Industry Overview - Microwave tubes, also known as ultra-high frequency tubes, operate in the frequency range of 300 MHz to 3000 GHz and are essential vacuum electronic devices that convert the kinetic or potential energy of electrons into electromagnetic wave energy, enabling the generation or amplification of microwave signals [2][4] - The Chinese microwave tube industry is projected to reach a market size of approximately 21.746 billion yuan in 2024, representing a year-on-year growth of 10.20%, driven by the rigid demand from national defense modernization and the rapid adoption of applications in civilian sectors such as 5G base station deployment and satellite internet [1][10] Industry Chain - The upstream of the microwave tube industry includes raw materials and components such as copper, alumina, electron guns, high-frequency systems, and energy transmission devices [7] - The midstream consists of the manufacturing processes of microwave tubes, while the downstream applications span radar, satellite, communication devices, automotive electronics, industrial heating, and medical equipment [7] Market Size - The radar industry in China is expected to reach a market size of approximately 71.966 billion yuan in 2024, with a year-on-year growth of 14.58%, highlighting the critical role of microwave tubes in radar systems for signal transmission and reception [9][10] Key Companies Performance - The competitive landscape of the Chinese microwave tube industry is characterized by a concentration of leading firms driven by technology, with companies like Chengdu Guoguang Electric and Kunshan Guoli Electronics holding significant market positions [11] - Chengdu Guoguang Electric, a private leader in the industry, reported a revenue of 254 million yuan in the first three quarters of 2025, a decline of 44.16% year-on-year, while Kunshan Guoli Electronics achieved a revenue of 937 million yuan, marking a growth of 71.23% year-on-year [12][14] Industry Development Trends 1. The technology route is continuously breaking through in "high frequency, high power, and high efficiency," with the integration of solid-state and vacuum technologies accelerating [15] 2. The demand structure is shifting towards "military strength and civilian advancement," with emerging applications opening new markets, particularly in the military sector driven by national defense information construction [15] 3. The strategy of self-control is deepening, with accelerated integration of the industry chain and military-civilian fusion, as domestic companies seek to reduce reliance on imports amid increasing international technology blockades [16]