目錄Catalog目錄Catalog一、一、5G發(fā)展平臺(tái)期拓展衛(wèi)星+出海方向 3證證證證證證證證證證 證證證證證證證證證證證證 二、二、估值分析及盈利預(yù)測(cè) 7證證證證證+證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證 .證證證證證證證證證證證證證證 三、三、風(fēng)險(xiǎn)提示 10證證證證證證證證證證證證證證證證。18證證16證證14證證12證證10證證證證證證證證證證證證證證證證證證。18證證16證證14證證12證證10證證8證證6證證4證證2證證0證證-20.00-10.000.0010.0020.0030.0040.00證證證證證證證證證證證證證證-100.00-50.000.0050.00100.00150.00200.00一、5G發(fā)展平臺(tái)期拓展衛(wèi)星+出海方向一、5G發(fā)展平臺(tái)期拓展衛(wèi)星+出海方向（一）公司基本面情況公司自成立以來(lái)，始終專注于通信天線及射頻器件的研發(fā)、生產(chǎn)與銷售。（一）公司基本面情況公司自成立以來(lái)，始終專注于通信天線及射頻器件的研發(fā)、生產(chǎn)與銷售。證證20證證證證證證證證證證證證證證4/5G證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證708證證證證2025.6.30證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證70證證證證證證證證證證證證 證證證證證證證證證證證證 6G證證證證證證證公司專業(yè)從事通信天線及射頻器件產(chǎn)品的研發(fā)、生產(chǎn)及銷售，產(chǎn)品主要包括基站天線、射頻器公司專業(yè)從事通信天線及射頻器件產(chǎn)品的研發(fā)、生產(chǎn)及銷售，產(chǎn)品主要包括基站天線、射頻器件、微波天線等。件、微波天線等。證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證2G證3G證4G證5G證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證公司是國(guó)內(nèi)較早涉足移動(dòng)通信基站天線研發(fā)與生產(chǎn)的企業(yè)，擁有較強(qiáng)的研發(fā)技術(shù)團(tuán)隊(duì)，研發(fā)團(tuán)公司是國(guó)內(nèi)較早涉足移動(dòng)通信基站天線研發(fā)與生產(chǎn)的企業(yè)，擁有較強(qiáng)的研發(fā)技術(shù)團(tuán)隊(duì)，研發(fā)團(tuán)隊(duì)及關(guān)鍵技術(shù)人員團(tuán)隊(duì)穩(wěn)健 隊(duì)及關(guān)鍵技術(shù)人員團(tuán)隊(duì)穩(wěn)健 證證證證證證證證證證證證證證證證證證證證證證75*40*40m 證證證證證證證證證證證證證證證證證證168證證證證證證證證證128證證證證證證 3證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證20證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證營(yíng)收及歸母凈利潤(rùn)：營(yíng)收及歸母凈利潤(rùn)：證證證證證證證證證證證證證證證證5G證證證證證證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證 證證證證2019證證證證證證證證證證證證證證證證 2023證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證1994證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證 5G證證證證證證證證證證證 AFU證證證證證證證證證證證證證證證證證證證6G證證證證證證證證證證證證證證1證證證證證證證證證證證證證1證證證證證證證證證證證證證2證證證證證證證證證證證證證證證證證證YoY證證證證證證證證證證證證證證證證證證證證證證利潤(rùn)率及費(fèi)用率情況：利潤(rùn)率及費(fèi)用率情況：證證證證5G證證證證證證證證證證證證證證證證 證證證證證證證證證2016證證證證證證證證證證證證2023證證證證證證證證證證證證證證證證證證證證2022證45.0040.0035.0030.0025.0020.0045.0040.0035.0030.0025.0020.0015.0010.005.000.0030.0025.0020.0015.0010.005.000.002018A2019A2020A2021A2022A2023A2024A3Q25-5.00證證證證證證證證證證證證證證證證證證證證證證證證證證證證證3證證證證證證證證證證3證證證證證證證證證證4證證證證證證證證證證證證證證證 證證證證 證證證證 證證證證證證證證證證證證證證證證證證證證證證證證分板塊方面：分板塊方面：核心業(yè)務(wù)保持穩(wěn)定，戰(zhàn)略規(guī)劃清晰。 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證分區(qū)域方面：分區(qū)域方面：海外業(yè)務(wù)快速發(fā)展，渠道拓展卓有成效。 