格隆汇12月29日丨振芯科技(300101.SZ)在互动平台表示，公司从事北斗导航产业多年，产品应用覆盖 车、机、船等诸多领域，为用户提供定位、导航、通信、授时等基础服务。同时，公司的SerDes接口等 视频接口类芯片可用于智能汽车领域。目前公司已视相关行业情况开展产品研制及市场应用拓展。 ...

在会后提问环节，振芯科技副董事长徐进就市场关心的问题进行了深入交流。有媒体问及"有消息称公 司实控人何燕启动程序要提前改选董事会，是否有此事"，徐进回应称：确有此事，12月22日，国腾电 子集团召开董事会，提出召开股东大会提前改选董事会，何燕方拟更换所有董事成员，现有9名董事中 有5名是代表何燕方，其余4名董事对此表示强烈反对。 徐进向参会股东与媒体表示，现董事会之所以强烈反对实控股东提前改选董事会，一是因为何燕的国籍 问题一直未明确。振芯科技作为特殊行业企业，涉及军工领域，需要遵守保密法。二是担心何燕"监外 服刑"问题影响公司发展。三是何燕是否有曾用名"何然"，也未清晰。 本次会议由公司董事长谢俊主持，核心议程是审议系列议案，现场参会的股东（或股东代表）共15人， 代表股份数2168675股，占公司总股本的0.3853%。 资料显示，这是继4月22日年度股东大会之后，国腾电子再次对振芯科技议案投出反对票。《2024年度 董事会工作报告》《2024年度监事会工作报告》《关于选聘公司2025年至2029年度审计机构的议案》未 通过股东大会审议。 国腾电子投出反对票的核心理由是控股股东的权利被限制，振芯科技董事则 ...

Core Insights - The defense and aerospace industry is experiencing sustained high demand, particularly in the two aircraft sectors and commercial aerospace, which are seen as new growth drivers [2][5][13] - The report highlights the increasing frequency of commercial space launches, with companies like SpaceX targeting a valuation of $1.5 trillion as they prepare for an IPO [5][14] - Investment opportunities are identified in various sectors, including domestic demand and overseas expansion, AI-driven upgrades in military technology, and the potential for new materials and technologies in aviation and space [5][15] Industry Overview - The report notes that the demand for high-end aviation equipment is expected to continue, with significant opportunities for domestic engine replacements in the civil aviation market [23] - The commercial aerospace sector is seeing a notable increase in aircraft deliveries, with a reported 44% year-on-year growth in the delivery of wide-body aircraft as of October 2025 [5][13] - The report emphasizes the importance of strategic partnerships, such as the long-term supply agreement between Yingliu Aviation and Ansaldo Energia, which marks a shift towards large-scale collaboration [5][13] Company Analysis - Companies like AVIC Shenyang Aircraft Corporation and AVIC Xi'an Aircraft Industry Group are highlighted for their potential to benefit from increased domestic and international demand [15][29] - The report discusses the strong growth prospects for companies involved in AI-driven military upgrades, recommending a focus on firms like Ruichuang Micro-Nano and AVIC Optoelectronics [15][18] - The financial outlook for key companies is optimistic, with projected earnings growth and favorable valuation metrics, such as a dynamic PE ratio of approximately 40X for Ruichuang Micro-Nano [18][19] Market Performance - The report indicates that the China Securities Military Industry Index has shown a weekly increase of 2.53%, with a year-to-date increase of 27.99% as of the report date [36] - The military sector has outperformed major indices, indicating strong investor interest and confidence in the defense and aerospace markets [36] Investment Recommendations - The report suggests focusing on companies that are well-positioned to capitalize on the expanding domestic and international markets, particularly those involved in military and aerospace technology [15][23] - Specific companies recommended for investment include AVIC Shenyang, AVIC Xi'an, and Ruichuang Micro-Nano, among others, due to their strategic positioning and growth potential [15][18][29]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company's performance is under pressure due to industry cyclical impacts, but new product expansions are expected to yield positive results [1][3] - The company is a leader in wireless communication and BeiDou navigation, benefiting from the long-term trend of defense informationization and actively expanding into satellite internet and low-altitude economy [3][9] Financial Performance Summary - In the first half of 2025, the company achieved total revenue of 2.229 billion yuan, a year-on-year decrease of 13.97%, and a net profit attributable to shareholders of 2.5138 million yuan, down 98.72% year-on-year [1][9] - Revenue breakdown shows wireless communication revenue at 690 million yuan (down 5.73%), BeiDou navigation revenue at 280 million yuan (down 32.25%), aerospace revenue at 140 million yuan (down 11.04%), and smart ecology revenue at 1.082 billion yuan (down 13.15%) [9] - The company's R&D expense ratio reached a historical high of 20.05%, indicating a strong commitment to transformation [9] Earnings Forecast and Valuation - The revised net profit forecasts for 2025 and 2026 are 334 million yuan and 567 million yuan, respectively, with a new forecast for 2027 at 1.027 billion yuan [3][10] - Corresponding P/E ratios are projected at 104, 61, and 34 times for 2025, 2026, and 2027, respectively [3][10] Market Data - The closing price of the stock is 14.13 yuan, with a market capitalization of approximately 35.068 billion yuan [6][10] - The company has a price-to-book ratio of 2.81 [6] Competitive Advantages - The company is enhancing its core competitive advantages through continuous R&D in "BeiDou + 5G" integrated chips and has secured contracts in satellite internet and low-altitude economy sectors [9][10]