登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688375 证券简称：国博电子 公告编号：2025-046 南京国博电子股份有限公司 关于增加2025年度日常关联交易预计及 2026年度日常关联交易预计的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ● 本次日常关联交易事项尚需提交股东会审议。 ● 本次拟增加的2025年度日常关联交易预计为向关联人/委托关联人销售商品，交易金额预计增加 13,650.00万元；向关联人采购除商品以外的其他资产，交易金额预计增加51.00万元。 ● 本次2026年度日常关联交易预计为南京国博电子股份有限公司（以下简称"公司"或"国博电子"）基于 本公司和关联方之间的正常生产经营需要。关联交易双方以平等互利、相互协商为合作基础，参考市场 公允价格进行协商定价，不存在损害公司及股东利益的情形，不影响公司的独立性，公司不会因该等关 联交易对关联方产生依赖。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 公司于2025年4月10日召开了第二届董事会 ...

Core Viewpoint - The report highlights significant growth in China's mobile communication base station equipment production, indicating a robust market trend in the telecommunications industry from 2025 to 2031 [1]. Industry Summary - In September 2025, the production of mobile communication base station equipment reached 559,000 RF modules, representing a year-on-year increase of 76.9% [1]. - From January to September 2025, the cumulative production of mobile communication base station equipment totaled 3.758 million RF modules, showing a cumulative growth of 10.9% [1]. Company Summary - Listed companies in the telecommunications sector include ZTE Corporation (000063), Datang Telecom (600198), Xinke Mobile (688387), FiberHome Technologies (600498), Shenglu Communication (002446), *ST Rihai (002313), and Chaoxun Communication (603322) [1]. - The report is published by Zhiyan Consulting, a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services for investment decisions [1].

Investment Rating - The report maintains an "Outperform" rating for Guobo Electronics (688375) [1] Core Views - Short-term performance is impacted by demand fluctuations, but new product mass production is expected to drive future high growth [7] - The company reported a revenue of 1.569 billion yuan for the first three quarters of 2025, a year-on-year decrease of 13.5%, and a net profit of 247 million yuan, down 19.4% year-on-year [4] - Q3 2025 revenue was 498 million yuan, a decline of 2.5% year-on-year, with a net profit of 46 million yuan, down 26.0% year-on-year [4] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 2.806 billion yuan, with a year-on-year growth rate of 8.3% [6] - Net profit for 2025 is projected at 502 million yuan, with a year-on-year growth rate of 3.6% [6] - The company’s gross margin for Q1-Q3 2025 was 38.12%, an increase of 1.73 percentage points year-on-year [7] - The return on equity (ROE) for 2025 is estimated at 8.2% [6] Company Analysis - The cyclical fluctuations in downstream demand are affecting the main business, but new product mass production is expected to restore revenue growth [7] - The company is expanding its application fields for T/R components and has begun delivering multiple products for low-orbit satellites and commercial aerospace [7] - The company has successfully mass-produced silicon-based gallium nitride power amplifier chips in collaboration with leading domestic terminal manufacturers, with over 1 million units delivered [7] - Inventory and accounts payable remain high, indicating strong downstream demand and industry prosperity [7] - The company benefits from its strong technical background and dual-market strategy, with military and civilian products expected to see rapid growth as demand increases [7]

