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中国卫星半年报预亏或达4120万,商业航天业务增量未能抵消传统卫星研制收入下滑影响
Shen Zhen Shang Bao· 2025-07-11 05:46
Core Viewpoint - China Satellite (600118) is expected to report a significant loss in the first half of 2025, with a projected net loss of between 21.2 million to 41.2 million yuan, a stark decline from a profit of 8.5 million yuan in the same period last year [1][2]. Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of between -41.2 million yuan and -21.2 million yuan for the first half of 2025, indicating a shift from profitability to loss [1]. - The expected net profit after deducting non-recurring gains and losses is projected to be between -47.3 million yuan and -25.3 million yuan [1][2]. - The 2024 annual report indicated a net profit decline of 82.28% to 27.914 million yuan, with a 96.67% drop in net profit excluding non-recurring items, highlighting ongoing financial pressure [3]. Group 2: Reasons for Performance Decline - The decline in performance is attributed to fewer contracts meeting acceptance conditions in satellite manufacturing, leading to a decrease in recognized revenue while operational expenses continue to rise [2]. - Although there was a significant increase in the delivery of aerospace components, the majority were low-margin commercial space products, contributing minimally to profit [2]. - The competitive landscape has intensified due to the influx of private capital in commercial aerospace, necessitating a restructuring of profit models for traditional aerospace companies [3]. Group 3: Strategic Response - The company plans to accelerate the implementation of key projects and task deliveries, focusing on industry user needs and optimizing products and services [2]. - Efforts will be made to explore new avenues in commercial aerospace and satellite applications while enhancing cost management and risk control [2]. - China Satellite is actively participating in low-orbit internet construction projects, providing various products and services, including electronic products and communication terminals [3].
36氪首发丨聚焦星地通信,「创智联恒」再获国资加持
3 6 Ke· 2025-06-27 08:24
Core Insights - Sichuan Chuangzhi Lianheng Technology Co., Ltd. has completed a new round of financing, receiving support from state-owned enterprises, indicating strong investor confidence in the commercial aerospace sector and the company's technology and market recognition [1][3]. Company Overview - Founded in 2018 in Chengdu, Chuangzhi Lianheng focuses on the research and innovation of wireless communication technology, positioning itself as a core provider of next-generation low-orbit satellite communication products and solutions [1][3]. - The company has developed a comprehensive product lineup in the satellite communication field, including space segment communication payloads, ground segment gateway baseband, and user terminal baseband [3][4]. Financial Performance - The satellite communication business of Chuangzhi Lianheng has seen significant revenue growth in the first half of the year, attributed to the company's technological advancements and the accelerated development of satellite internet infrastructure in China [4]. Strategic Focus - With the recent financing, the company plans to concentrate on core technologies and key production capacity, optimizing resource allocation to enhance research and operational efficiency [4]. - The company aims to maintain a clear industry positioning and collaborate with industry partners for mutual benefits and sustainable business growth [4].
山西证券研究早观点-20250627
Shanxi Securities· 2025-06-27 02:44
研究早观点 市场走势 资料来源:最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,448.45 | -0.22 | | 深证成指 | | 10,343.48 | -0.48 | | 沪深 | 300 | 3,946.02 | -0.35 | | 中小板指 | | 6,457.70 | -0.72 | | 创业板指 | | 2,114.43 | -0.66 | | 科创 | 50 | 989.97 | -0.57 | 资料来源:最闻 2025 年 6 月 27 日 星期五 分析师: 李召麒 执业登记编码:S0760521050001 电话:010-83496307 邮箱:lizhaoqi@sxzq.com 【今日要点】 【行业评论】通信:山西证券通信行业周跟踪:MWC 上海展示低轨卫 星地面基建新机遇,AMD Helios 机柜或使用更多光模块与铜缆-—— MWC 上海展示低轨卫星地面基建新机遇,AMD Helios 机柜或使用更 多光模块与铜缆 【行业评论】非银行金融:行业周报(20250616-20250622): ...
