Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company reported a revenue of 106 million yuan in the first half of 2024, a year-on-year decrease of 27.56%, with a net loss attributable to the parent company of 52 million yuan [1]. - In Q2 2024, the company faced performance pressure due to downstream industry demand factors, achieving a revenue of 38 million yuan, down 45.08% year-on-year and 43.96% quarter-on-quarter, with a net profit loss of 42 million yuan, which is an increase in loss compared to Q2 2023 and Q1 2024 [1]. - The satellite internet sector shows promising prospects, with the company deeply involved in low-orbit satellite constellation construction. The global satellite internet market is expected to exceed 400 billion yuan by 2025, with significant growth in satellite communication terminals and operational revenue [1]. - The company has initiated the development of low-orbit satellite communication subsystems and has secured orders exceeding 50 million yuan for satellite communication equipment [1]. - The deployment of 5G has become a national strategy, and the company has made significant progress in its product layout, including the completion of lightweight core networks and terminal modules, and has been selected for military equipment development [1]. Financial Summary - The company forecasts revenues of 313 million yuan in 2024, with a growth rate of -21.9%, and expects net profits attributable to the parent company to be -190 million yuan in 2023, turning positive in 2024 with 42 million yuan [2][4]. - The projected net profits for 2024-2026 are 42 million yuan, 99 million yuan, and 189 million yuan respectively, indicating a strong recovery trajectory [1][2]. - The company’s earnings per share are expected to improve from -0.30 yuan in 2024 to 0.30 yuan in 2026 [2][4].

Financial Performance - The company reported a revenue of RMB 300 million for the first half of 2024, representing a 15% increase compared to the same period in 2023[7]. - The company has set a revenue guidance of RMB 600 million for the full year 2024, indicating a projected growth of 10% from 2023[7]. - The company's operating revenue for the first half of 2024 was ¥106,219,950.45, a decrease of 27.56% compared to ¥146,641,300.41 in the same period last year[12]. - The net loss attributable to shareholders was ¥52,047,041.40, representing a 252.81% increase in losses compared to a net loss of ¥14,752,088.79 in the previous year[12]. - The net cash flow from operating activities was -¥130,714,070.04, which is an 11.21% decline from -¥117,538,457.34 in the same period last year[12]. - The gross profit margin for broadband mobile communication equipment was 68.06%, compared to 55.36% in the previous year[23]. - The company reported a net loss of CNY 72,962,400.39 for the first half of 2024, compared to a loss of CNY 28,298,056.42 in the same period of 2023[97]. - The total comprehensive loss attributable to the parent company for the first half of 2024 was approximately ¥50.07 million, compared to a loss of ¥12.63 million in the first half of 2023[101]. User Growth and Market Expansion - User data showed a growth in active users to 1.5 million, up 20% year-over-year[7]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share by 2025[7]. - The company is positioned to benefit from the increasing emphasis on defense informationization, which is a key driver for the broadband mobile communication market[16]. Product Development and Innovation - New product development includes the launch of a 5G communication device, expected to contribute an additional RMB 50 million in revenue by the end of 2024[7]. - The company has invested RMB 20 million in R&D for new technologies, focusing on AI integration in communication systems[7]. - The company aims to enhance its R&D capabilities and product offerings to meet the stringent performance requirements of its unique customer base[19]. - The company has initiated the development of low-orbit satellite communication subsystem equipment and is involved in related satellite constellation projects[22]. Strategic Acquisitions and Investments - A strategic acquisition of a local tech firm is in progress, which is anticipated to enhance the company's technological capabilities and add RMB 30 million in annual revenue[7]. - The company completed an acquisition of Chengdu Zhongke Yulian Information Technology Co., Ltd., which is expected to impact overall operations and performance positively[49]. - The company has invested RMB 62,500,000.00 during the reporting period, compared to RMB 0.00 in the same period last year, indicating a significant increase[34]. Financial Position and Cash Flow - The total assets at the end of the reporting period were ¥3,597,621,770.68, reflecting a 3.37% increase from ¥3,480,462,750.96 at the end of the previous year[12]. - The company's total liabilities increased to CNY 1,125,775,114.36 from CNY 984,162,791.26, reflecting a rise of about 14.4%[92]. - The net increase in cash and cash equivalents was -¥101,051,138.27, a decline of 117.48% due to decreased collection of accounts receivable and investments in joint ventures[26]. - The company reported a cash balance of CNY 10,741.20 at the end of the period, unchanged from the beginning of the period[172]. Risks and Challenges - The company faces potential risks related to market competition and regulatory changes, with strategies in place to mitigate these risks[2]. - The company faces risks from intensified market competition as more research institutions and private enterprises increase their R&D efforts in the broadband mobile communication sector[49]. - Customer procurement orders are subject to fluctuations, which may lead to uncertainty in the company's revenue[49]. - The company is at risk of losing core technical personnel due to competition offering better compensation, which could adversely affect business operations if not addressed promptly[50]. Corporate Governance and Compliance - The company emphasizes compliance and social responsibility, focusing on creating value for shareholders while fulfilling obligations to employees and other stakeholders[56]. - The company has established a clear governance structure with a board of directors responsible for maximizing shareholder interests, supported by various committees[56]. - The company has fulfilled all commitments made by actual controllers and shareholders regarding share transfer restrictions, with a lock-up period of 36 months from the date of listing[58]. Research and Development - Research and development expenses increased to CNY 112,428,408.69, up 18.6% from CNY 94,728,912.12 in the previous year[97]. - The company has 55 core patents and 114 software copyrights, demonstrating strong independent intellectual property capabilities[24]. - The company has been recognized as a high-tech enterprise and has received multiple certifications for its innovation capabilities[24]. Shareholder Information - The first extraordinary shareholders' meeting in 2024 had an investor participation rate of 26.28%[54]. - The annual shareholders' meeting in 2023 had an investor participation rate of 27.84%[54]. - The company does not plan to distribute cash dividends or issue bonus shares for the half-year period[55]. Inventory and Receivables - Inventory increased by 28.91% to ¥367,511,677.52, mainly to ensure delivery tasks for the second half of the year[29]. - The total accounts receivable at the end of the period amounted to ¥1,252,320,085.58, an increase from ¥1,208,349,143.59 at the beginning of the period[177]. - The provision for bad debts at the end of the period was ¥240,203,477.04, reflecting a provision ratio of 19.18%[179]. Taxation and Financial Regulations - The company is subject to a corporate income tax rate of 15% as a high-tech enterprise, effective for three years from December 23, 2021[171]. - The company’s effective corporate income tax rate varies by subsidiary, with rates of 15% for Shanghai Hanxun Information Technology Co., Ltd. and 5% for Nanjing Hanxun Information Technology Co., Ltd.[170].

