证券日报网讯四川九洲11月24日在互动平台回答投资者提问时表示，公司始终深耕空管、智能终端、微 波射频三大主业，在持续做强做优核心主业的同时，精准把握市场机遇，重点布局低空经济领域，并依 托大规模精益制造优势拓展车载电子等新兴业务，为公司高质量发展注入持续动能。未来，公司将坚守 高质量发展导向，紧扣战略规划与主业方向，围绕市场及客户需求推进产品创新与业务拓展，持续提升 发展质效、优化产业结构，更好地回报全体股东。 （文章来源：证券日报） ...

Core Points - The Ministry of Industry and Information Technology has announced the 2025 (fourth batch) list of characteristic industrial clusters for small and medium-sized enterprises (SMEs) and the 2022 (first batch) list of SMEs characteristic industrial clusters that have passed re-examination, with Chengdu having 3 new clusters and 2 clusters passing re-examination [1] - Chengdu now has a total of 8 national-level characteristic industrial clusters for SMEs, with the newly included clusters focusing on intelligent robotics, ultra-high-strength alloy materials, and panel furniture [1] - In the 2022 re-examination list, 5 clusters from Sichuan passed, with 2 located in Chengdu, focusing on aviation support and microwave radio frequency industries [1] Summary by Category New Industrial Clusters - Chengdu has 3 new industrial clusters included in the 2025 list: - Chenghua District Intelligent Robotics Industrial Cluster - Qingbaijiang District Ultra-High-Strength Alloy Materials Industrial Cluster - Chongzhou City Panel Furniture Industrial Cluster [1] Re-examined Industrial Clusters - In the 2022 re-examination, 5 clusters from Sichuan passed, with 2 from Chengdu: - Qingyang District Aviation Support Industrial Cluster - Wuhou District Microwave Radio Frequency Industrial Cluster [1] Overall Impact - The inclusion of these clusters is part of a broader initiative to enhance the competitiveness and collaboration among SMEs, focusing on resource aggregation and efficient governance [2]

Core Insights - Dingyang Technology, established in June 2007 and listed on the Shanghai Stock Exchange in December 2021, is a leading domestic manufacturer of general electronic measurement instruments, benefiting from accelerated domestic substitution [1] Financial Performance - For Q3 2025, Dingyang Technology reported revenue of 431 million yuan, ranking 26th in the industry, with the industry leader, Chuan Instrument, at 4.89 billion yuan [2] - The net profit for the same period was 111 million yuan, ranking 13th in the industry, with the top performer, Chuan Instrument, at 469 million yuan [2] Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 7.57%, lower than the industry average of 27.43%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 61.13%, above the industry average of 43.50%, reflecting robust profitability [3] Executive Compensation - The chairman, Qin Ke, received a salary of 749,000 yuan in 2024, unchanged from 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 39.69% to 7,271, while the average number of shares held per shareholder decreased by 28.41% to 21,900 shares [5] - Notable changes in the top ten shareholders included Hong Kong Central Clearing Limited increasing its holdings by 454,100 shares [5] Business Highlights - Dingyang Technology's Q3 2025 revenue reached a historical peak of 153 million yuan, with a net profit of 34 million yuan [5] - The company saw a 71.92% year-on-year increase in revenue from high-end products, with high-resolution oscilloscopes and microwave RF products showing significant growth [6] - The company plans to release new high-end products, including the SDS8000A oscilloscope in 2025 [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company achieved a revenue of 2.544 billion yuan in the first half of 2025, representing a year-on-year growth of 25.82%, and a net profit attributable to shareholders of 351 million yuan, up 56.47% year-on-year [5][11]. - The growth is driven by simultaneous demand release in multiple domestic and international sectors, with product technology upgrades and capacity expansion supporting operational improvements and cost reductions [2][11]. - The company is advancing its non-cooling infrared detector chip technology towards miniaturization, lightweight design, and high resolution, while also expanding its millimeter-wave radar product line into satellite internet terminals and 4D vehicle imaging radar [2][11]. - The establishment of an artificial intelligence subsidiary aims to enhance AI applications across various business areas, thereby improving the company's long-term competitiveness [2][11]. Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 1.407 billion yuan, a year-on-year increase of 38.67% and a quarter-on-quarter increase of 23.82% [5]. - The gross profit margin for the first half of 2025 was 50.72%, an increase of 1.26 percentage points year-on-year, with Q2 gross profit margin reaching 54.57%, up 2.31 percentage points year-on-year and 8.61 percentage points quarter-on-quarter [11]. - The company’s operating expenses ratio decreased to 32.15%, down 1.81 percentage points year-on-year, leading to a net profit margin increase of 2.83 percentage points to 11.37% [11]. Business Segments - The infrared thermal imaging and optoelectronic business revenue grew by 36.56% year-on-year to 2.403 billion yuan, while the microwave RF business revenue declined by 65.88% to 75 million yuan [11]. - The company is actively pursuing projects in various fields, including smart guidance, optoelectronic pods, individual soldier equipment, and unmanned equipment, in line with its strategic plans [11]. Future Outlook - The company expects to achieve net profits attributable to shareholders of 860 million yuan, 1.179 billion yuan, and 1.655 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 38, 28, and 20 times [11].

