证券代码：002446 证券简称：盛路通信 广东盛路通信科技股份有限公司 投资者关系活动记录表 编号：20220509 | --- | --- | --- | |----------------|----------------------------------|--------------------------------------------------------| | | | | | 投资者关系活动 | □ 特定对象调研 □ | 分析师会议 | | 类别 | □ 媒体采访 □ | 业绩说明会 | | | □ 新闻发布会 □ | 路演活动 | | | □ 现场参观 | 其他（电话会议） | | 参与单位名称及 | 方正证券：李宏涛、鲍学博、李淑琛 | | | 人员姓名 | 华泰证券：王兴 | | | | 金元顺安基金：徐勇 | | | | 上海启石资产：陈海挺 | | | | 尚近投资：万朋杰 | | | | 仁桥资产：张鸿运 | | | | 北京城天九投资：赵红志 | | | | 太平基金：田发祥 | | | | 兴业基金：陈旭 | | | 时间 | 2022 年 5 月 9 日 | | | 地 ...

证券代码：002446 证券简称：盛路通信 编号：20220715 | --- | --- | --- | --- | |----------------|--------------------------------------------|-------|--------------------------------------------------------| | 投资者关系活动 | □ 特定对象调研 □ | | 分析师会议 | | 类别 | □ 媒体采访 □ | | 业绩说明会 | | | □ 新闻发布会 □ | | 路演活动 | | | 现场参观 | | | | 参与单位名称及 | 浙商证券：张建民、汪洁、胥辛 | | | | 人员姓名 | 招商证券：王超、芮鹏亮 | | | | | 中航证券：宋博 | | | | | 易方达基金：黄蕴藉 | | | | | 中航基金：陈周飞 | | | | | 建信理财：栾天悦 | | | | | 创富兆业：史冰、刘姝仪 | | | | | 兆信瑞丰：石础 | | | | 时间 | 2022 年 7 月 15 日 | | | | 地点 | 成都创新达微波电 ...

证券代码：002446 证券简称：盛路通信 编号：20221116 投资者关系活动 □ 特定对象调研 □ 分析师会议 类别 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 √ 其他（电话会议） 参与单位名称及 详见附件的参会人员名单 人员姓名 广东盛路通信科技股份有限公司 投资者关系活动记录表 | --- | --- | |-----------------------------|------------------------------------------------------------------| | 时间 | 2022 年 11 月 16 日 | | 地点 | 广东盛路通信科技股份有限公司 | | 上市公司接待人 | 董事会秘书 蔡惠琴女士 | | 员姓名 | 投关总监 周斌先生 | | | 一、公司 2022 年前三季度业绩情况的介绍 | | | 2022 年前三季度，公司实现营业收入 10.86 亿元，比上年 | | 投资者关系活动 主要内容介绍 | 同期增长 61.29% ，归属于上市公司股东的净利润为 1.92 亿元， | | | 比上年同期增长 1,21 ...

证券代码：002446 证券简称：盛路通信 广东盛路通信科技股份有限公司 投资者关系活动记录表 编号：20221017 | --- | --- | --- | |-------------------------|-------------------------------|-----------------------------------------------------------| | | | | | 投资者关系活动 | □ 特定对象调研 □ | 分析师会议 | | 类别 | □ 媒体采访 □ | 业绩说明会 | | | □ 新闻发布会 □ | 路演活动 | | | □ 现场参观 | | | | √ 其他（电话会议） | | | 参与单位名称及 人员姓名 | 详见附件的参会人员名单 | | | 时间 | 2022 年 10 月 17 日 | | | | | | | 地点 | 广东盛路通信科技股份有限公司 | | | 上市公司接待人 员姓名 | 投关总监 周斌先生 | | | | 一、公司 2022 | 年前三季度业绩预告情况的介绍 | | | 2022 | 年前三季度，公司预计归属于上市公司股东 ...

