《军工&通信|七一二（603712）首次覆盖：军用无线通信核心供应商， 产品全平台多领域覆盖助力军队信息化建设》 2025 年第一季度公司实现营业收入 2.16 亿元，同比降低 55.88%；实现归 母净利润-5401.97 万元，同比降低 440.23%。1、公司始终致力于军用无 线通信技术自主研发与创新，紧跟行业发展趋势，全面加强研发技术路线 规划，加强新一代通信装备技术体制攻关，力求技术的先进性，不断塑造 新的竞争优势。我们认为，随着我国国防开支的不断增加、军用装备费用 的提升，公司或将受益于军用专网无线通信行业下游市场的日益扩大。2、 我们认为在当下"十四五"与"十五五"过渡阶段，军品业务将预计有较 快增速，尤其是系统级产品未来或持续高增长；民用领域随着无线通信行 业，专网通信行业朝着数字化、宽带化趋势发展，更新换代需求强烈。根 据 Wind 一致预期，2 家可比公司 2025-2027 年参考 PE 均值为 66.59x、 43.52x、31.35x，公司当前 2025 年一致预期 PE 为 83.99x。按照 65x 值测 算 2025 年目标价为 24.05 元，给予"买入"评级。 证券研究报告 ...

EchoStar (SATS) Q1 2025 Earnings Call May 09, 2025 11:00 AM ET Company Participants Dean Manson - Chief Legal OfficerHamid Akhavan - President and CEOPaul Orban - Executive VP & CFO of DishJohn Swieringa - President of Technology & COOMarlane Pereiro - High Yield Credit ResearchWalter Piecyk - General Partner Conference Call Participants Sebastiano Petti - Senior Research AnalystBrent Penter - Associate Analyst - Equity ResearchBryan Kraft - AnalystAdam Rhodes - Senior Credit AnalystSam McHugh - AnalystJona ...

TPG (TPG) Q1 2025 Earnings Call May 07, 2025 11:00 AM ET Company Participants Gary Stein - Head - IRJon Winkelried - CEO & DirectorJack Weingart - CFOCraig Siegenthaler - Managing DirectorAlexander Blostein - Managing DirectorTodd Sisitsky - President & DirectorJim Coulter - Founding Partner, Executive Chair & DirectorBrian Mckenna - Director - Equity ResearchMichael Cyprys - Managing Director Conference Call Participants Kenneth Worthington - Financial AnalystGlenn Schorr - Senior Managing Director & Senio ...

文：韦亚军 没人相信自己会输。 一大批企业排队去香港二次IPO。 目光聚集之处，资本必随之而来。这次轮到了气运之子——香港。 之前不少创投圈人士，把香港今年的反常火爆原因归结为——Deepseek等几家公司的颠覆性技术创新，说是他们几家让全球资本重新审视中国资产，笔者 觉得有一定道理，但是不够全面。 今天，咱们就来好好唠唠这事儿，看看香港二次IPO到底有啥魔力，以及那些已经在香港二次IPO的公司，都经历了些什么。 香港，VC的终点站 香港，从来都不是简单的一座城而已，它的本质是东亚地区最大的避风港，尤其对资本而言。当中美金融战、制造业之战、关税战如火如荼时，香港自然 而然成了全球大多数资本的必然选择之一。 新加坡很会来事儿和站队，可惜整体国力太小；东京倒是国力排的上号，可惜是非正常国家且资源过于贫乏；纽约、伦敦、苏黎世等属于传统的西方环 境，一些美元资本想要分散风险，就一定要前往东方寻找答案。你也来，我也来，香港资本市场的火爆，就成了必然。 资本永不眠，向来用脚投票，创业公司也是如此，尤其那些背后有VC/PE或者其他大型国际资本股东的企业。香港实际上并不量产VC，但是VC都把香港 当成终点站——被投企业IPO ...

