[Table_Main] 证券研究报告 | 公司点评 买入（维持） 所属行业：通信/通信设备 当前价格(元)：33.18 证券分析师 李宏涛 资格编号：S0120524070003 1.《震有科技(688418.SH)：卫星核心 网领先企业，有望受益出海业务增 长》，2025.3.13 震有科技(688418.SH) 2025 年 04 月 15 日 邮箱：liht＠tebon.com.cn 研究助理 市场表现 沪深300对比 1M 2M 3M -26% 0% 26% 51% 77% 103% 129% 154% 2024-04 2024-08 2024-12 2025-04 震有科技 沪深300 绝对涨幅(%) 5.60 21.90 6.35 相对涨幅(%) 11.72 26.41 7.90 资料来源：德邦研究所，聚源数据 相关研究 震有科技（688418.SH）：刚果 总包项目落成，海外业绩增长启 动 投资要点 请务必阅读正文之后的信息披露和法律声明 事件： 4 月 15 日，震有科技发布《关于签署总包工程框架协议的公告》。公司与刚 果民主共和国光纤公司签订了关于"刚果民主共和国国家骨干光纤宽带网络项目" ...

震有科技：签订15亿美元总包工程框架协议 智通财经4月14日电，震有科技(688418.SH)公告称，公司与刚果民主共和国光纤公司签订了关于"刚果 民主共和国国家骨干光纤宽带网络项目"总包工程的框架协议，总包预算金额为15亿美元（不含税）。 项目由"框架协议+订单"构成，订单为本协议的组成部分；每个订单独立验收，独立结算。 ...

Market Performance - The main board led the gains with notable increases in stocks such as Precision Electronics (+10.18%), China Software (+9.99%), and China Great Wall (+9.98%) [1] - The ChiNext board saw significant rises with Top Cloud Agriculture (+15.76%), Guomai Culture (+10.27%), and Guangzhi Technology (+10.19%) [1] - The Sci-Tech Innovation board was led by Hongquan IoT (+11.99%), Zhenyou Technology (+8.32%), and Yingjixin (+8.19%) [1] - Active sub-industries included SW Education Publishing (+3.11%), SW Film and Animation Production (+2.14%), and SW Semiconductor Materials (+0.86%) [1] Domestic News - Silan Microelectronics is accelerating the construction of its "Silan Minggan 6-inch SiC power device chip production line" with a current monthly production capacity of 9,000 6-inch SiC MOS chips and has shipped 50,000 electric vehicle main motor drive modules [1] - Huawei's terminal division has launched pre-sales for the Vision Smart Screen 5, featuring upgrades with Harmony AI and Super MiniLED technology, starting at a price of 5,499 yuan [1] - Chipone Technology has provided NPU IP technology for 142 AI chip models to 82 clients, with over 100 million units shipped, showcasing its competitive strength in high-performance computing and consumer electronics [1] - The Chinese liquid cooling server market is projected to grow rapidly, reaching a market size of $2.37 billion in 2024, a 67% increase from 2023, with a compound annual growth rate of 46.8% expected from 2024 to 2029 [1] Company Announcements - Zhaoyi Innovation expects to achieve revenue of approximately 1.909 billion yuan in Q1 2025, representing a year-on-year growth of about 17.32% and a quarter-on-quarter growth of 11.88% [3] - Northern Huachuang forecasts Q1 2025 revenue between 7.34 billion to 8.98 billion yuan, with a year-on-year growth of 23.35% to 50.91% and a net profit of 1.42 billion to 1.74 billion yuan, reflecting a year-on-year growth of 24.69% to 52.79% [3] - Tuojing Technology plans to establish an integrated circuit equipment and components innovation center in collaboration with the Shenyang State-owned Assets Supervision and Administration Commission [3] - Rockchip has reported that the AIoT market demand has exceeded expectations, with the company enhancing its operations across multiple AIoT product lines [3] Overseas News - SK Hynix's 1c nm DRAM memory process has achieved an 80% yield, a significant improvement from 60% in the second half of last year, indicating readiness for mass production [4] - Samsung Electronics reported preliminary Q1 2025 sales of approximately 79 trillion KRW (about 392.8 billion yuan), with a quarter-on-quarter growth of 4.24% and a year-on-year growth of 9.84% [4] - Infineon announced a $2.5 billion cash acquisition of the automotive Ethernet business from MoSys [4] - Semiconductor equipment giant TEL has extended its joint R&D agreement with IBM for advanced semiconductor technology, focusing on next-generation semiconductor nodes and architectures [4]

