分红方面，北斗星通A股上市后累计派现4.14亿元。近三年，累计派现8077.72万元。 11月27日，北斗星通盘中上涨2.03%，截至10:05，报30.66元/股，成交1.35亿元，换手率1.01%，总市值 166.46亿元。 机构持仓方面，截止2025年9月30日，北斗星通十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股835.58万股，相比上期增加31.82万股。国泰中证军工ETF（512660）位居第六大流通股 东，持股423.16万股，相比上期减少79.99万股。南方中证1000ETF（512100）位居第七大流通股东，持 股397.45万股，相比上期减少4.05万股。国泰中证全指通信设备ETF（515880）位居第十大流通股东， 持股262.35万股，为新进股东。 资金流向方面，主力资金净流入1491.50万元，特大单买入827.88万元，占比6.12%，卖出520.85万元， 占比3.85%；大单买入3417.30万元，占比25.24%，卖出2232.83万元，占比16.49%。 责任编辑：小浪快报 北斗星通今年以来股价涨15.52%，近5个交易日涨2.99%，近20日涨0.72% ...

Company Overview - Beidou Xingtong was established on September 25, 2000, and listed on the Shenzhen Stock Exchange on August 13, 2007. The company is a leading player in the domestic satellite navigation sector, with core businesses including chips and data services, navigation products, and a full industry chain advantage [1] Financial Performance - In Q3 2025, Beidou Xingtong achieved operating revenue of 1.507 billion yuan, ranking 15th among 64 companies in the industry. The top company, AVIC Chengfei, reported revenue of 48.286 billion yuan, while the industry average was 1.898 billion yuan [2] - The net profit for the same period was 17.9507 million yuan, placing the company 26th in the industry. The leading company, AVIC Chengfei, had a net profit of 2.175 billion yuan, with the industry average at 94.5076 million yuan [2] Financial Ratios - As of Q3 2025, Beidou Xingtong's debt-to-asset ratio was 17.69%, up from 12.51% year-on-year, significantly lower than the industry average of 32.84%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 37.45%, slightly up from 37.03% year-on-year, which is higher than the industry average of 34.84%, reflecting robust profitability [3] Executive Compensation - The chairman and general manager, Zhou Ruxin, received a salary of 1.0343 million yuan in 2024, a decrease of 161,300 yuan from 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 0.26% to 111,000. The average number of circulating A-shares held per account decreased by 0.27% to 3,989.5 [5]

Core Insights - Beidou Xingtong's main business focuses on intelligent positioning digital bases and ceramic components, with intelligent positioning digital bases accounting for approximately 90% of the business revenue [2] - Within the intelligent positioning digital bases segment, satellite navigation chips, antennas, and data services are included, with chips representing about 50% of the revenue [2]

Core Viewpoint - Beidou Star Communication has shown a positive stock performance with a year-to-date increase of 13.53% and a recent net inflow of funds, indicating investor confidence in the company [1][2]. Financial Performance - For the first half of 2025, Beidou Star Communication achieved a revenue of 892 million yuan, representing a year-on-year growth of 29.67% [2]. - The net profit attributable to shareholders for the same period was 1.418 million yuan, marking a significant increase of 103.23% compared to the previous year [2]. Stock Market Activity - As of September 25, the stock price of Beidou Star Communication was 30.13 yuan per share, with a trading volume of 2.43 billion yuan and a market capitalization of 16.358 billion yuan [1]. - The stock has experienced a recent net inflow of 15.566 million yuan from major funds, with significant buying activity noted [1]. Shareholder Information - As of June 30, the number of shareholders increased to 110,700, with an average of 4,000 circulating shares per shareholder, a slight decrease of 0.81% [2][3]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited being the fourth largest, increasing its holdings by 4.4106 million shares [3]. Dividend Distribution - Beidou Star Communication has distributed a total of 414 million yuan in dividends since its A-share listing, with 80.7772 million yuan distributed over the past three years [3]. Business Overview - Beidou Star Communication, established in September 2000 and listed in August 2007, specializes in chip and data services, navigation products, ceramic components, and automotive electronics [1]. - The company's revenue composition is primarily from product sales (95.95%), with service income at 4.04% and system applications at 0.01% [1]. Industry Classification - Beidou Star Communication is classified under the defense and military industry, specifically in military electronics [1]. - The company is associated with various concept sectors, including vehicle concepts, aircraft carrier industry, military-civilian integration, geographic information, and Beidou navigation [1].

