Core Viewpoint - The company is actively expanding its satellite communication business, establishing a comprehensive product layout covering the entire "star-earth-end" chain, which includes satellite communication payloads, ground station terminals, and terminal applications [1] Group 1: Business Development - The company has over 700 authorized patents in the RF communication field as of June 2025, encompassing various types including international, invention, and utility model patents [1] - The company will continue to deepen its "communication antenna + satellite communication" dual-drive strategy, accelerating research on 6G and low-orbit satellite internet deployment [1] Group 2: Market Position - The company aims to further consolidate its leading position in the global communication equipment sector [1]

广东通宇通讯股份有限公司 投资者关系活动记录表 证券代码：002792 证券简称：通宇通讯 编号：2025-016 端在线率与采集成功率，告别人工补采的低效模式；②新能源场站 高效运维：为戈壁、沙漠等区域的光伏、风电场站提供稳定通信链 路，有效缩短测试周期，减少弃风弃光损失；③输电线路智能巡检： 支持巡检相关数据实时上传，搭配定位功能，显著提升巡检效率， 降低人工巡查风险；④设备状态远程监控：实现电力基站、输电杆 塔等无人值守设备的 24 小时状态监测，支持远程指令下达，减少 现场维护频次，降低运维成本。 4、问：公司自 2024 年底以来围绕卫星通信领域进行了一系列 战略投资，其背后的主要战略考量？ 答：公司在卫星通信领域的投资，是一次围绕产业链关键环节 进行的系统性、前瞻性的战略部署。其核心战略考量如下：通过出 资参股鸿擎科技、专项基金投资上海京济通信，旨在锁定并强化在 卫星核心零部件与通信载荷等上游关键环节的布局，夯实整个产业 链的技术与供应基础。联合武汉洪山国资成立合资公司，是为了深 化政企合作，融入区域产业生态。通过合作设立"常州市通宇致垣 创业投资基金合伙企业（有限合伙）"，并计划投资某低轨卫星互 ...

Core Viewpoint - The establishment of a dedicated Commercial Space Administration by the National Space Administration of China marks a significant step towards the high-quality development of China's commercial space industry, with the potential for the entire industry chain to benefit from this initiative [1] Industry Summary - On December 1, A-shares saw a collective rise, with the Shanghai Composite Index returning to 3900 points, driven by strong performance in the commercial aerospace sector [1] - The establishment of the Commercial Space Administration and the release of the "Action Plan for Promoting High-Quality and Safe Development of Commercial Space (2025-2027)" indicate a solid policy framework for China's commercial space sector [1] - The Action Plan aims to integrate commercial space into the overall national space development layout, enhancing production capabilities and overall effectiveness in space development, supporting the construction of a strong space nation [1] Company Summary - Notable stocks in the commercial aerospace sector include Aerospace Development (000547) with 12 consecutive trading days of gains, Tongyu Communication (002792) with 3 consecutive gains, and several others reaching their daily price limits [1] - Citic Securities suggests that with the establishment of the Commercial Space Administration and the release of the Action Plan, the commercial space sector is expected to enter a new phase of frequent launches starting in 2026, highlighting investment opportunities in low-orbit satellite internet and rocket launch industries [1]

Company Overview - The company is a leading enterprise in the field of communication antennas and RF devices, focusing on the R&D, production, and sales of base station antennas, RF devices, and microwave antennas, serving major mobile communication operators and equipment integrators globally [2][3]. Business Development - The company has established a comprehensive product layout covering the entire chain of satellite communication, including satellite communication payloads, ground station terminals, and terminal applications [3][7]. - As of June 2025, the company holds over 700 authorized patents in the RF communication field, covering various types including international, invention, and utility models [3]. Strategic Investments - The company has invested a total of 120 million yuan in the aerospace industry fund, with 20 million yuan already invested in Shanghai Jingji Communication Technology Co., Ltd. and plans to invest 100 million yuan in Beijing Lingkong Tianxing Technology Co., Ltd. [4][5]. - The strategic investments aim to strengthen the company's position in key upstream components and communication payloads within the satellite communication industry [5][6]. Market Expansion - The company's overseas business has become a core driver of revenue growth, with overseas revenue surpassing domestic revenue for the first time in the first half of the year [8]. - The company is actively expanding into high-end markets in Europe and North America, leveraging partnerships with strategic clients like Ericsson and Nokia [8]. Industry Trends - The development of satellite internet is a key component of national new infrastructure, aiming to address communication coverage gaps and meet emergency communication needs [6][7]. - The government has set a target of exceeding 10 million satellite communication users by 2030, providing a solid foundation for commercial operations in the industry [6].