证券代码：002446 证券简称：盛路通信 广东盛路通信科技股份有限公司 投资者关系活动记录表 编号：20220829 | --- | --- | --- | |----------------|------------------------------|------------------| | | | | | 投资者关系活动 | □ 特定对象调研 □ | 分析帅会议 | | 类别 | □ 媒体采访 □ | 业绩说明会 | | | □ 新闻发布会 □ | 路演活劢 | | | □ 现场参观 | 其他（电话会议） | | 参与单位名称及 | 华泰证券：王兴、吴尹、高名垚 | | | 人员姓名 | 中信证券：陈卐 | | | | 国联证券：孙树明、叶鑫 | | | | 方正证券：李宏涛 | | | | 汇添富基金：夏正安、张朊 | | | | 建信基金：左远明 | | | | 民生加银基金：李君海 | | | | 创金合信基金：李晗 | | | | 海富通基金：杨柳 | | | | 中海基金：范宗武 | | | | 汇丰晋信：吴培文 | | | | 红华资本：何儒 | | | | 浙江大钧资产：卢伟 | | ...

Financial Performance - In the first three quarters of 2022, the company achieved operating revenue of 1.086 billion CNY, a year-on-year increase of 61.29% [2] - The net profit attributable to shareholders was 192 million CNY, reflecting a significant year-on-year growth of 1,214.47% [2] - The substantial growth in performance is attributed to the positive development trends in the communication equipment and microwave electronics sectors, with orders gradually being delivered [2] Company Overview - Nanjing Hengdian Electronics Co., Ltd. was established in 1998 and has over 20 years of technological accumulation, leading in ultra-wideband down-conversion technology [3] - Chengdu Innovation Technology Co., Ltd. was founded in 1995, employing over 230 people and establishing a comprehensive technical system for microwave products [3] - Both subsidiaries complement each other in product application areas and downstream customers, enhancing the company's military industry layout [3] Core Technologies - The company's core technology in military electronics is ultra-wideband down-conversion technology, crucial for applications in phased array radar, electronic countermeasures, remote sensing, and satellite communications [4] - The ultra-wideband technology allows for the identification of various target types, while down-conversion extracts and restores target signals without distortion [4] Market Position and Competition - The company has a stable order book and high capacity utilization in its military electronics business, with both subsidiaries expanding capacity to ensure order fulfillment [5] - The company does not have direct competition with Guobo Electronics, Zhenlei Technology, or Chengchang Technology, as they operate in parallel supply chains [5] Future Development - The company is actively researching 6G technology, focusing on a comprehensive information network covering space, air, land, and sea [7] - The domestic 5G base station construction is expected to continue, with projections indicating over 2 million base stations and 600 million terminal connections by the end of 2022 [7] - The company plans to shift its strategy from diversified business development to focusing on military electronics and civil communications, enhancing its competitive edge through increased R&D investment [8] International Market - The company's overseas business has entered the supply chains of mainstream equipment manufacturers in France, Israel, and India, although the market share remains relatively small [8] Recent Achievements - The company recently won a procurement project for indoor antennas from China Mobile, which is expected to enhance its market influence and competitiveness in the communication industry [5]

Financial Performance - The company's revenue for Q3 2022 reached ¥340,981,104.69, an increase of 44.13% compared to the same period last year[5] - Net profit attributable to shareholders was ¥68,624,931.64, reflecting a significant increase of 414.34% year-over-year[5] - The net profit after deducting non-recurring gains and losses was ¥66,336,173.54, up 645.90% from the previous year[5] - The total profit for the first nine months of 2022 was ¥218,442,974.73, a staggering increase of 1358.07% compared to the same period last year[12] - Net profit for the current period was ¥191,675,027.31, a substantial rise from ¥13,401,294.71 in the previous period, reflecting a growth of approximately 1,327.5%[31] - The net profit attributable to shareholders of the parent company was ¥192,137,905.81, compared to ¥14,617,174.23 in the previous period, showing a remarkable increase of approximately 1,314.5%[33] Assets and Liabilities - Total assets as of the end of Q3 2022 amounted to ¥4,119,641,330.97, representing a 6.21% increase from the end of the previous year[5] - Accounts receivable increased by 85.30% to ¥821,785,163.86, primarily due to increased revenue[10] - The total assets of the company rose from ¥3,878,902,812.09 to ¥4,119,641,330.97, reflecting an increase of approximately 6.2%[26] - The total liabilities increased from ¥1,080,000,000 to ¥1,200,000,000, indicating a rise of approximately 11.1%[26] - The company's total liabilities increased to ¥1,066,623,421.42 from ¥1,020,411,600.01, marking a rise of about 4.5%[28] - The total equity attributable to shareholders of the parent company rose to ¥3,048,722,926.62 from ¥2,853,733,350.65, an increase of approximately 6.8%[28] Cash Flow - The company reported a net cash flow from operating activities of ¥36,079,095.86, a 119.55% increase year-over-year[12] - The total cash inflow from operating activities for the current period was ¥870,590,310.14, an increase of 30.5% compared to ¥666,853,147.60 in the previous period[37] - The net cash flow from operating activities was ¥36,079,095.86, a significant improvement