上海瀚讯(300762)：布局天地一体化通信领军者 拥抱星网大时代确定性成长

Group 1 - The company achieved a revenue of 305 million yuan in the first three quarters of 2025, representing a year-on-year growth of 72.72%, primarily driven by significant increases in broadband mobile communication equipment sales [1] - Despite strong revenue growth, the net profit attributable to shareholders was -48.16 million yuan, with losses narrowing by 47.25% year-on-year due to rising costs and increased investment losses from joint ventures [1] - The company is the first in China to complete ground verification of low-orbit satellite networking, having established a new 2,100 square meter production base for ground stations and deployed automated testing systems, showcasing its leading technology and rapid delivery capabilities in satellite communications [1] Group 2 - The company has built a strong technological moat in military communication systems, holding 60 core patents and 115 software copyrights, enabling a comprehensive closed-loop capability from "chip-module-terminal-base station-system" [2] - Recent successes include winning a bid for a communication system project for unmanned squads and receiving continuous orders for lightweight communication equipment, indicating strong market competitiveness and positioning in military information upgrades [2] - The company is positioned to benefit from the national strategic push in satellite internet, with a focus on integrating resources with key partners in satellite manufacturing, launching, and application across the entire supply chain [3] Group 3 - The company is a rare leader in integrated communication solutions in China, poised for significant growth as it benefits from solid financial performance and ongoing military orders [4] - The projected revenues for 2025-2027 are 548 million, 904 million, and 1.446 billion yuan, with year-on-year growth rates of 55.0%, 65.0%, and 60.0% respectively, while net profits are expected to reach 17 million, 185 million, and 305 million yuan, with substantial growth rates [4] - The company is expected to maintain a high long-term growth certainty and market value potential, supported by its established capabilities in low-orbit satellite communication and strategic partnerships [4]