证券研究报告 盟升电子 (688311 CH) Q3 军品需求复苏驱动营收快速增长 2025 年 10 月 30 日│中国内地 通信设备制造 | 盟升电子发布三季报：Q3 实现营收 1.28 亿元（ yoy+1727.32%， | | --- | | qoq+30.25%），归母净利-1041.25 万元（yoy+87.69%，qoq+52.88%）。 | | 2025 年 Q1-Q3 实现营收 2.48 亿元（yoy+185.29%），归母净利-4754.54 | | 万元（yoy+62.74%），扣非净利-5630.68 万元（yoy+60.69%）。我们看 | | 好公司发展前景：1）军品：弹载卫导景气复苏，电子对抗和数据链发展持 | | 续向好；2）民品：机载卫通天线突破国内窄体机和 C919 前装市场，低轨 | | 相控阵终端有望跟随星网建设快速发展。维持"买入"评级。 | 军品业务持续复苏，民品卫通、低轨卫星业务加速开拓 根据公司三季报，公司原暂停、暂缓的军品订单恢复执行，下游客户需求增 加，公司收入实现同比快速增长。展望未来，受益精确制导、数据链、电子 对抗等领域需求增长，公司在手订单充沛， " ...

Core Viewpoint - ZTE Corporation is experiencing a stark contrast in performance, with significant revenue growth but a drastic decline in net profit, raising concerns among investors [1][2]. Group 1: Financial Performance - In the first three quarters, ZTE's revenue exceeded 100 billion yuan, with a remarkable 180% increase in computing revenue [1]. - However, net profit for a single quarter plummeted by 88%, leading to a more than 30% decline in net profit for the first three quarters [1][2]. - The market reacted negatively, with ZTE's A-shares dropping over 6% and its market value falling below 220 billion yuan [2]. Group 2: Market Dynamics - The telecommunications sector, particularly the operator network business, has been ZTE's cash cow, but investment from operators is tightening [3]. - Capital expenditure from the three major domestic operators fell by over 16% year-on-year, marking the highest decline in nearly three years [3]. - As 5G coverage exceeds 90% in administrative villages, the large-scale investment wave is receding, leading to a shift in investment focus towards computing and AI infrastructure [3][4]. Group 3: Business Segments - ZTE's operator network revenue has seen a decline, with a year-on-year drop of 15.02% last year and 5.99% in the first half of this year [4]. - The operator network business's revenue share fell below 50% for the first time in a decade, indicating a significant shift in the company's revenue structure [4]. - The overall gross margin for ZTE decreased to 25.85% in the third quarter, reflecting the pressure from declining high-margin business [4]. Group 4: Strategic Focus - ZTE is now focusing on growth in computing, digital energy, and terminal segments as part of its "second growth curve" strategy [5]. - The company acknowledges the urgency of transitioning from a full connectivity model to a "connectivity + computing" model in response to the AI-driven industrial revolution [6][7].

Core Insights - Shengyang Technology has successfully implemented a dual-driven strategy of "wired/wireless communication + satellite communication," becoming a top three global producer of high-speed copper cables and a core supplier of satellite communication broadcasting television terminals [1][2]. Group 1: High-Speed Copper Cable Production - Shengyang Technology has achieved a monthly production capacity of 30,000 kilometers of high-speed copper cables, ranking among the top three globally, alongside two German companies [2]. - The company has a clear product development strategy of "producing one generation, researching two generations, and discussing three generations," which has allowed it to capitalize on the growing demand for high-speed copper cables since last year [2]. - The company is currently experiencing a saturated order book and is focused on steady growth in performance, particularly in the fourth quarter, which is traditionally a peak sales season [2]. Group 2: Ethernet Cable Development - Ethernet cables are expected to have a higher value than high-speed copper cables, playing a crucial role in the transformation of automotive "neural networks" and driving the development of smart, connected, and software-driven vehicles [3]. - The demand for high-speed copper cables continues to grow, with industry standards for automotive high-speed copper cables being formulated, which is expected to benefit Shengyang Technology as a leading technology enterprise [3]. - Shengyang Technology is also developing high-end copper cables for Ethernet, with production nearing completion for both gigabit and 10-gigabit Ethernet cables [2][3]. Group 3: Satellite Communication Terminal Expansion - Shengyang Technology has positioned itself to benefit from the global shift from standard definition to high definition and ultra-high definition satellite communication, with an estimated demand for at least 15 million terminals over the next three years [4]. - The company has established a comprehensive industry chain for satellite communication, including hardware and software development, terminal production, and market expansion, following strategic acquisitions and partnerships [4][5]. - A collaboration with Eutelsat, the second-largest satellite communication provider, has been announced, focusing on the commercialization of the DVB-NIP hybrid broadcasting technology [5][6]. Group 4: Future Growth and Market Opportunities - The DVB-NIP technology allows for IP-based media distribution over satellite and terrestrial networks, creating a new market for Shengyang Technology's products and services [5][6]. - The company is actively seeking partnerships with other overseas satellite operators to expand its market reach and is expected to begin small-scale sales of its products by 2026 [6][7]. - The domestic satellite communication business is also progressing, with Shengyang Technology becoming a candidate for a key project in the national broadcasting and television public service system [7][8].

