Core Viewpoint - The appointment of Li Ji as the deputy general manager of Yaguang Technology is seen as a response to the recent challenges faced by the company, particularly the detention of its actual controller and chairman, Li Yuexian [1][4][9]. Group 1: Management Changes - Li Ji, the son of Li Yuexian, has been appointed as the deputy general manager of Yaguang Technology, indicating a "crisis response" to the current situation [1][8]. - The board meeting on July 6 approved Li Ji's appointment unanimously, with Li Yuexian absent due to his detention [9]. - Li Ji has a background in the company, having served as a project director since 2019 and holding various positions in related companies [9]. Group 2: Company Performance and Stock Reaction - Following the announcement of Li Yuexian's detention, Yaguang Technology's stock price fell significantly, opening down over 12% and closing at a 10.24% decrease, priced at 6.40 yuan per share [5][6]. - The company's market capitalization is reported at 6.54 billion yuan, with a trading volume ratio of 1.19 [6]. Group 3: Business Operations - Yaguang Technology has stated that its production and operational management remain normal, with other board members and senior management continuing their duties [5][12]. - The company has signed multiple pre-production agreements this year, totaling approximately 2.96 billion yuan, which represents 31.06% of its audited revenue for the last fiscal year [14][15]. - The company is actively expanding its electronic business, focusing on satellite internet and airborne platforms, despite facing challenges such as customer procurement adjustments [19].

Company Overview - Yaguang Technology Group Co., Ltd. was listed on the Growth Enterprise Market in 2010 and acquired Chengdu Yaguang Electronics Co., Ltd. in 2016, focusing on dual main businesses: military electronics and smart boats [2][4] - Chengdu Yaguang has a history dating back to 1965, being one of the earliest semiconductor manufacturers in China [2][4] Core Advantages - **Diverse Product Range**: The company offers a comprehensive range of military electronic products, including microwave integrated circuits, components, and customized products, widely used in high-tech fields such as satellite communication and radar [3][4] - **Broad Customer Base**: Major clients include military research institutes and factories, such as China Electronics Technology Group and Aerospace Science and Technology Corporation, fostering deep cooperative relationships [3][4] - **Technological Innovation**: The company has achieved domestic advanced levels in various microwave circuits and components, enabling high-efficiency domestic replacements for imported chips [3][4] Production Capabilities - Chengdu Yaguang has established multiple military standard production lines, capable of both standardized mass production and small-batch customized production, maintaining a leading position in the domestic military RF microwave industry [4] Market Outlook - **Order Growth**: In 2025, the company anticipates improved order conditions, with a significant contract signed in May worth CNY 396 million, indicating a notable year-on-year increase [4][10] - **Satellite Communication**: The company is involved in major satellite projects, with expectations of increased business as satellite launches are projected to reach an average of 1,800 annually post-2030 [8][10] Competitive Position - Compared to large state-owned enterprises, the company benefits from a flexible mechanism and lower costs, while maintaining a strong customer concentration and low risk [6] Internal Management Post-Acquisition - The management team remains stable, with a gradual introduction of market-oriented mechanisms and a performance-driven compensation system to enhance employee motivation [7] Future Strategies - The company plans to optimize its product line and enhance delivery efficiency, focusing on traditional and emerging business areas, particularly in satellite applications [10][11] - Asset disposal efforts are underway, with an expected recovery of approximately CNY 100 million from the sale of idle assets [11]