Core Viewpoint - The successful IPO of Electric Science and Technology Blue Sky (688818.SH) marks the first space-related IPO of 2026, with the company's market value soaring to 114.5 billion yuan on its debut, despite not being a traditional commercial space company [2][6]. Group 1: IPO Details - Electric Science and Technology Blue Sky's shares surged nearly sixfold on the first trading day, closing at 65.94 yuan per share, a 596.30% increase from the IPO price of 9.47 yuan [4][6]. - The company issued 17.37 million shares, with an overwhelming subscription rate of over 4600 times, indicating strong market interest [4][5]. - Strategic investors, including China Nuclear Capital and China Shipbuilding Investment, participated significantly, with a total of 31.68 million shares allocated to strategic placements [4][5]. Group 2: Company Background and Market Position - Electric Science and Technology Blue Sky holds over 50% market share in the domestic aerospace power supply sector, providing power systems for major national projects, including Shenzhou spacecraft and Beidou satellites [2][8]. - The company has a rich history dating back to 1958 and is recognized as a key player in China's power supply technology [8][9]. - The main business segments include aerospace power, special power, and new energy applications, with a comprehensive product technology system covering generation, storage, control, and system integration [6][8]. Group 3: Financial Performance - The company has reported continuous profitability over the past four years, with projected net profits for 2025 ranging from 327 million to 360 million yuan [3][10]. - Revenue figures for the years 2022 to 2024 were 2.52 billion, 3.52 billion, and 3.13 billion yuan, respectively, with a notable increase in net profit in 2024 [10]. - Despite the impressive market valuation, there are concerns regarding cash flow, with a net cash flow of -683 million yuan due to high accounts receivable [12].
电科蓝天成2026年航天IPO首单 连续四年盈利市值达1145亿