格隆汇12月10日丨新劲刚(300629.SZ)在互动平台表示，公司已具备TR组件相关产品及技术储备。全资 子公司宽普科技专注特殊应用射频微波发射组件领域20余年，业务覆盖模块、组件、设备及系统的研发 与生产，产品广泛应用于通信、对抗、雷达、导航、指挥自动化、压制等多个领域及各类平台，多项产 品填补国内技术空白，部分产品实现进口替代，在行业内树立了领先地位与"宽普"优质品牌形象。下属 企业仁健微波则深耕微波频率源组件领域10余年，行业知名度与口碑俱佳，产品覆盖雷达、监测、测 向、通信、导航、电子对抗等场景，频率范围达DC-50GHz，其中高速捷变频率源的频率转换速度、超 低相噪捷变频率源的相位噪声控制能力均处于国内外领先水平。 ...

Core Viewpoint - The company is making progress on the acquisition of the Haikou Intelligent Technology Park project and is focused on the construction of its RF microwave industrialization base, which is expected to enhance production capacity in response to growing demand [1] Group 1: Project Development - The construction of the RF microwave industrialization base is steadily advancing, with the new factory building having completed its topping-out phase [1] - The factory has not yet been officially delivered, and once completed, the company will proceed with internal decoration, equipment procurement, and installation debugging [1] - The company aims to accelerate the project construction pace to meet increasing production capacity demands [1] Group 2: Performance Forecast - The company is unable to provide specific performance forecasts due to multiple influencing factors, including the recovery pace of downstream industries, order fulfillment efficiency, and payment progress [1]

Core Insights - Guangdong Xinjingang Technology Co., Ltd. held a significant investor research event on October 15, 2025, attended by 22 institutions, including the Foshan Listed Companies Association and China International Capital Corporation [1] Group 1: Event Details - The investor relations activity was categorized as a specific audience research and on-site visit, conducted in the multimedia conference room of Guangdong Xinjingang Technology Co., Ltd. The reception team included the board secretary Zhou Yibo and the investor relations director Wang Chong [2] Group 2: Financial Performance Analysis - During the Q&A session, institutions inquired about the reasons for the decline in the company's financial data for the first half of 2025. The company explained that the decrease in revenue was primarily due to concentrated demand from downstream customers disrupting production plans and capacity allocation, along with delays in material delivery from upstream suppliers. Although the second quarter revenue increased by 145.56% compared to the first quarter, it still decreased by 20.03% year-on-year, with total revenue for the first half of 2025 at 162.14 million yuan, a 41.01% decline from the previous year. Additionally, the slow payment processes from downstream customers led to a significant increase in credit impairment losses, resulting in a net profit of 7.60 million yuan, down 90.34% year-on-year [3] Group 3: Civilian Sector Strategy - The company is actively advancing its military-civilian integration strategy. Its RF power amplifier products have entered the C919 industrial chain with small batch deliveries. The establishment of Guangdong Kaiji Intelligent in July 2024 focuses on promoting RF microwave technology in civilian sectors such as low-altitude economy and satellite internet. In the new energy vehicle thermal management sector, the company has delivered samples, but future market performance will depend on industry demand and customer collaboration [4] Group 4: Accounts Receivable Situation - The company addressed the increase in accounts receivable and slow payment issues, attributing them to short-term changes in the specialized application sector. The delays in customer settlements and payment cycles are influenced by industry adjustments and cyclical fluctuations. However, the company's main clients are reputable large research institutions and manufacturers, indicating good quality of accounts receivable with low bad debt risk. The company plans to enhance customer tracking and communication to optimize management mechanisms for faster payment recovery [5] Group 5: Low-altitude Economy Business Progress - In the low-altitude economy sector, the company has won a bid for a micro-target detection radar project with a state-owned listed company in Shenzhen and is advancing equipment installation and delivery. Kaiji Intelligent has signed a strategic cooperation agreement with a drone system developer in Guangzhou to jointly develop drone countermeasure products. The company is also actively addressing low-altitude security needs in the Guangdong-Hong Kong-Macao Greater Bay Area. In the short term, the company will increase R&D investment and accelerate the transformation of technological achievements, aiming to establish a stable market share in the region and become a core supplier of RF microwave technology and solutions [6]

