证券日报网讯天和防务10月10日在互动平台回答投资者提问时表示，当前公司"秦膜"系列材料主要面向 面板级芯片封装和绝缘导热型覆铜板等领域。在射频芯片领域，公司主要以子公司成都通量为业务平 台，目前成都通量产品涵盖了面向基站高可靠性射频收/发前端芯片/模组、无线通信类射频收/发芯片/ 模组、雷达感知芯片/模组、装备定制化产品等四大类，具体包括低噪声放大器、驱动放大器、功率放 大器、开关、开关低噪放、射频前端模组、雷达感知芯片和模组等产品。 （文章来源：证券日报） ...

2025.09.22 9月21日，臻镭科技(688270.SH)公告称，公司实际控制人、董事长郁发新被黄石市监察委员会实施留置 措施，暂不能履行董事相关职责。公司控制权未发生变化，日常经营管理由公司高级管理人员负责。董 事长无法履职期间由董事张兵代为履行公司董事长的相关职责，其他董事、高级管理人员均正常履职。 本事项不会对公司正常经营产生重大影响。 据臻镭科技2024年年度报告披露，郁发新，1975年3月出生，中国国籍，无境外永久居留权，博士研究 生学历，教授。1997年9月至1999年6月，于哈尔滨工业大学攻读通信与信息系统专业硕士学位；2000年 3月至2002年6月，于哈尔滨工业大学攻读通信与信息系统专业博士学位；2002年6月至2005年12月，担 任UT斯达康公司高级研发工程师；2006年1月至今，浙江大学航空航天学院教授；2017年5月至今，担 任公司董事，股份公司改制后至今，担任公司董事长。 | 图 | | --- | 片来源：臻镭科技2024年年报 图片来源：浙江大学航空航天学院官网 2024年，郁发新从公司获得的税前报酬为96.08万元。 本 文字数：932，阅读时长大约1.5分钟 | | ...

Core Viewpoint - The report highlights the achievements and financial performance of Zhenlei Technology, emphasizing its growth in revenue and net profit in the first half of 2025, alongside the profile of its chairman, Yu Faxin [2][8]. Company Profile - Zhenlei Technology was established in September 2015 and focuses on terminal RF front-end chips, high-density packaged microwave modules, and microsystems, integrating design, development, production, and sales [5]. - The company is recognized as a national high-tech enterprise and has established a provincial high-tech enterprise R&D center [5]. Leadership - Yu Faxin, born in March 1975, is the chairman of Zhenlei Technology and has a strong academic background with a Ph.D. in communication and information systems from Harbin Institute of Technology [2][3]. - As of 2024, Yu Faxin received a pre-tax remuneration of 960,800 CNY [4]. Shareholding Structure - As of the end of the reporting period, Yu Faxin held approximately 45 million shares, representing a 21.04% stake in the company, with a market value of about 3.1 billion CNY based on the stock price of 69.5 CNY per share [4][5]. Financial Performance - In the first half of 2025, Zhenlei Technology achieved a revenue of 205 million CNY, marking a year-on-year increase of 73.64%, while the net profit attributable to shareholders surged by 1006.99% to 62 million CNY [8].

Core Viewpoint - The company, Zhenlei Technology (688270), announced that its chairman, Yu Faxin, is under investigation and cannot perform his duties, but the company's control remains unchanged and operations continue normally [1][3]. Group 1: Company Governance and Management - The company will continue to operate in accordance with relevant laws and regulations, with senior management responsible for daily operations during the chairman's absence [3]. - The board of directors is functioning normally, with Director Zhang Bing temporarily assuming the chairman's responsibilities [3]. - The company has a robust governance structure and internal control mechanisms in place [3]. Group 2: Financial Performance - In the first half of the year, Zhenlei Technology achieved a revenue of 205 million yuan, representing a year-on-year increase of 73.64% [4][5]. - The net profit attributable to shareholders reached approximately 62.32 million yuan, a significant increase of 1006.99% compared to the previous year [4][5]. - Basic earnings per share were reported at 0.29 yuan, up from 0.03 yuan, reflecting an increase of 866.67% [5]. Group 3: Company Overview - Zhenlei Technology, established in September 2015, specializes in terminal RF front-end chips, high-density packaged microwave modules, and microsystems [3]. - The company is recognized as a national high-tech enterprise and has established a provincial-level R&D center [3]. - Its products are widely used in various wireless communication terminal fields, including self-organizing networks and navigation systems [4]. Group 4: Market Performance - As of September 19, the company's stock price decreased by 2.65%, closing at 69.5 yuan per share, with a total market capitalization of nearly 15 billion yuan [5].

