2026.01. 13 本文字数：2600，阅读时长大约4分钟 作者 | 第一财经 魏中原 1月13日，商业航天板块遭遇猛烈抛售潮，相关概念股早盘大幅下挫，超10只个股跌幅逾10%，多 只卫星ETF盘中险些跌停。 在市场情绪降温之前，航天发展（000547.SZ）与信维通信（300136.SZ）于12日晚披露股东减持 进展或减持计划。两只股票自2025年12月以来已实现翻倍涨幅，减持方均为控股股东，这被市场视 为"精准"高位套现。 目前，已有多家商业航天概念股发布风险提示公告，指出航天相关业务占总营收的比例较低，或仍处 于商业化早期。商业航天板块这轮持续两个月、由概念驱动的猛烈上涨，在产业资本撤离信号与集体 风险提示中正面临严峻考验，市场担忧此轮炒作或已触及阶段性高点。 热门股股东"精准"减持 1月12日收盘，信维通信大幅收涨10.59%，盘中股价创下历史最高点88.47元，最终收于83.11 元。当晚，信维通信实控人抛出一份"卖在高点"的减持计划。 根据公告，信维通信实际控制人、董事长兼总经理彭浩持有公司股份约1.89亿股，占公司总股本 （剔除回购股份）的19.56%。彭浩计划在2月3日至5月2日期间，通过 ...

1月13日，商业航天板块遭遇猛烈抛售潮，相关概念股早盘大幅下挫，超10只个股跌幅逾10%，多只卫 星ETF盘中险些跌停。 在市场情绪降温之前，航天发展（000547.SZ）与信维通信（300136.SZ）于12日晚披露股东减持进展或 减持计划。两只股票自2025年12月以来已实现翻倍涨幅，减持方均为控股股东，这被市场视为"精准"高 位套现。 目前，已有多家商业航天概念股发布风险提示公告，指出航天相关业务占总营收的比例较低，或仍处于 商业化早期。商业航天板块这轮持续两个月、由概念驱动的猛烈上涨，在产业资本撤离信号与集体风险 提示中正面临严峻考验，市场担忧此轮炒作或已触及阶段性高点。 热门股股东"精准"减持 1月12日收盘，信维通信大幅收涨10.59%，盘中股价创下历史最高点88.47元，最终收于83.11元。当 晚，信维通信实控人抛出一份"卖在高点"的减持计划。 13日，受实控人减持利空及商业航天板块整体低迷影响，信维通信盘中跌超15%，收盘跌10.84%，报 74.1元，按此计算，彭浩的减持金额约7.14亿元。无论彭浩最终以何种价格实施，考虑到其持股成本极 低（股份来源为"首发前股份及因权益分派送转股份"）， ...

彭浩的减持动作引发市场高度关注。公告显示，其当前持股数量达1.885亿股，占总股本的19.56%，即 便完成本次减持，持股比例仍将维持在18.5%以上，公司控制权稳定性不受影响。此次减持股份来源为 首发前股份及送转股，减持方式限定为集中竞价交易。 本报讯 （记者丁蓉）1月12日，深圳市信维通信股份有限公司（以下简称"信维通信"）发布公告称，公 司实际控制人、董事长、总经理彭浩因个人资金需求，计划在2月3日至5月2日的3个月内，通过集中竞 价方式减持不超过963.76万股公司股份，即不超过公司当前总股本的1%。 信维通信的主营业务是天线及模组、无线充电模组及相关产品、EMIEMC器件、高精密连接器、声学器 件、汽车互联产品、被动元件等。 （编辑 李家琪） 信维通信2025年前三季度实现营业收入64.62亿元，同比微增1.07%；实现归属于上市公司股东的净利润 4.86亿元，同比下降8.77%；实现归属于上市公司股东的扣除非经常性损益的净利润4.29亿元，同比增 长4.69%。 ...

