Group 1: Investor Relations Activities - The company held an annual performance briefing on May 15, 2025, via an online platform [4] - Key attendees included the Chairman, General Manager, and various department heads [4] Group 2: Client Base and Market Position - Major clients include large state-owned enterprises such as AVIC, CSSC, and CETC [5] - The company has established stable and sustainable partnerships with these clients, covering major domestic research institutes [5] Group 3: Development Opportunities - China's defense budget is projected to grow by 7.2% in 2025, providing stable growth for the military electronics sector [6] - The company is positioned in a growing market for network buses and special display technologies, with increasing demand [6] Group 4: Financial Performance - The company reported a 29.07% increase in total revenue for 2024, driven by strategic focus and product innovation [15] - R&D expenses for 2024 amounted to 16.38 million CNY, representing 5.87% of total revenue [21] Group 5: Product Applications and Innovations - Main products are used in military applications, particularly in avionics systems, with a significant portion of revenue derived from these areas [9] - The company has developed a unique LED dome display system for military simulation training, filling a gap in domestic technology [24] Group 6: Competitive Strategy - The company emphasizes continuous R&D investment to maintain technological leadership and product innovation [12] - It has established relationships with over 100 new clients in 2024, expanding its market reach [12] Group 7: Challenges and Future Outlook - The company faces challenges due to the uneven distribution of orders in the military procurement sector, leading to a loss in Q1 2025 [25] - Future strategies include enhancing product quality and exploring AI applications in military information systems [10]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company is expected to achieve a 2024 net profit attributable to shareholders of 50.13 million yuan, representing a year-on-year growth of 11.30% [2] - The company reported an estimated revenue of 279 million yuan for 2024, reflecting a year-on-year increase of 29.07% [2] - The company maintains a competitive edge in the market due to its innovative products, particularly in the LED spherical display system and network bus products, which are in high demand [2][3] Financial Summary - The total revenue for 2022 was 169 million yuan, with a projected increase to 418 million yuan by 2026, indicating a compound annual growth rate (CAGR) of approximately 25.2% [5][10] - The net profit attributable to shareholders is expected to grow from 34 million yuan in 2022 to 84 million yuan in 2026, with a CAGR of about 29.3% [5][10] - The company's gross margin is projected to remain stable around 45% over the next few years, with a slight increase in net margin from 19.9% in 2022 to 20.0% in 2026 [5][10] Market Position and Product Development - The company has successfully developed the LED spherical display system, which has undergone five technical iterations and has broken the reliance on foreign technology [3] - The market for military simulators is expected to grow, with the company securing a contract worth 29.92 million yuan from China Aviation Industry Group [3] - The demand for network bus products is driven by the modernization of military aircraft, with the company filling a market gap in high-speed network communication components [2][3]

证券简称： 成电光信 证券代码： 831490 四川省成都市高新区天辰路 88 号 成都成电光信科技股份有限公司 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 成都成电光信科技股份有限公司招股说明书（申报稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应当充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素， 保荐人（主承销商） （广东省广州市黄埔区中新广州知识城腾飞一街 2 号 618 室） 审慎作出投资决定。 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申请文件 及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、投资价值或 者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定 ...