编写火箭燃料加注方案，与设计院沟通发射场二期项目建设细节……工作仅两年，海南国际商业航天发 射有限公司总体技术部加注供气系统工程师王舒皓已成为一名业务"多面手"。"有幸搭上商业航天发展 快车，才获得了更多锻炼机会。"生于1997年的王舒皓说。 航天梦，要追溯到儿时。他的家乡距离太原卫星发射中心约100公里。"小时候，看到火箭发射后空中留 下的白烟，我会兴奋得直拍手。"2022年底，在大学学习动力工程的王舒皓，看到海南商发的招聘信 息，毫不犹豫投了简历，并于次年4月入职。 发射场的二号工位创新采用"通用型"接口设计，可兼容多家公司20个型号的火箭。但在工位建设期间， 有的新型火箭尚在设计，海南商发就必须提前收集需求。"一旦火箭方的某一项指标出现偏差，发射场 王舒皓正在检查设备。 本报记者 曹文轩摄 海南商业航天发射场。 新华社记者 蒲晓旭摄 的建设成本可能就会大幅增加。这时，就要遵循商业航天的'商业逻辑'，多方反复论证，寻找最经济、 安全的方案。"王舒皓介绍，在这一过程中，自己的学习能力、沟通能力都得到提升。 2024年，商业航天被写入《政府工作报告》。多地出台支持政策，加速布局商业航天产业。"整个行业 都充满 ...

商业航天以市场为导向、以盈利为目标，其发展离不开众多要素的协同支撑。因此，建议营造宽松政策 环境、优化土地供应，创造更好融资环境、实现商业航天投资主体多元化，传统航天与商业航天"大手 拉小手"、优势互补、协同发展，布局国际市场、拓展国际业务，探索商业航天发射新模式、新机制， 推动我国商业航天可持续发展。 党的十八大以来，我国商业航天发展驶入快车道。在政策的有力引导下，大量社会资本涌入，各地布局 加速。当前，我国商业航天方兴未艾，企业数量快速增长、核心技术不断突破、产业生态加速形成。火 箭与卫星制造、发射服务与卫星运营、终端应用与服务，产业链各环节共同发力。 海南商业航天发射场的建设，就是我国商业航天发展的一个生动缩影。从一期项目奠基，到首次发射圆 满成功、填补我国商业航天发射场的空白，仅用时878天，这只是我们迈出的第一步。未来3到5年，我 国商业航天将迎来高密度发射期，对发射场的支撑能力提出了更高要求。我们计划在一年半里完成发射 场二期工程建设，预计2026年底实现发射。届时，发射场的4个发射工位，年发射能力有望突破60次。 近年来，全球航天业进入加速变革期，到2035年总体规模预计达1.8万亿美元。相信在 ...

Group 1 - The 9th "All Things Grow" Conference will be held from April 23 to 25, 2025, in Hangzhou, Zhejiang, where the "2025 China Future Unicorn Enterprises TOP 100 List" will be released, highlighting Beijing Jun Tian Hang Yu Technology Co., Ltd. as a top contender due to its satellite manufacturing capabilities and growth potential [1] - The conference aims to connect industry leaders and entrepreneurs, attracting over a thousand participants including founders of unicorn companies, top investors, scientists, and government representatives [1] - The list focuses on emerging companies in cutting-edge fields such as artificial intelligence, healthcare, commercial aerospace, and low-altitude economy, specifically targeting unlisted companies established within the last 10 years with valuations between 500 million to 1 billion USD [1] Group 2 - Jun Tian Hang Yu, founded on December 31, 2021, is a national high-tech enterprise based in Beijing, specializing in commercial satellite research and manufacturing [2] - The company has completed several hundred million RMB in Series B financing, with a core team comprising members from major Chinese aerospace satellite manufacturing enterprises, including the chief designer of the Tiangong space laboratory [2] - Jun Tian Hang Yu possesses capabilities in large-scale satellite constellation design and construction, significantly reducing manufacturing costs through integrated, standardized, and modular design [2] Group 3 - Being included in the "2025 China Future Unicorn Enterprises TOP 100 List" serves as a recognition of Jun Tian Hang Yu's technical strength, innovation capability, and commercial prospects, indicating its vast development potential in the global commercial aerospace sector [3] - The company aims to drive innovation and enhance its competitive satellite products and data services to elevate China's commercial aerospace industry [3]

