Core Viewpoint - The stock of Sichuan Electronics has experienced fluctuations, with a year-to-date increase of 32.75% and a recent decline of 11.19% over the past 20 days [1][2]. Company Overview - Sichuan Electronics, established on August 18, 2000, and listed on May 10, 2004, is located in Hefei, Anhui Province. The company primarily engages in radar, smart industry, and energy sectors, including meteorological radar, air traffic control radar, and various related products [2]. - The revenue composition of Sichuan Electronics includes radar and related products (53.16%), public safety products (26.24%), power products (15.10%), mobile support equipment (4.68%), and others (0.83%) [2]. Financial Performance - For the first half of 2025, Sichuan Electronics reported a revenue of 677 million yuan, reflecting a year-on-year growth of 5.61%. However, the net profit attributable to shareholders was -43.43 million yuan, a decrease of 11.50% compared to the previous year [2]. - The company has distributed a total of 276 million yuan in dividends since its A-share listing, with 19.97 million yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 21.62% to 33,600, with an average of 8,015 shares held per shareholder, down by 17.78% [2]. - Notable institutional shareholders include Hong Kong Central Clearing Limited, which increased its holdings to 3.12 million shares, and new entrants such as Guotou Ruijin National Security Mixed A and Changcheng Jiujia Innovation Growth Mixed A [3].

Group 1 - The military-civilian integration sector has seen a significant rise, with the sector increasing by over 3% as of June 30, and several stocks, including Lijun Co., Guorui Technology, and Zhongguang Optical, reaching their daily limit [1] - Military-civilian integration refers to the combination of military and civilian industries, leveraging advanced technologies developed in military contexts for civilian applications, such as aerospace technology in communications and navigation, and nuclear technology in power generation and healthcare [1] - The economic impact of military enterprises includes substantial investments in research and development, which, when converted to dual-use technologies, can expand market space, increase product sales, and enhance economic benefits [1] Group 2 - Pacific Securities expresses a positive outlook on the military-civilian integration sector, highlighting strong dual-use potential in areas such as marine, space, cyberspace, biology, and new energy, which may benefit from policy incentives [2] - Zhongyou Securities indicates that the military industry is expected to reach a turning point, with new products and military technology conversion creating new market opportunities [2] - A list of military-civilian integration concept stocks has been compiled for investor reference, although it does not constitute investment advice [2] Group 3 - Zhongbing Hongjian has transitioned from a purely civilian company to a military-civilian integration platform following its restructuring [3] - Great Wall Military Industry operates as a holding company with both military and civilian business segments, primarily focusing on military products [3] - Boya Precision Engineering applies core technologies developed for military equipment to the civilian sector, enhancing product standards [3] - Beihua Co. acquired Xinhua Chemical, a unique military-civilian integration enterprise specializing in nuclear and chemical defense materials [3] - Sichuan Electronics produces radar products for both military and civilian applications, maintaining strong relationships with various governmental departments [3] - Inner Mongolia First Machinery Group develops military-civilian integration products such as multifunctional firefighting vehicles and rescue vehicles [3] - Aerospace Nanhu focuses on key technology development for both military and civilian low-altitude markets, contributing to low-altitude economic initiatives [3] - Xinyu Guoke has been engaged in the research, production, and sales of pyrotechnics and related products, while also developing dual-use technology industries [4]