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證1H25證證證證證證證證證證證證證證266證證證證證47.77證證證證證證證 49.93證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證MTN證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證 證證5證證證證證證證證證證證證證5證證證證證證證證證證證證證6證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證16證14證12證10證8證6證4證2證0證2021A2022A2023A2024A1H2518證證16證證14證證12證證10證證8證證6證證4證證2證證0證證證證證證證證證證證證證證證證證證證證證證分業(yè)務(wù)板塊利潤(rùn)率方面：分業(yè)務(wù)板塊利潤(rùn)率方面：證證證證證證證證證證證證證證證證證證證證證證 2022證證證證證證證證證證證證證證證證證證證證證證證證證證證證1H25證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證1H25證證證證證證證證證證證證證證證證證證證證證證證2022證證證證證證證證35.0030.0025.0020.0015.0010.005.000.002021A2022A2023A2024A1H25證證證證證證證證證證40.00證證證證證證證證證證10pcts20.000.002021A 2022A 2023A 2024A 1H25-10pcts-5pcts0pcts35.0030.0025.0020.0015.0010.005.000.002021A2022A2023A2024A1H25證證證證證證證證證證40.00證證證證證證證證證證10pcts20.000.002021A 2022A 2023A 2024A 1H25-10pcts-5pcts0pcts5pcts證證證證證證證證證證證證證證證證80.0070.0060.0050.0040.0030.0020.0010.000.002020202120222023202435.0030.0025.0020.0015.0010.005.000.002020202120222023202416證14證12證10證8證6證4證2證0證2019A2020A2021A2022A2023A2024A1H25-100-50050100150200證證證證證 2020A 2021A 2022A 2023A 2024A 1H25250.00200.00150.00100.0050.000.00-50.00-100.00-150.00(1.0)(0.5)證7證證證證證證證證證證證證7證證證證證證證證證證證證8證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證客戶及供應(yīng)商方面：客戶及供應(yīng)商方面：證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證9證證證證證證證證證證證證證9證證證證證證證證證證證證證10證證證證證證證證證證證證證證證證 證證證 證證證證 證證證 證證證證 證證證證證證 證證證 證證證證 證證證證證證證證證證證證證證證證證證證證證證證證證公司現(xiàn)金流情況：公司現(xiàn)金流情況：證證證證證證證證證證2023證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證1H25證證證證證證證證證證證證證證證11證證證證證證證證證證證證證證11證證證證證證證證證證證證證證12證證證證證證證證證證證證證證證證證證證證證證證證證YoY證證證證證證證證證證證YoY證證證證證證證證證證證證證證證證證證證證證證（二）公司股權(quán)情況（二）公司股權(quán)情況公司股權(quán)結(jié)構(gòu)： 公司股權(quán)結(jié)構(gòu)： 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證46.5346.53證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證13證證證證證證證證證證證證證證證證證證證證二、估值分析及盈利預(yù)測(cè)二、估值分析及盈利預(yù)測(cè)（一）衛(wèi)星+通信出海雙輪驅(qū)動(dòng)，看好公司所處行業(yè)快速發(fā)展從通信（一）衛(wèi)星+通信出海雙輪驅(qū)動(dòng)，看好公司所處行業(yè)快速發(fā)展從通信5G基建發(fā)展來(lái)看，1證證證證證證證證證證5G證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證2證證證20306G證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證證 6G證證證證證證證證證證證證證證證證證6G證證證證證證證證證證證證證證證證截至截至2025年9月，5G基站總數(shù)達(dá)470.5萬(wàn)個(gè)，比上年末凈增 45.4萬(wàn)個(gè)，5G網(wǎng)絡(luò)建設(shè)持續(xù)推進(jìn)。推進(jìn)。