长江商报奔腾新闻记者邹平 4月28日晚，锐捷网络(301165.SZ)发布的2025年一季度财报显示，营收25.35亿元，同比上年调整后营收 增长18.14%；净利润1.07亿元，同比上年调整后净利润增长4543.67%；实现扣非净利润9467万元，同比 实现扭亏；经营现金流净额为-8.83亿元，同比增长42.8%。 截至一季度末，公司总资产98.07亿元，较上年度末增长3.2%；归母净资产为46.95亿元，较上年度末增 长2.6%。 值得注意的是，上年财务数据因为会计准则变化发生了重述，上文计算基于重述前的数据。 锐捷网络2025年一季报显示，公司主要从事网络设备及解决方案的研发、生产和销售，致力于提供高效 的网络连接服务。随着互联网技术的不断发展，公司的产品线涵盖了数据中心交换机、路由器、无线网 络设备等。 此外，锐捷网络不在投资者互动平台披露，公司始终密切关注6G通信技术的技术路线、产业政策等发 展情况，并将根据行业发展趋势和自身情况积极探索相关业务机会。公司于2024年发布的新一代Wi-Fi 7旗舰放装型无线AP产品RG-AP9861-R前瞻性布局了6G频段。 值得注意的是，公司中信证券员工战略配售资 ...

点对多点微波技术正逐步成为现代通信网络的核心支撑，凭借其高频段、高容量以及灵活的组网能力，满足多样化场景下的高速数据传输需 求。尤其是在毫米波（ 60GHz ）与 Sub-6GHz 频段，技术集成度高，涉及射频架构、动态频谱调度、抗干扰处理等多个维度，显著提升通信系 统的整体性能。在移动回传、固定无线接入以及低空安防、卫星通信等新兴领域中， PMP 系统展现出强大的适应能力，是远程地区网络覆盖与 城市密集区数据疏导的关键方案。 微波回程系统主要通过无线频谱（如微波频段）实现数据的传输，将来自无线基站或蜂窝塔的信号传输到核心网络或数据中心。这一系统主要 用于解决偏远地区或光纤部署成本高昂区域的网络连接问题，为移动网络运营商和互联网服务提供商提供高效、经济的传输解决方案。点对多 点微波回程系统通主要用于连接一个中心站点（如基站或数据中心）与多个远程站点（如用户终端、小型基站等）。该系统能够高效地分配和 传输数据，满足多个用户或设备的通信需求。 据 QYResearch 调研团队最新报告 " 全球点对多点微波市场报告 2025-2031" 显示，预计 2031 年全球点对多点微波市场规模将达到 35.3 亿美元， ...

Company Overview - The company, Si Rui Pu, is engaged in the research and sales of integrated circuit design, focusing on high-performance, high-quality, and high-reliability products [4][18] - The main business includes the development and sales of analog and mixed-signal integrated circuits, covering various applications such as new energy, automotive, communication, industrial, and healthcare [4][18] Financial Performance - In the first quarter of 2025, the company achieved operating revenue of 421.79 million yuan, a year-on-year increase of 110.88% and a quarter-on-quarter increase of 13.59% [34] - The net profit attributable to shareholders was 15.56 million yuan, marking a turnaround from losses [34] - The gross profit margin for the first quarter was 46.43%, showing a slight year-on-year decline but a quarter-on-quarter improvement [34] Industry Context - The global semiconductor market is projected to reach a size of 627.6 billion USD in 2024, reflecting a growth of 19.1% compared to 2023 [14] - The domestic integrated circuit industry in China is expected to see double-digit growth in both production and export volumes in 2024, with significant contributions from sectors like AI and smart vehicles [15][16] - The analog chip market is anticipated to grow to 79.43 billion USD in 2024, driven by demand from consumer electronics, automotive electronics, and industrial control [16][17] Technological Trends - The company is focusing on high-performance and low-power designs, as well as high integration and multi-functionality in its analog chip offerings [20][21] - Innovations in manufacturing processes and packaging technologies are being pursued to enhance product performance and reliability [22] Market Applications - The company’s products are widely used in various sectors, including communication, automotive, and industrial automation, with a growing demand for analog chips in 5G technology and electric vehicles [23][25][28] - The renewable energy sector, particularly solar and energy storage, is expected to drive further demand for analog chips due to the increasing installation of solar power systems and energy storage solutions [26][27]

