海格通信 20250508 • 海格通信军工主业在 2025 年保持领先，虽 2024 年采购承压，但 2025 年初订单已现回暖。全面修复需时，利润实现是关键。投资者需关注订单 修复情况，这直接影响公司军工板块的营收和盈利能力。 • 公司通过引入中国移动，加强双方绑定，推进卫星芯片项目，为智能手机 和车联网领域奠定基础，预计 2026-2027 年显著推动公司成长。与中国 移动的合作深度和项目进展是关键观察点。 • 海格通信积极布局海外市场，受益于国际事件催化，有望加速低空及卫星 通信业务拓展。关注中印、中巴摩擦等国际事件对公司海外订单的实际影 响。 • 卫星互联网发展对海格终端侧业务影响重大，预计 2026 年下半年低轨卫 星组网加速，公司将全面受益。需密切关注低轨卫星组网进度，及其对公 司终端产品需求带来的潜在增长。 • 公司北斗相关业务受益于北三组网完成，重点关注与手机厂商、运营商及 整车厂商的商业合作进展。商业合作的突破将直接提升北斗相关产品的市 场渗透率和盈利能力。 Q&A 海格通信在民用业务方面的拓展有哪些具体方向和市场潜力？ 海格通信未来的民用业务主要集中在北斗卫星导航系统和低轨卫星星座两个方 ...

Q&A • 创远信科秉持"1+3"战略，聚焦高端无线通信测试仪器主业，并将其应 用于 5G/6G 无线通信、车联网及低轨卫星/低空通信三大领域，致力于技 术创新，服务国家战略目标。 • 车联网技术发展推动对无线通讯的需求，包括车辆内部网络高带宽、抗干 扰能力，以及车辆与网络实时联系的宽带通讯，C-V2X、EUHT 等协议及 5G 应用发挥重要作用。 • 低轨卫星互联网以星链计划为代表，中国亦有星网等项目，旨在实现地面 宽带移动互联接入，并逐步融合 6G 技术，同时低空移动网络将开放给无 人机及可飞行汽车。 • 创远仪器凭借微波毫米波及测试技术荣获国家科技进步奖二等奖，并推出 了空天地测量体系，拥有四个办事处负责射频、5G/6G 研发、无线电监测 及各种业务测试。 • 创远信科在车联网及智能驾驶领域推出 OTA 测试方案，构建模拟空间环境， 提供 C-V2X 等宽带网络协议测试设备，为智能驾驶提供可靠的数据链支持。 创远信科的公司背景和基本情况是什么？ 创远信科成立于 2005 年，专注于研发无线通信和射频微波测试仪器以及整体 解决方案。2024 年的收入为 2.3 亿元，累计申请国内外专利 526 项，员工约 ...

■ Rocket Lab的商业模式逐步垂直整合，从火箭发射到卫星平台应用，试图像SpaceX一样成为端到端 的航天服务提供商。 ■ 尽管贝佐斯的蓝色起源吸引了很多关注，但它在火箭发射频率、快速迭代和成本控制方面，与 Rocket Lab相比仍有差距。 ■ Rocket Lab虽然在小型火箭领域表现出色，但其研发和发射场建设的延迟可能导致"中子号"发射推 迟，面临资本市场的压力。 ■ SpaceX 依赖其星链和火箭发射服务，星链将成为未来增长的关键驱动力，尤其是在未来可能替代 私人飞机市场的超音速飞行器的开发上。 ■ Relativity Space通过3D打印技术简化火箭制造流程，压缩供应链，可能成为未来的一个重要竞争 者。 4 、 《 特斯拉再挺"纯视觉方案"引发争议》摘 要 ■ 马斯克强调，特斯拉通过海量真实世界数据的训练，已能模拟人类的视觉处理能力，并认为激光雷 达是"昂贵的拐杖"，并不必要。 ■ 特斯拉的这种技术路线使得其在硬件成本上有明显优势，尤其是在降低车载硬件成本方面，为其在 全球市场提供了更具竞争力的价格优势。 ■ 激光雷达可以不依赖识别障碍物来检测潜在的障碍物，相比纯视觉方案，能够在低光或复 ...

