证券代码：002544 证券简称：普天科技 中电科普天科技股份有限公司 2026 年 1 月 8 日投资者活动记录表 二、主要问答内容 1.请介绍公司关于卫星互联网的布局和计划。 答：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 I SN 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 ...

Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry [4] Core Insights - The commercial aerospace sector is accelerating, with significant developments in satellite terminal projects and successful satellite launches [2][10] - The synergy between satellite launches and ground terminal applications is expected to enhance the overall satellite internet industry [10][11] - The upcoming "14th Five-Year Plan" is anticipated to drive demand for unmanned and anti-unmanned equipment, deep-sea technology, and operational informatization, highlighting the sector's growth potential [15] Summary by Sections Investment Recommendations and Targets - The report suggests focusing on commercial aerospace companies such as Aerospace Electronics (600879, Buy), Haige Communication (002465, Buy), and others [7][15][16] - It also highlights opportunities in the aerospace propulsion and engine chain, new domains, military electronics, and military trade [15][16] Industry Performance - The defense and military industry index (Shenwan) rose by 2.80%, outperforming the CSI 300 index, which declined by 0.08% [18][21] - The report notes that the defense and military sector ranked 2nd out of 31 in terms of weekly performance [21] Key Developments - The successful launch of multiple low-orbit satellites within a week indicates a trend towards rapid network deployment becoming the norm [13][14] - The report emphasizes the importance of ground terminal projects as critical components in the satellite communication system, facilitating user access and service [10][11]

Core Viewpoint - The article highlights the rapid development of the commercial aerospace industry in Qingdao, driven by the establishment of the Shanghai Cooperation Organization (SCO) Demonstration Zone and the achievements of companies like Qingdao SCO Aerospace Technology Co., Ltd. [3][4] Industry Overview - The commercial aerospace industry in China is expected to grow from 1 trillion RMB in 2020 to 2.8 trillion RMB by 2025, indicating a significant growth trajectory [3]. - Qingdao is leveraging its geographical and policy advantages to foster a thriving commercial aerospace sector, characterized by rapid growth and innovation [3][4]. Company Developments - Qingdao SCO Aerospace has successfully completed the final testing of satellite communication terminals designed for maritime vessels, which are set to be shipped overseas [2]. - The company has established the first domestic big data center to support its satellite constellation applications, enhancing the reliability and low latency of its services [4]. - The successful deployment of the first phase of the Geely Constellation network has increased the number of operational satellites to 64, enabling global real-time communication coverage [3][4]. Market Applications - The services provided by the Geely Constellation will be implemented in various countries, including Malaysia, Kazakhstan, Oman, Saudi Arabia, Kenya, and Argentina, focusing on sectors such as smart ports, marine fisheries, and energy inspections [4]. - The production capabilities of Qingdao SCO Aerospace allow for mass production of satellite terminals suitable for various applications, significantly reducing product launch cycles [4]. Strategic Recommendations - Experts suggest that Qingdao and the SCO Demonstration Zone should optimize their industrial layout, focusing on high-end satellite communication sectors and attracting high-level talent to enhance regional competitiveness [6]. - The SCO Demonstration Zone aims to deepen connections with SCO member states in key areas such as communication, agriculture, and energy, supporting local aerospace companies in creating a new generation of satellite IoT constellations [5].

Core Insights - The Shanghai Municipal Economic and Information Commission released the "Action Plan for High-Quality Development of the Intelligent Terminal Industry (2026-2027)", aiming for the industry to exceed 300 billion yuan by 2027 and to establish over three globally influential consumer terminal brands [1][2] Group 1: Industry Goals - By 2027, the intelligent terminal industry in Shanghai is expected to achieve a total scale exceeding 300 billion yuan, with targets to cultivate three globally influential consumer terminal brands and two leading enterprises [1] - The plan includes achieving a production scale of over 10 million units for artificial intelligence computers, smartphones, and new AI terminals [1][2] Group 2: Financial Support and Investment - The action plan emphasizes increasing financing support for terminal enterprises through industrial transformation funds and guiding social capital and professional institutions to participate in investment [1][2] - It encourages financial institutions to strengthen the guarantee of financing needs for the intelligent terminal sector [1] Group 3: Product Development Focus - The plan aims to cultivate leading brands in artificial intelligence computers and support the transformation of traditional computer production capacity to AI computers [1][2] - It also calls for the establishment of a satellite terminal production line to create a Shanghai brand for satellite terminals, targeting a production capacity of 100,000 units [2] Group 4: Technological Advancements - The action plan highlights the need for collaboration between terminal enterprises and chip/algorithm companies to enhance the security and efficiency of the supply chain [3] - It emphasizes the importance of data-driven approaches to unlock the value of terminal data and create competitive advantages through a "product + scenario + ecosystem" integration [3] Group 5: Market Predictions - Experts predict that this year will be a year of explosive growth for intelligent terminals, with AI terminal shipments accounting for 42% of global totals in the first half of the year and a projected 20% increase in shipments for AI smartphones, AIPC, and AI tablets for the entire year [3]

