富士达 20251011 富士达公司在军工领域订单签订模式是怎样的？是否存在独家供应情况？ 富士达很少直接与军方签订合同，通常与二级或三级配套单位签订元器件级合 同。订单签订模式包括项目确定后的独家供应以及竞标两种方式。对于原有型 号，为了保证产品状态稳定性，一般采用独家供应模式；而新型号则更多采用 竞标方式。尽管未来竞标可能会增多，但富士达凭借其成本管控能力及技术方 富士达将高端工业装备和精密仪器仪表作为重点战略业务布局，目标规 模超过 1 亿元。2025 年预计订单总额约 4,000 万到 5,000 万元， 2026 年增速预计加快，部分技术已达批量生产条件。 富士达已形成 400G 以上高速铜缆样品并交客户验证，主要通过技术供 样满足主流厂商需求。同时评估是否介入 100G 至 200G 主流产品市场， 以应对未来不确定性。公司还在低空经济、量子通信和医疗领域均有布 局，并看好智能网联汽车的增长。 案优势，对竞争持有信心。 2025 年富士达防务业务订单增长情况如何？下半年是否延续这一趋势？ 2025 年上半年，富士达防务业务订单增速较快，从半年报业绩可以看出防务 业务恢复增长显著。目前公司手头订单充 ...

Core Viewpoint - Chengdu Tian'ao Electronics Co., Ltd. reported a significant decline in both revenue and net profit for the first half of 2025 compared to the same period last year, indicating challenges in market competition and project delivery [6][7]. Financial Performance - The company achieved operating revenue of 317.64 million yuan, a decrease of 16.09% year-on-year [6]. - Net profit attributable to shareholders was 8.31 million yuan, down 46.25% from the previous year [6]. - The net cash flow from operating activities was 27.03 million yuan, reflecting a decline of 71.44% [6]. - Basic and diluted earnings per share were both 0.0191 yuan, a decrease of 46.20% [6]. Operational Challenges - The company faced significant pressure on collections, with accounts receivable increasing by 10.17% year-on-year [6]. - Credit impairment losses also rose, indicating potential risks in receivables management [6]. - Despite an increase in production orders, product delivery decreased due to project progress issues [6]. Market and Product Development - The company is actively expanding its market presence across various product lines, including time-frequency devices and RF components [7]. - New applications and projects in the airborne field are being pursued, with successful contracts for power modules and ongoing market promotion for power chips [7]. - The company has made technological breakthroughs in miniaturized and high-precision temperature-compensated crystal oscillators [7]. Research and Development - R&D investment for the first half of 2025 was 15.42 million yuan, resulting in the acquisition of 3 patent authorizations and 1 software copyright [7]. - As of June 30, 2025, the company holds a total of 129 patents, 1 integrated circuit layout design, and 26 software copyrights [7]. Strategic Focus - The company is committed to enhancing its core competitiveness in the time-frequency field through continuous innovation and technology development [7]. - Efforts are being made to strengthen cost control, with management and sales expenses decreasing by over 10% [6].