Investment Rating - The report maintains a "Buy" rating for the company with a target price of 49.94 RMB [7][5]. Core Insights - The company has experienced rapid revenue growth driven by a recovery in military product demand, with Q3 revenue reaching 128 million RMB, a year-on-year increase of 1727.32% and a quarter-on-quarter increase of 30.25% [1][2]. - The military product segment is seeing a resurgence, particularly in precision-guided munitions and electronic countermeasures, while the civil product segment is expanding with advancements in aviation satellite communication and low-orbit satellite networks [2][3]. - The strategic investment from Sichuan Development, acquiring a 6.25% stake, is expected to enhance the company's capabilities in the aerospace and satellite industries [3]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a total revenue of 248 million RMB, a year-on-year increase of 185.29%, while the net profit attributable to the parent company was a loss of 47.54 million RMB, improving by 62.74% year-on-year [1][4]. - The gross margin for the first nine months of 2025 was 34.64%, a decrease of 10.78 percentage points year-on-year, while the net profit margin was -19.15%, an increase of 127.51 percentage points year-on-year [4]. Business Outlook - The company is expected to benefit from a strong order backlog and growth in demand for military and civil products during the 14th Five-Year Plan period [2]. - The civil product business is actively pursuing market opportunities, particularly in the C919 domestic aircraft and satellite internet sectors, which are anticipated to see significant growth [2]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 50.41 million RMB, 149.74 million RMB, and 236.75 million RMB respectively, reflecting a downward revision due to slower-than-expected profit recovery [5][11]. - The company is assigned a 2026 PE valuation of 56 times, with a target price adjustment to 49.94 RMB [5][11].

Core Insights - The company, Alliance Electronics (688311.SH), reported a significant increase in total operating revenue for the first three quarters of 2025, reaching 248 million yuan, which represents a year-on-year growth of 185.29% [1] - The net profit attributable to shareholders of the parent company was a loss of 47.5454 million yuan, which is an improvement of 80.0599 million yuan compared to the same period last year [1] - The basic earnings per share stood at -0.28 yuan [1]

Group 1 - The core point of the article is that Mengsheng Electronics reported significant revenue growth in Q3 2025, with a year-on-year increase of 185.29% to approximately 248 million yuan, despite a net loss attributable to shareholders of about 47.55 million yuan [1] - The basic earnings per share for the company is reported as a loss of 0.28 yuan [1] - As of the report date, Mengsheng Electronics has a market capitalization of 6.3 billion yuan [2]

使用部分闲置可转债募集资金进行现金管理的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐机构"） 作为成都盟升电子技术股份有限公司（以下简称"盟升电子"或"公司"）向不 特定对象发行可转换公司债券并在科创板上市的保荐机构，根据《上市公司募集 资金监管规则》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范 运作》等等法律、行政法规、部门规章及业务规则，对盟升电子拟使用部分闲置 可转债募集资金进行现金管理的事项进行了认真、审慎的核查，核查情况如下： 一、募集资金基本情况 经中国证券监督管理委员会核发的《关于同意成都盟升电子技术股份有限公 司向不特定对象发行可转换公司债券注册的批复》（证监许可[2023]1352 号），公 司向不特定对象发行可转换公司债券300.00万张，每张面值为人民币100.00元， 募集资金总额为人民币 300,000,000.00 元，扣除发行费用 5,272,641.51 元（不含 增值税）后，实际募集资金净额为 294,727,358.49 元。本次募集资金已于 2023 年 9 月 18 日全部到位，立信会计师事务所（特殊普通合伙）于 2023 年 9 ...

| 证券代码：688311 | 证券简称：盟升电子 | 公告编号：2025-076 | | --- | --- | --- | | 转债代码：118045 | 转债简称：盟升转债 | | 成都盟升电子技术股份有限公司 关于使用部分闲置可转债募集资金进行现金管理的 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 成都盟升电子技术股份有限公司（以下简称"公司"）于2025年10月27日召 开第五届董事会第四次会议，审议通过了《关于使用部分闲置可转债募集资金进 行现金管理的议案》，同意公司使用最高不超过人民币2.3亿元（包含本数）的 暂时闲置可转债募集资金进行现金管理，用于购买安全性高、流动性好、有保本 约定的投资产品（包括但不限于结构性存款、大额存单等安全性高的保本型产品）， 在上述额度范围内，资金可以滚动使用，使用期限不超过12个月，额度自董事会 审议通过之日起12个月内有效。董事会授权管理层行使该项决策权及签署相关法 律文件，具体事项由公司总经理负责组织实施。该事项在董事会审批权限范围内， 无需提交股东会审批。保荐机 ...

