证券代码：300762 证券简称:上海瀚讯 公告编号：2025-028 上海瀚讯信息技术股份有限公司 2024 年年度股东大会决议公告 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、 本次股东大会不存在否决议案情形。 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、会议召开情况 1、会议召开时间： （1）现场会议召开时间：2025 年 5 月 20 日（星期二）14:30 （2）网络投票时间：2025 年 5 月 20 日，其中： ①通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 5 月 20 日 9:15-9:25，9:30-11:30，13:00-15:00； ②通过深圳证券交易所互联网投票系统投票的具体时间为：2025 年 5 月 20 日 9:15-15:00 期间的任意时间。 2、会议召开地点：上海市嘉定区鹤友路 258 号公司会议室 6、会议召开的合法、合规性：本次股东大会的召集、召开符合《公司法》 《上市公司股东会规则》《深圳证券交易所创业板股票上市规则》等有关法律、 行政法规、部门规章、规范性文件和 ...

北京植德（上海）律师事务所 上海市徐汇区虹桥路 183 号徐家汇中心三期 A 座办公楼 27 层（THREE itc） 邮编：200030 27th Floor Tower A, THREE itc, No.183 Hongqiao Road, Xuhui District, Shanghai 200030 P.R.C 电话(Tel)：021-52533500 传真(Fax)：021-52533599 www.meritsandtree.com 北京植德（上海）律师事务所 关于上海瀚讯信息技术股份有限公司 2024 年年度股东大会的 关于上海瀚讯信息技术股份有限公司 2024 年年度股东大会的 法律意见书 植德沪（会）字[2025]0017 号 二〇二五年五月 北京植德（上海）律师事务所（以下简称"本所"）接受贵公司的委托，指派 律师出席并见证贵公司 2024 年年度股东大会（以下简称"本次会议"）。 本所律师参加本次会议进行见证，并根据《中华人民共和国公司法》（以下 简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司股东会规则》（以下简称"《股东会规则》"）、《律师事务所 ...

Group 1: Company Role and Projects - The company is a core supplier for the G60 constellation communication subsystem, responsible for key communication equipment such as satellite communication payloads and ground stations [1] - The company recovered investment cash of 150 million CNY primarily from purchasing structured deposits, ensuring capital safety while striving to enhance returns [2] - The company is the sole supplier for the payloads in the "Qianfan Constellation" G60 satellite project, providing essential equipment like satellite base stations and phased array antennas [2] Group 2: Financial Performance and Contracts - The company has approximately 150 million CNY in low Earth orbit satellite-related business for 2024, as detailed in the annual report [3] - The company has signed but not yet fulfilled contracts worth 311 million CNY, mainly in broadband communication equipment and low Earth orbit satellite products [3] - The company won a bid for the integrated ground station system procurement project at a price of 2.497 million CNY per set, with an estimated total contract value of about 150 million CNY if calculated at a 50% share [2] Group 3: Market Strategy and Shareholder Relations - Recent large-scale share reductions by shareholders are considered normal market behavior based on investment returns, with the company maintaining a good operational status [2] - The company is focused on technological innovation and sustainable development to ensure a stable improvement in its fundamentals [3] - The company aims to establish broader market relationships and enhance product applications, indicating a proactive approach to market expansion [4]

中国经济网北京5月16日讯 上海瀚讯（300762）(300762.SZ)日前披露的2024年年度报告显示，公司去年 实现营业收入3.53亿元，同比增长12.97%；归属于上市公司股东的净利润-1.24亿元，2023年同期为-1.90 亿元；归属于上市公司股东的扣除非经常性损益的净利润为-1.50亿元，2023年同期为-2.25亿元；经营 活动产生的现金流量净额-1.07亿元，2023年同期为-3.04亿元。 上海瀚讯上市发行费用总额为5317.91万元。其中，上海瀚讯支付给保荐机构（联席主承销商）长城证 券、联席主承销商中金公司保荐及承销费用共计4063.52万元。 上海瀚讯2025年一季度报告显示，公司首季实现营业收入1.26亿元，同比增长84.41%；归属于上市公司 股东的净利润0.13亿元，2023年同期为-0.10亿元；归属于上市公司股东的扣除非经常性损益的净利润为 0.07亿元，上年同期为-0.13亿元；经营活动产生的现金流量净额-0.51亿元，上年同期为-0.80亿元。 登记日为2020年6月5日，除权除息日为2020年6月8日。 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | ...

