25Q1 业绩扭亏，卫星业务占比持续提升 ——上海瀚讯 2024 年年报&2025 年一季报点评报告 投资要点 ❑ 25Q1 业绩扭亏，毛利率受产品结构影响 2024 年，公司实现营收 3.53 亿元，同比+13%，归母净利润-1.24 亿元。毛利率为 43.28%，同比-0.06pct。费用端稳中有降，销售/管理/研发/财务费用合计为 2.67 亿元，同比-19%。 25Q1，公司实现营收 1.26 亿元，同比+84%，归母净利润 0.13 亿元，同比扭亏为 盈。毛利率为 37.56%，同比-27.55pct，我们预计主要由于公司产品结构变化，卫 星业务占比增加影响整体毛利率表现。 ❑ 深度参与千帆星座建设，卫星业务已成为公司重要收入来源 ❑ 盈利预测与估值 公司是特种宽带通信龙头，前瞻布局卫星通信领域，考虑到短期客户订单节奏， 我们预计公司 2025-2027 年归母净利润为 1.05 亿元/2.46 亿元/4.46 亿元，对应 25 年 PE 为 129，公司积极打造卫星新成长点，维持"买入"评级。 ❑ 风险提示 军用宽带市场发展不及预期；市场竞争加剧的风险；卫星互联网发展不及预期 上海瀚讯(30076 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 责任编辑：杨赐 建议关注以下几个维度，一是关注前期超跌、悲观预期充分体现的领域，如军工电子、军工材料；二是 关注指数权重股，比如沪深300和A500等指数中的军工权重股；三是关注行业"双击"，待到"十四五"末 订单和业绩的逐步兑现，以及"十五五"计划的逐步明朗，将带来业绩和估值的"双击"；四是关注拥有行 业特殊性溢价的板块，如并购重组、市值管理预期、地缘政治刺激、新质生产力和新质战斗力等带来的 行业溢价。 同时，王宏涛提醒投资者注意投资风险。他特别指出，军贸受国际安全局势等因素影响较大，当前国际 安全局势等因素较为稳定，如果国际政治格局发生不利变化，将可能对公司的经营业绩产生不利影响。 5月8日，A股军工板块延续涨势，近20股涨停或涨超10%，后续行情将如何演绎？哪些热点题材值得期 待？中航证券航空航天首席分析师王宏涛做客新浪证券直播间，为投资者火线解读。直播详情>> 王宏涛分析表示，年初以来，低空经济、商业航天、深海科技、大飞机、军事智能化等主题高度活跃， 这些大军工新域新质主题仍将会不断深化、反复演绎；同时，伴随着军工基本面有望迎来 ...

长沙晚报掌上长沙5月8日讯（全媒体记者 刘军）A股三大指数8日集体收涨。截至收盘，沪指涨 0.28%，收报3352.00点；深证成指涨0.93%，收报10197.66点；创业板指涨1.65%，收报2029.45点。沪深 两市成交12934亿元，较7日缩量1749亿元。 行业板块多数收涨，航天航空、通信设备、交运设备、通用设备、光伏设备、电机、橡胶制品板块涨幅 居前，贵金属、化肥行业跌幅居前。个股方面，上涨股票3839只，涨停104只；下跌股票1367只，跌停9 只。 8日大盘在晚间中概股下跌的影响下，低开高走。沪指最高上攻到3359点附近，因为大盘量能萎缩，下 午出现了逐步回落，最终还是以上涨报收。大盘能在缩量的情况下走出低开高走，业内人士认为，这与 7日中国证监会发布《推动公募基金高质量发展行动方案》有关。该方案表示，将通过全面深化改革， 强化公募基金行业与投资者的利益绑定，增强公募基金投资行为的稳定性，提升公募基金服务投资者的 能力，发展壮大权益类公募基金，进而更好发挥行业功能。 军工板块8日继续走高，成飞集成、金通灵、华伍股份等超过20只个股涨停，成为大盘最亮丽的风景 线。消息面上，据参考消息援引美国有 ...

盘面上，国防军工、通信设备、铜缆高速连接、消费电子等板块涨幅居前，种业、黄金、PEEK材料、休闲食品等板块跌幅居前。 数据显示，国防军工获得逾76亿元主力资金净流入，通信、机械设备均获得超60亿元净流入，电力设备、电子、汽车也均获得超40亿元净流入，纺织服饰 则连续8日获得净流入。基础化工主力资金净流出逾10亿元，房地产、交通运输、钢铁、美容护理也都净流出超亿元。 展望后市，国泰海通指出，相较于过去，政策预期和展望更为连续和稳定。中国股市风险溢价有望系统性下移，而无风险利率下降与资本市场制度改革将 成为增量入市的关键力量。继续看好中国AH股市，把握做多窗口期。 东兴证券认为，基本面和政策面基本明朗，短期外部因素有所缓解，市场不确定性因素下降，风险偏好有望重回升势。随着行情趋于活跃，投资者可提升 一定仓位，参与结构性行情。大科技板块仍是首选，重点关注机器人、人工智能、智能驾驶等方向；其次是消费方向，重点关注以家电、消费电子、汽车 为代表的政策红利方向。 今日，A股继续稳步上升，创业板指收复2000点大关，上证指数、上证50等则再创阶段性新高。上涨个股远多于下跌个股，市场成交萎缩至1.32万亿元。 | 代码 | ...