| 证券代码：688311 | 证券简称：盟升电子 公告编号：2025-077 | | --- | --- | | 转债代码：118045 | 转债简称：盟升转债 | 成都盟升电子技术股份有限公司 第五届董事会第四次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 成都盟升电子技术股份有限公司（以下简称"公司"）第五届董事会第四次 会议通知于2025年10月23日以通讯方式送达全体董事。会议于2025年10月27日在 公司会议室以现场和通讯相结合的方式召开。本次会议由公司董事长向荣先生召 集并主持，应到董事7人，实到董事7人。本次会议的召集和召开程序符合《中华 人民共和国公司法》和《成都盟升电子技术股份有限公司章程》等相关规定，会 议形成的决议合法、有效。 本议案已经公司第五届董事会审计委员会第二次会议审议通过，董事会审计 委员会认为：公司2025年第三季度报告真实反映了公司2025年第三季度的财务状 况、经营成果和现金流量，不存在虚假记载、误导性陈述和重大遗漏，同意将该 项议案提交公司 ...

Financial Performance - The company's operating revenue for the third quarter was ¥128,471,313.38, representing a year-on-year increase of 1727.32%[3] - Year-to-date operating revenue reached ¥248,222,145.07, showing an increase of 185.29% compared to the same period last year[3] - Total operating revenue for the first three quarters of 2025 reached ¥248,222,145.07, a significant increase from ¥87,005,718.07 in the same period of 2024, representing a growth of approximately 185.1%[20] - Total operating costs for the first three quarters of 2025 were ¥312,869,742.45, compared to ¥201,365,706.13 in 2024, indicating an increase of about 55.4%[20] - Net loss for the first three quarters of 2025 was ¥47,386,976.35, an improvement from a net loss of ¥128,469,423.52 in the same period of 2024[21] - The company reported a basic and diluted earnings per share of -¥0.28 for the first three quarters of 2025, compared to -¥0.80 in 2024[22] Cash Flow - The cash flow from operating activities for the year-to-date was ¥158,587,642.50, indicating a significant recovery in cash inflow[3][9] - Cash inflows from operating activities totaled ¥389,345,892.37 in the first three quarters of 2025, significantly higher than ¥141,093,831.74 in 2024[24] - The net cash flow from operating activities was 158,587,642.50, a significant improvement compared to -152,479,560.10 from the previous period[25] - Cash outflows from operating activities totaled 230,758,249.87, down from 293,573,391.84 in the prior period[25] - The net cash flow from investing activities was -83,805,417.59, an improvement from -118,231,782.47 in the previous period[25] - Cash inflows from investing activities amounted to 1,219,713,295.51, compared to 1,274,008,178.71 previously[25] - The net cash flow from financing activities was -23,810,670.72, an improvement from -49,323,828.07 previously[27] Assets and Liabilities - The total assets at the end of the reporting period were ¥2,344,382,249.39, reflecting a 2.32% increase from the end of the previous year[4] - The total liabilities increased to ¥703,115,581.20 in 2025 from ¥613,934,873.89 in 2024, marking an increase of approximately 14.6%[19] - The company's total equity decreased to ¥1,641,266,668.19 in 2025 from ¥1,677,222,997.71 in 2024, a decline of about 2.1%[19] - The company reported a decrease in net assets attributable to shareholders by 2.22% compared to the previous year[4] Research and Development - Research and development expenses totaled ¥28,658,489.25 for the quarter, accounting for 22.31% of operating revenue, a decrease of 195.76 percentage points[4] - Research and development expenses for the first three quarters of 2025 amounted to ¥62,421,808.48, up from ¥54,023,477.06 in 2024, reflecting a focus on innovation[20] Shareholder Information - The total number of common shareholders at the end of the reporting period is 9,404[11] - Chengdu Rongtou Innovation Investment Co., Ltd. holds 25.25% of shares, totaling 42,390,840 shares[12] Inventory and Receivables - Accounts receivable increased to ¥558,251,781.61 from ¥499,382,092.11, reflecting a growth of about 11.8%[16] - Inventory has risen to ¥409,289,901.23 from ¥329,137,969.09, indicating an increase of approximately 24.3%[17] Other Information - The company has no significant new product launches or technological developments reported in the conference call[14] - There are no updates on market expansion or mergers and acquisitions mentioned during the call[14] - The company has not disclosed any new strategic initiatives in the recent earnings call[14] - There are no changes in the shareholding structure due to margin trading or securities lending activities reported[13]

