Investment Rating - The report maintains a "Buy-B" rating for Shanghai Hanxun (300762 SZ) [3][6] Core Views - The company's military business is at a low point but recovery is expected, with potential for high order growth in new areas such as military 5G and broadband data links [4] - Satellite constellation construction is expected to accelerate, and the company is likely to benefit from the rapid expansion of satellite-related business [5][6] - The company's Q3 revenue showed significant improvement compared to the previous quarter, and satellite internet business is expected to grow with the launch schedule [3] Financial Performance - For Q1-Q3 2024, the company reported revenue of 176 million yuan, a year-on-year decrease of 18 4%, and a net loss attributable to shareholders of 91 million yuan, a year-on-year decrease of 45 37% [3] - The company's net profit is expected to be -87 million yuan in 2024, 181 million yuan in 2025, and 276 million yuan in 2026, with year-on-year growth rates of 54 3%, 309 3%, and 52 3% respectively [6] - The company's gross margin is expected to be 61 1% in 2024, 54 0% in 2025, and 54 0% in 2026 [8] Business Development - The company has completed the delivery of ground base stations and test terminal products, and broadband payload products have entered mass production [2] - The company has won bids for multiple projects, including satellite terminals and test terminal basebands, with a cumulative bid amount exceeding 37 million yuan [2] - The company has achieved excellent results in the technical evaluation of new-generation tactical communication trunk communication equipment and has completed the identification of 3 types of equipment [4] Market Data - As of November 12, 2024, the company's closing price was 28 22 yuan, with a total market capitalization of 1 77 billion yuan [4] - The company's P/E ratio is expected to be -204 5x in 2024, 97 7x in 2025, and 64 2x in 2026 [8]

Investment Rating - The report maintains a "Recommend" rating for Shanghai Hanxun (300762) [4] Core Views - Q3 2024 shows signs of recovery in revenue and performance, with future performance expected to improve [1] - Revenue for Q1-3 2024 was RMB 176 million, down 18.38% YoY, with a net profit attributable to the parent company of -RMB 91 million, down 45.37% YoY [1] - Q3 2024 revenue was RMB 70 million, up 1.02% YoY and 83.87% QoQ, with a net profit attributable to the parent company of -RMB 39 million, up 18.32% YoY and 6.58% QoQ [1] - The company has increased R&D investment, with R&D expenses reaching RMB 160 million in Q1-3 2024, accounting for 90.87% of revenue [1] - The company holds 55 core patents and 114 software copyrights, with strong R&D capabilities [1] - The G60 satellite constellation project is progressing, with 36 satellites currently in orbit, and the company is expected to benefit from the acceleration of low-orbit satellite network construction [2] - The company has successfully bid for and delivered projects related to low-orbit satellite communication payloads and ground systems [2] Financial Forecasts - Revenue for 2024-2026 is forecasted to be RMB 340 million, RMB 987 million, and RMB 1.328 billion, respectively [2] - Net profit attributable to the parent company for 2024-2026 is forecasted to be -RMB 69 million, RMB 283 million, and RMB 383 million, respectively [2] - EPS for 2024-2026 is forecasted to be -RMB 0.11, RMB 0.45, and RMB 0.61, respectively [2] - The company's gross margin is expected to improve significantly, reaching 64.7% in 2024 and 67.9% in 2026 [6] - ROE is expected to turn positive in 2025, reaching 10.4%, and further improving to 12.4% in 2026 [6] Industry and Market Context - The low-orbit satellite industry is advancing rapidly, with the G60 constellation expected to provide regional network coverage by 2025 and global coverage by 2027 [2] - The company is a key supplier in the satellite communication sector, with deep cooperation with related entities, and is expected to benefit from the accelerated deployment of low-orbit satellite networks [2] Financial Performance Summary - In Q1-3 2024, the company's revenue was RMB 176 million, down 18.38% YoY, with a net profit attributable to the parent company of -RMB 91 million, down 45.37% YoY [1] - The company's gross margin improved significantly to 60.98%, up 17.11 percentage points YoY [1] - Asset impairment losses and credit impairment losses increased, with credit impairment losses reaching RMB 47.368 million, accounting for 26.9% of revenue [1]

