证券日报网讯 12月12日，苏州科达（603660）在互动平台回答投资者提问时表示，公司是国内重要的 音视频基础软硬件产品、行业数字化解决方案及综合服务提供商。公司围绕音视频应用为核心，能够为 客户提供基于量子加密的视频会议等相关产品和解决方案，以满足部分客户对通信安全的较高要求。公 司将结合不同客户的实际需要和不同应用场景，为客户提供满足实战要求的高质量产品和解决方案，践 行公司用视频科技赋能行业客户的使命。 ...

Investment Rating - The report maintains a "Buy" rating for Suzhou Keda (603660) [1] Core Views - The company is seizing opportunities in AI and actively expanding its overseas market presence, particularly in line with the "Belt and Road" initiative [8] - The company has launched a series of public safety products powered by its self-developed "Kaidan Large Model," enhancing its smart security capabilities [8] - The company is also advancing its quantum-encrypted video conferencing products, catering to high-security communication needs [8] - Despite short-term pressure on earnings due to fluctuations in downstream customer demand, the company is expected to recover its performance with the support of AI, international expansion, and domestic production acceleration [8] Financial Forecasts and Valuation - Total revenue is projected to decline from 1,816 million RMB in 2023 to 1,331 million RMB in 2024, before gradually increasing to 1,853 million RMB by 2027 [1] - The net profit attributable to the parent company is expected to turn positive in 2025, reaching 7.79 million RMB, and further increasing to 108.07 million RMB by 2027 [1] - The latest diluted EPS is forecasted to be negative in 2023 and 2024, but is expected to reach 0.19 RMB by 2027 [1] - The report adjusts the EPS estimates for 2025-2026 down to 0.01 RMB and 0.07 RMB, respectively, while introducing a new estimate of 0.19 RMB for 2027 [8]

Core Insights - The development of "Safe IoT" is becoming a critical foundation for the advancement of the digital era, emphasizing the importance of security in the Internet of Things (IoT) [1][4] Group 1: Event Overview - The first "Safe IoT" forum was held in Hangzhou, Zhejiang, focusing on the collaboration of government, industry, academia, and research to enhance urban resilience and high-quality industry development [1] - The forum aims to solidify the foundation for building a "Safe China" through discussions on the empowerment of safe IoT technologies [1] Group 2: Technological Advancements - The advancement of cutting-edge technologies such as artificial intelligence and quantum encryption is providing strong support for IoT security [1] - Safe IoT technologies are rapidly being implemented in various fields, including environmental monitoring, infrastructure safety, and risk prevention in agriculture and industry, showcasing vast application potential [1] Group 3: Industry Impact - In the construction sector, safe IoT technologies are proving to be valuable, with China's self-developed NPR-DDA software system enhancing the resilience of construction projects [4] - In water conservancy, a highly coordinated intelligent water management system utilizing digital twin and AI technologies can significantly improve disaster simulation, risk warning, and operational optimization [4] Group 4: Regional Development - Zhejiang province is actively promoting the integration of "City Brain" and safe IoT, with a notable concentration of AI core industry enterprises in the region [4] - In Yuhang District, there are 154 core AI enterprises, with projected revenue of 95.58 billion yuan in 2024, reflecting a year-on-year growth of 27.6%, accounting for approximately 27% of Hangzhou's total [4] Group 5: Philosophical Approach - The importance of trust and credit in data and device interactions is emphasized as a prerequisite for all applications in the interconnected world [5] - The integration of "safety genes" and "integrity genes" into urban development and industrial systems is advocated to contribute to the construction of a "Safe China" and the modernization of the nation [5]

Core Viewpoint - The company is leveraging its membership in BIAN and participation in ISO 20022 standards to enhance its influence in international financial technology regulations, aiming to convert this influence into competitive advantages in the market [1] Group 1: Company Initiatives - The company has successfully joined BIAN, an international banking architecture organization, and is actively promoting the transformation of banking architecture and service functions [1] - The company has established partnerships with benchmark clients such as HSBC China and Mitsubishi Bank, gaining valuable experience in expanding its overseas customer market [1] Group 2: Future Plans - The company plans to focus on emerging markets in Southeast Asia and the Middle East for further expansion of its overseas business [1] - There are ongoing efforts to develop standards in areas such as digital currency cross-border payments and quantum encryption, with potential updates on international cooperation [1]