Group 1 - The core viewpoint of the announcement indicates that the company achieved a revenue of 128 million yuan in the third quarter, representing a year-on-year increase of 1727.32% [1] - The net profit for the third quarter was a loss of 10.41 million yuan, indicating ongoing financial challenges despite revenue growth [1] - For the first three quarters, the company reported a total revenue of 248 million yuan, which is a year-on-year increase of 185.29% [1] - The net profit for the first three quarters was a loss of 47.55 million yuan, highlighting a significant increase in losses compared to the previous year [1]

Core Insights - The military electronics sector experienced a rise of 1.95% on October 27, with Zhenhua Technology leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Sector Performance - Zhenhua Technology (000733) closed at 53.13, with an increase of 8.76% and a trading volume of 646,500 shares [1] - Alliance Electronics (688311) saw a closing price of 37.23, up 8.73%, with a trading volume of 81,100 shares [1] - High-Definition Infrared (002414) closed at 13.40, increasing by 7.89% with a trading volume of 1,370,500 shares [1] - Other notable performers included Hongda Electronics (300726) and Tian Ao Electronics (002935), with increases of 7.62% and 5.48% respectively [1] Capital Flow - The military electronics sector had a net inflow of 115 million yuan from institutional investors, while retail investors contributed a net inflow of 461 million yuan [2] - However, there was a net outflow of 577 million yuan from speculative funds [2] Individual Stock Capital Flow - Zhenhua Technology had a net inflow of 200 million yuan from institutional investors, but a net outflow of 228 million yuan from speculative funds [3] - High-Definition Infrared also saw a net inflow of 104 million yuan from institutional investors, with a net outflow of 105 million yuan from speculative funds [3] - Other stocks like Huafeng Technology (688629) and Ruichuang Micro-Nano (688002) experienced mixed capital flows, with significant outflows from speculative and retail investors [3]

Core Viewpoint - The recent acceleration in China's satellite internet construction is driving significant growth in related stocks, particularly in the satellite ETF sector, with notable increases in stock prices of key companies involved in this industry [2][5][6]. Group 1: Market Performance - The satellite ETF (159206) has risen by 1.89%, with significant gains in constituent stocks such as Aerospace Zhizhuang up over 11% and Guodun Quantum up over 8% [2][3]. - Other stocks showing strong performance include Alliance Electronics, XW Communication, and Guoke Micro, with increases ranging from approximately 5% to 8.5% [3]. Group 2: Industry Developments - China has recently accelerated its satellite internet initiatives, with three successful satellite launches in October, including the sixth batch of the "Thousand Sails Constellation" network [5]. - The successful launch of 12 low-orbit satellites using the Long March 8 rocket and the deployment of 18 satellites in one launch using the Long March 6 rocket highlight advancements in China's satellite capabilities [5]. - The successful launch of the 20th communication technology test satellite marks a significant milestone in satellite communication technology verification [5]. Group 3: Strategic Importance - The recent Fourth Plenary Session emphasized the strategic importance of the aerospace industry, positioning it as a core frontier industry amid international competition [6]. - The recognition of commercial aerospace as a "new growth engine" in the government work report further underscores the industry's elevated status and potential for accelerated development during the 14th Five-Year Plan period [6].