Core Viewpoint - The company, Zhenray Technology (688270), announced that its chairman, Yu Faxin, is currently under investigation and cannot perform his duties, but the company's control remains unchanged and operations are normal [2][4]. Company Operations - Zhenray Technology will continue to operate in accordance with relevant laws and regulations, with senior management overseeing daily operations. The board of directors is functioning normally, and the chairman's responsibilities are temporarily assumed by director Zhang Bing [4][5]. - The company has a robust governance structure and internal control mechanisms in place, ensuring that production and operational activities are unaffected [4]. Financial Performance - In the first half of the year, Zhenray Technology achieved a revenue of 205 million yuan, representing a year-on-year increase of 73.64%. The net profit attributable to shareholders reached approximately 62.32 million yuan, a staggering increase of 1006.99% [5][6]. - The basic earnings per share for the period was 0.29 yuan, compared to 0.03 yuan in the same period last year, marking an increase of 866.67% [6]. Assets and Equity - As of the end of the reporting period, the total assets of the company were approximately 2.34 billion yuan, an increase of 4.61% compared to the end of the previous year. The net assets attributable to shareholders were about 2.20 billion yuan, up by 2.72% [6]. Market Performance - As of September 19, Zhenray Technology's stock price was 69.5 yuan per share, with a total market capitalization nearing 15 billion yuan. The stock experienced a decline of 2.65% on that day [6][7].

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, with expectations for gradual recovery driven by new product launches and improved production efficiency [1][2][3] Financial Performance - In 1H25, the company achieved revenue of 1.704 billion yuan, a year-over-year decrease of 25.42%, and a net loss attributable to shareholders of 147 million yuan, a year-over-year decline of 141.59% [1] - In Q2 2025, revenue was 948 million yuan, down 13.43% year-over-year but up 25.43% quarter-over-quarter, with a net loss of 101 million yuan, reflecting a year-over-year decline of 164.35% [1] - The gross margin decreased by 4.06 percentage points to 26.95% due to increased competition and depreciation costs [1] Product Development and Market Outlook - The company is focusing on new product launches such as L-PAMiD and WiFi FEM to stabilize revenue amidst a challenging global smartphone market [2] - The first-generation self-produced RF switches and low-noise amplifiers have achieved stable output, with the second-generation technology platform gradually entering mass production [2] - The company is also developing new wireless connection products, including automotive ultra-wideband (UWB) chips, which are expected to contribute to revenue growth [2] Investment Recommendations - The target price is set at 101.00 yuan, maintaining a "buy" rating despite a downward adjustment in revenue and gross margin forecasts for 2025-2027 [3] - Projected revenues for 2025, 2026, and 2027 are 4.324 billion yuan, 4.999 billion yuan, and 5.868 billion yuan, respectively, with net profits of 52 million yuan, 486 million yuan, and 991 million yuan [3] - The company is valued at 12.5 times the 2025 price-to-sales ratio, reflecting its position as a leading domestic RF chip manufacturer [3]

Core Viewpoint - The financial performance of 卓胜微 (Zhuosheng Micro) has significantly declined in 2025, with a notable drop in revenue and net profit compared to previous years [1][2]. Financial Performance Summary - In the first half of 2025, the company reported revenue of 1.704 billion yuan, a year-on-year decrease of 25.42% [1] - The net profit attributable to shareholders was -147 million yuan, down from 354 million yuan in the same period last year [1] - The net profit after excluding non-recurring gains and losses was -151 million yuan, compared to 354 million yuan in the previous year [1] - The net cash flow from operating activities was 257 million yuan, a significant improvement from -289 million yuan in the same period last year [1] 2024 Financial Overview - For the year 2024, the company achieved revenue of 4.487 billion yuan, a year-on-year increase of 2.48% [1] - The net profit attributable to shareholders was 402 million yuan, reflecting a decline of 64.20% [1] - The net profit after excluding non-recurring gains and losses was 364 million yuan, down 66.80% year-on-year [1] - The net cash flow from operating activities was 80.281 million yuan, a decrease of 95.76% compared to the previous year [1] Shareholder Control and Shareholding Changes - The actual controllers of 卓胜微 are 许志翰 (Xu Zhihan), FENGCHENHUI (冯晨晖), and TANGZHUANG (唐壮), who collectively control 32.92% of the voting rights [1] - A recent announcement indicated that the actual controllers and their concerted actors completed a share reduction plan, selling a total of 5,345,304 shares, which is approximately 0.9992% of the total share capital, for a total amount of 380 million yuan [2] Fundraising Activities - 卓胜微 raised a total of 82.88574 million yuan from its initial public offering (IPO) in 2019, which was allocated for various R&D projects [3] - In 2021, the company raised approximately 300.55372 million yuan through a private placement of A-shares, with a net amount of 297.04744 million yuan after expenses [4] - The total fundraising amount from the two rounds of financing after the IPO is approximately 388.77872 million yuan [5] - A new fundraising plan was announced in July 2025, aiming to raise up to 347.5 million yuan for expansion projects and working capital [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 93.4 RMB [7][4]. Core Views - The company reported a revenue of 756 million RMB in Q1 2025, a year-over-year decline of 36.47% and a quarter-over-quarter decline of 32.49%. The net loss attributable to shareholders was 47 million RMB, a year-over-year decline of 123.57% and a quarter-over-quarter decline of 97.62% [1][2]. - The decline in revenue is attributed to weak demand in the mobile phone market and a high base effect from the previous year. The depreciation from the ramp-up of the 12-inch production line has significantly impacted the gross margin, leading to losses for two consecutive quarters [1][2]. - The company is expected to see a gradual increase in revenue throughout 2025, particularly in the second half of the year, as new products like L-PAMID begin to contribute to sales [1][3]. Summary by Sections Q1 2025 Review - The gross margin decreased to 31.0%, down 11.8 percentage points year-over-year and 5.4 percentage points quarter-over-quarter, primarily due to production line depreciation and intense market price competition [2]. - R&D expenses decreased to 178 million RMB, a year-over-year decline of 33.9% and a quarter-over-quarter decline of 27.3% [2]. - The company's inventory stood at 2.517 billion RMB, remaining stable compared to the end of 2024, indicating a healthy inventory level [2]. 2025 Outlook - The company's performance is expected to show a trend of lower results in the first half and higher results in the second half of 2025, with an anticipated double-digit revenue growth for the year [3]. - Key products such as the first-generation self-produced RF switches and low-noise amplifiers have entered mass production, and the second-generation technology is under development, which will help strengthen market competitiveness [3]. - The WiFi7 module products are progressing well in client mass production, and revenue from the first-generation L-PAMID products is expected to increase in the second half of 2025 [3]. Investment Recommendations - The report maintains profit forecasts for 2025-2027 at 436 million RMB, 913 million RMB, and 1.391 billion RMB respectively, with a target price based on a 10x price-to-sales ratio for 2025 [4][6].