通信行业:MWC上海展示低轨卫星地面基建新机遇,AMDHelios机柜或使用更多光模块与铜缆
Shanxi Securities· 2025-06-26 04:18
Investment Rating - The report maintains an investment rating of "Outperform the Market" for the telecommunications industry [1]. Core Insights - The NTN (Non-Terrestrial Network) industry chain is maturing rapidly, with ground infrastructure poised for significant development. The MWC Shanghai 2025 highlighted satellite internet as a key focus, presenting at least three catalysts and investment opportunities for the sector [2][15]. - The next-generation low Earth orbit (LEO) constellation design is nearly mature, with domestic projects like Qianfan, State Grid, Hongyan, and Tianqi starting to form. The NTN architecture is becoming mainstream, benefiting major 5G equipment manufacturers such as Huawei, ZTE, and others [3][16]. - As the trial commercial use of low Earth orbit constellations approaches, ground infrastructure will see accelerated growth. The low Earth satellite communication system in China is expected to enter public testing this year, with consumer-level satellite networking anticipated in the second half of the year [4][17]. Summary by Sections 1. Weekly Viewpoint and Investment Suggestions - The NTN industry is expected to benefit from the upcoming commercial trials of low Earth orbit satellites, with significant opportunities in ground infrastructure and satellite payloads [15][17]. - Key companies to watch include: - Low Earth Satellite Payload: Xinke Mobile, Fenghuo Communication, ZTE, Tongyu Communication, Jingxin Communication, and others [20]. - Low Earth Ground Infrastructure: Changjiang Communication, Zhenyou Technology, Xinke Mobile, China Tower, and others [20]. - Super Node Communication: Zhongji Xuchuang, Xinyi Sheng, Wolong Nuclear Materials, and others [20]. 2. Market Overview - The telecommunications index rose by 1.58% during the week of June 16-20, 2025, while major indices like the Shanghai Composite Index and Shenzhen Component Index saw declines [8][18]. - The top-performing sectors included optical modules (+9.6%), optical cables (+8.2%), and liquid cooling (+3.8%) [8][18]. 3. Company Performance - Notable stock performances included Longfly Fiber (+15.10%), Yuanjie Technology (+12.06%), and others leading in gains, while Zhenyou Technology and others faced significant declines [34][36].
国泰海通|通信:低轨星座加速组网,信关站建设蓄势待发——信关站行业专题研究
风险提示: 低轨通信卫星星座发射进展不及预期;国内可复用火箭技术研发进度不及预期;信关站设备交 付节奏不及预期。 文章来源 报告导读: GW 和 G60 星座组网加速,将持续释放信关站需求,除硬件提供商受益外, 卫星测控服务或将迎来快速发展期。 国内低轨卫星星座组网加速,信关站行业将迎来景气度提升,给予行业"增持"评级。 天地一体化是 6G 通信的典型特征,无论是透明转发还是星上再生模式,信关站都承担着数据落地、协议转换和网络管理的 核心功能。低轨( LEO )星座因卫星过境速度快、单星覆盖范围小,对信关站的密度和数量提出了远超 高轨( GEO ) s 卫星的要求,构成了本轮需求增长的主力。随着 G60 和 GW 两大巨型星座建设加速, 2.8 万颗低轨卫星的组网计划将释放对地面信关站的庞大需求。信关站建设的节奏和规模将成为衡量星座 商用化进程的核心前置指标,其重要性凸显,产业链将充分受益于这一高确定性的增量市场。 对标海外成功经验,完善的地面网络是星座商业成功的关键前提。 SpaceX 的星链计划具备在全球范围内 提供高速、低延迟服务的能力,组网进度与其数百个的信关站网络建设同步进行。 2025 年 3 月 ...
上海瀚讯(300762) - 300762上海瀚讯投资者关系管理信息20250516
2025-05-16 10:06
编号:2025-002 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 □电话会议 □其他: 参与单位名称及人员姓 名 参加公司2024年度网上业绩说明会的全体投资者 时间 2025年05月16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 董事长 胡世平先生 独立董事 花贵如先生 董事、副总经理、财务负责人及董事会秘书 顾小华女士 保荐代表人 王鹏程先生 投资者关系活动 主要内容介绍 1.请问公司在 G60 星座项目中承担何种角色 答:公司是千帆星座通信分系统供应商及 G60 星座载荷相关通信 设备的核心承研单位之一,负责该星座通信分系统的保障与支 撑,研制并供给相关卫星通信载荷、信关站、卫星通信终端等关 键通信设备。同时,公司也组织了专门研发团队,进行卫星相关 业务的研究。谢谢。 2.年报中有一笔收回投资现金 1.5 亿元,请问这是什么项目收回 的投资现金? 证券代码:300762 证券简称:上海瀚讯 上海瀚讯上市公司投资者关系活动记录表 | | 与成果,瀚讯公 ...
长江通信: 兴业证券股份有限公司关于长江通信发行股份购买资产并募集配套资金暨关联交易之2024年度持续督导意见暨持续督导总结报告
Zheng Quan Zhi Xing· 2025-05-13 10:43
Group 1 - The core transaction involves Wuhan Yangtze Communication Industry Group Co., Ltd. issuing shares to acquire 100% equity of Di Ai Si and raising supporting funds from China Information Communication Technology Group Co., Ltd. [4][6] - The transaction price for the acquisition of Di Ai Si is set at RMB 1,107.0731 million [4][6]. - The independent financial advisor, Industrial Securities Co., Ltd., has confirmed that the transaction complies with relevant laws and regulations, and the necessary approvals have been obtained [8][9]. Group 2 - As of December 8, 2023, the transfer of 100% equity of Di Ai Si to the listed company has been completed, making Di Ai Si a wholly-owned subsidiary [6][7]. - The company has issued 51,505,546 shares to China Information Communication Technology Group, raising a total of RMB 643.5745 million in net funds [8][9]. - The total number of shares after the issuance will be 329,612,132 [8]. Group 3 - The company has established a comprehensive governance structure and internal control system to ensure orderly operations and compliance with laws and regulations [29]. - The company aims to enhance its competitive advantage and long-term benefits for shareholders through the integration of the target company [28]. - The company has signed performance commitment and compensation agreements to protect the interests of investors, ensuring that any shortfall in net profit will be compensated [29].