Investment Rating - The report maintains a "Recommended" rating for the company, considering its strong performance and growth potential in the infrared and microwave sectors [4][6]. Core Insights - The company reported a significant increase in net profit of 114% year-on-year for Q2 2025, with total revenue reaching 25.4 billion yuan for the first half of 2025, a 25.8% increase compared to the previous year [1][2]. - The infrared imaging and optoelectronic business segments are experiencing rapid growth, contributing to the overall revenue increase [2][4]. - The company has established a new business structure focusing on infrared, microwave, and laser technologies, which are expected to enhance productivity across various industries [4]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 14.1 billion yuan, marking a 38.7% increase year-on-year, with a net profit of 2.1 billion yuan, up 114.3% [1]. - The gross margin for the first half of 2025 improved to 50.7%, while the net margin increased to 11.4% [1][3]. Business Segments - The infrared thermal imaging segment generated 24.0 billion yuan in revenue, a 36.6% increase, accounting for 94% of total revenue [2]. - The microwave radio frequency segment saw a decline in revenue to 0.7 billion yuan, down 65.9% [2]. Cost Management - The company reduced its expense ratio by 1.8 percentage points to 32.2% in the first half of 2025, with decreases in sales and management expense ratios [3]. - Operating cash flow improved significantly, reaching 3.2 billion yuan compared to 0.7 billion yuan in the same period last year [3]. Future Projections - The company is projected to achieve net profits of 7.33 billion yuan, 8.97 billion yuan, and 10.92 billion yuan for the years 2025, 2026, and 2027, respectively [4][5]. - The current stock price corresponds to a price-to-earnings ratio of 49x for 2025, 40x for 2026, and 33x for 2027 [4][5].

Investment Rating - The report maintains a "Recommend" rating for Sichuan Jiuzhou (000801) [1] Core Views - The company achieved significant growth in Q2, with a focus on the low-altitude sector, aiming to establish a viable commercial ecosystem [1] - The company has signed strategic agreements with multiple enterprises to actively participate in low-altitude management and infrastructure development [6] - The report highlights the potential for third-party low-altitude inspection and testing services, indicating a strategic opportunity for the company [6] Financial Performance Summary - Total revenue for 2024A is projected at 4,178 million, with a year-on-year growth rate of 9.0%, increasing to 6,209 million by 2027E with a growth rate of 16.6% [2] - The net profit attributable to the parent company is expected to be 194 million in 2024A, with a decline of 3.0%, and is projected to grow to 333 million by 2027E, with a growth rate of 21.2% [2] - Earnings per share (EPS) is forecasted to increase from 0.19 in 2024A to 0.33 in 2027E [2] Business Segment Performance - In H1 2025, the smart terminal products generated revenue of 11.82 billion, a growth of 3.72%, while air traffic management products achieved 4.61 billion, growing by 10.07% [6] - The company’s subsidiary, Sichuan Jiuzhou Air Traffic Management Technology, reported a net profit of 0.46 billion in H1 2025 [6] Strategic Initiatives - The company is focusing on low-altitude economic development, with plans to enhance its testing capabilities and establish model projects in low-altitude infrastructure [6] - Collaborations with logistics companies like SF Express aim to create a new ecosystem for low-altitude logistics [6]

