Financial Performance - The company's operating revenue for 2024 was CNY 1,194,002,383.58, representing a decrease of 7.71% compared to CNY 1,293,776,627.85 in 2023[17]. - The net profit attributable to shareholders for 2024 was CNY 41,385,107.67, down 49.03% from CNY 81,187,584.01 in 2023[17]. - Basic earnings per share for 2024 were CNY 0.08, a decrease of 50.00% from CNY 0.16 in 2023[17]. - Total assets at the end of 2024 were CNY 3,464,121,781.62, down 6.75% from CNY 3,714,906,347.64 at the end of 2023[17]. - The net assets attributable to shareholders at the end of 2024 were CNY 2,779,930,821.56, a slight decrease of 0.83% from CNY 2,803,132,590.38 at the end of 2023[17]. - The weighted average return on equity for 2024 was 1.48%, down from 2.91% in 2023[17]. - The company reported a significant increase of 91.59% in net profit attributable to shareholders after deducting non-recurring gains and losses, which amounted to negative CNY 1,656,321.06 in 2024[17]. - The company achieved revenue of approximately 119,400.24 million yuan, a year-on-year decrease of about 7.71%[41]. - The net profit attributable to shareholders was approximately 4,138.51 million yuan, down about 49.00% year-on-year[41]. Cash Flow and Investments - The net cash flow from operating activities was negative CNY 1,516,339.19, an improvement of 96.42% compared to negative CNY 42,403,099.14 in 2023[17]. - The cash flow from operating activities showed a positive trend in Q4, reaching CNY 65.34 million, after a negative cash flow in Q1 of CNY -82.33 million[21]. - Operating cash inflow totaled ¥1,438,186,896.32 in 2024, reflecting a year-on-year increase of 10.16% from ¥1,305,583,400.24 in 2023[69]. - Investment cash inflow reached ¥4,302,701,290.32 in 2024, a 12.34% increase from ¥3,830,069,776.40 in 2023[69]. - The net cash inflow from financing activities decreased by 44.76% to ¥52,838,691.19, while cash outflow increased by 79.14% to ¥116,668,954.75, resulting in a net cash flow from financing activities of -¥63,830,263.56, a decline of 309.08%[70]. Market and Product Development - The company plans to expand its market presence as 5G-A commercial deployment accelerates, with 5G-A being implemented in 100 cities and plans to expand to 300 cities by the end of 2024[29]. - The company is actively expanding its satellite communication product line to meet increasing market demand[42]. - The company is focusing on expanding its product offerings in the 5G sector, with the completion of over 3,500 different 5G frequency bands in integrated small base stations[67]. - The company completed a strategic acquisition of a competitor for $200 million, expected to enhance market share by 15%[7]. - The company is exploring potential mergers and acquisitions to further enhance its competitive position in the market[120]. Research and Development - Research and development (R&D) investment amounted to ¥96,036,140.50 in 2024, a slight increase of 0.35% from ¥95,705,274.42 in 2023, representing 8.04% of operating revenue, up from 7.40%[67]. - The number of R&D personnel increased by 12.37% to 327 in 2024, with a significant rise in master's degree holders by 225.00% to 26[67]. - The company completed the development of a new green high-efficiency low-loss base station antenna, which is expected to enhance brand competitiveness and drive future sales[66]. - A new multi-port passive + active integrated antenna was developed, allowing for simultaneous deployment of multiple frequency networks, thereby reducing the number of antennas needed[66]. Governance and Compliance - The company has established a governance mechanism with independent directors and an audit committee to ensure effective supervision of management[166]. - The company has maintained compliance with regulatory requirements and improved its internal control mechanisms[110]. - The company has a clear asset ownership structure, with no reliance on the controlling shareholder's assets for operations[115]. - The company has implemented a robust information disclosure management system to enhance transparency and protect shareholder rights[109]. - The company reported no non-operating fund occupation by controlling shareholders or related parties during the reporting period[182]. Employee and Management - The total number of employees at the end of the reporting period was 1,856, with 1,643 in the parent company and 213 in major subsidiaries[144]. - The company conducted over 200 training sessions throughout the year, focusing on professional skills, management development, and leadership[146]. - The employee compensation policy aims for steady annual growth, ensuring competitive remuneration within the industry[145]. - The company has established a systematic talent development framework to enhance employee capabilities and organizational skills[146]. Risks and Challenges - The company acknowledges potential risks in future operations as outlined in the management discussion and analysis section of the report[5]. - The company faces risks related to management, overseas market expansion, and investment projects, which it plans to address through organizational adjustments and strategic market adaptations[93][94]. - The company has conducted thorough market research and feasibility analysis for its investment projects, but risks remain due to potential changes in economic environment, national industrial policies, and market demand[96].

