另外，"AI+有无人协同认知决策系统"研发项目将进一步完善公司AI研发体系，有效增强公司在军用新 质技术领域的研发实力，其效益将最终体现在公司技术转化效率提升、现有通信产品智能化升级加速、 新场景解决方案快速落地所带来的盈利水平增长上。 上海瀚讯(300762)12月5日晚间公告，公司拟定增募资不超过10亿元，用于投资大规模无人协同异构神 经网络研制及产业化项目、异构专用智能机器人研制及产业化项目以及"AI+有无人协同认知决策系 统"研发项目。 截至定增预案出具日，公司总股本为6.28亿股，上海双由持有公司总股本的17.76%，为公司的控股股 东。卜智勇为公司的实际控制人，胡世平、陆犇、赵宇及顾小华为卜智勇的一致行动人，卜智勇及其一 致行动人通过上海双由持有发行人17.76%的股份。 本次发行完成后，按照本次发行上限（发行数量不超过总股本的30%）测算，上海双由持股比例为 13.66%，仍为上市公司的控股股东，卜智勇仍为上市公司的实际控制人。 本次募集资金将投入大规模无人协同异构神经网络研制及产业化项目、异构专用智能机器人研制及产业 化项目以及"AI+有无人协同认知决策系统"研发项目，拟投入募资分别为3.15 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 28.28 RMB [6][4]. Core Views - The company is expected to benefit from the growth in satellite internet and data link businesses, with significant revenue growth anticipated as military communication markets expand and satellite payloads and ground terminal products reach mass production [1][2]. - The traditional military product business is gradually recovering, and the company is solidifying its leading position in military broadband communication while actively expanding into new product applications such as 5G and drone data links [2]. - The low Earth orbit satellite internet business is projected to become a key driver for sustained high growth in the company's performance, especially with the upcoming dense launch period of the Qianfan constellation expected in 2026 [2]. Financial Performance Summary - In Q3 2025, the company achieved revenue of 131 million RMB, representing a year-over-year increase of 86.92% and a quarter-over-quarter increase of 173.34%. However, the net profit attributable to the parent company was -19.52 million RMB, showing a year-over-year increase of 50.27% and a quarter-over-quarter increase of 53.39% [1]. - For the first three quarters of 2025, the company reported a total revenue of 305 million RMB, a year-over-year increase of 72.72%, with a net profit of -48.16 million RMB, reflecting a year-over-year increase of 47.25% [1]. - The gross margin for the first three quarters of 2025 was 40.91%, a decrease of 20.08 percentage points year-over-year, primarily due to changes in product delivery structure [3]. Profitability Forecast and Valuation - The company’s net profit forecast for 2025-2027 has been adjusted downwards due to slower-than-expected recovery in profit margins and revenue growth. The revised net profit estimates are 0.16 billion RMB for 2025, 2.31 billion RMB for 2026, and 3.21 billion RMB for 2027 [4][18]. - The report assigns a 2026 PE ratio of 77x to the company, reflecting its core positioning in the Qianfan constellation and its leading status in military broadband [4].