韩国产业通商资源部5月1日发布的数据显示，4月份韩国出口额同比增长3.7%，达到582.1亿美 元，创下当月出口额历史新高。进口额同比下降2.7%，至533.2亿美元，贸易顺差48.8亿美元。 尽管全球贸易格局持续变化，尤其是近期美国政策变化引发的变化，韩国出口仍连续第三个月保持 正增长。上个月的出口额比2022年4月份创下的578.4亿美元的纪录高出3.7亿美元。 出口势头主要受到该国主要出口产品半导体的推动。 半导体出货量同比增长17.2%，达到117亿美元，创下4月份历史新高。DRAM（DDR4 8Gb）固定 价格在经历了12个月的低迷后，于2024年4月开始回升，加之高带宽存储器（HBM）等高价值存 储器需求持续强劲，共同推动了半导体出货量的强劲增长。 另一个关键行业——汽车出口同比下降3.8%。尽管如此，出口额仍达到65亿美元，创下今年迄今 为止的最高月度出口额，表明整体需求保持韧性。 受韩国食品（K-food）全球热潮的影响，农水产品出口额达到 11 亿美元，创下该类别月度出口最 高纪录。 美国对华出口同比增长3.9%，达到109亿美元，扭转了近几个月的下降趋势。此次反弹主要得益于 半导体出货量的 ...

由于芯片需求强劲，韩国4月份出口意外上升 周四，韩国公布的贸易数据显示，受芯片销售强劲带动，该国4月出口意外增长，不过汽车行业受到美 国关税的拖累。韩国4月份的出口额为582.1亿美元，较上年同期增长3.7%，也高于3月份3.0%的涨幅， 也是四个月来的最大涨幅。这一数据超过了市场的预测中值2.0%。按产品分类，该国半导体出口增长 17.2%，为四个月来最大增幅，钢铁产品出口也增长5.4%，结束了连续三个月的下跌。汽车出口下跌 3.8%，但汽车零部件上涨3.5%，无线通信设备和生物制药产品也分别上涨26.5%和21.8%。对美国的出 口下降了6.8%，但对欧盟的出口跃升18.4%，达到创纪录的67亿美元。韩国是每月第一个公布贸易数据 的主要出口经济体，提供了全球贸易状况的早期信息。 ...

Financial Data and Key Metrics Changes - The company reported strong first quarter results, with site rental revenues showing 5.1% organic growth, excluding the impact of Sprint cancellations [20] - Adjusted EBITDA for the first quarter was positively impacted by lower repair and maintenance costs, sustaining capital expenditures, and other non-worker costs [21] - The full year 2025 outlook remains unchanged, with expectations of 4.5% organic growth, adjusted EBITDA of approximately $2.8 billion, and AFFO of approximately $1.8 billion [22][23] Business Line Data and Key Metrics Changes - The company is in the process of separating its fiber solutions and small cell businesses, which will be reported as discontinued operations [18] - Site rental revenues included a $3 million contribution from other billings, primarily related to intercompany back billings, which is not expected to recur [20] - The company expects straight-line revenues to turn negative, consistent with the full year 2025 outlook of zero [21] Market Data and Key Metrics Changes - Mobile data demand in the U.S. has grown substantially, with customers investing over $35 billion annually in their networks, resulting in more than 5% average annual organic growth in the tower business from 2020 to 2024 [9] - The U.S. tower business model has shown resilience across market cycles, with cash site rental revenues growing consistently despite economic fluctuations [10] Company Strategy and Development Direction - The company aims to become a pure play U.S. tower company, focusing exclusively on the U.S. market, which is viewed as the best market for tower ownership [8] - The capital allocation framework balances predictable returns to shareholders with financial flexibility and balance sheet strength, with plans to return capital via a quarterly dividend and share repurchase program [12][14] - The company intends to reduce its annualized dividend per share to $4.25 beginning in the second quarter of 2025 [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the full year 2025 outlook, citing strong first quarter results and progress in separating the fiber solutions and small cell businesses [14] - The company believes that being a pure play tower company will enhance value by focusing on customer service, operational excellence, and improved profitability [11] - Management noted that regulatory approvals for the sale of the fiber and small cell businesses are time-consuming but not expected to pose significant difficulties [40] Other Important Information - The company ended the quarter with significant liquidity and flexibility, maintaining an investment-grade credit rating [23] - The board intends to use approximately $6 billion of cash proceeds from the sale to repay debt, balancing this with share repurchases [14] Q&A Session Summary Question: Can you shed light on the executive changes and the strategy going forward? - Management acknowledged the recent executive changes and emphasized the focus on separating the fiber and small cell businesses while creating value in the U.S. tower market [28][30] Question: What is the current status of the fiber and small cell business sale? - Management stated that the transaction is expected to close in the first half of 2026, pending regulatory approvals [40][42] Question: How is the company managing costs and what is the outlook for new leasing activity? - Management indicated that cost control measures are in place and that new leasing activity is expected to remain consistent throughout 2025 [46][49] Question: What are the strategic priorities for the new CFO? - The new CFO highlighted the importance of closing the fiber business sale and positioning the tower business for operational improvements [66] Question: Can you provide insights on the services side of the business? - Management noted good demand for services, although they have exited the construction services business [70] Question: What is the expected impact of the Sprint merger on churn? - Management acknowledged the ongoing churn from the Sprint merger but indicated that overall churn rates are expected to remain within normal ranges [57] Question: How will the share repurchase program be structured? - Management stated that the share repurchase program will depend on market conditions at the time of the transaction close [99]

