TONGYU(SZ:002792) Tebon Securities·2025-04-11 05:20Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company is positioned to benefit from the commercialization of 5G-A and the development of satellite internet, with significant growth expected in revenue and net profit over the next few years [5][7] - The company has made strategic investments and partnerships to enhance its capabilities in satellite communication and is expected to continue expanding its presence in this sector [5][7] Market Performance - The company's stock has shown a relative decline compared to the CSI 300 index, with absolute returns of -16.99% over the past month [4][3] - The stock price range over the past 52 weeks has been between 9.60 and 18.43 yuan [6] Financial Data and Forecast - The company’s total revenue is projected to grow from 1,294 million yuan in 2023 to 1,968 million yuan by 2026, with corresponding net profits increasing from 81 million yuan to 267 million yuan [6][8] - The expected EPS is forecasted to rise from 0.16 yuan in 2023 to 0.51 yuan in 2026, indicating a strong growth trajectory [6][8] - The gross margin is anticipated to improve from 20.8% in 2023 to 28.2% in 2026, reflecting enhanced operational efficiency [6][8] Industry Insights - The report highlights the supportive policy environment for 5G-A development, with major telecom operators actively promoting its rollout [7] - The company is strategically positioned within the telecommunications infrastructure sector, focusing on both traditional cellular networks and emerging satellite communication technologies [5][7]