THD(SZ:300397)2026-01-15 09:24Group 1: Business Overview - The company focuses on the research, production, and delivery of low-altitude defense equipment, with three main business systems: "Military Equipment," "Communication Electronics," and "Next-Generation Integrated Electronic Information (Tianrong Project)" [1][2] - The military business is primarily conducted through the subsidiary Tianwei Electronics, while the civilian business is led by Huayang Communication, focusing on the RF industry chain [2] Group 2: Low Altitude Economy - The company has been actively involved in the low-altitude economy since 2001, leveraging its technological and research strengths to support national strategic initiatives [3] - It has developed competitive products for urban low-altitude safety, including monitoring systems and support solutions for general aviation [4][5] Group 3: Revenue Structure - The company has transitioned from a single military product focus to a dual-engine model driven by both military and civilian products, with civilian revenue now exceeding military revenue [5] Group 4: Stock Issuance - The company is in the process of issuing stocks to specific investors, currently under review by the Shenzhen Stock Exchange, with the first round of inquiries already addressed [5] Group 5: Underwater and RF Business - The underwater business focuses on underwater sensors and autonomous underwater vehicles for various tasks, including reconnaissance and environmental monitoring [5] - In the RF chip sector, the subsidiary Chengdu Tongliang offers products for base stations, wireless communication, and radar sensing, including low-noise amplifiers and power amplifiers [6]