Investment Rating - The report initiates coverage with a "Buy" rating for the company [9]. Core Insights - The company, as a high-tech entity focused on infrared technology, possesses a complete and comprehensive set of independent technologies from the ground up to system integration. It has established a full industrial chain for research and production, covering infrared core devices to comprehensive optoelectronic systems [6][20]. - The company has built three fully controllable domestic chip production lines, including uncooled, cooled cadmium mercury, and type II superlattice chips, which are widely applied in defense, industrial inspection, security monitoring, automotive auxiliary driving, and consumer electronics [7][56]. - The company is actively expanding its overseas business and has achieved bulk delivery of complete equipment systems to multiple countries, showcasing its competitive advantages in the international market [8][73]. Summary by Sections Company Overview - Founded in 1999, the company is a private high-tech listed firm specializing in infrared core chips, infrared thermal imaging products, high-end optoelectronic systems, and advanced equipment systems [20]. Business Structure - The core subsidiaries, including Gaoxin Technology, Gaode Zhiguan, and the Industrial Research Institute, contribute 86% of the company's revenue, serving as the main support for net profit [6][31]. Market Position and Growth - The company has seen a recovery in its core business since 2025, with significant growth in revenue and profit driven by the resumption of delayed model project deliveries and the expansion of its civilian market [27][44]. - The company has signed substantial procurement contracts for existing model projects, indicating a strong demand for its products [9][50]. Product Development and Innovation - The company focuses on developing high-precision and advanced technologies for national defense, with several model products showing significant advantages in the market [72][50]. - The infrared thermal imaging technology is widely used in various fields, including military, aerospace, and civilian applications, with a strong emphasis on autonomous production capabilities [62][66]. Financial Forecast - The company's projected net profits for 2025, 2026, and 2027 are estimated at 8.12 billion, 10.43 billion, and 13.44 billion yuan, respectively, with year-on-year growth rates of 282%, 28%, and 29% [9].

Core Viewpoint - The company, Yantai Ruichuang Micro-Nano Technology Co., Ltd., has announced a delay in the investment timeline for part of its fundraising projects, specifically the "Supply Chain Center Infrared Thermal Imaging System Project," while maintaining the original investment amount and project content [1][4]. Fundraising Overview - The company was approved to issue 15,646,900 convertible bonds with a total fundraising amount of 1,564.69 million RMB, resulting in a net amount of 1,554.79 million RMB after deducting related fees [1]. - The total planned investment for the projects is 2,410.60 million RMB, with the net fundraising amount intended for these projects being 1,564.69 million RMB [2][3]. Project Changes - The "Supply Chain Center Infrared Thermal Imaging System Project" has undergone a name change and a shift in implementation entities to include wholly-owned subsidiaries Ruichuang Microelectronics, Ruichuang Intelligent Manufacturing, and Ruichuang Guangzhou [3]. - The investment deadline for the "Supply Chain Center Infrared Thermal Imaging System Project" has been postponed from December 2025 to June 2027 [4]. Reasons for Delay - The delay is attributed to the project's early construction phase and aims to align the investment with the company's long-term strategic goals, enhancing the effectiveness and quality of fund usage [4]. Impact of Delay - The delay is not expected to materially affect the project's implementation or the company's normal operations, as the investment amount, project content, and implementation entities remain unchanged [4][5]. Decision-Making Process - The decision to delay the project was approved by the company's board and supervisory committee, indicating adherence to necessary approval procedures [5].