Core Viewpoint - The article emphasizes the investment value of significant events, industry chain companies, and key policy interpretations, focusing on the development of domestic chips and anti-drone technology [1]. Group 1: Domestic Chips - The company has successfully adapted its chips to work with domestic brands such as Loongson and Feiteng, indicating a strong position in the domestic chip market [1]. - The products are widely used in servers, desktop computers, and PCs, showcasing the versatility and applicability of the company's chip technology [1]. Group 2: Anti-Drone Technology - The company has successfully developed a series of high-performance intelligent computing modules and complete machine products for anti-drone applications, highlighting its technological leadership in the airborne field [1]. - The advancements in anti-drone technology reflect the company's commitment to innovation and its strategic focus on emerging security needs [1].

Core Insights - The company, Xingwang Yuda, is recognized as one of the early domestic enterprises engaged in the research and promotion of unmanned systems products, having accumulated significant technological expertise over the years [1] - The company has developed a comprehensive range of unmanned systems, including low, medium, and high spectrum unmanned target aircraft, all-weather multi-disaster reconnaissance drones, unmanned boats, unmanned vehicles, and subsonic solid rocket targets [1] - The company has achieved breakthroughs in key technologies such as high-altitude maneuverability, ultra-low altitude flight, high-speed multi-aircraft formations, and multi-channel anti-jamming [1] Financial Performance - The company's gross margin for unmanned systems in 2024 is expected to be low due to several factors, including the impact of military procurement network restrictions, a decline in operating revenue, increased fixed costs allocated to products, and intensified market competition [1] - The decrease in sales prices for some orders has also contributed to the lower gross margin [1] Product Development - The company has completed a technical upgrade of a highly integrated anti-drone product, which can monitor, identify, and counteract drones, effectively preventing illegal drone incursions into key protected areas [1] - This product addresses concerns related to the use of drones for delivering hazardous materials or capturing images of regulatory facilities in sensitive regions [1]

Group 1 - Shanghai Jinglin Asset Management Company is a private fund management company registered with the Asset Management Association of China, focusing on investments in domestic and foreign listed company stocks [2] - The company has a strong track record of performance, managing various A-share trust investment plans since 2006, and has gained the trust of large institutional investors and high-net-worth individuals [2] - Jinglin's investment philosophy emphasizes value investing, utilizing fundamental analysis and stock valuation, with a preference for companies with high entry barriers and strong negotiation capabilities [2] Group 2 - Jinglin Asset recently conducted research on Tianhe Defense, highlighting its core business lines, including military equipment, communication electronics, and new-generation integrated electronic information [1] - Tianhe Defense has signed contracts for a portable air defense missile intelligence command system upgrade project, with a total contract value of approximately 260 million yuan, indicating potential for ongoing orders [1] - The company is advancing a stock issuance to specific targets for 2024, with all raised funds intended to supplement working capital [1]

Group 1: Financial Performance - The company expects a loss of 216 to 264 million yuan for 2024, a year-on-year decline of 500% to 589% [6] - The company's revenue for the first three quarters of 2024 is 232 million yuan, with military procurement contributing 1.2265 million yuan, accounting for 0.53% of total revenue [1] - The company signed new contracts worth 559 million yuan in 2024 [5] Group 2: Order Status - As of March 31, 2025, the company has an order backlog of 340 million yuan [4] - The company has formed approximately 26 million yuan in orders related to inertial navigation products [2] - The company has received some sales orders in the international market for certain products [2] Group 3: Impact of Military Procurement Ban - The company has been banned from participating in military procurement activities since October 14, 2024, for a period of one year [4] - The ban has led to a significant reduction in order volume, impacting 2024 revenue [4] - The company is actively expanding into civilian markets to mitigate the impact of the military procurement ban [9] Group 4: Strategic Initiatives - The company is focusing on developing civilian market products such as emergency drones and low-orbit satellite terminals [7] - The company is optimizing its organizational structure and reducing personnel by approximately 20% to improve operational efficiency [6] - The company is exploring external cooperation opportunities to enhance competitiveness [6] Group 5: Market Outlook - The company is optimistic about the growth potential in the unmanned systems, satellite communication, and radar detection industries [3] - The company aims to leverage emerging industries like low-altitude economy and intelligent driving for future growth [6] - The company is committed to continuous innovation and product development to maintain market competitiveness [6]