Financial Performance - In 2024, the company achieved a total revenue of approximately CNY 8.744 billion, representing a year-on-year growth of 15.85% [1] - The net profit attributable to shareholders was about CNY 662 million, with a year-on-year increase of 26.89% [1] - In Q1 2025, total revenue was approximately CNY 1.743 billion, showing a decline of 6.19% year-on-year [2] - The net profit attributable to shareholders for Q1 2025 was approximately CNY 77.49 million, down 48.90% year-on-year [2] Business Development - The company’s main business includes antennas and modules, wireless charging modules, EMI/EMC components, precision connectors, automotive interconnect products, and passive components [3] - The company is actively investing in emerging fields such as commercial satellite communication, smart vehicles, energy storage, data centers, and robotics, which are expected to become new growth drivers [3] - The precision structural components business has shown positive progress, with mass production of stainless steel battery shells enhancing device performance [3] Second Growth Curve - The commercial satellite communication sector is anticipated to grow rapidly over the next five years, with the company already supplying major clients [4] - The smart vehicle business is a key strategic focus, with the company expanding its client base and product offerings [5] - The company is accelerating the implementation of strategic product lines, including RF devices and wireless charging modules [5] Global Expansion - Since acquiring Laird in 2012, the company has been enhancing its global footprint, establishing production bases in Vietnam and Mexico [6] - The company’s products are primarily delivered to assembly plants in bonded zones, unaffected by international trade changes [6] Share Buyback and Incentives - The company initiated its first share buyback plan in August 2024, with a budget of CNY 200 million to CNY 400 million [7] - As of now, 15,100,031 shares have been repurchased, costing approximately CNY 268 million, which is 1.56% of the total share capital [8] - The company’s stock incentive plan aims for net profits of no less than CNY 780 million and CNY 1.04 billion for 2025 and 2026, respectively [8] Future Outlook - Despite uncertainties in the international landscape, the industry is expected to continue its recovery due to emerging technologies and market demand [9] - The company is committed to enhancing its core competitiveness through investments in foundational materials and technologies [9] - Management is confident in achieving the 2025 operational goals and has prepared strategies to address various challenges [9]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a revenue of 16.106 billion yuan in 2024, an increase of 14.61% year-on-year, while the net profit attributable to shareholders was 253 million yuan, a decrease of 31.02%. In Q1 2025, the revenue reached 4.312 billion yuan, up 21.23% year-on-year, with a significant net profit increase of 78.46% to 212 million yuan [2][6][11]. Financial Performance Summary - In 2024, the company achieved a gross margin of 11.90%, an increase of 1.54 percentage points year-on-year. The net profit margin for Q1 2025 improved significantly, reaching 5.04% [11]. - The company’s inventory turnover days and accounts receivable turnover days decreased by 13.11% and 7.02% respectively in 2024, indicating improved operational efficiency [11]. - The company’s LED business revenue grew by 6.56% in 2024, with high-end LED products increasing by 13.91% [11]. - The integrated circuit business saw a revenue increase of 23.86% in 2024, benefiting from a recovery in terminal market demand [11]. Future Projections - The company is projected to achieve net profits of 982 million yuan, 1.306 billion yuan, and 1.631 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 63X, 47X, and 38X [11].

