普天科技（002544）：公司信息更新报告：携手行业伙伴，强强联合助力“三体计算星座”建设

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][16]. Core Views - The company is positioned as a listed platform for China Electronics Technology Group Corporation, expected to benefit from the satellite internet and low-altitude economy [4]. - The company has maintained its profit forecast, projecting net profits of 106 million, 142 million, and 207 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.16, 0.21, and 0.30 yuan per share [4]. - The current price-to-earnings (P/E) ratios are projected to be 150.0, 112.4, and 77.0 for the years 2025, 2026, and 2027 respectively [4]. Financial Summary - The company's revenue for 2023 was 5,463 million yuan, with a projected decrease to 4,973 million yuan in 2024, followed by an increase to 5,808 million yuan in 2025 [8][11]. - The net profit for 2023 was 36 million yuan, with a significant projected increase to 106 million yuan in 2025, reflecting a year-on-year growth of 850.8% [8][11]. - The gross margin is expected to improve from 17.3% in 2023 to 18.3% in 2025, while the net margin is projected to rise from 0.7% to 1.8% in the same period [12]. Strategic Developments - The company has signed a strategic cooperation agreement with Helios Starlink and Yixin Technology to establish a joint innovation center, aimed at supporting the construction of the "Trinity Computing Constellation" [5][6]. - The collaboration focuses on building an integrated space-ground computing network, enhancing data transmission technologies, and exploring commercial applications [6]. - The successful launch of the "Trinity Computing Constellation" marks a significant milestone, with the potential to process data in orbit and improve the efficiency of satellite data handling [7].