Investment Rating - The industry investment rating is maintained at "Overweight" [8] Core Insights - The satellite internet industry is experiencing rapid development driven by national policies, technological advancements, and market demand, indicating a broad future growth potential [10] - The successful launch of the fifth batch of the Qianfan constellation satellites marks a significant milestone in China's commercial space industry, showcasing the collaboration between commercial satellite constellations and launch facilities [8][9] - The partnership between Intercontinental Aerospace and the Arab Information and Communication Organization aims to establish a 6,000-satellite constellation to enhance communication, remote sensing, and navigation services in Africa and the Middle East, addressing the digital divide along the Belt and Road Initiative [5][8] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of 20.64% compared to the CSI 300 index, with an absolute return of 29.81% [2] Recent Developments - The launch of the Qianfan constellation satellites on March 12, 2025, utilized the "one arrow, 18 stars" method, successfully placing satellites into their designated orbits [8] - The Intercontinental Aerospace and AICO collaboration is set to provide large-scale commercial services that allow direct mobile-to-satellite connections, targeting regions with low satellite penetration and weak digital infrastructure [5][8] Market Dynamics - The global low Earth orbit satellite internet market is characterized by a competitive landscape dominated by SpaceX's Starlink, which controls approximately 80% of the low Earth orbit frequency resources [6][8] - The new satellite constellation aims to fill market gaps in Africa and the Middle East, where demand for satellite communication and navigation is increasing due to growing trade and population density [8]

Investment Rating - The communication industry is rated as "Positive" with expectations for the industry index to outperform the market index by over 5% in the next six months [39]. Core Insights - The communication sector has shown steady growth, with traditional businesses performing well and innovative applications being actively developed. Despite recent market adjustments, valuation levels are recovering, and companies are exploring new growth points based on current performance [5][36]. - The communication industry has experienced a cumulative increase of 4.08% this year, ranking 8th among 30 sectors in the CITIC index, indicating a mid-to-high level performance [11]. Market Review - From February 10 to February 16, 2025, the CITIC communication sector rose by 3.2%, outperforming the CSI 300 index by 2.01 percentage points. The sector's performance ranked 6th among CITIC's primary industries during this period [11][12]. - As of February 14, the CITIC communication sector's PE TTM was 22.64 times, positioned at the 25.69 percentile [13]. Industry Data for 2024 - The total telecom business revenue reached 1.74 trillion yuan in 2024, a year-on-year increase of 3.2%, with a 10% growth in telecom business volume at constant prices [3][31]. - By the end of 2024, the number of mobile phone users reached 1.956 billion, with 5G users accounting for 1.014 billion, representing 56.7% of total mobile users [32]. - The total number of 5G base stations reached 4.251 million, making up 33.6% of all mobile base stations [34]. Mobile Device Market - In 2024, the domestic smartphone shipment reached 314 million units, a year-on-year increase of 8.7%, with 5G smartphones accounting for 86.4% of total shipments [4][30]. - In December 2024, smartphone shipments were 34.528 million units, up 22.1% year-on-year, with 5G smartphones at 30.433 million units, reflecting a 25.8% increase [30]. Investment Recommendations - The report suggests maintaining a cautiously optimistic outlook, focusing on operators with sustained profit growth and enhanced network value, companies benefiting from traffic growth and computing networks, and high-quality firms with continuous investment in technological innovation [5][36].

