Group 1 - The core focus of the recent investor meeting held by Shaanxi Huada was on the acquisition of Shaanxi Huajing Microelectronics and its impact on the company's operations and market strategy [2][3] - The acquisition of 100% equity in Shaanxi Huajing Microelectronics is expected to enhance the company's product structure and create significant synergies, allowing it to transition from a single component supplier to a comprehensive system solution provider [2] - The company anticipates a growth in revenue for the year 2025, with a focus on increasing market development efforts and improving operational efficiency through cost reduction and lean management [3] Group 2 - Shaanxi Huada is expanding its product offerings in the civil goods sector, particularly in new communication technologies, leveraging the capabilities of Huajing Microelectronics [4] - The company is also focusing on the commercial aerospace sector, actively participating in standard-setting and expanding its product range for commercial satellites, which is expected to increase the value per satellite [4] - The investor meeting emphasized the company's commitment to transparent information disclosure, ensuring that all communications are accurate and timely [4]

| | 特定对象调研 | 分析师会议 | | --- | --- | --- | | 投资者关系活动类 | 媒体采访 | □业绩说明会 | | 别 | 新闻发布会 | □路演活动 | | | 现场参观 | | | | | 其他（请文字说明其他活动内容） | | | 民生证券 尹会伟 | | | | 民生证券 孔厚融 | | | | 开源证券 李苗钰 | | | | 广发证券 吴坤齐 | | | | 前海人寿保险 | 程正隆 | | | 陕西海拓实业发展有限公司 | 王谨 | | | 众安在线财产保险 | 徐赛 | | | 嘉实基金 王维 | | | 参与单位名称及人 | 国联民生 樊景扬 | | | 员姓名 | 中信证券 陈卓 | | | | 中信证券 梁爽 | | | | 中信证券 韩晨 | | | | 西安普潓年华健康体检有限公司 | 刘军龙 | | | 西安普潓年华健康体检有限公司 | 蒋先运 | | | 陕西富田化肥有限公司 | 商阳 | | | 国盛证券 乾亮 | | | | 国盛证券 彭元立 | | | 时 间 | | 2025年9月16日、2025年9月17日、2025年9月19日 ...

Core Viewpoint - Shaanxi Huada plans to acquire 100% equity of Huajing Microelectronics through a share issuance, marking its first industrial integration post-listing, aiming to transition from a "professional connector manufacturer" to a "comprehensive component solution provider" [1] Group 1: Strategic Significance - The acquisition is expected to create product complementarity, market synergy, and resource integration, achieving a "1+1>2" aggregation effect [1] - Both companies have a historical connection as they were established as part of national strategic deployments in the 1960s, with Shaanxi Huada being a pioneer in electrical connectors and Huajing Microelectronics specializing in thick-film hybrid integrated circuits [2] Group 2: Product and Market Expansion - Huajing Microelectronics' core products include hybrid integrated circuits, power products, RF devices, sensors, optical modules, potentiometers, and automotive electronics, with significant market potential in integrated circuits and power products [3] - The merger will enhance Huajing Microelectronics' R&D and production capabilities, allowing for rapid scale expansion and cost reduction through shared investments [3] Group 3: Synergy and Collaboration - The integration will leverage both companies' strengths in aerospace applications, with a focus on enhancing R&D investment and technology breakthroughs to support national aerospace development [4] - Both companies have established revenue streams in the UAV sector and are advancing product standardization in communication fields [4] Group 4: Competitive Advantage and Innovation - Shaanxi Huada aims to capitalize on opportunities in commercial aerospace, low-orbit satellites, and integrated information network infrastructure, enhancing its competitive edge in high-end components [6] - The company emphasizes continuous innovation, talent development, and management optimization as core strategies to support sustainable growth in the face of emerging technologies like 5G, IoT, and AI [7] - The acquisition is seen as a pivotal step in Shaanxi Huada's strategic transformation, potentially marking a significant milestone in its development journey [7]

Core Viewpoint - Shaanxi Huada announced plans to acquire 100% equity of Huajing Microelectronics through a share issuance, marking its first industrial integration since going public, aiming to transition from a "professional connector manufacturer" to a "comprehensive component solution provider" [2][3] Resource Sharing - The integration aims to achieve resource sharing, with Shaanxi Huada focusing on connectors and components, while Huajing Microelectronics specializes in hybrid integrated circuits and power products, both having deep technical backgrounds [3][4] - Huajing Microelectronics' core products include hybrid integrated circuits, power products, RF devices, sensors, optical modules, potentiometers, and automotive electronics, with significant market potential in integrated circuits and power products [3][4] Synergy Activation - Both companies' products are used in aerospace, with differing customer focuses, and the integration is expected to enhance collaborative efforts [4][5] - Shaanxi Huada is positioned to strengthen its R&D investment and improve its aerospace product system, contributing to national aerospace development [4][6] Strengthening Core Competitiveness - Shaanxi Huada is seizing opportunities in low-orbit satellites, communication payloads, and remote sensing systems, focusing on product innovation and technology breakthroughs [6][7] - The company is accelerating fundraising project construction to enhance R&D and delivery capabilities, integrating into the space-ground integrated information network infrastructure [6][7] Technological Innovation - The company emphasizes that technological innovation is fundamental for the growth of electronic component enterprises, focusing on talent development, R&D investment, and management optimization [7] - The integration with Huajing Microelectronics is seen as a pivotal step in Shaanxi Huada's strategic transformation, potentially marking a significant milestone in its development history [7][8]

Core Viewpoint - Shaanxi Huada plans to acquire 100% equity of Huajing Microelectronics through a share issuance, marking its first industrial integration since going public, aiming to transform from a "professional connector manufacturer" to a "comprehensive component solution provider" [1][2] Group 1: Strategic Significance - The acquisition is expected to create product complementarity, market synergy, and resource integration, achieving a "1+1>2" aggregation effect [1] - Both companies have a historical connection as they were established as third-line enterprises under national strategic deployment, focusing on high-reliability electronic components [2] Group 2: Product and Market Expansion - Huajing Microelectronics' core products include hybrid integrated circuits, power products, RF devices, sensors, and automotive electronics, with significant market potential in integrated circuits and power products [3] - The merger will enhance Huajing Microelectronics' R&D and production capabilities, allowing for rapid scale expansion and reduced fixed costs [3] Group 3: Synergy and Collaboration - The integration will leverage both companies' strengths in aerospace applications, with a focus on enhancing R&D investment and technical breakthroughs in the commercial aerospace sector [4] - Both companies have established revenue streams in the UAV sector and are advancing product standardization in communication fields [4][5] Group 4: Strengthening Core Competitiveness - The company is seizing opportunities in low-orbit satellites, communication payloads, and remote sensing systems, focusing on technological innovation and industry chain integration [6] - The ongoing investment projects aim to enhance technical R&D and delivery capabilities, solidifying the company's leading position in high-end components [7] Group 5: Future Outlook - The merger is seen as a pivotal step in the company's strategic transformation, potentially marking a significant milestone in its development history [7] - The integration is expected to yield both scale expansion and synergy benefits, positioning the company as a leading platform for electronic components in China [7]