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [2][14]. Core Views - The company achieved a revenue of 353 million yuan in 2024, representing a year-on-year increase of 12.97%, while the net profit attributable to shareholders was -124 million yuan, an increase of 34.71% year-on-year. In Q1 2025, the company reported a revenue of 126 million yuan, a significant year-on-year increase of 84.41%, and a net profit of 13 million yuan, up 231.84% year-on-year [2][7]. - The company is focusing on technological innovation, particularly in low-orbit satellite communication, with R&D expenses amounting to 202 million yuan in 2024, representing 57.10% of revenue. The number of R&D personnel has increased by 26.09% to 377, making up 60.61% of the total workforce [7]. - The deployment of the G60 satellite constellation is accelerating, with five batches of satellites launched, totaling 90 satellites. The company is expected to enter a period of intensive launches in 2025, targeting under-served areas along the "Belt and Road" initiative [7]. - The investment forecast has been adjusted downward due to lower-than-expected demand from downstream customers. Projected revenues for 2025-2027 are 1.017 billion, 1.364 billion, and 1.765 billion yuan, with net profits of 145 million, 239 million, and 340 million yuan respectively [7][8]. Financial Summary - In 2024, the company is projected to have total revenue of 353 million yuan, with a year-on-year growth rate of 13.0%. The net profit attributable to shareholders is expected to be -124 million yuan, with a growth rate of 34.7% [2][8]. - For 2025, the company is expected to achieve a revenue of 1.017 billion yuan, reflecting a growth rate of 187.7%, and a net profit of 145 million yuan, with a growth rate of 217.1% [2][8]. - The earnings per share (EPS) for 2025 is projected to be 0.23 yuan, with a price-to-earnings (P/E) ratio of 101 [2][8].

Group 1 - The military information technology sector experienced a decline of 2.16%, ranking among the top declines in concept sectors, with *ST Aowei hitting the limit down [1] - Among the military information technology stocks, notable declines included Guobo Electronics and *ST Tianwei, while Tianjian Technology, Aerospace Electronics, and Sichuan Jiuzhou saw increases of 10.00%, 6.14%, and 4.66% respectively [1][2] - The military information technology sector faced a net outflow of 2.735 billion yuan from main funds, with 74 stocks experiencing outflows, and 13 stocks seeing outflows exceeding 100 million yuan [2] Group 2 - The top net outflow stocks in the military information technology sector included Leike Defense with a net outflow of 237 million yuan, followed by Dongtu Technology and Shanghai Hanhua with outflows of 231 million yuan and 206 million yuan respectively [2][3] - Conversely, the stocks with the highest net inflows included Aerospace Electronics, Sichuan Jiuzhou, and Jiexun Feihong, with inflows of 589 million yuan, 36.58 million yuan, and 26.14 million yuan respectively [5]