基本数据 ￥19.02 收盘价 总市值(百万元) 11,943.91 总股本(百万股) 627.97 财务摘要 (百万元) 2023A 2024E 2025E 2026E 营业收入 313 448 1350 1968 (+/-) (%) -22% 43% 201% 46% 归母净利润 -190 41 275 358 (+/-) (%) l - 570% 30% 每股收益(元) 0.07 0.44 0.57 -0.30 P/E 291.54 33.37 43.51 资料来源：浙商证券研究所 上海瀚讯(300762) 传统业务静待恢复,卫星业务占比有望提升 上海瀚讯 2024 年三季报点评报告 投资要点 □ 业绩持续承压,卫星业务占比有望提升 2024 年前三季度，公司营收 1.76 亿元，同比-18.38%，归母净利润-9129.53 万 元，扣非归母净利润-1.01 亿元，亏损较去年同期扩大。 前三季度毛利率 60.98%,同比+17.11pct,管理费用同比增长 40.7%,主要由于房屋折旧费增加, 研发费用稳中有升,前三季度 1.6亿元。 24Q3,公司营收 7014 万元,同比+1.02%,归母净利润- ...

关于计提资产减值准备的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 证券代码：300762 证券简称：上海瀚讯 公告编号：2024-062 上海瀚讯信息技术股份有限公司 上海瀚讯信息技术股份有限公司（以下简称"公司"）根据《深圳证券交易 所创业板股票上市规则》、《企业会计准则第 8 号——资产减值》及公司相关会 计政策的规定，基于谨慎性原则，为了更加真实、准确的反映公司的资产与财务 状况，对合并报表范围内的截至 2024 年 9 月 30 日各类应收款项、存货、合同资 产、固定资产、长期股权投资、在建工程、无形资产、其他非流动资产等资产进 行了减值测试，并根据减值测试结果对其中存在减值迹象的资产相应计提了减值 准备。 一、 本次计提减值准备的资产范围和金额 （一）金融资产计提减值准备的确认标准和计提方法 本公司以单项或组合的方式对以摊余成本计量的金融资产、以公允价值计量 且其变动计入其他综合收益的金融资产（债务工具）和财务担保合同等的预期信 用损失进行估计。 本公司考虑有关过去事项、当前状况以及对未来经济状况的预测等合理且有 依据的信息，以发生违约的风 ...

证券代码：300762 证券简称：上海瀚讯 公告编号：2024-058 上海瀚讯信息技术股份有限公司 第三届监事会第十一次临时会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 上海瀚讯信息技术股份有限公司（以下简称"公司"）第三届监事会第十一次 临时会议通知已于 2024 年 10 月 25 日以邮件、短信方式通知公司全体监事，会 议于 2024 年 10 月 28 日在公司会议室召开。本次会议应出席监事 3 名，实际出 席会议监事 3 名。本次会议由监事会主席李默颖先生主持。本次会议的召开和表 决程序符合《公司法》等法律、法规以及《公司章程》的有关规定，合法有效。 二、监事会会议审议情况 经与会监事认真审议，形成如下决议： 经审核，监事会认为：董事会编制和审核公司 2024 年第三季度报告全文的 程序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地 反映了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。因 此，全体监事一致同意 2024 年第三季度报告全文的内容。 表决结果：同意 3 票；反对 ...