上海瀚讯信息技术股份有限公司（以下简称"公司"）第三届董事会第十二次 会议于 2024 年 8 月 28 日（星期三）在公司会议室以现场结合通讯的方式召开， 会议通知已于 2024 年 8 月 18 日通过邮件的方式送达全体董事。会议应出席董事 6 人，实际出席董事 6 人。会议由公司董事长胡世平先生主持。本次会议的召集、 召开及程序符合《公司法》和《公司章程》的有关规定，合法有效。 二、董事会会议审议情况 经与会董事认真审议，会议形成了如下决议： （一）审议通过了《关于<2024 年半年度报告>及其摘要的议案》 证券代码：300762 证券简称：上海瀚讯 公告编号：2024-042 上海瀚讯信息技术股份有限公司 第三届董事会第十二次会议决议公告 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。 一、董事会会议召开情况 公司董事会在全面审核公司《2024 年半年度报告》及其摘要后，一致认为： 公司《2024 年半年度报告》及其摘要的编制符合相关法律法规，其内容与格式符 合中国证监会和深圳证券交易所的各项规定，其所披露的信息真实、准确、完整 地反映了公司 2024 ...

证券代码：300762 证券简称：上海瀚讯 公告编号：2024-043 上海瀚讯信息技术股份有限公司 第三届监事会第九次会议决议公告 本公司及监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、监事会会议召开情况 上海瀚讯信息技术股份有限公司（以下简称"公司"）于 2024 年 8 月 28 日 （星期三）在公司会议室召开第三届监事会第九次会议，会议通知已于 2024 年 8 月 18 日以邮件、短信方式通知公司全体监事。会议应出席监事 3 名，实际出 席会议监事 3 名。会议由监事会主席李默颖先生主持。本次会议的召开和表决程 序符合《公司法》等法律、法规以及《公司章程》的有关规定，合法有效。 二、监事会会议审议情况 经与会监事认真审议，形成如下决议： （三）审议通过了《关于申请银行综合授信额度的议案》 为了更好支持公司业务发展，确保满足公司生产经营资金需求，公司拟向金 融机构申请授信额度不超过人民币 25 亿元(最终以相关金融机构实际审批的最 终授信额度为准)，具体融资金额视公司实际经营情况需求决定。在综合授信额 度内，公司可以根据实际资金需求在不同授信金融机构之间 ...