Core Insights - The Shanghai Municipal Economic and Information Commission released the "Action Plan for High-Quality Development of the Intelligent Terminal Industry (2026-2027)", aiming for the industry to exceed 300 billion yuan by 2027 and to establish over three globally influential consumer terminal brands [1][2]. Group 1: Industry Goals - By 2027, the intelligent terminal industry in Shanghai is expected to achieve a scale exceeding 300 billion yuan, with targets to cultivate three globally influential consumer terminal brands and two leading enterprises [1]. - The plan includes achieving a production scale of over 10 million units for artificial intelligence computers, smartphones, and new AI terminals [1]. Group 2: Financial Support and Investment - The action plan emphasizes increasing financing support for terminal enterprises through industrial transformation funds and guiding social capital and professional institutions to participate in investment [1][2]. - It encourages financial institutions to strengthen the guarantee of financing needs for intelligent terminals [1]. Group 3: Product Development Focus - The plan aims to cultivate leading brands in artificial intelligence computers and support the transformation of traditional computer production capacity to AI computers, establishing a production base with an annual capacity of 10 million units [1][2]. - It also focuses on developing AI smartphone brands and enhancing production capabilities to fill gaps in Shanghai's smartphone terminal capacity [2]. Group 4: Technological Advancements - The action plan calls for the establishment of an intelligent server terminal industry cluster, enhancing system optimization capabilities, and achieving a scale of 10 billion yuan [2]. - It highlights the need for strengthening the layout of AI chips for various terminal products, including mobile phones and computers, covering major technology routes like X86, ARM, and RISC-V [2]. Group 5: Market Potential - Experts predict that this year will be a year of explosive growth for intelligent terminals, with AI terminal shipments accounting for 42% of the global total in the first half of the year, and a projected 20% increase in shipments of AI smartphones, AIPC, and AI tablets for the entire year [3].

Core Insights - The Shanghai Municipal Economic and Information Commission released the "Action Plan for High-Quality Development of the Intelligent Terminal Industry (2026-2027)", aiming for the industry to exceed 300 billion yuan by 2027 and to establish over three globally influential consumer terminal brands [1][2] - The plan emphasizes the need for financial support through industry transformation funds and encourages collaboration between state-owned capital and private investments to bolster the intelligent terminal sector [1][2] - The government aims to enhance the production capacity of artificial intelligence computers, smartphones, and satellite terminals, with specific targets for annual production and market presence [2][3] Group 1 - The intelligent terminal industry in Shanghai is projected to surpass 300 billion yuan by 2027, with goals to produce over 10 million units each of AI computers, AI smartphones, and new AI terminals [1][2] - The plan includes the establishment of a robust financing framework to support terminal enterprises, leveraging state-owned capital and encouraging private investment [1][2] - The focus is on developing leading brands in AI computers and smartphones, with a push for traditional computer manufacturers to transition to AI capabilities [2][3] Group 2 - The initiative aims to create a cluster for intelligent computing server terminals, targeting a scale of 10 billion yuan and promoting the application of core components like GPUs [2] - There is a strong emphasis on building a competitive edge in satellite terminal production, with a goal of achieving a production scale of 100,000 units [2] - The plan also highlights the importance of advancing AI chip development across various terminal products, including smartphones and computers, to cover major technology routes [2][3] Group 3 - The Shanghai government is committed to fostering globally influential consumer terminal brands, focusing on technological advancements and collaboration across the supply chain [3] - Experts predict a significant growth year for AI terminals, with expectations that AI device shipments will increase by 20% this year, reflecting a strong market demand [3]