证 券 研 究 报 告 信维通信（300136）深度研究报告 强推（上调） 全球一站式泛射频解决方案领导者，多业务 齐头并进公司已进入新一轮上升周期 ❖ 风险提示：智能手机出货量不及预期、AI 终端创新进度不及预期、商业卫星 发展不及预期 [ReportFinancialIndex] 主要财务指标 公司研究 通信终端及配件 2025 年 12 月 14 日 | 目标价：50.05 | 元 | | --- | --- | | 当前价：35.95 | 元 | 华创证券研究所 证券分析师：岳阳 邮箱：yueyang@hcyjs.com 执业编号：S0360521120002 证券分析师：高远 邮箱：gaoyuan@hcyjs.com 执业编号：S0360523080005 公司基本数据 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 8,744 | 9,889 | 12,178 | 16,782 | | 同比增速(%) | 15.8% | 13.1% | 23.1% | 37.8% | | 归母净利润 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [20]. Core Insights - The company reported a revenue of 6.462 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 1.07%, while the net profit attributable to shareholders was 486 million yuan, down 8.77% year-on-year [6]. - In Q3 alone, the company achieved a revenue of 2.759 billion yuan, a 4.20% increase year-on-year, with a net profit of 325 million yuan, a slight decline of 1.77% year-on-year. However, the net profit excluding non-recurring items grew by 22.06% year-on-year [6]. - The company is a global leader in RF components, accelerating its new business layout and product implementation, particularly in AI hardware and commercial satellite communication [9][10]. Financial Performance - The gross profit margin for the first three quarters of 2025 was 21.53%, an increase of 0.73 percentage points year-on-year, while the gross profit margin for Q3 was 25.45%, up 1.69 percentage points year-on-year [9]. - The company has increased its R&D investment, with R&D expenses accounting for 7.5% of revenue in the first three quarters of 2025, focusing on core materials and advanced antenna technologies [9][10]. Market Position and Growth Potential - The company has successfully entered the AI hardware supply chain for new North American clients, providing comprehensive solutions for smart terminal products [10]. - The commercial satellite communication sector is expected to experience a new growth phase, driven by advancements in low Earth orbit satellite constellations and increasing demand for satellite internet services [10]. Earnings Forecast - The company is projected to achieve net profits of 673 million yuan, 823 million yuan, and 978 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 51.02X, 41.75X, and 35.12X [11].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 32.64 CNY based on a 34x PE valuation for 2026 [3][11][6]. Core Insights - The company is expected to see a significant increase in net profit from 7.5 billion CNY in 2025 to 11.1 billion CNY in 2027, despite a downward revision from previous estimates [3][11]. - The satellite communication sector is rapidly expanding, driven by AI and new product upgrades, positioning the company favorably in the market [10][9]. - The company is benefiting from the trend of AI-driven upgrades in consumer electronics, which is expected to enhance its product offerings and market position [10]. Financial Forecasts - Revenue projections for 2025-2027 are 9.89 billion CNY, 10.99 billion CNY, and 12.09 billion CNY, respectively, with growth rates of 13.1%, 11.2%, and 10.0% [5]. - The gross margin is expected to stabilize around 21.5% in 2025, increasing to 22.9% by 2027 [5]. - The net profit margin is projected to improve from 7.6% in 2025 to 9.2% in 2027, indicating a positive trend in profitability [5]. Business Developments - The company is strategically expanding its overseas operations, particularly in Vietnam and Mexico, to enhance its production capacity and meet growing demand [10]. - The commercial satellite communication business is forming a second growth curve, with significant contributions expected from high-precision connectors and components supplied to major international clients [10][9]. - The company is actively introducing new products and clients in the satellite communication sector, which is anticipated to further boost revenue [10].

Macro Strategy - The September FOMC meeting resulted in a 25bps rate cut, with guidance indicating two more cuts within the year and an additional cut next year, which is more hawkish than market expectations [1][17] - Powell's statements on employment and inflation were consistent with the August Jackson Hole meeting, lacking significant dovish information, leading to volatile movements in major asset classes [1][17] - The focus is shifting towards the independence of the Federal Reserve, with potential political pressures influencing future rate cuts and increasing dollar credit risks [1][17] Fixed Income - The convertible bond market experienced fluctuations, with high-priced bonds outperforming mid and low-priced ones, indicating a highly structured opportunity landscape driven by the current equity market [2][19] - The China convertible bond index has risen over 30% since its low in August 2024, with a corresponding increase in the premium rate of about 8-12 percentage points [2][19] - The issuance of green bonds totaled approximately 20.052 billion yuan this week, a significant increase from the previous week, indicating strong market interest [4][23] Industry Insights - In the semiconductor equipment sector, domestic equipment manufacturers are expected to benefit significantly from the development of domestic computing power chips [12] - The oil service equipment industry is poised to gain from Saudi Aramco's plan to initiate 85 major projects over the next three years, with specific recommendations for companies like Jereh and Neway [13] - The precision manufacturing sector, particularly in 3C electronics, is highlighted for its growth potential, with companies like Fuliwang expected to see significant profit increases from 2025 to 2027 [16]

