证券日报网讯12月10日，鸿远电子（603267）在互动平台回答投资者提问时表示，中国商业航天的崛起 将为公司核心产品高可靠电容器MLCC带来新机遇。同时，公司滤波器、微波模块、微纳系统集成陶瓷 管壳等产品，也具备商业航天领域的适配能力。未来，公司将以客户需求为导向，持续推进新产品研 发，积极开拓商业航天等新兴市场，进一步拓宽业务增长空间。 ...

Core Viewpoint - Hefei Chip Valley Microelectronics Co., Ltd. has resumed its IPO counseling process after withdrawing its application in April 2024, indicating a renewed focus on public listing and capital raising [1][4]. Group 1: Company Background - Chip Valley Microelectronics was established in 2014 and specializes in the research, design, production, and sales of semiconductor microwave and millimeter-wave chips, microwave modules, and T/R components [4]. - The company primarily offers products based on GaAs and GaN compound semiconductor processes and provides related technical development services [4]. Group 2: IPO and Fundraising Plans - The company previously submitted an application for listing on the Sci-Tech Innovation Board in May 2023, aiming to raise CNY 850 million (approximately USD 130 million) for microwave chip packaging and testing, module industrialization projects, R&D center construction, and working capital [4]. - The current counseling process is structured into four phases, including the development and implementation of a specific counseling plan, financial training, counseling acceptance, and the preparation of a summary report [4]. Group 3: Ownership Structure - The founder and controlling shareholder, Liu Jiabing, directly holds 28.33% of the company's shares and, along with his spouse Zhang Yuanling, controls 43.60% of the voting rights, making them the actual controllers of the company [4].

Core Viewpoint - Hefei Chip Valley Microelectronics Co., Ltd. (referred to as "Chip Valley Micro") is making a renewed attempt to go public after withdrawing its IPO application 19 months ago, indicating a significant move in the semiconductor industry [1] Company Overview - Chip Valley Micro was established in 2014 and focuses on the research, design, production, and sales of semiconductor microwave and millimeter-wave chips, microwave modules, and T/R components [1] - The company provides a range of products based on GaAs and GaN compound semiconductor processes, along with related technical development services [1] - Chip Valley Micro has received several accolades, including "National High-tech Enterprise," "Key Integrated Circuit Design Enterprise Encouraged by the State," and "2021 China Hidden Unicorn Top 500" [1] IPO History - The company previously submitted its IPO application to the China Securities Regulatory Commission (CSRC) in May 2023 for listing on the Sci-Tech Innovation Board [1] - Less than a year later, Chip Valley Micro voluntarily withdrew its IPO application, and in April 2024, the Shanghai Stock Exchange announced the termination of the review for its IPO [1]

Core Viewpoint - The company has developed a "Quality Improvement and Efficiency Enhancement" action plan for 2025, focusing on enhancing operational quality and shareholder returns in response to national policies and market demands [1][2]. Group 1: Business Focus and Development - The company specializes in electronic components, particularly multilayer ceramic capacitors, and aims to strengthen its core business while optimizing its resource allocation across four research and production bases in Beijing, Suzhou, Chengdu, and Hefei [2][3]. - The company is committed to high-quality development by enhancing operational efficiency and profitability through smart manufacturing and process optimization [2][3]. Group 2: Technological Innovation - The company prioritizes research and development (R&D), having achieved a 44% increase in authorized intellectual property rights, totaling 328 by the end of 2024 [2][3]. - The company has invested approximately 31.87 million in R&D from 2022 to 2024, representing 10.5% of its self-operated business revenue, focusing on core technology and innovation [2][3]. Group 3: Governance and Compliance - The company adheres to legal regulations and continuously optimizes its governance structure to ensure operational efficiency and compliance with market regulations [4][5]. - The company has established an ESG management framework to integrate sustainability into its corporate strategy, having published ESG reports for two consecutive years [5][6]. Group 4: Shareholder Returns - The company emphasizes shareholder returns, having distributed a total of 466 million in cash dividends since its listing in 2019, and has repurchased 1,235,708 shares using 112.04 million in funds [6][7]. - The company aims to balance sustainable development with stable shareholder returns, ensuring predictable and timely dividends [6][7]. Group 5: Investor Communication - The company prioritizes high-quality information disclosure and actively engages with investors through various channels to enhance transparency and trust [7][8]. - The company is committed to improving the effectiveness of its announcements and investor communications to better convey its value and operational strategies [7][8].

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, primarily due to weakened downstream demand and price reductions for its core product, MLCC [2][6]. Financial Performance - In Q1 2025, the company achieved revenue of 466 million yuan, an increase of 8.67%, while net profit was 60 million yuan, down 16.89% [1][2]. - For the year 2024, the company reported revenue of 1.492 billion yuan, a decrease of 10.98%, and net profit of 154 million yuan, down 43.55% [1][2]. - The gross margin for Q1 2025 was 41.86%, up 0.30 percentage points, while the net margin was 12.91%, down 3.97 percentage points [1][2]. Business Segments - The company operates in two main segments: primary production and agency business, focusing on high-reliability electronic components such as MLCCs, filters, microcontrollers, and integrated circuits [1][2]. - The agency business primarily represents well-known international and domestic electronic component manufacturers, targeting markets like renewable energy and automotive electronics [1]. Market Dynamics - The demand for MLCCs is expected to grow due to their extensive applications in military equipment, with the market for MLCCs accounting for over 90% of the ceramic capacitor market [5]. - The company is positioned to benefit from the "compensatory" deployment of military equipment, which is anticipated to lead to a recovery in demand [6]. Cost and Expense Management - The company's operating expenses increased, with the three expense ratios rising to 14.38%, driven by new business expansion and adjustments in performance bonuses for sales personnel [3]. - The gross margin declined in 2024 to 34.29%, down 6.23 percentage points, influenced by price reductions in MLCCs and a higher proportion of lower-margin products [2][3]. Inventory and Cash Flow - The company's inventory decreased to 797 million yuan, a reduction of 1.91% from 2023, with a significant drop in agency business inventory by 28.79% [4]. - Cash flow from investment activities showed a net outflow of 485 million yuan, a decline of 147.95%, primarily due to increased bank deposits [4]. Future Outlook - The company is expected to see revenue growth from 2025 to 2027, with projected revenues of 2.012 billion yuan, 2.519 billion yuan, and 3.090 billion yuan, respectively [6]. - Net profit forecasts for the same period are 281 million yuan, 407 million yuan, and 533 million yuan, with corresponding EPS estimates of 1.22 yuan, 1.76 yuan, and 2.31 yuan [6].