Core Viewpoint - Zhongji Xuchuang reported significant growth in revenue and net profit for the third quarter of 2025, indicating strong operational performance and market demand [1] Financial Performance - In Q3 2025, the company achieved a revenue of 10.216 billion yuan, representing a year-on-year increase of 56.83% [1] - The net profit attributable to shareholders reached 3.137 billion yuan, marking a year-on-year growth of 124.98% [1] - Basic earnings per share for Q3 2025 were 2.85 yuan [1] Year-to-Date Performance - For the first three quarters of 2025, the company reported a total revenue of 25.005 billion yuan, reflecting a year-on-year increase of 44.43% [1] - The net profit attributable to shareholders for the first three quarters was 7.132 billion yuan, showing a year-on-year growth of 90.05% [1] - Basic earnings per share for the first three quarters were 6.48 yuan [1]

Core Viewpoint - The company reported a decline in revenue for the third quarter while showing significant growth in net profit compared to the previous year [1] Group 1: Third Quarter Performance - The company achieved a revenue of 117 million yuan in the third quarter, representing a year-on-year decrease of 27.23% [1] - The net profit attributable to shareholders for the third quarter was 28.84 million yuan, reflecting a year-on-year increase of 32.23% [1] Group 2: Year-to-Date Performance - For the first three quarters, the company reported a total revenue of 657 million yuan, which is a year-on-year increase of 176.75% [1] - The net profit attributable to shareholders for the first three quarters reached 23.2 million yuan, showing a remarkable year-on-year growth of 1724.48% [1]

Core Viewpoint - *ST Boda (600130.SH) reported a significant increase in revenue for Q3 2025, but still faced a net loss attributed to shareholders [1] Financial Performance - The company's operating revenue reached 102 million yuan, representing a year-on-year increase of 45.58% [1] - The net profit attributable to shareholders was -431,800 yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -1.7912 million yuan [1]

Group 1 - The core viewpoint of the article highlights that Fenghuo Electronics reported a significant decline in revenue and incurred a net loss in the third quarter of 2025 [1] Group 2 - Fenghuo Electronics' revenue for the first three quarters of 2025 was approximately 1.025 billion yuan, representing a year-on-year decrease of 18.3% [1] - The net profit attributable to shareholders of the listed company was a loss of approximately 87.7 million yuan [1] - The basic earnings per share showed a loss of 0.1015 yuan [1] - As of the report, Fenghuo Electronics had a market capitalization of 9.4 billion yuan [1]