Core Viewpoint - Company is positioned as a leading player in the RF device sector, leveraging its comprehensive technical capabilities to enhance global competitiveness and expand into high-growth areas such as commercial satellite communication and smart automotive products [1][3]. Group 1: Business Overview - Company operates in various product segments including antennas, wireless charging modules, EMI/EMC devices, precision connectors, acoustic devices, automotive connectivity products, and passive components [1]. - Company is a primary supplier of antennas for several leading technology firms, with products widely used in consumer electronics, commercial satellite communication, smart vehicles, and the Internet of Things [1]. Group 2: Growth Drivers - Traditional business remains robust, with new products like LCP and UWB modules driving growth; wireless charging business benefits from the rapid adoption of Qi2.x standards in smartphones, wearables, and smart vehicles [2]. - Company has achieved scale delivery of LCP antenna modules to major North American clients and is expanding UWB modules into various applications including smart automotive keys and medical devices [2]. Group 3: Future Prospects - In the commercial satellite communication sector, company expects to ramp up supply to North American clients in the second half of 2025, while also targeting emerging domestic satellite customers [3]. - Company is deepening collaborations with major automotive manufacturers and Tier 1 suppliers, with an increasing number of projects for in-car wireless charging modules and breakthroughs in new product categories like radar and high-power wireless charging [3]. - Revenue projections for 2025-2027 are estimated at 9.705 billion, 10.92 billion, and 12.34 billion yuan, with net profits of 729 million, 814 million, and 970 million yuan respectively, indicating a positive growth trajectory [3].

Investment Rating - The report maintains an "Increase" rating for the company, indicating a projected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [3][18]. Core Insights - The company reported a revenue of 3.703 billion yuan for the first half of 2025, a slight decrease of 1.15% year-on-year, while the net profit attributable to shareholders was 162 million yuan, down 20.18% year-on-year. However, in the second quarter of 2025, revenue increased by 3.82% year-on-year to 1.960 billion yuan, and net profit rose significantly by 65.12% year-on-year to 84 million yuan [7][9]. - The company is a leading domestic player in the RF device sector, with its LCP antenna modules serving major North American clients. The main business includes antennas and modules, wireless charging modules, EMI/EMC devices, precision connectors, acoustic devices, automotive interconnect products, and passive components [9][10]. - The company has been focusing on product structure adjustments, leading to gradual operational improvements since Q2 2025. The gross profit margin for H1 2025 was 18.61%, with a slight year-on-year decrease of 0.1 percentage points, while the expense ratio increased by 1.55 percentage points to 15.19% [9][10]. - The company emphasizes R&D investment, with R&D expenses accounting for 8.42% of revenue in H1 2025. Continuous investment in core materials is expected to support gross margins and maintain technological leadership [9][10]. - The commercial satellite communication sector is anticipated to experience a new growth phase, driven by increasing global demand for satellite connectivity and the rapid deployment of low-orbit satellite constellations [10][11]. Financial Summary - For the first half of 2025, the company achieved a revenue of 3.703 billion yuan and a net profit of 162 million yuan. The second quarter saw a revenue of 1.960 billion yuan and a net profit of 84 million yuan [7][9]. - The company forecasts net profits of 734 million yuan, 803 million yuan, and 862 million yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 36.64X, 33.50X, and 31.20X [10][11].

Core Viewpoint - The company reported a slight decline in revenue and net profit for the first half of 2025, but showed significant improvement in cash flow and profitability in the second quarter, indicating a recovery trend in operations [6][7]. Financial Performance - The company's operating revenue for the first half of 2025 was approximately 3.70 billion yuan, a decrease of 1.15% compared to the same period last year [6]. - The net profit attributable to shareholders was approximately 161.83 million yuan, down 20.18% year-on-year [6]. - The net cash flow from operating activities increased by 79.74% to approximately 1.08 billion yuan [6]. - Basic and diluted earnings per share were both 0.1699 yuan, a decrease of 18.90% compared to the previous year [6]. Business Overview - The company's main business includes antennas and modules, wireless charging modules, EMI/EMC devices, high-precision connectors, acoustic devices, automotive interconnection products, and passive components [6][7]. - Consumer electronics remain the primary downstream application market, while commercial satellite communication, smart automotive, and IoT/smart home are emerging markets with significant growth potential [6][7]. - The company is actively investing in strategic product lines and expanding overseas bases to enhance profitability and market presence [6][7]. Market Position and Growth Opportunities - The antenna business continues to maintain a leading market position, while the wireless charging business benefits from the rapid adoption of wireless charging modules in smartphones and smart vehicles [7][8]. - The company has made significant progress in high-precision connectors and passive components, with new products being developed for high-end markets [9][10]. - The commercial satellite communication sector is expected to experience a new growth phase due to increasing demand for global connectivity and the rapid deployment of low-orbit satellite constellations [9][10]. International Expansion and R&D - The company has established 26 subsidiaries, 11 R&D centers, and 5 major production bases globally, enhancing its international cooperation network [10][11]. - The company is focusing on R&D in advanced materials and technologies, including LCP films and high-frequency components, to support its product offerings in 5G and future technologies [10][11]. - The ongoing construction of a new headquarters in Shenzhen aims to strengthen the company's core capabilities in technology research and smart manufacturing [10][11].