from a net outflow of ¥184,502,184.18 in the previous period[37] - Cash inflow from investment activities was ¥466,553,132.06, down 72.9% from ¥1,721,487,226.70 in the previous period[39] - The net cash flow from investment activities was -¥199,339,993.95, slightly better than the previous period's net outflow of -¥239,391,638.24[39] - The ending balance of cash and cash equivalents was ¥463,963,087.96, compared to ¥422,588,398.36 in the previous period, indicating a positive cash position[39] Shareholder Information - The total number of common shareholders at the end of the reporting period is 52,970, with the top 10 shareholders holding a combined 19.86%[18] Operational Metrics - Total operating revenue for the current period reached ¥1,085,737,927.78, a significant increase from ¥673,166,812.94 in the previous period, representing a growth of approximately 61.2%[28] - Total operating costs amounted to ¥870,138,265.21, compared to ¥605,218,327.12 in the previous period, indicating an increase of about 43.8%[28] - Research and development expenses for the current period were ¥73,993,691.34, slightly down from ¥79,926,331.70 in the previous period, indicating a decrease of about 7.4%[31] - The company's basic earnings per share was ¥0.21 for the current period, compared to ¥0.02 in the previous period, reflecting a significant increase[33] Asset Management - The company’s fixed assets rose by 47.38% to ¥415,355,295.43, attributed to new purchases for communication equipment[10] - The company’s fixed assets increased from ¥281,818,948.34 to ¥415,355,295.43, showing a growth of about 47.3%[26] - The company's inventory decreased from ¥728,702,496.17 to ¥644,879,351.84, a reduction of about 11.5%[22] - The company reported a significant increase in other receivables from ¥45,127,306.53 to ¥65,962,389.02, which is an increase of approximately 46%[22] Financial Structure - The weighted average return on equity was 2.38%, an increase of 453.49% compared to the same period last year[5] - The total liabilities to equity ratio stands at approximately 0.35, indicating a stable financial structure[28] - The company’s deferred income tax liabilities increased to ¥40,831,059.51 from ¥23,841,077.05, representing a growth of about 71.2%[28] Corporate Actions - The company is actively promoting a non-public issuance of A-shares, pending approval from the China Securities Regulatory Commission[21]

Financial Performance - The company's operating revenue for the first half of 2022 was ¥744,756,823.09, representing a 70.58% increase compared to ¥436,595,779.18 in the same period last year[26] - The net profit attributable to shareholders of the listed company reached ¥123,512,974.17, a significant increase of 9,587.88% from ¥1,274,922.37 in the previous year[26] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥117,335,975.25, compared to a loss of ¥8,712,992.61 in the same period last year, marking a 1,446.68% increase[26] - The net cash flow from operating activities was ¥32,188,261.40, a turnaround from a negative cash flow of ¥144,850,114.44, reflecting a 122.22% improvement[26] - The basic earnings per share for the period was ¥0.14, compared to ¥0 in the same period last year[26] - The diluted earnings per share was ¥0.13, also an increase from ¥0 in the previous year[26] - The weighted average return on net assets was 4.23%, up from 0.04% in the same period last year, indicating a significant improvement in profitability[26] - Total assets at the end of the reporting period were ¥4,070,859,424.71, a 4.95% increase from ¥3,878,902,812.09 at the end of the previous year[26] - The net assets attributable to shareholders of the listed company were ¥2,979,702,334.80, reflecting a 4.41% increase from ¥2,853,733,350.65 at the end of the previous year[26] Dividend and Shareholder Returns - The company plans not to distribute cash dividends or issue bonus shares, indicating a focus on reinvestment[7] - The company completed the repurchase and cancellation of 972,000 restricted stocks in February 2022 due to the departure of 9 incentive targets[113] - In May 2022, the company canceled 194,000 stock options and 331,000 restricted stocks due to the departure of 5 and 6 incentive targets respectively[114] Research and Development - The military electronics business focuses on ultra-wideband up/down conversion systems, with a strong emphasis on R&D investment and technological innovation to maintain a leading position in the domestic market[36] - In the first half of 2022, the company achieved significant progress in the iterative R&D of miniaturized microwave modules and subsystems, enhancing the competitiveness of its DLVA series products[40] - R&D investment has consistently exceeded 10% of revenue over the past three years, ensuring the company's sustainable development and technological advancement[46] - The company is actively pursuing new technology projects, including a key project on integrated RF front-end systems for C-band and 6G applications, laying a foundation for future industrial applications[58] Market and Product Development - The civil communication business has successfully delivered 4,448 multi-frequency and multi-mode base station antennas, contributing to increased market share amid the large-scale construction of 5G networks[42] - The company has developed a new lens