上海瀚讯2024年三季报点评报告：传统业务静待恢复，卫星业务占比有望提升

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company's performance continues to be under pressure, but there is potential for an increase in the proportion of revenue from satellite business [3] - The satellite internet industry is expected to expand significantly, with the market size in China projected to exceed 40 billion yuan by 2025 [4] - The company is actively participating in the satellite communication sector, having secured significant contracts and orders [4] Financial Summary - For 2023A, the company reported a revenue of 1.76 billion yuan, a year-on-year decrease of 18.38%, and a net loss attributable to shareholders of 912.95 million yuan [3] - The gross profit margin for the first three quarters of 2024 was 60.98%, an increase of 17.11 percentage points year-on-year [3] - The company expects net profits of 0.41 billion yuan in 2024, 2.75 billion yuan in 2025, and 3.58 billion yuan in 2026, with a corresponding P/E ratio of 44X for 2025 [5][10]