Financial Performance - The company's revenue for the first half of 2025 was CNY 162.14 million, a decrease of 41.01% compared to the same period last year [2] - The net profit attributable to shareholders for the same period was CNY 7.60 million, down 90.34% year-on-year [2] - The second quarter of 2025 saw a 145.56% increase in revenue compared to the first quarter, but a 20.03% decrease compared to the same quarter last year [2] Operational Challenges - The decline in revenue was attributed to concentrated demand from downstream customers, leading to challenges in production planning and capacity allocation [2] - Delays from upstream suppliers due to industry order concentration affected material availability, impacting overall delivery progress [2] - The company faced prolonged payment cycles from downstream customers, resulting in a high balance of accounts receivable and increased credit impairment losses [2][4] Strategic Initiatives - The company is actively pursuing a dual-use strategy, transitioning military technology to civilian applications, particularly in the low-altitude economy and satellite internet sectors [3] - Recent projects include the delivery of radar systems for low-altitude monitoring and strategic partnerships for drone countermeasures [5] - The company aims to establish a stable market share in the low-altitude economy, leveraging its technological advantages [5] Accounts Receivable Management - The increase in accounts receivable is attributed to industry fluctuations and extended settlement periods, typical for the sector [4] - The company maintains a good credit quality with major clients, primarily state-owned enterprises and listed companies, minimizing bad debt risks [4] - Ongoing efforts to enhance communication with clients and optimize accounts receivable management are in place to accelerate payment recovery [4] Mergers and Acquisitions Strategy - The company has a clear acquisition strategy focusing on enhancing its capabilities in special application RF microwave solutions through horizontal and vertical mergers [6] - Investment incubation and acquisitions are being pursued to build a leading position in special application thermal barrier and composite materials [6]

Core Viewpoint - The article discusses the transformation of urban development in China, focusing on the shift from large-scale expansion to quality improvement and efficiency enhancement, with a specific case study on the manufacturing city of Foshan and its district, Chancheng [1][2]. Group 1: Urban Development and Economic Transformation - Chancheng district in Foshan is undergoing a significant transformation, aiming to become a manufacturing center, service center, and cultural hub, moving from being merely a central urban area to a true city center [2][4]. - The district's GDP for 2024 is projected to be 242.1 billion yuan, ranking it highly among provincial and national districts, despite its previous lower visibility compared to neighboring manufacturing bases [2][4]. - The opening of the Guangfo South Ring and the construction of the Guangzhan high-speed railway station are expected to significantly reduce commuting times, enhancing connectivity and attracting more technology companies to invest in Chancheng [4][21]. Group 2: Land and Space Optimization - Chancheng faces a land space challenge, with a high development intensity of 82% on its 154 square kilometers, limiting its capacity for industrial growth [7][11]. - The district has initiated a "three-year million" action plan to construct over 10 million square meters of high-quality urban industrial space, addressing the previous land scarcity issues [11][14]. - The "collective to state" model is being implemented to optimize land use, allowing for legal circulation and value enhancement of land while maintaining ownership rights [11][12]. Group 3: Investment and Economic Growth - In 2023, Chancheng has seen a significant increase in industrial investment, with advanced manufacturing investment growing by 58.8% and high-tech industry investment increasing by 180% [15][18]. - The district has become a hotspot for investment, with numerous projects being signed, including a major semiconductor project and various high-tech initiatives [14][15]. - The local government is actively facilitating investment through the establishment of industrial funds and direct engagement with enterprises to enhance the local economic landscape [18][20]. Group 4: Cultural and Service Integration - Chancheng is integrating cultural elements into its urban renewal efforts, revitalizing historical areas and enhancing consumer experiences through arts and design [28][30]. - The district is also focusing on developing a service-oriented economy, leveraging its manufacturing base to create a rich ecosystem for production services [24][25]. - Collaborative initiatives with educational and research institutions aim to enhance innovation and support the local economy, fostering a more dynamic business environment [25][27].