Core Viewpoint - The company reported a revenue of 524 million yuan in 2024, a year-over-year decrease of 5.08%, and a net profit of -438 million yuan, a year-over-year decrease of 7.32%, which aligns with previous forecasts [1] - In Q1 2025, the company achieved a revenue of 137 million yuan, a year-over-year increase of 30.63%, and a net profit of 4 million yuan, a year-over-year increase of 104.40% [1][2] - The company is optimistic about future growth driven by product iterations and market penetration, maintaining a "buy" rating [1][3] Group 1: Financial Performance - The company’s revenue in Q1 2025 showed significant year-over-year growth, benefiting from the iteration of 4G products and 5G LPAMiF, with a gross margin improvement to 12.85%, up 4.88 percentage points year-over-year [1][2] - The total expenses (sales, management, and R&D) in Q1 2025 were 71 million yuan, a decrease of 19.69% year-over-year, contributing to the first quarterly profit turnaround [2] Group 2: Market Outlook - For 2025, the company is expected to benefit from the anticipated 5.64% year-over-year growth in the Chinese Android smartphone market, with successful product validation and gradual mass production [3] - The company’s Phase8L product is expected to achieve significant scale in 2025, alongside the new generation of 4G products gaining traction in the smartphone and IoT sectors [3] - The company has set a target price of 13.2 yuan, maintaining a "buy" rating, with revenue forecasts of 730 million yuan for 2025 and 1.39 billion yuan for 2027 [3]

Core Viewpoint - The company Ruishi Chuangxin is preparing for an IPO on the Sci-Tech Innovation Board, marking its third attempt at listing due to a change in its registered location to Chongqing [1][8]. Group 1: Company Background - Ruishi Chuangxin, founded by Ni Jianxing in 2017, specializes in the research, manufacturing, and sales of RF front-end components for 4G and 5G technologies [2][4]. - The company has established a complete design and modular capability for RF front-end products, achieving full domestic supply chain localization [4][5]. - As of the end of 2022, Ruishi Chuangxin has shipped over 300 million RF front-end modules, with its products integrated into the supply chains of major companies like OPPO and Xiaomi [5][6]. Group 2: Investment and Financing - Ruishi Chuangxin has attracted significant investments from major tech firms, including Xiaomi, OPPO, and Huawei, which have collectively supported its growth through multiple funding rounds [9][10]. - The company has received strategic investments from various venture capital firms, enhancing its financial backing and market position [9][11]. Group 3: Market Position and Future Prospects - The company is positioned to become the first Sci-Tech Innovation Board listed company in Chongqing within the integrated circuit sector, following the successful listing of three other companies in the region [8][15]. - With the backing of major industry players and a robust product lineup, Ruishi Chuangxin is well-placed to capitalize on the growing demand for RF components in smartphones and IoT devices [4][5][7].