Group 1: Corporate Responses and Market Dynamics - Li Auto clarified that the reported salary of 639 million yuan for CEO Li Xiang primarily consists of stock-based compensation, with the actual salary being only 2.66 million yuan [1] - Moutai Cultural Tourism officially announced Zhang Yixing as its spokesperson, indicating a strategic move to target the younger market [3] - The People's Bank of China announced a 0.5 percentage point reduction in the reserve requirement ratio and lowered the housing provident fund loan interest rate, benefiting homebuyers [3] Group 2: Major Corporate Events - Harman International, a subsidiary of Samsung, acquired Masimo's audio business for 350 million USD, signaling a strong intent to expand in the audio market [4] - Nayuki Tea has rebranded with a new logo and name, reportedly in preparation for entering the European and American markets [4] - Geely proposed to privatize Zeekr, leading to a more than 10% increase in Zeekr's pre-market stock price [4] Group 3: Technological Innovations - Google released the Gemini 2.5 Pro "I/O" model, achieving the top position in AI rankings, showcasing its technological prowess [4] - Lenovo introduced "Super Intelligent Agent" technology, indicating advancements in smart living solutions [4] - Baidu announced a patent for animal language translation, hinting at future possibilities for communication with pets [4] Group 4: Investment and Financing Highlights - Pet food retail brand "Pet Fresh" completed a 25 million USD angel round financing, reflecting the ongoing growth in the pet economy [4] - Yujing Technology secured several million yuan in Series A financing, focusing on BeiDou satellite navigation technology, indicating promising future prospects [4] Group 5: Earnings Reports Overview - Uber reported a 14% increase in revenue for the first quarter, with net profit turning positive, marking a significant achievement [4] - Disney's second-quarter revenue also grew by 7%, reinforcing its status as an entertainment giant [4] - Novo Nordisk's first-quarter performance was strong, with its star product, semaglutide, contributing significantly to revenue [4]

天眼查App显示，近日，全域（深圳）航空科技有限公司成立，法定代表人为钱富荣，注册资本1000万 人民币，由全域通用航空（杭州）有限公司全资持股。 序号股东名称持股比例1全域通用航空（杭州）有限公司100% 经营范围含智能无人飞行器销售；国内货物运输代理；民用航空材料销售；智能无人飞行器制造；服务 消费机器人制造；智能机器人的研发；机械电气设备制造；机械电气设备销售；运输设备租赁服务；航 空运输货物打包服务；航空运输设备销售；软件开发；卫星导航服务；卫星导航多模增强应用服务系统 集成；信息系统集成服务；人工智能行业应用系统集成服务；技术服务、技术开发、技术咨询、技术交 流、技术转让、技术推广；科技中介服务；航空运营支持服务；航空商务服务；广告制作；广告发布； 广告设计、代理；会议及展览服务；票务代理服务；体育赛事策划；科普宣传服务；计算机软硬件及辅 助设备批发；计算机软硬件及辅助设备零售；计算机软硬件及外围设备制造；计算机系统服务。（除依 法须经批准的项目外，凭营业执照依法自主开展经营活动） 企业名称全域（深圳）航空科技有限公司法定代表人钱富荣注册资本1000万人民币国标行业交通运输、 仓储和邮政业>航空运输 ...

Group 1 - The core idea of the "core-satellite" strategy involves dividing an ETF portfolio into "core positions" and "satellite positions," where core positions aim to track market performance through broad-based ETFs, while satellite positions focus on capturing market opportunities for excess returns [1] - Core positions typically do not require frequent trading and can be managed using a buy-and-hold strategy, while satellite positions need to be adjusted based on market changes, allowing for active management [1] - Investors who prefer single-stock investments can also apply the "core-satellite" strategy by replacing part of the satellite positions with individual stocks, creating a mixed portfolio of ETFs and stocks [1] Group 2 - The rebalancing strategy in ETF asset allocation involves regularly reviewing the investment portfolio to compare the latest weights of various ETFs against target weights, adjusting positions accordingly [2] - Rebalancing can be conducted based on time intervals, with long-term portfolios typically rebalanced every six months or annually to minimize trading costs [2] - Alternatively, rebalancing can be triggered by expected returns, such as when an ETF's price increases by 25% or exceeds the target weight by 5% [3]

