SUNWAY COMM(SZ:300136) Huachuang Securities·2025-12-14 08:34Investment Rating - The report upgrades the investment rating of the company to "Strong Buy" [1][10]. Core Viewpoints - The company is a global leader in one-stop RF solutions, entering a new growth cycle with multiple business lines advancing simultaneously [1][8]. - The rapid iteration of AI terminals is driving component upgrades, with significant growth potential in the AI glasses market [9][50]. - The commercial satellite communication industry is expanding rapidly, providing further growth opportunities for the company [9][50]. - The ongoing advancement of automotive intelligence is increasing demand for RF and related businesses [9][50]. Company Overview - The company, founded in April 2006, has evolved into a leading provider of one-stop RF solutions, expanding its product offerings from RF components to include connectors, wireless charging, and precision parts [14][16]. - The company has established a comprehensive business layout, covering antennas, wireless charging modules, EMI/EMC devices, and automotive interconnect products, among others [16][19]. Financial Performance - The company is projected to achieve total revenue of 8,744 million yuan in 2024, with a year-on-year growth rate of 15.8% [2]. - The net profit attributable to shareholders is expected to reach 662 million yuan in 2024, reflecting a year-on-year growth of 26.9% [2]. - The company maintains a high R&D expense ratio, which is crucial for long-term growth, with a projected R&D expense ratio of 7.52% for the first three quarters of 2025 [26][30]. AI Terminal Market - The global AI glasses market is expected to see sales of 1.52 million units in 2024, with a projected growth to 3.5 million units in 2025, representing a year-on-year increase of 130% [50]. - The entry of major players like OpenAI into the AI hardware sector is anticipated to accelerate industry development [52][53]. - The AI glasses market is characterized by a clear division of labor in the supply chain, with non-display AI glasses likely to see faster market penetration due to lower production complexity [42][50]. Satellite Communication Industry - The low Earth orbit satellite market is projected to grow from approximately 15.2 billion USD in 2025 to 34.7 billion USD by 2032, with a CAGR of 12.5% [9][50]. - The company has successfully integrated into the core supply chains of domestic and international satellite communication clients, enhancing its competitive position [9][50]. Automotive Electronics - The demand for antennas in smart vehicles is significantly increasing, with the number of antennas required for L2+ level autonomous vehicles rising from 3-4 to 6-8 [9][50]. - The Chinese automotive antenna market is expected to grow from 2.267 billion yuan in 2017 to 4.033 billion yuan in 2024, with a CAGR of 8.57% [9][50].