据港交所12月24日披露，深圳承泰科技股份有限公司(简称：承泰科技)向港交所主板递交上市申请书， 国泰君安国际为其独家保荐人。根据灼识咨询的资料，于2024年，按出货量计，承泰科技是中国车载前 向毫米波雷达市场的最大国内供货商，而按出货量计，公司是中国车载毫米波雷达市场的第三大供货 商，市场份额分别为9.3%及4.5%。 承泰科技提供综合雷达硬件与软件解决方案，专为智驾不断演进的需求量身打造。公司的业务模式建基 于承泰"业务三环"模式：硬件质优，具备竞争力和可靠性的雷达硬件产品；软件敏捷，保持高效而持续 的软件更新；及交付迅速，以交付为核心目标的支撑体系，确保项目有效执行。此架构是公司长期成长 及在市场上脱颖而出的基础。公司相信在此架构下，公司致力于提供具高质量且落地迅速的产品与服 务，以协助公司的OEM客户提升其智驾能力。 目前，承泰科技已开发出多代毫米波雷达产品矩阵，以满足从L0到L2+的不同智驾需求，广泛应用于乘 用车及商用车的智能驾驶。截至最后可行日期，公司已推出七款主要雷达型号，主要可分为前向雷达及 后向及侧向雷达(亦称为角雷达)。根据灼识咨询的资料，在公司的毫米波雷达产品中，第5代4D雷达及第 5 ...

风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 华商新趋势优选混合（166301）成立日期2012年9月6日，最新规模45.66亿。今年以来收益45.11%，同 类排名1232/8170；近一年收益40.9%，同类排名1334/8139；成立以来收益1286.5%。 华商新趋势优选混合（166301）基金经理为童立。 截至发稿，童立累计任职时间9年257天，现任基金资产总规模68.38亿元，任职期间最佳基金回报 243.03%， 任职期间最差基金回报-18.31%。 12月22日，四创电子涨5.45%，截至发稿，报32.89元/股，成交9.56亿元，换手率11.39%，总市值89.16 亿元。 资料显示，四创电子股份有限公司位于安徽省合肥市高新技术产业开发区习友路3366号，成立日期2000 年8月18日，上市日期2004年5月10日，公司主营业务涉及主要从事雷达产业、智慧产业、能源产业,主 要包括气象雷达、空管雷达、低空警戒雷达、印制板及微波组件等相关雷达配套件、智慧城 ...

Core Viewpoint - The current international security situation has led to a strong demand for air defense early warning radar products, indicating a promising future for military trade business in this sector [2] Group 1: Industry Demand - Many countries urgently need to build and improve their air defense early warning capabilities due to the severe international security landscape [2] - There is a strong demand for air defense early warning radar products, reflecting the heightened focus on national security [2] Group 2: Competitive Landscape - The international competitiveness of air defense early warning radar products is continuously improving as technology levels rise [2] - The military trade business is expected to have a favorable development outlook in the future due to these advancements [2]

Core Viewpoint - The company is currently conducting its production and research tasks normally, with a reported revenue of 585 million yuan for the first three quarters of 2025 [1] Group 1: Financial Performance - The company achieved a revenue of 585 million yuan in the first three quarters of 2025 [1] - The revenue from domestic radar complete products is characterized by seasonality, primarily concentrated in the second half of the year, especially in the fourth quarter [1] Group 2: Product Delivery and Sales - The company’s military trade products are mainly sold through overall units and military trade companies, with the final customers being overseas clients [1] - The production and delivery cycle for radar complete products generally ranges from 1 to 3 years, influenced by product model, customer demand, and transportation conditions [1] - The company will fulfill delivery according to specific contract agreements [1]

Core Viewpoint - The company, 雷电微力 (301050.SZ), has indicated that its technology is adaptable to relevant application fields and has already developed products related to synthetic aperture radar [1] Group 1 - The company has confirmed the adaptability of its technology to various application areas [1] - The company has already launched products in the field of synthetic aperture radar [1]

Core Viewpoint - China Railway Signal & Communication Corporation (CRSC) has developed the CRSC-RD-5 micro-target detection radar, which has received national certification, indicating its compliance with national standards for radio frequency emission and electromagnetic compatibility, thus enabling its large-scale deployment across the country [1][3]. Group 1: Technical Achievements - The CRSC-RD-5 radar can detect micro unmanned aerial vehicles (UAVs) with a radar cross-section (RCS) of only 0.01 m² at a distance of 5 km, showcasing its high detection capability [1]. - The radar features a flexible search mode that allows for 360° omnidirectional coverage and precise domain control, and it can simultaneously track four targets, enhancing its performance in complex scenarios [1][3]. - The radar's measurement accuracy in direction and distance has reached industry-leading levels, providing precise data support for low-altitude security [1]. Group 2: Innovation and Technology - The radar's innovation is based on three core technologies: - Transmit-receive isolation technology, which reduces crosstalk noise and enhances sensitivity for low RCS target detection [3]. - Low-cost multi-channel technology, which achieves high cost-performance for parallel target detection through integrated design and simplified calibration [3]. - Sub-array grouping processing technology, which improves response speed and resource utilization by enabling collaborative operation of sub-arrays [3]. Group 3: Market Impact and Applications - The successful industrialization of the radar establishes a milestone in the industry by creating a complete industrial chain of "hardware + software + solutions," expanding into emerging markets beyond rail transportation [5]. - Pilot applications have been successfully conducted in regions such as Xiong'an New Area, Chongqing, and Qingdao, with plans for further promotion and adaptation to critical security needs in airports and nuclear power plants [5].

