证券研究报告 盟升电子 (688311 CH) Q3 军品需求复苏驱动营收快速增长 2025 年 10 月 30 日│中国内地 通信设备制造 | 盟升电子发布三季报：Q3 实现营收 1.28 亿元（ yoy+1727.32%， | | --- | | qoq+30.25%），归母净利-1041.25 万元（yoy+87.69%，qoq+52.88%）。 | | 2025 年 Q1-Q3 实现营收 2.48 亿元（yoy+185.29%），归母净利-4754.54 | | 万元（yoy+62.74%），扣非净利-5630.68 万元（yoy+60.69%）。我们看 | | 好公司发展前景：1）军品：弹载卫导景气复苏，电子对抗和数据链发展持 | | 续向好；2）民品：机载卫通天线突破国内窄体机和 C919 前装市场，低轨 | | 相控阵终端有望跟随星网建设快速发展。维持"买入"评级。 | 军品业务持续复苏，民品卫通、低轨卫星业务加速开拓 根据公司三季报，公司原暂停、暂缓的军品订单恢复执行，下游客户需求增 加，公司收入实现同比快速增长。展望未来，受益精确制导、数据链、电子 对抗等领域需求增长，公司在手订单充沛， " ...

Investment Rating - The investment rating for the company is "Increase-A" with a downward adjustment [1][8]. Core Viewpoints - The company's satellite revenue is objectively affected by the launch rhythm, while the special communication business is expected to see a substantial turning point [3][4]. - The company achieved a revenue of 173 million yuan in H1 2025, representing a year-on-year increase of 63.34%, and a net profit attributable to shareholders of -29 million yuan, up 44.97% year-on-year [3][4]. - The company is a key research and development unit for low-orbit satellite communication subsystems, with core capabilities in phased array antenna development and satellite payload research [5][7]. Financial Performance - The company is projected to achieve net profits of 23 million yuan, 120 million yuan, and 183 million yuan for the years 2025, 2026, and 2027 respectively [8]. - The revenue forecast for 2025 is 547 million yuan, with a year-on-year growth of 54.7% [10]. - The gross profit margin is expected to be 49.1% in 2025, with a net profit margin of 4.2% [10][11]. Market Dynamics - The company is positioned to benefit from the increasing demand for satellite communication, with the Ministry of Industry and Information Technology's guidance expected to accelerate industry development [5][6]. - The establishment of the Information Support Force in April 2024 marks a new phase in national defense informatization, which will drive upgrades in military communication systems [6][7]. Project Progress - The company has made significant progress in various projects, including winning bids for a 5G self-organizing network project and developing communication equipment for unmanned platforms [7]. - The company is expected to see a recovery in the military industry as new equipment is showcased, with a potential increase in defense budget utilization [7][8].

Core Viewpoint - The company achieved significant growth in revenue and net profit in the first half of 2025, driven by favorable market conditions and strategic positioning in emerging industries [1] Financial Performance - The company reported operating revenue of 205 million yuan, representing a year-on-year increase of 73.64% [1] - The net profit attributable to shareholders reached 62.32 million yuan, marking a substantial year-on-year growth of 1006.99% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 52.89 million yuan [1] - Basic earnings per share stood at 0.29 yuan [1] Market Position and Strategy - The company capitalized on the recovery of downstream industries and sustained demand, strengthening its advantages in specialized fields such as data chains, electronic countermeasures, wireless communication terminals, next-generation radios, and phased array communications [1] - The company experienced a significant increase in orders and projects on hand compared to the previous year, supported by strong technical capabilities, a good industry reputation, and high-quality customer service [1] - The company is actively pursuing opportunities in strategic emerging industries such as commercial aerospace, low-altitude economy, and deep-sea technology, leveraging its advanced research layout and technological barriers to align closely with customer needs [1]

Group 1 - The core initiative is the "New Quality Productivity Research Action" launched by Southern Fund and Shanghai Securities Journal, aimed at integrating capital with industry to promote the development of new quality productivity [1] - The event on July 30 involved over 70 investors visiting Amsen Electronics, highlighting the company's capabilities in satellite navigation and communication terminal equipment, which serve strategic emerging industries like aerospace and unmanned vehicles [1] - Amsen Electronics is recognized as one of the few leading companies in China with a full-chain R&D capability, providing high-precision navigation support for rockets and ships [1] Group 2 - Amsen Electronics' chairman, Xiang Rong, emphasized the company's focus on enhancing technologies in satellite navigation, data links, and electronic countermeasures, while expanding applications from military to civilian markets [2] - The Southern Military Reform Fund manager, Zou Chengyuan, noted positive changes in the defense industry, including improved management efficiency and cost control, which are expected to enhance military stocks' performance in the capital market [2] - The manager of the Southern Shanghai Stock Exchange Science and Technology Innovation Board Comprehensive ETF, Yang Kaining, mentioned that the Science and Technology Innovation Board covers various sectors, and breakthroughs in fields like information technology and artificial intelligence are likely to reshape the technology growth sector [2]

Investment Rating - Industry rating is maintained at "Outperform the Market" [7] Core Viewpoints - The military industry chain is relatively closed and driven by the trend of self-control, with a high degree of domestic production in the midstream communication equipment sector, which is less affected by international market fluctuations [2] - The industry is showing signs of recovery after adjustments, with demand expected to be under pressure in 2024 due to the mid-term adjustments of the 14th Five-Year Plan for equipment procurement [3] - The construction of unmanned combat systems is being empowered by AI, which is becoming a key factor in modern warfare, enhancing operational efficiency and battlefield advantages [4] - 2025 is expected to be a pivotal year for satellites, with commercial space accelerating and satellite internet constellations entering a phase of rapid deployment [5] Summary by Sections Military Industry - The military industry is characterized by a high degree of self-sufficiency, particularly in communication equipment, which has largely achieved domestic production [2] - The demand side is expected to face challenges in 2024, but recovery is anticipated in 2025 as strategic tasks and major engineering projects reach their final stages [3] AI and Unmanned Systems - AI technology is increasingly being integrated into military applications, with smart unmanned systems becoming a significant part of the defense equipment system [4] Satellite Internet - The satellite internet sector is entering a rapid deployment phase, with significant advancements in technology supporting mobile direct satellite connections [5] Investment Opportunities - Suggested focus on military semiconductor companies, military communication sectors, unmanned systems combined with AI, and satellite technology firms [6]