研报掘金丨国泰海通：予航天电子“增持”评级，目标价19.77元

Group 1 - The aerospace industry is experiencing an upturn driven by high-frequency space launch missions, with demand for unmanned systems equipment boosted by information technology and military trade [1] - Aerospace Electronics, as the industry leader, is expected to benefit from the increasing downstream demand, with performance likely to exceed expectations [1] - The construction progress of low-orbit satellite constellations is anticipated to accelerate, and the company is well-positioned for rapid growth in both domestic and foreign markets for unmanned equipment [1] Group 2 - The company has a diverse range of "Feihong" drone models, and its "Feiteng" precision-guided munitions are the most widely mounted models in the international market, with the broadest range of types and export regions [1] - The subsidiary Aerospace Feihong achieved a revenue of 1.102 billion yuan and a net profit of 77 million yuan in 2023, marking a historical high, with expectations for increased orders in the active military trade market [1] - With the aerospace industry on the rise and strong demand for unmanned systems equipment, the company, as a core supplier in the aerospace electronics sector, is poised for rapid development [1]