The company reported a total cash outflow from operating activities of 204,326,778.09 CNY, slightly lower than 206,130,486.15 CNY in the previous year[18]. Assets and Liabilities - The total assets at the end of the reporting period were ¥1,480,571,926.51, a decrease of 0.72% from ¥1,469,843,884.46 at the end of the previous year[2]. - The equity attributable to shareholders was ¥1,408,183,808.65, down 3.30% from ¥1,361,778,591.97 in the previous year[2]. - Total liabilities increased to ¥108,065,292.49, up from ¥72,388,117.86 in the previous period[15]. - The company reported a significant reduction in accounts payable from ¥36,753,862.04 to ¥7,680,744.81, a decrease of about 79%[12]. - The company’s total liabilities decreased by 79.10% in accounts payable to ¥7,680,744.81, as a result of payments made for procurement[6]. - Accounts receivable increased to ¥459,548,264.17 from ¥410,607,043.12, reflecting a growth of about 12%[11]. - Inventory rose to ¥221,396,589.61 from ¥186,885,029.02, indicating an increase of approximately 18%[12]. - The company has a non-current asset total of ¥425,322,656.58, up from ¥313,674,069.11, reflecting an increase of approximately 36%[12]. Research and Development - R&D expenses increased by 77.93% to ¥60,733,948.20, reflecting higher investment in research and development[8]. - Research and development expenses rose significantly to ¥60,733,948.20, an increase of 78.2% compared to ¥34,134,557.59 in the previous period[14]. Strategic Initiatives - The company is expanding its product applications, with new fields contributing to an increasing share of revenue, particularly in satellite and airborne products[5]. - The company plans to enhance core chip technology and product innovation in satellite communication to maintain its competitive edge[5]. - The company aims to accelerate the production and delivery of projects across various fields to achieve its strategic and operational goals[5]. - The company is focusing on expanding its market presence and developing new technologies, although specific figures were not disclosed in the report[9]. Other Financial Metrics - Other income rose by 132.66% to ¥14,402,511.79, mainly due to government subsidies received[8]. - Total operating costs increased to ¥137,634,130.17, up 13.2% from ¥121,531,308.14 in the previous period[14]. - Cash paid for goods and services was ¥129,885,816.98, consistent with the previous period's amount of ¥129,885,724.46[17]. - The company has no preferred shareholders or significant changes in shareholder financing activities reported[10]. - The company did not undergo an audit for the third quarter report[19].