SUNWAY COMM(SZ:300136) EBSCN·2024-11-19 08:37Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company benefits from the accelerated penetration of overseas satellites, with a focus on antenna and module manufacturing, wireless charging, EMI/EMC devices, high-precision connectors, automotive interconnect products, and passive components [4][5] - The company achieved revenue of 6.394 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 14.31%, and a net profit attributable to shareholders of 533 million yuan, up 3.08% year-on-year [4] - The global smartphone market saw a shipment volume of 316 million units in Q3 2024, reflecting a 4.0% year-on-year growth, indicating a recovering market environment [4] Summary by Sections Company Overview - The company collaborates with major global technology firms across various sectors, including consumer electronics, IoT/smart home, commercial satellite communications, and smart automotive applications [4] - The company is expanding its second growth curve business, focusing on new product opportunities and deepening relationships with key clients in North America [5] Satellite Communication Market - Starlink, operated by SpaceX, has surpassed 4 million users globally, achieving breakeven [8][10] - The report highlights the significant advantages of Starlink, including technological innovation, large-scale deployment, global coverage, and high-speed low-latency internet services [12][13][14] Financial Forecasts - The company is projected to achieve net profits of 681 million yuan in 2024, 877 million yuan in 2025, and 1.087 billion yuan in 2026, with corresponding P/E ratios of 37X, 29X, and 23X [15][19] - The report emphasizes the company's competitive edge in mature businesses like antennas and its growth potential in satellite communications and advanced materials [15]