证券代码：300045 证券简称：华力创通 北京华力创通科技股份有限公司 投资者关系活动记录表 投资者关系活动类别 ☐特定对象调研 ☐分析师会议 ☐媒体采访 业绩说明会 ☐新闻发布会 ☐路演活动 ☐现场参观 ☐其他（请文字说明其他活动内容） 参与单位名称及人员姓 名 线上参与公司2024年度网上业绩说明会的投资者 时间 2025年05月07日 15:00-17:00 地点 价值在线（https://www.ir-online.cn/）网络互动 上市公司接待人员姓名 副董事长兼总经理 王伟 董事兼财务总监 李国良 独立董事 夏超 董事会秘书 宋龙 保荐代表人 陆玉龙 投资者关系活动主要内 容介绍 1.你们行业本期整体业绩怎么样？你们跟其他公司 比如何？ 答:尊敬的投资者您好，2024年同行业整体业绩呈现 承压态势。受市场竞争加剧、订单交付节奏调整等多重 因素影响，业内多数公司营收及净利润出现下滑。公司 编号：2025 - 026 2024年实现营业收入5.47亿，同比下降22.93%，与同行 业整体趋势存在共性。面对行业挑战，公司将坚持"军 民结合"发展战略，持续拓展民用市场新领域，以自身 核心技术为有力支撑， ...

Market News - US stock indices collectively declined, with the Nasdaq down 0.74%, S&P 500 down 0.64%, and Dow Jones down 0.24%, ending a nine-day upward trend for Dow and S&P 500 [1] - Major tech stocks mostly fell, with Apple down over 3% and Tesla down over 2%; Berkshire Hathaway-A dropped over 5% as Buffett plans to step down as CEO by the end of 2025 [1] - International oil prices weakened, with WTI crude down 1.82% at $57.23 per barrel and Brent crude down 1.55% at $60.34 per barrel; meanwhile, gold prices surged, with spot gold up 2.85% at $3332.85 per ounce [1] Industry Insights - The market for exoskeleton robots is rapidly growing, with a recent product launch in Hangzhou selling out hundreds of units in 15 seconds; the technology reduces physical exertion by 20%-40% [3] - The global market for exoskeleton robots is projected to grow from $39.2 million in 2020 to $6.8 billion by 2030, with shipment volumes expected to increase from 107,000 units in 2025 to 301,000 units in 2028 [3] - The satellite direct connection market is transitioning from "technology validation" to "scale application," with a projected cumulative market size of $66.8 billion over the next decade [4] - Neuralink's brain-machine interface device Link has received FDA breakthrough device designation, aimed at helping patients with severe speech impairments [5][6] - The eighth Digital China Construction Summit attracted over 800 entrepreneurs and signed 455 key digital economy projects with a total investment of 228 billion yuan [7]

Industry Summary - The National Internet Information Office and other government bodies have issued regulations for satellite direct connection services, effective from June 1, 2025, to support the integration of satellite communication with ground mobile communication [1] - The satellite direct connection market is identified as a core area for space-ground integrated communication, with a projected market size of $66.8 billion over the next decade according to NSR [1] - The market is expected to experience growth driven by the scale effect of over 1 billion smartphones shipped annually and the demand for emergency rescue and marine communication, leading to increased penetration of satellite communication modules into mid-range devices [1] - The satellite direct connection market is transitioning from "technology validation" to "scale application," with emergency communication, IoT, and consumer scenarios expected to see early growth [1] - The market is anticipated to become a trillion-dollar blue ocean, reshaping the global communication landscape due to declining costs, standardization, and policy support over the next ten years [1] Company Summary - Tianyin Electromechanical's subsidiary, Tianyin Star, specializes in stellar sensors, holding a competitive position in the domestic commercial satellite market [2] - Huali Chuantong has developed a comprehensive industry chain for satellite communication, offering a full range of satellite application products and solutions based on its self-developed core chip technology [2]

Group 1: Financial Performance - The company experienced a loss in 2024 due to external industry fluctuations, but revenue and profit from the newly developed low-orbit satellite communication business increased compared to the previous year [3] - In Q1 2025, the company's revenue significantly increased due to higher income from low-orbit satellite communication and improved payment collection [4] - The overall gross margin decreased in 2024 due to the product mix affecting settlement, a trend seen across the industry [5] Group 2: Business Strategy and Development - The company aims to enhance core competitiveness by improving project cost control, R&D capabilities, and comprehensive management levels [3] - New business opportunities from satellite communication technology are expected to drive growth and provide significant potential for the company's development [5] - The company is committed to maintaining R&D investment levels in 2024, focusing on low-orbit satellite systems and related projects to strengthen its core competitiveness [7] Group 3: Market Position and Future Outlook - The company is closely monitoring industry trends and has implemented measures to address challenges while seeking new growth points [6] - There is optimism regarding the recovery of military product business, with ongoing investments in core business areas and R&D capabilities [6]

