M&S ELECTRONICS(688311)2023-11-24 08:48Group 1: Company Overview - Chengdu Mingsheng Electronics Technology Co., Ltd. focuses on satellite application technology, including research, manufacturing, and sales of satellite navigation and communication terminal equipment [2] - Main products include satellite navigation terminals based on the BeiDou system and satellite communication antennas and components [2] - The company is investing in electronic countermeasure technology and has multiple research projects in this area [2] Group 2: Financial Performance - In Q3 2023, the company achieved revenue of approximately CNY 40 million, with a total revenue of CNY 274 million for the first three quarters, representing a year-on-year growth of 17.74% [2] - The net profit attributable to shareholders was CNY 1,155.70 million, with a year-on-year increase of 16.75% [3] - The net profit after deducting non-recurring gains and losses was CNY 3.1544 million, showing a year-on-year growth of 42.28% [3] Group 3: Product Development and Market Strategy - The company customizes products based on user requirements, leading to longer R&D and production cycles [3] - The average price of products varies significantly due to customization and differing customer demands [4] - The company has strong competitive advantages in technology, service, quality, and brand, with significant independent innovation capabilities [4] Group 4: Production and Quality Control - The entire production process is under the company's control, from design to testing, with some processes outsourced [5] - The company has established a quality management system that covers all stages of product development and delivery [4] Group 5: Industry Engagement and Future Projects - The company has completed airworthiness certification for its satellite communication terminal on Boeing B737-800 and is actively pursuing certification for other aircraft models [5] - Some electronic countermeasure projects are in the verification and testing stages, expected to transition to mass production after completion [5]