研报掘金丨中邮证券：维持信维通信“买入”评级，端侧复苏释放增量，商业卫星深耕赋能

Core Viewpoint - The operating performance of XW Communication continues to improve, driven by the recovery at the end-user level and deepening engagement in the commercial satellite sector [1] Group 1: Business Performance - The company benefits from increased shipments of AI terminals such as smartphones, glasses, and smart wearable devices, leading to sustained growth in core product lines including antennas, wireless charging modules, and precision structural components [1] - As a leading player in the domestic RF (radio frequency) sector, the company has established a unique advantage in the commercial satellite field, continuously providing critical support for low Earth orbit constellation projects [1] Group 2: Technological Capabilities - The company has successfully built a full-link technical capability that encompasses material research and product manufacturing [1] - It has entered the North American AI hardware supply chain, offering integrated solutions for antennas, wireless charging, and precision structural components for smart terminals [1] Group 3: Market Strategy - The company aims to maintain its leading position in the commercial satellite sector while deepening cooperation with two core customers in North America [1] - It is actively expanding its customer base in the domestic market for new commercial satellite communication clients, seizing industry development opportunities [1]