Core Viewpoint - Sichuan Jiuzhou's microwave and air traffic control products have extensive applications in the military and defense sectors [1] Group 1: Air Traffic Control Products - The company's air traffic control products focus on monitoring, communication, navigation, and information technology, providing equipment and comprehensive solutions [1] - Sichuan Jiuzhou is expanding into the low-altitude economy, which includes low-altitude testing, infrastructure construction, flight safety operation control solutions, and innovative application scenario development [1] Group 2: Microwave and RF Products - The company's microwave and RF products are primarily used in military applications across various industries, including aviation, aerospace, electronics, weaponry, and shipping [1] - These products serve critical functions in communication, radar, electronic countermeasures, and measurement and control [1]

Core Viewpoint - The company reported a revenue of 4.32 billion yuan for 2024, representing a year-over-year (YOY) increase of 21.3%, with a net profit attributable to shareholders of 570 million yuan, up 14.8% YOY, and a non-recurring net profit of 510 million yuan, up 16.9% YOY, meeting market expectations [1] Financial Performance - For 4Q24, the company achieved a revenue of 1.17 billion yuan, a YOY increase of 30.1%, marking a historical high for a single quarter; however, the net profit attributable to shareholders was 90 million yuan, down 21.4% YOY due to a 61.4% increase in asset impairment losses [1] - The gross margin for 2024 improved by 0.2 percentage points to 50.3%, while the net margin decreased by 1.6 percentage points to 10.2%, indicating overall stable profitability [1] Product Performance - The infrared thermal imaging business generated a revenue of 3.91 billion yuan, up 30.0% YOY, driven by strong demand in domestic low-altitude economy, industrial temperature measurement, and visual perception sectors; the gross margin increased by 1.16 percentage points to 53.7% [2] - The microwave radio frequency business reported a revenue of 290 million yuan, down 29.1% YOY, primarily due to declining demand from existing customers and price reductions on older products; the gross margin fell by 10.85 percentage points to 17.9% [2] Regional Performance - Domestic revenue reached 3.23 billion yuan, a YOY increase of 56.7%, with the infrared thermal imaging business showing strong demand, accounting for 75% of total revenue and a gross margin increase of 4.33 percentage points to 50.7% [2] - International revenue was 1.03 billion yuan, down 27.3% YOY, representing 24% of total revenue, with a gross margin decrease of 2.34 percentage points to 51.2%, affected by business adjustments and intensified market competition [2] Expense Management - The company's expense ratio decreased by 2.3 percentage points to 35.0% in 2024, with selling expenses down 1.0 percentage point to 5.0%, and management expenses down 2.1 percentage points to 8.9%; R&D expenses increased by 0.7 percentage points to 19.9% [3] - As of the end of 2024, accounts receivable and notes totaled 1.5 billion yuan, up 10.2% from the beginning of the year, with a bad debt loss of 110 million yuan recognized due to sanctions [3] - Inventory stood at 1.74 billion yuan, up 12.1% from the beginning of the year, with a significant portion in raw materials and self-made semi-finished products, leading to a provision for inventory impairment of 170 million yuan [3] Investment Outlook - The company has established a new pattern focusing on infrared business while gradually breaking through in microwave and laser multi-dimensional sensing fields, empowering various sectors including industrial manufacturing, emergency safety, smart vehicles, outdoor consumption, low-altitude economy, and satellite communication [4] - Projected net profits attributable to shareholders for 2025, 2026, and 2027 are estimated at 733 million yuan, 897 million yuan, and 1.092 billion yuan respectively, with current stock prices corresponding to price-to-earnings ratios of 34x, 28x, and 23x for those years [4]