关注 Q2 业绩高增方向，AI 持续兑现动能 [Table_ReportDate] 2025 年 7 月 13 日 证券研究报告 行业研究 [行业周报 Table_ReportType] | [Table_StockAndRank] 电子 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | [Table_Author] 莫文宇 电子行业首席分析师 执业编号：S1500522090001 邮 箱：mowenyu@cindasc.com 杨宇轩 电子行业分析师 执业编号：S1500525010001 邮箱：yangyuxuan@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [关注Table_Title] Q2 业绩高增方向，AI 持续兑现动能 [Table_ReportDate] 2025 年 7 月 13 日 本期内容提要: [Table_S [Table_Summary ummary] ] 请阅读最后一页免责声明及信息披露 http://www.cin ...

Core Insights - Frequency Electronics, Inc. (FEI) clarifies revenue expectations for its TURbO compact rubidium atomic clock, stating that the anticipated revenue of $1 million to $2 million for FY2026 refers to orders already received and does not fully capture the market potential for this technology [1] - The TURbO atomic clock is expected to significantly expand FEI's market exposure, particularly in drone applications and traditional aircraft radar, with a potential market growth estimated at $20 million or more in FY2027 [2] Company Overview - Frequency Electronics, Inc. is a leader in precision timing and frequency technology, providing products for various applications including satellite payloads, military systems, and secure communications [4] - The company has received over 100 awards for excellence in high-performance electronic assemblies and invests heavily in research and development to enhance its capabilities and market reach [4] Future Outlook - The company anticipates sharing further developments in the growth market for TURbO and updates on quantum sensing and magnetometers in upcoming quarters [3]

Group 1 - U.S. stock futures are lower, with Dow futures down approximately 300 points [1] - Frequency Electronics, Inc. reported fourth-quarter earnings of 34 cents per share, an increase from 28 cents per share year-over-year [1] - Frequency Electronics' sales rose to $19.986 million from $15.576 million [1] Group 2 - Frequency Electronics shares fell 5.4% to $21.44 in pre-market trading [2] - Capricor Therapeutics, Inc. shares declined 44% to $6.39 following a regulatory update on Deramiocel BLA for Duchenne Muscular Dystrophy [4] - Youlife Group Inc. shares fell 23.2% to $3.84 after an 82% drop on Thursday [4] - Civista Bancshares, Inc. shares dipped 12.5% to $21.72 after announcing a public offering of common shares [4] - Resolute Holdings Management, Inc. shares fell 9.5% to $36.01 after a previous gain of over 3% [4] - Scage Future shares decreased by 7.7% to $6.19 [4] - Albemarle Corporation shares fell 4% to $71.67 after a 5% gain on Thursday [4]

Core Viewpoint - The report highlights that the electronic industry is expected to maintain strong performance due to the resonance between computing power and edge-side innovations, indicating a favorable market environment for the sector [1]. Summary by Relevant Sections Industry Overview - The electronic industry is experiencing a robust phase driven by advancements in computing power and innovations at the edge, suggesting a continuation of strong performance in the upcoming earnings period [1]. Analyst Insights - The report is authored by a team of experienced analysts with notable credentials in the electronic sector, indicating a high level of expertise in the analysis presented [1]. Market Trends - The report suggests that the synergy between computing capabilities and edge innovations is creating a conducive environment for growth in the electronic industry, which is likely to attract investment [1].

Core Insights - Frequency Electronics, Inc. reported significant revenue growth for the fiscal year 2025, with revenues of approximately $20.0 million for Q4 and $69.8 million for the full year, compared to $15.6 million and $55.3 million in the previous fiscal year [1] - The company achieved an operating income of $3.3 million for Q4 and $11.7 million for the full year, up from $2.5 million and $5.0 million in the prior year [1] - Net income from operations for Q4 was $3.3 million ($0.34 per diluted share) and $23.8 million ($2.48 per diluted share) for the full year, compared to $2.6 million ($0.28 per diluted share) and $5.6 million ($0.59 per diluted share) in FY2024 [1] Financial Performance - Q4 revenues from satellite payloads were approximately $12.1 million, representing 60% of consolidated revenues, compared to $6.9 million (44%) in the same period of FY2024 [6] - Revenues from non-space U.S. Government/DOD customers were approximately $7.0 million (35%) for Q4, down from $7.9 million (51%) in FY2024 [6] - Total revenues from other commercial and industrial sales accounted for approximately $0.9 million (4%) for Q4, slightly up from $0.8 million (5%) in the previous year [7] Strategic Outlook - The company is well-positioned to capitalize on the growing quantum sensor market, leveraging its expertise in atomic clocks and actively hiring skilled professionals in this field [5] - FEI is investing in targeted internal R&D to develop products for space and defense applications, aiming for faster execution and reduced customization needs [4] - The recent U.S. budget legislation indicates strong government commitment to space and defense, which FEI anticipates will positively impact its business in the medium to long term [3] Operational Metrics - Net cash used in operating activities was approximately $1.4 million for FY2025, a decline from $8.7 million in FY2024 [12] - The backlog at April 30, 2025, was approximately $70 million, down from $78 million at the same time in the previous year [12]