antenna to improve network coverage in special scenarios, which has been successfully bid for a demonstration project with China Mobile[42] - The company maintains a leading position in the domestic microwave/mmWave antenna market, exporting products to over 100 countries and regions[42] - The company is actively expanding its technology applications in the 5G+ smart grid coverage system, addressing coverage issues in various special scenarios[45] - The company has achieved initial mass production and delivery of several new projects in high-precision positioning antennas for autonomous driving, which is expected to positively impact future performance[45] - The company is focusing on the development of a new generation of active indoor distribution system equipment to meet the demand for high-capacity continuous coverage in various indoor scenarios[45] Financial Management and Investments - The company has invested in a 6,000 square meter national-level laboratory, certified by ISO/17025, to enhance its testing capabilities for various communication products[51] - The company has established a digital management platform integrating systems like SAP S4/HANA ERP and MES, improving production efficiency and reducing operational costs[55] - The company has temporarily supplemented working capital with 80 million from idle raised funds, which was returned to the special account ahead of schedule[88] - The company has committed a total investment of 39,000 million for the development and production center of intelligent communication antennas, with 100% of the investment progress achieved[81] Risks and Challenges - The company faces risks related to changes in industrial policies, which could impact demand for communication electronic equipment[102] - The company is committed to enhancing its R&D capabilities to mitigate risks associated with rapid technological advancements in the industry[103] - Management risks are present due to the expansion of military and civilian communication sectors across multiple locations, necessitating improved operational capabilities[106] - The company is taking measures to address supply chain disruptions caused by the COVID-19 pandemic, including increasing inventory and diversifying suppliers[107] Corporate Governance and Compliance - The company emphasizes the protection of shareholder rights and has established a comprehensive governance structure to ensure accurate and timely information disclosure[120] - The company has passed the ISO14001 environmental management system certification and has no environmental pollution incidents during the reporting period[118] - The company has implemented measures to protect employee rights and enhance workplace safety, including performance evaluations and training programs[123] Convertible Bonds and Share Structure - The total amount of convertible bonds issued by Shenglu Technology is 1,000,000,000.00 CNY, with a total conversion amount of 947,064,300.00 CNY, representing 94.71% of the issued amount[197] - The cumulative number of shares converted from the convertible bonds is 137,673,531, accounting for 18.06% of the total shares issued before the conversion period[197] - The top holder of convertible bonds is Luo Guojian, holding 38,090 bonds, which amounts to 3,809,000.00 CNY, representing 7.20% of the total convertible bonds[198] Future Outlook - The report indicates that the company is actively managing its convertible bond structure to optimize capital[200] - The company plans to enhance its market presence through strategic investments and potential acquisitions in the technology sector[200] - Future outlook includes a focus on new product development and technological advancements to drive growth[200] - The company aims to expand its user base and improve customer engagement through innovative solutions[200]

Financial Performance - The company reported a total revenue of 1.2 billion RMB for the year 2021, representing a year-on-year increase of 15%[2] - The net profit attributable to shareholders was 150 million RMB, an increase of 20% compared to the previous year[2] - The company's operating revenue for 2021 was ¥962,082,915.09, a decrease of 16.00% compared to ¥1,145,364,149.09 in 2020[33] - The net profit attributable to shareholders in 2021 was -¥212,144,637.13, representing a decline of 217.10% from ¥181,157,990.36 in 2020[33] - The basic earnings per share for 2021 was -¥0.23, down 215.00% from ¥0.20 in 2020[36] - The total revenue for the company in 2021 was approximately ¥962.08 million, a decrease of 16.00% compared to ¥1,145.36 million in 2020[82] - Revenue from communication equipment increased by 16.72% to ¥524.07 million, accounting for 54.47% of total revenue, while military electronics revenue decreased by 1.17% to ¥438.01 million, representing 45.53% of total revenue[82] - The company reported a net loss of ¥213,701,869.92, largely due to substantial credit impairment losses[129] Research and Development - The company plans to invest 200 million RMB in R&D for new product development in the upcoming year[2] - The company has increased R&D investment in 5G communication equipment, focusing on technologies such as millimeter-wave antennas and active phased array antennas[53] - The company has increased its R&D investment in 5G communication technology, with R&D expenditure