盛路通信(002446) - 盛路通信调研活动信息

Financial Performance - In the first three quarters of 2022, the company achieved operating revenue of 1.086 billion CNY, a year-on-year increase of 61.29% [2] - The net profit attributable to shareholders was 192 million CNY, reflecting a significant year-on-year growth of 1,214.47% [2] - The substantial growth in performance is attributed to the positive development trends in the communication equipment and microwave electronics sectors, with orders gradually being delivered [2] Company Overview - Nanjing Hengdian Electronics Co., Ltd. was established in 1998 and has over 20 years of technological accumulation, leading in ultra-wideband down-conversion technology [3] - Chengdu Innovation Technology Co., Ltd. was founded in 1995, employing over 230 people and establishing a comprehensive technical system for microwave products [3] - Both subsidiaries complement each other in product application areas and downstream customers, enhancing the company's military industry layout [3] Core Technologies - The company's core technology in military electronics is ultra-wideband down-conversion technology, crucial for applications in phased array radar, electronic countermeasures, remote sensing, and satellite communications [4] - The ultra-wideband technology allows for the identification of various target types, while down-conversion extracts and restores target signals without distortion [4] Market Position and Competition - The company has a stable order book and high capacity utilization in its military electronics business, with both subsidiaries expanding capacity to ensure order fulfillment [5] - The company does not have direct competition with Guobo Electronics, Zhenlei Technology, or Chengchang Technology, as they operate in parallel supply chains [5] Future Development - The company is actively researching 6G technology, focusing on a comprehensive information network covering space, air, land, and sea [7] - The domestic 5G base station construction is expected to continue, with projections indicating over 2 million base stations and 600 million terminal connections by the end of 2022 [7] - The company plans to shift its strategy from diversified business development to focusing on military electronics and civil communications, enhancing its competitive edge through increased R&D investment [8] International Market - The company's overseas business has entered the supply chains of mainstream equipment manufacturers in France, Israel, and India, although the market share remains relatively small [8] Recent Achievements - The company recently won a procurement project for indoor antennas from China Mobile, which is expected to enhance its market influence and competitiveness in the communication industry [5]