Summary of Key Points from the Conference Call Company Overview - **Company**: 信维通信 (Xinwei Communication) - **Industry**: Telecommunications and Electronics Manufacturing Core Financial Performance - **Q1 2025 Revenue**: Decreased by 6.19% year-on-year, primarily due to overseas business integration and delayed orders [2][3] - **Net Profit Impact**: Affected by increased costs, yield fluctuations, and reduced government subsidies [2][3] - **Debt Ratio**: Slight decrease, maintaining a stable financial structure [2] - **Gross Margin**: Slight decline but remains robust [2] Global Expansion and Production Strategy - **Globalization Efforts**: Accelerated, with satellite business moving to Vietnam and domestic operations consolidated in Hangzhou, leading to short-term cost pressures but long-term efficiency gains [2][5] - **New Production Bases**: Established in Mexico to expand overseas business scale [2] Major Clients and Revenue Contribution - **Top Clients**: Apple remains the largest client, contributing over 50% of revenue; Huawei accounts for about 10% [2][6] - **Product Performance**: Stainless steel battery shells shipped over 25 million units for a single Apple model, with plans to promote to Huawei and Samsung [2][6] Research and Development - **R&D Investment**: Over 8% of revenue is allocated to R&D, focusing on foundational materials such as thermal management and wireless charging magnetic materials [2][4] - **New Product Development**: Actively expanding market share for stainless steel battery shells and other new products [2][4] Satellite Business Growth - **Client Base**: Major clients include SPAXS and Amazon, providing ground terminal connectors, antennas, and structural components [2][10] - **Revenue Projections**: Expected to exceed 100 million yuan from Amazon in 2025, with satellite business gross margins higher than the company's overall gross margin [2][10][27] Emerging Markets and Diversification - **New Market Expansion**: Actively exploring automotive, data centers, and energy storage sectors, including partnerships with Huawei and Lucid [4][12] - **Product Offerings**: Supplying waveguide antennas to Huawei and inverters to Lucid, with plans for further market penetration [4][12] Strategic Initiatives - **Share Buyback and Incentives**: Implemented a buyback plan worth approximately 270 million yuan, with plans to increase buyback efforts [4][19] - **Profit Targets**: Aiming for net profits of 780 million yuan in 2025 and 1.04 billion yuan in 2026, reflecting confidence in future growth [4][19] Future Outlook - **Growth Strategy**: Focus on global expansion, high R&D investment, and diversification to reduce dependency on single clients or sectors [7][17] - **Market Positioning**: Targeting emerging sectors and maintaining strong relationships with key clients like Apple and Huawei [22] Conclusion - **Overall Assessment**: The company is navigating short-term challenges while positioning itself for long-term growth through strategic investments, global expansion, and diversification into new markets and products [8][27]

证券代码：300045 证券简称：华力创通 北京华力创通科技股份有限公司 投资者关系活动记录表 投资者关系活动类别 ☐特定对象调研 ☐分析师会议 ☐媒体采访 业绩说明会 ☐新闻发布会 ☐路演活动 ☐现场参观 ☐其他（请文字说明其他活动内容） 参与单位名称及人员姓 名 线上参与公司2024年度网上业绩说明会的投资者 时间 2025年05月07日 15:00-17:00 地点 价值在线（https://www.ir-online.cn/）网络互动 上市公司接待人员姓名 副董事长兼总经理 王伟 董事兼财务总监 李国良 独立董事 夏超 董事会秘书 宋龙 保荐代表人 陆玉龙 投资者关系活动主要内 容介绍 1.你们行业本期整体业绩怎么样？你们跟其他公司 比如何？ 答:尊敬的投资者您好，2024年同行业整体业绩呈现 承压态势。受市场竞争加剧、订单交付节奏调整等多重 因素影响，业内多数公司营收及净利润出现下滑。公司 编号：2025 - 026 2024年实现营业收入5.47亿，同比下降22.93%，与同行 业整体趋势存在共性。面对行业挑战，公司将坚持"军 民结合"发展战略，持续拓展民用市场新领域，以自身 核心技术为有力支撑， ...