振华风光(688439.SH)：正通过专项团队拓展商业航天、无人机等新兴领域

Core Viewpoint - The company emphasizes a development strategy that combines technological innovation with market demand, aiming to balance R&D investment with short-term performance through optimized resource allocation and improved R&D efficiency [1] Group 1: Product Development - The company is focusing on key areas such as signal chains, power management, RISC-V MCUs, and RF microwave technologies, utilizing a strategy of "new products, new customers, new fields" to explore incremental market opportunities [1] - The RISC-V MCU development began in June 2022, with two MCU products completed by November 2025, both passing user-side hardware and software compatibility verification and ready for mass production with steadily increasing orders [1] - The company remains optimistic about the market development of RISC-V despite the industry requiring a learning and adaptation period for large-scale applications [1] Group 2: Market Feedback and Expansion - The high-speed, high-precision operational amplifier has achieved breakthroughs in high-voltage rail-to-rail enhancement technology, improving key metrics such as wide dynamic range and low input bias [1] - Although the aforementioned products have passed user trials, they have not yet formed bulk orders due to adjustments in industry demand [1] - The company is expanding into emerging fields such as commercial aerospace and drones through a dedicated team, with several radiation-resistant new products already included in the small satellite selection directory [1]