上海瀚讯：业绩短期承压，卫星业务有望放量

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's short-term performance is under pressure due to industry fluctuations, but its satellite business is expected to see significant growth [2] - The company is deeply involved in the construction of satellite internet through the Qianfan Constellation project, which aims to provide global network coverage by 2030 [4] - The company has a comprehensive industry chain layout and is increasing its R&D investment, which is expected to drive future growth [4] Financial Performance - The company reported a revenue of 106 million yuan in the first half of 2024, a year-on-year decrease of 27.56%, and a net profit attributable to the parent company of -52 million yuan, a year-on-year decrease of 252.81% [3] - The company's gross margin improved in Q2 2024, reaching 74.09%, up 38.33 percentage points year-on-year and 8.99 percentage points quarter-on-quarter [3] - The company's R&D investment in the first half of 2024 was 123 million yuan, remaining stable compared to the previous year [4] Industry and Market Position - The company is a leader in the military broadband communication market and is expected to benefit from the upgrade of military communication from narrowband to broadband [5] - The company has a strong position in the low-orbit satellite industry chain and is expected to see significant growth as the satellite internet market expands [5] Future Outlook - The company's new products are expected to drive performance recovery as the demand for military products normalizes [3] - The company's participation in the Qianfan Constellation project and its R&D achievements are expected to provide sustained growth momentum [4] - The company's profit forecast for 2024-2026 has been adjusted, with expected net profits of 21 million yuan, 263 million yuan, and 345 million yuan, respectively [5] Valuation - The company's 2025 PE ratio is 33x, which is below the 5-year historical average of 64x and the average PE ratio of comparable companies for 2025, which is 36x [5]