Core Viewpoint - The company, Gauss Digital Technology Co., Ltd., has announced a change in the business scope of its wholly-owned subsidiary, Chengdu Chitong Digital System Co., Ltd., to support its business development needs [1]. Business Scope Change - The business scope change includes maintaining the existing licenses for broadcasting and television transmission, while expanding into new areas such as software development, network and information security software development, and various manufacturing and sales activities related to communication and smart devices [2][3]. - The updated business scope now includes: - Software development and sales - Manufacturing and sales of communication equipment and smart home devices - Research and development in IoT technology and artificial intelligence applications - Sales of photovoltaic equipment and components [2][3]. Regulatory Compliance - The company has obtained a new business license from the Chengdu Jin Niu District Administrative Service Management and Approval Bureau, confirming that the new business activities can commence following the necessary approvals from relevant authorities [1][3].

Financial Data and Key Metrics Changes - The fourth quarter net sales were $257.1 million, a decrease of 7% year-over-year but an increase of 7% sequentially from the third quarter [35][36] - The full year fiscal 2025 net sales were $1.048 billion, down 6% from $1.115 billion in fiscal 2024, primarily due to program roll-offs [45] - The fourth quarter adjusted loss from operations was $21.6 million, a decrease of $11.8 million from fiscal 2024 [36] - Fourth quarter adjusted EBITDA was a negative $7.1 million, down $12.4 million year-over-year [39] - Free cash flow for the fourth quarter was $26.3 million, an increase of $10.5 million from fiscal 2024 [42] Business Line Data and Key Metrics Changes - Record sales for power products in data center applications exceeded $80 million for the full year, nearly double that of fiscal 2024 [14][45] - EV sales represented 20% of consolidated total sales, showing a year-over-year increase of 1419%, but a sequential decrease of approximately 10% from Q3 [16] - The automotive segment faced significant challenges, with historical warranty and quality issues contributing to losses [13][41] Market Data and Key Metrics Changes - The company expects a 10% to 15% decline in EV sales for fiscal 2026 due to weaker market demand and program delays [17] - The company anticipates a significant rebound in EV sales in fiscal 2027 based on customer forecasts and industry projections [17] Company Strategy and Development Direction - The company is focused on improving operational execution and successfully launching a large pipeline of new programs, with 30 new program launches expected in fiscal 2026 [20][49] - The transformation strategy aims to enhance operational efficiency and drive innovation, particularly in data centers and EV markets [30][31] - The company plans to optimize its footprint and reevaluate its product portfolio to align with market opportunities [29][30] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that fiscal 2026 will be a reset year due to EV program delays, particularly from Stellantis, but expects to double EBITDA despite declining sales [11][12] - The leadership team emphasized the importance of maintaining discipline and focus on objectives amid external challenges such as tariffs and market volatility [24][25] Other Important Information - The company has successfully remediated three material weaknesses in internal controls identified in fiscal 2024 [51] - The dividend was reduced to $0.07 per share to provide flexibility and align with peers, considering the company's financial situation [104] Q&A Session Summary Question: What are the key earnings levers given the expected sales decline? - Management highlighted operational improvements and the elimination of one-time expenses as key factors for expected EBITDA growth despite lower sales [54][58] Question: How many of the new launches are EV platforms? - Approximately 50% of the new program launches are related to the EV market, with a significant focus on data center growth as well [79] Question: Can you clarify the leverage waiver and covenant levels? - The leverage covenants were relaxed, starting at 4.25 for Q4 of fiscal 2025, with confidence in meeting these covenants over the next year [66][67]

