格隆汇1月21日丨雷电微力(301050.SZ)在互动平台表示，公司核心产品T/R组件、阵列天线已规模化生 产并应用于雷达、通信等专用市场领域，该领域也是公司营业收入的主要来源。公司自研芯片已批量内 配于自有微系统产品。 ...

格隆汇1月21日丨雷电微力(301050.SZ)在互动平台表示，公司核心产品T/R组件、阵列天线已规模化生 产并应用于雷达、通信等专用市场领域，该领域也是公司营业收入的主要来源。公司自研芯片已批量内 配于自有微系统产品。 ...

人民财讯1月21日电，雷电微力（301050）1月21日在互动平台表示，公司主营产品T/R组件、阵列天线 能通过高精度相位幅度控制和自适应波束成形技术，为卫星通信提供可靠的抗干扰保障。公司自主研发 的星间链路毫米波微系统已成功配套于北斗导航卫星，依托在北斗项目中沉淀的宇航级工程化能力，公 司将积极拓展卫星通信业务。 ...

Group 1: Market Observation - The three major indices experienced a strong upward trend, with the Shanghai Composite Index surpassing 4100 points and total trading volume exceeding 30 trillion, indicating a robust market structure [1] - The Vice Chairman of the China Securities Regulatory Commission, Chen Huaping, emphasized the need to improve the institutional environment for long-term investments and to enhance the effectiveness of regulatory enforcement [1] - As of the end of last year, various long-term funds held approximately 23 trillion yuan in A-share market value, a 36% increase from the beginning of the year, while equity fund sizes grew from 8.4 trillion yuan to around 11 trillion yuan [1] Group 2: SpaceX and Satellite Deployment - The FCC approved SpaceX's application to deploy an additional 7,500 second-generation Starlink satellites, increasing the total number of operational second-generation satellites to 15,000 [4] - SpaceX is required to launch at least 50% of the approved second-generation satellites by December 1, 2028, and complete the deployment of the remaining satellites by December 31, 2031 [4] Group 3: Chinese Satellite Industry - The Radio Innovation Institute was established in Xiong'an New Area, involving seven organizations, including China Electronics Technology Group and China Satellite Network Group, to support the development of China's satellite internet [5] - China Electronics Technology Group is deeply involved in the construction of low-orbit satellite internet constellations, covering the entire industry chain from satellite manufacturing to application services [6] - Key companies in the industry include GuoBo Electronics, which is a leading supplier of T/R components for phased array radars, and Chengchang Technology, which focuses on T/R chip design and production [11][8] Group 4: Neuralink and Market Impact - Neuralink announced plans to start large-scale production of brain-machine interface devices in 2026, which is expected to significantly reduce surgical risks and accelerate technology adoption [18] - Following this announcement, A-shares saw widespread price increases, with several stocks hitting their daily limit [18][19] Group 5: Competitive Market Dynamics - The market for brain-machine interface technology is characterized by strong news-driven volatility, with initial surges followed by differentiation among stocks [17][26] - Companies like Pulite and Sanbo Brain Science have seen significant stock performance due to their involvement in both brain-machine interface and commercial space sectors [21][28]

Core Viewpoint - Hefei Chip Valley Microelectronics Co., Ltd. has resumed its IPO counseling process after withdrawing its application in April 2024, indicating a renewed focus on public listing and capital raising [1][4]. Group 1: Company Background - Chip Valley Microelectronics was established in 2014 and specializes in the research, design, production, and sales of semiconductor microwave and millimeter-wave chips, microwave modules, and T/R components [4]. - The company primarily offers products based on GaAs and GaN compound semiconductor processes and provides related technical development services [4]. Group 2: IPO and Fundraising Plans - The company previously submitted an application for listing on the Sci-Tech Innovation Board in May 2023, aiming to raise CNY 850 million (approximately USD 130 million) for microwave chip packaging and testing, module industrialization projects, R&D center construction, and working capital [4]. - The current counseling process is structured into four phases, including the development and implementation of a specific counseling plan, financial training, counseling acceptance, and the preparation of a summary report [4]. Group 3: Ownership Structure - The founder and controlling shareholder, Liu Jiabing, directly holds 28.33% of the company's shares and, along with his spouse Zhang Yuanling, controls 43.60% of the voting rights, making them the actual controllers of the company [4].

