Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Views - The company, Dongzhu Ecological, is a leader in ecological restoration and municipal landscape engineering in China. It is undergoing a significant transformation by acquiring a leading satellite communication company, Kai Rui Xing Tong, to create a second growth curve amidst current operational pressures [1][35]. - The satellite communication industry is experiencing robust growth driven by supportive government policies and increasing demand for low-orbit satellite constellations, which is expected to enhance terminal equipment demand significantly [3][4]. Summary by Sections Company Overview - Dongzhu Ecological is a comprehensive service provider in ecological governance, focusing on ecological restoration and municipal landscape projects. The company has faced operational challenges since 2022 due to industry demand contraction and impairment provisions, but it is expected to improve as new government policies and debt relief funds are implemented [1][22][33]. - The company reported a significant revenue decline in 2024, with total revenue of 3.8 billion yuan, down 55% year-on-year, primarily due to reduced project initiation and longer payment cycles from local governments [22][28]. Acquisition of Kai Rui Xing Tong - The company plans to acquire 89.49% of Kai Rui Xing Tong through a combination of stock issuance and cash payment, aiming to enter the satellite communication sector and diversify its revenue streams [35][37]. - Kai Rui Xing Tong is recognized as a leading domestic satellite communication system provider, with a projected revenue of 260 million yuan and a net profit of 40 million yuan in 2024, reflecting a year-on-year growth of 72% and 364%, respectively [2][37]. Industry Demand Analysis - The satellite internet industry is supported by increasing government policies, with a focus on building a "commercial space" growth engine. The demand for terminal equipment is expected to grow as the number of operational satellites increases [3][4]. - Key sectors driving demand include government emergency communication, military satellite communication, and maritime communication, with the government sector alone having an annual budget exceeding 3 billion yuan for emergency communication infrastructure [4][46]. Financial Forecast and Valuation - The company forecasts a gradual recovery in net profit from a loss of 630 million yuan in 2024 to a profit of 12 million yuan by 2027, with corresponding EPS improving from -1.41 yuan to 0.03 yuan per share [4][5]. - The report highlights that if the acquisition of Kai Rui Xing Tong proceeds smoothly, it could lead to a revaluation of the company's worth [4].

证券代码：603359 证券简称：东珠生态 公告编号：2025-050 东珠生态环保股份有限公司 关于2025年第二季度主要经营数据的公告 2025 年 4 月至 6 月，公司及子公司新签订生态修复类项目 2 项，合计金额 为人民币 350,086.80 万元。 二、本年累计新中标及签订项目的数量及合计金额 2025 年 1 月至今，公司及子公司新中标项目 3 项，合计金额为人民币 351,206.80 万元。新中标项目中，生态修复类项目 1 项、市政景观类项目 1 项。 2025 年 1 月至今，公司及子公司新签订生态修复类项目 5 项，合计金额为 人民币 353,935.40 万元。 上述合同均在执行中，公司未发生影响业绩的重大事项，公司主营业务的各 项经营活动一切正常。 特此公告。 东珠生态环保股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 东珠生态环保股份有限公司（以下简称"公司"）根据《上海证券交易所上市 公司自律监管指引第 3 号——行业信息披露》的相关规定，现将 2025 年第二季 度主要经营 ...