新股前瞻|2028年前欲发布首批100颗AI智算卫星，全产业链优势能否撑起国星宇航估值？

Core Viewpoint - The explosive growth in computing power demand, driven by large projects like "Stargate" and increased capital expenditures from global cloud service providers, has made AI computing power a hot sector in the capital market, leading to the emergence of numerous strong stocks in the industry chain [1][2]. Group 1: Company Overview - Guoxing Aerospace, founded in 2018, is a full-chain participant in China's commercial aerospace industry, focusing on the research, development, manufacturing, sales, and operation of low Earth orbit commercial satellites, particularly AI satellites [3][4]. - The company has launched China's first AI application satellite and AI computing satellite, marking significant milestones in the evolution of China's space computing capabilities [3][4]. Group 2: Business Development - As of August 17, 2025, Guoxing Aerospace has developed 6 AI payloads, 4 AI application satellites, and 16 AI computing satellites, successfully completing 14 space missions [5]. - The company aims to establish a space-based computing network consisting of 2,800 AI satellites, providing low-cost, sustainable computing resources to meet various AI computing needs [16]. Group 3: Financial Performance - Guoxing Aerospace has experienced rapid revenue growth, with revenues of 177 million, 508 million, and 553 million RMB from 2022 to 2024, but continues to incur losses, with adjusted net losses of 67.29 million, 90.69 million, and 69.05 million RMB during the same period [6][8]. - The company's gross margin has fluctuated significantly, with rates of 25.4%, 14%, 38%, and 10.1% from 2022 to the first half of 2025, impacting net profit stability [8][9]. Group 4: Market Position and Industry Growth - Guoxing Aerospace ranks eighth among the top ten private commercial aerospace companies in China by revenue, holding a market share of 2% as of 2024 [13]. - The Chinese satellite industry is projected to grow from 82.7 billion RMB in 2024 to 266.1 billion RMB by 2029, with a compound annual growth rate of 26.3%, driven by favorable policies and increased commercial aerospace activities [10][16].