资料显示，成都智明达电子股份有限公司位于四川省成都市青羊区敬业路108号T区1栋，成立日期2002 年3月28日，上市日期2021年4月8日，公司主营业务涉及面向军工客户,提供定制化嵌入式计算机模块和 解决方案。主营业务收入构成为：机载嵌入式计算机67.72%，其他20.83%，商业航天嵌入式计算机 6.14%，弹载嵌入式计算机3.22%，无人装备2.09%。 从基金十大重仓股角度 数据显示，招商基金旗下1只基金重仓智明达。招商中证2000指数增强A（019918）三季度增持13.55万 股，持有股数31.58万股，占基金净值比例为0.62%，位居第三大重仓股。根据测算，今日浮盈赚取约 51.47万元。 招商中证2000指数增强A（019918）成立日期2024年1月2日，最新规模5.73亿。今年以来收益38.4%， 同类排名596/4208；近一年收益36.84%，同类排名464/3981；成立以来收益59.71%。 11月24日，智明达涨5.14%，截至发稿，报33.35元/股，成交2727.64万元，换手率0.50%，总市值55.90 亿元。 截至发稿，王平累计任职时间15年160天，现任基金资产总规模 ...

Core Viewpoint - The aerospace technology industry is expected to maintain high prosperity due to the resonance of domestic and international demand, driven by the "14th Five-Year Plan" and military trade needs, with significant growth anticipated in 2026 [1][5][6]. Group 1: Domestic Demand and Industry Growth - The modernization of special equipment and new application models are driving the continuous advancement of special equipment deployment and replacement [1]. - The domestic demand for the aerospace industry is projected to remain prosperous, supported by the iteration of aviation equipment and the release of guided equipment demand [1][5]. - The aerospace technology sector's net profit reached 7.579 billion yuan in Q2 2025, reflecting a 64% quarter-on-quarter increase, indicating a recovery in demand [5]. Group 2: Global Defense Spending and Market Opportunities - Global defense spending is expected to grow by 9.4% year-on-year to approximately $2.72 trillion in 2024, marking the largest increase since the Cold War [1][6]. - China's share of the global special equipment market is anticipated to steadily increase, enhancing industry growth potential and profitability [6]. Group 3: Emerging Equipment Demand - The demand for hypersonic, unmanned, and intelligent equipment is expected to be released in 2026, with significant growth potential in the supply chain's core segments [2][10]. - The penetration rate of hypersonic equipment is projected to increase rapidly, driven by the domestic demand for traditional and new models [9][10]. - Unmanned systems are becoming increasingly integrated into modern defense frameworks, with high growth potential anticipated in 2026 [10]. Group 4: Technological Spillover and New Industry Development - The spillover of special technologies is driving the growth of emerging industries such as large aircraft, low-altitude economy, and commercial aerospace [3][16]. - By September 2025, China Commercial Aircraft Corporation is expected to have delivered 22 C919 passenger aircraft, with production and delivery capabilities continuing to improve [3][16]. - The commercial aerospace sector is entering a phase of accelerated industrialization, with satellite internet construction becoming normalized [3][17]. Group 5: Investment Recommendations - Focus on core equipment, new domain and quality equipment, and the spillover of special technologies as key investment directions [18]. - The resonance of domestic and international demand is expected to sustain the prosperity of core equipment in 2026 [18]. - The emergence of new domain and quality equipment is anticipated to fulfill its growth potential in 2026 [18].

Group 1 - The core viewpoint of the article emphasizes that the aerospace technology industry is expected to maintain high prosperity due to the resonance of domestic and international demand, particularly with the commencement of the "14th Five-Year Plan" in 2026 [2][5] - The article highlights that global defense spending is projected to increase by 9.4% year-on-year to approximately $2.72 trillion in 2024, marking the largest annual increase since the Cold War, which will drive demand for specialized equipment [2][6] - The domestic aerospace sector is expected to benefit from the modernization of special equipment and the release of new application models, with a focus on the continued growth of domestic demand [2][5] Group 2 - The demand for new domain and new quality equipment, such as hypersonic, unmanned, and intelligent systems, is anticipated to be released gradually, with significant growth potential in the supply chain's core segments [3][9] - The article notes that by 2026, the penetration rate of hypersonic equipment is expected to increase rapidly, driven by the demand for mid-to-long-range guided equipment [3][9] - Unmanned systems are projected to penetrate various demand fields, with high growth potential expected to be realized by 2026 due to the combination of domestic and international demand [3][9] Group 3 - The article discusses the emergence of new industries driven by technology spillover, including large aircraft, low-altitude economy, and commercial aerospace, which are entering a new stage of development [4][14] - By September 2025, the domestic commercial aircraft manufacturer COMAC is expected to have delivered 22 C919 aircraft, with production and delivery capabilities anticipated to continue improving [4][14] - The commercial aerospace sector is expected to accelerate its industrialization process, with satellite internet construction entering a normalized networking phase by 2026 [4][15] Group 4 - The article suggests that the aerospace technology industry should focus on three key directions: core equipment, new domain and new quality equipment, and the growth of emerging industries driven by technology spillover [4][16] - The resonance of domestic and international demand is expected to sustain the prosperity of core equipment in 2026, while new domain and new quality equipment are anticipated to realize their growth potential [4][16] - The booming development of large aircraft, commercial aerospace, and low-altitude economy is expected to gradually lead these industries into a new phase of development [4][16]

