*风险提示：股市有风险，入市需谨慎 据中证报报道，近日，国家互联网信息办公室、国家发展改革委、工业和信息化部、公安部、海关总 署、市场监管总局、广电总局联合发布《终端设备直连卫星服务管理规定》，自2025年6月1日起施行。 《规定》提出，支持终端设备直连卫星技术研究、卫星通信与地面移动通信融合发展，探索技术融合新 应用新业态，构建系统完备的产业体系。鼓励通过终端设备直连卫星服务提高我国网络覆盖水平。 天银机电：子公司天银星际主营恒星敏感器，主要应用于各种卫星、无人机等领域，在国内商业卫星市 场占据优势地位。 华力创通：基于自主研发的卫星通信核心芯片技术，已形成"芯片+模块+终端+平台+系统解决方案"的 较全产业链格局，为客户提供全方位的卫星应用产品和解决方案。 *免责声明：文章内容仅供参考，不构成投资建议 中证报表示，卫星直连市场作为星地融合通信的核心赛道，其发展前景呈现技术迭代加速、终端生态重 构与商业场景扩容三重增长逻辑。全球手机卫星直连市场正经历指数级扩张，权威机构NSR预测未来十 年累计规模将达668亿美元。 智能手机年出货超10亿台的规模效应，叠加应急救援、海洋通信等垂直场景需求，将推动卫星通信模组 ...

Core Viewpoint - The company Tianyin Electromechanical (300342) is experiencing stable revenue growth, with its radar and aerospace electronics business expected to enter a recovery and upward cycle [1] Financial Performance - In 2024, the company reported operating revenue of 1.048 billion yuan, an increase of 0.63%, and a net profit attributable to shareholders of 90 million yuan, up 175.80% [2][3] - The gross profit margin was 23.74%, an increase of 0.63 percentage points, while the net profit margin reached 8.75%, up 5.51 percentage points [2] Business Segments - The company operates primarily in two segments: refrigerator compressor parts and radar and aerospace electronics [2] - In the refrigerator compressor parts segment, sales volume reached 337 million units, up 4.56%, and revenue was 640 million yuan, an increase of 16.44% [3] - The radar and aerospace electronics segment saw revenue decline to 407 million yuan, down 17.07%, but sales volume increased significantly by 60.62% [4] Cost Management and R&D - The company successfully reduced its operating expenses, with a three-expense ratio of 7.90%, down 0.10 percentage points [5] - R&D investment increased to 80.46 million yuan, up 0.67%, with the number of R&D personnel rising to 390, an increase of 13.04% [5] Industry Outlook - The radar and aerospace electronics segment is expected to benefit from the military industry entering an upward cycle and the acceleration of satellite internet construction [6][8] - The company anticipates stable performance in the refrigerator compressor parts business due to ongoing "old-for-new" policies, while the radar and aerospace electronics business is expected to support revenue and profit growth in 2025 [8] Investment Projections - Revenue projections for 2025-2027 are estimated at 1.172 billion yuan, 1.315 billion yuan, and 1.480 billion yuan, with net profits of 100 million yuan, 112 million yuan, and 125 million yuan respectively [9]

中航证券有限公司张超,王宏涛,滕明滔近期对天银机电进行研究并发布了研究报告《天银机电（300342） 2024年报点评：收入稳中有增，雷达与航天电子业务发展有望进入修复上行周期》，首次覆盖天银机电给 予买入评级。 2024年报点评：收入稳中有增，雷达与航天电子业务发展有望进入修复上行周期》研报附件原文摘录） 天银机电(300342) 事件：4月12日公司公告，2024年公司营业收入（10.48亿元，+0.63%），归母净利润（0.90亿元， +175.80%），扣非归母净利润（0.71亿元，+126.87%)，毛利率（23.74%，+0.63pcts），净利率（8.75%， +5.51pcts）。 公司主要围绕"冰箱压缩机零配件"和"雷达与航天电子"两大板块开展业务。冰箱压缩机零配件板块，公司 是国内各大冰箱压缩机厂的主流供应商，核心产品包括起动器、吸气消音器、变频控制器等，主要客户为 加西贝拉、尼得科、美芝、万宝等国内一线压缩机厂商。雷达与航天电子板块，主要依托子公司华清瑞 达、讯析科技及天银星际，其主要业务分别是雷达仿真及测试业务、超宽带信号应用、人造卫星姿态控制 系统及相关配件业务。 收入稳中有增，单季 ...