Summary of Conference Call Company and Industry Overview - The conference call discusses the performance and outlook of Shanghai Hanxun in the satellite internet sector, particularly in the context of the domestic market in China for 2024 and 2025 [2][5][23]. Key Points and Arguments Industry Trends - The domestic satellite internet sector is expected to experience a significant growth in 2025, driven by improvements in key technical issues such as the safety of commercial rockets and the availability of launch resources [6][23]. - 2024 saw a relatively flat performance in the satellite internet sector, primarily due to a decline in revenue and profits in the military industry [5][23]. - The year 2025 is marked as the "year of direct satellite connection for mobile phones," with the implementation of a cellular system similar to Starlink's second-generation direct-to-consumer model [2][6]. Company Performance - Hanxun's revenue for 2024 increased by 12.97% year-on-year, with a significant rise in the proportion of revenue from satellite business, despite a net loss reduction of approximately 60 million yuan [2][7]. - The company reported a substantial increase in operating cash flow, indicating a recovery from previous lows and positive trends in operational metrics [7][10]. - The gross profit margin for Hanxun decreased by about 5 percentage points due to a higher proportion of low-margin products in the revenue structure and a general trend among peers in the defense communication sector [8][9]. Future Outlook - In Q1 2025, Hanxun achieved its first positive net profit, attributed to increased revenue from batch reform deliveries and a rise in R&D personnel [10]. - The primary source of revenue for Hanxun's satellite business in 2024 was the construction of ground stations for the Qianfan constellation, totaling approximately 150 million yuan [10]. - The company has secured a bid for an integrated gateway station project, which will support the overseas expansion of the Qianfan constellation [10]. Technological Developments - The broadband data link project is progressing well, with demonstrations underway at two bases, and is expected to see small-scale trials in the air force by 2025 [3][12][19]. - The satellite payload orders and delivery expectations for 2025 are contingent on resolving bottlenecks in rocket launch resources, with an anticipated 2 to 3 batches of satellite payload deliveries [13]. Competitive Landscape - Hanxun is competing directly with Northwest Institute under the TP model, with confidence in its technical advantages in phased array solutions [17]. - The company is actively expanding its overseas market presence, collaborating with operators in countries like Thailand and Brazil, and negotiating with several others [21]. Research and Development - The R&D expense ratio has narrowed, with a focus on enhancing team capabilities and streamlining operations for future investments [16]. - The mobile direct connection project is still in the research phase, with no immediate large-scale application expected [11][22]. Additional Important Insights - The satellite communication sector is viewed positively, with expectations for significant advancements in technology and infrastructure, including the launch of private and state-owned rockets [23]. - The company maintains a strong core competency in the defense and satellite industry, with a commitment to R&D and innovation despite current performance challenges [24].

Core Points - Amazon launched its first batch of 27 Kuiper broadband internet satellites, marking the beginning of its long-delayed space internet network deployment, which aims to compete with SpaceX's Starlink [1] - The Kuiper project, initiated in 2019 with a budget of $10 billion, plans to deploy a total of 3,236 satellites to provide broadband internet services globally, particularly targeting underserved rural areas [1][2] - Amazon's Project Kuiper is seen as a significant gamble for the company, as it enters a market dominated by SpaceX and other telecom providers like AT&T and T-Mobile [1][2] Launch and Deployment - The launch of the first satellites was delayed by over a year, with Amazon aiming to deploy half of its satellite constellation (1,618 satellites) by mid-2026, as mandated by the FCC [2] - Amazon expects to establish initial contact with the satellites shortly after launch and plans to start offering services to customers later this year [2] - ULA's CEO indicated that there could be five more Kuiper missions this year, with Amazon's service coverage expanding as more satellites are launched [2] Competitive Landscape - SpaceX has a significant head start, having launched over 8,000 Starlink satellites since 2019, and conducts missions at an accelerated pace, deploying around 24 satellites per launch [3] - SpaceX has attracted over 5 million internet users across 125 countries, disrupting the global satellite communications market [3] - Amazon's executives believe that Kuiper can leverage the company's extensive consumer product experience and established cloud computing business as competitive advantages against Starlink [2][3] Equipment and Technology - Amazon has tested two prototype satellites in 2023 and plans to produce consumer terminals for Kuiper, including a larger antenna and a smaller device comparable to a Kindle, with production costs expected to be below $400 each [3] - In 2022, Amazon secured a record 83 rocket launches from ULA, Arianespace, and Blue Origin to support the Kuiper deployment [4]

