Investor Research

688375.SH · A-shares

688375.SH Guobo: T/R modules & RF chips

Guobo Electronics CETC AESA T/R core; tightly tied to radar/comms programs and inventory cycles.

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Snapshot

Price (~)
CNY 73.17
Market cap (~)
CNY 43.6B
Revenue (latest FY/cum)
CNY 2.4B
Latest NI (attr.)
CNY 98.1M
As of 2026-09-25

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

Guobo Electronics CETC AESA T/R core; tightly tied to radar/comms programs and inventory cycles. Price ~¥73.17, mkt ~¥436B; PE-TTM 222.2x.

Business

Model: T/R modules, RF modules/chips. Flagships: AESA T/R. Edge: CETC process. Strategy: mix + civil RF.

Value chain

RF front-end; upstream compound semis; downstream radars. Risks: destock; pricing; CapEx.

Corporate events

Events

Events
DateEventDetailNote
持续T/R 平台相控阵配套军工电子核心
As of 2026-09-25

Valuation

Growth-electronics multiple; PE spikes on NI dips are a warning.

Valuation snapshot

Valuation snapshot
MetricValueNote
现价73.17东方财富行情
总市值436.10 亿f116
PE-TTM222.2x亏损则为 null
PB6.91x行情字段
As of 2026-09-25

Valuation · ~3y QE

Interactive chart available in the reader.

QE close×shares/TTM NI; div yield null without source · As of 2026-09-25

Price · ~3y QE

Interactive chart available in the reader.

Eastmoney monthly K aligned to quarter-end · As of 2026-09-25

Financial trends (~24m)

Single-quarter revenue/NI from Eastmoney cumulative filings via differencing; gross margin is reported period GM. Null when missing.

Quarterly revenue · 8Q

Interactive chart available in the reader.

Eastmoney cumulative revenue differenced; null when missing · As of 2026-09-25

Gross margin · reported

Interactive chart available in the reader.

Eastmoney reported GM (period) · As of 2026-09-25

Quarterly NI · 8Q

Interactive chart available in the reader.

Eastmoney cumulative NI differenced; PE null if TTM≤0 · As of 2026-09-25

Financial health

Financial health
ItemValueNote
经营现金流（约，每股×股本）1.48 亿MGJYXJJE×股本估算，非审计
资产负债率22.6%最新报告期
ROE（加权）1.51%报告期
审计/持续经营以最新年报审计意见为准未在本包重审
As of 2026-09-25

Operations

T/R volume/ASP/wafer yield.

Operating snapshot

Operating snapshot
ItemValueYoY/noteNote
最新报告期2026-Q2—东方财富 MAINFINADATA
单季营收5.67 亿见收入图 YoY累计拆单季
单季归母净利0.97 亿见利润图累计拆单季
毛利率（报告期披露）35.7%—销售毛利率字段
赛道军工电子—申万国防军工二级语境
As of 2026-09-25

Competition

Defense market share is usually undisclosed; share charts use nulls.

Market share

Interactive chart available in the reader.

Usually undisclosed for defense — nulls · As of 2026-09-25

Peer share

Interactive chart available in the reader.

Null without named source · As of 2026-09-25

Peers

Peers
NameRoleNoteStrengthWeakness
国博电子T/R高体系周期
铖昌科技T/R 芯片中弹性体量
雷电微力微系统中毫米波波动
As of 2026-09-25

Management

Management / control

Management / control
RoleNameSince24m change
控股股东/实控人中国电科体系持续央企
经营层以最新年报披露为准持续—
As of 2026-09-25

Stability: CETC system.

Outlook

Watch YoY revenue, GM, inventory, contract liabilities.

Scenarios

Scenario Condition Implication
Bull Orders/deliveries beat Earnings + multiple
Base Steady production Hold/watch recognition
Bear Destock/budget slip Theme + earnings drawdown

Risks

Inventory; competition; valuation; tech shift.

Tracking

  1. Quarterly revenue/NI YoY and contract liabilities
  2. Gross margin, inventory, receivables
  3. OCF vs CapEx
  4. Material reorg/program disclosures
  5. Defense index relative performance / crowding

References

  1. CNINFO — https://www.cninfo.com.cn/new/disclosure/stock?stockCode=688375
  2. Eastmoney quotes & MAINFINADATA
  3. Other: IR

Not investment advice.

Disclaimer: For research information only. Not investment advice or a recommendation to buy or sell.

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