截至2025年8月20日15时，通宇通讯股价报19.29元，较前一交易日上涨9.98%。当日开盘价为18.30元， 最高触及19.29元，成交额达16.14亿元。 通宇通讯主营业务为通信设备制造，涉及5G、卫星通信等领域。公司近年来积极布局商业航天产业， 通过收购及合资方式拓展卫星通信业务，产品涵盖船载卫星天线、地面站天线等。 资金方面，8月20日主力资金净流入3.40亿元，近五日累计净流入2.47亿元。 风险提示：市场波动风险，行业政策变化风险，技术研发不及预期风险。 来源：金融界 消息面上，广东省近日发布《广东省推动商业航天高质量发展若干政策措施（2025—2028年）》，提出 支持卫星互联网应用场景创新，并加大对核心技术的资金扶持。通宇通讯作为通信领域企业，有望受益 于政策推动。 ...

Group 1 - The Guangdong Provincial Government has released the "Several Policy Measures for Promoting High-Quality Development of Commercial Aerospace (2025-2028)" to seize opportunities in commercial aerospace and satellite internet, aiming to build a comprehensive industrial ecosystem [1] - The policy includes 21 specific measures across seven areas, focusing on satellite constellations and rocket development, while leveraging Guangdong's advantages in terminal applications [1] - The policy aims to create major application scenarios for satellite internet services in various fields such as low-altitude economy, mobile communication, logistics, smart cities, space mining, space tourism, and emergency rescue [1] Group 2 - Tongyu Communication (002792) saw its stock hit the daily limit after the policy announcement, with its market value exceeding 10 billion yuan [1] - The company has been deeply involved in the communication field for many years, building a strong technical foundation and market experience, especially after acquiring Xi'an Xinghengtong in 2017 [1] - In 2024, Tongyu Communication's satellite communication business is expected to generate revenue of 42.8 million yuan [2] Group 3 - The policy supports key technologies such as reusable liquid rocket engines and direct satellite communication, with provincial funding for major national technology projects potentially reaching 50% [2] - The commercial aerospace industry is expected to enter a high prosperity cycle, driven by technological breakthroughs, policy support, and market demand [2] - Tongyu Communication's satellite communication revenue is entering a phase of order expansion and revenue recognition starting from Q2 2024, with overseas business in the Middle East and Southeast Asia maintaining high growth [3]

有券商机构认为，从技术突破、政策支持到市场需求，商业航天产业正展现出强劲的发展动能，随着多 重因素推动我国低轨卫星发射进程加速，预计我国商业航天产业链将进入高景气周期，未来商业航天卫 星段、地面段以及火箭等相关产业链环节有望迎来发展机遇。 8月19日A股盘后，广东省人民政府办公厅印发的《广东省推动商业航天高质量发展若干政策措施 （2025—2028年）》（以下简称《若干政策措施》）正式对外发布，这一系统性政策组合拳旨在构建发 射牵引、星箭互促、空地服务全产业链一体化发展的商业航天产业生态生态体系。在此背景下，通宇通 讯（002792）作为通信领域的重要企业，有望凭借自身优势，在商业航天产业的发展浪潮中抢占先机。 二级市场上，8月20日，通宇通讯股价高开高走，盘中触及涨停，截止当日上午10点，涨9.98%报19.29 元，换手率为14.97%，最新市值为100.78亿元。 《若干政策措施》涵盖七大领域21条具体举措，不仅聚焦卫星星座、火箭研制等核心环节，更立足广东 终端应用优势，着力打通"星箭研制—发射服务—卫星应用"全链条。其中提出，打造商业航天应用"首 场景"。加快推动卫星互联网服务在低空经济、移动通信、物 ...

