Summary of Puhua Technology Conference Call Industry and Company Overview - **Company**: Puhua Technology - **Industry**: Satellite Internet and Space Computing Key Points and Arguments 1. **Strategic Partnerships**: Puhua Technology is actively collaborating with China Star Network and Yingxin to cover satellite construction, system integration, terminals, and ground testing services, aiming to seize opportunities in integrated air-space development and explore business upgrades from 5G to 6G [2][3] 2. **Research and Development**: The company has established a joint R&D center with Hanxuan Guanglian and Yixin to enhance laser and microwave composite technologies, focusing on high-speed transmission between satellites and ground, and exploring market-oriented allocation of space resources [2][5] 3. **Low Earth Orbit Satellite Applications**: Puhua Technology is concentrating on low Earth orbit satellite applications, providing emergency communication and dedicated narrowband solutions, and has launched 12 satellites with ongoing technological iterations [2][7] 4. **Terminal Technology Development**: The company has developed a prototype terminal that directly connects to satellites and is conducting validation tests to meet future customized business needs [2][8] 5. **PCB Board Demand Growth**: There is a significant increase in orders for special PCB boards driven by military and aerospace demand, with expectations for continued growth over the next five years [2][9] 6. **Public Network Communication Business**: The company is optimizing its public network communication business layout, collaborating with China Mobile to expand into 5G and vehicle networking sectors, benefiting from overseas 5G construction [4][11] 7. **Data Governance Initiatives**: Puhua Technology is developing a data governance platform and services, having successfully implemented solutions in market regulatory agencies and actively engaging with national data authorities [4][15] 8. **Emergency Communication Sector**: The company has made significant strides in the emergency sector, focusing on consulting, emergency communication products, and safety supervision platform construction [4][13] 9. **International Business Growth**: The rapid growth in international business revenue is attributed to expanded partnerships and the early stages of local digitalization and 5G network construction [4][12] 10. **Future Opportunities**: The company sees significant development opportunities in satellite internet and space computing, driven by emerging technologies that will enhance its market influence [4][18] Additional Important Content - **Technological Integration**: Puhua Technology is integrating laser and microwave communication technologies to improve transmission rates and stability while reducing equipment weight [6] - **Focus on National Trends**: The company is aligning its strategies with national trends in integrated air-space development and is exploring future operational models in the space sector [3][6] - **Investment and Capital Operations**: The company plans to expand in the information communication field and smart manufacturing, emphasizing the role of the listed company platform in capital operations [4][17]

Core Viewpoint - Puxin Technology is positioned as a leading player in the satellite internet sector, backed by strong state-owned enterprise support, and is focused on enhancing its core competencies through continuous research and development in AI and satellite internet technologies [2][4]. Company Overview - Puxin Technology is a state-controlled listed company under China Electronics Technology Group Corporation, focusing on information communication, including public and private network communications, smart applications, and intelligent manufacturing [2]. - The company serves as a key platform for the Guangdong-Hong Kong-Macao Greater Bay Area and plays a significant role in national cybersecurity infrastructure development, benefiting from comprehensive support in resource allocation and industry integration [2]. Industry Development - The domestic satellite internet industry is rapidly growing, with a market size projected to increase from 29.162 billion yuan in 2021 to 37.6 billion yuan by 2025, reflecting a compound annual growth rate (CAGR) of 7% [3]. - Puxin Technology is actively involved in the development of industry standards and has made significant advancements in product offerings, including high-end PCB products and satellite communication technologies [3]. Strategic Initiatives - The company is enhancing its competitive positioning by participating in the formulation of industry standards and advancing its product lineup, including the development of a portable satellite communication terminal that connects directly to low-orbit satellites [3]. - Puxin Technology is also focusing on applications in emergency communication and other specialized sectors, leveraging its research in direct satellite communication technologies [3]. Investment Outlook - Puxin Technology is expected to achieve net profits of 108 million yuan, 145 million yuan, and 201 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 143X, 107X, and 77X [4]. - The company is recognized as a "national team" in the satellite internet field, with a commitment to advancing communication technology and exploring new growth opportunities in AI and low-altitude economies [4].