证券代码：300762 证券简称：上海瀚讯 公告编号：2024-048 上海瀚讯信息技术股份有限公司 关于申请银行综合授信额度的公告 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。 上海瀚讯信息技术股份有限公司（以下简称"公司"）于 2024 年 8 月 28 日 召开第三届董事会第十二次会议和第三届监事会第九次会议，审议通过了《关于 申请银行综合授信额度的议案》，同意公司向金融机构申请银行综合授信额度不 超过人民币 25 亿元。现将具体事项公告如下： 一、 申请授信额度的具体事宜 为了更好支持公司业务发展，确保满足公司生产经营资金需求，公司拟向金 融机构申请综合授信额度不超过人民币 25 亿元，上述授信额度用途包括但不限 于流动资金贷款、银行承兑汇票、商业承兑汇票贴现、信用开证、保函、保理、 融资租赁等银行授信业务。上述授信额度以相关金融机构实际审批的最终授信额 度为准，具体融资金额视公司实际经营情况需求决定；在综合授信额度内，公司 可以根据实际资金需求在不同授信金融机构之间调剂使用；使用期限为自公司 2024 年第二次临时股东大会审议通过之日起 12 个月 ...

证券代码：300762 证券简称：上海瀚讯 公告编号：2024-049 3、会议召开的合法、合规性：本次股东大会的召集、召开符合有关法律、 行政法规、部门规章、其他规范性文件及《公司章程》的有关规定。 4、会议召开的日期与时间 （1）现场会议召开时间：2024 年 9 月 19 日（星期四）14:30 上海瀚讯信息技术股份有限公司 关于召开 2024 年第二次临时股东大会的通知 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。 上海瀚讯信息技术股份有限公司（以下简称"公司"）于 2024 年 8 月 28 日 召开了第三届董事会第十二次会议，审议通过了《关于召开 2024 年第二次临时 股东大会的议案》，公司董事会决定于 2024 年 9 月 19 日以现场投票与网络投票 相结合的方式召开公司 2024 年第二次临时股东大会（以下简称"本次会议"或 "本次股东大会"）现将会议的有关情况通知如下： 一、召开会议基本情况 1、会议届次：2024 年第二次临时股东大会 2、会议的召集人：公司董事会 （2）网络投票时间：2024 年 9 月 19 日 其中，通过深圳证券 ...

Investment Rating - The report assigns a "Buy-B" rating for the company [2]. Core Viewpoints - The company is one of the few high-tech enterprises in China with independent R&D capabilities in broadband mobile communication systems, establishing a complete industrial chain layout in the 5G era, covering "chip-module-terminal-base station-system" [10][19]. - From 2018 to 2021, the company's revenue grew from 430 million to 730 million yuan, with a CAGR of 19.6%, while net profit increased from 100 million to 240 million yuan, achieving a CAGR of 31.8% [19]. - In 2023, the company faced external industry challenges, resulting in a revenue decline of 21.9% year-on-year to 310 million yuan and a net loss of 190 million yuan, a decrease of 321.7% year-on-year [19][20]. - The satellite internet industry is expanding, with China's market expected to reach 44.7 billion yuan by 2025, driven by global competition in satellite constellation construction [20][50]. - The military communication sector shows significant growth potential, with China's defense spending ranking second globally, indicating room for future increases [20][28]. Financial Performance and Valuation - The company’s revenue for 2022 was 400 million yuan, down 45.1% year-on-year, with a net profit of 86 million yuan, a decrease of 63.6% [3][19]. - The forecast for 2024-2026 predicts net profits of 99 million, 197 million, and 251 million yuan, representing year-on-year growth rates of 151.9%, 100.2%, and 27.1% respectively [3][19]. - The company's gross margin was 59.4% in 2022 but dropped to 43.3% in 2023 due to external pressures [3][20]. Industry Overview - The military broadband communication industry is a leading sector, with the company focusing on specialized networks for government and military applications, which account for a significant portion of the market [10][43]. - China's defense spending has been increasing, with a compound annual growth rate of 7.51% from 2013 to 2023, indicating a strong commitment to military modernization [28]. - The C4ISR system is crucial for military informationization, and the company is positioned to benefit from the growing demand for military communication systems [39][47].