Revenue and Profit Performance - Revenue for the third quarter was RMB 70.14 million, a 1.02% increase year-over-year, while year-to-date revenue was RMB 176.36 million, down 18.38% year-over-year[2] - Net profit attributable to shareholders for the third quarter was a loss of RMB 39.25 million, an 18.32% improvement year-over-year, but year-to-date net loss was RMB 91.30 million, a 45.37% increase in loss[2] - Total operating income decreased to 176,360,265.61 RMB from 216,075,316.20 RMB[14] - Net profit loss widened to -100,741,930.81 RMB from -62,801,575.73 RMB[16] - Comprehensive income loss expanded to -100,741,930.81 RMB from -62,801,575.73 RMB[16] - Basic earnings per share decreased to -0.1454 RMB from -0.1000 RMB[16] Asset and Liability Changes - Total assets as of the end of the third quarter were RMB 3.60 billion, a 3.55% increase from the end of the previous year[2] - Total current assets at the end of the period amounted to 2,782,934,630.57 yuan, slightly increased from 2,762,708,271.62 yuan at the beginning of the period[12] - Total non-current assets at the end of the period amounted to 821,187,832.06 yuan, increased from 717,754,479.34 yuan at the beginning of the period[12] - Total liabilities increased to 1,180,120,695.71 RMB from 984,162,791.26 RMB[13] - Total equity decreased to 2,424,001,766.92 RMB from 2,496,299,959.70 RMB[13] Cash Flow and Liquidity - Cash flow from investment activities was negative RMB 188.30 million, a 105.35% increase in outflow, driven by higher investments in equity and fixed assets[8] - Operating cash flow for the quarter was -225.81 million RMB, a decrease from -256.30 million RMB in the previous period[18] - Investment cash flow for the quarter was -188.30 million RMB, compared to -91.69 million RMB in the previous period[18] - Financing cash flow for the quarter was 264.77 million RMB, an increase from 229.55 million RMB in the previous period[19] - Net cash and cash equivalents decreased by 149.33 million RMB, compared to a decrease of 118.44 million RMB in the previous period[19] - Total cash and cash equivalents at the end of the quarter were 1,229.43 million RMB, down from 1,290.29 million RMB in the previous period[19] - Cash received from other operating activities was 58.99 million RMB, up from 32.37 million RMB in the previous period[18] - Cash paid for goods and services was 240.80 million RMB, down from 264.64 million RMB in the previous period[18] - Cash paid to employees was 121.07 million RMB, down from 143.16 million RMB in the previous period[18] - Cash paid for taxes was 1.88 million RMB, down from 5.27 million RMB in the previous period[18] - Cash received from financing activities was 778.97 million RMB, up from 442.52 million RMB in the previous period[19] Inventory and Prepaid Expenses - Prepaid expenses increased by 135.61% to RMB 38.55 million due to higher prepayments for fixed assets and materials[5] - Inventory rose by 34.63% to RMB 383.82 million as the company increased raw material and work-in-progress reserves to ensure delivery[5] - Inventory at the end of the period amounted to 383,822,918.98 yuan, increased from 285,097,025.36 yuan at the beginning of the period[12] Operating Costs and Expenses - Operating costs decreased by 43.27% to RMB 68.81 million, reflecting the decline in revenue[7] - Operating costs amounted to 264,970,263.00 RMB, down from 292,153,157.12 RMB[15] - R&D expenses increased to 160,250,865.50 RMB from 146,559,434.78 RMB[15] Investment and Asset Impairment - Investment losses widened by 306.02% to RMB 5.30 million due to increased losses from equity investments[7] - Asset impairment losses surged by 165.00% to RMB 8.05 million, primarily due to higher inventory write-downs[7] Shareholder Information - Total number of ordinary shareholders at the end of the reporting period is 37,362[9] - Shanghai Shuangyou Information Technology Co., Ltd. holds 17.76% of shares, totaling 111,523,893 shares[9] - Chinese Academy of Sciences Shanghai Institute of Microsystem and Information Technology holds 3.22% of shares, totaling 20,222,359 shares[9] - Liang Liusheng holds 2.84% of shares, totaling 17,847,395 shares[9] - Shanghai United Investment Co., Ltd. holds 2.47% of shares, totaling 15,503,681 shares[9] Monetary Funds and Accounts Receivable - Monetary funds at the end of the period amounted to 1,292,241,043.80 yuan, a decrease from 1,407,109,070.28 yuan at the beginning of the period[11] - Accounts receivable at the end of the period amounted to 991,189,399.70 yuan, slightly increased from 986,722,539.19 yuan at the beginning of the period[12] Contract Liabilities - Contract liabilities increased to 12,354,464.60 RMB, up from 15,230,369.02 RMB[13] Long-term Loans - Long-term loans increased to RMB 145.63 million, driven by the utilization of low-interest loans for technology innovation enterprises[5] Cash Received from Sales - Cash received from sales of goods and services dropped to 146,470,811.16 RMB from 179,132,002.10 RMB[17]