Core Insights - The company reported a revenue of 8.744 billion yuan for 2024, representing a year-on-year growth of 15.85% [2] - The net profit attributable to shareholders reached 662 million yuan, an increase of 26.89% compared to the previous year [2] - The net profit excluding non-recurring gains and losses was 538 million yuan, up by 22.31% year-on-year [2] R&D and Innovation - The company invested approximately 708 million yuan in R&D, accounting for 8.10% of its total revenue for 2024 [2] - As of the end of 2024, the company had applied for a total of 4,782 patents, with 814 new applications in 2024 [2] - The new patents included 267 for 5G antennas, 11 for LCP, 23 for UWB, 32 for WPC, 18 for BTB connectors, 41 for MLCC, and 271 for acoustic structures [2] Product Development - The company is actively developing products such as flexible reconfigurable antennas, satellite communication phased array antennas, and millimeter-wave radar gap waveguide antennas [3] - In the wireless charging sector, the company has developed technologies for NFC wireless charging and Qi2.0/Ki [3] - The company has achieved full-chain coverage from materials to modules for low-loss, high-precision antenna solutions, entering the North American customer supply chain [3] Market Position and Demand - The company is focusing on high-end passive components, with high-end MLCC products passing major customer tests and gradually entering mass production [3] - There is a noticeable demand growth for high-end MLCC products driven by emerging fields such as AI servers, leading to a strategic layout for high-end MLCC product series [3]

Core Viewpoint - The company reported significant growth in revenue and net profit for 2024, with a focus on expanding into emerging markets such as commercial satellite communication, smart automotive, and smart home sectors [1] Group 1: Financial Performance - In 2024, the company achieved a revenue of 8.744 billion yuan, a year-on-year increase of 15.85% [1] - The net profit attributable to shareholders reached 662 million yuan, reflecting a year-on-year growth of 26.89% [1] - For Q1 2025, the company anticipates gradual improvement in operations starting from Q2 despite short-term impacts from external uncertainties [1] Group 2: Business Expansion - The company is actively exploring new markets in commercial satellite communication, smart automotive, and smart home sectors, enhancing its second growth curve [1] - In the commercial satellite communication sector, the company has made significant breakthroughs and is expanding its business scale, becoming a key supplier in the satellite field [2] - The company has successfully supplied products to major North American clients and plans to engage with more large manufacturers in the future [2] Group 3: Strategic Focus Areas - The government has emphasized the development of smart connected vehicles, marking a shift in the automotive industry towards intelligent mobility [3] - The company has increased its focus on smart automotive business, securing qualifications from domestic and international manufacturers for various products [3] - In the smart home market, the global market size is projected to reach 155.8 billion USD in 2024, with a compound annual growth rate of 21.52% from 2017 to 2024 [4] - The company is leveraging its core products to establish a leading position in the smart home and IoT sectors, with significant advancements in various applications [4] Group 4: Future Outlook - The company plans to continue investing in consumer electronics, commercial satellite communication, and smart automotive sectors while exploring emerging fields such as 6G, 7G, data centers, artificial intelligence, and humanoid robots [4]

• 通宇通信 2024 年扣非净利润同比大幅增长 91.59%，经营活动现金流显 著改善，毛利率提升至 22.21%，费用减少 1,295 万元，显示出较强的盈 利能力恢复态势。海外业务收入增长 20.27%至 4.3 亿元，卫星通信业务 收入达 4,280.02 万元，成为新的增长点。 • 2025 年一季度，通宇通信营收同比增长 6.08%至 2.5 亿元，归母净利润 同比增长 128%至 1,118.2 万元，扣非净利润增长 157%至 386.81 万元。 海外收入占比达到历史新高 53%，主要受益于中东、东南亚和俄罗斯市场 的增长，以及卫星通信业务的贡献。 • 通宇通信积极布局卫星通信全产业链，已交付 12 个地面终端项目，预计 2025 年交付更多。自主研发的高铁动车卫星通信产品、星载相控阵天线 产品、低轨相控阵终端产品已进入样品或小批量交付阶段，低轨相控阵终 端产品性能达到行业先进水平。 • 公司持续加大研发投入，2024 年研发投入近 9,000 万元，占总收入近 10%，未来将重点投入卫星通信领域，包括低轨与高轨卫星互联技术、地 面站天线、星载相控阵天线及 Wi-Fi 标准，旨在形成空天地一 ...

