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]