东兴证券：东兴晨报-20250208

Group 1 - The core viewpoint of the report highlights that Zhongci Electronics has established a complete industrial chain for GaN communication base station RF chips, enhancing its competitive advantage and promoting the domestic industrial chain's accelerated development [1][2][3] - The report indicates that the global GaN RF device market size in the telecommunications infrastructure sector was USD 522 million in 2023 and is expected to grow to USD 894 million by 2029, with stable growth in defense and satellite communication applications [1][2] - Zhongci Electronics has made significant technological breakthroughs in GaN RF products, addressing key challenges and forming a complete product system with independent intellectual property rights [2][3] Group 2 - The report provides a profit forecast for Zhongci Electronics, estimating revenues of CNY 2.589 billion, CNY 2.719 billion, and CNY 2.952 billion for 2024-2026, with corresponding net profits of CNY 482 million, CNY 514 million, and CNY 555 million [8] - The report emphasizes the importance of the domestic 5G base station construction, where Zhongci Electronics plays a crucial role in ensuring the self-sufficiency of the third-generation semiconductor RF components [3][8] - The report suggests that the growth of the third-generation semiconductor devices and modules business will be a major driver of revenue growth for Zhongci Electronics, aligning with the construction needs of 5G base stations [8]