证券日报网讯12月10日，航天智造（300446）在互动平台回答投资者提问时表示，公司子公司乐凯化学 主要从事耐候功能材料的研发与制造，耐候功能材料主要为抗老化功能助剂。乐凯化学暂无碳氢树脂相 关业务。 ...

格隆汇12月10日丨航天智造(300446.SZ)在互动平台表示，公司子公司乐凯化学主要从事耐候功能材料 的研发与制造，耐候功能材料主要为抗老化功能助剂。乐凯化学暂无碳氢树脂相关业务。 ...

格隆汇12月10日丨航天智造(300446.SZ)在互动平台表示，公司业务暂不涉及商业航天领域。 ...

每经AI快讯，有投资者在投资者互动平台提问：请问公司子公司乐凯化学有在碳氢树脂方面布局吗？ （记者 王晓波） 航天智造（300446.SZ）12月10日在投资者互动平台表示，公司子公司乐凯化学主要从事耐候功能材料 的研发与制造，耐候功能材料主要为抗老化功能助剂。乐凯化学暂无碳氢树脂相关业务。 ...

格隆汇12月10日丨航天智造(300446.SZ)在互动平台表示，公司业务暂不涉及火箭业务。 ...

Core Viewpoint - The establishment of a dedicated Commercial Space Administration by the National Space Administration of China marks a significant step towards the high-quality development of China's commercial space industry, with the potential for the entire industry chain to benefit from this initiative [1] Industry Summary - On December 1, A-shares saw a collective rise, with the Shanghai Composite Index returning to 3900 points, driven by strong performance in the commercial aerospace sector [1] - The establishment of the Commercial Space Administration and the release of the "Action Plan for Promoting High-Quality and Safe Development of Commercial Space (2025-2027)" indicate a solid policy framework for China's commercial space sector [1] - The Action Plan aims to integrate commercial space into the overall national space development layout, enhancing production capabilities and overall effectiveness in space development, supporting the construction of a strong space nation [1] Company Summary - Notable stocks in the commercial aerospace sector include Aerospace Development (000547) with 12 consecutive trading days of gains, Tongyu Communication (002792) with 3 consecutive gains, and several others reaching their daily price limits [1] - Citic Securities suggests that with the establishment of the Commercial Space Administration and the release of the Action Plan, the commercial space sector is expected to enter a new phase of frequent launches starting in 2026, highlighting investment opportunities in low-orbit satellite internet and rocket launch industries [1]

Core Insights - The automotive parts sector experienced a 1.23% increase on December 1, with significant contributions from smart agriculture stocks leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Automotive Parts Sector Performance - Notable gainers in the automotive parts sector included: - Smart Agriculture (000816) with a closing price of 3.94, up 10.06% and a trading volume of 1.0334 million shares, totaling 402 million yuan - Huapei Power (603121) at 17.59, up 10.01% with a trading volume of 220,600 shares, totaling 377 million yuan - Ruima Precision (002976) at 31.28, up 9.99% with a trading volume of 133,600 shares, totaling 397 million yuan [1] Capital Flow Analysis - The automotive parts sector saw a net inflow of 1.199 billion yuan from institutional investors, while retail investors experienced a net outflow of 1.063 billion yuan [2] - Key stocks with significant capital flow included: - Shanzi Gaoke (000981) with a net inflow of 331 million yuan from institutional investors, but a net outflow of 208 million yuan from retail investors - Top Group (601689) with a net inflow of 228 million yuan from institutional investors and a net outflow of 172 million yuan from retail investors [2]

Group 1 - The core point of the news is that Aerospace Intelligent Manufacturing Co., Ltd. experienced a stock price increase of 5.19%, reaching 20.48 CNY per share, with a trading volume of 305 million CNY and a turnover rate of 4.04%, resulting in a total market capitalization of 17.314 billion CNY [1] - The company, established on February 3, 2005, and listed on April 23, 2015, is located in Longquanyi District, Chengdu, Sichuan Province, and specializes in the research, production, and sales of thermal sensitive magnetic tickets, magnetic stripes, and magnetic cards [1] - The main business revenue composition includes: 62.23% from automotive interior parts, 20.39% from automotive exterior parts, 4.50% from engine lightweight components, 4.15% from perforating tools, and smaller percentages from various other products [1] Group 2 - Among the top ten circulating shareholders of Aerospace Intelligent Manufacturing, a fund under Southern Fund holds a position. The Southern CSI 1000 ETF (512100) reduced its holdings by 25,200 shares in the third quarter, now holding 3.0897 million shares, which is 0.83% of the circulating shares [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 76.63 billion CNY. Year-to-date returns are 24.61%, ranking 1928 out of 4206 in its category, while the one-year return is 22.06%, ranking 2150 out of 4008 [2]

Investment Rating - The report initiates coverage on Aerospace Intelligence with a "Buy" rating and a target price of 26.00 RMB, based on a 20x PE valuation for 2026 [1][7]. Core Views - The company is expected to achieve growth driven by "technical barriers + policy dividends," leveraging aerospace technology transformation in oil and gas equipment and automotive smart cockpit sectors, while expanding its large-dosage drug column business for long-term stable growth [1][16]. Summary by Sections Company Overview - Aerospace Intelligence, formerly known as Lekai New Materials, underwent a major asset restructuring in 2023, acquiring 100% stakes in Aerospace Energy and Aerospace Molding, thus becoming the core listed platform of the Seventh Academy of Aerospace [2][25]. Financial Performance - The company is projected to achieve revenues of 58.60 billion RMB and 77.81 billion RMB for 2023 and 2024, respectively, with year-on-year growth rates of 20.10% and 32.78%. The net profit attributable to the parent company is expected to be 4.23 billion RMB and 7.92 billion RMB, reflecting growth rates of 61.36% and 87.02% [2][36]. Automotive Parts Business - Aerospace Molding, established in 2000, focuses on automotive interior and exterior parts, smart cockpit components, and lightweight engine parts. The company provided components for 10.95 million vehicles in 2023, accounting for 42% of national passenger car sales. The new energy vehicle segment is expected to constitute 72% of new products in 2024, surpassing industry penetration rates [3][16]. Oil and Gas Equipment Business - Aerospace Energy, founded in 2013, specializes in the research and manufacturing of perforating tools and high-end completion equipment. The company holds over 60% market share in unconventional oil and gas extraction and approximately 35% in conventional extraction. The demand for its products is expected to grow alongside the increase in domestic oil and gas production [4][17]. Market Perspective - The report highlights a discrepancy between market perceptions and the company's long-term growth potential, particularly in the automotive parts sector benefiting from electrification and intelligent transformation, and the oil and gas equipment sector supported by policy initiatives [5][19]. Profit Forecast and Valuation - The forecast for net profit attributable to the parent company for 2025-2027 is 9.48 billion RMB, 11.02 billion RMB, and 12.76 billion RMB, respectively. The report selects comparable companies with an average PE of 30x for 2026, assigning a target PE of 20x to Aerospace Intelligence [6][46].

证券日报网讯 11月28日晚间，航天智造发布公告称，公司于2025年10月27日召开第五届董事会第二十 一次会议，审议通过了《关于注销保定分公司的议案》。为进一步整合现有资源，优化组织结构，降低 管理成本，提高整体经营效益，根据实际经营情况及后续业务发展规划，董事会同意注销保定分公司。 基于上述事项，公司于近日取得保定国家高新区行政审批局出具的《登记通知书》，准予保定分公司注 销登记。截至本公告披露日，保定分公司的工商注销登记手续已办理完毕。 （文章来源：证券日报） ...