Core Viewpoint - Cambridge Technology is a leading global provider of ICT terminal devices, focusing on R&D, production, and sales based on JDM and ODM models, showcasing significant investment value [1] Group 1: Business Performance - In Q3 2025, Cambridge Technology achieved a revenue of 3.36 billion yuan, ranking 5th in the industry out of 29 companies, with the top competitor, Yiyuan Communication, generating 17.877 billion yuan [2] - The revenue composition includes telecom broadband at 2.033 billion yuan (55.66%), wireless networks and small base stations at 1.052 billion yuan (28.82%), and high-speed optical modules at 492 million yuan (13.46%) [2] - The net profit for Q3 2025 was 249 million yuan, ranking 7th in the industry, with the leading company, Yiyuan Communication, reporting 727 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the debt-to-asset ratio was 62.37%, higher than the previous year's 50.06% and above the industry average of 40.17%, indicating increased financial pressure [3] - The gross profit margin for Q3 2025 was 23.02%, an increase from 21.54% year-on-year, but still below the industry average of 26.55%, suggesting room for improvement in profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 0.64% to 67,000, while the average number of circulating A-shares held per shareholder increased by 0.64% to 3,999.1 [5] - Hong Kong Central Clearing Limited is the second-largest shareholder, holding 15.853 million shares, an increase of 4.9918 million shares from the previous period [5] Group 4: Strategic Developments - Cambridge Technology has made significant breakthroughs in the high-speed optical module sector, with a focus on 400G, 800G, and 1.6T products, and has commenced mass production of 800G and 400G series products [6] - The company is expected to launch multiple new high-speed optical module products in 2024, with large-scale shipments anticipated in 2025 [6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company is expected to experience significant growth in its main business of filters due to the capital expenditure from operators on 5G-A, with production capacity for HTCC anticipated to be released gradually in 2025. This will enhance the company's growth potential and improve the stability of future performance [2][4]. - The company's revenue and net profit have shown rapid growth, with Q1-Q3 2025 revenue reaching 491 million yuan, a year-on-year increase of 82.47%, and net profit of 86 million yuan, up 72.33% year-on-year. In Q3 2025 alone, revenue was 204 million yuan, reflecting a 151.38% increase year-on-year, with net profit at 34 million yuan, a 116.22% increase year-on-year [4][6]. - The gross margin for Q3 2025 was 34.62%, an increase of 3.19 percentage points year-on-year and 3.85 percentage points quarter-on-quarter, primarily due to changes in product structure and improved capacity utilization [8]. Financial Performance and Forecast - The company is projected to achieve a net profit attributable to shareholders of 104 million yuan, 214 million yuan, and 362 million yuan for the years 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 80%, 105%, and 69%. The corresponding PE ratios are expected to be 98x, 48x, and 28x [2][8]. - The company’s revenue is expected to grow significantly due to the increasing demand for 5G-A base stations and the introduction of new products in the consumer electronics sector, which will also contribute to the overall growth [2][4].

Core Viewpoint - Dahua Intelligent experienced a decline of 1.73% in stock price with a trading volume of 1.946 billion yuan and a fluctuation of 16.60% on the day [2] Group 1: Trading Activity - The stock had a turnover rate of 35.52% and was listed on the Dragon and Tiger list due to its significant daily fluctuation and turnover rate [2] - Institutional investors net sold 39.42 million yuan, while the Shenzhen Stock Connect saw a net purchase of 42.72 million yuan [2] - The top five trading departments accounted for a total transaction of 342 million yuan, with a net purchase of 14.58 million yuan [2] Group 2: Institutional Participation - Three institutional special seats were involved in trading, with a total buying amount of 34.76 million yuan and selling amount of 74.18 million yuan, resulting in a net sell of 39.42 million yuan [2] - The Shenzhen Stock Connect was the largest buying department with a purchase amount of 53.51 million yuan and a selling amount of 10.78 million yuan [2] Group 3: Recent Performance - Over the past six months, the stock has appeared on the Dragon and Tiger list five times, with an average price increase of 0.39% the day after being listed and an average decline of 0.26% over the following five days [2] Group 4: Capital Flow - The stock saw a net inflow of 49.69 million yuan in main funds, with a significant inflow of 45.14 million yuan from large orders [3] - The latest margin trading balance as of October 29 was 141 million yuan, with a financing balance of 141 million yuan and a securities lending balance of 519 yuan [3] - In the past five days, the financing balance increased by 37.88 million yuan, a growth of 36.74%, while the securities lending balance increased by 151 yuan, a growth of 41.03% [3]