[Table_Main] 行业研究|电信服务 证券研究报告 电信服务行业周报 2025 年 5 月 11 日 [Table_Title] AI 芯片或转许可制度，关注国产链及低估值标的 ——通信行业周报 [Table_Summary] 报告要点： 市场整体行情及通信细分板块行情回顾 周行情：本周（2025.5.5-2025.5.9）上证综指上涨 1.92%，深证成 指上涨2.29%，创业板指上涨 3.27%。本周申万通信上涨4.96%。考 虑通信行业的高景气度延续，AI、5.5G 及卫星通信持续推动行业发 展，我们给予通信行业"推荐"评级。 细分行业：本周（2025.5.5-2025.5.9）通信板块三级子行业中，通 信网络设备及器件上涨幅度最高，涨幅为 8.91%，通信应用增值服务 上涨幅度最低，涨幅为 0.46%，本周各细分板块主要呈上涨趋势。 个股方面：本周（2025.5.5-2025.5.9）通信板块涨幅板块分析方 面 ， 有方科技 （ 23.40% ） 、 新 易 盛 （ 21.63% ） 、 武 汉 凡 谷 （20.99%）涨幅分列前三。 建议关注方向：算力产业链、卫星互联网 1）算力产业链：美国 ...

通信行业周报（20250505-20250511） 推荐（维持） 印巴冲突持续升级，建议关注军工及卫星方向 ❑ 通信行业持续跟踪公司： 行业研究 通信 2025 年 05 月 11 日 证 券 研 究 报 告 华创证券研究所 证券分析师：欧子兴 邮箱：ouzixing@hcyjs.com 执业编号：S0360523080007 证券分析师：陆心媛 邮箱：luxinyuan@hcyjs.com 执业编号：S0360524040002 行业基本数据 相关研究报告 《通信行业 2024 年报及 2025 年一季报综述：业 绩稳步向上，聚焦细分领域的α机会》 2025-05-08 《通信行业周报（20250421-20250427）：IDC 行业 长期向好趋势显著，坚定看好行业未来发展》 2025-04-27 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 124 | 0.02 | | 总市值(亿元) | 45,863.87 | 4.72 | | 流通市值(亿元) | 20,038.81 | 2.60 | 相对指数表现 | % | 1M | 6M | 12M | | --- | ...

一、印巴冲突升级又停火又没完全停，军工热度预计也是反复 本来周六各大群还在讨论印巴冲突继续大升级，印度海军包括航母加入战斗，巴基斯坦正式启 动"Bunyan-un-Marsoos行动以报复"印度的侵略"，后面还陆续传出各种战果，包括XX基地 被炸毁，甚至有透露JF-17枭龙战机发散超音速导弹成功摧毁了印度价值15亿美元的俄制S- 400防空系统。 就在散户情绪高涨，券商各种电话会交流之际，晚上还没到8点特朗普就在社交媒体表示：印 度和巴基斯坦已经同意立即全面停火，随后，印巴两方也正式官宣停火。券商周末才拉满的 500人军工研究群瞬间话风一变，从讨论下周满仓梭哈到是不是要变维权群…… 虽然周末关于军工股的影响和走势争议比较大，但这次以歼10C为代表的中国军工装备确实表 现一流，印巴冲突打出来了很好的宣传效果，对中国军贸也是积极影响。其他消息刺激包括， 央视网和央视军事官微先后发布歼10C和歼15舰载机实弹射击相关新闻。人民日报今天发表题 为《加快解放和发展新质战斗力》的评论文章，同时在目前的地缘趋紧和我国军工行业不断领 先的背景下，军工股虽然表现短期过热，但后续还是会有反复的机会，除了军贸订单变 化，"十五五" ...