Core Viewpoint - The company is focusing on the development and commercialization of low-altitude economy business, aiming for substantial revenue generation in the near future [1] Group 1: Strategic Partnerships - The company signed a strategic cooperation agreement with Shenzhen Zhisheng High Technology Research Institute in October 2024, which marks the beginning of their collaboration in the low-altitude economy sector [1] - The delivery of the micro-target detection radar for "Shenchengjiao" has been completed and is currently in the joint debugging phase [1] Group 2: Market Engagement - The company is actively engaging with practical application scenarios in the Greater Bay Area and surrounding regions to promote the commercialization of related technologies and products [1] - The company aims to achieve substantial revenue as soon as possible through these efforts [1]

Core Viewpoint - The company is actively advancing its low-altitude economy business and aims to achieve substantial revenue through commercialization of related technologies and products [1] Group 1: Low-altitude Economy Progress - The company has signed a strategic cooperation agreement with Shenzhen Zhisheng High-tech Research Institute, which has been steadily progressing since October 2024 [1] - The delivery of the micro-target detection radar for "Shenchengjiao" has been completed and is currently in the joint debugging phase [1] Group 2: Regional Development - The company is actively engaging with practical application scenarios in the Greater Bay Area and surrounding regions to promote the commercialization of its technologies and products [1]

Core Insights - Aerospace South Lake (航天南湖) reported significant revenue growth, with approximately 585 million yuan in revenue for the first three quarters of 2025, marking a year-on-year increase of 579.06%, and a net profit of about 37.49 million yuan, up 163.91% year-on-year [1] Group 1: Company Performance - Despite experiencing losses in 2024, the company saw a substantial performance turnaround starting in Q1 2025, leading to a positive trend in stock prices since the beginning of the year [1] - The company is backed by China Aerospace Science and Industry Corporation and is a key player in the domestic air defense radar sector, with products widely used among military clients across various branches [1] Group 2: Market Opportunities - The global military radar system market is projected to grow at a compound annual growth rate (CAGR) of 4.30% from 2020 to 2027, reaching an estimated market size of approximately 19.22 billion USD by the end of 2027 [2] - The company is actively expanding its international market presence, driven by increasing global military expenditures and a strong demand for air defense capabilities among various nations [1] Group 3: Strategic Initiatives - In December 2023, the company established a low-altitude division to explore opportunities in the low-altitude economy, focusing on developing safety detection systems and securing bulk orders from specific users [3] - The company is also advancing its high-end manufacturing capabilities by leveraging its technological advantages to expand into microwave devices and specialized coating businesses [4] - Investments of 486 million yuan in smart production transformation and research testing base construction are expected to enhance the company's R&D capabilities and establish a competitive edge in the air defense radar and military trade sectors [4]

Summary of the Conference Call for Narui Radar Company Overview - **Company**: Narui Radar - **Industry**: Radar technology and related services Key Points and Arguments Financial Performance - In the first three quarters of 2025, Narui Radar's operating cash flow improved significantly, increasing from a negative 20.79 million yuan in the same period last year to 77.02 million yuan, indicating enhanced profitability [2][3][13] - The company achieved a revenue of 254 million yuan in Q3 2025, representing a year-on-year growth of 86.5%, with a net profit of 73.15 million yuan, up 181% [3] - The net profit margin reached 28.8% in Q3 2025, compared to 19.1% in the same period last year, reflecting stable fixed costs and controlled R&D expenses [2][11] Order Backlog and Market Potential - Narui Radar has approximately 700 million yuan in unexecuted orders, indicating substantial growth potential for the future [4] - Despite a slowdown in industry orders due to tendering pace, the company maintained a high market share, outperforming the market [6][11] Sector Performance - Water conservancy radar orders surged from over 200 million yuan last year to 320 million yuan in the first three quarters of 2025 [2][7] - The demand for phased array weather radar has decreased due to a high base from last year's disaster prevention projects, leading to fewer tenders this year [7][8] Future Market Outlook - The fourth quarter is expected to be active, with 34 sets of equipment pending tendering in Guangdong's disaster prevention plan [9][10] - The company anticipates strong demand for water measurement radar and considerable demand for weather radar in other provinces [10] Challenges and Strategic Initiatives - The slow progress in low-altitude economic infrastructure construction is expected to impact the air traffic control radar market, which is projected to release next year [5][15] - Narui Radar is collaborating with Sigma on MCU chip development, which has entered the installation testing phase, with other chips also in progress [5][18] Management and Operational Insights - Management expenses increased due to the preparation for new product lines and the expansion of personnel for upcoming projects [19] - The company is focused on maintaining a stable R&D investment while expanding its product offerings, including AI-enhanced mini radars and anti-drone radar systems [19][20] Export Strategy - Narui Radar has established a subsidiary in Hong Kong to facilitate exports, targeting Southeast Asia, Africa, and the Middle East for radar and related equipment [22] Growth Expectations - The company is optimistic about sustaining growth in Q4 2025, supported by existing and new orders, alongside the development of the low-altitude economy and overseas defense markets [23][24]