研报掘金丨东方证券：维持航天电子“买入”评级，目标价18.72元

Core Viewpoint - Aerospace Electronics plans to increase capital for its subsidiary Aerospace Rocket, actively integrating into the new landscape of commercial aerospace development [1] Group 1: Company Development - The subsidiary Aerospace Rocket provides ground measurement and control equipment, data links, laser terminals, and other core products in fields such as measurement and control systems and space network information systems [1] - This capital increase is expected to enhance Aerospace Electronics' production capacity to better meet the strong demand in the aerospace industry during the 14th Five-Year Plan [1] - The subsidiary will continue to focus on key technological advancements in large-scale inter-satellite links, flexible networking technology, space dynamic cluster networking data link technology, and high-performance chip design [1] Group 2: Industry Position - Aerospace Electronics, as a subsidiary of the Aerospace Science and Technology Group, has extensive technical accumulation and engineering experience, supporting key missions of the Long March and Shenzhou series [1] - The company is positioned as a leader in commercial aerospace and the unmanned systems industry chain, entering a rapid development phase [1] - The target price is set at 18.72 yuan based on a comparable company PE of 78 times for 2026, maintaining a "buy" rating [1]