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, indicating pressure on performance due to reduced income from T/R components and RF modules [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.569 billion yuan, a year-on-year decrease of 13.51% [1]. - The net profit attributable to shareholders was 247 million yuan, down 19.35% year-on-year, while the net profit excluding non-recurring items was 243 million yuan, a decrease of 18.93% [1]. - In Q3 2025, revenue was 500 million yuan, a decline of 2.5% year-on-year, with net profit of 46 million yuan, down 26.0% year-on-year [2]. - The gross margin for Q3 2025 decreased by 3.6 percentage points to 36.0%, and the net margin fell by 2.9 percentage points to 9.2% [2]. Credit Impairment Losses - The company reported credit impairment losses of 51.94 million yuan for the first three quarters, an increase of 65 million yuan compared to the same period last year, impacting current profits [2]. Product Development - The company has achieved mass production of over 1 million silicon-based gallium nitride power amplifier chips, addressing challenges related to lattice defect ratios in materials [2]. - The new product is expected to replace traditional gallium arsenide power amplifiers and promote applications across all frequency bands and scenarios in the terminal RF power amplifier field, representing a second growth curve for the company [2]. Cash Flow and Working Capital - As of the end of Q3 2025, accounts receivable increased by 8.9% to 3.56 billion yuan, and inventory rose by 39.0% compared to the end of Q2 2025 [3]. - The net cash flow from operating activities for the first three quarters was -35 million yuan, compared to 147 million yuan in the same period last year, indicating a need for improvement [3]. Investment Outlook - The company is projected to achieve net profits of 513 million yuan, 702 million yuan, and 898 million yuan for the years 2025, 2026, and 2027, with growth rates of 5.87%, 36.77%, and 27.96% respectively [4]. - Given the company's leading position in active phased array T/R components and RF modules, along with long-term growth potential in commercial aerospace and semiconductor industries, a 12-month target price of 82.42 yuan is set, maintaining a buy-A investment rating [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company's revenue for Q1-Q3 2025 was 1.57 billion, a year-on-year decrease of 13.5%, with a net profit of 250 million, down 19.4% year-on-year. In Q3 2025, revenue was 500 million, a decrease of 2.5% year-on-year and 30.9% quarter-on-quarter, with a net profit of 46 million, down 26.0% year-on-year and 68.2% quarter-on-quarter [2][3]. - The main business is under pressure, with revenue from T/R components and RF modules declining. The company recorded an asset and credit impairment loss of 47.14 million, impacting net profit [3]. - Despite the decline in profitability, the company maintains a gross margin of 36.0% in Q3 2025, which is within a reasonable range [3]. - The company is actively increasing production capacity, with inventory rising to 460 million, up 39.1% from Q2 2025, and construction in progress at 300 million, up 12.2% from Q2 2025 [3]. - The company has successfully mass-produced over 1 million silicon-based gallium nitride power amplifier chips, which are expected to provide a second growth curve by replacing existing products in the RF power amplifier market [3]. Summary by Sections Performance Review - For Q1-Q3 2025, the company achieved revenue of 1.57 billion, a decrease of 13.5% year-on-year, and a net profit of 250 million, down 19.4% year-on-year. In Q3 2025, revenue was 500 million, a decrease of 2.5% year-on-year and 30.9% quarter-on-quarter, with a net profit of 46 million, down 26.0% year-on-year and 68.2% quarter-on-quarter [2]. Operational Analysis - The main business is facing temporary pressure, with revenue from T/R components and RF modules decreasing. The company recorded an asset and credit impairment loss of 47.14 million, impacting net profit. The gross margin for Q3 2025 was 36.0%, down 3.6 percentage points year-on-year, while the net profit margin was 9.2%, down 2.9 percentage points year-on-year [3]. - The company is actively preparing for production and accelerating capacity expansion, with inventory at 460 million, up 39.1% from Q2 2025, and construction in progress at 300 million, up 12.2% from Q2 2025 [3]. - The company has achieved mass production of over 1 million silicon-based gallium nitride power amplifier chips, which are expected to enhance data transmission rates and reduce energy consumption in terminal applications [3]. Profit Forecast, Valuation, and Rating - The company is a leading domestic player in T/R components and RF modules, with a comprehensive product line and ongoing expansion and R&D investments expected to drive performance growth. The forecasted net profit for 2025-2027 is 504 million, 697 million, and 988 million, representing year-on-year growth of 4%, 38%, and 42%, respectively, with corresponding P/E ratios of 81, 59, and 41 [4].

Core Insights - The article discusses the growth and production statistics of China's mobile communication base station equipment, highlighting significant increases in production and market trends for the industry [1]. Industry Overview - According to the National Bureau of Statistics, the production of mobile communication base station equipment in China reached 420,000 RF modules in August 2025, representing a year-on-year growth of 48.9% [1]. - From January to August 2025, the cumulative production of mobile communication base station equipment totaled 3.194 million RF modules, with a cumulative growth of 3.3% [1]. Company Insights - Listed companies in the sector include ZTE Corporation (000063), Datang Telecom (600198), XinKe Mobile (688387), FiberHome Technologies (600498), Shenglu Communication (002446), *ST Rihai (002313), and Chaoxun Communication (603322) [1]. - The report by Zhiyan Consulting provides insights into the market trends and forecasts for the Chinese communication equipment industry from 2025 to 2031 [1].

