普天科技：公司信息更新报告：卫星互联网和低空通信前景光明

Investment Rating - The investment rating for the company is maintained as "Buy" [1] Core Views - The company is positioned as a listed platform for China Electronics Technology Group Corporation's communication sector and is expected to benefit from the emerging satellite internet and low-altitude economy [1] - The profit forecasts for 2024-2026 have been revised downwards, with expected net profits of 181 million, 216 million, and 266 million yuan respectively, and corresponding EPS of 0.27, 0.32, and 0.39 yuan per share [1][2] Financial Performance Summary - In the first half of 2024, the company achieved operating revenue of 2.437 billion yuan, a year-on-year decrease of 6.41%, and a net profit of 39 million yuan, down 39.80% year-on-year [1] - The public network communication segment saw revenue growth of 21.34% year-on-year, reaching 802 million yuan, while the specialized network communication segment experienced a decline of 24.03% year-on-year, with revenue of 984 million yuan [1] - The smart manufacturing segment reported revenue of 651 million yuan, a slight increase of 0.5% year-on-year, although net profit decreased due to increased quality control standards and rising manufacturing costs [1] Market Outlook - The company is actively expanding into satellite internet and low-altitude communication sectors, indicating a positive growth outlook in these emerging industries [1] - The company is recognized as a leading supplier of special-purpose printed circuit boards (PCBs) and is expected to enhance its market share in high-value product segments [1]