SUNWAY COMM(SZ:300136) China Post Securities·2025-12-24 07:52Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The company's operating performance continues to improve, with a revenue of 6.462 billion yuan in the first three quarters of 2025, a year-on-year increase of 1.07%. The net profit attributable to shareholders decreased by 8.77% to 486 million yuan, while the net profit excluding non-recurring items increased by 4.69% to 429 million yuan [4] - The company is capitalizing on the recovery in consumer electronics, optimizing its product structure, and benefiting from increased shipments of AI terminal products such as smartphones and smart wearables [5] - Significant progress has been made in commercial satellite communication and smart automotive sectors, establishing a unique advantage in the commercial satellite field and enhancing global delivery efficiency through manufacturing bases in Vietnam and Mexico [6] Financial Performance and Forecast - The company is expected to achieve revenues of 9.618 billion yuan, 10.813 billion yuan, and 12.870 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 751 million yuan, 935 million yuan, and 1.191 billion yuan for the same years [7] - The projected growth rates for revenue are 10.01%, 12.42%, and 19.02% for the years 2025, 2026, and 2027 respectively [9] - The company's gross margin is expected to improve, with a forecasted gross margin of 22.1% in 2025 and 23.1% in 2027 [12]