证券研究报告 臻镭科技 (688270 CH) 卫星星座密集部署，业绩加速释放 2025 年 8 月 13 日│中国内地 航空航天 臻镭科技发布半年报，2025 年 H1 实现营收 2.05 亿元（yoy+73.64%）， 归母净利 6231.97 万元（yoy+1006.99%），扣非净利 5289.50 万元 （yoy+8834.30%）。其中 Q2 实现营收 1.32 亿元（yoy+106.24%， qoq+82.08%），归母净利 3985.27 万元（yoy+252.46%，qoq+77.38%）。 25 年上半年面对下游行业回暖，公司持续巩固技术和市场优势，在手订单 和在手项目同比大幅增长，也实现了业绩快速增长。我们认为公司在低轨卫 星星座、数字相控阵等具有较好发展前景的产业中拥有较强的竞争优势和良 好卡位，未来业绩有望保持较快增长，维持"买入"评级。 多项业务收入实现较快增长，毛利率水平维持高位 上半年行业需求向好，射频收发芯片及高速高精度 ADC/DAC 芯片实现收入 0.81 亿元（yoy+71.80%），毛利率为 96.53%（yoy+1.66pct）；电源管理 芯片实现收入 1.03 亿 ...

Core Viewpoint - Zhejiang Zhenlei Technology Co., Ltd. received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, emphasizing the importance of transparency and compliance in financial disclosures [1][2]. Revenue Performance - The company achieved a revenue of 303 million yuan in 2024, representing a year-on-year growth of 8.04%. The fourth quarter accounted for 39.93% of total revenue, indicating seasonal revenue characteristics [2][3]. - Revenue breakdown shows that direct sales contributed 294 million yuan (96.81%), while distribution sales accounted for 9.66 million yuan (3.19%). The main products include RF analog chips and modules, with technical service revenue amounting to 34.21 million yuan [2][3]. Customer and Sales Analysis - The company provided detailed information on its top five direct sales customers, including sales amounts and product categories. The top customer accounted for 6.55% of direct sales revenue [4][5]. - The pricing strategy involves negotiation based on product features, market competitiveness, and production costs. The company also offers certain discounts based on sales volume for distribution customers [7][8]. Return and Warranty Policies - The company has established return and exchange policies in its sales contracts, with a low return rate of approximately 1.01% for direct sales and 1.73% for distribution sales over the past three years [8][9]. - Warranty agreements vary among customers, with terms ranging from 1 to 5 years, and the company has reported minimal quality-related returns [8][9]. Cash Flow Analysis - The company's operating cash flow showed significant fluctuations across quarters, with a net cash flow of -4.38 million yuan in Q1 and 3.95 million yuan in Q2. The cash flow is influenced by seasonal factors and the timing of project budgets and payments from government-related clients [12][13][14]. - The company’s cash flow patterns align with industry trends, where Q1 and Q3 typically show weaker cash flow, while Q2 and Q4 exhibit stronger performance [14][15]. Accounts Receivable - As of the end of 2024, the company reported accounts receivable of 411.89 million yuan, with a bad debt provision of 47.57 million yuan, resulting in a bad debt ratio of 11.55%. The accounts receivable increased by 21%, outpacing revenue growth [17][19]. - The aging analysis indicates that 40% of accounts receivable are over one year old, raising concerns about collection risks, particularly from government-related clients [17][19].

Investment Rating - The report does not explicitly state an investment rating for the semiconductor industry or the specific company being analyzed [1]. Core Insights - The company is expected to achieve an operating revenue of 304 million yuan in 2024, representing a year-on-year growth of approximately 8.01%, driven by its continued focus on specialized fields and increased investment in satellite communication, particularly in satellite internet markets [19] - The net profit for 2024 is projected to be 18.131 million yuan, a decrease of 74.98% year-on-year, primarily due to increased R&D expenses, impairment losses, and management costs [19] - The company has significantly increased its R&D investment, with over half of its new products being high-value items, and R&D expenses accounting for more than half of its revenue [19] - The company anticipates a recovery in orders related to military applications and expects growth in various project scales across different fields in 2025 [22] Summary by Sections 1. Basic Information - The company being analyzed is Zhenray Technology, operating in the semiconductor industry, with a meeting held on February 26, 2025 [13]. 2. Detailed Research Institutions - Various institutions participated in the research, including Bainian Insurance Asset, Changsheng Fund, Huaxia Fund, Tianzhi Fund, and Guolian Fund among others [14][16]. 3. Research Institution Proportions - The report does not provide specific data on the proportions of research institutions involved [17]. 4. Main Content Information - The company reported a stable growth in revenue due to its strategic focus on specialized fields and new customer acquisition [19] - The company is actively managing its accounts receivable, with a focus on improving collection rates, which are tied to executive compensation [20] - The company has a diverse product application range, particularly in satellite communication, with a significant portion of revenue coming from this sector [22]