CICT Mobile (SH:688387) Tianfeng Securities·2025-11-05 09:14Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company reported a reduction in losses for the first three quarters of 2025, with a revenue of 3.763 billion yuan, a year-on-year decrease of 9%, and a net profit attributable to shareholders of -165 million yuan, a reduction in loss of 5 million yuan [1] - The company has improved its market share in system equipment, winning bids for major 5G projects, with a 43.7% increase in 2.6G share compared to the existing network [2] - The company is actively participating in the construction of domestic satellite constellations and has signed new contracts to meet customer demands in the satellite internet market [3] - The company is focusing on the standardization of 5G-A and 6G technologies, contributing to over 10 Rel-20 technical proposals and conducting research on 17 key 6G technologies [4] - The profit forecast has been adjusted, with expected net profits for 2025-2027 being -38.24 million yuan, 98 million yuan, and 223 million yuan respectively, while maintaining the "Accumulate" rating due to potential growth from satellite, 5G-A, and 5G-R sectors [5] Financial Summary - For 2023, the company expects revenue of 7.848 billion yuan, with a growth rate of 13.43%, and a net profit of -357.31 million yuan [6] - The projected revenue for 2025 is 6.178 billion yuan, with a decrease of 4.81% compared to 2024 [6] - The company’s EBITDA for 2025 is estimated at 307.68 million yuan, with a significant increase in net profit expected by 2027 [6][12]