核心网年收入不足1亿，震有科技拟定增10.69亿“豪赌”卫星互联网

Core Viewpoint - Zhenyou Technology (688418.SH) plans to raise no more than 1.096 billion yuan through a private placement to fund the "Satellite Internet Communication Product R&D and Industrialization Project" and the "All-Optical Network System R&D and Industrialization Project" [2][4] Group 1: Fundraising and Projects - The company intends to allocate 709 million yuan for the satellite internet communication project and 360 million yuan for the all-optical network system project, with a total fundraising target of 1.096 billion yuan [2][3] - The satellite internet project focuses on the R&D and industrialization of ground core network systems, onboard core networks, and satellite intelligent terminal devices, with a construction period of three years in Shenzhen [3] - The all-optical network project aims to develop AI-driven 50GPON systems and 400G/800GOTN optical transmission systems, also with a three-year construction period, located in Hangzhou [4] Group 2: Financial Performance and Challenges - Zhenyou Technology has faced a three-year period where R&D investments exceeding 400 million yuan did not translate into profits, resulting in a cumulative net profit loss of over 400 million yuan from 2021 to 2023 [2][5] - The company experienced significant cash flow issues, with operating cash flow continuously flowing out during the same period, leading to a high accounts receivable ratio exceeding 100% of revenue from 2020 to 2022 [5] - In 2024, the company reported a net profit of 27.437 million yuan and a net cash inflow of 112 million yuan, attributing the improvement to opportunities in overseas markets and satellite internet development [5][6] Group 3: Market Position and Future Prospects - Zhenyou Technology is one of the few companies capable of providing satellite 5G core network communication systems, with a focus on both high and low orbit satellite core networks [6] - Despite being in a critical segment of the satellite internet market, the core network business generated only 94 million yuan in revenue in 2024, accounting for 9.86% of total revenue [6] - The company’s previous fundraising efforts were retracted due to market conditions and concerns over the fairness of pricing, highlighting the challenges it faces in securing investor confidence [4][5]