《科创板日报》10月24日讯（记者 黄修眉）"智明达现有的业务不会转移至新公司，智明达将持续在现 有行业和主营产品领域深耕。子公司纳入上市公司合并报表，投资收益投资者都参与分享。"在今日 （10月24日）举行的2025年第三季度业绩说明会上，智明达联席董事长江虎表示。 智明达专注于尖端高可靠性嵌入式计算机的研制、生产和服务，产品广泛应用于飞机、导弹、卫星、火 箭、无人系统等高端装备，服务于电子对抗、精确制导、雷达、通信、飞控等关键电子系统，提供信号 采集、图像感知与智能处理、智算终端、总线控制、边缘存储、高可靠智能电源等一站式解决方案。 智明达于9月23日发布公告，披露公司布局新兴赛道。成立江虎提到的新子公司-成都智为新途科技有限 公司。 该公司注册资本1000万元，智明达持股51%。其布局的智慧视觉产品应用于交通、安防、无人装备及反 无等领域，具身智能产品应用于机器人、机器狗等设备控制系统，替代传统同类产品。 业绩方面，得益于产品订单大幅增长，智明达10月23日晚披露一份亮眼的2025年前三季度财报。该公司 实现营收5.12亿元，同比增长145.16%；实现归母净利润8198.71万元，同比扭亏为盈。也因业 ...

值得一提的是，智明达此番还披露了公司布局新兴赛道的进展。 三季报显示，成都智为新途科技有限公司（下称"智为新途"）已于10月15日取得工商核准。智为新途的 经营范围包括：人工智能基础软件开发；人工智能通用应用系统；智能机器人的研发、销售；工业控制 计算机及系统销售等等。 据企查查，智为新途注册资本1000万元，智明达持股51%。 智明达主要面向国家重点领域客户，提供定制化嵌入式模块和解决方案。公司专注于尖端高可靠性嵌入 式计算机的研制、生产和服务，产品广泛应用于飞机、导弹、卫星、火箭、无人系统等高端装备，服务 于电子对抗、精确制导、雷达、通信、飞控等关键电子系统，提供信号采集、图像感知与智能处理、智 算终端、总线控制、边缘存储、高可靠智能电源等一站式解决方案。 智明达在三季报中表示，公司持续实施技术领先战略，不断提升技术实力，深耕原有产品线（机载、弹 载、商业航天、无人装备等），单个型号价值量较之前型号大幅提升，同时不断探索新的技术，新的领 域。 据悉，随着客户需求大幅增加，智明达相关产品订单出现大幅增长。截至报告期末，公司在手订单（含 口头）4.5亿元。今年年初至报告期末新增订单较上年同期大幅增长，其中机载 ...

Summary of Zhimingda Conference Call Company Overview - **Company Name**: Zhimingda - **Industry**: Military Embedded Computing - **Headquarters**: Chengdu, Sichuan Province, China - **Established**: 2022 Financial Performance - **2024 Revenue**: 438 million CNY, a decrease of 33.95% year-on-year [2][4] - **2025 H1 Revenue**: 295 million CNY, an increase of 84.83% year-on-year [2][4] - **Core Business**: Airborne business accounts for over 60% of revenue in both 2024 and 2025 H1 [2][5] - **Order Backlog**: As of mid-2025, the order backlog reached 608 million CNY, a year-on-year increase of 73.71% [2][6] Market Dynamics - **Military Embedded Computer Market**: Rapidly developing, with a strong demand for upgrades in China's military aircraft [2][7] - **Comparison with US**: China has approximately 3,300 active military aircraft, significantly lower than the US's 13,000 [7] - **Cost Structure**: The avionics system cost has increased, representing 30%-40% of advanced fighter aircraft costs, expanding the market for embedded computing [7][8] Business Segments - **Airborne Business**: Remains the core revenue source, with significant contributions from unmanned systems and commercial aerospace [2][4][5] - **Missile Guidance Systems**: Increased demand for precision-guided weapons is driving growth in the missile-borne embedded computing market [2][9] - **Satellite Sector**: The number of commercial satellite launches has reached new highs, increasing demand for onboard computers [2][10] Competitive Landscape - **Main Competitors**: Military research institutes and a few qualified enterprises [12] - **Competitive Advantages**: - Flexible production mechanisms and effective incentive measures [12] - Strong historical collaboration with clients, leading to high customer retention [12] Emerging Opportunities - **Unmanned Systems**: The demand for embedded computing in unmanned systems is expected to rise significantly due to modern warfare needs [2][11] - **Low-altitude Economy**: Development in this area is expected to boost demand for civilian products [11] Challenges - **Order Delays**: Orders were delayed in 2024 due to industry conditions, impacting delivery [2][6] - **Market Competition**: Facing competition from state-owned research institutes with less flexibility in production [12] Conclusion Zhimingda is positioned for recovery and growth, leveraging its core competencies in military embedded computing and expanding into new markets such as unmanned systems and commercial aerospace. The company’s strong order backlog and increasing revenue in 2025 indicate a positive outlook despite previous challenges.

