AVIC Forstar S&T (BJ:835640) Zhong Guo Zheng Quan Bao·2025-10-19 20:24Core Viewpoint - The company is leading the autonomous core technology in the RF interconnect field and is undergoing a comprehensive upgrade towards system-level solutions, aiming to seize opportunities in emerging sectors such as commercial aerospace, low-altitude economy, and intelligent connected vehicles [1] Business Performance - In the first half of the year, the company achieved operating revenue of 408 million yuan and a net profit of 37.18 million yuan, representing year-on-year growth of 7.86% and 10.5% respectively, with accelerated growth in the second quarter [1] - Sales revenue from the core product, RF coaxial connectors, increased by 24.41% year-on-year in the first half of the year [1] Order and Capacity - The recovery of core business orders has provided a solid foundation, with significant growth in orders leading to high capacity utilization, indicating a robust order status [2] - The company is optimistic about maintaining growth momentum in subsequent quarters if downstream demand continues to release [2] Strategic Expansion - The company has made progress in emerging fields such as commercial aerospace, high-end industrial equipment, precision instruments, low-altitude economy, quantum computing, and medical sectors, with successful product certifications and collaborations [2] - In the medical field, the company has established cooperation with an international medical giant and achieved small batch supply [2] Operational Efficiency - Continuous improvement in internal operations has enhanced profitability, with initiatives focused on optimizing production processes and reducing costs to meet customer demands for low-cost and high-reliability products [3] - The diversified and balanced business structure strengthens the company's ability to withstand fluctuations in a single industry [3] Future Growth Areas - The company is focusing on high-potential technology and market directions, particularly in HTCC (High-Temperature Co-fired Ceramic) products, which are expected to achieve stable yield rates by Q4 2025, with a market demand projected to exceed 100 million yuan [4] - The commercial satellite sector is another strategic focus, with the company collaborating on mainstream commercial satellite projects and establishing a solid foundation for future bulk orders [4] International Market - The overseas market has become an important support for the company's growth, with strong performance attributed to stable output of traditional products and successful expansion in Europe and Southeast Asia [5] - Future plans include deepening cooperation with leading clients in the communication field and actively exploring overseas markets [5] R&D Investment - The company is committed to high levels of R&D investment as a cornerstone for building core competitiveness in the RF interconnect field, focusing on high-frequency, integrated, and systemized solutions [6] - Ongoing development in millimeter-wave products and intelligent manufacturing will drive digital transformation in production [6]