Core Viewpoint - The company, Zhimingda, is a leading player in the embedded computer industry, focusing on customized solutions for military clients, with a significant increase in revenue and net profit in 2025 compared to previous years [1][6]. Group 1: Business Performance - In Q3 2025, Zhimingda achieved revenue of 512 million yuan, ranking 35th in the industry, significantly lower than the top competitors [2]. - The main business segments include airborne embedded computers, which accounted for 67.72% of revenue, while other segments contributed smaller percentages [2]. - The net profit for the same period was 81.99 million yuan, ranking 20th in the industry, but still below the top competitors [2]. Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 35.79%, higher than the industry average of 32.84%, indicating increased debt pressure [3]. - The gross profit margin was 47.98%, which, despite a slight decrease from the previous year, remains above the industry average of 34.84%, reflecting strong profitability [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 85.39%, indicating growing investor interest [5]. - The average number of shares held per shareholder decreased by 46.06%, suggesting a shift in shareholder composition [5]. Group 4: Management Compensation - The chairman, Wang Yong, received a salary of 1.8419 million yuan in 2024, an increase of 801,300 yuan from the previous year [4]. - The general manager, Long Bo, maintained a stable salary of 1.7456 million yuan, reflecting consistency in management compensation [4]. Group 5: Future Outlook - The company reported a significant increase in product orders, with a total order backlog of 450 million yuan, indicating strong future revenue potential [6]. - Forecasts for net profit from 2025 to 2027 are projected to grow steadily, reflecting confidence in the company's growth trajectory [6].

Core Viewpoint - The stock of Zhimin Da has shown significant growth, with a year-to-date increase of 99.32%, indicating strong market performance and investor interest [1][2]. Financial Performance - For the period from January to September 2025, Zhimin Da achieved a revenue of 512 million yuan, representing a year-on-year growth of 145.16% [2]. - The net profit attributable to shareholders for the same period was 81.99 million yuan, reflecting a remarkable year-on-year increase of 995.37% [2]. Stock Market Activity - As of October 27, the stock price of Zhimin Da was 37.40 yuan per share, with a market capitalization of 6.269 billion yuan [1]. - The stock experienced a trading volume of 121 million yuan, with a turnover rate of 1.95% [1]. - The net inflow of main funds was 2.2413 million yuan, with significant buying activity from large orders [1]. Shareholder Information - As of September 30, the number of shareholders increased to 9,837, up by 85.39% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 46.06% to 17,040 shares [2]. Dividend Distribution - Zhimin Da has distributed a total of 52.5689 million yuan in dividends since its A-share listing, with 31.7847 million yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, notable institutional shareholders include Guangfa Small and Medium Cap Selected Mixed A and Guangfa Technology Power Stock, with new entries in the top ten shareholders [3].