证券代码：300762 证券简称：上海瀚讯 公告编号：2024-039 上海瀚讯信息技术股份有限公司 关于受让大额存单产品暨关联交易的公告 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，不存在任 何虚假记载、误导性陈述或重大遗漏。 一、关联交易概述 （一） 关联交易情况 为进一步提高资金使用效率，增加资金收益，在不影响上海瀚讯信息技术股 份有限公司（以下简称"公司"）正常生产经营的前提下，公司拟以自有资金分 别受让关联方瀚阙（成都）信息技术有限公司、成都瀚联九霄科技有限公司转让 的大额存单产品,受让大额存单产品的本金各人民币 1,000 万元，共计人民币 2,000 万元。 （二） 关联关系情况说明 反对、0 票弃权的表决结果，审议通过了《关于受让大额存单产品暨关联交易的 议案》，该议案已经独立董事专门会议审议且经全体独立董事过半数同意。 公司拟以自有资金受让关联方大额存单产品事项不构成《上市公司重大资产 重组管理办法》规定的重大资产重组，本事项属于公司董事会决策权限内，无需 提交公司股东大会审议。 二、关联方基本情况 1、成都瀚联九霄科技有限公司 统一社会信用代码：91510114MADL4HU ...

上海瀚讯信息技术股份有限公司 公司董事会对内部控制制度的建立健全和有效实施负责，重要的内部控制 制度应当经董事会审议通过。公司董事会及其全体成员保证内部控制相关信息披 露内容的真实、准确、完整。 第五条 内部审计部门应当保持独立性，不得置于财务部门的领导之下， 或者与财务部门合署办公。 上海瀚讯信息技术股份有限公司 第六条 公司各内部机构或者职能部门、控股子公司以及对公司具有重大 影响的参股公司应当配合审计部依法履行职责，不得妨碍审计部的工作。 内部审计制度 第一条 为进一步规范公司内部审计工作,根据《中华人民共和国审计法》、 《审计署关于内部审计工作的规定》、《上市公司治理准则》、《深圳证券交易所上 市公司自律监管指引第 2 号——创业板上市公司规范运作》等法律法规、规范性 文件及公司章程的规定，制定本制度。 第二条 本制度所称内部审计，是指由公司内部机构或人员，对公司（包 括分公司）及控股子公司、具有重大影响的参股子公司内部控制和风险管理的有 效性、财务信息的真实性和完整性以及经营活动的效率和效果等开展的一种评价 活动。 第三条 公司设立内部审计部门，对公司内部控制制度的建立和实施、公 司财务信息的真实性 ...

证券代码：300762 证券简称：上海瀚讯 公告编号：2024-038 暨变更法定代表人的公告 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、董事长辞职情况 上海瀚讯信息技术股份有限公司（以下简称"公司"）董事会于 2024 年 7 月 16 日收到董事长卜智勇先生的辞职报告，由于个人原因，卜智勇先生申请辞 去公司董事长、董事及董事会战略委员会主任委员的职务，辞职后将不再担任公 司任何职务，卜智勇先生上述职务原定任期为 2022 年 12 月 26 日至公司第三届 董事会届满之日止。 根据法律、法规、规范性文件和《上海瀚讯信息技术股份有限公司章程》（以 下简称"《公司章程》"）的有关规定，卜智勇先生的辞职自其辞职报告送达董 事会之日起生效。卜智勇先生的辞职不会导致公司现有董事会成员人数低于《中 华人民共和国公司法》规定的法定最低人数，对公司的正常运营无任何影响。 截至本公告披露日，卜智勇先生未直接持有公司股份，通过上海双由信息科 技有限公司间接持有公司 3.81%的股份，不存在应当履行而未履行的承诺事项。 离任后，卜智勇先生在原定任期内和任期届满后六个月 ...