Investment Rating - The report maintains a "Recommended" rating for the company [5][40]. Core Viewpoints - The company is positioned as a leader in the satellite internet sector and is recognized as a "national team," focusing on advancing satellite internet communication technology and developing multiple solutions in the Beidou navigation application [3][40]. - The domestic satellite internet industry is expected to grow significantly, with a market size projected to increase from 29.162 billion yuan in 2021 to 37.6 billion yuan by 2025, reflecting a compound annual growth rate of 7% [2][14]. - The company has established a strong competitive position through deep research and development efforts, actively participating in industry standard-setting and enhancing its product offerings [2][24]. Summary by Sections Company Overview - The company is a state-controlled listed enterprise under the China Electronics Technology Group Corporation, focusing on information communication and involved in public network communication, private network communication, and smart applications [1][10]. Industry Development - The satellite internet industry is rapidly evolving, with significant advancements in technology and infrastructure, including successful satellite launches that enhance network capabilities [2][17]. - The company is actively involved in the development of standards for satellite communication and has made substantial progress in product innovation, including high-end PCB products and satellite communication terminals [2][24][25]. Financial Forecast and Investment Suggestions - The company is projected to achieve net profits of 108 million yuan, 145 million yuan, and 201 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 143X, 107X, and 77X [3][40]. - The report emphasizes the company's potential for long-term growth through its strategic positioning in emerging industries such as AI computing and low-altitude economy [3][40]. Business Segments - The company operates in three main business segments: public network communication, private network communication and smart applications, and intelligent manufacturing, each with specific growth strategies and market opportunities [33][34][35].

Group 1 - The core viewpoint of the article is the strategic collaboration between Putian Technology, Helistar Lightlink (Shenzhen) Co., Ltd., and Beijing Yixin Technology Co., Ltd. to establish a joint enterprise R&D center aimed at advancing key technologies in the aerospace computing field and contributing to the national satellite internet strategy [1] Group 2 - The collaboration is focused on integrating the technological strengths of the three parties to achieve breakthroughs in critical technologies [1] - The initiative is part of a broader effort to promote the commercialization of aerospace computing technologies [1]

