Core Viewpoint - In 2024, the company Xingwang Yuda (002829.SZ) successfully expanded its civilian business and optimized its business structure through strategic adjustments and technological innovations, laying a solid foundation for sustainable development despite facing significant challenges. Group 1: Financial Performance - In 2024, the company achieved a revenue of 423 million yuan, with the information perception business contributing 113 million yuan [2] - The unmanned systems business generated a revenue of 231 million yuan, showcasing the company's strong performance in the defense sector [4] Group 2: Product Development and Innovation - The company has developed a new generation of inertial/satellite combined navigation systems, which are widely used in various aircraft, particularly in civil aviation and general aviation [2] - In the field of optical detection, the company successfully developed a non-lethal optical weapon that has received high recognition during customer demonstrations [3] - The company has expanded its product line in unmanned systems, including subsonic cruise target missiles and emergency rescue drones, and is actively developing an all-weather multi-disaster reconnaissance drone [4][5] Group 3: Research and Development - The company invested 89.3 million yuan in R&D during the reporting period, focusing on key technology breakthroughs and obtaining over 25 patents [6] - The company aims to enhance its R&D capabilities in satellite communication and information perception, with plans to establish a research institute for unmanned systems [7] Group 4: Strategic Planning - For 2025, the company plans to focus on its main business and implement a dual-driven market expansion strategy, targeting emerging industries such as low-altitude economy and AI applications [7] - The company aims to transform from a single target drone manufacturer to a multi-category unmanned aircraft producer, enhancing its product performance and application scope [7]

| 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.0315 | 0.0026 | -1311.54 | 0.0200 | | 每股净资产（元） | 8.06 | 8.06 | 0 | 7.94 | | 每股公积金(元) | 5.71 | 5.75 | -0.7 | 5.75 | | 每股未分配利润(元) | 1.27 | 1.28 | -0.78 | 1.23 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 3.15 | 4.64 | -32.11 | 5.09 | | 净利润(亿元) | -0.31 | 0.03 | -1133.33 | 0.19 | | 净资产收益率(%) | -0.38 | 0.03 | -1366.67 | 0.24 | 一、主要会计数据和财务指标 数据四舍五入，查看更多财务数据>> | 名称 持有数量(万股) | | 占总股本比例(%) | 增减情况(万股) | | --- | - ...

证券之星消息，4月28日科德数控(688305)跌6.99%，收盘报74.78元，换手率3.11%，成交量3.16万手， 成交额2.43亿元。该股为智能制造、工业自动化、军民融合、军工、机器人、大飞机、人形机器人、工 业母机概念热股。4月28日的资金流向数据方面，主力资金净流出3170.85万元，占总成交额13.03%，游 资资金净流入636.1万元，占总成交额2.61%，散户资金净流入2534.75万元，占总成交额10.41%。融资 融券方面近5日融资净流入823.39万，融资余额增加；融券净流入426.0，融券余额增加。 重仓科德数控的公募基金请见下表： | 基金筒称 | 基金代码 | 持有股数 | 持仓变动 | 数据来源 | | --- | --- | --- | --- | --- | | 科创板长城 | 506008 | 9.50万股 | 新进十大 | 2025基金01季报 | | 人保行业轮动混合A | 006573 | 1.02万股 | 減せ | 2025基金01季报 | | 建信开元金享6个月持有期债券发起A | 020724 | 0.50万股 | 新进十大 | 2025基金Q1季报 | 科创 ...

