6月11日，脱胎于世界500强企业中国电子信息产业集团有限公司（CEC）旗下导航芯片设计业务的深圳 华大北斗科技股份有限公司（以下简称"华大北斗"）正式递表港交所，拟冲刺"港股空间定位服务第一 股"。 据了解，华大北斗是中国领先的空间定位服务提供商，一"出生"就含着"金钥匙"。该公司于2016年12月 6日由中电光谷、上海汽车集团、北京汽车集团、波导股份、劲嘉股份等企业共同投资成立；此后又先 后完成过多轮融资，背后股东阵容极为豪华，上汽、北汽、比亚迪、云锋基金、中船资本、TCL资本、 鼎晖、招银国际等众多产业资本和知名机构均有入股。 华大北斗为中国领先的空间定位服务提供商，由北斗卫星导航系统赋能。华大北斗的总部位于中国深 圳，在导航定位芯片设计领域处于国内领先地位，提供支持北斗及全球主要GNSS系统的导航定位芯片 和模块，同时提供GNSS相关解决方案。在芯片级双频高精度定位技术、低功耗技术、高集成度一体化 SoC设计技术等方面具备显著领先优势。 招股书显示，华大北斗的前身是中国电子华大科技有限公司（00085.HK）附属公司北京中电华大电子 设计有限责任公司（华大电子）的导航芯片设计部门，这为华大北斗奠定了北 ...

Core Viewpoint - The company, Shenzhen Genew Technologies Co., Ltd., plans to issue shares to specific investors to raise funds for satellite internet communication product research and development, as well as for all-optical network system research and development, aiming to enhance its competitive edge in the telecommunications industry [9][14][26]. Summary by Sections Company Overview - Shenzhen Genew Technologies Co., Ltd. was established on April 4, 2005, and became a joint-stock company on September 29, 2015, with a registered capital of 192.5546 million yuan [8]. Background and Purpose of the Issuance - The satellite internet aims to fill the communication service gaps in remote areas, with approximately 80% of land and 95% of ocean areas lacking ground mobile network coverage [9][10]. - The development of satellite internet communication is strategically significant for national network sovereignty and security, becoming a new high ground in information technology competition [10][11]. - The company intends to leverage its core network advantages and focus on satellite internet business to enhance its global communication and digital market presence [14][23]. Fundraising and Investment Projects - The total amount to be raised from the issuance is capped at 1.069 billion yuan, with the net proceeds intended for specific projects, including satellite internet communication product R&D and all-optical network system R&D [18][22]. - The satellite internet communication product R&D project has a total investment of 709 million yuan, focusing on ground core network systems, satellite core networks, and satellite intelligent terminal devices [22][23]. - The all-optical network system project aims to develop AI-driven 50G PON systems and 400G/800G OTN optical transmission systems to improve bandwidth utilization and fault recovery efficiency [15][22]. Issuance Details - The issuance will be conducted through a competitive bidding process, with the final issuance price not lower than 80% of the average trading price of the company's A-shares over the 20 trading days prior to the pricing date [17][18]. - The maximum number of shares to be issued will not exceed 25% of the company's total share capital before the issuance, amounting to a maximum of 48,138,658 shares [18][19]. Market and Policy Context - The satellite internet communication industry is supported by national policies, with significant emphasis on building information network infrastructure and promoting satellite internet development as part of the "14th Five-Year Plan" [11][26][27]. - The company aims to expand its overseas communication market, particularly in regions along the "Belt and Road" initiative, by providing satellite internet services tailored to different economic contexts [24][25].