Group 1 - *ST San Sheng (002742.SZ): The controlling shareholder Pan Xianwen's judicial auction of 32.2 million shares has been completed, with 30 million shares transferred, accounting for 6.94% of the total share capital. After the reduction, Pan Xianwen's shareholding ratio decreased from 24.20% to 17.26%, which will not lead to a change in company control [1] - Aike Co., Ltd. (300889.SZ): Shareholder Zhang Fengbin, holding over 5%, reduced his stake by 1% (1.67818 million shares) from May 13 to June 27, 2025, bringing his holding to 7.9902% [1] - Anlu Technology (688107.SH): The shareholder National Integrated Circuit Industry Investment Fund Co., Ltd. completed its reduction plan, selling 4.008493 million shares (1% of total share capital) from May 8 to June 30, 2025, with a total reduction amount of 109.36 million yuan, current holding ratio at 5.76% [1] Group 2 - Anshuo Information (300380.SZ): The controlling shareholder Shanghai Anshuo Technology Development Co., Ltd. and actual controllers reduced their stakes by 1.16% (1.599416 million shares), 0.94% (1.300187 million shares), and 0.65% (900,000 shares) respectively [1] - Baoming Technology (002992.SZ): Directors and management plan to reduce their holdings by a total of 0.0107%, 0.0714%, and 0.0107% over the next three months [2] - Beiyikang (870199.BJ): Employee shareholding platforms completed their reduction plans, selling 546,284 shares (0.8%) and 131,650 shares (0.19%) [2] Group 3 - Boyun New Materials (002297.SZ): Major shareholder Hunan Xiangtou High-tech Venture Capital Co., Ltd. reduced its stake by 406.74 million shares (0.71%) from June 5 to June 30, 2025, bringing its holding to 6.99% [2] - Dongwei Technology (688700.SH): Specific shareholder Xie Yulong completed a reduction plan, selling 574,857 shares (0.1927%) from June 4 to June 30, 2025, with a total reduction amount of 21.362156 million yuan, current holding ratio at 0% [2] - Fuzhi Environmental Protection (688335.SH): Major shareholder Deqing Junjie Enterprise Management Partnership plans to reduce up to 4.441035 million shares (3%) over the next three months [3] Group 4 - Gu Gao Technology (301510.SZ): Shareholder Beijing Equity Investment Development Management Center completed its reduction plan, selling 4.0001 million shares (1%) from June 5 to June 30, 2025, bringing its holding to 7.68% [3] - Guangbo Co., Ltd. (002103.SZ): Shareholder Ren Hangzhong reduced his stake by 156,440 shares (0.2928%), bringing his holding to 9.99999% [3] - Guoke Military Industry (688543.SH): Specific shareholders Yang Minghua and Chen Gonglin plan to reduce up to 2.08842 million shares (1%) and 3.789115 million shares (1.8143%) over the next three months [3] Group 5 - Guorui Technology (300600.SZ): Major shareholder Gong Ruiliang reduced his stake by 3.243209 million shares (1.1%) from June 27 to July 1, 2025, bringing his holding to 20.63% [4] - Hangzhou Thermal Power (605011.SH): Shareholder Huashi Investment plans to reduce up to 5.997 million shares (1.4989%) over the next three months [4] - Huaya Intelligent (003043.SZ): Executives plan to reduce their holdings by a total of 0.0132%, 0.0092%, and 0.0092% over the next three months [4]

证券代码：002544 证券简称：普天科技 公告编号：2025-030 中电科普天科技股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 中电科普天科技股份有限公司（简称"公司"、"本公司"）2024 年年度权 益分派方案已获 2025 年 5 月 16 日召开的公司 2024 年度股东大会审议通过， 体股东每 10 股派发现金红利 0.083 元（含税），预计派发现金红利共计 年度。 公司本次实施的权益分派方案与公司 2024 年度股东大会审议通过的分配方 案一致,分配比例不变，且本次利润分配实施时间距离 2024 年度股东大会审议通 过的时间未超过两个月。 现将权益分派事宜公告如下： 一、权益分派方案 本公司 2024 年年度权益分派方案为：以公司现有总股本剔除已回购股份 0 股后的 680,533,890 股为基数，向全体股东每 10 股派 0.083000 元人民币现金 （含税；扣税后，通过深股通持有股份的香港市场投资者、境外机构（含 QFII、 RQFII）以及持有首发前限售股的个人和证券投资基金每 10 股派 0.074700 元； 持有 ...

二、权益变动触及 1%整数倍的情况说明 1 证券代码：002544 证券简称：普天科技 公告编号：2025-031 中电科普天科技股份有限公司 关于持股5%以上股东减持公司股份触及1%的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、权益变动触及 1%整数倍的情况说明 近日，中电科普天科技股份有限公司（以下简称"公司"或"普天科技"）收到 持股5%以上股东产业投资基金有限责任公司（以下简称"产业投资基金"）出具的 《关于减持股份触及1%的整数倍的告知函》，产业投资基金于2024年10月25日至2025 年6月30日通过证券交易所集中竞价的方式合计减持公司股份6,835,500股，占公司 当前总股本的1.0044%。本次权益变动后，产业投资基金持有公司股份54,420,242股， 占公司总股本的7.9967%，权益变动触及1%的整数倍。现将具体情况公告如下： | 1．基本情况 | | | | --- | --- | --- | | 信息披露义务人 | 产业投资基金有限责任公司 | | | 住所 | 北京市海淀区清河路 135 号 D 座 | 2 层（东 ...