Core Insights - The Southern Power Grid has sponsored the use of 70 million kilowatt-hours of green electricity for the Shenzhen competition venues of the 15th National Games, achieving 100% green electricity usage during the event and reducing carbon emissions by approximately 50,000 tons, equivalent to planting 2.7 million trees [1] - The Shenzhen Power Supply Bureau has established the first zero-carbon smart science popularization base in the country, showcasing various energy-saving and carbon-reduction technologies [1][2] - The green electricity supplied during the event primarily comes from solar energy in Yunnan and Guangxi, with a significant increase in green certificate transactions in Shenzhen, reflecting a growing commitment to sustainable energy [2] Group 1: Green Energy Initiatives - The Southern Power Grid has procured 70,000 green certificates to support the event, ensuring all venues utilize green electricity [1] - The Shenzhen Power Supply Bureau's initiatives include a zero-carbon substation and a science popularization base to educate the public on green energy [1][2] - In the first three quarters of the year, green certificate transactions in Shenzhen reached 14.182 billion kilowatt-hours, a year-on-year increase of 38.1% [2] Group 2: Technological Innovations in Power Supply - The Shenzhen Power Supply Bureau has implemented a "full electric Hong + quantum communication" smart power supply guarantee system, integrating advanced technologies for real-time monitoring of power supply conditions [2][3] - The deployment of the electric Hong system across 2,000 monitoring terminals allows for effective data communication and real-time anomaly detection in power supply facilities [3] - A quantum encryption network has been established to enhance the security of data transmission between the command center and event venues, providing a robust defense against potential cyber threats [4]

Core Insights - Quantum technology is recognized as a transformative force in the automotive industry, with applications in enhancing vehicle information security, accelerating new materials and battery research, and optimizing autonomous driving algorithms [2][3][5]. Group 1: Quantum Technology Overview - Quantum technology integrates principles of quantum mechanics with various scientific fields, offering new paradigms for information acquisition, processing, and transmission [3][4]. - The advantages of quantum technology include extraordinary computing power, nearly absolute information security, and extreme precision in sensing capabilities [4][5]. Group 2: Applications in Automotive Industry - Quantum technology is poised to revolutionize the automotive sector by improving data security for smart vehicles through quantum encryption and enhancing precision in environmental sensing for autonomous driving [5][6]. - The introduction of "quantum eyes" technology allows vehicles to identify objects in low visibility conditions, significantly improving the performance of autonomous systems [6]. Group 3: Enhancements in Vehicle Performance - Major automotive companies are leveraging quantum computing to simulate molecular interactions, leading to the development of batteries with higher energy density and longer range [7]. - Quantum sensors can provide millimeter-level positioning support for autonomous vehicles, enhancing their ability to perceive the environment and make timely decisions [6][7]. Group 4: Future Prospects and Challenges - The integration of quantum technology is expected to redefine the automotive landscape, with predictions that by 2027, high-end smart vehicles equipped with quantum communication modules will achieve zero-latency vehicle-to-infrastructure communication [9]. - Despite the promising outlook, the large-scale application of quantum technology faces challenges, including the need for reliable engineering, a shortage of interdisciplinary talent, and the establishment of unified technical standards [10][11].

Financial Data and Key Metrics Changes - For Q2 FY 2026, the company reported a net loss of $61 million, an improvement from a net loss of $138 million in Q2 FY 2025, primarily due to a favorable service revenue mix, lower depreciation and amortization, and reduced SG&A expenses [5][17] - Revenue grew by 2% year-over-year to $1.1 billion, with adjusted EBITDA increasing by 3% to $385 million, resulting in a 34% adjusted EBITDA margin [15][17] - Free cash flow for the quarter was $69 million, contributing to a trailing 12-month free cash flow of $147 million, marking three consecutive quarters of positive free cash flow [13][16] Business Line Data and Key Metrics Changes - In the Communication Services segment, awards increased by 35% to $1.03 billion, while revenue grew by 1% to $837 million, driven by growth in Aviation and Government Satcom [18][21] - The Defense and Advanced Technologies (DAT) segment saw awards decline by 9% to $467 million, but revenue increased by 3% to $304 million, supported by growth in InfoSec and Cyber [21][23] - Fixed Services and Other revenue decreased by 16% due to a decline in U.S. fixed broadband subscribers, ending the quarter with 150,000 subscribers [20][17] Market Data and Key Metrics Changes - The backlog increased to $3.9 billion, up approximately $140 million year-over-year, despite the sale of the energy system integration business [17][12] - The DAT segment backlog reached a record of $1.2 billion, up 31% year-over-year and 14% sequentially [7][17] - The company noted a significant uptick in interest for commercial mobile space networks, indicating a growing market for direct-to-consumer device connectivity [9] Company Strategy and Development Direction - The company is focused on launching the ViaSat-3 satellites, which are expected to significantly enhance bandwidth capacity and drive growth in Communication Services [7][8] - A strategic review is ongoing regarding capital allocation and the potential separation of government and commercial businesses to enhance competitive positioning [10][29] - The company aims to optimize its capital structure and reduce leverage, targeting a leverage ratio of 3x net debt adjusted EBITDA or lower [14][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term growth trajectory supported by increased reliance on space-based assets for national security and growing demand for resilient communications [8][24] - The company anticipates continued variability in quarterly performance but expects fiscal 2026 revenue to increase by low single digits year-over-year [23][24] - Management highlighted the potential impact of a U.S. government shutdown on DAT awards and adjusted EBITDA, estimating a delay of up to $100 million in awards [25] Other Important Information - The company plans to spend approximately $1.2 billion in capital expenditures for the year, with a significant portion allocated to the completion of ViaSat-3 [26][28] - The company has moved $175 million in cash from Inmarsat to Viasat, with expectations to transfer a total of $400 million to $500 million over time [28] Q&A Session Summary Question: Update on evaluating the possibility of a split and vertical integration opportunities - Management indicated that they are continuously evaluating options for vertical integration and dual-use systems, with no specific timeline for completion [32][33] Question: Spectrum ownership and monetization strategies - Management confirmed that their spectrum position is substantial and globally coordinated, and they are exploring ways to derive value from it while fulfilling public interest obligations [36][39] Question: Details on the Equatys project and ideal customers - The Equatys project aims to modernize infrastructure for spectrum allocations, with discussions ongoing with regional operators and the European Space Agency [40][43] Question: Backlog growth and recognition cadence - Management emphasized that backlog growth is strong, and they are focused on converting this into future revenue, particularly with the upcoming capacity from Flight 2 [52][54] Question: Defense bookings and demand signals in Europe - Management noted increasing demand for sovereign capabilities in national security, particularly in Europe, and expects this trend to continue [90][91]