Core Insights - The article discusses the transformation of urban development in China, particularly focusing on the shift from large-scale expansion to improving existing urban quality and efficiency [1] - It highlights the case of Foshan, specifically the changes occurring in the manufacturing sector and the strategic initiatives being implemented to enhance urban and industrial development [2][3] Group 1: Urban Development and Policy - The Central Urban Work Conference emphasizes a new path for urban modernization with a focus on high-quality development [1] - Foshan's Chancheng District aims to transition from a central urban area to a city center by enhancing its manufacturing, service, and cultural sectors [3][4] Group 2: Manufacturing Sector Dynamics - Guangdong Kuanpu Technology is expanding its production capacity in Chancheng, which is part of a broader trend of manufacturing returning to urban centers [3][12] - The district has seen significant industrial investment growth, with advanced manufacturing investment increasing by 58.8% and high-tech industry investment rising by 1.8 times in the first half of the year [12][14] Group 3: Land Use and Space Optimization - Chancheng faces land use challenges with a high development intensity of 82%, limiting its capacity for industrial growth [5][6] - The "collective to state" land optimization model is being implemented to enhance land value and facilitate industrial development [8][9] Group 4: Infrastructure and Connectivity - The opening of the Guangfo South Ring and the construction of the Guangzhan High-speed Railway station will significantly reduce commuting times, enhancing connectivity with Guangzhou [4][17] - The integration of high-density transportation networks is attracting technology companies to invest in Chancheng [4][12] Group 5: Investment and Economic Growth - Chancheng has established a robust industrial land reserve, exceeding the total amount sold in the past 15 years, indicating a strong investment climate [11][12] - The district's industrial investment is projected to maintain double-digit growth, with a focus on high-tech and advanced manufacturing sectors [12][13] Group 6: Cultural and Consumer Engagement - Chancheng is revitalizing its urban landscape through cultural initiatives and enhancing consumer experiences, which is expected to drive local economic growth [23][24] - The district is fostering a collaborative environment for cultural and commercial activities, aiming to create a vibrant economic ecosystem [25][26]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 118.32 [1][5][7] Core Insights - The company reported a strong performance in H1 2025, achieving revenue of RMB 25.44 billion, a year-on-year increase of 25.82%, and a net profit attributable to shareholders of RMB 3.51 billion, up 56.46% year-on-year [1] - The infrared thermal imaging and optoelectronic business segments showed significant growth, with revenues of RMB 24.03 billion, a 36.56% increase year-on-year, driven by strong downstream demand [2] - The company is actively expanding its AI-related applications across various business areas, achieving significant progress in chip design and terminal products [4] Financial Performance - In Q2 2025, the company achieved revenue of RMB 14.07 billion, representing a year-on-year growth of 38.67% and a quarter-on-quarter increase of 23.82% [1] - The gross margin for the infrared thermal imaging and optoelectronic business was 52.94%, slightly down by 0.61 percentage points year-on-year [2] - The company’s cash flow improved significantly, reaching RMB 3.18 billion in H1 2025, an increase of 328.46% year-on-year [2] Business Development - The company is making steady progress in special equipment and microwave business areas, with ongoing projects in smart guidance and optoelectronic pods [3] - The microwave business is expanding, with successful client integrations and stable deliveries of aerospace-grade components [3] - The company is also advancing its research projects, including next-generation intelligent low-cost uncooled infrared chips [3] Profit Forecast and Valuation - The company’s projected net profits for 2025-2027 are RMB 8.02 billion, RMB 10.86 billion, and RMB 13.38 billion respectively, with corresponding EPS of RMB 1.74, RMB 2.36, and RMB 2.91 [5][9] - The target price has been adjusted to RMB 118.32, based on a PE valuation of 68 times for 2025 [5][9]

Company Performance - In 2024, the company achieved a revenue of 481 million yuan and a net profit attributable to shareholders of 120 million yuan; in Q1 2025, the revenue was 46.92 million yuan, showing a year-on-year adjustment [1] - The company reported a significant increase in new orders compared to the same period last year, although revenue recognition was impacted by extended contract approval cycles due to short-term adjustments in downstream industries [1] Strategic Initiatives - The company is leveraging digital transformation and cost-efficiency initiatives while focusing on new opportunities in emerging fields, particularly in the low-altitude economy [1] - The establishment of subsidiaries such as Kai Ji Intelligent and Kai Ce Intelligent aims to promote the application of RF microwave technology in satellite internet and low-altitude economy sectors [2] Industry Trends - The low-altitude economy industry in Shenzhen has surpassed 100 billion yuan, with over 700,000 drone flights annually, positioning it as a national leader [3] - The Shenzhen government plans to build over 1,000 low-altitude takeoff and landing platforms and routes by the end of 2025, aiming for international leadership in low-altitude flight services [3] Market Potential - The low-altitude economy is recognized as a new growth engine, with the civil drone industry nearing 120 billion yuan and the eVTOL industry approaching 1 billion yuan in 2023 [4] - The military industry is entering a new growth cycle, presenting opportunities for companies with new growth curves and traditional leaders in emerging fields [4]