臻镭科技(688270)8月12日晚间公告显示，上半年公司实现营业收入2.05亿元，同比增长73.64%；实现归 母净利润6231.96万元，同比增长1006.99%，基本每股收益0.29元。值得关注的是，"牛散"屠黎明、葛卫 东位居前十大股东。 据介绍，随着部分产品已列入客户优选目录，随着遥感卫星和低轨卫星的批量发射和组网应用，公司部 分产品已从2024年的小批量、实验星阶段转入持续批量交付阶段。随着各个应用领域项目和订单都在积 极释放，公司也在加紧生产排期，产能利用率饱满，同时公司也将积极开拓新客户、新项目和切入新应 用领域，完善全链条产品能力和多产品线的协同布局，扩大产品在多领域的市场份额。 今年以来，臻镭科技股价累计上涨近70%.前十大流通股东中，今年二季度，"牛散"屠黎明位居第一大流 通股东，持股比例增持至4.17%，葛卫东维持2.86%持股比例，另外，长信国防军工量化灵活配置混合 型证券投资基金新进成为第八大流通股东，持股1.09%。 同日，臻镭科技披露公司对2025年半年度计提各项资产减值准备合计2367.57万元。 按产品划分，臻镭科技主要产品包括射频收发芯片及高速高精度ADC/DAC芯片、电 ...

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].