Analysis of the Impact of Wu Zhonglin's Re-election as Chairman of Comba Telecom (002792)

I have now collected sufficient information to conduct a systematic analysis for you.

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According to the company’s announcements and annual report information,

, but [1]. Mr. Wu Zhonglin has been deeply involved in the company’s operation and management since its establishment, and has previously held core positions such as chairman, executive director, and general manager. His re-election means that the company’s strategic direction will remain highly consistent.

:

• Born in January 1967, Chinese nationality
• Bachelor’s degree in Electromagnetic Field and Microwave Technology from Xidian University, Master’s degree in Business Administration
• Career Experience: Assistant Engineer at Guangdong Sanshui Xinan Communication Equipment Factory, Engineer at the Mobile Branch of Zhongshan Post and Telecommunications Bureau, Guangdong Province, Guest Professor at Zhongshan Polytechnic
• Over the more than 20 years since Comba Telecom’s establishment, he has held important leadership positions such as chairman, executive director, and general manager[2]

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Wu Zhonglin’s re-election will ensure the continuation and deepening of the company’s established strategy. According to the company’s institutional research information from November 2025, Comba Telecom is currently implementing a

[3]. Wu Zhonglin’s re-election will strongly guarantee the continuous advancement of this strategy.

Comba Telecom has built a satellite communications product system covering the entire

chain[3]:

• Satellite Communications Payload
  : Represented by space-borne phased array antennas supporting Ka and Ku frequency bands, small-batch application on low-orbit communication satellites has been achieved
• Ground Station Terminals
  : Small-batch shipments of high-orbit ground station terminals have been realized
• Terminal Applications
  : Focus on the development of mobile communication antennas, which are applied in emerging fields such as cross-border high-speed railways, energy Internet of Things, and civil aviation communications

As the company’s founder and long-term leader, Wu Zhonglin is expected to continue promoting the deepening of this strategic layout, especially technological breakthroughs and industrial applications in the low-orbit satellite Internet field.

The company has clearly stated that it will focus investment on the following areas in the future[4]:

• Satellite Communications Technology
  : Breakthroughs in interconnection technologies between low-orbit and high-orbit satellites, including ground station antennas, space-borne phased array antennas, and MACRO Wi-Fi
• 5G-A Integrated Communication and Sensing Antennas
  : Support multiple application scenarios in the low-altitude economy
• 6G Pre-research
  : Forward-looking layout of next-generation communication technologies
• Independent R&D of core industrial chain technologies: chips, T/R modules, and up-converters/down-converters

In 2024, the company’s R&D expenses were approximately RMB 96.0361 million, accounting for 8.04% of total revenue. As of the end of 2024, the company held 766 valid authorized patents[4], including 37 international patents and 232 domestic invention patents, placing its technological accumulation in a leading position in the industry.

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Financial Indicator	2024/TTM Data	YoY Change
Operating Revenue	RMB 1.194 billion (2024)	—
Net Profit Attributable to Shareholders	RMB 41.3851 million (2024)	—
Gross Margin	22.21%	+6.73pct
Revenue in the First Three Quarters of 2025	RMB 815 million	—
Net Profit in the First Three Quarters of 2025	RMB 25.2746 million	—
Operating Cash Flow	RMB 71.0067 million (Q1-Q3)	+206.21%
ROE	0.54%	Low
Net Profit Margin	1.30%	Low

: The company’s profitability is weak, but its gross margin continues to improve, operating cash flow has significantly improved, and its financial status is becoming healthier[0][4].

In 2024, the company’s revenue from overseas regions reached RMB 436 million, a year-on-year increase of 20.27%, accounting for

of the company’s total revenue. The gross margin of overseas revenue is as high as , significantly higher than that of domestic revenue[4]. The company is accelerating the development of high-end markets in Europe and the United States, deepening cooperation with strategic customers such as Ericsson and Nokia, and has successfully obtained orders in Canada, Australia and other regions. After Wu Zhonglin’s re-election, the internationalization strategy is expected to accelerate further.

In 2024, the company’s satellite communications products achieved revenue of

, marking the start of the harvest period for previous investments[4]. With the accelerated advancement of low-orbit satellite constellation plans such as the “GW Constellation” and “G60 Star Chain”, as well as national policies clearly supporting the goal of developing more than 10 million satellite communication users by 2030, the company is expected to fully benefit from the industry growth dividends.

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As of January 9, 2026, Comba Telecom’s stock price has performed strongly[0]:

Period	Increase
5 Days	+39.21%
1 Month	+104.44%
3 Months	+244.36%
1 Year	+325.93%
3 Years	+613.38%

: The current P/E ratio reaches , and the P/B ratio is . The valuation is at a historical high, and the market is relatively optimistic about the company’s satellite communications and 6G prospects, but attention should be paid to the risk of expectation fulfillment.

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: As the company’s founder and long-term leader, Wu Zhonglin’s re-election will ensure the continuation and deepening of the company’s dual-drive strategy of “Communication Antennas + Satellite Communications”. The full industrial chain layout of satellite communications and the internationalization strategy are expected to accelerate.

: The company’s profitability is weak but its cash flow continues to improve. The satellite communications business has achieved revenue breakthroughs, with obvious gross margin advantages in overseas markets. With the rapid development of the satellite Internet industry and the iteration of 5G/6G technologies, the company is expected to achieve performance improvement driven by new growth drivers.

: The current valuation is relatively high. It is necessary to pay attention to whether the revenue growth of the satellite communications business can meet market expectations, as well as the impact of changes in the industry competition pattern on the company’s profitability.

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[1] Eastmoney - Comba Telecom: Elects Wu Zhonglin as Chairman (https://wap.eastmoney.com/a/202601093614430219.html)

[2] 2024 Annual Report of Guangdong Comba Telecom Co., Ltd. (https://static.cninfo.com.cn/finalpage/2025-04-26/1223331293.pdf)

[3] Investor Relations Activity Record of Guangdong Comba Telecom Co., Ltd. (https://pdf.dfcfw.com/pdf/H2_AN202511251788158493_1.pdf)

[4] Securities Times Network - Comba Telecom Receives Research from Multiple Institutions, Continues to Focus on Satellite Communications and 5G/6G Fields (https://i.ifeng.com/c/8ivYkevGF1i)

[5] Securities Times Network - Comba Telecom’s Revenue in the First Three Quarters Reaches RMB 815 Million, with Satellite Communications and Special Scenario Antenna Businesses Gaining Momentum (https://www.stcn.com/article/detail/3445393.html)

[6] Jinling AI Market Data API [0]