Analysis of Driving Factors for the Strong Performance of Tongyu Communication (002792): New Satellite Communication Business and Financial Improvement

Tongyu Communication (002792), as a leading enterprise in China’s base station antenna field [0], has recently shown strong performance driven by both steady growth in traditional businesses and breakthroughs in emerging businesses. The company achieved revenue of 815 million yuan, net profit attributable to shareholders of 25.2746 million yuan, and operating cash flow increased by 206.21% year-on-year to 71.0067 million yuan in the first three quarters of 2025 [1], indicating a significant improvement in operational efficiency. The satellite communication and special scenario antenna businesses have become important growth points [1]. The company positioned itself in the commercial aerospace field by investing in Beijing Lingkong Tianxing Technology Co., Ltd. [2], benefiting from the rapid development of the global low-orbit satellite communication industry (e.g., SpaceX Starlink leads industry popularity [3]).

1. Business Structure Optimization
   : The traditional communication equipment business remains stable, and the new satellite communication business contributes incremental growth, forming a dual-drive pattern [0].
2. Improved Financial Health
   : The significant improvement in operating cash flow reflects the company’s enhanced cash collection capability, providing financial support for R&D and new business expansion [1].
3. Industry Synergy Effect
   : The expansion of the global satellite communication industry (e.g., LEO satellite competition [3]) brings market opportunities to the company, forming synergy with 5G/6G infrastructure construction [0].

• The rapid growth of the satellite communication market, the company’s first-mover advantage is expected to translate into performance growth [0].
• The continuous advancement of 5G/6G communication infrastructure construction keeps the demand for traditional businesses stable [0].

• Intensified competition in the satellite communication field and rapid technological iteration may affect market share [0].
• Global supply chain fluctuations may impact raw material costs and delivery cycles [0].

The recent strong performance of Tongyu Communication (002792) has fundamental support. The expansion of its new satellite communication business has shown initial results, financial indicators are continuously optimized, and R&D investment is increased to consolidate technical barriers. The company benefits from the development dividends of the global low-orbit satellite communication industry, and the synergy between traditional and emerging businesses is gradually released, laying a foundation for long-term development [0][1][3].