Core Insights - Tongyu Communication is a leading enterprise in the communication antenna and RF device sector, focusing on the development, production, and sales of base station antennas, RF devices, and microwave antennas, providing comprehensive solutions for global mainstream mobile communication operators and equipment integrators [2] Company Overview and Strategic Direction - The company has established a strong position in the market, covering 2G to 5G network standards, with domestic clients including China Mobile, China Telecom, and China Unicom, and international partners such as Ericsson, Nokia, and Samsung [2] - As of June 2025, the company holds over 700 authorized patents in the RF communication field, indicating a robust commitment to technology research and development [2] - The strategic focus is on a dual-driven approach of "communication antennas + satellite communication," accelerating research into 6G and low-orbit satellite internet [2] Core Business Progress - In the satellite communication sector, the company has established a comprehensive product system covering the entire "star-ground-end" chain, with significant advancements in low-orbit satellite applications [3] - The company is actively involved in the development of ground station terminals, satellite communication payloads, and terminal applications, with a focus on dynamic antennas for high-speed communication services [3] - The filter business is primarily export-oriented, with a stable customer base including Ericsson, while the microwave antenna products are designed for high-performance point-to-point transmission in complex electromagnetic environments [4] MACRO WIFI Product Development - The MACRO WIFI products are designed for open areas, featuring long-range coverage and high concurrent access capabilities, with successful partnerships established in Australia and ongoing product certification in approximately 18 countries [5] Future Outlook - The company is optimistic about the future of its satellite communication business, anticipating continued market competitiveness and participation in national satellite internet infrastructure development over the next three years [6] - Long-term prospects include the integration of satellite communication with emerging low-altitude economies, with expectations that prior investments in technology and capacity will translate into actual orders and performance contributions [7]

Company Overview - Guangdong Tongyu Communication Co., Ltd. is a leading enterprise in the field of communication antennas and RF devices, focusing on the R&D, production, and sales of base station antennas, RF devices, and microwave antennas [2][3] - The company serves major domestic operators such as China Mobile, China Telecom, and China Unicom, as well as international partners like Ericsson, Nokia, and Samsung [3] Satellite Communication Development - The company has established a comprehensive product layout covering the entire "satellite-ground-end" chain, including satellite communication payloads, ground station terminals, and terminal applications [3][4] - The domestic satellite internet development is a key part of national infrastructure, aiming to fill communication coverage gaps and meet emergency communication needs [4] - By 2030, the goal is to have over 10 million satellite communication users, supported by recent policy initiatives [4] Product and Business Highlights - The company holds over 700 authorized patents in the RF communication field, including various types of international, invention, and utility model patents [3] - The filter business focuses on compact, lightweight, and stable signal products, primarily for export, with Ericsson as a core customer [5] - The microwave antenna business covers frequencies from 5GHz to 80GHz, widely used in digital microwave relay communication systems [5] Future Outlook - The company is optimistic about the future of its satellite communication business, expecting to strengthen market competitiveness and participate in national satellite internet infrastructure construction [6] - With ongoing investments in technology R&D and capacity building, the company anticipates a new growth cycle driven by actual orders and performance contributions [6] MACRO WIFI Product Development - The MACRO WIFI product features long-range coverage, high concurrent access, and intelligent stability, designed for open areas like villages and farms [7] - A significant order of 1,000 units was signed with an Australian client, marking the product's successful entry into overseas markets [8] - The product is currently undergoing certification in approximately 18 countries, including Europe, Africa, and North America, with expected procurement following certification [8]

Core Insights - Tongyu Communication has over 700 authorized patents in the RF communication field as of June 2025, focusing on a dual-driven strategy of "communication antennas + satellite communication" to enhance its global leadership in communication equipment [2] - The company has a comprehensive product range covering 2G to 5G networks, serving major domestic operators and international partners, maintaining a solid industry position [2] - Despite a slight decline in overall revenue, the company has made breakthroughs in satellite communication and special scenario antennas, securing overseas orders [2] Domestic Market - The domestic communication equipment market is facing challenges due to slowed operator investments and intensified product price competition, leading to pressure on the company's domestic operator business [3] - The slowdown in 5G base station construction and declining equipment prices have narrowed industry profit margins [3] International Market - The company has successfully expanded its overseas market, with overseas revenue surpassing domestic revenue for the first time this year, becoming a core growth driver [3] - The company is deepening cooperation with key clients like Ericsson and has successfully entered emerging markets such as Canada and Australia, while actively pursuing collaboration with Nokia in Europe [3]

