Group 1 - The core viewpoint of the article is that Ningbo Huaxiang (002048) is strategically focusing on commercial aerospace as an important application area for PEEK materials, and the related work will proceed as planned [1] Group 2 - The company has confirmed its commitment to the commercial aerospace sector, indicating it as a key strategic direction [1] - The company is actively engaging with investors through interactive platforms to provide updates on its strategic initiatives [1]

（来源：每经头条） 12月13日，迪迩五号·中国科技城号（B300-L02）空间试验器由快舟十一号遥八运载火箭搭载，从酒泉卫星发射中心成功发射，顺利进入预定轨道，发射 任务取得圆满成功。 此次任务标志着民营太空飞船迈入新阶段，为后续开展更为广泛的空间科学研究、空间技术验证与应用开发及货物运输奠定基础。 在2025年这个被行业公认为"商业航天大年"的时间节点，迪迩五号的入轨提供了一个观察行业风向的最新切口。对于资本市场和产业界而言，关注点早已 不局限于单一的技术突破，而是民营商业航天能否真正从"讲故事"迈向"做生意"。 12月13日，快舟十一号遥八运载火箭发射升空，将迪迩五号空间试验器顺利送入轨道 新华社发（汪江波 摄） 12月16日，迪迩五号的研制方——北京紫微宇通科技有限公司（AZSPACE，以下简称"紫微科技"）创始人、董事长张晓敏接受了《每日经济新闻》记者 （以下简称"每经记者"）的专访。 张晓敏向每经记者坦言，此次发射的最大价值在于验证了小型商业货运飞船的商业化闭环——在"国家队"主导的大型任务之外，民营企业正试图建立一套 独立、标准化的太空服务体系，让商业飞船从概念走向了实质性的产业落地。 商业航天 ...

证券日报网讯 12月16日，国网信通（600131）在互动平台回答投资者提问时表示，公司并不涉及商业 航天或太空算力等相关产业。公司子公司中电飞华基于光纤通信、无线通信、卫星通信等基础资源，构 建形成覆盖全国的"空天地一体化通信网络"，包括地基网络、空基网络和天基网络，持续提升算网一体 融合的多元化通信和算力服务能力。 ...

证券日报网讯 12月16日，振芯科技在互动平台回答投资者提问时表示，公司自主研制的射频类、视讯 类产品可用于商业航天领域，目前公司正积极开展产品研制及市场应用拓展。公司拥有完全自主的核心 技术，部分产品在同类领域已应用多年，产品性能指标处于国内先进水平，具有先发优势。 （文章来源：证券日报） ...

商业航天概念近期受到市场关注，相关概念股大涨，12月16日，多家上市公司发布公告或在互动平台回 复相关业务布局情况。 振芯科技：公司自主研制的射频类、视讯类产品可用于商业航天领域，目前公司正积极开展产品研制及 市场应用拓展。 盟升电子：在商业航天领域，公司卫星导航产品已成功应用于"朱雀"、"长征"、"谷神星"、"快舟"等多 型运载火箭。 博云新材：在商用航天领域，公司所研发的碳/碳喉衬材料已成功应用于我国的"快舟系列" 商业航天固 体运载火箭上。 苏州高新：子公司东菱振动为商业航天企业提供振动测试解决方案，产品应用于火箭、卫星等航天器的 研制和测试环节。 川仪股份：公司自主研发的的PDS智能压力变送器、超低温蝶阀、多孔板流量计、智能温度仪表等多款 产品为海南商业航天发射场提供坚实保障。 编辑｜心一 二连板航天信息：公司目前主营业务产品包括数字财税业务产品、智慧业务产品及网信业务产品，不涉 及商业航天。 航天长峰：公司主营业务分为军工电子、公共安全和高端医疗装备三大板块，目前公司不从事商业航天 等相关业务。 航天工程：公司的主营业务是以航天粉煤加压气化技术为核心，专业从事煤气化技术及关键设备的研 发、工程设计、 ...

证券日报网讯12月16日，火炬电子（603678）在互动平台回答投资者提问时表示，公司密切关注并积极 拓展商业航天等新兴科技产业供应链的应用场景，参与了部分客户在该领域的产品配套。公司主营产品 中陶瓷电容器具备商业航天场景应用潜力，在抗辐射性能上，该系列产品此前已进行了相关验证，确认 满足空间应用环境的辐射耐受要求；在产品可靠性方面，公司依托宇航级生产线，在设计、生产过程控 制、成品验证等方面均具备丰富经验。同时，公司持续推进自产元器件品类矩阵拓展，通过技术创新与 产业链协同，进一步强化产品竞争力以适配下游多元化需求。 ...

商业航天概念近期受到市场关注，相关概念股大涨，12月16日，多家上市公司发布公告或在互动平台 回复相关业务布局情况。 振芯科技： 公司自主研制的射频类、视讯类产品可用于商业航天领域，目前公司正积极开展产品研制 及市场应用拓展。 盟升电子： 在商业航天领域，公司卫星导航产品已成功应用于"朱雀"、"长征"、"谷神星"、"快舟"等 多型运载火箭。 博云新材： 在商用航天领域，公司所研发的碳/碳喉衬材料已成功应用于我国的"快舟系列" 商业航天固 体运载火箭上。 苏州高新： 子公司东菱振动为商业航天企业提供振动测试解决方案，产品应用于火箭、卫星等航天器 的研制和测试环节。 川仪股份： 公司自主研发的的PDS智能压力变送器、超低温蝶阀、多孔板流量计、智能温度仪表等多 款产品为海南商业航天发射场提供坚实保障。 二连板航天信息： 公司目前主营业务产品包括数字财税业务产品、智慧业务产品及网信业务产品，不 涉及商业航天。 航天长峰： 公司主营业务分为军工电子、公共安全和高端医疗装备三大板块，目前公司不从事商业航 天等相关业务。 航天工程： 公司的主营业务是以航天粉煤加压气化技术为核心，专业从事煤气化技术及关键设备的研 发、工程设 ...

