YCIG(SH:600345) ZHESHANG SECURITIES·2025-06-09 23:30Market Overview - On June 9, the Shanghai Composite Index rose by 0.43%, the CSI 300 increased by 0.29%, the STAR Market 50 gained 0.6%, the CSI 1000 climbed by 1.07%, the ChiNext Index also rose by 1.07%, and the Hang Seng Index increased by 1.63% [3] - The best-performing sectors on June 9 were pharmaceuticals and biotechnology (+2.3%), agriculture, forestry, animal husbandry, and fishery (+1.72%), textiles and apparel (+1.61%), national defense and military industry (+1.52%), and social services (+1.51%). The worst-performing sectors included food and beverage (-0.43%), automotive (+0.03%), household appliances (+0.04%), building materials (+0.06%), and real estate (+0.06%) [3] - The total trading volume for the A-share market on June 9 was 13,127 billion yuan, with a net inflow of 717 million Hong Kong dollars from southbound funds [3] Key Recommendations - The report focuses on Changjiang Communication (600345), highlighting a significant expectation gap in the satellite internet sector [4] - The recommendation logic is based on the progress of low-orbit satellite applications exceeding expectations and accelerated constellation networking, which is expected to drive the company's performance beyond market forecasts [4] - Key drivers include the strategic significance and economic value of low-orbit satellite internet as a new type of information infrastructure, with overseas peers making smooth progress and domestic construction expected to accelerate [4] - The revenue forecast for Changjiang Communication from 2025 to 2027 is projected at 1,260.64 million yuan, 1,683.61 million yuan, and 2,287.50 million yuan, with growth rates of 36.49%, 33.55%, and 35.87% respectively. The net profit attributable to the parent company is expected to be 294.99 million yuan, 417.20 million yuan, and 576.08 million yuan, with growth rates of 72.84%, 41.43%, and 38.08% respectively [4] - Earnings per share are projected to be 0.89 yuan, 1.27 yuan, and 1.75 yuan, with price-to-earnings ratios of 28.35, 20.04, and 14.52 respectively [4] - Catalysts for growth include accelerated domestic satellite launch networking, contracts signed with overseas clients, and upcoming project tenders [4]