ratios of 11.8%, 13.4%, and 11.56% for the years 2019 to 2021, respectively[70] - The company has over 300 dedicated R&D personnel, including experts from military enterprises and renowned universities, ensuring a robust talent pool for innovation[76] - The company is actively involved in national key R&D projects related to 6G technology, laying a solid foundation for future industrial applications[76] - The company has developed a series of products based on SIP technology, achieving breakthroughs in small-sized microwave modules and frequency synthesizers[70] - The company has successfully developed a 2-18GHz four-channel frequency conversion component, which improves the design capability of miniaturized frequency conversion channels[6] - The company has developed a high-precision automotive navigation antenna, enhancing its influence in the industry and promoting the development of upstream and downstream enterprises[116] Market Expansion and Strategy - The company has set a revenue target of 1.5 billion RMB for 2022, indicating a growth forecast of 25%[2] - New product launches are expected to contribute an additional 300 million RMB in revenue in 2022[2] - The company is exploring market expansion opportunities in Southeast Asia, aiming for a 10% market share by 2025[2] - A strategic acquisition of a local tech firm is planned, with an estimated cost of 100 million RMB[2] - The company aims to enhance the technical level of single-function circuits and microwave hybrid integrated circuit modules in 2022, with a focus on increasing research and production capabilities[172] - The company plans to enhance its market presence through the integration of new technologies and expansion into new markets[93] Operational Challenges and Risks - Management highlighted potential risks including market competition and supply chain disruptions in the upcoming year[2] - The company has faced uncertainty regarding its ability to continue as a going concern, as indicated by the negative net profits over the last three accounting years[36] - The company recognizes the risk of changes in industrial policies that could impact demand in the defense and telecommunications sectors, and it plans to adjust its strategies accordingly[182] - The company faces technology risks due to the rapid pace of technological advancement in its industry, necessitating continuous improvement in R&D capabilities and innovation[183] Investments and Financial Management - The company has pledged 63,000,000.00 yuan to China Merchants Bank for a loan agreement related to the acquisition of Chengdu Innovation Microwave Electronics Co., Ltd.[139] - The company has accumulated a total of 771,825,546.53 yuan in direct investment from raised funds, with 26,661,707.86 yuan invested in the reporting year[145] - The company’s total raised funds amount to 98,505,000.00 yuan, with 91.37% of the funds already utilized[145] - The company utilized RMB 80 million of idle raised funds to temporarily supplement working capital, with a usage period not exceeding 12 months[155] Product Development and Innovation - The company has completed the development of a microwave intelligent ultra-long delay system, aiming to enhance product competitiveness domestically and internationally[101] - The company has launched a series of 5G indoor antenna products, which are expected to bring significant economic benefits[15] - The company has developed a dual-polarized omnidirectional ceiling antenna, achieving miniaturization and broadband requirements[16] - The company has successfully developed a millimeter-wave fast plug transceiver module, enhancing the competitiveness of its microwave RF receiving components[5] - The company completed the final prototype of ultra-wideband base station antenna arrays, contributing to technological accumulation for B5G/6G products[113] Corporate Governance and Management - The company adheres to legal and regulatory requirements to maintain a transparent governance structure and protect minority shareholders' interests[190] - The company has established independent operational capabilities, ensuring no competition with its controlling shareholder[192] - The company has a complete and independent system for labor, personnel, and salary management, fully independent from the controlling shareholder[200] - The company actively engages with investors through various communication channels to maintain good relationships[199] - The company has implemented a comprehensive information disclosure management system to ensure timely and accurate communication with shareholders[198]