Investment Rating - The report maintains an "Outperform" rating for the telecommunications industry [2] Core Viewpoints - The report suggests that the long-standing trade friction between China and the U.S. may ease, leading to potential benefits for the Chinese industry [10][11] - It highlights that Chinese manufacturers are becoming indispensable in the international supply chain, particularly in the IoT module market and AI hardware supply [11] - The report anticipates adjustments in AI chip export restrictions, which could alter the competitive landscape in the AI sector [12][13] Summary by Sections Investment Strategy - **U.S.-China Trade Relations**: The report indicates that U.S.-China negotiations may begin, with expectations of tariff reductions, particularly on the current 145% tariffs imposed by the U.S. [10] - **Chinese Industry Benefits**: It notes that Chinese firms dominate the global IoT module market, holding over 50% market share among the top three manufacturers [11] - **AI Chip Export Regulations**: The report discusses potential relaxations in AI chip export restrictions by the U.S., which could significantly impact American companies, especially in the context of the growing Chinese AI market projected to reach $50 billion [12][13] Industry News - **Low-altitude Economy in Wuhan**: Wuhan plans to establish 1,000 low-altitude takeoff and landing sites, aiming for a 20% increase in the low-altitude economy [14] - **Alibaba's ZeroSearch**: Alibaba has open-sourced the ZeroSearch model, significantly reducing costs by over 87% while enhancing search capabilities [15] - **Starlink in India**: Starlink has received approval to provide satellite communication services in India, which may accelerate satellite internet development globally [16] - **Shenzhen's 5G Network**: Shenzhen is constructing a comprehensive "5G + millimeter wave + satellite" network, aiming for full coverage and improved infrastructure [17] Weekly Review and Focus - **Market Performance**: The telecommunications sector saw a slight increase of 0.02%, underperforming compared to major indices, with notable gains in optical modules and low-altitude economy sectors [18][21] - **Investment Recommendations**: The report suggests focusing on companies involved in the overseas supply chain, such as Yiyuan Communication and Industrial Fulian, as well as long-term attention on major telecom operators and infrastructure providers [22]

Group 1 - The company held its 2024 annual and Q1 2025 performance briefing on May 9, 2025, via an online interactive format [2] - Key executives, including the chairman and financial director, participated in the briefing to address investor inquiries [2] Group 2 - The company reported a revenue of 1,293,004,000.87 yuan for 2024, a year-on-year increase of 19.45%, and a net profit of 141,498,579.04 yuan, up 6.45% from the previous year [4] - For Q1 2025, the company achieved a revenue of 338,048,302.63 yuan, representing a 23.17% increase year-on-year, with a net profit of 36,618,662.83 yuan, up 17.25% [5] Group 3 - The company plans to invest 135 million yuan in a project to upgrade "high-density interconnect substrate" production technology, with trial production expected in Q1 2026 [5] - The company aims to enhance its competitiveness in traditional sectors while expanding into emerging fields such as electric vehicles and AI computing centers [3][4]

EchoStar (SATS) Q1 2025 Earnings Call May 09, 2025 11:00 AM ET Company Participants Dean Manson - Chief Legal OfficerHamid Akhavan - President and CEOPaul Orban - Executive VP & CFO of DishJohn Swieringa - President of Technology & COOMarlane Pereiro - High Yield Credit ResearchWalter Piecyk - General Partner Conference Call Participants Sebastiano Petti - Senior Research AnalystBrent Penter - Associate Analyst - Equity ResearchBryan Kraft - AnalystAdam Rhodes - Senior Credit AnalystSam McHugh - AnalystJona ...

Financial Data and Key Metrics Changes - Gogo's total revenue for Q1 2025 was $230.3 million, representing a 21% year-over-year increase and a 67% sequential increase [30] - Total service revenue reached $198.6 million, up 43% year-over-year and 67% sequentially [31] - Adjusted EBITDA for Q1 was $62.1 million, with an adjusted EBITDA margin of 27% [38] Business Line Data and Key Metrics Changes - The number of GEO aircraft online grew to 1,280, up 16% year-over-year and 31 units sequentially [32] - Advanced ATG aircraft online reached 4,716, up 15% from the prior year, comprising 68% of the total ATG fleet [31] - Advanced equipment units shipped increased by 19% sequentially to 241 [33] Market Data and Key Metrics Changes - The business aviation sector shows significant unmet demand, with only about one-third of the world's business jets having connectivity [13] - The military government mobility market is expected to grow, with the Department of Defense increasing its projected spending on LEO satellite services from $900 million to $13 billion over the next ten years [15] Company Strategy and Development Direction - Gogo aims to grow shareholder value by driving growth in high-margin recurring revenue customer relationships in business aviation and military government sectors [16] - The company is focused on integrating Gogo and Satcom Direct to enhance market positioning and product offerings [6] - Gogo's strategy includes leveraging its global sales and service network to expand its addressable market by 60% [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's resilience despite macroeconomic uncertainties, noting a diverse international customer base [49] - The company anticipates strong free cash flows in 2026, driven by higher-margin service revenue and realized cost synergies [13] - Management highlighted the positive impact of the Satcom Direct acquisition on future growth and financial performance [29] Other Important Information - Gogo has achieved over 85% of targeted synergy savings from the Satcom Direct acquisition, with expectations for full realization in 2026 [12] - The company is preparing for the launch of its 5G network, with 301 aircraft pre-provisioned for launch, a 29% increase from the previous year [22] Q&A Session Summary Question: Can you size the tariff impact in terms of dollar amount? - The tariff impact is around $5 million, split between EBITDA and working capital [48] Question: What portion of your customer base is economically sensitive? - Management noted no significant impact from macroeconomic fears, citing a diverse international customer base [49] Question: Can you break down the growth rate between GEO broadband and other segments? - The majority of growth was related to GEO broadband, with significant contributions from the military government segment [51] Question: How do you view the competitive environment in the ATG segment? - Management expressed confidence, stating that suspensions are primarily maintenance-related and not indicative of competitive losses [60] Question: What trends are seen in the MilGov business? - There is increasing demand for broadband solutions in the military sector, with opportunities emerging in European and Southeast Asian markets [86]

