证券代码：688418 证券简称：震有科技 公告编号：2025-002 深圳震有科技股份有限公司 关于全资子公司增资扩股进展暨完成工商变更登记 2、统一社会信用代码：91440300064986972L 3、类型：有限责任公司 4、公司法定代表人：吴闽华 5、注册资本：3,331.25 万元 6、成立日期：2013 年 3 月 14 日 的公告 本公司董事会及全体董事保证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、交易概况 深圳震有科技股份有限公司（以下简称"公司"）于 2024 年 12 月 30 日召 开第三届董事会第三十五次会议，审议通过了《关于全资子公司增资扩股引入投 资者暨公司放弃优先认购权的议案》，同意全资子公司深圳市震有软件科技有限 公司（以下简称"震有软件"）通过增资扩股方式引入投资者深圳市光明区震启 汇智投资合伙企业（有限合伙）（以下简称"震启汇智"），震启汇智以人民币 20,000 万元认购震有软件新增注册资本 1,281.25 万元，其余 18,718.75 万元计入 震有软件资本公积，公司放弃本次增资的优先认购权。交易 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [6]. Core Views - The company is positioned to benefit from the accelerating development of satellite internet projects in China, with its core network business expected to provide significant earnings flexibility [1]. - The global core network and access network markets are projected to grow steadily, with the overseas public network market expected to continue its recovery [2]. - The company's specialized network business is actively participating in new projects in Inner Mongolia and Guangxi, driven by the "14th Five-Year Plan" [3]. - The company is recognized as one of the few capable of providing both high-orbit and low-orbit satellite 5G core network technologies, which positions it well for future growth [33][38]. Financial Data and Valuation - The company forecasts net profits attributable to the parent company of 0.30 billion, 1.02 billion, and 1.73 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.16, 0.53, and 0.89 yuan per share [4]. - The company reported a revenue of 532.47 million yuan in 2022, with a projected increase to 1.83 billion yuan by 2026, reflecting a compound annual growth rate (CAGR) of 22.47% from 2017 to 2023 [5][24]. - The company's overseas revenue reached 323 million yuan in 2023, marking a year-on-year growth of 135.77% [2]. Business Segments - The company's business covers various communication network layers, including core, aggregation, and access layers for both public and private networks [16]. - The revenue distribution for the first half of 2024 shows that the command and dispatch system accounted for 35.37% of total revenue, while the core network system contributed 15.96% [26]. - The company has a diversified product system that includes core network systems, optical networks, intelligent emergency systems, and technical maintenance services [22].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential price increase of over 15% relative to the benchmark index [4][12]. Core Viewpoints - The company is expected to achieve a turnaround in profitability, forecasting a net profit of between 23 million to 33 million yuan for 2024, compared to a loss of 86.56 million yuan in the previous year, marking an increase of 109.56 million to 119.56 million yuan [1][2]. - The satellite business is entering a harvest phase, with the company being one of the few capable of providing satellite 5G core networks, including both high and low orbit satellites. The company has secured contracts worth 112 million USD for satellite communication projects [2][3]. - The acceleration of the "Thousand Sails Constellation" satellite network is expected to enhance demand for the company's satellite core network equipment, contributing to growth flexibility [3]. Financial Forecasts - The company forecasts revenues of 1.168 billion yuan in 2024, with a growth rate of 32%, and expects net profits to reach 31 million yuan, a significant turnaround from a loss of 87 million yuan in 2023 [7][9]. - Projections for 2025 and 2026 indicate continued growth, with expected net profits of 180 million yuan and 233 million yuan, respectively, reflecting growth rates of 478% and 29.4% [7][9]. - The price-to-earnings (PE) ratios are projected to be 193X for 2024, 33X for 2025, and 26X for 2026, indicating a strong growth outlook [3][7].

Financial Performance - The company expects a net profit attributable to shareholders of the parent company for 2024 to be between 23 million and 33 million CNY, marking a turnaround from a loss of 89.66 million CNY in the previous year, an increase of 109.56 million to 119.56 million CNY year-on-year [3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between 8 million and 12 million CNY, also indicating a turnaround from a loss of 92.77 million CNY in the previous year, an increase of 100.77 million to 110.77 million CNY year-on-year [3]. - The company reported a total profit of -91.95 million CNY and a net profit attributable to shareholders of -86.56 million CNY in the previous year [4]. Market Development - The company has strengthened its market development in both domestic and international communication markets, leading to a certain increase in sales revenue [6]. R&D and Innovation - Continuous R&D investment and technological innovation have enhanced the competitiveness of the company's products, resulting in a year-on-year increase in overall gross margin [6]. Financial Management - The company has improved its collection of accounts receivable, leading to a significant reduction in expected credit losses compared to the previous year [6]. Non-Recurring Gains - Government subsidies and gains from equity disposals have increased, contributing to a substantial rise in non-recurring gains compared to the previous year [6]. Forecast and Risks - The performance forecast is based on preliminary calculations by the company's finance department and has not yet been audited by registered accountants [7]. - Investors are advised to pay attention to investment risks as the forecast data is preliminary and subject to change upon the release of the audited annual report [8].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating strong growth potential in the future [1]. Core Viewpoints - The company is enhancing its software sector through a capital increase by its subsidiary, Shenzhen Zhenyou Software Technology Co., Ltd., which reflects its commitment to expanding in the software field [1]. - The company is well-positioned to benefit from the growing demand for 5G and satellite communication technologies, with a focus on diverse application scenarios across various industries [1]. - The company has secured significant contracts in the satellite communication sector, including a contract worth USD 112 million, which is expected to contribute to its growth [1]. - Financial forecasts predict a substantial increase in net profit from CNY 37 million in 2024 to CNY 233 million in 2026, with corresponding PE ratios decreasing from 151X to 24X [2][4]. Financial Performance Summary - The company's projected revenue is expected to grow from CNY 884 million in 2023 to CNY 1.856 billion in 2026, with growth rates of 66.1%, 32.0%, 28.0%, and 24.2% respectively [2][4]. - The net profit attributable to shareholders is forecasted to improve from a loss of CNY 87 million in 2023 to a profit of CNY 233 million in 2026, reflecting a growth rate of 381.2% in 2025 [2][4]. - The earnings per share (EPS) is expected to rise from -0.45 CNY in 2023 to 1.20 CNY in 2026, indicating a significant turnaround in profitability [2][4].

