拟收购上海志良电子，强化军工业务布局

Investment Rating - The report maintains a "Buy" rating for Sichuan Jiuzhou [9][39] Core Views - The acquisition of Shanghai Zhiliang Electronics will strengthen the company's military business layout, adding capabilities in electronic reconnaissance, electronic interference, radar anti-jamming, electronic warfare simulation training, and customized embedded function modules [3][35] - The company has shown stable growth in its main business in the first half of 2023, with projected revenues of 44.81 billion, 51.55 billion, and 59.67 billion yuan for 2023, 2024, and 2025 respectively, and net profits of 2.61 billion, 3.28 billion, and 3.94 billion yuan for the same years [21][39] Summary by Sections Business Overview - The company primarily operates in three sectors: smart terminals, air traffic control products, and microwave RF [6][34] - In the smart terminal sector, the company has developed products such as set-top boxes and wireless routers, establishing a competitive advantage in 5G communication technology and other areas [6][34] - The air traffic control business includes systems and related avionics equipment, with over 100 proprietary products covering all phases of flight [6][34] - Microwave RF products are used in military applications like radar and electronic warfare, as well as in civilian applications such as wireless communication and automotive radar [6][34] Financial Performance - In the first half of 2023, the company's revenue from digital home multimedia products, air traffic control products, and microwave RF grew by 15%, 11%, and 25% year-on-year respectively [6][34] - The company reported revenues of 3.54 billion yuan in 2021, 3.89 billion yuan in 2022, and projected revenues of 4.48 billion yuan in 2023 [21][39] - The net profit for 2021 was 181 million yuan, increasing to 241 million yuan in 2022, with a projected net profit of 320 million yuan in 2023 [21][39]