李宏涛 资格编号：S0120524070003 邮箱：liht＠tebon.com.cn 研究助理 [Table_Main] 证券研究报告 | 公司点评 通宇通讯(002792.SZ) 2025 年 04 月 11 日 买入（维持） 所属行业：通信/通信设备 当前价格(元)：12.85 证券分析师 市场表现 沪深300对比 1M 2M 3M -34% -17% 0% 17% 34% 51% 69% 2024-04 2024-08 2024-12 通宇通讯 沪深300 | 绝对涨幅(%) | -16.99 | -15.57 | -7.35 | | --- | --- | --- | --- | | 相对涨幅(%) | -12.06 | -11.32 | -7.42 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《通宇通讯(002792.SZ)：5G-A 带来 传统业务新场景，卫星铸就第二增长 曲线》，2024.12.3 通宇通讯(002792.SZ)：全栈布 局初现雏形，参与通信试验卫星 投资要点 请务必阅读正文之后的信息披露和法律声明 事件：2025 年 4 月 1 日 12 时 00 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company is positioned to benefit from the commercialization of 5G-A and the development of satellite internet, with significant growth expected in revenue and net profit over the next few years [5][7] - The company has made strategic investments and partnerships to enhance its capabilities in satellite communication and is expected to continue expanding its presence in this sector [5][7] Market Performance - The company's stock has shown a relative decline compared to the CSI 300 index, with absolute returns of -16.99% over the past month [4][3] - The stock price range over the past 52 weeks has been between 9.60 and 18.43 yuan [6] Financial Data and Forecast - The company’s total revenue is projected to grow from 1,294 million yuan in 2023 to 1,968 million yuan by 2026, with corresponding net profits increasing from 81 million yuan to 267 million yuan [6][8] - The expected EPS is forecasted to rise from 0.16 yuan in 2023 to 0.51 yuan in 2026, indicating a strong growth trajectory [6][8] - The gross margin is anticipated to improve from 20.8% in 2023 to 28.2% in 2026, reflecting enhanced operational efficiency [6][8] Industry Insights - The report highlights the supportive policy environment for 5G-A development, with major telecom operators actively promoting its rollout [7] - The company is strategically positioned within the telecommunications infrastructure sector, focusing on both traditional cellular networks and emerging satellite communication technologies [5][7]

证券代码：002792 证券简称：通宇通讯 公告编号：2025-009 广东通宇通讯股份有限公司 关于控股股东、实际控制人部分股份解除质押和再质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 广东通宇通讯股份有限公司（以下简称"公司"）于近日接到公司控股股东、实际控制人吴中林先生的通 知，获悉其所持有公司的部分股份已办理解除质押和再次质押的手续，具体事项如下： 一、股东股份解除质押及质押的基本情况 截至公告披露日，上述股东及其一致行动人所持质押股份情况如下： ■ 注:上述表格中若出现合计数与各分项数据之和尾数不符的，均为四舍五入原因所致。 登录新浪财经APP 搜索【信披】查看更多考评等级 四、备查文件 1、股票质押式回购交易委托单； 2、购回交易委托单； 3、证券质押及司法冻结明细表。 特此公告。 广东通宇通讯股份有限公司董事会 二〇二五年四月九日 1、股东股份解除质押的基本情况 ■ 2、股东股份质押基本情况 ■ 二、股东股份累计质押的情况 三、其他说明 截至本公告披露日，公司控股股东、实际控制人所持质押股份暂无平仓风险或被强制过户风险，对上市 公司 ...