證證證證證證證證證證證證證證證證證證證證5G證證證證證證證證證證證證 5G證證證證證證證證證證證證證 證證證證證證證證證證證證證 RedCap證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證 4G證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證14證證證5G證證證證證證證證161412108161412108證6證4證2證0證證證證證證證證證證 證證證證證證證證證 7證證證證證證證證證證證證證證證證證證證證證證證證 7證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證 2025證6證證證證證證證證證證證證證證證證證7證證證證證證證證證證證證證證證證證證證證證G60證證證證證證證證SpaceX證證證證證證證 7證證證證證證證證證證證5G證證證證證證證證證證證證5004003002001000證證證證證證證證證證證證證證5G證證證證證證證證證證證證5004003002001000證證證證證證證證證證證證證證證證近地軌道資源相對(duì)較為稀缺，我國(guó)衛(wèi)星申報(bào)數(shù)量超3萬(wàn)，帶來(lái)千億增量市場(chǎng)空間。 ITU證證證證證證證證證證證證證證我國(guó)衛(wèi)星相關(guān)資本開支政府支出有望加速。 證證證證證證證證證證證證證證證證證證證證2023.102023.112023.122024.22024.32024.42024.52024.62024.72024.82024.92024.102024.112024.122025.22025.32025.42025.52025.62025.72025.82025.9證證證證證證證證證證證證證證證證證證證證證證證證證證證2024證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證60.0040.0020.000.00-40.00證證證證證證證證證證60.0040.0020.000.00-40.00證證證證證證證證證證證15證證證證證證證證證證證證證15證證證證證證證證證證證證73證16證證證證證證證證證證證證證證證證 證證 證證 證證證 證證 證證證2022 2023 2024證證2024.12證證證證證 證證 證證 證證證 證證 證證證2022 2023 2024證證2024.12證證證證證證證證1094證證證證證證證證證證證證證證證-20.00證證證證證證證證證證證證證證證證證證證證Statista證證證證證證證證證（二）關(guān)鍵假設(shè)核心假設(shè)：證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證1證證證證證證證證證證證證證證 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證證證證證證證證證證證證證證證1證證證證證證證證證證證2022A2023A2024A2025E2026E2027E基站天線證7.377.497.786.777.317.68YoY-9.571.633.87-13.008.005.00證證證21.3425.7826.0324.2326.2327.23YoY證pcts證-4.044.440.25-1.821微波天線證2.101.911.722.585.169.29YoY66.67-9.05-9.9550.00100.0080.00證證證31.2429.9426.2823.2827.2830.28YoY證pcts證-1.08-1.3-3.66-343射頻器件證2.012.701.701.312.233.34YoY-8.2234.33-37.04-23.0070.0050.00證證證8.691.360.820.526.528.52YoY證pcts證6.3-7.33-0.54-0.362衛(wèi)星通訊證0.430.441.112.44YoY3.00150.00120.00證證證25.3920.3927.3930.39YoY證pcts證-573光通信證1.910.660.060.100.120.13YoY7.30-65.45-90.9170.0015.0015.00證證證14.9013.5926.6320.6323.6326.63YoY證pcts證-3.35-1.3113.04-633證證證證證證證證證證證證（三）可比公司估值情況證證證證證證證證證證證（三）可比公司估值情況證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證+證證證證證證證證證證 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 證證證證證證 2025/2026/2027 證證證證證證證證證證0.34證證證18.02/18.02/230.33/101.88 證證證2025/2026/2027 證PE證證證281.13證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證 證證證證證證證證證證證證證 證證證2證證證證證證證證EPSPE2025E2026E2027E2025E2026E2027E688387.SH-0.010.030.06223.67111.83002446.SZ0.170.220.2648.5337.5031.73300136.SZ0.770.891.0737.0432.0426.65均值42.7897.7456.74002792.SZ0.060.210.43281.1385.1042.16證證證證證證證證證證證證三、風(fēng)險(xiǎn)提示三、風(fēng)險(xiǎn)提示公司產(chǎn)品出海不及預(yù)期的風(fēng)險(xiǎn)： 公司產(chǎn)品出海不及預(yù)期的風(fēng)險(xiǎn)： 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證衛(wèi)星互聯(lián)網(wǎng)組網(wǎng)進(jìn)程不及預(yù)期的風(fēng)險(xiǎn)： 衛(wèi)星互聯(lián)網(wǎng)組網(wǎng)進(jìn)程不及預(yù)期的風(fēng)險(xiǎn)： 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