证券代码：688418 证券简称：震有科技 公告编号：2024-047 深圳震有科技股份有限公司 关于全资子公司增资扩股引入投资者暨 公司放弃优先认购权的公告 本公司董事会及全体董事保证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。 （二）本次交易的审议情况 重要内容提示： 深圳震有科技股份有限公司（以下简称"震有科技"或"公司"）的全 资子公司深圳市震有软件科技有限公司（以下简称"震有软件"）拟通过增资扩 股方式引入投资者深圳市光明区震启汇智投资合伙企业（有限合伙）（以下简称 "震启汇智"）。震启汇智拟以人民币 20,000 万元认购震有软件新增注册资本 1,281.25 万元，其余 18,718.75 万元计入震有软件资本公积，公司放弃本次增资 的优先认购权（以下简称"本次交易"）。本次增资完成后，震有软件的注册资 本将由 2,050.00 万元增加至 3,331.25 万元，公司直接持有震有软件的股权比例将 由 100%变更为 61.54%，震有软件仍属于公司合并报表范围内的控股子公司。 本次交易不构成关联交易，亦不构成《上市公司重大资产重组管 ...

Group 1: Company Overview - Shenzhen Zhenyou Technology Co., Ltd. is a national high-tech enterprise focused on providing communication equipment and solutions [2] - The company has a dual business layout in both domestic and overseas markets, leveraging its technical advantages in the telecommunications industry [2][3] Group 2: Product Lines and Production Model - Main business segments include core network systems, optical networks and access systems, intelligent networks, emergency systems, and technical maintenance services [3] - The company adopts an outsourcing production model while maintaining strict quality control processes for material procurement, processing technology, and finished product inspection [3] Group 3: Recent Performance and Market Expansion - The company has seen significant improvements in revenue and profit over the past two years, attributed to the recovery of overseas business and expansion into Southeast Asia, South Asia, the Middle East, and Africa [4] - The launch of satellite internet construction has led to noticeable growth in orders and project expansions [4] Group 4: Future Developments and Strategic Focus - The company is actively developing products for the low-altitude economy, including low-altitude command operation platforms and communication equipment [4] - Emphasis on R&D and leveraging core technology to gain competitive advantages in overseas markets, focusing on differentiated services and project execution [4]

Financial Performance - In the first three quarters of 2024, the company achieved a revenue of 577 million CNY, representing an increase of 11.43% compared to the same period last year [2] - The net profit attributable to shareholders reached 16.61 million CNY, marking a turnaround from a loss in the previous year [2] - The gross margin for the first three quarters of 2024 was 49.60%, up from 42.47% in the same period of 2023 [4] Research and Development - As of September 30, 2024, the total R&D investment amounted to 139.62 million CNY, accounting for 24.21% of the revenue [3] - Continuous development of core technologies is essential for the company's survival and competitive advantage [3] Market Expansion and Projects - The company is actively pursuing overseas market expansion, particularly in South Asia, Southeast Asia, the Middle East, and Africa [6] - Recent projects in the Middle East and India are progressing normally, with updates to be disclosed as contracts meet information disclosure standards [5] Environmental and Risk Management - The company emphasizes environmental protection and sustainable development, integrating these aspects into daily operations [3] - Key risk factors and mitigation strategies are detailed in the company's semi-annual report [5] Business Segments Performance - Core network system revenue reached 60.06 million CNY, a significant increase of 94.26% year-on-year [5] - Revenue from optical networks and access systems was 104.06 million CNY, showing a decline of 5.23% compared to the previous year [5] - The smart network and emergency response system revenue was 132.73 million CNY, up by 20.68% year-on-year [5] Strategic Outlook - The company plans to continue exploring overseas markets and enhance its satellite internet capabilities [6] - Focus will remain on improving operational performance and market share through core technology and competitive advantages [6]

证券代码：688418 证券简称：震有科技 公告编号：2024-046 深圳震有科技股份有限公司 2024年12月3日 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演APP，参与 本次互动交流，活动时间为2024年12月12日（周四）14:30-17:00。届时公司管理 层将在线就公司业绩、公司治理、发展战略、经营状况和可持续发展等投资者关 心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告。 深圳震有科技股份有限公司董事会 关于参加 2024 年度深圳辖区上市公司集体接待日 活动的公告 本公司董事会及全体董事保证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。 为进一步加强与投资者的互动交流，深圳震有科技股份有限公司（以下简称 "公司"）将参加由深圳证监局和深圳证券交易所指导、深圳上市公司协会与深 圳市全景网络有限公司联合举办的"2024年度深圳辖区上市公司集体接待日" 活动，现将相关事项公告如下： ...

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