25Q1 业绩扭亏，卫星业务占比持续提升 ——上海瀚讯 2024 年年报&2025 年一季报点评报告 投资要点 ❑ 25Q1 业绩扭亏，毛利率受产品结构影响 2024 年，公司实现营收 3.53 亿元，同比+13%，归母净利润-1.24 亿元。毛利率为 43.28%，同比-0.06pct。费用端稳中有降，销售/管理/研发/财务费用合计为 2.67 亿元，同比-19%。 25Q1，公司实现营收 1.26 亿元，同比+84%，归母净利润 0.13 亿元，同比扭亏为 盈。毛利率为 37.56%，同比-27.55pct，我们预计主要由于公司产品结构变化，卫 星业务占比增加影响整体毛利率表现。 ❑ 深度参与千帆星座建设，卫星业务已成为公司重要收入来源 ❑ 盈利预测与估值 公司是特种宽带通信龙头，前瞻布局卫星通信领域，考虑到短期客户订单节奏， 我们预计公司 2025-2027 年归母净利润为 1.05 亿元/2.46 亿元/4.46 亿元，对应 25 年 PE 为 129，公司积极打造卫星新成长点，维持"买入"评级。 ❑ 风险提示 军用宽带市场发展不及预期；市场竞争加剧的风险；卫星互联网发展不及预期 上海瀚讯(30076 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company achieved a revenue of 353 million yuan in 2024, with a year-on-year growth of 13%, while the net profit attributable to shareholders was -124 million yuan. In Q1 2025, the company reported a revenue of 126 million yuan, a significant increase of 84% year-on-year, and a net profit of 13 million yuan, marking a turnaround from losses [1][5] - The satellite business has become a significant revenue source for the company, with deep involvement in the construction of the Qianfan satellite constellation. The company has launched 90 satellites and plans to enhance its launch capacity and explore reusable rocket technology to reduce costs [2][3] - The company has established strong relationships with its top two clients in the satellite sector, which together account for 43% of its revenue. It is focusing on developing customized low-power products and has made significant progress in satellite communication technology [3] - The defense information technology sector is expected to grow, with the company’s military communication business anticipated to recover. The Chinese defense budget is projected to reach 1.67 trillion yuan in 2024, reflecting a 7.2% increase [4] - The company is actively investing in research and development, particularly in the unmanned communication field, and has made progress in 5G and terminal communication projects [4] Financial Summary - The company forecasts net profits of 105 million yuan, 246 million yuan, and 446 million yuan for 2025, 2026, and 2027 respectively, with a projected PE ratio of 129 for 2025 [5][10]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 23.50 [7][8]. Core Views - The company achieved a turnaround in profitability in Q1 2025, with revenue of RMB 1.26 billion, a year-on-year increase of 84.41%, and a net profit of RMB 13.23 million, exceeding previous expectations [1]. - The low Earth orbit satellite business is expected to drive significant growth, supported by the acceleration of the Qianfan constellation project, which aims to launch 1,296 satellites by 2028 [2]. - The company is focusing on military broadband communication and optimizing tactical communication equipment to strengthen its leading position in the industry [2]. Summary by Sections Financial Performance - In 2024, the company reported revenue of RMB 353.3 million, a year-on-year increase of 12.97%, and a net loss of RMB 123.89 million, showing a reduction in losses compared to the previous year [6]. - The gross margin for 2024 was 43.28%, with a net profit margin of -35.06%, reflecting a year-on-year improvement of 25.61 percentage points [3]. - For Q1 2025, the gross margin was 37.56%, and the net profit margin was 10.54%, indicating a significant year-on-year increase of 25.28 percentage points [3]. Revenue and Profit Forecast - The revenue forecast for 2025-2027 has been adjusted downwards due to short-term pressures on military broadband business and an increase in satellite business share, with expected net profits of RMB 241.93 million, RMB 289.79 million, and RMB 358 million for 2025, 2026, and 2027 respectively [4][19]. - The company’s PE ratio for 2025 is projected at 61x, reflecting its strategic positioning in the G60 satellite network and military broadband sector [4][20]. Market Position and Growth Drivers - The company is positioned as a core supplier for the Qianfan constellation, with expected sales of RMB 150 million to partners in 2024, accounting for 43% of its revenue [2]. - The military broadband sector is anticipated to recover gradually, with new product applications in military 5G and data links expected to contribute to revenue and profit recovery [1][2].

Investment Rating - The report maintains a "Recommendation" rating for the company [5][7]. Core Views - The company achieved a revenue of 353 million yuan in 2024, representing a year-on-year increase of 12.97%, with losses narrowing from 190 million yuan in 2023 to 124 million yuan in 2024. In Q1 2025, the company reported a revenue of 126 million yuan, a significant year-on-year increase of 84.41%, and achieved a net profit of 13 million yuan, marking a turnaround from losses in the previous year [3]. - The company's expense structure has improved significantly in 2024, with sales expense ratio, management expense ratio, and R&D expense ratio at 8.4%, 17.0%, and 57.1% respectively, compared to 11.1%, 13.9%, and 81.5% in 2023. The gross margin for Q1 2025 rebounded to 37.56%, up from 25.63% in Q4 2024, primarily due to product structure adjustments [3]. - The government continues to encourage and support the development of commercial aerospace, highlighting its strategic importance in the 2025 government work report. This includes initiatives for new technologies and products, with a focus on commercial aerospace and related industries, indicating a golden opportunity for growth [4]. - The G60 satellite network construction is accelerating, with plans to complete a constellation of 1,296 satellites by the end of 2027, providing global service capabilities. The company is involved in the development of low Earth orbit satellite communication subsystems and has begun mass production of related equipment [5]. - The company is expected to benefit from its satellite-related products, with projected net profits of 94 million yuan, 193 million yuan, and 349 million yuan for 2025, 2026, and 2027 respectively, reflecting strong growth potential [5][6]. Financial Summary - In 2024, the company reported total revenue of 353 million yuan, with a projected revenue of 1,062 million yuan in 2025, indicating a growth rate of 200.7%. The net profit is expected to turn positive in 2025, reaching 94 million yuan [6][12]. - The earnings per share (EPS) is projected to be 0.15 yuan in 2025, increasing to 0.56 yuan by 2027, with a price-to-earnings (PE) ratio of 137 in 2025, decreasing to 37 by 2027 [6][12].