股票代码：600345 股票简称：长江通信 公告编号：2025-037 武汉长江通信产业集团股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回的公告 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、准确性和完整性承担法律责任。 武汉长江通信产业集团股份有限公司（以下简称"公司"）于2025年4月2日召开第十届董事会第六次会议 和第十届监事会第四次会议，审议通过了《关于使用部分闲置募集资金进行现金管理的议案》。同意在 确保不影响公司募集资金投资计划实施、有效控制投资风险的前提下，公司使用最高不超过人民币 58,600万元（包含本数）的暂时闲置募集资金进行现金管理，投资于安全性高、流动性好、发行主体为 有保本承诺的金融机构的保本型理财产品、结构性存款、定期存款、通知存款、大额存单、协议存款 等。使用期限不超过12个月，自董事会审议通过之日起12个月之内有效。在前述额度及期限范围内，公 司可以循环滚动使用资金。具体内容详见公司于2025年4月3日在上海证券交易所网站 （www.sse.com.cn）披露的《关于使用部分闲置募集资金进行现金管理的公告》（公 ...

Group 1 - The core viewpoint of the article is that Guoci Materials' subsidiary, Guoci Saichuang, has achieved a leading technological advantage in the production of communication RF micro-system chip packaging shells, which have become a primary packaging solution for low-orbit satellite RF chips [2] - The company has successfully entered mass production and is now selling these packaging solutions in bulk [2]

（记者 王晓波） 华力创通（300045.SZ）9月30日在投资者互动平台表示，公司布局卫星制造领域，现已开展低成本抗辐 照星载模组的相关研制工作，以满足低轨卫星制造中对低成本、抗辐照性能以及快速、批量化生产等需 求，为加速低轨卫星建设贡献自身力量。公司已与国内相关低轨卫星公司开展沟通。具体项目规划详见 《北京华力创通科技股份有限公司2025年度向特定对象发行A股股票预案（修订稿）》。 每经AI快讯，有投资者在投资者互动平台提问：请问公司规划的"低成本抗辐照星载模组"已完成哪些技 术验证节点？是否已与国内低轨卫星星座（如GW星座、鸿鹄三号）的核心运营商或制造商达成合作意 向？预计该模组的量产时间表及产能规划如何，能否匹配未来3年我国低轨卫星万颗级发射需求？ ...

格隆汇9月26日丨振华风光(688439.SH)在投资者互动平台表示，公司正结合发展战略及市场需求，加快 布局低空经济、低轨卫星、人形机器人等未来产业。公司产品体系中已有多款信号链及电源管理器等系 列产品应用于无人机和H-eVTOL等低空飞行器领域，部分产品已完成相关试验或通过客户验证。低轨 卫星领域，公司已有30余款产品完成相关试验，部分通过客户验证，可满足卫星应用环境。人形机器人 领域，公司正加快布局，相关技术如磁编码器、智能伺服控制器等可应用于运动控制等关键环节，未来 将结合市场需求推进发展。 ...

Core Viewpoint - The company emphasizes the importance of the national "14th Five-Year Plan" (2026-2030) and the opportunities it presents for the industry [1] Group 1: Industry Opportunities - The company is actively positioning itself in emerging sectors such as low-altitude economy, low-orbit satellites, and automotive electronics to seize related industrial upgrade opportunities [1] - The company has launched nearly 20 radiation-resistant new products in the commercial aerospace and drone sectors, with some products entering the small satellite selection directory, thereby expanding market space [1] Group 2: R&D and Innovation - The company plans to continuously increase R&D investment and technological innovation, with an annual goal of developing no less than 60 new products and promoting at least 50 new products each year [1] - The company aims to optimize customer structure, reduce costs, increase efficiency, and explore new emerging fields to address challenges and changes in the market [1]

国瓷材料的发展路径可以概括为内生和外延两个方面。内生方面，公司以陶瓷 粉体产品线的延伸作为发展的主线，通过合成技术的创新，不断进行产品迭代 和种类拓展。公司掌握了多种陶瓷粉体制备技术，如水热法、固相合成法、直 接沉淀法等，其中水热法具有粒径分布均匀可控、原料成本低、免煅烧工序等 优势，非常适合大规模低成本工业化生产。国瓷材料是继日本介化学之后，全 球第二家成功采用水热法技术实现纳米钛酸钡粉体大规模批量生产的企业，打 破了海外企业垄断，行业地位领先。此外，公司还掌握了固相法、液相法等其 他合成工艺方法，不断扩展产品线广度。 外延方面，公司通过高效并购方式进 行产业链纵深延伸，以实现从材料到应用端的最后一公里。建筑陶瓷、催化材 料、口腔材料和精密陶瓷等板块都是通过外延并购方式切入。因此，国瓷材料 业务矩阵图纵向通过合成技术创新不断拓展产品线广度，横向通过并购管理挖 精密陶瓷板块重点布局低轨卫星射频微系统芯片封装陶瓷管壳，受益于 国网星座项目，预计常态化阶段该产品收入规模可达 10 多亿元，盈利 能力强，为公司带来较大业绩弹性。 新能源板块加码固态电解质业务，硫化物电解质送样速度加快，第一条 10 吨产线预计 20 ...