Core Viewpoint - Hefei Chip Valley Microelectronics Co., Ltd. (referred to as "Chip Valley Micro") is making a renewed attempt to go public after withdrawing its IPO application 19 months ago, indicating a significant move in the semiconductor industry [1] Company Overview - Chip Valley Micro was established in 2014 and focuses on the research, design, production, and sales of semiconductor microwave and millimeter-wave chips, microwave modules, and T/R components [1] - The company provides a range of products based on GaAs and GaN compound semiconductor processes, along with related technical development services [1] - Chip Valley Micro has received several accolades, including "National High-tech Enterprise," "Key Integrated Circuit Design Enterprise Encouraged by the State," and "2021 China Hidden Unicorn Top 500" [1] IPO History - The company previously submitted its IPO application to the China Securities Regulatory Commission (CSRC) in May 2023 for listing on the Sci-Tech Innovation Board [1] - Less than a year later, Chip Valley Micro voluntarily withdrew its IPO application, and in April 2024, the Shanghai Stock Exchange announced the termination of the review for its IPO [1]

Core Viewpoint - The delivery cycle for T/R chips has been extended to 12-18 months, reflecting overall industry demand growth and current supply chain conditions [1] Group 1: Company Updates - The company has six products that can be applied to T/R components, with some already starting small batch orders [1] - The company will continue to optimize capacity layout and supply chain management to ensure order delivery [1]

Investment Rating - The report maintains an "Outperform" rating for Guobo Electronics (688375) [1] Core Views - Short-term performance is impacted by demand fluctuations, but new product mass production is expected to drive future high growth [7] - The company reported a revenue of 1.569 billion yuan for the first three quarters of 2025, a year-on-year decrease of 13.5%, and a net profit of 247 million yuan, down 19.4% year-on-year [4] - Q3 2025 revenue was 498 million yuan, a decline of 2.5% year-on-year, with a net profit of 46 million yuan, down 26.0% year-on-year [4] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 2.806 billion yuan, with a year-on-year growth rate of 8.3% [6] - Net profit for 2025 is projected at 502 million yuan, with a year-on-year growth rate of 3.6% [6] - The company’s gross margin for Q1-Q3 2025 was 38.12%, an increase of 1.73 percentage points year-on-year [7] - The return on equity (ROE) for 2025 is estimated at 8.2% [6] Company Analysis - The cyclical fluctuations in downstream demand are affecting the main business, but new product mass production is expected to restore revenue growth [7] - The company is expanding its application fields for T/R components and has begun delivering multiple products for low-orbit satellites and commercial aerospace [7] - The company has successfully mass-produced silicon-based gallium nitride power amplifier chips in collaboration with leading domestic terminal manufacturers, with over 1 million units delivered [7] - Inventory and accounts payable remain high, indicating strong downstream demand and industry prosperity [7] - The company benefits from its strong technical background and dual-market strategy, with military and civilian products expected to see rapid growth as demand increases [7]

