SUNWAY COMM(SZ:300136) Zhongyuan Securities·2025-08-29 12:04Investment Rating - The report maintains an "Increase" rating for the company, indicating a projected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [3][18]. Core Insights - The company reported a revenue of 3.703 billion yuan for the first half of 2025, a slight decrease of 1.15% year-on-year, while the net profit attributable to shareholders was 162 million yuan, down 20.18% year-on-year. However, in the second quarter of 2025, revenue increased by 3.82% year-on-year to 1.960 billion yuan, and net profit rose significantly by 65.12% year-on-year to 84 million yuan [7][9]. - The company is a leading domestic player in the RF device sector, with its LCP antenna modules serving major North American clients. The main business includes antennas and modules, wireless charging modules, EMI/EMC devices, precision connectors, acoustic devices, automotive interconnect products, and passive components [9][10]. - The company has been focusing on product structure adjustments, leading to gradual operational improvements since Q2 2025. The gross profit margin for H1 2025 was 18.61%, with a slight year-on-year decrease of 0.1 percentage points, while the expense ratio increased by 1.55 percentage points to 15.19% [9][10]. - The company emphasizes R&D investment, with R&D expenses accounting for 8.42% of revenue in H1 2025. Continuous investment in core materials is expected to support gross margins and maintain technological leadership [9][10]. - The commercial satellite communication sector is anticipated to experience a new growth phase, driven by increasing global demand for satellite connectivity and the rapid deployment of low-orbit satellite constellations [10][11]. Financial Summary - For the first half of 2025, the company achieved a revenue of 3.703 billion yuan and a net profit of 162 million yuan. The second quarter saw a revenue of 1.960 billion yuan and a net profit of 84 million yuan [7][9]. - The company forecasts net profits of 734 million yuan, 803 million yuan, and 862 million yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 36.64X, 33.50X, and 31.20X [10][11].