Group 1: Financial Performance and Challenges - The company has faced continuous losses, with significant amounts leading to concerns about potential delisting and the possibility of being acquired by more capable institutions [2][3] - In 2025, the company anticipates a recovery in performance, but specific details will be disclosed in future reports [2] - The company reported a 37% year-on-year increase in new orders in the first half of 2025, benefiting from the release of equipment demand under the "14th Five-Year Plan" [3][11] Group 2: Asset Management and Impairment - The company has recognized substantial asset impairments, particularly in the shipbuilding and electronics sectors, with a total goodwill impairment of 1.64 billion yuan from 2021 to 2024 [2][3] - Adjustments to the expected credit loss rate for receivables have been made, increasing the provision for bad debts by 41 million yuan in 2024 [3] Group 3: Strategic Initiatives and Market Position - The company is focusing on improving operational efficiency by leveraging its core military electronics business and optimizing idle ship assets to reduce debt [5][9] - The company has a long history in the microwave circuit and component field, with a competitive edge in flexibility, low costs, and service responsiveness compared to state-owned enterprises [9][10] Group 4: Product Development and Market Expansion - The company has been actively involved in the development of satellite communication products, with applications in various space missions, and has emphasized the importance of domestic production capabilities since the U.S.-China trade tensions began [3][12] - The company is expanding its product offerings in the satellite internet sector, with ongoing projects related to the GW satellite constellation [10][11] Group 5: Corporate Governance and Investor Relations - The company is currently under scrutiny due to the detention of its chairman, which has raised concerns among investors about potential impacts on operations [3][9] - The company has committed to transparency and will disclose any significant developments regarding the chairman's situation and its implications for the business [9][10]

Core Viewpoint - The company has completed verification work in the satellite internet sector through preliminary research and product trial promotions, and is actively tracking user demand to ensure delivery requirements are met [1] Group 1: Product Development and Validation - The company has multiple products in its system that are applied in low-altitude fields, including drones and H-eVTOLs, which have completed testing or validation [1] - In the satellite internet sector, the company has finished relevant verification work and is continuously monitoring user demand plans [1] Group 2: Market Expansion Strategy - The company is accelerating its layout in low-altitude economy and low-orbit satellite industries, aligning with its development strategy and market demand [1] - Specific plans include deepening product research and customer development in emerging fields such as commercial aerospace and drones, while seizing opportunities in low-altitude economic development [1] - The company aims to continuously promote technological innovation to expand market space [1]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 90.00 CNY, while the current price is 76.10 CNY [5]. Core Insights - The company experienced a decline in performance in the first half of 2025 due to delays in revenue recognition in traditional sectors, but achieved significant growth in Q2, with a notable increase in gross and net profit margins. The company has made substantial progress in the low Earth orbit satellite and commercial aerospace sectors, with multiple T/R component products beginning to be delivered to customers [2][11]. Financial Summary - Total revenue for 2023 is projected at 3.6 billion CNY, with a decrease to 2.6 billion CNY in 2024, followed by a recovery to 2.8 billion CNY in 2025, and further growth to 3.2 billion CNY in 2026 and 3.7 billion CNY in 2027. The net profit attributable to the parent company is expected to be 600 million CNY in 2025, increasing to 800 million CNY by 2027 [4][12]. - The gross profit margin for the first half of 2025 is reported at 39.11%, an increase of 3.97 percentage points year-on-year, while the net profit margin is at 18.81%, showing a slight increase of 0.04 percentage points year-on-year [11]. Segment Performance - In the first half of 2025, the T/R component segment saw a year-on-year decline of 19.27%, while the RF chip business revenue was 91 million CNY, reflecting a year-on-year increase of 3.72%. Other chip business revenue was 22 million CNY, down 18.42% year-on-year [11]. Market Position and Growth Drivers - The company is positioned as a leader in the active phased array T/R component sector, focusing on high-frequency and high-density applications. It has successfully expanded its market presence in low Earth orbit satellites and commercial aerospace, with several products already delivered to customers, marking a new growth point for the company [11]. - The company has also made significant advancements in RF integrated circuits, achieving large-scale supply in the domestic 4G and 5G mobile communication sectors, and is beginning to establish a comprehensive product line for satellite communication and sensing systems [11]. Valuation and Comparables - The report suggests a valuation based on a 90 times price-to-earnings ratio for 2025, aligning with the average valuation of comparable companies in the industry [11][13].

Group 1 - The core viewpoint of the article highlights that Lian Microelectronics (605358.SH) is actively engaging in the compound semiconductor RF and optoelectronic chip business, which caters to various downstream demands such as low Earth orbit satellites, low-altitude economy, robotics, intelligent driving, and optical communication [1] - The pHEMT chips have already been applied in the low Earth orbit satellite sector, indicating the company's involvement in advanced technology applications [1] - VCSEL chips are utilized in intelligent driving, robotics, and optical communication, showcasing the versatility and relevance of the company's products in multiple high-tech fields [1]