摘要 ： 多浦乐2025上半年营收增长56.19%，净利润增长12.15%，研发投入占比28.02%，积极开拓新市场并深耕核心技 术。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 近日，广州多浦乐电子科技股份有限公司（以下简称"多浦乐"）发布了2025年半年度报告，交出了一份亮眼的"期中 成绩单"。报告显示， 公司实现营业收入7998.51万元，较上年同期大幅增长56.19%；实现归属于上市公司股东的 净利润1903.76万元，同比增长12.15% 。 保持技术研发优势： 公司作为核心单位参与多项国家级研发项目，先后承担了"相控阵超声检测系统"及"超声成像工 业无损检测仪"等国家研发项目，面向科研院所、高校以及航天航空、 核电等行业的复杂检测需求，开展高性能超声 相控阵检测设备及模块研制，以期实现更高效、更精准的检测效果。 多浦乐表示，未来将继续依托技术积累和市场拓展能力，推动无损检测设备在更多高端工业领域的创新应用，提升公司 在全球市场的竞争力。 点击文末"阅读原文"查看详情 多浦乐是一家专业从事无损检测设备研发、生产和销售的高新技术 ...

浙江铖昌科技股份有限公司 2025 年半年度报告摘 | 要 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 证券代码：001270 证券简称：*ST 铖昌 | | | | | | 公告编号：2025-034 | | | 浙江铖昌科技股份有限公司 2025 年半年度报告摘要 | | | | | | | | | 一、重要提示 | | | | | | | | | 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 | | | | | | | | | 资者应当到证监会 | | | | | | | | | 指定媒体仔细阅读半年度报告全文。 | | | | | | | | | 所有董事均已出席了审议本报告的董事会会议。 | | | | | | | | | 非标准审计意见提示 | | | | | | | | | □适用 ?不适用 | | | | | | | | | 董事会审议的报告期利润分配预案或公积金转增股本预案 | | | | | | | | | □适用 ?不适用 | | | | | | | ...

Group 1 - Xiangyang Technology Co., Ltd. has invested 520 million yuan in a phased array radar production base project in Nantong Economic and Technological Development Zone, expected to commence production next year [1] - The deep-sea industry is identified as a key growth area, with Nantong Development Zone attracting over 20 deep-sea industry projects worth more than 10 billion yuan in the first half of the year [1] - The company has developed an AI-based shipborne AIP array product, breaking foreign monopolies and enhancing the capabilities of ocean-going vessels [1] Group 2 - Nantong Development Zone is forming a new industrial development pattern characterized by leading enterprises driving growth, supported by park platforms and upstream-downstream collaboration [2] - The zone has seen significant investments in new deep-sea industry projects, including a $130 million green energy ship auxiliary system and a $68 million LNG gasification system [2] - The offshore wind power project, with a total installed capacity of 800 megawatts, is expected to deliver over 2.6 billion kilowatt-hours of clean electricity annually, equivalent to the annual electricity consumption of 2.6 million people [2] Group 3 - Nantong has entered the "trillion club" and aims to double its marine industry scale to over 70 billion yuan within three years, focusing on deep-sea development despite not being directly on the coast [3][5] - The local government is actively supporting deep-sea industry development through initiatives like the "Twelve Measures for Going to Sea" and has resolved over a hundred issues for related enterprises [3] - The development zone has allocated 8,000 acres for future industry clusters, including deep-sea equipment, and is attracting talent with competitive salary offers [4]

Group 1: Financial Performance - The company expects to maintain high growth in revenue and net profit for the first half of 2025, with net profit projected between 48 million and 66 million CNY, and net profit excluding non-recurring gains and losses estimated between 45 million and 63 million CNY, marking a turnaround from losses in the previous year [2][3] - The company anticipates a rebound in gross profit margin compared to the same period last year, supported by cost reduction and efficiency improvement measures [3][6] Group 2: Market Demand and Project Execution - There is a strong recovery in downstream market demand, with significant acceleration in procurement plans and order volumes [3][4] - The company has seen a dual increase in orders and major projects across core business segments, including satellite, airborne, and ground applications, with key projects entering mass delivery phases [3][4] Group 3: Product Development and Innovation - The company has successfully developed low-cost, large-scale applications for its satellite T/R chip series, with high customer recognition and trust [4][5] - Continuous iteration of satellite communication T/R chip solutions is underway, with plans for mass delivery based on customer demand [5][6] Group 4: Strategic Planning and Future Outlook - The company has a detailed annual operational plan aimed at maintaining high growth in revenue and profitability, with a focus on R&D investment and market expansion [6] - Plans include optimizing supply chain management and enhancing production efficiency to ensure timely and high-quality delivery of customer orders [6]