重要内容提示： 投资者可于 2023 年 11 月 30 日（星期四）至 2023 年 12 月 6 日（星期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@genew.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 深圳震有科技股份有限公司（以下简称"公司"）已于 2023 年 10 月 31 日披露 《2023 年第三季度报告》，为便于广大投资者更全面深入地了解公司 2023 年第三季 度的经营成果、财务状况、发展理念，公司拟于 2023 年 12 月 7 日下午 16:00-17:00 举行 2023 年第三季度业绩说明会，就投资者关心的问题进行交流。 证券代码：688418 证券简称：震有科技 公告编号：2023-087 深圳震有科技股份有限公司 关于召开2023 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 四、投资者参加方式 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2023 年第三季度的经营成 果及财 ...

证券代码：688418 证券简称：震有科技 公告编号：2023-085 同意公司就上述申请授信额度事项提供连带责任担保。 一、会议召开情况 深圳震有科技股份有限公司（以下简称"公司"）第三届监事会第二十一次 会议于 2023 年 11 月 28 日在公司会议室以现场结合通讯的方式召开。本次会议 通知及相关资料已于 2023 年 11 月 24 日以电子邮件的方式送达全体监事。本次 会议由监事会主席刘玲女士召集并主持，会议应出席监事 3 名，实际出席监事 3 名。本次会议的召集、召开方式符合《公司法》等法律、法规和《公司章程》等 规定。 二、会议审议情况 （一）审议并通过《关于为控股子公司融资提供担保的议案》 经审核，监事会认为公司为控股子公司山东齐鲁数通科技有限公司申请授信 提供担保的事项是综合考虑子公司经营发展需要而作出的，有利于支持其良性发 展。被担保人为公司合并报表范围内的控股子公司，资信状况良好，能够有效控 制和防范担保风险，不存在与相关法律、法规及《公司章程》相违背的情况，不 存在损害公司及股东、特别是中小股东利益的情形。本事项及其审议程序符合相 关法律法规、公司相关规章制度的规定。因此，同意公司就 ...

深圳震有科技股份有限公司 证券代码：688418 证券简称：震有科技 公告编号：2023-086 关于为控股子公司融资提供担保的公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 一、担保情况概述 （一）情况概述 被担保人名称：山东齐鲁数通科技有限公司（以下简称"齐鲁数通"、"被 担保人"）系深圳震有科技股份有限公司（以下简称"公司"）的控股子公司。 本次担保是否有反担保：无 公司控股子公司齐鲁数通拟向齐鲁银行股份有限公司济南阳光舜城支行（以 下简称"银行"）申请授信额度不超过人民币 500 万元，公司为控股子公司 齐鲁数通在上述授信额度内提供不超过人民币 500 万元的担保。截至本公告 披露日，公司为齐鲁数通提供担保余额为 0 万元。 本次担保是公司为合并范围内控股子公司齐鲁数通申请授信额度的事项提 供担保，风险可控。 对外担保的逾期累计数量：截至本公告披露日，公司无逾期对外担保事项。 本次担保已经公司第三届董事会第二十五次会议审议通过，无需提交公司股 东大会审议。 为满足日常经营和发展需求，公司控股子公 ...

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证券代码：688418 证券简称：震有科技 公告编号：2023-083 深圳震有科技股份有限公司 2023 年第三次临时股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2023 年 11 月 6 日 （二） 股东大会召开的地点：广东省深圳市南山区高新南区科苑南路 3176 号彩 讯科技大厦深圳震有科技股份有限公司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 12 | | --- | --- | | 普通股股东人数 | 12 | | 2、出席会议的股东所持有的表决权数量 | 1,512,717 | | 普通股股东所持有表决权数量 | 1,512,717 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的 | 1.1499 | | 比例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例 ...