普天科技（002544）：2025 年半年报点评：卫星互联网“国家队”布局空天计算，长期成长机遇可期

Investment Rating - The investment rating for the company is "Recommended" [6] Core Views - The company is positioned as a leader in the satellite internet sector and is part of the "national team" focused on advancing satellite communication technology. It aims to develop a comprehensive technology system integrating air and space, with significant growth potential in emerging industries such as AI computing and low-altitude economy [4][6] - The company reported a revenue of 2.024 billion yuan for the first half of 2025, a year-on-year decrease of 16.96%, and a net profit attributable to shareholders of -21 million yuan, compared to a profit of 39 million yuan in the same period last year [1][2] Summary by Sections Financial Performance - The company experienced a significant decline in revenue across its main business segments: public network communication down 9.04%, private network communication down 27.16%, and smart manufacturing down 11.32%. The overall gross margin decreased to 14.14%, down 3.45 percentage points year-on-year, with the smart manufacturing segment's gross margin dropping by 6.48 percentage points due to rising precious metal prices [2] - Despite the profit pressure, the net cash flow from operating activities improved significantly compared to the previous year, indicating better cash flow management [2] Business Strategy - The company is actively pursuing strategic emerging industries, particularly in the field of space computing. It has successfully launched China's first fully interconnected space computing satellite constellation, marking a significant milestone in its growth strategy [3] - A strategic cooperation agreement was signed with Helium Star Light Technology Co., Ltd. and Beijing Yixin Technology Co., Ltd. to establish a joint R&D center focused on building a space computing constellation and developing high-speed data transmission technologies [3] Financial Forecast - The projected net profit attributable to shareholders for 2025-2027 is estimated at 108 million, 145 million, and 201 million yuan, respectively, with corresponding PE ratios of 161X, 120X, and 87X [4][5] - The expected revenue growth rates for the years 2025 to 2027 are 10.5%, 10.7%, and 10.9%, respectively, indicating a recovery trend after the current downturn [5][10]