Group 1: Fund Research - The report constructs an active cycle-themed fund pool, categorizing funds into balanced cycle funds and single-track cycle funds based on their allocation to cyclical industries [5][6][7] - Recommended funds include Dachen Industry Trend, HSBC Jintrust Small Cap, and Qianhai Kaiyuan Hong Kong-Shanghai Core Resources [5][7] - The report highlights that the selected balanced cycle funds focus on non-ferrous metals and basic chemicals, while single-track funds target specific sectors like gas, wind power, and coal [8] Group 2: Securities Industry Analysis - The report indicates that various funds are entering the market, with insurance companies increasing their stock allocation, and public offerings showing signs of recovery [10][11] - It predicts a 48% profit growth for the securities industry in 2025, with specific recommendations for undervalued leading brokers and those with fundamental changes [11] - The report notes that the A-share liquidity index's rapid increase correlates with the median rise of brokerage stocks, suggesting further upside potential for these stocks [10][11] Group 3: Defense Industry Analysis - The report covers Zhimingda, a leading company in the embedded computing industry, forecasting net profits of 103 million, 152 million, and 201 million yuan for 2025-2027 [13][14] - It emphasizes the company's strategic positioning in the midstream market, benefiting from the increasing demand for embedded computers in military applications [14] - The report assigns a target price of 40.83 yuan for 2026, based on a 45x valuation, and gives a "buy" rating [13] Group 4: Macro Analysis - The report discusses the recent market pullback, suggesting it is a short-term adjustment rather than a significant downturn, similar to patterns observed in previous bull markets [16][17] - It highlights that the current market sentiment is influenced by profit-taking and structural adjustments, with no major negative macroeconomic changes [16][17] - The report anticipates a continuation of liquidity-driven market trends, with a shift towards a slow bull market supported by economic recovery and inflation expectations [18]

Core Viewpoint - The company has implemented a "Quality Improvement and Efficiency Enhancement" action plan for 2025 to enhance investment value and shareholder returns while maintaining compliance and effective governance [1]. Group 1: Business Performance - The company focused on its core business, achieving a net profit attributable to shareholders of 35.68 million yuan, a turnaround from losses, with an increase of 36.96 million yuan compared to the same period last year [1]. - The company experienced a significant increase in new orders, particularly in airborne and missile-mounted products, driven by rising customer demand [2]. Group 2: Financial Management - The company has seen a rapid increase in accounts receivable due to longer payment settlement times, but most accounts are within one year and from reputable clients, mitigating risks [2]. - The proportion of accounts receivable to current assets decreased from 95.6% in the first half of 2024 to 58.1% in the first half of 2025, and the accounts receivable turnover days improved from 956 days to 581 days [2]. Group 3: Technological Innovation - The company has developed a comprehensive research and production control system, focusing on embedded computing technology, and has accumulated over 20 years of industry experience [3]. - The company holds 37 patents and 176 software copyrights, and has been recognized as a national-level "Little Giant" enterprise, indicating strong R&D capabilities [3]. Group 4: Investor Relations and Governance - The company has established a transparent dividend policy, distributing a cash dividend of 0.142 yuan per share and increasing its total share capital through a capital reserve transfer [4]. - The company has enhanced its governance structure by eliminating the supervisory board and transferring its responsibilities to the audit committee of the board [5]. - The company organized 74 investor meetings in the first half of 2025, an increase from 66 in the same period of 2024, to improve communication with shareholders [6][7].

