Analysis of Tongyu Communication (002792) Strong Limit-Up: Market Sentiment Driven by Satellite Communication and Commercial Aerospace Layout

Tongyu Communication, China’s first base station antenna manufacturer, has been deeply engaged in the communication field for 28 years and has obtained certifications from mainstream equipment vendors such as Ericsson, Nokia, and Huawei [1]. Recently, the company has accelerated its layout in satellite communication and commercial aerospace by indirectly investing in Lingkong Tianxing [2], taking a stake in Shanghai Yuanxin [4], and establishing a 120 million yuan industrial fund [9]. On November 27, 2025, the company’s stock price hit the limit-up, closing at 21.62 yuan with a turnover of 5.763 billion yuan and a turnover rate of 17.29% [11], and a net inflow of 187 million yuan from main funds [8], indicating strong bullish sentiment in the market. Financially, in the first three quarters, its revenue was 815 million yuan (year-on-year -3.34%) and net profit attributable to shareholders was 25.2746 million yuan (year-on-year -50.91%) [0], but the expansion of new businesses has shown initial results [5]. Regarding institutional holdings, as of October 29, the institutional shareholding ratio was 5.41%, a decrease of 1.04 percentage points from the previous quarter [7].

1. Technology Accumulation and New Business Synergy
   : The company’s technical accumulation in 5.5G/6G antennas [1] provides support for satellite communication business, building a “ground + satellite” dual-drive model [4].
2. Global Satellite Layout Advantage
   : As one of the few suppliers that have entered four global satellite internet plans [3], it benefits from the accelerating trend of satellite launches at home and abroad.
3. Capital and Sentiment Resonance
   : The net inflow of main funds combined with the outbreak of the commercial aerospace sector [3] has driven the short-term strong performance of the stock price.

• Risks
  : Performance decline in the first three quarters [0], decrease in institutional holdings [7], uncertain profit cycle of new businesses.
• Opportunities
  : Growth prospects of the satellite communication industry [3], policy support for commercial aerospace development [9], potential for new business order fulfillment [5].

The recent strong rise in Tongyu Communication’s stock price is mainly due to its strategic layout in satellite communication and commercial aerospace, with obvious short-term market sentiment driving. Although traditional businesses are under pressure, the expansion of new businesses injects impetus into long-term development. Investors need to pay attention to the progress of new businesses and performance improvement.