Group 1 - The commercial aerospace sector is experiencing rapid growth, particularly in satellite internet construction, which presents significant opportunities for related industry chain companies [1][4] - Tongyu Communication (stock code: 002792) is a key player in the ground terminal field and is expected to benefit greatly from the current industry wave, showcasing strong growth potential [1][4] - The successful launches of low-orbit satellites in July 2025 indicate improvements in China's satellite internet construction, with an anticipated acceleration in development in the latter half of 2025 [1][4] Group 2 - The commercial rocket sector is also making positive strides, with a recent announcement from Shanghai Yinxin to procure launch services for multiple satellites, which will enhance the demand for ground terminal equipment [2] - Since acquiring Xi'an Xinghengtong in 2017, Tongyu Communication has built a strong technical foundation and product development capabilities in the satellite communication field [2][3] - The establishment of new companies and partnerships by Tongyu Communication, such as Chengdu Jujin Millimeter Wave Technology Co., Ltd. and Hubei Zhonghong Tongyu Space Technology Co., Ltd., aims to accelerate the satellite communication industry layout [2][3] Group 3 - Tongyu Communication's satellite communication products include various critical components, and the company has begun small-scale shipments, with revenue from satellite communication expected to grow significantly [3] - The market for satellite communication is poised for explosive growth as China's version of "Starlink" accelerates, positioning Tongyu Communication as a potential new performance growth point [3][4] - The overall aerospace industry in China is entering a rapid development phase, with the commercial aerospace market expected to reach a trillion-level scale, highlighting Tongyu Communication's market potential [4]

Group 1 - The Indonesia International Maritime Exhibition (INAMARINE 2025) was held in Jakarta from July 29 to 31, focusing on maritime communication, ship equipment, and marine engineering [1] - Tongyu Communication showcased its "Star-Ship-End" maritime intelligent communication solution, integrating shipborne dynamic communication, high-performance satellite antennas, portable satellite terminals, and MacroWiFi intelligent networking systems [1] - The company's satellite communication products include shipborne satellite antennas, ground station antennas, active phased array antennas, and T/R components, with initial small-scale shipments already underway [1] Group 2 - Recent successful satellite launches in China's commercial space sector indicate improvements in satellite internet construction, with accelerated development expected in the second half of 2025 [1] - Tongyu Communication has accumulated significant technical experience in satellite communication since acquiring Xi'an Xinghengtong in 2017, and has established R&D and production capabilities for satellite communication products [2] - The company has set up Chengdu Jujie Millimeter Wave Technology Co., Ltd. in 2023 to focus on satellite communication terminal product development for special applications [2] Group 3 - Tongyu Communication's satellite communication revenue is expected to enter a phase of order expansion and revenue recognition starting from the second quarter of 2024, with growth dependent on settlement progress [2] - The company's overseas business in the Middle East and Southeast Asia continues to show high growth trends, maintaining previous growth rates [2] - Tongyu Communication's participation in the establishment of Hubei Zhonghong Tongyu Space Technology Co., Ltd. in early 2025 aims to integrate resources and accelerate the satellite communication industry layout [2]

Group 1: Company Performance Overview - In 2024, the company achieved an operating income of approximately 119,400.24 million yuan, a year-on-year decrease of about 7.71% [2] - The net profit attributable to shareholders was approximately 4,138.51 million yuan, down about 49.00% year-on-year [2] - The net profit after deducting non-recurring gains and losses was approximately -165.63 million yuan, an increase of about 91.59% year-on-year [2] - In Q1 2025, the company reported an operating income of approximately 25,069.71 million yuan, a year-on-year increase of about 6.08% [3] - The net profit attributable to shareholders in Q1 2025 was approximately 1,118.20 million yuan, a year-on-year increase of about 128.26% [3] Group 2: Overseas Market Expansion - The company has established offices in regions such as the Belt and Road countries, Southeast Asia, and the CIS to enhance overseas market penetration [3] - In 2024, revenue from overseas markets reached approximately 43,593.01 million yuan, a year-on-year increase of 21.29% [3] - The company’s overseas business gross margin is higher than domestic due to the increasing proportion of microwave antennas in overseas operations [3] Group 3: Satellite Communication Business - In 2024, the satellite communication business generated revenue of approximately 4,280.02 million yuan, accounting for 3.58% of total operating income [4] - The company plans to increase R&D investment in satellite communication to enhance product performance and market share [5] - The company has successfully delivered products in the ground station terminal market and is focusing on expanding its presence in satellite communication [5] Group 4: 5G-A Integrated Antenna Business - The company has made significant progress in the 5G-A integrated antenna business, achieving small batch deliveries [5] - The business is expected to grow further with the implementation of low-altitude economy policies and related regulations [5]