万通发展(600246) - 机构投资者交流活动纪要

Group 1: Company Overview - Beijing Wantong New Development Group Co., Ltd. held an investor communication event on July 3, 2022, with 46 participants from various investment institutions [1] - Chengdu Zhirong Technology Co., Ltd. is a national high-tech enterprise focused on millimeter-wave integrated circuit design, with over ten intellectual property rights in the relevant field [4][5] Group 2: Technology and Product Advantages - Zhirong Technology specializes in high-performance chip-level solutions for next-generation phased array antenna systems and millimeter-wave communication systems [5] - The company has developed multiple chip products, including phased array T/R chips, RF front-end chips, and power amplifier chips, with capabilities covering frequencies from DC to 40GHz [7] - Zhirong Technology's team has extensive experience in millimeter-wave integrated circuits, having successfully developed a domestic replacement chip after just one round of design tape-out [6] Group 3: Market Potential and Financial Projections - According to McKinsey, the satellite internet market could reach a value of $560 billion to $850 billion by 2025, indicating significant demand for phased array T/R chips [10] - GSMA predicts that by 2034, the economic benefits from using millimeter-wave frequencies in China will generate approximately $104 billion [12] - If market demand for satellite internet and 5G millimeter-wave applications surges, chip shipments could reach hundreds of millions, with a market scale exceeding 5 billion yuan [10] Group 4: Competitive Landscape - The current market for phased array T/R chips is limited, with key competitors including Anokiwave and Renesas in the satellite internet terminal sector [14] - New entrants face significant barriers, including the need for deep technical expertise and high development costs, which could hinder their market entry [15] Group 5: Strategic Collaboration - Zhirong Technology plans to collaborate with Beijing Wantong to leverage its strengths in 5G millimeter-wave phased array chips and low-orbit satellite terminal chips [16] - The partnership aims to capitalize on the growing communication industry and the trend towards domestic chip replacement [18]