Group 1 - The CPO concept stocks in the A-share market experienced a widespread decline, with notable drops in several companies [1] - Yongding Co., Ltd. saw a significant decrease of over 8%, while Fenghuo Communication and Zhongjing Electronics fell by more than 4% [1] - Other companies such as Sry New Materials, Benchuan Intelligent, Changxin Bochuang, Jufei Optoelectronics, and Tongfu Microelectronics also reported declines exceeding 3% [1] Group 2 - Yongding Co., Ltd. reported a decline of 8.63% with a total market value of 35.9 billion [2] - Fenghuo Communication decreased by 4.80%, with a market capitalization of 51.2 billion, and has a year-to-date increase of 17.52% [2] - Zhongjing Electronics fell by 4.63%, with a market value of 6.935 billion, and a year-to-date decline of 7.06% [2] - Sry New Materials decreased by 3.91%, with a market capitalization of 30.5 billion, and a year-to-date increase of 1.55% [2] - Benchuan Intelligent saw a decline of 3.79%, with a market value of 4.263 billion, and a year-to-date decrease of 0.81% [2] - Changxin Bochuang dropped by 3.49%, with a market capitalization of 43.4 billion, and a year-to-date increase of 4.72% [2] - Jufei Optoelectronics declined by 3.37%, with a market value of 9.748 billion, and a year-to-date increase of 0.58% [2] - Tongfu Microelectronics fell by 3.26%, with a market capitalization of 75.6 billion, and a year-to-date increase of 32.07% [2] - Other companies such as Ziguang Co., Huamao Technology, and Kechuan Technology also reported declines, with varying market values and year-to-date performances [2]

Investment Rating - The report maintains an "Overweight" rating for the commercial aerospace industry, indicating a positive outlook for the sector in the coming months [1]. Core Insights - The commercial aerospace industry is expected to undergo a significant transformation by 2026, driven by advancements in launch capabilities and the successful deployment of domestic rockets, which will remove previous constraints on industry growth [8][9]. - The competition in commercial aerospace is fundamentally a "land grab" for space sovereignty and resource allocation, emphasizing the need for increased launch frequency to secure China's position in low Earth orbit [10]. - The report highlights the strategic importance of commercial aerospace in national defense and resource acquisition, particularly in the context of lunar resources like Helium-3, which could reshape global energy dynamics [12]. - Key catalysts for the industry include domestic policy support and capital market developments, with significant IPOs expected from leading aerospace companies in 2026 [13][15]. Summary by Sections 1. Why has the domestic commercial aerospace industry reached a qualitative change? - The industry has transitioned from a limited payload capacity to a robust launch capability, marked by the successful launch of the Zhuque-3 rocket, which signifies a shift from speculative themes to a narrative driven by operational capacity [8]. 2. How to understand the importance of commercial aerospace? - The scarcity of low Earth orbit resources has made the commercial aerospace race a critical national strategy, with the need to enhance launch frequency to secure space assets and maintain competitive advantages [10][11]. 3. What subsequent catalysts are worth paying attention to in commercial aerospace? 3.1. Domestic: Accelerated release of policy and capital dividends - The report anticipates significant policy support and capital market activity, with major aerospace companies expected to enter the IPO market in 2026, reflecting the strategic importance of the sector [13]. 3.2. International: Clear policy framework and tight planning timeline - The U.S. has shifted from a public to a private ownership model for space resources, establishing a legal framework that encourages commercial investment in space resource development [15][16]. 4. Investment Recommendations 4.1. SpaceX Concept - Companies that could potentially enter the SpaceX supply chain are highlighted, indicating a strong future in commercial aerospace [17]. 4.2. Rocket Sector: "Many Stars, Few Rockets" Expected to Breakthrough - The report suggests that advancements in large-capacity reusable rocket technology will lead to significant changes and valuation adjustments in the sector [19]. 4.3. Satellite Sector: Certainty in Implementation - The urgency to secure low Earth orbit resources is driving domestic satellite constellations from planning to large-scale deployment [20]. 4.4. Space Computing and Space Photovoltaics: Next-Generation Core Tracks - The report identifies space computing and space photovoltaics as critical future sectors, emphasizing their role in supporting lunar economies and global intelligence ecosystems [22].

Financial Performance - From 2019 to 2024, Srey New Materials' revenue grew from 570 million to 1.33 billion, with a compound annual growth rate (CAGR) of approximately 18.6%[5] - In the first three quarters of 2025, revenue reached 1.17 billion, representing a year-on-year growth of 21.7%[5] - Net profit attributable to shareholders increased from 30.5 million in 2019 to 110 million in 2024, with an average CAGR exceeding 30%[7] - In the first three quarters of 2025, net profit grew by 37.7% to 110 million, nearly matching the total for the previous year[7] Market Position and Product Development - Srey New Materials is one of only two companies in China to develop aerospace-grade high-strength and high-conductivity copper alloy materials, crucial for rocket engine thrust chambers[12][22] - The company’s materials can withstand combustion temperatures of 3000°C, addressing the "ablation" issue in rocket engines and filling a domestic technology gap[22] - The commercial aerospace business generated revenue of only 30 million in 2024, indicating it is still in the early stages of development[25] Industry Context and Future Outlook - The Chinese commercial aerospace market is projected to reach an annual output value of 85 billion by 2030, with the overall industry scale potentially reaching 7-10 trillion[18] - Srey New Materials plans to expand production capacity to meet increasing market demand, with a target of producing 300 tons of forgings and over a thousand thrust chamber components annually[25] - Despite being a leader in niche markets, the company faces limitations in growth potential, with its core business revenues stagnating around 500 million[38] Financial Health and Shareholder Returns - The company has a debt ratio of 30.7% as of September 2025, indicating reliance on debt for capital expenditures[42] - Srey New Materials has maintained a generous dividend policy, distributing a total of 167 million in cash dividends since its IPO, which accounts for over 40% of total profits during the same period[46]