星标 ★ IPO日报 精彩文章第一时间推送 近期，广东九联科技股份有限公司（688609.SH，下称"九联科技"、"上市公司"）发布公告，拟收购成都能通科技股份有限公司（下称"能通科技"） 51%股份，并实现控股，本次交易预计构成重大资产重组。 九联科技此次收购既是业务多元化的关键一步，也是响应国家军民融合战略的积极尝试。 制图：佘诗婕 资金压力 就本次交易双方的业务来看，九联科技核心业务以智能终端（如机顶盒、家庭网关）、物联网通信模块及智慧城市解决方案为主。 能通科技则专注于军用监视雷达、通信导航与电子对抗领域的部件及整机系统研发、生产与销售，已取得《武器装备科研生产许可证》《武器装备承制单 位资格证书》等军品生产资质，其技术能力覆盖军工电子核心领域。 此次收购后，上市公司将直接切入军工电子领域，借助能通科技的技术积累和资质，快速布局雷达、通信导航等高壁垒市场，实现从民用向"军民融合"的 转型。 不过，就上市公司账面来看，公司的现金流不是很乐观。截至2024年年末，公司货币资金为2.71亿元， 而短期借款由2023年的7.18亿元上升至2024年的 9.09亿元，资产负债率由2022年的54.37%上升至2 ...

（文章来源：证券日报） 作为国家重大技术装备制造基地，国机重装主要服务于国内外重大技术装备研发制造及重大工程建设。 本报讯 （记者舒娅疆）4月23日，国机重型装备集团股份有限公司（以下简称"国机重装"）披露2024年 年报。公司在去年紧扣高质量发展主线，生产经营成绩喜人，长期稳健发展步履坚定，财务数据显示， 国机重装2024年实现营业收入126.74亿元，同比增长12.58%，这是公司营业收入自2023年突破百亿元规 模后创下的历史新高，同时，公司的盈利向好，报告期内实现归属于上市公司股东的净利润4.32亿元， 同比增长0.28%。 2024年，公司的市场开拓量质齐升，项目执行高效有序。公司积极推进冶金产业链"链主"建设，成功签 订翔钛3000宽幅高性能钛合金板材生产线、楚江高精铜带800六辊可逆精轧机组等一批冶金项目合同， 冶金装备订货再创佳绩；能源发电装备业务的订货和交付量均大幅增长；工程与服务业务方面，老挝南 俄4水电站工程建设基本完成，公司的出口订单实现大幅度增长，检验检测、工业安装、仓储物流等供 应链服务的广度深度实现进一步延伸；投资与运营业务方面，公司参与的柬埔寨达岱水电站连续10年超 额完成发电 ...

以下文章来源于超募研究所 ，作者FOFWEEKLY研究 超募研究所 . 结合实操业务及公域&私域数据，为私募股权行业从业者（FOF、LP、GP等）提供专业性、垂直类研 究内容输出。 本期导读： 国家级引导基金成为GP优先级最高的募资对象，主要原因在于这类基金具备独特的政策背书、资源 优势以及长期稳定性，能够为GP及其投资项目带来多维度的战略价值。 作者丨FOFWEEKLY研究 本期推荐阅读5分钟 一级市场每年变化很快，在宏观经济承压与产业周期更迭的双重作用下，市场资金端呈现出结构性 调整特征。尽管部分传统LP基于风险规避考量选择阶段性退出，但也不断有新的LP入场并重塑市 场格局。为了帮助GP及市场参与者穿透市场迷雾把握配置风向，我们对一级市场各类LP进行了最 新、最全的梳理，本系列梳理预计6-8篇，计划涵盖国家级引导基金、地方政府引导基金、险资、 银行系、CVC、市场化LP、S基金、公共型LP等相对活跃的LP类型。希望本系列研究可以给到行 业一些帮助，也欢迎各同仁与我们交流。 当前，国家级引导基金成为GP优先级最高的募资对象，主要原因在于这类基金具备独特的政策背 书、资源优势以及长期稳定性，能够为GP及其投资 ...

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0074 | 0.0137 | -45.99 | 0.0126 | | 每股净资产（元） | 2.59 | 2.51 | 3.19 | 2.39 | | 每股公积金(元) | 0.64 | 0.64 | 0 | 0.64 | | 每股未分配利润(元) | 0.85 | 0.77 | 10.39 | 0.66 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 1.66 | 2.04 | -18.63 | 2.1 | | 净利润(亿元) | 0.05 | 0.1 | -50 | 0.09 | | 净资产收益率(%) | 0.28 | 0.55 | -49.09 | 0.53 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 40866.36万股，累计占流通股比： 57.68%，较上期变化： ...