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, indicating pressure on performance due to reduced income from T/R components and RF modules [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.569 billion yuan, a year-on-year decrease of 13.51% [1]. - The net profit attributable to shareholders was 247 million yuan, down 19.35% year-on-year, while the net profit excluding non-recurring items was 243 million yuan, a decrease of 18.93% [1]. - In Q3 2025, revenue was 500 million yuan, a decline of 2.5% year-on-year, with net profit of 46 million yuan, down 26.0% year-on-year [2]. - The gross margin for Q3 2025 decreased by 3.6 percentage points to 36.0%, and the net margin fell by 2.9 percentage points to 9.2% [2]. Credit Impairment Losses - The company reported credit impairment losses of 51.94 million yuan for the first three quarters, an increase of 65 million yuan compared to the same period last year, impacting current profits [2]. Product Development - The company has achieved mass production of over 1 million silicon-based gallium nitride power amplifier chips, addressing challenges related to lattice defect ratios in materials [2]. - The new product is expected to replace traditional gallium arsenide power amplifiers and promote applications across all frequency bands and scenarios in the terminal RF power amplifier field, representing a second growth curve for the company [2]. Cash Flow and Working Capital - As of the end of Q3 2025, accounts receivable increased by 8.9% to 3.56 billion yuan, and inventory rose by 39.0% compared to the end of Q2 2025 [3]. - The net cash flow from operating activities for the first three quarters was -35 million yuan, compared to 147 million yuan in the same period last year, indicating a need for improvement [3]. Investment Outlook - The company is projected to achieve net profits of 513 million yuan, 702 million yuan, and 898 million yuan for the years 2025, 2026, and 2027, with growth rates of 5.87%, 36.77%, and 27.96% respectively [4]. - Given the company's leading position in active phased array T/R components and RF modules, along with long-term growth potential in commercial aerospace and semiconductor industries, a 12-month target price of 82.42 yuan is set, maintaining a buy-A investment rating [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company's revenue for Q1-Q3 2025 was 1.57 billion, a year-on-year decrease of 13.5%, with a net profit of 250 million, down 19.4% year-on-year. In Q3 2025, revenue was 500 million, a decrease of 2.5% year-on-year and 30.9% quarter-on-quarter, with a net profit of 46 million, down 26.0% year-on-year and 68.2% quarter-on-quarter [2][3]. - The main business is under pressure, with revenue from T/R components and RF modules declining. The company recorded an asset and credit impairment loss of 47.14 million, impacting net profit [3]. - Despite the decline in profitability, the company maintains a gross margin of 36.0% in Q3 2025, which is within a reasonable range [3]. - The company is actively increasing production capacity, with inventory rising to 460 million, up 39.1% from Q2 2025, and construction in progress at 300 million, up 12.2% from Q2 2025 [3]. - The company has successfully mass-produced over 1 million silicon-based gallium nitride power amplifier chips, which are expected to provide a second growth curve by replacing existing products in the RF power amplifier market [3]. Summary by Sections Performance Review - For Q1-Q3 2025, the company achieved revenue of 1.57 billion, a decrease of 13.5% year-on-year, and a net profit of 250 million, down 19.4% year-on-year. In Q3 2025, revenue was 500 million, a decrease of 2.5% year-on-year and 30.9% quarter-on-quarter, with a net profit of 46 million, down 26.0% year-on-year and 68.2% quarter-on-quarter [2]. Operational Analysis - The main business is facing temporary pressure, with revenue from T/R components and RF modules decreasing. The company recorded an asset and credit impairment loss of 47.14 million, impacting net profit. The gross margin for Q3 2025 was 36.0%, down 3.6 percentage points year-on-year, while the net profit margin was 9.2%, down 2.9 percentage points year-on-year [3]. - The company is actively preparing for production and accelerating capacity expansion, with inventory at 460 million, up 39.1% from Q2 2025, and construction in progress at 300 million, up 12.2% from Q2 2025 [3]. - The company has achieved mass production of over 1 million silicon-based gallium nitride power amplifier chips, which are expected to enhance data transmission rates and reduce energy consumption in terminal applications [3]. Profit Forecast, Valuation, and Rating - The company is a leading domestic player in T/R components and RF modules, with a comprehensive product line and ongoing expansion and R&D investments expected to drive performance growth. The forecasted net profit for 2025-2027 is 504 million, 697 million, and 988 million, representing year-on-year growth of 4%, 38%, and 42%, respectively, with corresponding P/E ratios of 81, 59, and 41 [4].