5 月 8 日，市场全天低开高走，创业板指领涨。截至收盘，沪指涨 0.28% ，深成指涨 0.93% ，创业板指涨 1.65% 。 板块方面，军工、铜缆高速连接、脑机接口、 CPO 等板块涨幅居前， PEEK 材料、农业、化肥、黄金等 板块跌幅居前。 每经记者｜肖芮冬 每经编辑｜赵云 而今天的低开高走，又给大家上了一课： （近期）遇到下跌时，更适合考虑积极买入。 道理其实不复杂—— 4月7日大盘跳空低开至今，主要股指基本已补上（或即将补上）缺口。想一想，这段时间，市场最大的 特征是什么？ 首先，是"国家队"的托底态度坚定、力度可观。这意味着，即便市场未出现趋势性行情，也很难发生系 统性风险。 其次，是利好逐步释放的预期稳定。如昨天国新办发布会的主题所说，"一揽子金融政策支持稳市场稳 预期"。更实际地看，中长期增量资金有望持续为市场提供流动性。 正因如此，相较于追高买入，"逢低买入"成了当下更具胜率的策略。只是，"正确的事反复做"并不容 易。聊过了哲学，我们再来看今天的盘面。 军工股持续爆发，"易中天"久违大涨 同花顺数据显示，"成飞概念"延续昨日强势，今日涨超6%，已录得5连涨；行业指数中，军工电子、军 工装 ...

每日市场观察 军工行业的雷达、电子对抗、导弹、无人机、先进战斗机等产业链相关 的上市公司。 【市场回顾】 市场概况：5 月 7 日，市场全天高开后震荡回落，三大指数小幅上涨。 截至收盘，沪指涨 0.8%，深成指涨 0.22%，创业板指涨 0.51%。 2025 年 5 月 8 日 【今日关注】 周三早盘央行公布降准、降息、降个人住房公积金贷款利率等十项措施， 受此消息影响，三大股指跳空高开，之后逐波回落，尾盘有所回升，收 盘三大股指都以上涨报收，沪指涨 0.8%，深证成指涨 0.22%，创业板指 涨 0.51%。沪深两市成交额达到 1.468 万亿元，较前一交易日放量 1300 多亿元，行业板块涨多跌少，军工、银行、地产、煤炭、化工等行业涨 幅居前，传媒、计算机等板块小幅调整；细分行业方面，种业、大飞机、 军工信息化、化肥等板块是周三盘中的热点板块，两市上涨股票数量接 近 3300 只。 三大股指承接前一交易日的上涨，继续反弹，最终以小阴线的上涨收盘。 K 线分析，三大股指的盘中冲高受阻回落反映出市场在反弹过程中遇到 四月初贸易战缺口上方的压力；K 线形态上，沪指自 4 月 3 日后收盘首 次站在沪指 60 ...

Group 1 - The report highlights a comprehensive set of financial policies aimed at stabilizing the market and expectations, introduced by the National Financial Administration [3][24][26] - The central bank is implementing targeted "leverage" measures to stabilize domestic demand, focusing on technology and consumption as key areas [5][23] - The report emphasizes the importance of supporting technological innovation and the revaluation of technology assets, indicating ongoing policy support for the tech sector [5][24] Group 2 - The report discusses the impact of Trump's first 100 days in office, noting that while tariffs have been a major focus, other areas such as immigration reform have seen more success [4][28] - It predicts a significant decline in GDP due to the effects of tariff policies, with consensus estimates showing a downward adjustment for the first quarter of 2025 [4][29] - The report suggests that upcoming midterm elections will shift focus towards manufacturing repatriation and large-scale tax cuts as key policy priorities [4][33] Group 3 - The report on AI investment opportunities indicates that major tech companies like Microsoft are experiencing significant growth in AI revenue, with a fivefold increase in token processing [9] - It highlights the increasing ROI from AI applications, particularly in advertising, with Meta's AI usage growing significantly [9] - The report suggests that Chinese AI companies are expected to see important investment opportunities with the release of new models, emphasizing the potential for growth in this sector [9][17] Group 4 - The report on TCL Technology outlines its dual leadership in semiconductor displays and photovoltaic silicon, with strong revenue growth projected for the coming years [38][39] - It notes that TCL's proactive cash-based share buyback strategy is expected to enhance earnings and solidify its market position [38][39] - The report anticipates that government subsidy policies will stimulate demand for large-screen TVs, benefiting TCL's sales and market share [39][43] Group 5 - The report on Huayi Brothers indicates a stable revenue growth trajectory, with a focus on expanding its film and television production capabilities [21] - It emphasizes the company's strategic initiatives to enhance its content library and distribution channels, aiming for increased market penetration [21] - The report projects a positive outlook for Huayi Brothers, driven by anticipated growth in the entertainment sector [21]