行业报告 | 行业研究周报 通信 证券研究报告 AI 产业发展持续向好，海风和卫星通信展现积极进展 本周（04.21-04.25）行业动态： 垣信卫星与泰国国家电信达成战略合作 2025 年 4 月 24 日，上海垣信卫星与泰国国家电信正式签订战略合作框架协议，双 方将以深化商业航天及低轨卫星互联网业务合作为基础，携手推动泰国数字经济发 展。双方合作围绕卫星互联网与垂直行业的融合，探索新技术市场空间，通过市场 化运营实现互利共赢，共同开发低轨卫星新商业模式。 2GW 海上风电投资项目签约 近日，阿塞拜疆总统伊尔哈姆·阿利耶夫来华进行国事访问期间，中能建海外投资 有限公司副总经理与阿塞拜疆能源部副部长代表双方签署阿塞拜疆 2GW 海上风电 投资项目实施协议。本次签约的项目位于阿塞拜疆首都巴库东部里海海域，场址距 离陆地最近距离约 26 公里，场址面积约为 545 平方公里。 本周（04.21-04.25）投资观点： 近期进入公司年报业绩期，同时由于外部政治环境动荡扰动，市场波动较为剧烈， 整体情绪较为低落。但我们仍然看好 AI 行业作为年度投资主线，后续伴随着 DeepSeek R2/V4 等以及包括 Agen ...

美国联邦通信委员会（FCC）开始评估卫星通信频段共享制度。 ...

Market News - US stock indices rose for the third consecutive trading day, with the Dow Jones up 1.23%, S&P 500 up 2.03%, and Nasdaq up 2.74%. Tech stocks saw significant gains, with Tesla, Amazon, and Microsoft rising over 3%, while Google and Meta increased by more than 2% [1] - International oil prices strengthened, with WTI crude oil closing at $62.77 per barrel (up 0.80%) and Brent crude at $66.51 per barrel (up 0.59%). Gold prices rebounded significantly, with spot gold rising 1.83% to $3347.95 per ounce and COMEX gold futures up 2.04% to $3361.30 per ounce [1] Industry Insights - The first Embodied Intelligence Robot Games will be held in Wuxi from April 24 to 26, featuring various competitions and a focus on the development of the embodied intelligence robot industry. The goal is to exceed a market scale of 30 billion yuan within three years, with an increase in industry cluster enterprises to 200 [2] - The Ministry of Industry and Information Technology and six other departments issued a plan for the digital transformation of the pharmaceutical industry from 2025 to 2030, emphasizing the integration of artificial intelligence. This initiative aims to shorten drug approval times by approximately 40% to 8 years, with significant growth expected in the AI pharmaceutical sector [3] - China's low-orbit satellite constellation "Qianfan" has completed five batches of satellite launches and is entering a phase of regular deployment. The satellite internet industry in China is projected to grow from 31.4 billion yuan in 2022 to 44.7 billion yuan by 2025, with a compound annual growth rate of 11% [4][5] - Alipay announced a new "100 Billion Merchant Support Plan" to boost business growth for merchants, which includes free upgrades of cash register equipment and special consumption subsidies. The "Tap" feature has already covered over 400 cities and connected with more than 5,000 brands [6] Risk Alerts - Weiming Pharmaceutical announced that its subsidiary Tianjin Weiming has been suspended from production and sales, which could significantly impact the company's operations. If production does not resume within three months, further risks may arise [7] - ST Tianyu reported potential issues with its 2024 financial statements, which may lead to a risk warning for its stock trading due to unresolved disputes and internal control deficiencies [7] - Jiangyan Group announced a plan for a major shareholder to reduce its stake in the company by up to 12.85 million shares, representing 2% of the total share capital [7] - Huilun Crystal received a notice from the China Securities Regulatory Commission regarding an investigation for suspected violations of information disclosure laws [8]

工信部发文加快制定智能物流等智能装备标准 该领域或为人形机器人率先落地场景，龙头公司已获得数百台意向订单 【今日导读】 华为乾崑ADS 4发布，机构称2030年智驾市场规模有望突破1.2万亿元 字节火山引擎发布多款该类工具，华为、谷歌、英伟达纷纷布局 美团自研第四代无人机通过民航局审查，获全国首张低空物流全境覆盖运营合格证 中国联通已开始测试卫星通信业务 丰田首款鸿蒙座舱D级轿车亮相，华为在智能汽车领域逐步进入收获期 【主题详情】 华为乾崑ADS 4发布，机构称2030年智驾市场规模有望突破1.2万亿元 据媒体报道，华为智能汽车解决方案BU CEO靳玉志4月22日宣布，华为乾崑新一代组合驾驶辅助系统 ADS 4正式发布，带来架构、安全、体验的全面升级。靳玉志同时表示，截至目前已有22款合作车型上 市，覆盖15万元以上中高端车型，包括纯电、增程、混动及燃油等类型。 机构称，到2030年智能驾驶的市场规模有望突破1.2万亿元。国新证券认为，L2+智能化在15万元以下市 场将加速普及；城市NOA在中高端车型的渗透率有望持续提升。未来智驾将进一步下沉，车企竞争升 级，赢者通吃趋势将加强。建议关注智能驾驶产业链投资机会 ...