证券日报网1月9日讯 ，普天科技在接受调研者提问时表示，公司作为中电网通旗下上市平台，同时也 是服务国家网信体系发展的重要力量，卫星互联网是公司核心战略方向之一。公司始终围绕终端、网 络、平台、算力等关键环节开展技术与业务布局，致力于构建适配行业发展需求的生态体系。目前，公 司已与西安电子科技大学ISN实验室成立联合实验室，共同开展天地一体化泛在信息网络方向的技术研 究、学术交流及人才培养工作。公司正从多维度积极推进布局：一是在中国通信标准化协会（CCSA） 等标准组织，参与空天地多模式协同组网研究及标准制定工作，同时加快低轨卫星通信类相关产品研制 进程，面向卫星终端等领域推出自主产品，积极参与承接卫星运营商相关技术服务；二是持续深耕北斗 卫星导航系统相关产品的研发与应用，进一步提升综合位置服务能力；三是充分发挥航空级智能制造优 势，为卫星相关设备提供PCB设计、制造等高品质、高可靠的产品组件。此外，公司设立创新研发机 构，聚焦卫星互联网领域持续加大研发投入，逐步构建空天地一体化能力体系。 （文章来源：证券日报） ...

普天科技(002544.SZ)发布投资者活动记录表，卫星互联网是公司核心战略方向之一。目前，公司已与 西安电子科技大学ISN实验室成立联合实验室，共同开展天地一体化泛在信息网络方向的技术研究、学 术交流及人才培养工作。公司正从多维度积极推进布局：一是在中国通信标准化协会（CCSA）等标准 组织，参与空天地多模式协同组网研究及标准制定工作，同时加快低轨卫星通信类相关产品研制进程， 积极参与承接卫星运营商相关技术服务；二是持续深耕北斗卫星导航系统相关产品的研发与应用；三是 充分发挥航空级智能制造优势，为卫星相关设备提供PCB设计、制造等高品质、高可靠的产品组件。公 司与氦星光联（深圳）有限公司、北京忆芯科技有限公司在之江实验室正式签署战略合作协议，共同参 与国家卫星互联网战略建设，推动空天智算领域关键技术突破与商业化落地。联合研发中心围绕突破激 光-微波复合传输技术，提升星间、星地链路传输速率与稳定性，满足海量数据实时交互需求；结合存 算传一体化技术，探索具备在轨数据处理能力的新型卫星架构；推动空天资源市场化配置，为政务、行 业及商业用户提供创新服务模式。 ...

证券日报网讯 12月29日，普天科技（002544）在互动平台回答投资者提问时表示，卫星互联网是公司 战略方向之一，目前已与西电ISN成立联合实验室，共同开展天地一体化泛在信息网络方向的技术研 究、学术交流以及人才培养并参与大湾区产业联盟助力低空经济发展。公司正积极布局，一是加快推动 低轨卫星通信类相关产品研制、面向卫星终端等领域推出自主产品，积极参与承接卫星运营商相关技术 服务；二是持续深耕基于北斗的产品研发及应用，进一步提升综合位置服务能力；三是充分发挥航空级 智能制造的领先优势，为卫星相关设备提供PCB设计和制造等高可靠产品组件。公司将持续为国家信息 基础设施建设与行业高质量发展贡献力量。 ...

Financial Performance - The company reported total revenue of 2.024 billion yuan for the first half of 2025, a year-on-year decrease of 16.96% compared to 2.437 billion yuan in 2024 [1] - The net profit attributable to shareholders was -20.8032 million yuan, down 152.91% from a profit of 39.3201 million yuan in the previous year [1] - The gross margin was 14.14%, a decline of 19.63% year-on-year, while the net margin was -1.18%, a drop of 179.91% [1] - The company’s accounts receivable reached 3.709 billion yuan, a decrease of 14.89% from 4.358 billion yuan in 2024, but the accounts receivable to net profit ratio was extremely high at 33141.2% [1][3] Cost Structure - Total selling, administrative, and financial expenses amounted to 211 million yuan, accounting for 10.42% of revenue, which is an increase of 7.3% year-on-year [1] - The company’s operating cash flow per share was -0.16 yuan, an increase of 73.36% compared to -0.61 yuan in the previous year [1] Business Model and Strategy - The company relies heavily on research and marketing to drive its performance, with a historical median Return on Invested Capital (ROIC) of 3.59% over the past decade, indicating weak investment returns [3] - The company is focusing on data governance, aiming to build a core capability platform that includes data integration, governance, and security, targeting government and industry sectors [5] - The company is actively involved in satellite internet initiatives, collaborating with partners to enhance technology and service offerings in this area [6] Emergency Communication Solutions - The company provides three main emergency communication solutions: narrowband wireless communication networks, satellite communication networks, and integrated communication solutions using the Tian Tong and Bei Dou systems [8][9][10] - These solutions are designed to enhance communication capabilities during emergencies and ensure effective management of disaster response [8][9][10] Capital Operations - The company aims for high-quality development through both internal and external growth strategies, focusing on capital-driven initiatives to enhance its core capabilities and industry innovation [12]

Investment Rating - The investment rating for the company is "Buy" [1] Core Viewpoints - The "Trinity Computing Constellation" plan aims to build a space-based intelligent computing infrastructure with over 2,800 satellites, transitioning from "ground-based computing" to "space-based computing." The company is expected to play a key role in this initiative [3][4] - The company has core advantages and deep layouts in ground networks and satellite communications, positioning it to become a major satellite operator. It is also involved in satellite terminals and ground stations [3][12][14] - The demand for PCB boards is expected to surge due to the recovery of military orders, with the company being the largest manufacturer of military PCBs in China [14] Financial Summary - The projected revenues for 2025, 2026, and 2027 are estimated at 65.04 billion, 74.91 billion, and 83.14 billion respectively, with net profits of 2.54 billion, 3.40 billion, and 4.21 billion [15][20] - The earnings per share (EPS) are forecasted to be 0.37, 0.50, and 0.62 for the years 2025, 2026, and 2027 respectively [15][20] - The price-to-earnings (PE) ratios for 2025, 2026, and 2027 are projected to be 62, 47, and 38 [15][20]