Investment Rating - The report maintains an "Accumulate" rating for the company [2][5]. Core Views - The company has achieved a milestone in the smart computing chip sector with the successful development of the CH37 series AI SoC chip, which has completed various stages including tape-out, packaging, and lighting up [2][4]. - The CH37 series chip features high-performance computing capabilities, achieving a peak AI computing power of 64 TOPS@INT8, and is designed for real-time operation in complex visual recognition and decision-making models [3][4]. - The company is transitioning from a specialized market focused on military graphics to a broader general market that includes artificial intelligence and data centers, with the CH37 series being a key product in this strategic shift [4][5]. Financial Projections - The company is projected to achieve revenues of 752 million yuan in 2025, 1.105 billion yuan in 2026, and 1.553 billion yuan in 2027, reflecting significant growth rates of 61%, 47%, and 41% respectively [2][5]. - The net profit is expected to recover from a loss of 165 million yuan in 2024 to a profit of 14 million yuan in 2025, and further increase to 90 million yuan in 2026 and 211 million yuan in 2027 [2][5]. - The report highlights a significant increase in R&D investment, with R&D expense ratios projected at 60.2% for 2024 and 46.8% for the first three quarters of 2025, indicating a strong commitment to innovation [5]. Market Position and Strategy - The CH37 series is positioned to meet the high computing demands of embodied intelligence and edge computing markets, applicable in various scenarios such as robotics, AI boxes, smart terminals, and drones [3][4]. - The company aims to leverage its high-performance chip capabilities to expand into new markets, including smart cities and industrial vision applications [3][4]. - The strategic transformation is expected to lead to a reversal of the company's previous operational challenges, with the successful launch of the CH37 series laying the groundwork for future testing and mass production [5].

责任编辑：安东 格隆汇12月16日丨航天长峰(600855.SH)公布，公司主营业务分为军工电子、公共安全和高端医疗装备 三大板块，目前公司不从事商业航天等相关业务。 财经频道更多独家策划、专家专栏，免费查阅>> ...

Investment Rating - The report initiates coverage with a "Buy" rating and sets a target price of 55.86 CNY [5][20]. Core Insights - The company focuses on the development, production, and service of high-reliability embedded computers, with products widely used in high-end equipment, particularly in the defense sector, which is expected to maintain strong demand [2][21]. - The projected net profit for the company from 2025 to 2027 is estimated at 1.14 billion, 1.7 billion, and 2.02 billion CNY, with corresponding EPS of 0.66, 0.98, and 1.16 CNY [14][20]. - The global military embedded systems market is expected to grow from 1.81 billion USD in 2024 to 3.23 billion USD by 2032, with a CAGR of 7.5% [10][20]. Financial Summary - Total revenue is projected to increase from 663 million CNY in 2023 to 1.208 billion CNY in 2027, with a significant growth rate of 70.7% in 2025 [4][11]. - Net profit attributable to the parent company is expected to recover from 19 million CNY in 2024 to 202 million CNY in 2027, reflecting a substantial growth trajectory [4][11]. - The company’s gross margin is anticipated to improve from 44.84% in 2025 to 50.75% in 2027, indicating effective cost control and operational efficiency [16][17]. Market Position and Growth Drivers - The company is positioned as a leader in high-reliability embedded computers, serving critical sectors such as aerospace and defense, with a focus on customized solutions [21][30]. - The demand for embedded computers in military applications is expected to rise due to the increasing complexity and technological advancement of military equipment [10][20]. - The company is actively pursuing opportunities in commercial aerospace and unmanned systems, which are projected to become significant growth areas [10][20]. Order and Revenue Growth - The company reported a significant increase in orders, with a 73.71% year-on-year growth in backlog orders, driven by rising customer demand [10][20]. - The embedded computer market for airborne and missile applications is expected to see substantial growth, with projected increases of 43.62% and 192.7% respectively from 2025 to 2027 [15][20]. Cost Management and Profitability - The company has successfully optimized its cost structure, leading to improved profitability metrics, with net profit margins expected to rise from 15.3% in 2025 to 16.7% in 2027 [16][39]. - The management has implemented effective cost control measures, resulting in a decrease in operating expenses as a percentage of revenue [39][42]. Investment and Future Outlook - The company is focusing on R&D investments to enhance its product offerings in unmanned systems and commercial aerospace, which are expected to drive future revenue growth [10][20]. - The strategic initiatives include launching fundraising projects aimed at developing embedded computing solutions for new markets, positioning the company for long-term growth [10][20].

