Xinwei Communications: Guotai Haitong Securities, Sichuang Capital, and several other institutions conducted a research visit to our company on March 25.

According to Securities Star, on March 25, 2026, XW Communication (300136) announced that Guotai Junan Securities, Sichuang Capital, Yuan Stone Investment, Huoshen Private Equity Investment, Elite Era Investment, Liangjian Investment, Xining Investment, Jiacheng Capital, Mude Asset, Niwei Investment, and Isaac Investment conducted research on our company on March 25, 2026.

The specific content is as follows:

Q: What is the direction and layout logic of the company’s private placement fundraising?

A: The company’s private placement fundraising will not exceed 6 billion yuan, all directed towards three major projects: 1. Commercial satellite communication devices and components with a total investment of 3.563 billion yuan, raising 2.85 billion yuan; 2. RF devices and components with a total investment of 2.853 billion yuan, raising 2.15 billion yuan; 3. Chip thermal dissipation devices and components with a total investment of 1.17 billion yuan, raising 1 billion yuan. The layout closely follows the industry trends of commercial satellites, computing power chips, and smart terminal communications, strengthening the entire industrial chain from materials to parts to modules, breaking through capacity bottlenecks, and accelerating the creation of a second growth curve.

Q: What is the status of the company’s commercial satellite communication business customers and progress?

A: Since 2021, the company has served North American satellite customers as a major supplier of ground terminal components, and has also expanded to a second North American satellite customer, with products already delivered in bulk. In addition, this private placement project focuses on high-frequency and high-speed connectors, array antennas, and complete machines for commercial satellite ground terminals. As the construction of satellite constellations accelerates in the future, the business scale is expected to continue to grow.

Q: What are the technology, customers, and expansion plans related to the company’s chip thermal dissipation business?

A: The company has a one-stop solution for chip packaging thermal dissipation, focusing on high thermal conductivity thermal interface TIM1 materials and chip packaging heat sinks as the two core products. Regarding TIM1 materials, the company has independently developed advanced formulation technology based on liquid metal and polymer materials, which have high thermal conductivity, excellent interface compatibility, and adaptability to extreme conditions, precisely matching the thermal dissipation needs of advanced packaging and computing power chips in high-end application scenarios. In terms of chip packaging heat sinks, the company has mastered core precision micro-processing and semiconductor surface treatment technologies, ensuring both performance and quality while maintaining capacity and cost advantages, meeting reliability requirements across various scenarios. The company has supplied chip-level thermal conductive materials and devices in bulk to leading consumer electronics customers in North America. This private placement will extend upstream to materials, creating an integrated solution of “TIM materials + thermal dissipation devices” aimed at computing power chips, servers, laptops, etc., enhancing product added value and competitiveness.

Q: What are the technology reserves and customer advantages of the company’s RF main business?

A: The company is a global leader in the RF field, possessing independent mass production capabilities for LCP films and flexible copper-clad laminates, supplying North American consumer electronics customers, and leading the global market share for antenna modules. The company is laying out various RF devices and antennas, having passed quality system certifications for consumer, industrial, and automotive grade across multiple scenarios, with technology adaptable to 6G, satellite communication, and smart vehicle scenarios, continuously promoting R&D and customer validation.

Q: What is the progress of the company’s automotive RF business and customer coverage?

A: The company has extended its consumer electronics RF technology to the automotive sector, supplying RF devices such as onboard antennas and millimeter-wave radar modules, and has entered the supply chain of leading domestic automotive companies. Automotive electronics business revenue is growing rapidly, becoming an important incremental sector, and will continue to expand its global automotive customer base. Regarding the MLCC business, what is the current verification, customer promotion progress, and future planning for this subsidiary?

XW Electronics has achieved breakthroughs in key materials and domestic substitution, with some products under verification by major North American customers, matching the performance of international leaders. The company is steadily expanding downstream scenarios such as consumer electronics and automotive electronics, promoting large-scale mass production and customer integration. In the future, there is also the possibility of further increasing the equity stake in XW Electronics, and the company will fulfill its information disclosure obligations in a timely manner regarding subsequent developments as required.

Q: What is the construction cycle, production rhythm, and expected performance contribution of the company’s private placement projects?

A: The overall construction period for the company’s private placement projects is 36 months, adopting a phased production model, with production capacity being put into operation and generating benefits during the construction period. The company has established deep cooperation with core customers, and the capacity will match order demand. As the projects gradually roll out, satellite communication, chip thermal dissipation, and high-end RF will become new growth poles.

Q: What impact will this private placement have on the company’s future development?

A: This private placement is based on the broad RF foundation, with commercial satellite communication, smart terminal antennas, and chip thermal dissipation as the three major growth engines. Relying on technological barriers and top customer resources, the company aims to grasp the development trends of satellite communication, computing power chips, and smart terminals, optimize product structure, enhance profitability, and achieve high-quality sustainable growth.

XW Communication (300136) main business includes antennas and modules, wireless charging and modules, EMI\EMC devices, high-precision connectors, automotive interconnection products, passive components, etc., which can be widely applied in consumer electronics, IoT/smart home, commercial satellite communications, smart cars, and other fields, covering well-known global technology enterprises.

XW Communication’s Q3 report for 2025 shows that in the first three quarters, the company’s main revenue was 6.462 billion yuan, an increase of 1.07% year-on-year; net profit attributable to shareholders was 486 million yuan, a decrease of 8.77% year-on-year; net profit excluding non-recurring items was 429 million yuan, an increase of 4.69% year-on-year; of which in Q3 2025, the company’s single-quarter main revenue was 2.759 billion yuan, an increase of 4.2% year-on-year; single-quarter net profit attributable to shareholders was 325 million yuan, a decrease of 1.77% year-on-year; single-quarter net profit excluding non-recurring items was 314 million yuan, an increase of 22.06% year-on-year; the debt ratio was 43.43%, investment income was 19.4805 million yuan, financial expenses were 48.6 million yuan, and gross profit margin was 21.53%.

In the last 90 days, there has been one institutional rating for this stock, with one buy rating.

Here is the detailed profit forecast information:

Financing and securities lending data show that in the past 3 months, this stock has seen a net inflow of 1.942 billion yuan in financing, with an increased financing balance; the net outflow of securities lending was 11.0112 million, with a decreased securities lending balance.

The above content is compiled by Securities Star based on public information and generated by AI algorithms (Internet Information Record No. 310104345710301240019), and does not constitute investment advice.