每经记者｜朱成祥 每经编辑｜魏官红 7月10日上午，全球电子协会东亚区总裁肖茜在线上接受了包括《每日经济新闻》记者在内的媒体记者采访。 图片来源：全球电子协会提供 肖茜表示："我们第一时间召开了会员会议，大家一致的观点是不支持（加征）关税。（特朗普）政府出于提升本国的制造能力以及发展经济的初衷，我们 是认可的。但是我们认为，关税作为一刀切的工具，并不能达到（特朗普）政府想达到的目的。因此，我们第一时间代表会员向（特朗普）政府发声，呼吁 更加谨慎地看待关税问题。" 其补充表示："我想，我们在这方面应该起到一定作用。后续我们也看到特朗普政府考虑设立谈判期和缓冲期。我们协会的自我定位是连接者和倡导者，我 们愿意代表产业共同的声音去呼吁相关政府能够制定更加科学有效的政策。" 那么，全球电子协会是否与美国商务部有直接沟通的渠道？肖茜表示："我们协会在美国、欧洲都有政府关系团队，他们平时跟政府的交流都比较密切。我 们未来也希望在亚洲增强这方面的能力。" 肖茜强调："电子行业的特征，就是高度的全球化，我们不支持孤立封闭的思路，我们认为互联协作才是未来行业的发展方向。" 全球电子协会是全球电子产业的代表机构，在全球拥有超30 ...

Group 1: Methode Electronics - Methode Electronics reported a fourth-quarter adjusted EPS loss of 77 cents per share, missing market estimates of earnings of 4 cents per share [1] - The company's sales were $257.10 million, exceeding estimates of $232.87 million [1] - Shares of Methode Electronics fell sharply in pre-market trading following the earnings report [1] Group 2: Other Stocks - Mereo BioPharma Group plc shares tumbled 36.6% to $1.87 in pre-market trading [4] - Ultragenyx Pharmaceutical Inc. shares dipped 21.3% to $32.50 in pre-market trading [4] - Wolfspeed, Inc. shares fell 11% to $1.79 in pre-market trading after a 20% drop on Wednesday [4] - Scage Future shares fell 10.5% to $5.89 in pre-market trading after a significant gain of over 56% on Wednesday [4] - Altimmune, Inc. shares dipped 8.4% to $4.34 in pre-market trading following the initiation of a Phase 2 trial [4] - Bitmine Immersion Technologies, Inc. shares fell 7.7% to $61.60 in pre-market trading after a 40% drop on Wednesday due to a mixed shelf filing [4] - Hotel101 Global Holdings Corp. shares dipped 5.3% to $3.42 in after-hours trading [4] - Metsera, Inc. shares fell 4.3% to $33.80 in pre-market trading after a 17% gain on Wednesday [4]

Core Viewpoint - The article discusses the advancements and applications of Micro LED technology in the automotive sector, highlighting the successful launch of a 7-inch Micro LED standard product by Tianma Microelectronics, which showcases significant technical achievements and potential market growth in vehicle displays [2][5][11]. Group 1: Product Features and Technical Achievements - Tianma Microelectronics has successfully developed a 7-inch Micro LED product with a high transmittance rate of 61%, brightness of 1700 nits, NTSC color gamut exceeding 120%, a contrast ratio of 1,000,000:1, and microsecond-level response speed, making it suitable for automotive display applications [4][10]. - The product supports modular design, allowing for flexible configurations in various display scenarios, including HUD and central control screens, as well as panoramic HUD systems [4][5]. - The company has achieved full-process integration in its G3.5 Micro LED production line, overcoming key technical challenges such as backplane driving and mass transfer, enabling rapid capacity scaling [5][6]. Group 2: Market Trends and Future Outlook - Micro LED technology is gradually penetrating the automotive market, with applications in high-end production models, such as the Audi Q3, which features Micro LED headlights [7]. - Despite the slower adoption of Micro LED in vehicle displays compared to established LCD and OLED technologies, the unique characteristics of Micro LED, such as high brightness and contrast, are expected to attract more automotive manufacturers as the industry moves towards automation and smart connectivity [7][11]. - Various panel manufacturers, including Tianma, BOE, Innolux, AUO, and TCL, are actively showcasing their latest Micro LED automotive display solutions at trade shows, indicating a growing interest and potential for diverse applications in the automotive display sector [8][11].