Investment Rating - The report maintains an "Outperform" rating for Guobo Electronics [2][8] Core Views - The company reported 2024 revenue of 2.591 billion yuan, down 27.36% year-on-year, and a net profit of 485 million yuan, down 20.06% year-on-year. Q1 2025 revenue was 350 million yuan, down 49.51% year-on-year, with a net profit of 58 million yuan, down 52.37% year-on-year, indicating performance below market expectations [5][8] - The company is focusing on low-orbit satellites and commercial aerospace, with ongoing technology and product development in these areas, which is expected to provide long-term growth potential [8] - The company is backed by the China Electronics Technology Group Corporation, which is expected to drive steady growth in performance through military and civilian market demand [8] Financial Data and Earnings Forecast - 2024 total revenue is projected at 2.591 billion yuan, with a year-on-year decline of 27.4%. Q1 2025 revenue is expected to be 350 million yuan, with a year-on-year decline of 49.5%. Revenue is forecasted to recover to 3.040 billion yuan in 2025, with a growth rate of 17.3% [7][10] - The net profit for 2024 is projected at 485 million yuan, with a year-on-year decline of 20.1%. The forecast for Q1 2025 is 58 million yuan, down 52.4% year-on-year. The net profit is expected to increase to 587 million yuan in 2025, with a growth rate of 21.1% [7][10] - The gross margin for 2024 is expected to be 38.6%, improving from the previous year, while the net margin is projected at 18.7% [8] Market Position and Strategy - The company is experiencing short-term revenue pressure due to demand fluctuations in its T/R components and RF modules, but it is actively expanding into the terminal market, which is expected to stabilize revenue in the future [8] - The company has a comprehensive industry chain layout from chips to modules and components, which positions it to benefit from external demand recovery [8] - The report has adjusted the profit forecast for 2025-2026, with net profit estimates of 587 million yuan and 735 million yuan respectively, reflecting the impact of demand fluctuations [8]

Core Viewpoint - The company has established a strong position in the terminal RF chip market, with recognized supply chain resilience and quality control, and is currently supplying multiple well-known terminal manufacturers [2] Group 1: Product and Supply Chain - The company's terminal RF chip products include RF switches, antenna tuners, WiFi modules, and terminal modules, which are being supplied in bulk to several industry-leading terminal manufacturers [2] - New products based on advanced semiconductor processes, such as mobile PAs, are gradually being supplied to customers [2] Group 2: Financial Performance - The gross margin for Q4 2024 and Q1 2025 is expected to exceed 40%, attributed to cost control measures including process optimization, automation, and self-developed chip applications [2] - Revenue in Q1 experienced a decline due to weak industry demand and delivery pace affecting T/R component and RF module business [2] Group 3: Inventory Management and Production Capacity - The company emphasizes a "sales-driven production" model to ensure supply chain safety, with the increase in inventory in Q1 being a normal production reserve [2] - Current production capacity utilization is good, and completed fundraising projects have enhanced R&D and manufacturing capabilities in the RF chip and component sectors [2] Group 4: Future Outlook - The company aims to consolidate its market position in radar and 5G base stations while expanding into emerging fields such as satellite communication and low-altitude economy [3] - T/R components, as core components for low-orbit satellites, have been delivered in bulk, and RF chips for 5G-A sensing base stations and drone terminals are being applied on a large scale [3] - Continuous development of high-frequency, high-density T/R components and RF microsystem technology is planned to enhance product integration and spectrum range [3]

Core Viewpoint - Nanjing Guobo Electronics Co., Ltd. announced the progress of its major shareholder's shareholding increase plan, indicating ongoing confidence in the company's future development and long-term investment value [2][5][10]. Summary by Relevant Sections Shareholding Increase Plan Overview - The controlling shareholder, Zhongdian Guojin Southern Group Co., Ltd. (Guojin Southern), and its concerted actor, Zhongdian Ke Investment Holdings Co., Ltd. (Ke Investment), plan to increase their shareholding by no less than 400 million RMB and no more than 700 million RMB within 12 months starting from October 19, 2024 [2][5]. - The increase will be executed through methods permitted by the Shanghai Stock Exchange, including but not limited to centralized bidding and block trading [2][5]. Progress of the Shareholding Increase - As of the announcement date, Guojin Southern and Ke Investment have cumulatively increased their holdings by 2,556,454 shares, accounting for 0.43% of the total share capital, with a total transaction amount of approximately 125.23 million RMB, which is less than 50% of the lower limit of the planned increase [2][9]. - By April 18, 2025, Guojin Southern held 213,769,982 shares (35.87% of total shares), while Ke Investment held 20,132,574 shares (3.38% of total shares) [10]. Funding Sources for the Increase - Guojin Southern has secured a loan commitment from China Construction Bank for 270 million RMB to support the shareholding increase, which will be funded through both self-owned funds and this specialized loan [8]. Compliance and Regulatory Framework - The shareholding increase plan complies with relevant laws and regulations, including the Securities Law of the People's Republic of China and the rules of the Shanghai Stock Exchange [12]. Future Actions - The shareholding increase plan is not yet completed, and both Guojin Southern and Ke Investment will continue to execute the plan as market conditions allow [10].