证券代码：002544 证券简称：普天科技 公告编号：2025-030 公司本次实施的权益分派方案与公司 2024 年度股东大会审议通过的分配方 案一致,分配比例不变，且本次利润分配实施时间距离 2024 年度股东大会审议通 过的时间未超过两个月。 现将权益分派事宜公告如下： 一、权益分派方案 本公司 2024 年年度权益分派方案为：以公司现有总股本剔除已回购股份 0 股后的 680,533,890 股为基数，向全体股东每 10 股派 0.083000 元人民币现金 （含税；扣税后，通过深股通持有股份的香港市场投资者、境外机构（含 QFII、 RQFII）以及持有首发前限售股的个人和证券投资基金每 10 股派 0.074700 元； 持有首发后限售股、股权激励限售股及无限售流通股的个人股息红利税实行差别 化税率征收，本公司暂不扣缴个人所得税，待个人转让股票时，根据其持股期限 计算应纳税额【注】；持有首发后限售股、股权激励限售股及无限售流通股的证 券投资基金所涉红利税，对香港投资者持有基金份额部分按 10%征收，对内地投 资者持有基金份额部分实行差别化税率征收）。 1 【注：根据先进先出的原则，以投资者证券账户 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][16]. Core Views - The company is positioned as a listed platform for China Electronics Technology Group Corporation, expected to benefit from the satellite internet and low-altitude economy [4]. - The company has maintained its profit forecast, projecting net profits of 106 million, 142 million, and 207 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.16, 0.21, and 0.30 yuan per share [4]. - The current price-to-earnings (P/E) ratios are projected to be 150.0, 112.4, and 77.0 for the years 2025, 2026, and 2027 respectively [4]. Financial Summary - The company's revenue for 2023 was 5,463 million yuan, with a projected decrease to 4,973 million yuan in 2024, followed by an increase to 5,808 million yuan in 2025 [8][11]. - The net profit for 2023 was 36 million yuan, with a significant projected increase to 106 million yuan in 2025, reflecting a year-on-year growth of 850.8% [8][11]. - The gross margin is expected to improve from 17.3% in 2023 to 18.3% in 2025, while the net margin is projected to rise from 0.7% to 1.8% in the same period [12]. Strategic Developments - The company has signed a strategic cooperation agreement with Helios Starlink and Yixin Technology to establish a joint innovation center, aimed at supporting the construction of the "Trinity Computing Constellation" [5][6]. - The collaboration focuses on building an integrated space-ground computing network, enhancing data transmission technologies, and exploring commercial applications [6]. - The successful launch of the "Trinity Computing Constellation" marks a significant milestone, with the potential to process data in orbit and improve the efficiency of satellite data handling [7].

证券代码：002544 证券简称：普天科技 公告编号：2025-029 为了规范募集资金的管理和使用，保护投资者权益，公司依照《上市公司监管 指引第2号——上市公司募集资金管理和使用的监管要求》《深圳证券交易所上市公 司自律监管指引第1号——主板上市公司规范运作》等法律法规，结合公司实际情况， 制定了《募集资金管理办法》（以下简称"管理办法"）。根据管理办法的要求，公 司及普天科技全资子公司河北远东通信系统工程有限公司（以下简称"远东通信"） 连同保荐机构、募集银行于2020年12月签订了《募集资金三方监管协议》、《募集资 金四方监管协议》，具体如下： 公司、保荐机构中信证券股份有限公司与广发银行股份有限公司广州分行签订 了《募集资金三方监管协议》；公司、保荐机构中信证券股份有限公司与中信银行 股份有限公司广州分行签订了《募集资金三方监管协议》；公司、保荐机构中信证 中电科普天科技股份有限公司 关于注销部分募集资金专项账户的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、募集资金基本情况 经中国证券监督管理委员会《关于核准广州杰赛科技股份有限公司非公 ...