我们再来看看板块的情况：军工板块涨幅居前。有机构在研报中表示，2025年一季度主动型基金前十大 军工股持有流入总市值绝对值的前十中，军工电子板块标的占80%。过去三年军工电子板块较其他军工 子板块超跌较多，在长尾效应下周期反弹锐度或将凸显，板块景气度修复时或成为先选。 房地产板块开盘冲高，一度大涨。消息面上，"央妈"在发布会上公布，降低个人住房公积金贷款利率 0.25个百分点，5年期以上首套房利率由2.85%降至2.6%，其他期限的利率同步调整。再加上五一假期多 地楼市活跃度提升，在一定程度上反映了市场信心的修复情况，也表明在政策利好叠加效应下，住房需 求得到进一步的释放。 化工股震荡走强。有研报表示，2024年以来行业固定资产投资增速明显放缓，综合整治"内卷式"恶性竞 争写入2025年工作报告，供给端逐步迎来边际改善。 A股高开低走，今晚美联储利率决议来袭，明天会怎么走？今天市场的走势，还是没有脱离"魔咒"，但 凡高开幅度大的，低走就是大概率事件，又一次演绎了高开低走。盘面上看，军工股震荡走强，化工板 块再度活跃，地产板块开盘冲高后震荡回落。昨天领涨的科技股方向陷入分化，机器人方向局部活跃， AI概念股集体 ...

A股军工电子震荡上升，奥普光电一字涨停，航天长峰、航天南湖均涨超7%，雷电微力、*ST天徽、国 博电子等跟涨。 ...

Group 1 - Kexin Technology plans to repurchase shares worth between 30 million and 50 million yuan, with a maximum repurchase price of 80 yuan per share, for employee stock ownership plans or capital reduction [1] - Jiahua Technology's shareholder plans to reduce holdings by up to 1.5% of the company's total shares, amounting to a maximum of 116,000 shares, between May 28, 2025, and August 25, 2025 [1] - Beiqi Blue Valley's subsidiary reported cumulative sales of 38,041 vehicles this year, representing a year-on-year increase of 192.53% [2] Group 2 - AVIC Finance plans to transfer shares of AVIC Xi'an Aircraft Industry Group and AVIC Onboard Systems, totaling 4.067 billion yuan, to its controlling shareholder [2] - Haide shares' executives plan to increase their holdings by at least 20.73 million yuan within six months [3] - Dabeinong's subsidiary received planting approval for genetically modified soybeans in Brazil, marking significant progress in the South American market [4] Group 3 - Yongan Pharmaceutical's chairman is under investigation, but the company's operations remain normal [4] - Teruid's subsidiary is expected to win a 126 million yuan project from the State Grid, which will enhance the company's brand and industry influence [4][5] - Junxin shares plan to repurchase shares worth between 200 million and 300 million yuan, with a maximum price of 30.57 yuan per share [5] Group 4 - Meinian Health plans to reduce its holdings by up to 3% of the company's total shares, amounting to a maximum of 11.7 million shares, starting from May 27, 2025 [7] - Electric Power Investment is planning a major asset restructuring, leading to a temporary suspension of its stock [9] - Tongda shares are expected to win a 207 million yuan project from the State Grid, which will positively impact future operating performance [10] Group 5 - Xintian Technology's major shareholder plans to reduce holdings by up to 3% of the company's total shares, amounting to a maximum of 580,410 shares [11] - Huizhou Intelligent's controlling shareholder and some executives plan to increase their holdings by between 29.2 million and 58.4 million yuan [12] - Zhongdali De plans to sell a 50% stake in Shanghai Ketaike Transmission System Co., Ltd. for 9.2777 million yuan to optimize its asset structure [14] Group 6 - Jinlitai's stock will be suspended due to the inability to disclose periodic reports within the statutory deadline [15] - Chuhuan Technology's major shareholder plans to reduce holdings by up to 3% of the company's total shares, amounting to a maximum of 239,560 shares [15] - Guilin Sanjin's subsidiary received approval for clinical trials of a new indication for a monoclonal antibody injection [16] Group 7 - Plit plans to sign a strategic supply agreement for sodium-ion batteries, committing to supply at least 1 GWh over four years [17] - Dalian Electric Porcelain's subsidiary is expected to win a project worth approximately 71 million yuan from the State Grid [18]