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] Company Summary - The subsidiary Aerospace Rocket specializes in ground measurement and control equipment, data links, and laser terminals, providing core products in measurement and control systems and space network information systems [1] - The capital increase will enhance Aerospace Electronics' production capacity to better meet the strong demand in the aerospace industry during the 14th Five-Year Plan period [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] - 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] Industry Summary - 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]