北京商报讯（记者 马换换 李佳雪）12月16日晚间，上交所官网显示，中电科蓝天科技股份有限公司 （以下简称"电科蓝天"）科创板IPO当日上会获得通过。 另外，上市委要求电科蓝天结合天津恒电的股权结构、与天津恒电的采购和销售情况，说明相关关联交 易的商业合理性和价格公允性，以及会计处理是否符合《企业会计准则》相关规定。 据了解，电科蓝天主要从事电能源产品及系统的研发、生产、销售及服务。公司IPO于2025年6月28日 获得受理，当年7月20日进入问询阶段。本次冲击上市，电科蓝天拟募集资金约15亿元。 在上市委会议现场，上市委要求电科蓝天结合我国商业航天发展趋势、市场空间、竞争格局、以及公司 在手订单和毛利率变动等情况，说明公司在商业航天领域宇航电源业务业绩增长的可持续性。 ...

Investment Rating - The report initiates coverage with a "Buy" rating and sets a target price of 55.86 CNY [5][20]. Core Insights - The company focuses on the development, production, and service of high-reliability embedded computers, with products widely used in high-end equipment, particularly in the defense sector, which is expected to maintain strong demand [2][21]. - The projected net profit for the company from 2025 to 2027 is estimated at 1.14 billion, 1.7 billion, and 2.02 billion CNY, with corresponding EPS of 0.66, 0.98, and 1.16 CNY [14][20]. - The global military embedded systems market is expected to grow from 1.81 billion USD in 2024 to 3.23 billion USD by 2032, with a CAGR of 7.5% [10][20]. Financial Summary - Total revenue is projected to increase from 663 million CNY in 2023 to 1.208 billion CNY in 2027, with a significant growth rate of 70.7% in 2025 [4][11]. - Net profit attributable to the parent company is expected to recover from 19 million CNY in 2024 to 202 million CNY in 2027, reflecting a substantial growth trajectory [4][11]. - The company’s gross margin is anticipated to improve from 44.84% in 2025 to 50.75% in 2027, indicating effective cost control and operational efficiency [16][17]. Market Position and Growth Drivers - The company is positioned as a leader in high-reliability embedded computers, serving critical sectors such as aerospace and defense, with a focus on customized solutions [21][30]. - The demand for embedded computers in military applications is expected to rise due to the increasing complexity and technological advancement of military equipment [10][20]. - The company is actively pursuing opportunities in commercial aerospace and unmanned systems, which are projected to become significant growth areas [10][20]. Order and Revenue Growth - The company reported a significant increase in orders, with a 73.71% year-on-year growth in backlog orders, driven by rising customer demand [10][20]. - The embedded computer market for airborne and missile applications is expected to see substantial growth, with projected increases of 43.62% and 192.7% respectively from 2025 to 2027 [15][20]. Cost Management and Profitability - The company has successfully optimized its cost structure, leading to improved profitability metrics, with net profit margins expected to rise from 15.3% in 2025 to 16.7% in 2027 [16][39]. - The management has implemented effective cost control measures, resulting in a decrease in operating expenses as a percentage of revenue [39][42]. Investment and Future Outlook - The company is focusing on R&D investments to enhance its product offerings in unmanned systems and commercial aerospace, which are expected to drive future revenue growth [10][20]. - The strategic initiatives include launching fundraising projects aimed at developing embedded computing solutions for new markets, positioning the company for long-term growth [10][20].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 19.77 CNY, indicating an expected performance that exceeds the benchmark index by more than 15% [11][19]. Core Insights - The company plans to increase its investment in its subsidiary, China Aerospace Long March Rocket Technology Co., Ltd., by 727.5 million CNY to enhance its capabilities in aerospace electronic information and to engage in key technology research and development, aligning with the new commercial aerospace landscape [3][11]. - The investment will primarily support the production capacity of aerospace electronic information-related businesses, including telemetry and control systems, and is expected to meet the growing demand in the aerospace industry during the 14th Five-Year Plan period [11]. - The company has achieved significant technological advancements over the past two decades, positioning itself as a leader in ground measurement and control, data link networking, and space information networks, which will be further strengthened by this capital increase [11]. Financial Summary - Total revenue is projected to be 18.727 billion CNY in 2023, with a decrease to 14.280 billion CNY in 2024, followed by a recovery to 21.469 billion CNY by 2027, reflecting a compound annual growth rate (CAGR) of 7.7% from 2023 to 2027 [5][12]. - Net profit attributable to shareholders is expected to grow from 525 million CNY in 2023 to 846 million CNY in 2027, with a notable increase of 39.9% in 2026 [5][12]. - The earnings per share (EPS) is forecasted to rise from 0.16 CNY in 2023 to 0.26 CNY in 2027, indicating a positive trend in profitability [5][12]. Market Data - The company's stock has a 52-week price range of 8.14 CNY to 15.82 CNY, with a current market capitalization of 52.195 billion CNY [6]. - The price-to-earnings (P/E) ratio is projected to decrease from 99.45 in 2023 to 61.72 in 2027, suggesting an improving valuation as earnings grow [5][12]. - The company has a net asset return rate (ROE) projected to increase from 2.6% in 2023 to 3.8% in 2027, reflecting enhanced efficiency in generating profits from equity [7][12].