Fundraising Plan - The company plans to raise a total of up to 1,069 million yuan through a private placement of A-shares, with the funds allocated for satellite internet communication product R&D and industrialization, as well as all-optical network system R&D and industrialization [1][2] Project Necessity and Feasibility - The implementation of the project is necessary to maintain the company's leading position in the industry, aligning with the trend of integrated satellite and terrestrial communication [2][3] - The company aims to enhance its satellite communication product system by focusing on ground gateways, satellite payloads, and intelligent terminals, ensuring comprehensive service capabilities across various satellite systems [3][4] - The project will leverage opportunities from the "Belt and Road" initiative to expand overseas communication markets, particularly in regions with growing demand for satellite communication services [4][5] Technological Development - The project will focus on advancing optical network and AI technologies, promoting the efficiency upgrade of intelligent computing networks, and addressing the challenges faced by operators in network maintenance and cost management [5][6] - The company will strengthen R&D in cutting-edge technologies to ensure sustained collaboration with clients, adapting to the evolving demands of the telecommunications market [7][8] Market Growth and Demand - The satellite internet communication market is expected to grow rapidly, driven by diverse applications across various industries, including emergency rescue, maritime, and aviation sectors [10][12] - The company has a strong technical foundation and project experience in the satellite internet communication field, having developed multiple core technologies and participated in significant national projects [12][13] Financial Impact - The fundraising will enhance the company's financial position, increasing total assets and net assets, while improving risk resistance capabilities [17] - The implementation of the projects is anticipated to lead to improved operational scale and profitability, ultimately benefiting the company's market position and comprehensive strength [17][18] Conclusion - The fundraising plan aligns with national industrial policies and industry development trends, supporting the company's strategic objectives in satellite internet communication and optical network systems [17][18]

Core Viewpoint - Shenzhen Zhenyou Technology Co., Ltd. plans to issue A-shares to specific investors, aiming to enhance its capital structure and protect the rights of small investors while addressing potential dilution of immediate returns from this issuance [1][4]. Financial Impact of the Issuance - The total amount of funds raised from this issuance is estimated at 1,069 million yuan [2]. - The number of shares to be issued is 48,138,658 [2]. - The company's total share capital before the issuance is 193,610,000 shares, which will increase to 240,693,292 shares post-issuance [2]. - In a scenario where the net profit attributable to ordinary shareholders increases by 10% compared to 2024, the diluted earnings per share (EPS) will be 0.1535 yuan [2][3]. - If the net profit remains unchanged, the diluted EPS will decrease to 0.1396 yuan [3]. - In a scenario where the net profit decreases by 10%, the diluted EPS will further drop to 0.1256 yuan [3]. Necessity and Reasonableness of the Issuance - The issuance aligns with national industrial development policies and aims to enhance the company's technological capabilities and core competitiveness [4]. - The funds raised will be invested in projects that are closely related to the company's existing business, including satellite internet communication and all-optical network systems [5][6]. Relationship of Investment Projects to Existing Business - The company has focused on the communication systems sector, providing customized communication technology solutions for various industries [5]. - The investment projects include the development of satellite internet communication products and all-optical network systems, which are expected to strengthen the company's market position [6]. Measures to Mitigate Dilution of Immediate Returns - The company will manage the raised funds strictly according to legal regulations to ensure proper usage [9]. - It will actively implement the investment projects to enhance business development and market competitiveness [9]. - The company plans to improve its governance and internal controls to protect investor interests [10]. - A profit distribution policy will be established to ensure stable returns for investors [11]. Commitments from Management and Major Shareholders - The company's board and senior management have committed to ensuring the fulfillment of measures to mitigate the dilution of immediate returns [11]. - Major shareholders have also pledged not to interfere with the company's management and to uphold the interests of investors [11].

近日，深圳华大北斗科技股份有限公司（简称"华大北斗"）正式向港交所提交了上市申请，由招银国际 和平安证券（香港）共同担任保荐人。这家总部位于深圳的公司，是空间定位服务领域的佼佼者，依托 北斗卫星导航系统，专注于导航定位芯片的设计与开发。 华大北斗在导航定位芯片设计领域占据国内领先地位，其产品线不仅支持北斗系统，还兼容全球主要 GNSS系统，为客户提供导航定位芯片、模组及相关解决方案。根据最新市场报告，2024年，华大北斗 的GNSS芯片及模组出货量高达1610万件，使其在全球GNSS空间定位服务提供商中排名第六，在中国 内地公司中排名第二，全球市场份额达到4.8%。 在双频高精度射频基带一体化GNSS芯片及模组领域，华大北斗的出货量同样表现出色，2024年以 10.5%的全球市场份额位居第四，在中国内地公司中更是独占鳌头。这一成就彰显了华大北斗在技术创 新和市场拓展方面的强劲实力。 从财务数据来看，华大北斗近年来保持了稳定的营收增长。招股书显示，2022年至2024年，公司分别实 现收入6.98亿元、6.45亿元和8.4亿元。尽管期内亏损额有所波动，但整体呈现收窄趋势，分别为9261.2 万元、2.89亿元和 ...