Core Viewpoint - 雷电微力 and 国博电子 have distinct product offerings and technological focuses, with 雷电微力 specializing in T/R components and array antennas, while 国博电子 focuses on active phased array T/R components, RF modules, and RF amplification chips [2]. Company Summary - 雷电微力's product lineup includes T/R components and array antennas, indicating a focus on specific components within the telecommunications sector [2]. - 国博电子's main products consist of active phased array T/R components, RF modules, and RF amplification chips, showcasing a different technological approach and application area compared to 雷电微力 [2]. Industry Summary - The differences in core technologies, product forms, and application fields between 雷电微力 and 国博电子 highlight the diverse landscape within the telecommunications component industry [2].

Core Insights - The article discusses the performance and trends in the Chinese communication equipment industry, particularly focusing on the production of mobile communication base station equipment [1] Industry Overview - According to the National Bureau of Statistics, the production of mobile communication base station equipment in China reached 534,000 RF modules in July 2025, representing a year-on-year increase of 43.2% [1] - Cumulatively, from January to July 2025, the total production of mobile communication base station equipment was 3.214 million RF modules, showing a cumulative decline of 2.9% [1] Market Research - The report titled "2025-2031 China Communication Equipment Industry Market Monitoring and Development Trend Analysis Report" by Zhiyan Consulting provides insights into market trends and forecasts for the communication equipment sector [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services for investment decisions [1]

Core Insights - The article discusses the growth and production statistics of China's mobile communication base station equipment, highlighting a 7.8% year-on-year increase in the production of RF modules in May 2025 [1] - Cumulative production from January to May 2025 reached 1.799 million RF modules, reflecting a 3.1% increase compared to the same period in the previous year [1] Industry Overview - The report by Zhiyan Consulting provides insights into the market trends and forecasts for the Chinese communication equipment industry from 2025 to 2031 [1] - The data indicates a positive growth trajectory for the mobile communication base station equipment sector, suggesting potential investment opportunities [1] Company Insights - Listed companies in the communication equipment sector include ZTE Corporation, Datang Telecom Technology, Xinke Mobile, Fenghuo Communication, Shenglu Tongxin, *ST Rihai, and Chaoxun Communication [1] - These companies are positioned to benefit from the increasing demand for mobile communication infrastructure as indicated by the production growth statistics [1]

Group 1 - The report highlights the recovery of revenue and net profit for Guobo Electronics in Q2 2025, with a revenue of 7.2 billion yuan, up 18.23% year-on-year, and a net profit of 1.44 billion yuan, up 16.20% year-on-year [6][7] - Dameng Data, a leading domestic database company, reported a significant increase in net profit margin, achieving a revenue of 5.23 billion yuan in H1 2025, a year-on-year growth of 48.65%, and a net profit of 2.05 billion yuan, up 98.36% year-on-year [9][10] - Zhaowei Electromechanical reported a revenue of 7.9 billion yuan in H1 2025, a year-on-year increase of 21.9%, with a net profit of 1.1 billion yuan, up 20.7% year-on-year [16] - Hengli Hydraulic achieved a revenue of 51.7 billion yuan in H1 2025, a year-on-year increase of 7.0%, and a net profit of 14.3 billion yuan, up 11.0% year-on-year [21][22] - The report indicates that the electric tool and cross-border e-commerce sectors are significant growth drivers for Juxing Technology, with a revenue increase of 56.03% in the electric tool segment [24][26] Group 2 - The report emphasizes the strong performance of Dongwu Securities, with a revenue of 44.28 billion yuan in H1 2025, a year-on-year increase of 33.63%, and a net profit of 19.32 billion yuan, up 65.76% year-on-year [28][29] - Inner Mongolia First Machinery Group reported a revenue of 57.27 billion yuan in H1 2025, a year-on-year increase of 19.62%, with a net profit of 2.90 billion yuan, up 9.99% year-on-year [32][33] - The report notes that Beifang Navigation experienced a significant revenue increase of 481.19% year-on-year, reaching 17.03 billion yuan in H1 2025, with a net profit of 1.16 billion yuan, up 256.59% year-on-year [37][38] - The textile and apparel sector, represented by Shenzhou International, achieved a revenue of 149.66 billion yuan in H1 2025, a year-on-year growth of 15.3%, with a net profit of 31.77 billion yuan, up 8.4% year-on-year [41][42]