Industry Rating - The report maintains an "Outperform" rating for the defense and military industry, consistent with the previous rating [1]. Core Viewpoints - The report emphasizes that warfare is entering an intelligent era, with AI driving rapid evolution across all fields and the entire industry chain. The focus on AI development is becoming a strategic priority for both the U.S. and China, with significant investments and policy support expected to enhance military AI capabilities [2][19][22]. Summary by Sections Investment Rating - The industry is rated as "Outperform," indicating a positive outlook for investment opportunities in the defense and military sector [1]. AI Integration in Military - AI is accelerating the closure of the kill chain, with a projected global military AI and analytics market size reaching $104 billion by 2024, and an expected CAGR of 13.4% from 2025 to 2034 [2][22]. - The military AI system is being built in layers, focusing on infrastructure, technology, and applications, which presents vast opportunities for growth [29][33]. Infrastructure Layer - The foundational layer includes the integration of cloud computing, edge nodes, and terminal equipment, providing robust computational support for new combat capabilities [33][34]. - The report highlights the importance of military-grade chips in breaking external constraints on computational power, with a target of achieving 748 EFLOPS of intelligent computing capacity by March 2025 [34][40]. Technology Layer - The technology layer focuses on the development of military-specific AI models, which are crucial for enhancing operational capabilities in areas such as intelligence, reconnaissance, and decision-making [48][49]. - The report notes that software is becoming increasingly important in modern military equipment, with a significant increase in the amount of software code used in advanced military aircraft [57][58]. Application Layer - AI is expected to transform battlefield information processing, leading to increased demand for situational awareness infrastructure, including ground-based and airborne sensors [63][64]. - The report suggests that the military AI applications will expand across various domains, including cyber warfare, logistics, and autonomous systems, enhancing overall military effectiveness [32][63]. Recommended Companies - The report recommends focusing on companies involved in computational power, technology development, and application integration, including: - Computational Power: Jingjia Micro, Fudan Microelectronics, Unisoc, Chengdu Huami, and others [2][34]. - Technology Development: Zhongke Xingtu, Aerospace Hongtu, and others [2][48]. - Application Integration: Aerospace Nanhai, Guorui Technology, and others [2][63].

Summary of Key Points from Conference Call Records Industry Overview - The military industry in China is mature and has significant international market potential, with foreign trade becoming a focal point [1][2] - The end of the 14th Five-Year Plan has catalyzed policies, leading to a recovery in upstream military electronics orders, although challenges remain [1][2] - The 15th Five-Year Plan will commence in 2026, with a goal of military modernization by 2027, emphasizing the need for new combat capabilities [1][2] Core Insights and Arguments - Increased global military equipment demand due to rising geopolitical tensions and conflicts, validating the performance of domestic equipment in international markets [1][2] - The integration of AI in military applications is driving modernization, with China aiming for AI development goals by 2030 [1][2][5] - The 2025 military parade showcased advanced military technologies, including hypersonic weapons and unmanned systems, indicating a shift towards joint operations and modern combat systems [1][6] AI Applications in Military - AI applications in the military encompass various areas, including command operations, equipment maintenance, autonomous drones, and logistics management [5][7] - The U.S. leads in military AI, with significant investments in AI companies and rapid decision-making enhancements within NATO [5][9] - China's military AI development involves numerous companies, including aerospace and navigation firms, contributing to a comprehensive upgrade of military capabilities [9] Emerging Technologies and Equipment - The 2025 military parade highlighted new technologies such as AI-enabled drones and ground robots, enhancing overall military effectiveness [8][9] - Specific advancements include lightweight automatic rifles and smart wearable devices for soldiers, improving operational efficiency [8][9] Long-term and Short-term Outlook - Long-term prospects for military informationization and intelligence construction in foreign trade are promising, potentially expanding the domestic military market [10] - Short-term recovery in foreign trade requires time, with the military sector showing thematic investment trends [11] New Production Forces and Trends - Key development areas include commercial aerospace, low-altitude economy, and deep-sea technology, which are prioritized in national development plans [12][14] - The deep-sea technology sector is crucial for national security and economic interests, with ongoing advancements in underwater research and resource development [13][14] Investment Recommendations - Focus on military AI industrialization, with attention to emerging themes in commercial aerospace and unmanned intelligence [16][17] - Key companies to watch include those involved in national defense and aerospace, as well as firms specializing in AI and information technology [16][17]