Group 1: Financial Performance - In Q1 2025, the company reported a revenue of 36.47 billion CNY, a decrease of 7.56% compared to the same period last year [3] - The net profit attributable to shareholders was -46.623 million CNY, a decline of 123.57% year-on-year [3] - The gross margin for Q1 2025 was 31.01%, impacted by increased depreciation costs and a competitive environment [3] Group 2: Product Development and Innovation - The L-PAMiD product series is the first fully domestically supplied product in the industry, currently undergoing validation with brand clients [4] - The second-generation SOI process is progressing well, expected to enhance product competitiveness and achieve international leading performance [4] - The company is focusing on the development of WiFi7 modules, which have begun large-scale shipments in smartphone terminals [5] Group 3: Strategic Outlook and Market Position - The company is enhancing its core capabilities and focusing on technology as a key competitive barrier [3] - The semiconductor industry is characterized by a "no progress means regression" competition, necessitating continuous R&D investment [4] - The company aims to strengthen its patent portfolio to mitigate risks and support differentiated market demands [5] Group 4: Market Trends and Challenges - The emergence of new communication demands (6G, satellite communications) is driving the need for advanced RF front-end chip capabilities [4] - The domestic market is experiencing intensified competition in low-end RF front-end products, while high-end products are seeing increased demand for differentiation and integration [4] - The company is prepared to address challenges posed by tariffs and geopolitical factors, focusing on supply chain security and controllability [3]

智通财经APP获悉，在台积电(TSM.US)于北美举行2025技术研讨会之后，美银证券维持了对该公司 的"买入"评级，并重申了220美元的目标价。 以Brad Lin为首的分析师表示，台积电于2025年4月在北美举行的2025年技术研讨会强化了他们对该公 司坚定不移地专注于技术领先和卓越制造的积极看法。该公司继续为客户提供可靠的技术路线图，不仅 使他们能够在人工智能领域进行创新，而且还提高了其在高性能计算(HPC/AI)、汽车、尖端AI和物联网 (IoT)应用领域的相关性。 分析师指出，主要信息很明确——"人工智能仍处于早期阶段，台积电正在奠定基础，以支持半导体需 求的大幅增长，到2030年将超过1万亿美元大关。" 此外，分析师表示，台积电重申，人工智能数据中心的发展势头到2025年仍将保持强劲，推动前沿节点 和先进封装的发展。随着XR眼镜、可穿戴设备、物联网和射频(RF)转向FinFET类逻辑，尖端人工智能 正在迅速崛起。 Lin和他的团队表示，该公司还指出，汽车业务虽然短期内疲软，但随着半导体容量上升，将继续结构 性增长。汽车平台向N5A、N3A升级。 台积电还将人形机器人、6G和WiFi 8视为长期的发 ...

Core Insights - AmpliTech Group, Inc. has achieved a record backlog of $19.8 million, all deliverable in Fiscal Year 2025, following a significant $2 million purchase order for Low Noise Amplifiers from a U.S. Fortune 500 company [1][2][3] Company Performance - The recent $2 million orders represent the highest value purchase order in the company's history and mark the most prolific four-month order period, contributing to a total backlog nearing $20 million [2][3] - The CEO highlighted that the strong growth momentum and record backlog validate the company's proprietary technology and strategic focus on delivering high-performance solutions [3] Product Development - AmpliTech Group is expanding its product portfolio to include next-generation Low Noise Amplifiers (LNAs), Low-Noise Block Downconverters (LNBs), Monolithic Microwave Integrated Circuits (MMICs), and ORAN 5G systems, which are becoming key to sales success [3] - The company emphasizes its commitment to innovation and advanced product development as part of its five-year growth plan [3] Market Position - AmpliTech Group serves various global markets, including satellite communications, telecommunications (5G & IoT), space exploration, defense, and quantum computing, positioning itself as a leader in advanced signal processing components [4]

4月28日，通宇通讯接受蜂巢基金、生命保险资产管理、中信建投证券等超80家机构线上调研，机构类 型为公募、券商、私募、银行理财子、保险、信托公司等机构。期间管理层就公司战略规划、技术研 发、市场拓展等议题展开深度交流。此次调研进一步凸显了资本市场对通宇通讯在通信领域核心竞争力 的高度关注，而其2024年报及2025年一季报披露的业绩增长与创新成果，则为机构投资者注入了一 剂"强心针"。 据了解，作为国内通信天线及射频器件行业的领军企业，通宇通讯在通信领域已深耕多年，专注于通信 天线、射频器件、微波天线等产品的研发、生产与销售，服务全球多家知名通信运营商和设备集成商。 年报显示，公司实现营业收入 11.94 亿元，销售毛利率较上年同期增长 6.73 个百分点至 22.21%。这一 成绩的取得，不仅体现了公司在复杂市场环境中的良好发展态势，更反映出其主营业务盈利能力的持续 改善。公司通过优化内部管理、提升运营效率等一系列举措，有效降低了成本，提高了产品的附加值， 从而推动了毛利率的提升。 在投资者互动环节中，通宇通讯对2024年及2025年一季度的营收构成及整体经营情况、市场格局及竞争 态势、卫星通信市场的布局以 ...