Performance Forecast - The company expects a net profit of 1 million to 1.5 million yuan, a significant turnaround from a loss of 43.9656 million yuan in the same period last year [1] - The net profit attributable to shareholders is projected to increase by 102.27% compared to the previous year, which recorded a loss of 40 million to 30 million yuan [1] - The net profit after deducting non-recurring gains and losses is expected to grow by 52.58% from a loss of 84.3533 million yuan last year [1] Earnings Per Share - The basic earnings per share is anticipated to be between 0.00 yuan and 0.01 yuan, compared to a loss of 0.08 yuan per share in the previous year [1] Reasons for Performance Change - The company has focused on its core business of intelligent positioning digital base and ceramic components, seizing market opportunities, which has led to rapid revenue growth and a substantial increase in net profit attributable to shareholders [1]

Core Viewpoint - Beidouxing (002151) expects a significant increase in net profit attributable to shareholders for the period from January 1, 2025, to June 30, 2025, with projections ranging from 1 million to 1.5 million yuan, representing a year-on-year growth of 102.27% to 103.41% [1] Financial Summary - The net profit after deducting non-recurring gains and losses is expected to be a loss of 30 million to 40 million yuan, showing a year-on-year improvement of 52.58% to 64.44% [1] - The basic earnings per share are projected to be between 0 yuan and 0.01 yuan [1] Business Focus - The company is concentrating on its core businesses of intelligent positioning digital infrastructure and ceramic components, which have contributed to substantial revenue growth and a significant increase in net profit attributable to shareholders [1] - Key factors influencing this growth include the rapid increase in demand from emerging sectors such as lawn mowers and intelligent driving, as well as the acquisition of Shenzhen Tianli during the reporting period, which has boosted revenue [1]

Investment Rating - The report does not explicitly provide an investment rating for the communication equipment industry or the specific company being analyzed [1]. Core Insights - The company focuses on three main business areas: chip and data services, navigation products, and ceramic components, aiming to build a "smart positioning digital foundation" through a "cloud + chip" model [18]. - The company has seen a decrease in employee numbers in 2023 due to the sale of 15% of its stake in Beidou Zhili, which was aimed at refocusing on its core business [18][19]. - The forecast for 2024 indicates a decline in performance compared to 2023, primarily due to the divestiture of the automotive electronics business and a decrease in investment income by approximately 390 million yuan [19]. Summary by Sections 1. Basic Research Information - The research was conducted on Beidou Xingtong, a company in the communication equipment sector, on February 28, 2025, with participation from institutions like Zhonghang Securities [13]. 2. Main Business Activities - The company's main business includes chips and data services, navigation products, and ceramic components, with a strategic focus on IoT chips, next-generation PNT chips, cloud services, and antennas [18]. 3. Data Services Offered - The data services provided by the company include cloud-enhanced services for improved positioning accuracy, cloud-assisted services for rapid positioning, and marine fishery location data services [18]. 4. Subsidiary Operations - The company's subsidiary, Zhen Dian Technology, specializes in GNSS data operations and services, aiming to provide high-quality positioning data services and experiences [18]. 5. Employee Count Changes - The reduction in employee numbers in 2023 was attributed to the sale of a stake in Beidou Zhili to concentrate on core business areas [18][19]. 6. Performance Forecast - The anticipated decline in 2024 performance is linked to the divestiture of the automotive electronics business and a significant drop in investment income [19]. 7. Fund Utilization Changes - The company has adjusted the use of raised funds to optimize internal resource allocation, redirecting funds towards the development of low-power GNSS SoC chips for IoT applications [20].