Summary of Military Industry Conference Call Industry Overview - The military industry sector showed a structural demand reversal in the first half of 2025, with overall revenue growth of 3.84% and a net profit decline of 26.7% [1][4] - Significant improvement was observed in Q2, indicating a recovery in industry sentiment and a continuous increase in orders, which is expected to further enhance profit growth [1][2] Key Performance Metrics - Revenue for the military sector reached 182 billion yuan, with a net profit of 11.3 billion yuan [4] - The second quarter saw a notable improvement in all key performance indicators compared to the first quarter [4] Segment Performance - Among the six sub-sectors (aviation, aerospace, naval vessels, ground equipment, general support, and electronic components), ground equipment, general support, and electronic components achieved year-on-year revenue growth [5] - The missile weapon demand is expected to recover significantly in 2025, with a positive trend anticipated to continue throughout the "15th Five-Year Plan" period [3][13] Company Performance - Private military enterprises showed positive revenue growth in both Q1 and Q2 of 2025, while state-owned enterprises experienced a decline in Q2 [6] - Upstream and midstream companies have seen continuous improvement in revenue growth since Q4 2024, with a notable increase in gross margins for electronic components and power equipment in Q2 [7] Inventory and Cost Management - Overall inventory levels in the military industry have increased, but revenue growth in the electronic components sector has outpaced inventory growth, indicating a positive trend [9] - Companies with higher gross margins are facing ongoing price pressure, particularly those with margins above 30% and especially above 60% [8] Research and Development - R&D expenses showed little significant change, with a slight increase in overall expenses but a small decrease in Q2 [9] Cash Flow and Contract Liabilities - Cash flow increased year-on-year in the first half of 2025, although it decreased in Q2 [10] - Contract liabilities remained stable, with no significant changes compared to the beginning of the year [10] Tax Impact - The marginal impact of value-added tax continues to exist but is diminishing, with tax and additional charges for six major aviation manufacturers increasing by 18% year-on-year [11] Future Outlook - The military industry is expected to see long-term demand growth, particularly in the construction engineering sector, which has reached a new high in marked totals [12] - The export market for military equipment is showing positive signs, with several companies reporting significant revenue growth due to successful military trade project deliveries [16] Conclusion - The military industry is experiencing a recovery phase with varying performance across different segments, and the outlook remains positive for continued growth in the coming quarters, driven by increased demand and improved order fulfillment [2][19]

Core Insights - The company, Zhimin Da, experienced a 2.32% decline in stock price on August 26, with a trading volume of 230 million yuan [1] - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 295 million yuan, a year-on-year growth of 84.83%, and a net profit of 38.3 million yuan, a staggering increase of 2147.93% [2] Financing and Trading Activity - On August 26, Zhimin Da had a net financing purchase of 5.5 million yuan, with a total financing balance of 218 million yuan, accounting for 3.43% of its market capitalization [1] - The company’s margin trading balance is at a high level, exceeding the 90th percentile of the past year [1] - The short selling activity on the same day included the repayment of 2,900 shares and the sale of 1,500 shares, with a short selling balance of 8,701 shares valued at approximately 329,800 yuan [1] Shareholder and Institutional Holdings - As of June 30, the number of shareholders increased by 7.98% to 5,306, with an average of 31,592 circulating shares per person, up 37.99% [2] - The company has distributed a total of 52.6 million yuan in dividends since its A-share listing, with 31.8 million yuan distributed over the past three years [2] - Notable institutional investors include Guangfa Technology Innovation Mixed A and Changxin National Defense Military Industry Quantitative Mixed A, with significant increases in their holdings [2]

Revenue and Profit Growth - The company achieved significant revenue and profit growth in the first half of 2025, with total operating revenue reaching 295 million yuan, an increase of 84.83% year-on-year [1] - The net profit attributable to shareholders was 38.298 million yuan, up 2147.93% year-on-year, while the net profit excluding non-recurring items was 35.6825 million yuan, an increase of 2901.58% [1] - In Q2, total operating revenue was 214 million yuan, a year-on-year increase of 93.77%, with net profit attributable to shareholders at 29.9803 million yuan, up 133.82% [1] Main Business Composition - The company's main business revenue is derived from several key areas, including embedded computers for aviation and other high-end equipment [2] Financial Indicators - The revenue from airborne embedded computers was 200 million yuan, accounting for 67.72% of total revenue, with a gross margin of 53.16% [4] - Other products generated revenue of 61.3986 million yuan, representing 20.83% of total revenue, with a gross margin of 58.58% [4] - The net profit margin was 12.99%, reflecting a year-on-year increase of 1116.13% [4] - The company's cash flow per share was 0.17 yuan, showing a year-on-year growth of 960.06% [4] Accounts Receivable and Cash Flow - The accounts receivable stood at 863 million yuan, which is 4437.75% of the latest annual net profit, indicating significant pressure on receivables collection [4] - The company's cash and cash equivalents amounted to 39.98 million yuan, a year-on-year increase of 89.64%, but the ratio of cash to current liabilities was only 21.92% [4] - The average net cash flow from operating activities over the past three years has been negative, highlighting potential financial pressure [4]