Investment Rating - The report maintains a "Recommended" rating for the company [3][6]. Core Views - The company reported a revenue of 1.07 billion yuan in 1H25, a year-over-year decrease of 17.8%, while the net profit attributable to the parent company was 200 million yuan, also down 17.7% year-over-year. The performance met expectations [1]. - In 2Q25, the company achieved a revenue of 720 million yuan, reflecting a year-over-year growth of 18.2%, and a net profit of 140 million yuan, up 16.2% year-over-year. The gross margin for 1H25 improved by 4.0 percentage points to 39.1% [1][2]. - The company is actively expanding its T/R component applications in low-orbit satellites and commercial aerospace, with multiple products already delivered to customers [2][3]. Summary by Sections Financial Performance - 1H25 revenue was 1.07 billion yuan, down 17.8% year-over-year; net profit was 200 million yuan, down 17.7% year-over-year; the performance was in line with expectations [1]. - 2Q25 revenue was 720 million yuan, up 18.2% year-over-year; net profit was 140 million yuan, up 16.2% year-over-year; gross margin improved to 39.1% [1][2]. Product Segmentation - T/R components and RF modules generated 760 million yuan in revenue, down 25.8% year-over-year, accounting for 71% of total revenue, with a gross margin increase of 7.6 percentage points to 44.1% [2]. - The company is developing new RF switch and antenna tuning products for mobile communication terminals, with several new RF switches in mass production [2]. Cost and Inventory Management - The period expense ratio increased by 0.2 percentage points to 18.3% in 1H25, with sales and management expenses rising [3]. - As of the end of 2Q25, accounts receivable and notes totaled 3.27 billion yuan, down 2.3% from the beginning of the year, while inventory increased by 29.8% to 330 million yuan [3]. Investment Outlook - The company is a leading provider of active phased array T/R components and RF integrated circuit products in China. The forecasted net profits for 2025, 2026, and 2027 are 504 million yuan, 679 million yuan, and 883 million yuan, respectively [3][5].

Core Viewpoint - The article highlights the successful combat performance of China's J-10CE fighter jet, which achieved significant results in air combat, drawing global attention to its capabilities and advantages over international counterparts [1]. Group 1: J-10CE Capabilities - The J-10CE is an all-weather, single-engine, single-seat multi-role fighter jet developed by China's aviation industry, featuring advanced capabilities such as system collaborative operations, strong electromagnetic countermeasure capabilities, and precision strikes against multiple ground targets [1]. - It possesses excellent maneuverability at medium and low altitudes, supersonic flight, short takeoff and landing capabilities, a large operational radius, long range, and aerial refueling capabilities [1]. - The aircraft is equipped with an advanced integrated avionics system and weapon systems, with strong external weapon load capabilities [1]. Group 2: Advantages Over Competitors - The J-10 series fighter jets have a superior basic design, utilizing a canard aerodynamic layout that enhances maneuverability [3]. - It incorporates numerous measures to reduce radar cross-section, including a coated canopy and a unique air intake design, resulting in a significant reduction in radar visibility [3]. - The advanced avionics system features an active phased array radar with continuously improving detection range and strong anti-jamming capabilities, allowing for stable target engagement in medium-range air combat [4]. - The missiles carried by the J-10CE are also advanced, enabling it to detect, track, and engage targets ahead of the enemy [5]. Group 3: Performance Against Competitors - Despite being a single-engine fighter, the J-10CE achieved overwhelming results against the twin-engine "Rafale" due to the latter's smaller radar and limited detection range, which hindered its combat effectiveness [6].

Group 1 - The core viewpoint of the news is that Yongjin Investment has conducted research on Guobo Electronics, focusing on various aspects such as gross margin improvement, revenue changes, inventory management, and strategic development in response to industry trends [1] - Guobo Electronics has detailed its strategies for enhancing gross margin through cost control and product structure adjustments, despite revenue fluctuations due to macroeconomic factors [1] - The company reported a normal increase in inventory for production reserves in the first quarter, indicating stable production levels [1] - T/R component products are characterized by customization, with revenue recognition based on customer acceptance [1] - Guobo Electronics is actively participating in key projects and maintaining stable prices for mainstream products, with good capacity utilization [1] - The company is strategically expanding into satellite and low-altitude fields, with RF chips already applied in terminal products such as drones, addressing the demands of next-generation mobile communication technologies like 5G-A and 6G [1] - Future plans include extending into antenna array microsystems and deepening involvement in active phased array radar and RF front-end for 5G-A/6G communication base stations, promoting high-quality development [1]