Company Overview and Financial Performance - The company introduced its basic situation and business development in the first half of 2025, along with future business plans [2] - The financial data for the first half of 2025 was analyzed, showing a revenue of approximately 119 million CNY for microwave antennas, with a year-on-year growth of about 84% [4] - Satellite communication revenue reached 26 million CNY, with a year-on-year increase of 2.59% [4] Business Growth and Strategic Focus - The company is optimistic about the future growth of its satellite communication business, aiming to establish it as a second growth curve alongside existing products [3] - The overseas sales ratio has approached 50% of total revenue, driven by 4G and 5G network upgrades in countries along the Belt and Road [3] - The company plans to enhance its sales strategies in Southeast Asia, the Middle East, and Africa, focusing on expanding its MACRO WIFI product sales channels [3] Product Development and Market Expansion - The company has developed specialized antennas for unique scenarios, such as high-speed rail and remote areas, addressing communication needs in underserved regions [4] - The company is actively participating in satellite communication applications and has established a solid presence in both domestic and international markets [4] - The company is also expanding its product lines in collaboration with Sichuan Guangwei Communication, focusing on high-demand areas like data centers and cloud computing [5] Future Outlook and Market Positioning - The company plans to maintain its focus on the base station antenna market over the next 3-5 years, despite a decline in domestic direct procurement [6] - It aims to leverage international market growth from 4G and 5G investments, enhancing its competitive edge through new product launches [6] - The company is committed to optimizing its business structure, with microwave antennas as the core and satellite communication as a key growth area for the next five years [4]

Group 1 - Beijing Lanying Xingtong Technology Co., Ltd. has completed an angel++ round of financing, exclusively funded by Qidi Zhixing, with the raised funds aimed at mass production of satellite development and component procurement [2] - The company has raised several million yuan in two rounds of financing within six months, with a total amount reaching several million yuan [2] - Lanying Xingtong is the only team in China and one of two globally that masters Bluetooth direct satellite technology, capable of full-process satellite constellation and overall design [4] Group 2 - The company has recently launched its first Bluetooth satellite and is developing flexible deployable antenna optimization and flat satellite design for future large-scale deployment [4] - Lanying Xingtong's early customers primarily include monitoring and surveillance institutions for national key infrastructure construction, with established demonstration sites in regions like Tibet and Qinghai [5] - The number of Bluetooth nodes deployed by Lanying Xingtong has increased 20 times since its establishment, with an expected reach of around 200,000 nodes by the end of the year [5] Group 3 - The company plans to launch Bluetooth networking satellites in the second half of this year and has initiated a new round of financing [6]

Core Points - The Chengdu Qingyang District hosted the "Liyuan Manyuan" industrial investment promotion conference as part of the 2025 China Mobile Industry Investment Ecological Cooperation Conference, aiming to attract enterprises and promote local economic development [1][3][6] Group 1: Industrial Development - The Qingyang District is leveraging its industrial parks to attract businesses, showcasing the vibrant economic and social development in the area [3][4] - The Aviation National Innovation Center Industrial Park, covering 203 acres, focuses on aviation equipment R&D, satellite internet, and industrial software, attracting leading companies like Weier Technology [3][4] - The Aviation High-end Equipment Intelligent Manufacturing Industrial Park has already welcomed high-end manufacturing companies, contributing to the local industrial ecosystem [4][7] Group 2: Business Environment - The Qingyang District emphasizes a supportive business environment, with policies aimed at enhancing the competitiveness of the local economy and attracting quality enterprises [6][9] - The "1+5" industrial development policy framework supports key industries such as aviation, finance, and cultural tourism, providing financial assistance and services to foster innovation and talent development [9] Group 3: Investment Opportunities - Many enterprises expressed strong interest in investing in Qingyang, citing the well-developed infrastructure and high industry concentration as key factors for their potential collaboration [5][8] - Companies like Hertz Technology are considering establishing branches in Qingyang, highlighting the area's potential for market expansion [8] Group 4: Policy Support - Qingyang's government has implemented substantial support policies to enhance the business environment, including a comprehensive "1+5+N" policy system to assist enterprises at various development stages [9] - The rapid administrative processes in Qingyang, such as the swift registration and office setup for new companies, have been positively noted by business leaders [9]

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]