通宇通讯：兼收并蓄，加速布局卫星通信

Investment Rating - The report assigns a "Buy" rating for Tongyu Communication, indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [10][18]. Core Insights - The company is focusing on satellite communication and has made significant investments in this area, including the establishment of subsidiaries to enhance its capabilities in satellite communication and future 6G applications [10][12]. - The report highlights the company's existing technology accumulation in satellite communication since its acquisition of Xi'an Xingheng Technology in 2017, positioning it well for future growth in this sector [10][12]. - The company’s revenue from satellite communication is projected to grow significantly, reaching 0.50 billion in 2024E and 1.50 billion in 2026E, reflecting a strong market potential [13]. Financial Summary - The company’s total revenue is expected to show a slight increase from 12.94 billion in 2023 to 13.68 billion in 2024E, with a compound annual growth rate anticipated in the coming years [13]. - The revenue breakdown indicates a decline in traditional business areas like base station antennas, while satellite communication is expected to become a significant contributor to overall revenue [13]. - The company’s total assets are projected to grow from 3,714.91 million in 2023 to 3,838.87 million in 2026E, indicating a healthy financial outlook [5][10].