Group 1: Financial Performance - In Q1 2025, the company reported revenue of 504 million yuan, a year-on-year increase of 20.48% [1] - The net profit attributable to shareholders reached 20.77 million yuan, a significant year-on-year increase of 971% [1] - Excluding non-recurring gains and losses, the company reported a net loss of 23.96 million yuan, compared to a net loss of 12.76 million yuan in the same period last year [1] Group 2: Research and Development - The company's R&D investment grew significantly, reaching 140 million yuan, an increase of 31.84% year-on-year, focusing on products like Star Map Low Altitude Cloud and Star Map Cloud [1] - The company is actively developing its capabilities in commercial aerospace and low-altitude economy [1] Group 3: Low Altitude Economy Strategy - The company has established a "1+2+N+M" strategy for the low-altitude economy, which includes building a "Star Map Low Altitude Cloud," two low-altitude test sites, and developing multiple regional demonstrations [2] - The company launched "Star Map Low Altitude Cloud V1.0" in January, aiming to establish it as a new infrastructure for the low-altitude economy [2] Group 4: Market Opportunities and Collaborations - The company has formed partnerships with cities like Hefei and Qingdao to co-build low-altitude test sites [3] - In 2024, low-altitude economy was included in the government work report, with 30 provinces incorporating it into their local government reports or policies [3] - The company has secured low-altitude related projects in four cities: Qingdao, Huzhou, Fuzhou, and Nanning [4] Group 5: Industry Growth Potential - The low-altitude economy in China reached a scale of 505.95 billion yuan in 2023, with a year-on-year growth of 33.8% [4] - It is projected that the low-altitude economy will exceed 1 trillion yuan by 2026, becoming a new growth point for the Chinese economy [4] - The company is well-positioned to be a significant driver of the low-altitude economy due to its accumulated experience in the aerospace information field [4]

证券研究报告 斯瑞新材 (688102 CH) 多条线稳增长，新兴产业打开成长空间 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 其他军工 | 斯瑞新材发布年报，2024 年实现营收 13.30 亿元（yoy+12.73%），归母净 利 1.14 亿元（yoy+16.17%）。其中 Q4 实现营收 3.65 亿元（yoy+17.62%， qoq+7.37%），归母净利 3597.27 万元（yoy+20.32%，qoq+61.08%）。业 绩略高于我们预期（前次 24 年归母净利润预测值为 1.07 亿元），公司持续 拓宽铜合金产品应用领域，业绩稳健增长，维持"增持"评级。 铜合金主业营收、毛利率双增，医疗零组件实现批量供应 分产品来看，24 年：1）铜合金材料及制品营收 5.91 亿元，同比+10.63%， 毛利率 20.34%，同比+2.01pcts。公司积极开拓国际市场，同时商业航天需 求增加，毛利率提升源于出口占比增加和产品结构优化；2）电接触材料及 制品营收 3.35 亿元，同比+19.21%，毛 ...