以下文章来源于每经头条 ，作者每经记者 每经头条 . 专业+深度+故事+传播 互联网新闻信息服务许可证编号：51120190017 据悉，"星链"卫星的设计使用寿命为5年左右。也就是说，大约每5年这些卫星就需要全部更换一 遍。 据美国市场研究和咨询公司Quilty Space估算，"星链"V2 Mini、V3卫星的成本分别为80万美元、 120万美元。可见，如果要全部更换4.2万颗"星链"卫星，就以V2 Mini的成本计算，耗资也将超过 330亿美元。 本文来自微信公众号： 每经头条 （ID：nbdtoutiao） ，作者：宋欣悦、杨煜，编辑：兰素英、何小 桃、易启江，原文标题：《马斯克星链卫星大批坠落！"被热层大气拖下来的"！全球5年坠落超千颗 低轨卫星，专家：中国星网卫星即使元器件坏了，轨道还在外太空》，头图来自：视觉中国 埃隆·马斯克的SpaceX发射的"星链"卫星，正在加速坠落。 近日，美国马里兰大学和美国航空航天局 （NASA） 戈达德太空飞行中心的联合团队发布的论文 《在第25太阳活动周期上升阶段追踪星链卫星的再入过程》指出，由于当前太阳活动加剧， "星 链"卫星正在比预期更快地坠入地球大气层 。 ...

通信行业近一年市场表现 投资要点 2025 年 6 月 12 日 行业研究/行业周报 通信 周跟踪（20250602-20250606） 领先大市-A(维持) ——海外强业绩引领下算力仍是最强主线，移动普缆招标平稳落地 行业动向： 相关报告： 【 山 证 通 信 】 英 伟 达 财 报 加 速 GB200 出货预期，算力互联行动计划发 布 - 周 跟 踪 （ 20250526-20250601 ） 2025.6.5 跟踪：英伟达 computex 强调边缘计算， 超节点是国产算力重要元素 2025.5.30 高宇洋 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 张天 执业登记编码：S0760523120001 邮箱：zhangtian@sxzq.com 研究助理： 孙悦文 分析师： 1.3 Credo 业绩超预期，新晋 CSP 客户将持续放量。Credo 最近财季实现收入 1.7 亿美元，环比增长 26%，同比大增 180%。公司在过去四个季度的 2025 财年 总营收达到 4.4 亿美元，同比增幅达 126%。公司预计，2026 第一财季的收入将 达到 1.85-1 ...

Core Viewpoint - Shenzhen Huada Beidou Technology Co., Ltd. is applying for an IPO on the Hong Kong Stock Exchange, aiming to become the first listed company in the space positioning service sector in Hong Kong [1] Company Overview - Huada Beidou is a leading space positioning service provider in China, empowered by the BeiDou satellite navigation system, with significant advantages in navigation chip design and technology [1] - The company was established in 2016, inheriting core technologies and R&D teams from its predecessor, Huada Electronics [1] - The chairman, Sun Zhongliang, has extensive experience in the industry and holds key positions in various associations [1] Shareholder Structure - The company has a strong shareholder base, with nearly 70% of its strategic shareholders being state-owned enterprises, alongside investments from notable institutions like BYD, Gree, and Bosch [2] Market Potential - The GNSS (Global Navigation Satellite System) industry is experiencing growth, benefiting from advancements in consumer electronics, transportation, and low-altitude economy [4] - The market for BeiDou space positioning services is projected to reach RMB 954 billion by 2028, with a compound annual growth rate (CAGR) of 14.5% from 2023 to 2028 [5] Business Performance - The company has seen an increase in sales volume of GNSS chips and modules, collaborating with major industry players [6] - Sales projections for standard precision chips are 3.4 million, 8.3 million, and 10.9 million units from 2022 to 2024, while high-precision chips are expected to reach 2 million, 3 million, and 5.1 million units [6] - Despite increased sales volume, the company has not achieved corresponding revenue growth, with projected revenues of RMB 698 million, RMB 645 million, and RMB 840 million from 2022 to 2024, indicating a 7.57% decrease in 2023 [6] Financial Challenges - The company has not yet achieved profitability, with losses of RMB 92.61 million, RMB 289 million, and RMB 141 million from 2022 to 2024, totaling RMB 523 million in cumulative losses [7] - The overall gross margin remains low, with comprehensive gross margins of 12%, 10.5%, and 9.8% for the same period, while GNSS chip-related business maintains a margin around 30% [7] Competitive Landscape - The domestic chip industry is facing intense competition, leading to a situation where many companies experience revenue growth without profit [9] - To achieve profitability, the company plans to increase the sales proportion of GNSS chips and improve the revenue share of higher-margin products [9]

