公司网址:www.avicsec.com 2024年12月29日 证券研究报告|公司研究|公司点评 中航证券研究所发布 1 公司基站天线/射频器件/微波天线主要场景为通信基站，行业增长已过建 设高峰期，给予低增长预期。公司在光通信业务的投入较少，预计短短期。 不会是公司发展重心。公司卫星通讯业务已于2024 上半年形成收入，且 行业进入快速发展阶段，看好公司在该领域的发展速度。 ◆ 卫星通信行业发展进度不及预期; 产业整合能力不及预期; 新市场拓展速 度不及预期; 行业竞争加剧的风险。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------|---------------|------------------------|------------------------------------------|----------------------------|---------------|------------------------------------ ...

公司以自有资金出资3000万元，认缴鸿擎科技新增注册资本51.56万元，剩余部分计入资本公积，以取 得本次增资完成后鸿擎科技的1.83%股权。 证券时报e公司讯，通宇通讯(002792)12月26日晚间公告，近日公司与昆仑资本、北京市先进制造基金 参与北京蓝箭鸿擎科技有限公司（简称"鸿擎科技"）的A1轮融资。 通过此次投资，公司有望借助卫星通信领域的先进技术与广阔市场前景，拓宽业务边界，提升综合竞争 力实现资源整合与优势互补。 ...

通宇通讯以自有资金出资3000万元，认缴鸿擎科技新增注册资本51.5597万元，取得鸿擎科技1.8293%股 权。 财联社12月26日电，通宇通讯公告，公司与昆仑资本、先进制造基金参与鸿擎科技的A1轮融资，并签 署了相关投资协议。 鸿擎科技聚焦于低轨宽带互联网通信卫星业务，作为国内唯一拥有星箭协同能力的公司，鸿擎科技致力 于为国内外主要星座运营商提供大批量卫星制造和卫星组网整体解决方案。 ...

[Table_Main] 证券研究报告 | 公司首次覆盖 通宇通讯(002792.SZ) 2024 年 12 月 03 日 买入（首次） 所属行业：通信/通信设备 当前价格(元)：16.86 证券分析师 李宏涛 资格编号：S0120524070003 邮箱：liht＠tebon.com.cn 研究助理 市场表现 -34% -17% 0% 17% 34% 51% 通宇通讯 沪深300 | --- | --- | --- | --- | --- | |--------------------------------|-------|---------|---------|-------| | -51% 2023-12 | | 2024-04 | 2024-08 | | | 沪深 300 对比 | 1M | | 2M | 3M | | 绝对涨幅 (%) | 31.72 | | 32.03 | 62.90 | | 相对涨幅 (%) | 30.24 | | 33.78 | 41.99 | | 资料来源：德邦研究所，聚源数据 | | | | | 相关研究 通宇通讯(002792.SZ)：5G-A 带 来传统业务新场景，卫 ...

这家通信天线供应商加码卫星产业，已形成地面站终端、卫星载荷及通信终端三大类产品，高轨地面站 终端实现小批量出货。 调研要点： ①这家通信天线供应商加码卫星产业，已形成地面站终端、卫星载荷及通信终端三大类产品，高轨地面 站终端实现小批量出货； ②风险提示：调研内容仅为机构与上市公司间的业务交流，不构成投研观点，信息以上市公司公告和分 析师公开报告为准。 通宇通讯于11月25日接待机构调研时表示，公司专业从事通信天线及射频器件产品的研发、生产及销 售，产品主要包括传统业务领域的基站天线、射频器件、微波天线等，以及新兴业务领域的卫星通信产 品和通感一体化通信天线等。 公司2017年收购西安星恒通公司，在卫星通信领域已有一定技术积累。2023年公司设立成都俱吉毫米 波技术有限公司全资子公司，作为公司在卫星通信及未来6G方面的重要布局，将基于通宇领先的5G大 阵列天线技术，发展面向特殊领域应用的卫星通信终端、相控阵天线、雷达、毫米波及数据链终端产 品。 依托公司在微波及毫米波的技术优势，经过多年的研究开发，目前公司卫星通信产品已形成包括地面站 终端、卫星通信载荷及卫星通信终端等三大类产品。其中，卫星通信载荷产品主要为星 ...