Core Viewpoint - The company has developed high-speed link encryption products that support quantum key distribution, which can be widely used in quantum communication and encryption fields [1] Group 1: Product Performance - The recently tested 200G high-speed link encryption gateway shows performance metrics that are several to dozens of times better than traditional solutions, with encryption capabilities exceeding 200 Gbps and latency below 5 microseconds [1] - The product's performance has reached international standards, surpassing mainstream 100G products, and fills a gap in security protection technology for 100G/200G backbone links in the context of "East Data West Computing" and intelligent computing centers [1] Group 2: Application Areas - The product is expected to be widely applied in high-value sectors such as finance, intelligent computing, and data centers, particularly in low-latency scenarios like high-frequency trading, intelligent computing center construction, and secure interconnectivity in backbone networks [1]

Group 1 - The global cybersecurity talent gap is projected to reach 4.8 million by 2025, representing a 19% year-on-year increase [1] - In the United States, there are 514,000 online job openings in cybersecurity, with a fill rate of less than two-thirds [1] - As of the end of 2024, China is expected to have approximately 320,000 certified cybersecurity professionals, with a significant salary disparity between listed and non-listed companies [1] Group 2 - 792 ordinary universities in China have established cybersecurity programs, accounting for 27.1% of the total number of universities [2] - 65.9% of these universities have added AI security courses by 2025, an increase of 15 percentage points from the previous year [2] - The report emphasizes the need for "AI + security" composite talents to be included in national security strategies and suggests various educational and industry collaborations [2]

Industry Overview - The RFID industry in China has been rapidly developing, especially since the Internet of Things (IoT) was included in the national development strategy in 2010 [1][11] - The market size of the RFID industry in China is projected to reach 61.22 billion yuan in 2024, with a year-on-year growth of 4.13% [1][11] - The continuous advancement in integrated circuits and communication technology has led to a decrease in the costs of RFID tags and readers, making the technology more accessible to businesses [1][11] RFID Technology Classification - RFID technology is categorized into four main types based on frequency: Low Frequency (LF), High Frequency (HF), Ultra High Frequency (UHF), and Microwave [2][3] - Each type has distinct characteristics and applications, such as LF for animal tracking and UHF for logistics tracking [3] Industry Development History - RFID technology has historical roots dating back to World War II, with its first commercial applications emerging in the late 20th century [6][8] - The technology has evolved significantly, with various stages of development from theoretical exploration to widespread commercial use [6][8] Industry Value Chain - The RFID industry value chain consists of upstream components like chips and antennas, midstream system integration, and downstream applications in logistics, retail, and security management [9] Key Companies and Market Dynamics - The RFID industry in China features a pyramid-shaped competitive structure, with leading companies like Yuanwanggu and Aerospace Information at the top, focusing on comprehensive industry chain layouts [13][14] - Companies such as Guoxin Wulian and Xinlian Chuangzhan are innovating in chip design and antenna materials, contributing to domestic substitution [13][14] Market Trends - The integration of RFID with AI, edge computing, and 6G technology is driving the industry towards intelligent perception and operational efficiency [18] - New application areas are emerging, including smart agriculture, vehicle networking, and environmental sustainability, expanding the use of RFID technology [20] - The establishment of standards and security measures is crucial for the healthy development of the industry, with efforts to create a comprehensive regulatory framework [21]