营收高增亏损收窄，技术领先构筑壁垒 根据公司2025 年第三季度公告，公司2025 年前三季度实现营业收入3.05 亿元，同比增长72.72%，主要 得益于宽带移动通讯设备销售收入显著提升，显示核心业务市场拓展成效显著。尽管营收增长强劲，但 归母净利润仍为-4816 万元，亏损同比收窄47.25%，主因成本端同步上升及联营企业投资亏损扩大。 公司是国内首个完成低轨卫星组网地面验证的企业，新建2100 平米信关站生产基地并部署自动化测试 系统，显著提升测试效率，展现出在卫星通信领域的领先技术实力和快速交付能力。 军用通信系统技术积累深厚，产业链布局完善且持续获得市场认可 预计2025-2027 年，公司营业收入为5.48、9.04、14.46 亿元，同比增长55.0%、65.0%、60.0%；归母净 利润0.17、1.85、3.05 亿元，同比增长113.35%、1016.84%、64.89%。对应2025 年12 月31 日收盘价，市 盈率为1582.14、141.66、85.91 倍。首次覆盖，我们给予公司"增持"评级。 在全球低轨卫星互联网的竞速赛中，中国正以前所未有的速度推进以"星网集团"及"千帆星座" ...

Core Insights - The Ministry of Industry and Information Technology (MIIT) has issued guidelines to optimize business access and promote the development of the satellite communication industry, aiming for significant advancements by 2030, including over 10 million satellite communication users and the integration of satellite communication into the new development framework [1][2] Group 1: Policy and Market Access - The guidelines aim to simplify approval processes and lower entry barriers, effectively stimulating market vitality and supporting innovation in satellite communication technologies and applications [3] - MIIT has issued a satellite mobile communication business license to China Unicom, marking a proactive step in optimizing market access for satellite communication [1][2] Group 2: Industry Development and Trends - The satellite communication industry is experiencing a resurgence due to advancements in satellite payloads and commercial space technology, with a focus on low Earth orbit satellite internet [2] - The guidelines support the rapid development of low Earth orbit satellite internet and encourage telecom operators to develop direct satellite connection services, enhancing coverage in underserved areas [2][3] Group 3: New Business Models and Applications - The integration of satellite communication with mobile devices, such as smartphones, is identified as a key growth area, with several models already supporting direct satellite connectivity [3] - The guidelines also emphasize the exploration of new satellite communication services, including satellite IoT, which is expected to complement terrestrial networks in various sectors [5] Group 4: Future Outlook and Challenges - The global satellite landscape is evolving, with over 10,000 satellites in orbit, predominantly low Earth orbit satellites, which are crucial for the future of satellite internet and integrated 6G networks [5][6] - Industry experts highlight the need for further policy refinement, including spectrum allocation and safety reviews, to enhance operational capacity and technological independence [6]