智通财经APP讯，航天长峰(600855.SH)发布股价异动公告称，公司主营业务分为军工电子、公共安全 和高端医疗装备三大板块，目前公司不从事商业航天等相关业务。 ...

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 从资金流向上来看，当日军工电子板块主力资金净流出9.98亿元，游资资金净流出1.6亿元，散户资金净 流入11.58亿元。军工电子板块个股资金流向见下表： 证券之星消息，12月16日军工电子板块较上一交易日下跌0.82%，国光电气领跌。当日上证指数报收于 3824.81，下跌1.11%。深证成指报收于12914.67，下跌1.51%。军工电子板块个股涨跌见下表： ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 301306 | 西测测试 | 90.40 | 14.94% | 17.30万 | 15.27 乙 | | 002413 | 雷科防务 | 9.98 | 10.03% | 576.07万 | 54.75 Z | | 301517 | 陕西华达 | 67.85 | 6.88% | 23.28万 | 15.64亿 | | 600562 | 国睿科技 | 28.30 | 5.05% | 33.27万 | 9.32 G | | 001270 | *ST锭昌 | 64.28 | 5.00% | 1530.0 | 983.48万 | | 688011 | 新光光电 | 48.75 | 4.59% | 4.96万 | 2.42亿 | | 300762 | 上海剪讯 | 35.71 | 4.20% | 137.99万 | 48.75 Z | | 002179 | 中航光电 | 33.59 | 4.09% | 47.93万 | 16.00亿 | | 688081 | ...

格隆汇12月15日丨新劲刚(300629.SZ)在投资者互动平台表示，1、关于业绩亏损及减值计提相关问题： 公司业绩表现受行业周期、市场环境、成本波动等多重因素综合影响，相关亏损情况已在定期报告中详 细披露原因；子公司减值计提严格按照《企业会计准则》及公司会计政策执行，基于资产实际运营状 况、市场公允价值等因素进行专业评估后作出，与股东减持行为无关联。2、关于军技民用战略推进情 况：公司2023-2024年年报中提及的军技民用发展方向未发生变更，目前各项业务均在稳步推进中：① 卫星通信领域：公司核心产品卫通收发前端系列模块（BUC、LNB等）持续为航空航天等领域提供配 套服务，同时正积极拓展商业航天相关应用场景；②低空经济领域：2024年7月成立的广东凯际智能， 聚焦射频微波技术向低空经济转化，已中标"深城交"低空探测设备项目，目前正处于调试安装阶段，后 续将持续对接更多应用场景；③民用其他领域：借助康泰威热障涂层技术优势，已为民用高端新能源车 辆电池板块提供热防护产品样品，正推进客户验证工作。3、关于公司主营业务：公司当前核心业务聚 焦于特殊应用领域电子业务（射频微波业务）及特殊应用领域材料业务（热喷涂材料 ...

截至发稿，兴图新科市值为31亿元。 每经AI快讯，兴图新科（SH 688081，收盘价：30.5元）12月12日晚间发布公告称，公司第五届第十六 次董事会会议于2025年12月11日以现场结合通讯方式召开。会议审议了《关于增补董事的议案》等文 件。 2024年1至12月份，兴图新科的营业收入构成为：军品占比81.98%，民品占比17.81%，其他业务占比 0.21%。 （记者 贾运可） 每经头条（nbdtoutiao）——实施城乡居民增收计划、降准降息等工具灵活高效运用、增加普通高中学 位……深度解读中央经济工作会议 ...

证券之星消息，12月12日军工电子板块较上一交易日上涨1.64%，西测测试领涨。当日上证指数报收于 3889.35，上涨0.41%。深证成指报收于13258.33，上涨0.84%。军工电子板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 从资金流向上来看，当日军工电子板块主力资金净流出5.03亿元，游资资金净流出3.25亿元，散户资金 净流入8.28亿元。军工电子板块个股资金流向见下表： ...

（文章来源：证券日报） 证券日报网12月11日讯智明达在12月1日-12月10日回答调研者提问时表示，公司在卫星终端设备方面的 相关产品主要应用于车载、舰载和无人机等，未来公司也会积极探索在手持终端设备上的应用。 ...