Investment Rating - Investment Rating: Maintain "Accumulate" [5] Core Views - The main business is under pressure, but the growth potential of satellite business is promising [5] - The company reported a revenue of 1.13 billion yuan in Q3 2025, a year-on-year increase of 19.64%, while net profit attributable to shareholders decreased by 27.25% [7] - New orders signed in the first three quarters totaled 1.136 billion yuan, down 39.38% year-on-year, with overseas orders accounting for 74.31% [7] - The gross profit margin for the first three quarters was 26.53%, a decrease of 7.96 percentage points year-on-year [7] - The satellite business is steadily developing, focusing on low-orbit satellite internet and space energy systems, with significant order growth expected in the second half of the year [7] Financial Summary - Revenue Forecast: 1.277 billion yuan in 2023, 1.297 billion yuan in 2024, and 1.580 billion yuan in 2025, with a growth rate of 44.33%, 1.51%, and 21.89% respectively [6] - Net Profit Forecast: 174 million yuan in 2023, 93 million yuan in 2024, and 118 million yuan in 2025 [6] - Earnings per Share (EPS): Expected to be 0.38 yuan in 2024, 0.48 yuan in 2025, and 0.54 yuan in 2026 [6] - Price-to-Earnings (P/E) Ratio: 42.37 in 2023, 79.73 in 2024, and expected to decrease to 38.76 by 2027 [6]

Core Insights - China is rapidly advancing its satellite internet capabilities, with significant recent launches marking a shift towards high-density deployment of satellite constellations [1][5][16] - The country is developing two major satellite internet projects: the State Grid Constellation (GW Constellation) and the Qianfan Constellation, both aiming for extensive global coverage [2][5][7] Group 1: GW Constellation - The GW Constellation, managed by China Satellite Network Group, aims to create a global integrated communication system and has successfully launched over 100 satellites [1][5] - The recent launch of the 12th batch of satellites occurred just 20 days after the previous mission, indicating a significant increase in launch frequency [5][16] - The long-term goal for the GW Constellation is to deploy a total of 12,992 satellites in low Earth orbit by 2027 [5][8] Group 2: Qianfan Constellation - The Qianfan Constellation, developed by Shanghai Yanshin Satellite Technology, is China's second large-scale satellite internet project and has also entered the network deployment phase [2][5] - The company completed a record A-round financing of 6.7 billion yuan in February 2024, highlighting strong investor interest in the satellite industry [2][7] - Qianfan plans to have 324 satellites in orbit by mid-2026, increasing to 648 by the end of that year, and aims for 1,296 satellites by 2027 [7] Group 3: Market Dynamics - The rapid deployment of satellite constellations is driven by the urgency to secure orbital resources and frequency allocations, as countries must launch a percentage of their planned satellites within a specified timeframe [8] - The cost of manufacturing low Earth orbit satellites has significantly decreased, now ranging from 30 to 40 million yuan per satellite, facilitating faster deployment [8] - The commercial rocket sector is expected to benefit significantly from the satellite constellation construction, with market potential reaching hundreds of billions in the next decade [16] Group 4: Technological Advancements - The success of satellite internet constellations relies on high-capacity, low-cost launch capabilities, with China's Long March series rockets playing a crucial role [17] - The development of reusable rocket technology is essential for reducing launch costs and increasing frequency, with the industry aiming for rockets to be reused multiple times [17] - The competitive landscape is influenced by the ability to achieve lower costs and higher launch frequencies, with companies focusing on technological advancements to meet these demands [17]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 28.28 RMB [6][4]. Core Views - The company is expected to benefit from the growth in satellite internet and data link businesses, with significant revenue growth anticipated as military communication markets expand and satellite payloads and ground terminal products reach mass production [1][2]. - The traditional military product business is gradually recovering, and the company is solidifying its leading position in military broadband communication while actively expanding into new product applications such as 5G and drone data links [2]. - The low Earth orbit satellite internet business is projected to become a key driver for sustained high growth in the company's performance, especially with the upcoming dense launch period of the Qianfan constellation expected in 2026 [2]. Financial Performance Summary - In Q3 2025, the company achieved revenue of 131 million RMB, representing a year-over-year increase of 86.92% and a quarter-over-quarter increase of 173.34%. However, the net profit attributable to the parent company was -19.52 million RMB, showing a year-over-year increase of 50.27% and a quarter-over-quarter increase of 53.39% [1]. - For the first three quarters of 2025, the company reported a total revenue of 305 million RMB, a year-over-year increase of 72.72%, with a net profit of -48.16 million RMB, reflecting a year-over-year increase of 47.25% [1]. - The gross margin for the first three quarters of 2025 was 40.91%, a decrease of 20.08 percentage points year-over-year, primarily due to changes in product delivery structure [3]. Profitability Forecast and Valuation - The company’s net profit forecast for 2025-2027 has been adjusted downwards due to slower-than-expected recovery in profit margins and revenue growth. The revised net profit estimates are 0.16 billion RMB for 2025, 2.31 billion RMB for 2026, and 3.21 billion RMB for 2027 [4][18]. - The report assigns a 2026 PE ratio of 77x to the company, reflecting its core positioning in the Qianfan constellation and its leading status in military broadband [4].