上海瀚讯（300762）：于2025年第一季度实现扭亏为盈，莱奥卫星业务扬帆起航。

Turned Around in 1Q25, LEOSatellite Segment Setting Sail Huatai Research Company Update 13 May 2025│China (Mainland) Communications Equip Manufacturing AnalystWANG XingSAC No. S0570523070003SFC No.BUC499wangxing@htsc.com+(86) 21 3847 6737 Jushri Technologies’(Jushri) 2024 revenue wasRMB353mn (+12.97% yoy), withattributable net loss narrowing yoy to-RMB124mn. In 1Q25, revenue rose84.41%yoy to RMB126mn onsatellite communication payload revenuegrowth, whileattributable net profit (NP) turned positive to RMB13.23mnand beat our priorestimate of RMB2mn on cost optimization.Driven byan upturn inthe militaryindustry and the application of new military 5G/data chain products,Jushri could inour view see core business revenueandprofit rebound. We expect Jushri’ssatellitesegmentcouldseerapidearningsgrowthonthebackofQianfanconstellation networking.In addition, we believe a widening revenue base shoulddilute expense ratios and shore up profit.Maintain BUY. AnalystGAO MingyaoSAC No. S0570523080006SFC No. BUP971gaomingyao@htsc.com+(86) 21 2897 2228 AnalystWANG KeSAC No. S0570524080005SFC No. BWA966wangke020520@htsc.com+(86) 755 8249 2388 Key data EarningsforecastsandvaluationAffected by industryfactors, the company’s core business climate has not fully recovered,leading to droppingrevenue and profit from military regional broadbandproducts.Committedtomilitary broadband communications,Jushri has beenenhancingtacticalcommunicationequipmentperformance,reinforcingitsdomesticleadership, and accelerating R&D for new products like UAV datachainsandsmall 5Gbase stations. In the lowearthorbit(LEO)satellite internet segment,amidaccelerated construction of the Qianfan constellation, products such assatellite payloads, gateway stations, and ground terminalshave been delivered. In2024,Jushri’ssales toSpacesailandGenesatreached RMB150mn, accountingfor 43% of revenue. With 90 satellites acrossfiveorbits launched for the Qianfanconstellationand a target of 1,296 satellites by 2028,Jushri, a core supplierforthisconstellation,could in our view shape the LEOsatellite internet segmentinto asecondearnings growth driver. NPMcontinued to climb,overall expense ratio dropped yoyJushri’s profitabilityhas beensteadilyimproving. In 2024, GPM was 43.28% (-0.07pp yoy), and attributable NPM was-35.06% (+25.61pp yoy).For1Q25, GPMfell27.54pp yoyto37.56%on a high base in 1Q24, while attributable NPMjumped25.28ppyoyto10.54%.Sales/administrative/financial/R&Dexpenseratioschangedby-3.10/+3.15/-5.07/-24.42ppyoyin2024and-7.26/-3.74/+24.75/-43.13pp yoyin 1Q25. Source:Wind EarningsforecastsandvaluationConsidering short-term pressures on the military regional broadband segmentandarising share of satellitebusiness, we lower our revenue and GPM assumptionswhile reducingoverallexpense ratio forecastson strongerexpensecontrol. Weforecast2025/2026/2027attributableNPatRMB242/290/358mn(2025/2026:-21.51/-27.23%vspreviousRMB308/398mn).Giventhecompany’sstrategicpositioning in G60 Starlink and domestic military broadbandleadership, we valuethe stock at 61x 2025E PE (previous: 53x), above its peers’average of 58x onWindconsensus(previous:50x).OurtargetpriceisRMB23.50(previous:RMB26.01). Maintain BUY. Risks:newequipmentfailingtoenterintomilitaryequipmentinventory;disappointing progress indigital technologiesfornational defense. Source:Wind, Huatai Research Source:Wind, Huatai Research Full financials Disclaimers Analyst CertificationI/We, WANG Xing, GAO Mingyao, WANG Ke, hereby certify that the views expressed in this report accurately reflect the personalviews of the analyst(s) about the subject securities or issuers; and no part of the compensation of the analyst(s) was, is, or willbe, directly or indirectly, related to the inclusion of specific recommendations or views inthis report. General Disclaimers and DisclosuresThis research report has been prepared by Huatai Financial Holdings (Hong Kong) Limited (hereinafter referred to as “HFHL”). The information herein is strictly confidential to the recipient. This reportis intended for HFHL, its clients and associatedcompanies. Any other person shall not be deemed a client of the Company merely from his or her receipt of this report. This report is based on information deemed reliable and publicly available by HFHL, butHFHL and its associated company(ies)(collectively, hereinafter “Huatai”) makes no guarantee as to the accuracy or completeness of such information. The opinions, assessments and projections contained herein only reflect the views and judgments at the issuance date. Huataimay issue research reports that contain inconsistent views, assessments and projections with those set out herein at differenttimes. The prices, values and investment returns of the securities or investment instruments referred to herein may fluctuate.Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital mayoccur.Huatai makes no warrants that the informa