Investment Rating - The investment rating for the company is "Add" [3] Core Views - The company reported a significant increase in revenue and profitability, with a 204.78% year-on-year increase in revenue to 306 million yuan for the first three quarters of 2025, and a net profit of 90.36 million yuan, reversing losses from the previous year [1] - The company is experiencing strong demand in downstream markets, leading to continuous growth in performance [1] - The company has successfully entered a phase of normalized bulk delivery for remote sensing satellite projects, which is expected to drive future growth [7] - The company is optimizing its cost structure through refined management and economies of scale, resulting in improved gross and net profit margins [7] Financial Data and Valuation - Total revenue is projected to reach 413 million yuan in 2025, with a year-on-year growth of 95% [2] - The company is expected to achieve a net profit of 120 million yuan in 2025, a significant recovery from a loss of 31 million yuan in 2024 [2] - The earnings per share (EPS) is forecasted to be 0.58 yuan in 2025, compared to -0.15 yuan in 2024 [2] - The price-to-earnings (PE) ratio is expected to be 79.3 in 2025, indicating a recovery in valuation metrics [2] Stock Performance - The company's stock has shown a 12% absolute performance over the past month and a 40% increase over the past six months [5] Key Financial Ratios - The gross profit margin for the first three quarters of 2025 was 69.72%, an increase of 17.68 percentage points year-on-year [7] - The return on equity (ROE) is projected to improve to 8.4% in 2025, up from -2.2% in 2024 [13] - The asset-liability ratio is expected to rise to 17.0% in 2025, indicating a gradual increase in leverage [13]

10月22日，*ST铖昌(001270.SZ)发布2025年第三季度报告，前三季度实现营业收入3.06亿元，同比增长 204.78%；实现净利润9035.86万元，同比增长386.56%。第三季度实现营业收入1.05亿元，同比增长 266.57%；实现净利润3372.53万元，同比增长565.20%。公司在星载领域持续发力，不断扩大产品所覆 盖的卫星型号范围。其中，多个具备规模量级的多系列遥感卫星项目已进入常态化批量交付阶段，增速 可观。同时公司在低轨卫星方面保持优势，与下游主力机构保持密切合作关系，已根据客户需求备货并 按计划交付。 （文章来源：每日经济新闻） ...