Core Viewpoint - The performance growth of XW Communication has not continued, with a decline in both revenue and profit in Q1 2025, indicating challenges in new business areas and overall profitability [1][8]. Group 1: Financial Performance - In Q1 2025, XW Communication reported revenue of 1.743 billion yuan, a year-on-year decline of 6.19%, and a net profit of 77.49 million yuan, down 48.9% [8]. - The 2024 annual report showed revenue of 8.744 billion yuan, a year-on-year increase of 15.85%, and a net profit of 662 million yuan, up 26.89% [2]. - The contribution from the newly acquired Weishi Technology was significant, accounting for 23% of total revenue and 31% of net profit in 2024 [2]. Group 2: Business Expansion and Acquisitions - XW Communication has expanded its business from mobile terminal antennas to connectors, RF, and acoustic modules through acquisitions, including Weishi Technology in 2023 [1][3]. - The company has made several acquisitions since 2012, including the purchase of antenna supplier Yinzilai and other companies to diversify its product offerings [3]. Group 3: Market Performance - The company’s overseas revenue accounted for over 70% of total revenue in 2024, amounting to 6.402 billion yuan, a year-on-year increase of 4.29% [5]. - Domestic revenue reached 2.342 billion yuan in 2024, showing a significant growth of 66.2% [5]. Group 4: Profitability and Margins - The gross margin for XW Communication has been under pressure, with a decline in gross margins for both domestic and international markets [5][8]. - In Q1 2025, the gross margin was 19.47%, down 0.82 percentage points year-on-year [8]. Group 5: Cash Flow and Expenses - The net cash flow from operating activities in 2024 was 1.076 billion yuan, a decrease of 40.83% year-on-year, attributed to increased production costs [6]. - The growth in selling, research and development, and administrative expenses in Q1 2025 further squeezed the company's profit margins [9]. Group 6: Stock Performance and Market Confidence - XW Communication's stock price has been declining, with a drop of over 30% from its peak of 32 yuan per share in November 2023 to 22.12 yuan per share by June 2025 [10]. - The company initiated a share buyback program to boost market confidence, increasing the buyback amount to between 300 million and 600 million yuan [9][10].

q 证券研究报告 | 公司首次覆盖 中国电信(601728.SH) 2025 年 06 月 12 日 买入（首次） 相关研究 中国电信（601728.SH）：高股 息带来稳健收益，数据入表+前 沿布局打开成长空间 投资要点 所属行业：通信/通信服务 当前价格(元)：7.76 证券分析师 李宏涛 资格编号：S0120524070003 邮箱：liht＠tebon.com.cn 研究助理 市场表现 -23% -11% 0% 11% 23% 34% 46% 57% 69% 2024-06 2024-10 2025-02 中国电信 沪深300 | 沪深300对比 | 1M | 2M | 3M | | --- | --- | --- | --- | | 绝对涨幅(%) | 0.51 | -1.01 | -2.37 | | 相对涨幅(%) | -0.75 | -4.86 | -1.18 | | 资料来源：德邦研究所，聚源数据 | | | | 请务必阅读正文之后的信息披露和法律声明 传统业务维持稳健，产业数字化成效卓著。2020-2024 年公司营收主体仍然是传 统通信业务（移动通信服务、固网及智慧家庭服务）。2020 年 ...