Core Insights - The Chinese government is promoting the large-scale application of new technologies and products, particularly in emerging industries like commercial aerospace, low-altitude economy, and deep-sea technology [1] - The establishment of the first commercial aerospace launch site in Wenchang, Hainan, aims to address the challenges of commercial launches and create a complete industrial chain for satellite data application services [1][2] - Wenchang's geographical advantages and supportive policies are key factors in its selection as the site for China's first commercial launch facility [2][3] Industry Development - The commercial aerospace sector in China is experiencing rapid growth due to advancements in technology and increasing market demand, marking a new era for the industry [1][2] - The Wenchang launch site successfully completed its first launch on November 30, 2024, demonstrating a significant milestone in establishing a commercial aerospace launch capability [1][4] - The launch site is designed to facilitate high-frequency and diverse launch requirements, with innovative features that enhance operational efficiency [6][7] Technological Innovations - The first launch site in Wenchang has achieved a "from 0 to 1" breakthrough, completing the entire industrial chain from rocket manufacturing to commercial launch and satellite data services [1][4] - The site incorporates advanced technologies such as modular steel structure design and dual-direction ground drainage systems to improve launch efficiency and reduce costs [6][7] - The second launch site is designed to accommodate various rocket sizes and has significantly reduced the launch preparation time from approximately 20 days to around 10 days [7] Investment and Economic Impact - The Wenchang International Aerospace City is rapidly developing, with a fixed investment of 7.64 billion yuan in 2024, reflecting a year-on-year growth of 20.8% [8] - The establishment of a comprehensive industrial system aims to create a service model that integrates manufacturing, launching, and data services, positioning Hainan as a key player in the aerospace industry [8][9] - The region is expected to attract upstream and downstream enterprises in the aerospace sector, with plans to achieve a high-density commercial launch capability by 2027 and a flight-like launch capability by 2030 [9][10]

Investment Rating - The report assigns a rating of "Buy" to the company with a current price of 9.98 CNY and a fair value of 11.52 CNY [3]. Core Views - The company is expected to benefit from the recovery in aerospace demand, with a strong positioning in the special cable sector and significant profit elasticity due to product structure optimization [1][36]. - The company plans to achieve a revenue growth of 0-50% and a net profit growth of 0-100% in 2025 compared to 2024 [7][8]. - The aerospace and fusion equipment cable revenue has shown a significant improvement, with a 232.07% increase in early 2025 compared to the same period in 2024 [7][8]. Financial Forecast - Revenue is projected to grow from 34.70 billion CNY in 2023 to 74.76 billion CNY by 2027, with annual growth rates of 15.1%, 19.8%, 24.4%, 21.6%, and 18.8% respectively [2][40]. - The company's EBITDA is expected to increase from 161 million CNY in 2023 to 560 million CNY in 2027, reflecting a strong upward trend [2]. - Net profit is forecasted to rise from 87 million CNY in 2023 to 336 million CNY in 2027, with significant growth rates of -21.2%, 26.1%, 61.2%, 42.2%, and 34.3% [2][40]. Business Overview - The company is a leading manufacturer of special cables, with a strong focus on aerospace, data communication, and other high-end applications [10][25]. - It has established a competitive advantage in the special cable market, particularly in aerospace and fusion equipment, with over 70 years of technical experience [7][36]. - The company has been recognized as one of the top 50 in the "China Cable Industry 100" and has consistently been rated among the "Top Ten Brands of Special Cables" in China [10][25]. Market Opportunities - The aerospace and fusion equipment sector is expected to see increased demand due to modernization efforts in military and defense spending, with projections indicating a market demand exceeding 10 billion CNY by 2027 [28]. - The company is also actively expanding into emerging markets such as commercial aerospace, low-altitude economy, and robotics, which are anticipated to drive future growth [36][31]. - The electric power sector is poised for growth due to infrastructure upgrades and increased capital expenditures, with significant investments planned by state-owned enterprises [30][39].

