商业航天板块突现"黑天鹅"。 12月26日，概念牛股臻镭科技公告称，因涉嫌信披违规，公司已被证监会立案调查。 涉嫌信披违法违规 臻镭科技26日发布公告，确认收到中国证监会下发的《立案告知书》。因公司涉嫌信息披露违法违规，证监会已决定 对其立案调查。 公告同时强调，目前公司各项经营、业务及财务状况正常，并将积极配合调查工作，依法履行信息披露义务，同时提 示投资者注意投资风险。 值得注意的是，本次立案调查并非公司近期面临的唯一风波。早在今年9月，公司实际控制人、董事长郁发新就曾因 被实施留置而短暂无法履职。直至9月30日，臻镭科技发布公告披露，黄石市监察委员会已解除对郁发新先生的留置 措施。 此外，12月25日，公司还发布了前期会计差错更正公告，指出本次会计差错更正将影响2022年半年度报告至2025年第 三季度报告相关财务数据及披露信息，涉及应收账款、存货、利润等多个报表科目。 不过公司也在公告中明确，此次财务数据调整，不会改变公司已披露各年度财报的盈亏性质。 而此次会计差错的核心成因，系公司全资子公司杭州城芯科技有限公司2022年度确认的842.65万元营业收入缺乏充分 依据，该笔收入占公司2022年度总营收 ...

Summary of the Conference Call for Zhenli Technology Company Overview - **Company**: Zhenli Technology - **Industry**: Satellite Internet, Commercial Aerospace, Chip Manufacturing Key Points and Arguments 1. **Financial Performance**: In 2024, Zhenli Technology's net profit attributable to shareholders is expected to grow by 8,834% to 52.89 million yuan, driven by recovering downstream demand, exceeding expectations [2][4] 2. **R&D Investment**: The company invested 66.6 million yuan in R&D, with R&D personnel accounting for 58% of the workforce, maintaining a high level of R&D intensity [2][4] 3. **DBF Chip Advantages**: The company's DBF chips significantly reduce power consumption and costs, with one DBF chip replacing approximately 10 FPGA chips, consuming only 1/10 of the power [2][5][6] 4. **Satellite Internet Strategy**: Zhenli Technology has a comprehensive layout in satellite internet, providing solutions for broadband and direct mobile connections, and is a core chip supplier for major projects [2][7] 5. **Revenue Contribution by Segment**: The ADDA segment contributed approximately 80 million yuan in revenue with a gross margin of 96%, while the power management segment exceeded 100 million yuan with a gross margin of 86% [2][8] 6. **Micro System Module Margins**: The gross margin for micro system modules is around 30%, which is lower than that of chip products due to their customized nature [2][9] 7. **Deep Sea and Underwater Solutions**: The company is developing sonar detection and communication chip solutions for deep sea and underwater applications, expecting to achieve around 20 million yuan in revenue by 2025 [2][10] 8. **Commercial Aerospace Development**: Zhenli Technology is a proactive promoter of aerospace-grade components, leading national standards and expecting commercial aerospace revenue to exceed traditional sectors within three to five years [3][14] 9. **Future R&D Focus**: The company will continue to invest in three main areas: ADDA technology, power management, and micro systems, without major changes to the existing technical architecture [2][15] 10. **Market Trends**: The satellite internet market is expected to grow, but marketing expenses will remain limited as end-users tend to choose solutions from leading companies [2][18] 11. **Revenue Structure Outlook**: Traditional special sectors are recovering rapidly, while commercial aerospace is expected to see significant growth, with its revenue share projected to surpass traditional sectors in three to five years [2][21] Additional Important Insights - **Challenges in Production**: The company faces challenges in scaling up production despite having resolved many key technical issues [2][11] - **Pricing Strategy**: A tiered pricing system is in place to balance pricing strategies and promote rapid development in commercial aerospace [2][14] - **Technological Innovations**: The company is exploring new architectures for ground receiving terminals but will continue to use DBF architecture for efficiency [2][19] This summary encapsulates the essential insights from the conference call, highlighting Zhenli Technology's financial performance, strategic initiatives, and future outlook in the satellite internet and commercial aerospace sectors.