证券代码：300762 证券简称：上海瀚讯 公告编号：2024-061 上海瀚讯信息技术股份有限公司 关于增加 2024 年度日常关联交易预计的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、日常关联交易基本情况 （一）2024 年度已预计日常关联交易情况概述 上海瀚讯信息技术股份有限公司（以下简称"公司"或"上海瀚讯"）于 2024 年 4 月 26 日召开第三届董事会第十次会议和第三届监事会第七次会议，并于 2024 年 5 月 21 日召开 2023 年年度股东大会，审议通过了《关于确认 2023 年度 日常关联交易及 2024 年度日常关联交易预计的议案》，2024 年度公司及子公司 拟向关联方成都中科微信息技术研究院有限公司购买原材料、购买劳务，预计总 金额不超过 4,000.00 万元、500.00 万元；拟向关联方白盒子（上海）微电子科 技有限公司购买原材料、提供劳务，预计总金额不超过 5,000.00 万元、1,000.00 万元；拟向关联方上海垣信卫星科技有限公司销售商品、提供劳务，预计总金额 不超过 14,000.00 万元、6, ...

公司根据 2024 年第三季度生产经营的实际情况，编制了《2024 年第三季 度报告》。经董事会认真审议 2024 年第三季度报告全文后，一致认为：公司 2024 年第三季度报告编制和审核的程序符合相关法律法规，报告内容真实、准 确、完整地反映了公司经营的实际情况，不存在虚假记载、误导性陈述或重大 遗漏。 上海瀚讯信息技术股份有限公司 第三届董事会第十四次临时会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 上海瀚讯信息技术股份有限公司（以下简称"公司"）第三届董事会第十四 次临时会议通知于 2024 年 10 月 25 日以邮件和电话方式送达全体董事，会议于 2024 年 10 月 28 日在公司会议室召开，会议应出席董事 7 人，实际出席董事 7 人。会议由公司董事长胡世平先生主持。本次会议的召集、召开、表决程序符合 《公司法》和《上海瀚讯信息技术股份有限公司章程》的有关规定，合法有效。 二、董事会会议审议情况 证券代码：300762 证券简称：上海瀚讯 公告编号：2024-057 经与会董事认真审议，形成如下决议： 1 ...

证券代码：300762 证券简称：上海瀚讯 公告编号：2024-055 上海瀚讯信息技术股份有限公司 第三届监事会第十次临时会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 上海瀚讯信息技术股份有限公司（以下简称"公司"）第三届监事会第十次 临时会议通知已于 2024 年 9 月 14 日以邮件、短信方式通知公司全体监事，会议 于 2024 年 9 月 18 日在公司会议室召开。本次会议应出席监事 3 名，实际出席会 议监事 3 名。本次会议由监事会主席李默颖先生主持。本次会议的召开和表决程 序符合《公司法》等法律、法规以及《公司章程》的有关规定，合法有效。 二、监事会会议审议情况 经与会监事认真审议，形成如下决议： 1. 审议通过了《关于与关联方共同投资设立参股公司暨关联交易的议案》 经审议，监事会认为：公司此次与关联方共同投资设立参股公司暨关联交易 事项通过充分整合各投资方的资金、技术、行业经验等优势，进一步扩大业务范 围，符合公司长远发展；公司与关联方共同投资设立参股公司符合诚实信用、公 平公正的原则，定价公允，不存在 ...

证券代码：300762 证券简称：上海瀚讯 公告编号：2024-054 上海瀚讯信息技术股份有限公司 第三届董事会第十三次临时会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 上海瀚讯信息技术股份有限公司（以下简称"公司"）第三届董事会第十三 次临时会议通知于 2024 年 9 月 14 日以邮件和电话方式送达全体董事，会议于 2024 年 9 月 18 日在公司会议室召开，会议应出席董事 6 人，实际出席董事 6 人。 会议由公司董事长胡世平先生主持。本次会议的召集、召开、表决程序符合《公 司法》和《上海瀚讯信息技术股份有限公司章程》的有关规定，合法有效。 二、董事会会议审议情况 经与会董事认真审议，形成如下决议： 董事会同意公司与关联方成都中科微信息技术研究院有限公司、胡世平先生、 顾小华女士及上海瀚希科技合伙企业(有限合伙)共同投资设立成都中科星联信 息技术有限公司（暂定名，最终以市场监督管理部门核准登记为准），公司拟以 自有资金出资 300 万元，持股比例为 10%。本次公司与以上关联方共同投资设立 参股公司暨关联交 ...