Core Viewpoint - The event held in Qingpu District on April 28, 2025, focused on the integration of commercial aerospace, spatial information, and low-altitude economy, aiming to outline a new development landscape for the Yangtze River Delta's low-altitude economy [1][3]. Economic Growth and Development Plans - Qingpu District's GDP growth was 7.3% in 2024, ranking third in the city and first among suburban areas; the GDP growth rate for the first quarter of 2025 reached 12.2%, the highest in the city [3]. - The district is constructing a "3+3+3" modern industrial system, with the low-altitude economy projected to become a hundred billion-level industrial cluster, targeting an industry scale of over 20 billion yuan by 2027 [3][9]. Policy and Infrastructure Initiatives - Qingpu is accelerating the layout of low-altitude economy policies, enhancing collaboration with universities, and creating an integrated innovation ecosystem that includes "scenarios + technology + talent" [3][9]. - The district aims to establish over 50 distributed take-off and landing facilities and open inter-provincial routes, creating a safe and efficient ground infrastructure network [9]. Key Projects and Collaborations - Four significant projects were signed, including the "Yidian Aviation Manufacturing Base" focusing on drone systems and flying car development, and the "Hefeng Amphibious Aircraft Manufacturing Base" introducing international technology to fill domestic market gaps [8]. - The Qingpu Industrial Park is leveraging its dual-rail transportation network and 2,000 acres of reserved land to create a core area for low-altitude intelligent manufacturing, attracting leading companies in the sector [6][8]. Future Outlook and Strategic Goals - The district's action plan for high-quality development of the low-altitude economy from 2024 to 2027 includes nurturing five leading enterprises and guiding 50 low-altitude industry chain projects, with total investments exceeding 6 billion yuan [9]. - Qingpu is positioning itself as a model for low-altitude economic development, integrating industrial-grade drone manufacturing, distributed take-off networks, and applications in low-altitude logistics and smart cities [10].

多位行业人士指出，目前客户对卫星数据使用量仅占数据总量的一小部分。商业航天领域供需针对性不足，产品 及技术转化率有待提高，企业呼吁建立多维市场交易平台，加强政策支持，促进应用落地。中科西光航天副总经 理王彦添称，公司高光谱卫星产品数据丰富，在危险气体监测等领域表现良好，应用空间广阔。（陈十一） 传统航天生产依赖人工，耗时漫长。如今，行业引入航空及汽车工业柔性智能化产线理念，采用脉动式柔性生产 工艺，将卫星制造划分为12个核心工位模块，大幅提升产能。赛迪研究院报告指出，中国商业航天正快速成 长，"星箭场测用"链条企业已突破技术瓶颈，商业卫星制造进入量产阶段。以千帆星座为例，自2024年8月6日首 批"一箭十八星"发射，至2025年3月12日第五批发射，在轨卫星达90颗。格思航天作为其主要制造商之一，年产能 300颗，随着二期工厂项目落地，未来吨级以上卫星年产150颗，吨级以下年产600颗。银河航天卫星智慧工厂使研 制周期缩短80%，具备2000公斤以下卫星制造能力，年产中型卫星可达百颗。国海证券研报预计，截至2025年2月 19日，我国在轨卫星数居全球第二。基于ITU要求与星座规划，2024 - 2030年将是 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 5.5 billion yuan for 2024, a year-on-year decrease of 27.26%, and a net profit attributable to shareholders of 1.2 billion yuan, down 53.43% year-on-year [5] - The decline in revenue is primarily due to a decrease in special integrated circuit income, which fell by 42.57% year-on-year [5] - The company continues to invest heavily in R&D, with an expenditure of 1.29 billion yuan, representing 23.33% of revenue, which is an increase of 4.54 percentage points year-on-year [5] - The company is expected to benefit from the acceleration of special informationization and the recovery of its main business, with anticipated revenue growth in the automotive chip sector [5] Financial Performance - The company achieved a net cash flow from operating activities of 1.5 billion yuan, a decrease of 17.07% year-on-year [5] - The net assets attributable to shareholders increased by 6.33% year-on-year to 12.4 billion yuan as of December 31, 2024 [5] - The projected revenues for 2025, 2026, and 2027 are 6.7 billion yuan, 8.3 billion yuan, and 10.5 billion yuan respectively, with corresponding net profits of 1.6 billion yuan, 2.2 billion yuan, and 2.3 billion yuan [5][8] Market Position and Outlook - The company is positioned to benefit from the growth in automotive electronics and the recovery of traditional consumer electronics [5] - The company has launched several new products, including the first commercial eSIM in China and automotive safety chip solutions, which are expected to contribute to future revenue growth [5] - The company maintains a leading position in FPGA and system-level chip products, which are anticipated to see improved performance in the current fiscal year [5]