Performance Forecast - The company expects a net profit of 48 million to 66 million yuan for the period from January 1, 2025, to June 30, 2025, compared to a loss of 24.28 million yuan in the same period last year, indicating a growth of 297.67% to 371.80% [1] - The net profit after deducting non-recurring gains and losses is projected to be 45 million to 63 million yuan, compared to a loss of 33.70 million yuan last year, reflecting a growth of 233.54% to 286.96% [1] - Basic earnings per share are expected to be between 0.25 yuan and 0.35 yuan, compared to a loss of 0.1193 yuan per share in the previous year [1] Industry Demand and Business Performance - The industry is experiencing a rapid recovery in demand, with the company benefiting from increased market demand and the steady rise in the penetration of phased array technology across various applications [2] - The company has strengthened its business layout and established solid relationships with customers, leading to significant growth in orders and major projects during the reporting period [2] - The company has successfully achieved high-speed revenue growth in the first quarter of 2025 and has turned losses into profits, supported by effective measures taken to accelerate business development [3] Operational Efficiency and Competitive Advantage - The company has improved research and development efficiency and reduced costs, leading to a higher success rate for pre-research projects and product conversion rates [2] - Increased automation and significant capacity expansion have resulted in scale effects, continuously diluting costs and expenses [2] - The company has developed a new generation of T/R chips with breakthroughs in integration, power optimization, and cost control, enhancing its core technology barriers in phased array radar and satellite communication [2] Future Plans - The company plans to continue aligning with market demands and technological trends, increasing R&D investment, and expanding into emerging application markets [3] - The company aims to optimize supply chain management and deepen automation applications to consolidate and expand its competitive advantages [3] - The company has already planned and implemented capacity layouts to ensure timely and high-quality delivery of customer orders [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 65.66 CNY, based on a projected PE of 67 times for 2025 [2][4]. Core Views - The company experienced a revenue decline in 2024, with total revenue of 2.591 billion CNY, down 27.36% year-on-year, and a net profit attributable to the parent company of 485 million CNY, down 20.06% [8]. - Despite the revenue drop, the company's gross margin improved to 38.59%, up 6.31 percentage points, indicating enhanced profitability [8]. - The company is focusing on expanding into new fields, particularly in military and civilian applications, positioning itself as a leader in T/R components and benefiting from advancements in military information technology [8]. Financial Summary - **Revenue Forecasts**: - 2023: 3,567 million CNY - 2024: 2,591 million CNY (down 27.4%) - 2025: 3,352 million CNY (up 29.4%) - 2026: 4,321 million CNY (up 28.9%) - 2027: 5,386 million CNY (up 24.6%) [3] - **Net Profit Forecasts**: - 2023: 606 million CNY - 2024: 485 million CNY (down 20.1%) - 2025: 584 million CNY (up 20.6%) - 2026: 769 million CNY (up 31.6%) - 2027: 962 million CNY (up 25.1%) [3] - **Key Financial Ratios**: - Gross Margin: - 2023: 32.3% - 2024: 38.6% - 2025: 34.7% - 2026: 32.9% - 2027: 31.6% [3] - Net Margin: - 2023: 17.0% - 2024: 18.7% - 2025: 17.4% - 2026: 17.8% - 2027: 17.9% [3] - **Earnings Per Share**: - 2023: 1.02 CNY - 2024: 0.81 CNY - 2025: 0.98 CNY - 2026: 1.29 CNY - 2027: 1.61 CNY [3]

Core Viewpoint - The company, Chengchang Technology, is experiencing a strong rebound in performance, with significant increases in net profit and revenue for Q1 2025, driven by rapid recovery in industry demand [1][4]. Financial Performance - The company expects a net profit of 27 million to 34.5 million yuan for Q1 2025, representing a year-on-year increase of 281.17% to 331.49% [1]. - The expected revenue for the same period is between 90 million to 95 million yuan, a substantial increase from 19.776 million yuan in the previous year, marking a historical high for a single quarter [1]. Market Demand and Product Offering - Chengchang Technology is one of the few domestic companies providing complete T/R chip solutions, with products used in satellite, ground, and airborne phased array radar and satellite communication [2]. - The company has successfully completed iterations of simulation beamforming chips for satellite communication, entering mass production and delivery phases [2]. Business Expansion and Orders - The company has seen a significant increase in project orders, particularly in the airborne sector, where it has secured new demand orders and contracts, leading to rapid revenue growth [3]. - In the low Earth orbit communication satellite sector, the company has developed several new products and is preparing for mass delivery in 2025 [3]. Profitability and Cost Management - The gross profit margin for Q1 2025 has significantly rebounded compared to the same period last year, aided by automation upgrades and increased production capacity [3]. - The company is focused on cost reduction and efficiency improvements through enhanced automation and optimized processes, which are expected to further enhance product competitiveness [3]. Future Outlook - The company has prepared sufficient production plans for the next quarter and the entire year to meet customer demands and enhance operational scale and profitability [4].