上海瀚讯:2024年年报&2025年一季报点评:Q1扭亏为盈,重视卫星业务进展-20250505
Minsheng Securities· 2025-05-05 02:23
Q1 扭亏为盈,重视卫星业务进展 2025 年 05 月 03 日 ➢ 事件:2025 年 4 月 29 日,上海瀚讯发布 2024 年年报及 2025 年一季报, 2024 年公司实现营业收入 3.53 亿元,同比+12.97%,亏损由 2023 年的 1.90 亿元收窄至 1.24 亿元;2025Q1 公司实现营业收入 1.26 亿元,同比+84.41%, 实现归母净利润 0.13 亿元,较 2024Q1 实现扭亏。 ➢ 24 年费用结构明显优化,25Q1 毛利率环比回升。公司 2024 年销售费用 率、管理费用率、研发费用率分别为 8.4%、17.0%、57.1%,较 2023 年的 11.1%、 13.9%、81.5%分别-2.7pcts、+3.1pcts、-24.4pcts,整体费用结构不断优化。 2025Q1 公司毛利率水平达 37.56%,较 2024Q4 的 25.63%回升明显,我们认 为主要系公司产品结构调整所致。 ➢ 政策不断鼓励支持引导商业航天发展,产业迎黄金发展机遇。2025 年政府 工作报告中明确提及:培育壮大新兴产业、未来产业。深入推进战略性新兴产业 融合集群发展。开展新技术新产 ...
上海瀚讯(300762) - 300762上海瀚讯投资者关系管理信息20250430
2025-04-30 08:56
上海瀚讯上市公司投资者关系活动记录表 编号:2025-001 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 √电话会议 | | | □其他: 华泰证券 王兴 陈越兮 张云逸 蒋瑞 李雅婕 谌昕、广发证券 李璟菲、国 | | | 泰海通 黄龙、华安证券 陈晶、西部证券 张天、东兴证券 洪振宁 石伟 晶、中银基金 赵建忠、招商基金 张西林、万家基金 吴欣烨、天弘基金 | | | 董志强、创金合信 李晗、华商基金 蔡峰、华夏基金 胡斌、汇丰晋信 | | 参与单位名称 | 张瑜婧 韦钰 陈平、嘉和基金 王欣艳、天治基金 顾申尧、易米基金 程 | | | 伟庆、混沌投资 黎晓楠、东恺投资 李威、尚伟投资 易莱特 罗俊锐 蓝 | | 及人员姓名 | 振山、复胜投资 沈烨峰、太平资产 窦萍华、望正资产 张金贵、趣时资 | | | 产 滕春晓、灏象资产 伍啸天、禅龙资产 陈鑫、宏利资产 李文琳、孝 | | | 庸私募 刘伟、嘉世私募 李其东、德晟百川 唐琪、正圆私募 张萍、华 | | ...
上海瀚讯20250429
2025-04-30 02:08
上海瀚讯 20250429 摘要 • 2024 年国内卫星互联网板块走势平淡,主因军工行业收入利润下滑。但 技术有进展,如星网组网星发射、原性 5 轨在轨运行,受火箭因素影响, 发射数量不及预期。 • 预计 2025 年国内卫星互联网建设显著增长,民商火箭安全性、国家队火 箭型号及发射场资源问题将改善。手机直连卫星元年,蜂窝体制实现类似 Starlink 二代 d To C 模式功能。 • 汉迅公司 2024 年营收同比增 12.97%,卫星业务占比显著上升,净利润 减亏约 6,000 万元,经营活动现金流大幅增加,表明公司已走出谷底,各 项经营指标向良性发展。 • 汉迅公司毛利率下降约 5 个百分点,因收入结构中低毛利率产品占比增加 及国防领域通信同行普遍现象。公司积极参与原性的千帆星座建设。 • 汉迅公司 2025 年第一季度首次实现转正,归功于批次改革交付收益增长, 研发人员增加,加大研发力度以推动未来业务发展。 • 2024 年汉迅卫星业务收入主要来自千帆星座地面基站建设,约 1.5 亿元。 2025 年中标一体化信关站项目,配合千帆星座海外布局,并在手机直连 技术领域进行科研和设备研制。 • 宽带数 ...