Drinda(SZ:002865) Changjiang Securities·2026-02-09 05:45Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The controlling shareholder of Shanghai Fuyou Xinghe Aerospace Technology Co., Ltd. has changed to Jun Da Co., which holds 60% of the shares. Shanghai Xuntian Qianhe Space Technology Co., Ltd. is a wholly-owned subsidiary of Fuyou Xinghe [2][5]. - Xuntian Qianhe is a leading satellite manufacturer in China, located in the G60 Space Internet Industry Base in Songjiang District, Shanghai. The company focuses on high-quality commercial satellites through independent research and technological innovation [12]. - The company has a strong technical team with nearly a hundred commercial satellite development experiences and has developed six satellite platforms covering micro and small satellites from 10kg to 1000kg [12]. - Jun Da Co. has completed its H-share placement, raising a net amount of HKD 398 million, with 45% allocated for the research and production of space photovoltaic battery products, 45% for equity investment and cooperation in the commercial aerospace sector, and 10% for working capital [12]. - The company aims to solidify its position in the remote sensing satellite market, enhance data accuracy and timeliness, and expand into the communication satellite field [12]. Financial Data Summary - Current stock price is 97.83 CNY, with a total share capital of 31,127 million shares and a circulating A-share of 22,487 million shares [7]. - The projected total revenue for 2026 is 10,805 million CNY, with a net profit forecast of 488 million CNY [16]. - The company expects to achieve a net profit of 1,034 million CNY by 2027, with an EPS of 3.32 CNY [16].