证券代码：688375 证券简称：国博电子 公告编号：2025-015 南京国博电子股份有限公司 关于控股股东及其一致行动人增持公司股份计划 时间过半暨增持进展的公告 本公司董事会、全体董事及相关股东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、准确性和完整性承担法律责任。 重要内容提示： 增持计划的基本情况：南京国博电子股份有限公司（以下简称"公司"） 于 2024 年 10 月 19 日披露《南京国博电子股份有限公司关于控股股东及其一致 行动人增持公司股份计划的公告》（公告编号：2024-043），公司控股股东中电 国基南方集团有限公司（以下简称"国基南方"）及其一致行动人中电科投资控 股有限公司（以下简称"电科投资"）计划自 2024 年 10 月 19 日起 12 个月内通 过上海证券交易所允许的方式（包括但不限于集中竞价、大宗交易等）增持公司 股份，增持总金额不低于 4 亿元人民币（含），不超过 7 亿元人民币（含）（以 下简称"本次增持计划"）。 增持计划的进展情况：截至本公告披露日，本次增持计划实施期限已过 半，国基南方及电科投资通过上海证券交易所系统集中竞价方 ...

招商证券股份有限公司 关于南京国博电子股份有限公司 2024 年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》等有关法律、法规的规定，招商证券股份有限公司（以下简称"保荐机构"） 作为南京国博电子股份有限公司（以下简称"国博电子"、"公司"）持续督导工作 的保荐机构，负责国博电子上市后的持续督导工作，并出具本持续督导年度报告 书。 | 序 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 号 | | | | 1 | 建立健全并有效执行持续督导工作制度，并针对 具体的持续督导工作制定相应的工作计划 | 保荐机构已建立健全并有效执 行了持续督导制度，并制定了 | | | | 相应的工作计划 | | 2 | 根据中国证监会相关规定，在持续督导工作开始 | 保荐机构已与国博电子签订 | | | 前，与上市公司或相关当事人签署持续督导协 | 《保荐协议》，该协议明确了双 | | | 议，明确双方在持续督导期间的权利义务，并报 | 方在持续督导期间的权利和义 | | | 上海证券交易所备案 | 务，并报上海证券交易所备案 | | 3 | 通过日 ...

国博电子公告，截至本公告披露日，公司控股股东中电国基南方集团有限公司及其一致行动人中电科投 资控股有限公司通过上海证券交易所系统集中竞价方式累计增持公司总股份255.65万股，占公司总股本 的0.43%，合计增持股份成交金额为1.25亿元，未超过本次增持计划拟增持金额区间下限的50%，本次 增持计划尚未实施完毕。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688375 证券简称：国博电子 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。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一) 主要会计数据和财务指标 单位：元 币种：人民币 (二) 非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 对公司将《公开发行证券的公司信息披露解释性公告第1号——非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号——非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 (三) 主要会计数据、财务指标发生变动的情况、原因 二、 股东 ...

业绩简评 2025 年 4 月 17 日，公司发布 2025 年一季度报告，公司 25Q1 实现 营收 3.50 亿（同比-49.5%，环比-55.0%）；实现归母净利润 0.58 亿（同比-52.4%，环比-67.7%），公司营收及利润阶段性承压。 经营分析 产品销售下滑，业绩阶段性承压：受行业宏观因素及产品交付节 奏影响，T/R 组件和射频模块业务收入减少，公司 25Q1 实现营收 3.50 亿（同比-49.5%，环比-55.0%）；实现归母净利润 0.58 亿（同 比-52.4%，环比-67.7%），业绩有所承压。 毛利率同比提升，或系产品结构调整：25Q1 毛利率 43.0%（同比 +7.4pct，环比-0.7pct），归母净利率 16.4%（同比-1.0pct，环比 -6.5pct）。25Q1 公司毛利率同比提升，或系自研芯片、下游需求 变化公司相应调整产品结构所致。 重视技术研发，研发费用率大幅提升：公司 25Q1 研发费用率 17.0% （同比+5.7pct，环比+8.0pct），公司加大射频芯片研发力度，高 度重视研发人才队伍建设，近年来新增研发人员主要围绕公司主 营业务如射频微系统、GaN ...

南京国博电子股份有限公司2025 年第一季度报告 证券代码：688375 证券简称：国博电子 一、主要财务数据 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。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 (一) 主要会计数据和财务指标 单位：元 币种：人民币 | | | 本报告期比上 | | | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期 年同期增减变 | | | | | 动幅度(%) | | | 营业收入 | 350,016,384.48 | 693,204,264.14 | -49.51 | | 归属于上市公司股东的净利润 | 57,531,429.42 | 120,776,726.47 | -52.37 | | 归属于上市公司股东的扣除非 | 57,460,887.49 | 118,396,875.27 | -51.47 | | 经常性损益的净利润 | | ...

国博电子公告，2025年第一季度营收为3.5亿元，同比下降49.51%；净利润为5753.14万元，同比下降 52.37%。 ...