证券代码：002792 证券简称：通宇通讯 编号：2024-013 广东通宇通讯股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | --- | |-----------------------------|---------------------------------------------------------|------------------|---------|------------------------------------------------------------| | 投资者关系活动 \n类别 | √ 特定对象调研 \n□ 媒体采访 \n□ 新闻发布会 \n□ 现场参观 | □ \n □ \n □ \n √ | | 分析师会议 \n业绩说明会 \n路演活动 \n其他 线上交流 | | | 交银施罗德 | 白家乐 | | | | | | 卫泽羽 | | | | | | 齐兴方 | | | | | 信达澳亚基金 | 徐聪 | | | | | | 冯明远 | | | | 参与单位名称 | | 张建民 | | | | | | | | | | | 浙 ...

证券代码：002792 证券简称：通宇通讯 编号：2024-012 广东通宇通讯股份有限公司 投资者关系活动记录表 | --- | --- | --- | |----------------|----------------------|---------------------------------------------------------------------| | | □ 特定对象调研 | □ 分析师会议 | | 投资者关系活动 | □ 媒体采访 | □ 业绩说明会 | | 类别 | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | √ 其他 线上交流 | | 参与单位名称 | 见附件：参会机构名单 | | | 时间 | 2024 年 11 | | | 地点 | 公司会议室 | | | | 黄华 | 董事会秘书 | | 公司接待人员 | 张炜亮 | 投资者关系经理 | | 姓名 | 邓家庆 | 证券事务代表 | | | 公司于 | 11 月 12 日在公司会议室接待了参与本次活动 | | | | 的机构投资者，主要问答情况如下： | | | 1 | 、公司基本情况介绍？ | | ...

证券代码：002792 证券简称：通宇通讯 编号：2024-011 广东通宇通讯股份有限公司 投资者关系活动记录表 | --- | --- | --- | |----------------|----------------------|------------------------------------------------------------------| | | | | | | √ 特定对象调研 | □ 分析师会议 | | 投资者关系活动 | □ 媒体采访 | □ 业绩说明会 | | 类别 | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | √ 其他 线上交流 | | 参与单位名称 | 见附件：参会机构名单 | | | | | | | 时间 | 2024 年 11 月 | | | 地点 | 公司会议室 | | | | 吴中林 | | | 公司接待人员 | 黄华 | 董事会秘书 | | 姓名 | 张炜亮 | 投资者关系经理 | | | 邓家庆 | 证券事务代表 | | | 公司于 | 11 月 7 日在公司会议室接待了参与本次活动的 | | | | 机构投资者，主要问答情况如下： ...

