Group 1: Company Role and Projects - The company is a core supplier for the G60 constellation communication subsystem, responsible for key communication equipment such as satellite communication payloads and ground stations [1] - The company recovered investment cash of 150 million CNY primarily from purchasing structured deposits, ensuring capital safety while striving to enhance returns [2] - The company is the sole supplier for the payloads in the "Qianfan Constellation" G60 satellite project, providing essential equipment like satellite base stations and phased array antennas [2] Group 2: Financial Performance and Contracts - The company has approximately 150 million CNY in low Earth orbit satellite-related business for 2024, as detailed in the annual report [3] - The company has signed but not yet fulfilled contracts worth 311 million CNY, mainly in broadband communication equipment and low Earth orbit satellite products [3] - The company won a bid for the integrated ground station system procurement project at a price of 2.497 million CNY per set, with an estimated total contract value of about 150 million CNY if calculated at a 50% share [2] Group 3: Market Strategy and Shareholder Relations - Recent large-scale share reductions by shareholders are considered normal market behavior based on investment returns, with the company maintaining a good operational status [2] - The company is focused on technological innovation and sustainable development to ensure a stable improvement in its fundamentals [3] - The company aims to establish broader market relationships and enhance product applications, indicating a proactive approach to market expansion [4]

25Q1 业绩扭亏，卫星业务占比持续提升 ——上海瀚讯 2024 年年报&2025 年一季报点评报告 投资要点 ❑ 25Q1 业绩扭亏，毛利率受产品结构影响 2024 年，公司实现营收 3.53 亿元，同比+13%，归母净利润-1.24 亿元。毛利率为 43.28%，同比-0.06pct。费用端稳中有降，销售/管理/研发/财务费用合计为 2.67 亿元，同比-19%。 25Q1，公司实现营收 1.26 亿元，同比+84%，归母净利润 0.13 亿元，同比扭亏为 盈。毛利率为 37.56%，同比-27.55pct，我们预计主要由于公司产品结构变化，卫 星业务占比增加影响整体毛利率表现。 ❑ 深度参与千帆星座建设，卫星业务已成为公司重要收入来源 ❑ 盈利预测与估值 公司是特种宽带通信龙头，前瞻布局卫星通信领域，考虑到短期客户订单节奏， 我们预计公司 2025-2027 年归母净利润为 1.05 亿元/2.46 亿元/4.46 亿元，对应 25 年 PE 为 129，公司积极打造卫星新成长点，维持"买入"评级。 ❑ 风险提示 军用宽带市场发展不及预期；市场竞争加剧的风险；卫星互联网发展不及预期 上海瀚讯(30076 ...