一、股东股份解除质押及质押的基本情况 | 股东名称 | 是否为控股股东或 第一大股东及其一 | 本次解除质押 | 占其所持 | 占公司总 | 起始日 | | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 股份数量（股） | 股份比例 | 股本比例 | | | | | | | 致行动人 | | | | | | | | | 吴中林 | 是 | 19,500,000 | 14.29% | 3.73% | 2022 年 6 | 2025 | 年 4 | 中国银河证券 | | | | | | | 月 16 日 | 月 | 7 日 | 股份有限公司 | | 吴中林 | 是 | 11,245,000 | 8.24% | 2.15% | 2024 年 4 | 2025 | 年 4 | 中国银河证券 | | | | | | | 月 8 日 | 月 | 7 日 | 股份有限公司 | | 合计 | - | 30,745,000 | 22.52% | 5.88% | - | | - | - | 证券代码：002792 证券简称：通 ...

Core Insights - The battery swapping concept saw a rise of 0.52% on April 2, with a net inflow of 206 million yuan from major funds, indicating positive investor sentiment in this sector [1] - Out of 45 stocks in this concept, 28 stocks increased while 17 stocks decreased, reflecting a generally favorable market condition [1] Company Summaries - **Beiqi Blue Valley (600733)**: Latest price at 8.77 yuan, with a rise of 0.69% and a net inflow of 108 million yuan, accounting for 6.3% of the total net inflow [2] - **Zhongheng Electric (002364)**: Latest price at 15.49 yuan, with a significant increase of 4.52% and a net inflow of 100 million yuan, representing 12.68% of the total net inflow [2] - **Tongyu Communication (002792)**: Latest price at 14.79 yuan, with a rise of 4.89% and a net inflow of 45.385 million yuan, making up 11.41% of the total net inflow [2] - **Tuobang Co., Ltd. (002139)**: Latest price at 15.09 yuan, with an increase of 2.31% and a net inflow of 44.045 million yuan, which is 9.15% of the total net inflow [2] - **Aima Technology (603529)**: Latest price at 46.97 yuan, with a rise of 1.45% and a net inflow of 27.336 million yuan, accounting for 14.52% of the total net inflow [2] - **Qianli Technology (601777)**: Latest price at 8.57 yuan, with an increase of 2.27% and a net inflow of 20.908 million yuan, representing 5.4% of the total net inflow [2] - **Shandong Weida (002026)**: Latest price at 11.7 yuan, with a rise of 4.46% and a net inflow of 18.459 million yuan, which is 5.0% of the total net inflow [2] - **Bohui Precision (688097)**: Latest price at 30.15 yuan, with an increase of 1.82% and a net inflow of 13.670 million yuan, accounting for 10.13% of the total net inflow [2] - **Guodian Nari (600406)**: Latest price at 21.9 yuan, with a slight decrease of 0.95% and a net inflow of 12.139 million yuan, representing 2.84% of the total net inflow [2] - **Jinguang Co., Ltd. (300510)**: Latest price at 4.39 yuan, with an increase of 1.62% and a net inflow of 6.782 million yuan, which is 4.57% of the total net inflow [2]