Revenue and Profit - Revenue for the third quarter was RMB 296.42 million, a decrease of 5.99% year-over-year[2] - Net profit attributable to shareholders was RMB 27.58 million, an increase of 84.19% year-over-year[2] - Operating income for the period was 843,078,351.05, a slight decrease of 1.79% compared to the previous period's 858,472,828.07[12] - Net profit for the period was 51,491,190.29, a decrease of 9.48% compared to the previous period's 56,887,122.67[13] - Comprehensive income for the period totaled 53,194,555.11 RMB, with 57,497,967.18 RMB attributable to owners of the parent company[14] - Basic and diluted earnings per share were 0.0986 RMB and 0.1089 RMB respectively[14] Assets and Liabilities - Total assets decreased by 5.05% to RMB 3.53 billion compared to the end of the previous year[2] - Total assets decreased from 3,714,906,347.64 to 3,527,414,517.82, a decline of 5.05%[10][11] - Total liabilities decreased from 911,773,757.26 to 748,065,359.67, a reduction of 17.96%[10][11] - Total equity increased slightly from 2,803,132,590.38 to 2,779,349,158.15, a marginal increase of 0.85%[11] - Current assets decreased from 2,986,687,474.37 to 2,723,512,749.48, a decline of 8.81%[10] - Non-current assets increased from 728,218,873.27 to 803,901,768.34, a growth of 10.39%[10] Cash Flow - Operating cash flow improved by 55.74% to RMB -66.86 million, reflecting better business conditions[6] - Investment cash flow increased by 184.13% to RMB 346.66 million, mainly due to the maturity of structured financial products and receipt of equity transfer payments[6] - Net cash flow from operating activities improved to -66,855,367.91 RMB from -151,035,084.36 RMB[16] - Net cash flow from investing activities was 346,664,505.49 RMB, a substantial increase from 122,010,037.13 RMB[16] - Net cash flow from financing activities was -100,593,014.64 RMB, compared to -17,169,418.08 RMB in the previous period[16] - The net increase in cash and cash equivalents was 183,419,976.36 RMB, a significant improvement from -44,625,074.71 RMB[16] - The ending balance of cash and cash equivalents was 646,421,766.13 RMB, up from 467,576,900.88 RMB[16] Investments and Financial Products - Long-term equity investments increased by 110.45% to RMB 82.93 million, driven by additional investment in Sichuan Guangwei[5] - The company's construction in progress increased by 1,263.68% to RMB 26.35 million, mainly due to the construction of a new factory for Hubei Weitong subsidiary[5] - The company's trading financial assets at the end of the period were 840,092,062.00 yuan, a decrease from 1,170,410,194.86 yuan at the beginning of the period[9] Shareholders and Equity - The total number of ordinary shareholders at the end of the reporting period is 52,727[7] - Wu Zhonglin, a domestic natural person, holds 26.13% of the shares, totaling 121,977,807 shares, with 30,745,000 shares pledged[7] - SHI GUIQING, a foreign natural person, holds 21.93% of the shares, totaling 85,927,976 shares[7] Expenses and Costs - R&D expenses increased to 77,590,455.24, up 2.74% from 75,522,552.10 in the previous period[13] - Total operating costs decreased from 870,614,400.16 to 817,033,844.76, a reduction of 6.15%[12] - Financial expenses showed a net gain of -12,761,866.88, compared to -9,335,460.98 in the previous period[13] Other Financial Metrics - Non-recurring gains from government subsidies amounted to RMB 4.04 million for the quarter[3] - Other comprehensive income increased by 37.44% to RMB 6.25 million, influenced by foreign exchange fluctuations[5] - The company's monetary funds at the end of the period amounted to 646,421,766.13 yuan, an increase from 463,001,789.77 yuan at the beginning of the period[9] - Accounts receivable at the end of the period were 592,261,214.17 yuan, slightly down from 597,983,448.73 yuan at the beginning of the period[9] - Inventory at the end of the period was 320,448,079.16 yuan, a decrease from 370,288,003.67 yuan at the beginning of the period[9] - The company's other receivables at the end of the period were 123,355,095.48 yuan, down from 212,553,083.84 yuan at the beginning of the period[9] - The company's prepayments at the end of the period were 6,531,297.53 yuan, up from 4,122,475.42 yuan at the beginning of the period[9] - The company's accounts receivable financing at the end of the period was 610,548.20 yuan, a significant decrease from 3,023,153.08 yuan at the beginning of the period[9] - Short-term borrowings decreased by 88.64% to RMB 9.13 million, primarily due to repayment of bank loans[5] - Cash received from sales of goods and services was 905,670,306.61 RMB, a significant increase from 705,390,494.97 RMB in the previous period[15] - Total cash inflows from operating activities reached 969,738,130.09 RMB, compared to 765,595,794.64 RMB in the prior period[15] - The company's third quarter report was unaudited[16]

证券代码：002792 证券简称：通宇通讯 编号：2024-010 广东通宇通讯股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-----------------------|---------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 投资者关系活动 \n类别 | □ 特定对象调研 \n□ 媒体采访 □ \n□ 新闻发布会 \n□ 现场参观 \n体接待日活动） | □ 分析师会议 \n业绩说明会 \n □ 路演活动 \n √ 其他（广东辖区 2024 年投资者网上集 | | 参与单位名称 | 线上参 ...