Group 1: Military and Aerospace Industry Overview - The military informationization is a core support for modern military power development, aiming to enhance combat efficiency and battlefield awareness through information technology [3] - The "14th Five-Year Plan" emphasizes the development of intelligent and informationized weapon systems, with military equipment demand expected to exceed 250 billion yuan by 2025 [3] - The commercial aerospace sector is recognized as a key component of national strategic emerging industries, with a focus on promoting its healthy development as part of building a strong aerospace nation [4] Group 2: Key Players and Market Dynamics - China Shipbuilding Group, formed by the merger of CSIC and CSSC, is the largest shipbuilding group globally, benefiting from the growing demand in the marine economy [2] - Major suppliers in the military informationization sector include Rockwell Collins, Lockheed Martin, and Northrop Grumman globally, while domestic players include China Electronics Technology Group and Aviation Industry Corporation of China [3] - The A-share aerospace and military sector saw significant growth, with a 7.2% increase in national defense budget reaching 1.66 trillion yuan in 2025, marking a golden period for the industry [9] Group 3: Technological Innovations and Trends - The commercial aerospace industry is integrating satellite communication, navigation, and remote sensing technologies into various sectors, driving the rapid development of emerging industries like low-altitude economy and tourism [4] - Companies like SpaceX are leading technological innovations in the global commercial aerospace wave, while Chinese aerospace firms are exploring new development models [4] - The shift from traditional single-satellite development to batch production and low-cost manufacturing in satellite production is crucial for enhancing market competitiveness [4] Group 4: Investment Opportunities - Companies such as AVIC Shenyang Aircraft Corporation and Aerospace Technology are expected to benefit from the concentration of military equipment orders and international trade in high-end equipment [9] - Focus on companies with leading advantages in technology breakthroughs and industrial revolutions, such as AVIC High-Tech in carbon fiber and Guangqi Technology in metamaterials [10] - The integration of military and civilian technologies is creating a dynamic balance between national security and economic development, with significant implications for investment strategies [5][8]

- The report does not contain any quantitative models or factors.

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 47.88 billion yuan for 2024, representing a year-on-year growth of 9.48%, while the net profit attributable to shareholders decreased by 39.48% to 860.29 million yuan [1][8] - The decline in net profit is attributed to increased R&D expenses, fluctuations in raw material prices, and a 24.91% decrease in revenue from non-aerospace products [8] - The company has made significant progress in technology innovation and market expansion, including partnerships with international aviation giants and a focus on military and civilian aviation engine development [8] Financial Performance Summary - Total revenue projections for the upcoming years are as follows: 48.52 billion yuan in 2025, 54.62 billion yuan in 2026, and 62.72 billion yuan in 2027, with respective growth rates of 1.35%, 12.57%, and 14.83% [1][9] - The forecasted net profit for 2025 and 2026 is 894.14 million yuan and 978.30 million yuan, respectively, with a new projection for 2027 at 1.15 billion yuan [1][9] - The company's earnings per share (EPS) is expected to be 0.34 yuan in 2025, 0.37 yuan in 2026, and 0.43 yuan in 2027 [1][9] Market Expansion and Strategic Initiatives - The company has signed long-term agreements with major international players, including Safran Group and Rolls-Royce, amounting to over 1.5 billion yuan, enhancing its position in the global aviation supply chain [8] - The establishment of a new division for general aviation products and the successful launch of several small and medium-sized aircraft engines demonstrate the company's commitment to diversifying its product offerings [8] - The company is actively responding to national military-civilian integration strategies by raising 1 billion yuan for the construction of intelligent production lines for aircraft engines [8]