出品：新浪财经上市公司研究院 文/夏虫工作室 2025年以来，A股上市公司赴港股上市持续升温。根据公开资料不完全统计，已有超过30家A股上市公 司递表或正式发布相关港股筹划上市公告。 | 序号 | 上市公司 | A股代码 | | 递表时间 | 备注 | | --- | --- | --- | --- | --- | --- | | 1 | 蓝思科技 | 300433.SZ | | 2025-03-31 | - | | 2 | 江渡龙 | 301308.SZ | | 2025-03-22 | | | 3 | 先导智能 | 300450.SZ | | 2025-02-25 | . | | ব | 天岳先进 | 688234.5H | | 2025-02-24 | | | ટે | 宁德时代 | 300750.SZ | | 2025-02-11 | 已过备案 | | 6 | 百利天恒 | 688506.5H | | 2025-01-21 | 已过备紧 | | 7 | 安井食品 | 603345.SH | | 2025-01-20 | - | | ਰਿ | 均胜电子 | HS'6659009 | 1 | 2025-0 ...

新时代新征程民营经济发展前景广阔、大有可为，广大民营企业和民营企业家大显身手正当其时。 ——习近平总书记2025年2月17日在民营企业座谈会上强调 强信心 科教优势创新氛围 提振信心激发活力 武汉的科教优势和创新创业氛围，为民营企业发展注入了信心和活力。 把企业迁回武汉的楚商刘伟对百思通公司的未来信心满满，与武汉理工大学联手攻克国产大飞机机身材料难题，武汉航空新材料产业 发展研究院的院士和专家团队也成为公司强大的技术支撑；把一台台"掌中宝"标签打印机卖到全球160多个国家和地区的精臣标识，底气同 样来自武汉这片创新热土：科教人才优势能催生好技术和好产品，而好产品总会有好市场；扎根武汉20年的西高电器，依托武汉的科教优 势三次转型后跻身机器人赛道；在火热的创新创业氛围中，攀升科技正在成为中国星闪技术的"破局者"。 百思通公司总经理刘伟： 武汉的科教优势和创新土壤，给予了民营企业发展信心。持续与高校的合作以及研发投入，让我们不仅实现了复合材料用树脂的全品 类覆盖，还在多个国家级、省级课题上取得接连突破。 百思通公司总经理刘伟（左）与技术人员交流。 "这些年，公司赚的钱都用于购入仪器设备了。这里每一台科学仪器，都比 ...