Group 1: Company Overview and Business Strategy - The company has established a comprehensive industrial layout in the satellite communication sector, covering technology research and development, product manufacturing, and capital collaboration [2] - In 2023, the company set up a wholly-owned subsidiary, Chengdu Juji Millimeter Wave Technology Co., Ltd., to enhance its positioning in satellite communication and future 6G developments [2] - The company invested CNY 30 million in Hongqing Technology and established Hubei Zhonghong Tongyu Space Technology Co., Ltd. in collaboration with Wuhan Hongshan Capital Investment Co., Ltd. [3] Group 2: Product Offerings - The company's satellite communication products encompass three major application scenarios: ground station terminals, satellite communication payloads, and satellite communication terminal applications [4] - Key products include satellite antennas for trains and ships, Macro WiFi, and portable satellite stations, with a focus on expanding product variety to meet market demand [4] Group 3: Recent Business Developments - In 2023, the company made significant progress in satellite communication commercialization, securing orders for ground stations and satellite communication components [5] - The company has received positive recognition for its ground station networking performance, with small batch deliveries of various satellite communication products [5] Group 4: Investment Activities - The company has actively engaged in equity investments, including a 90% stake in Hubei Zhonghong Tongyu Space Technology Co., Ltd., focusing on satellite communication technology research and market development [6][7] - The investment in Shanghai Jingji Communication Technology Co., Ltd. aims to enhance the competitiveness of the industrial chain through capital integration [6] Group 5: Applications in Marine Exploration - The company’s marine applications primarily involve shipborne satellite antennas and low-orbit phased array antennas, which have seen steady growth in recent years [7] - These technologies are crucial for communication, monitoring, resource development, and safety management in marine economies, especially with the advancement of 5G and low-orbit satellite communication [7]

证券代码：002792 证券简称：通宇通讯 公告编号：2025-008 广东通宇通讯股份有限公司 关于开立募集资金专项账户并签署募集资金三方监管协议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、募集资金的基本情况 | 序号 | 开户人 | 开户银行 | 募集资金专户账号 | 专户用途 | | --- | --- | --- | --- | --- | | 1 | 深圳广通智能 | 上海浦东发展银行股 | 15010078801100003879 | 无线通信系统研 | | | 技术有限公司 | 份有限公司广州分行 | | 发及产业化项目 | 三、《募集资金三方监管协议》的主要内容 甲方：深圳广通智能技术有限公司 乙方：上海浦东发展银行股份有限公司广州分行 丙方：中国银河证券股份有限公司 1、甲方已在乙方开设募集资金专项账户（以下简称"专户"），该专户仅 用于甲方"无线通信系统研发及产业化项目"募集资金的存储和使用，不得用作 其他用途。 2、甲乙双方应当共同遵守《中华人民共和国票据法》、《支付结算办法》、 《人民币银行结算账户管理办法》等法律、法规 ...

证券代码：002792 证券简称：通宇通讯 公告编号：2025-007 广东通宇通讯股份有限公司 关于对外投资并设立控股子公司的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、对外投资概述 广东通宇通讯股份有限公司（以下简称"公司"）于 2025 年 1 月 3 日召开 第五届董事会第二十二次会议，审议通过《关于对外投资并设立控股子公司的议 案》。为满足公司战略发展需要，加速卫星通信产业布局，充分发挥公司在卫星 通信领域的技术优势，整合各方优势资源，拓展业务市场，同意公司以自有资金 与武汉洪山资本投资有限公司（以下简称"洪山资本"），共同出资成立湖北中 洪通宇空间技术有限公司（以下简称"通宇空间"）。通宇空间注册资本为人民 币 20,000 万元，其中公司以自有资金认缴出资 18,000 万元，占注册资本的 90%， 洪山资本认缴出资 2,000 万元，占注册资本的 10%。本次投资完成后，通宇空间 将成为公司的控股子公司。具体内容详见公司于 2025 年 1 月 4 日在巨潮资讯网 （www.cninfo.com.cn）上披露的《关于对外投资并 ...

证券代码：002792 证券简称：通宇通讯 公告编号：2025-004 广东通宇通讯股份有限公司 2025 年第一次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会无否决议案或修改议案的情况； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开基本情况 1、召开时间： （1）现场会议时间：2025 年 1 月 10 日（星期五）14:30。 （2）网络投票时间：2025 年 1 月 10 日（星期五）。 其中，通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 1 月 10 日 9:15-9:25，9:30-11:30 和 13:00-15:00；通过深圳证券交易所互联网投票系 统投票的时间为 2025 年 1 月 10 日 9:15 至 15:00 期间的任意时间。 2、召开地点：广东省中山市火炬开发区东镇东二路 1 号公司会议室 股东出席的总体情况： 通过现场和网络投票的股东 386 人，代表股份 254,239,525 股，占公司有表 决权股份总数的 48.7252％。 其中：通 ...