Analysis of Guobo Electronics (688375) Strong Performance: Drivers and Sustainability Assessment

As a target in the semiconductor/military electronics sector, Guobo Electronics (688375) has recently entered the strong stock pool, and its performance is mainly driven by three dimensions: fundamental inflection point, industry and policy catalysts, and capital support [1].

: In terms of military product business, inventory increased by 39.1% quarter-on-quarter in Q3, indicating accelerated order delivery, and core businesses such as phased array T/R modules are about to release performance [1]; In the civilian product field, silicon-based gallium nitride mobile phone power amplifier chips have exceeded one million units in delivery and continue to increase penetration rate; low-orbit satellite T/R modules are bound to leading payload customers, with a single satellite value of 800,000 to 1.2 million yuan, and potential orders in 2026 are considerable [1]; At the same time, the company seizes the opportunity of operator centralized procurement of 5G-A/mmWave base station RF modules, expands high-margin share, and enhances profit elasticity [1].

: Against the background of national defense informatization, the penetration rate of phased array radars has increased, the localization of military RF has accelerated, and the recovery of orders supports performance expectations [1]; In the commercial aerospace/low-orbit satellite field, intensive launches such as the StarNet Project have led to an explosion in demand for T/R modules, opening up growth space [1]; Semiconductor policies support wide-bandgap semiconductors and RF self-controllability, which is beneficial to the company’s project implementation and valuation improvement [1]; Under the trend of RF upgrade in consumer electronics, the replacement of gallium arsenide by silicon-based gallium nitride is clear, and the company’s first-mover advantage is converted into market share and profits [1].

: Institutional capital inflow (northbound capital and increased institutional allocation) improves liquidity and valuation center [1]; Financing funds changed from net selling to net buying, driving the stock price to stabilize and rebound [1]; After the implementation of the shareholder inquiry transfer, the suppression factors were eliminated, and the market risk appetite rebounded [1]. Due to tool limitations, real-time price data was not obtained, but industry analysts’ tracking indicators show that key observation nodes include quarterly orders of satellite-borne T/R modules ≥120 million yuan, gross profit margin of T/R modules ≥38%, and localization rate of active phased array antenna supporting components ≥85% [2].

Guobo Electronics’ strong performance is not driven by a single factor, but the result of dual-wheel drive of military and civilian products, and resonance of industry and policies. The certainty of the military product business and the high growth of the civilian product business form a good complement; the low-orbit satellite T/R module business may become the largest short-term catalyst, while the 5G-A/mmWave business provides support for long-term growth. Positive changes in capital aspects (increased institutional allocation, net buying of financing funds) further strengthen the stock price’s strong performance.

: Accelerated national defense informatization and localization of military RF, explosive demand for commercial aerospace/low-orbit satellites, and broad replacement space for silicon-based gallium nitride in the consumer electronics field [1][2].
: There are cyclical fluctuations in military product delivery [2]; challenges exist in yield ramp-up of high-end products such as silicon-based gallium nitride [2]; intensified competition in the satellite T/R module field may affect prices and gross margins [2].

Guobo Electronics’ strong performance is supported by solid fundamentals and industry policies. The recovery of military product business, volume release of the second growth curve in civilian products, and improvement in capital aspects are the main driving factors. In the future, key events such as military product order delivery announcements, growth in delivery volume of silicon-based gallium nitride chips, and winning bids for 5G-A base station RF modules should be noted to assess the sustainability of its strong performance.