证券代码：831961 证券简称：创远信科 公告编号：2025-034 创远信科（上海）技术股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带法律责任。 一、 投资者关系活动类别 □其他 二、 投资者关系活动情况 活动时间：2025 年 5 月 7 日、8 日 √特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 活动地点：上海浦东新区 参会单位及人员：西部证券股份有限公司、东吴证券股份有限公 司、国海证券股份有限公司、华源证券股份有限公司及其邀请的投资 者 上市公司接待人员：董事长冯跃军先生；财务总监、董事会秘书 王小磊女士 三、 投资者关系活动主要内容 本次投资者关系活动的主要问题及公司对问题的回复概要如 下： 问题 1：请介绍一下 2025 年一季度公司业绩情况？ 回复：您好！感谢您关注创远信科。2025 年一季度公司财务状 况持续向好，实现营业收入 6,091.41 万元，同比增长 27.47%；经 营活动产生的现金流量净额、归属于上 ...

2025Q1 净利润回升，完善电子材料布局 ——东材科技 2024 年年报及 2025 年一季度点评 本报告导读： 2025 年一季度受益于高速电子树脂及高端光学聚酯基膜等高附加值产品放量，公司 净利润实现快速增长。 投资要点： 风险提示：扩产项目投产不及预期；下游需求不及预期风险。 | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 3,737 | 4,470 | 5,364 | 6,224 | 7,242 | | (+/-)% | 2.7% | 19.6% | 20.0% | 16.0% | 16.4% | | 净利润（归母） | 326 | 181 | 418 | 480 | 607 | | (+/-)% | -21.4% | -44.5% | 130.7% | 14.9% | 26.5% | | 每股净收益（元） | 0.36 | 0.20 | 0.47 | 0.53 | 0.68 | | 净资产收益率(%) | 7.2% ...

Core Viewpoint - The 2024 Annual General Meeting of Hunan Aerospace Huanyu Communication Technology Co., Ltd. outlines the company's operational achievements, financial performance, and future strategic goals, emphasizing its focus on satellite communication and aerospace equipment sectors. Meeting Procedures - The company has established guidelines for the AGM to ensure the rights of shareholders are protected and to facilitate orderly proceedings [2][3][4]. - Shareholders must register and present necessary identification documents to participate in the voting process [3][4]. - The meeting will include a report on the board's work and discussions on various proposals, followed by voting [6][7]. Financial Performance - The company reported a revenue of approximately 508 million yuan for 2024, marking an increase of 11.36% compared to 2023 [22][29]. - The net profit attributable to shareholders decreased by 24.42% to approximately 101.57 million yuan [22][29]. - The operating cash flow increased by 45.93%, reaching approximately 57.29 million yuan [22][29]. Key Business Developments - The company has successfully developed satellite communication products and is positioned to capture market opportunities in commercial aerospace [7][9]. - A strategic partnership was formed with Beijing Environmental Characteristics Research Institute to enhance product offerings in aerospace technology [8]. - The company is expanding its capabilities in manufacturing composite materials for aviation, responding to the growing demand in the aerospace sector [9][10]. Governance and Compliance - The board of directors has adhered to legal and regulatory requirements, ensuring transparent decision-making processes [10][12]. - The supervisory board has actively monitored the company's operations and financial practices, confirming compliance with relevant laws [18][20]. - The company has established a robust internal control system to safeguard assets and ensure operational integrity [19][20]. Future Outlook - The board aims to enhance corporate governance and operational efficiency while focusing on strategic growth in aerospace and satellite communication sectors [15][16]. - The company plans to leverage emerging opportunities in low-altitude economy and large aircraft manufacturing [15][16].