Core Viewpoint - Chengdu Zhimianda Electronics Co., Ltd. has experienced a decline of 9.33% over five consecutive trading days, indicating potential market concerns regarding the company's performance and outlook [1]. Company Overview - Chengdu Zhimianda Electronics is a leading enterprise in the domestic embedded computer industry, providing customized solutions, products, and services based on customer needs [1]. Shareholder Information - Two funds under GF Fund Management have entered the top ten shareholders of Zhimianda, with GF Technology Innovation Mixed A maintaining its position and GF Small and Medium Cap Selected Mixed A increasing its holdings [1]. - GF Technology Innovation Mixed A has achieved a year-to-date return of 19.28%, ranking 562 out of 4,561 in its category, while GF Small and Medium Cap Selected Mixed A has a year-to-date return of 19.15%, ranking 577 out of 4,561 [1]. Fund Manager Profiles - The fund managers for GF Technology Innovation Mixed A and GF Small and Medium Cap Selected Mixed A are Wu Yuanyi and Chen Yunzong, respectively [4][6]. - Wu Yuanyi has a background in finance and has held various positions in research and fund management since 2020 [5]. - Chen Yunzong has been with GF Fund Management since 2019 and has experience in industry research and fund management [6]. Fund Management Company - GF Fund Management was established in August 2003, with a significant shareholding structure where GF Securities holds 54.53% [6].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 60.00, compared to the last closing price of 39.87 [1]. Core Insights - The company, Zhimin Da (688636), is a leading player in the domestic embedded computer industry, focusing on key national sectors and providing customized solutions, products, and services [4][11]. - The demand for embedded computers in key sectors is expected to grow significantly due to the acceleration of defense information construction and the increasing intelligence of equipment [5][51]. - The company is well-positioned to benefit from the recovery of orders in key sectors, with expectations of improved financial performance in the coming years [5][24]. Summary by Sections 1. Company Overview - Zhimin Da has over 20 years of experience in embedded technology, ensuring its leading position in the industry through core technical advantages [12][13]. - The company has a stable revenue growth rate, with a compound annual growth rate of 13.85% from 2019 to 2024, and a gross margin maintained above 40% [24]. 2. Market Demand - The embedded computer market is experiencing significant growth driven by the demand for intelligent equipment in various industries, including communications and healthcare [4][42]. - The global market for embedded systems in key sectors is projected to grow from USD 101.9 billion in 2020 to USD 238 billion by 2027, with a CAGR of 12.9% [44]. 3. Product Applications - The company’s products are widely used in key sectors, including airborne and missile systems, with a focus on enhancing capabilities in these areas [5][61]. - The company has expanded its product offerings to include applications in satellite and drone markets, which are expected to contribute to future growth [5][28]. 4. Financial Projections - The company’s net profit is projected to be CNY 0.19 million, CNY 1.13 million, and CNY 1.54 million for 2024, 2025, and 2026 respectively, with corresponding EPS of CNY 0.17, CNY 1.01, and CNY 1.37 [5][7]. - The expected PE ratios for the same periods are 233, 40, and 29, indicating a potential for significant valuation improvement as the market recovers [5].