研报掘金丨银河证券：维持普天科技“推荐”评级，聚焦商业航天为主线

Core Viewpoint - Puxin Technology focuses on commercial aerospace as its main line, positioning itself in space computing for future growth [1] Group 1: Business Overview - The company's satellite communication operations possess significant first-mover advantages and resource barriers, making it a potential satellite service platform that can provide integrated solutions of "satellite systems + ground station construction + on-board services" [1] - The transition towards high-tech businesses such as computing constellations aligns with the industry's growth window [1] Group 2: Valuation and Recommendations - The PS valuation method is deemed more effective in capturing the growth potential and long-term value during the company's expansion in emerging sectors [1] - The current PS level is considered attractive and shows a gradually declining trend, leading to a maintained "recommend" rating for Puxin Technology [1]