Sunwave(SZ:002115)2025-06-11 10:30Group 1: Communication Facility Operations - The communication facility operation business generated revenue of 160 million yuan in 2024, marking a year-on-year growth of 47.60% [2] - The company has invested its own and raised funds to support this business, accumulating nearly 10,000 operational sites by December 31, 2024 [2] - The coverage areas include provinces such as Shaanxi, Zhejiang, Shandong, Sichuan, Guangdong, and Jiangsu, ranking among the top in the private third-party tower industry [2] Group 2: Internet Marketing Business Challenges - The internet marketing business faced a revenue decline of 13.67% year-on-year in 2024 due to intensified industry competition and media policy adjustments [3] - Measures to address these challenges include: 1. Business transformation through deep strategic partnerships with major media platforms like Tencent and ByteDance [3] 2. Upgrading operational capabilities by optimizing inefficient business lines and enhancing risk control systems [3] 3. Utilizing AI technology to develop intelligent advertising management platforms to improve operational efficiency [3] Group 3: Maritime Satellite Communication Industry - In 2021, there were 20,800 commercial ships equipped with VSAT terminals globally, with a penetration rate of approximately 26%, generating VSAT service revenue of about 655 million USD [3] - By 2031, the total number of commercial ships is expected to increase to 93,000, with the penetration rate rising to 49.6%, leading to a market size of 1.1 billion USD [3] - The company has provided broadband internet services to thousands of satellite stations and served over 40,000 crew members, maintaining a leading market share in its niche [3] Group 4: International Business Development - The maritime satellite communication business is accelerating its international expansion while solidifying its domestic market position [4] - The company achieved a revenue of 455 million yuan in its overseas communication business in 2024, with a year-on-year growth of 8.84% [4] - Strategies include flexible sales credit policies for key clients and accelerating the global service network layout to enhance customer satisfaction [4]