国泰海通证券股份有限公司 关于陕西斯瑞新材料股份有限公司 差异化分红事项的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 陕西斯瑞新材料股份有限公司（以下简称"斯瑞新材"或"公司"）首次公开发 行股票并在科创板上市以及2024年度向特定对象发行股票的保荐机构，根据《中 华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所科创板股票上 市规则》《上海证券交易所上市公司自律监管指引第7号——回购股份》等有关规 定，对公司本次差异化分红事项进行了审慎核查，具体情况如下： 一、本次差异化权益分派方案 2025年5月20日，公司召开2024年年度股东大会，审议通过《提请股东大会 授权董事会制定2025年中期分红方案的议案》，在授权范围内经董事会三分之二 以上董事审议通过，可进行中期分红。现公司拟实施利润分配，于2026年1月4日 召开了公司第四届董事会第八次会议，审议通过了《关于公司2025年前三季度利 润分配方案的议案》，制定的本次利润分配方案如下：公司拟以实施权益分派股 权登记日登记的总股本扣减公司回购专用证券账户中的股份为基数分配利润，向 全体股东每10股派发现金红利0.40 ...

国内唯二攻克航天级高强高导铜合金材料。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：市值风云 （来源：市值风云APP） 那么，斯瑞新材值得一看吗？ 作者 | 贝壳XY 编辑 | 小白 最近，A股的商业航天概念股集体"点火升空"，连续多日强势飙涨。朱雀三号完成十公里级垂直回收试 验、国家航天局成立商业航天司并发布三年行动计划……一系列利好消息，彻底点燃了市场热情。 在一片喧嚣之中，一家并不常出现在热搜榜上的科创板公司——斯瑞新材（688102.SH）吸引了风云君 的视线。它不造火箭，也不发射卫星，但却在这波行业热潮中连续飘红数日，股价屡创新高。 不掉队，亦不惊艳 话不多说，直接上业绩。 从2019年到2024年，斯瑞新材的营收从5.7亿元爬到了13.3亿元，年复合增长约18.6%。2025年前三季 度，营收11.7亿元，同比增长21.7%。 （来源：市值风云APP） 归母净利润则从2019年的3050万元，一路增长至2024年的1.1亿元，年均复合增长率超过30%。2025年 前三季度，同比增长37.7%至1.1亿元，几乎追平了上年全年。 （来源：市值风云APP） 毛利率也在 ...

证券代码：688102 证券简称：斯瑞新材 公告编号：2026-005 重要内容提示： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2026/2/3 | 2026/2/4 | 2026/2/4 | 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 5 月 20 日的2024年年度股东大会授权董事会 在符合利润分配的条件下具体制定，并经公司 2026 年 1 月 4 日召开的第四届董事 会第八次会议审议通过。 二、 分配方案 1. 发放年度：2025年前三季度 2. 分派对象： 陕西斯瑞新材料股份有限公司 2025年前三季度权益分派实施公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 公司于 2025 年 5 月 20 日召开 2024 年年度股东会授权公司董事会制定 2025 年中期分红方案，公司于 2026 年 1 月 4 日召开了公司第四届董事会第八次会议， 审议通过了《关于公司 2025 年前三季度利润分配方案的议案》，同意公司以权益 ...

国内唯二攻克航天级高强高导铜合金材料。 作者 | 贝壳XY 编辑 | 小白 最近，A股的商业航天概念股集体"点火升空"，连续多日强势飙涨。朱雀三号完成十公里级垂直回收 试验、国家航天局成立商业航天司并发布三年行动计划……一系列利好消息，彻底点燃了市场热情。 在一片喧嚣之中，一家并不常出现在热搜榜上的科创板公司——斯瑞新材（688102.SH）吸引了风云 君的视线。它不造火箭，也不发射卫星，但却在这波行业热潮中连续飘红数日，股价屡创新高。 那么，斯瑞新材值得一看吗？ 不掉队，亦不惊艳 话不多说，直接上业绩。 从2019年到2024年，斯瑞新材的营收从5.7亿元爬到了13.3亿元，年复合增长约18.6%。2025年前三季 度，营收11.7亿元，同比增长21.7%。 （来源：市值风云APP） （来源：市值风云APP） 归母净利润则从2019年的3050万元，一路增长至2024年的1.1亿元，年均复合增长率超过30%。2025 年前三季度，同比增长37.7%至1.1亿元，几乎追平了上年全年。 （来源：市值风云APP） 毛利率也在缓慢爬坡，2025年前三季度比2023年全年提升了3个百分点，说明高附加值的产品开始"上 ...

南财智讯1月28日电，斯瑞新材发布2025年前三季度权益分派实施公告，每股派0.04元，股权登记日为2 月3日。 ...

证券日报网讯 1月26日，斯瑞新材在互动平台回答投资者提问时表示，2023年，公司直接投资蓝箭航 天，金额2000万元，股权比例较小。 （文章来源：证券日报） ...

格隆汇1月26日丨斯瑞新材(688102.SH)在投资者互动平台表示，2023年，公司直接投资蓝箭航天，金额 2000万元，股权比例较小。 ...