盛路通信(002446) - 盛路通信调研活动信息

Company Overview - Guangdong Shenglu Communication Technology Co., Ltd. was established in December 1998 and is a leading high-tech enterprise in antenna and RF product R&D, manufacturing, and sales [2] - The company went public on July 13, 2010, on the Shenzhen SME Board (stock code: 002446), becoming the first A-share antenna company in China [2] - Focused on dual-use communication technology, the company aims to develop military and civilian communication technologies synergistically [2] R&D Investment - In 2019, the company's R&D investment was 134 million CNY, accounting for 10.06% of the annual revenue; in the first half of 2020, R&D investment reached 77.84 million CNY, representing 13.84% of the revenue [2] - The company is involved in one provincial key project and two national key projects, with a 50 million CNY national special reward for its 28G active phased array millimeter-wave antenna technology [2] Core Competencies - The company's core competencies include 5G millimeter-wave antenna technology, smart room division technology, and military electronics [2] - The company has achieved leading domestic technology and product advantages in these areas [3] Military Electronics Products - The company has over 20 years of R&D technology and process accumulation in microwave technology, with leading products including various microwave devices and modules [3] - Products are widely used in airborne, naval, ground combat platforms, and satellite internet communication [3] Civil Communication Products - The company serves domestic and international telecom operators and major equipment manufacturers, providing communication antennas, RF devices, and overall solutions [3] - Key products include backbone transmission network reflector antennas, base station antennas, indoor distribution systems, and satellite antennas [3] Impact of Divestiture - The divestiture of Hezheng Electronics, which faced significant losses in 2019 and challenges due to the COVID-19 pandemic, allows the company to focus on military and civilian communication [4] - This strategic move is expected to positively impact the company's performance [4] Chip Business - The company has developed millimeter-wave chips for domestic substitution, which are now in small-scale production and application [4] Future Strategic Directions - The company plans to strengthen R&D capabilities, particularly in self-developed chips, and increase their application in military and civilian communication products [4] - It aims to track advancements in 5G technology and promote the application of military technology in civilian markets [4] - The company will leverage opportunities from national initiatives in 5G and defense modernization, combining internal growth with external expansion [4]