20个涨停板，停牌核查！

Core Viewpoint - *ST Chengchang has applied for a trading suspension due to significant stock price fluctuations, which have been identified as severe abnormal trading behavior, following multiple instances of unusual trading patterns over a 10-day period [1] Group 1: Stock Trading and Suspension - The company has experienced severe abnormal trading fluctuations, leading to a trading suspension starting January 13, pending an investigation [1] - The stock has seen four instances of abnormal trading within ten consecutive trading days, prompting the company to take action to protect investor interests [1] Group 2: Business Performance and Market Position - *ST Chengchang is positioned as one of the few companies in China capable of providing complete and advanced microwave and millimeter-wave phased array T/R chip solutions, as well as aerospace-grade chip R&D, testing, and production [5] - The company has reported a stock price increase of 177% since early December, with 20 trading days of price limits up and 2 days down, indicating strong market interest [5] - The company’s products are based on GaN, GaAs, and silicon technologies, applied in various fields including detection, communication, navigation, and electronic countermeasures [5] Group 3: Financial Outlook and Future Prospects - For the fiscal year 2024, *ST Chengchang is projected to achieve revenue of 212 million yuan, a decrease of 26.38% year-on-year, while for the first three quarters of 2025, revenue is expected to rise to 306 million yuan, an increase of 204.78% [8] - The company aims to lift its stock from the delisting risk warning status by achieving positive net profit and revenue above 300 million yuan in 2025 [8] - The company has noted a significant improvement in its performance for the first three quarters of 2025, attributing this to a recovery in downstream demand and an increase in project numbers and order amounts [9] Group 4: Industry Context and Demand - The commercial aerospace industry is in its early stages, with uncertainties regarding the mass launch and networking pace of low-orbit satellite constellations [7] - The company is expanding its product coverage in the satellite sector and has established close cooperation with key downstream institutions to meet customer demands [10] - The company is optimistic about its annual performance, citing accelerated industry demand and a significant increase in orders and projects [10]