Financial Performance - The company reported a total revenue of 1.2 billion RMB for the year 2021, representing a year-on-year increase of 15%[21] - The net profit attributable to shareholders was 150 million RMB, an increase of 10% compared to the previous year[21] - The company's operating revenue for 2021 was ¥962,082,915.09, a decrease of 16.00% compared to ¥1,145,364,149.09 in 2020[33] - The net profit attributable to shareholders in 2021 was -¥212,144,637.13, representing a decline of 217.10% from ¥181,157,990.36 in the previous year[33] - The net cash flow from operating activities was -¥15,345,325.25, a decrease of 127.01% compared to ¥56,816,265.07 in 2020[36] - The basic earnings per share for 2021 was -¥0.23, down 215.00% from ¥0.20 in 2020[36] - The company's net assets attributable to shareholders decreased by 6.28% to ¥2,853,733,350.65 from ¥3,044,942,272.36 in 2020[36] - The company has experienced a continuous decline in net profit over the last three accounting years, indicating ongoing financial challenges[36] Research and Development - The company plans to invest 200 million RMB in R&D for new product development in 2022, focusing on microwave communication technology[21] - The company is actively involved in the research and development of new technologies and products, particularly in telecommunications and related fields[31] - The company has increased its R&D investment in 5G communication equipment, focusing on millimeter-wave antennas and active phased array antennas[53] - The company has increased its R&D investment in 5G communication technology, with R&D expenditure ratios of 11.8%, 13.4%, and 11.56% for the years 2019 to 2021, respectively[72] - The company has launched several new products, including a 5G large-scale array antenna, which has already been shipped in bulk and is expected to lead the digital transformation in the telecommunications industry[123] - The company has initiated research on ultra-wideband base station antenna arrays for the B5G/6G era, forming a technological foundation for future products[113] - The company has developed a new ultra-wideband phase shifter, which is currently in research and aims to meet practical design requirements[123] - The company has successfully developed a 5G CPE antenna that integrates multiple directional and omnidirectional antennas to ensure stable data transmission[123] Market Expansion and Strategy - The company has set a revenue target of 1.5 billion RMB for 2022, indicating a growth forecast of 25%[21] - The company is expanding its market presence in Southeast Asia, with plans to establish two new offices in the region by mid-2022[21] - A strategic acquisition of a local technology firm was completed for 100 million RMB to enhance product offerings and market reach[21] - The company has established strong partnerships with major telecom operators including China Mobile, China Unicom, and China Telecom, enhancing its market position[82] - The company is focusing on market expansion and technological integration to enhance its competitive edge in the global market[123] Inventory and Supply Chain - The company’s inventory in the communication manufacturing sector increased by 42.79% year-on-year, attributed to longer customer acceptance periods[91] - The military electronics inventory rose by 58.16% year-on-year, primarily due to chip shortages and extended customer acceptance cycles[91] - Inventory increased by 8.70% to ¥728,702,496.17, attributed to increased shipments awaiting customer acceptance[137] Financial Management and Investments - The company will not distribute cash dividends for the fiscal year 2021, opting to reinvest profits into business growth[21] - The total procurement amount from the top five suppliers was ¥101,623,581.61, representing 11.03% of the annual procurement total[100] - The total amount of raised funds in 2018 was CNY 985.05 million, with CNY 26.66 million utilized in the current period and CNY 771.83 million cumulatively used by the end of 2021[147] - The project "Smart Communication Antenna R&D and Production Center" has achieved 100% investment progress with a total commitment of CNY 390 million[148] Challenges and Risks - The management highlighted potential risks including market competition and supply chain disruptions in the upcoming year[21] - The company is adapting to the rapidly changing demands of military equipment and technology advancements, which pose significant challenges[194] Product Development and Innovation - The company has developed a variety of products, including multi-frequency (including 700M) antennas and Longber lens antennas, which have successfully won bids and achieved phased results[72] - The company has completed the development of a high-precision portable tension measuring instrument, enhancing usability and stability[113] - The company has developed a new L-band polarization switch, integrating microwave switches with 3dB bridges, which reduces cable component usage[111] - The company has completed the development of a high-gain wide-angle directional beautification antenna, enhancing product market competitiveness[113] Military Electronics Sector - The military electronics sector is expected to benefit from the accelerated domestic replacement of core technologies and materials due to intensified competition[55] - The company’s military electronics sector will focus on market-driven and technology-led strategies, emphasizing professional and refined development[199] - The company is committed to expanding the application of its 5G technology achievements in military microwave technology and civilian product conversion[199] Overall Industry Trends - By the end of 2022, it is expected that China will have over 2 million 5G base stations and 600 million 5G terminal connections[200] - The base station antenna manufacturing industry is capital and technology-intensive, with significant technical barriers[200] - The competition in the base station antenna industry is fierce, with few manufacturers possessing independent R&D and manufacturing capabilities[200]