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].

本报告版权属于国投期货有限公司 不可作为投资依据,转载请注明出处 1 | E Road Host | | | 责金属日报 | | --- | --- | --- | --- | | | 操作评级 | | 2025年12月16日 | | 黄金 | 白银 ★☆☆ | ★☆★ | 刘冬博 高级分析师 | | 铂 | ★☆☆ 紀 | ★☆★ | F3062795 Z0015311 | | | | | 吴江 高级分析师 | | | | | F3085524 Z0016394 | | | | | 孙芳芳 中级分析师 | | | | | F03111330 Z0018905 | | | | | 010-58747784 | | | | | gtaxinstitute@essence.com.cn | 隔夜贵金属有所回落。美联储会议后宽松交易延续，黄金逼近历史高点位置,如果实现突破则贵金属强势表 现有望延续。铂把创上市以来新高，外盘强势突破前高压力位加速上涨。金银强势背景下，相对低估值铂兜 受多头资金青睐,商业航天发展如火如荼,氢能板块用铂肥存想象空间,供应端的强刚性约束下,ધ妃中长 线多配节奏明确。今晚重点关注美国11月非 ...

格隆汇12月16日丨华阳集团(002906.SZ)在投资者互动平台表示，公司产品暂未应用于商业航天。 ...

A股、港股亦大幅下行，沪指跌逾1%，创业板指跌超2%，恒生指数跌超1.5%，恒生科技指数跌近2%。 消息面上，近期日本央行释放鹰派信号引发市场波动。据悉，日本央行将于12月18日至19日召开货币政 策会议，市场普遍预期最可能的方案是加息25个基点至0.75%。但有机构指出，本次日本央行加息对市 场的影响或相对有限，首先是沟通充分、定价完毕。其次是目前套息交易规模有限。 具体来看，A股方面，三大股指盘中单边下探，北证50指数逆市上扬。截至收盘，沪指跌1.11%报 3824.81点，深证成指跌1.51%，创业板指跌2.1%，北证50指数逆市涨0.54%，沪深北三市合计成交17483 亿元，较此前一日减少约460亿元。 16日，亚太市场主要股指多数下挫，日经225指数收盘跌1.56%报49383.29点，韩国综合指数跌2.24%报 3999.13点，澳洲标普200指数跌0.56%报8598.9点。 无人驾驶概念崛起 无人驾驶概念盘中强势上扬，截至收盘，万集科技、久之洋20%涨停，浙江世宝、路畅科技、索菱股份 等亦涨停，豪恩汽电涨超9%。 | 代码 | 名称 | � | 涨幅% | 现价 | 涨跌 | 采价 | 卖价 ...

智通财经12月16日讯，今日42股涨停，19股炸板，封板率为69%，百大集团、法尔胜、华菱线缆4连 板，胜通能源3连板，太阳电缆、安记食品11天7板，皇氏集团、茂业商业6天3板，北交所汉鑫科技、美 之高30cm首板。市场全天震荡调整，三大指数集体低开低走。沪深两市成交额1.72万亿，较上一个交易 日缩量493亿。全市场超4300只个股下跌。板块方面，零售、教育、乳业、多元金融等板块涨幅居前， 贵金属、影视院线等板块跌幅居前。截至收盘，沪指跌1.11%，深成指跌1.51%，创业板指跌2.1%。 人气及连板股分析 连板晋级率降至38.46%，连板高度降至华菱线缆等3只4连板个股，随着福建叠加商业航天概念的人气 股龙洲股份全天封死一字跌停，令高位股情绪再度承压，昨日展开修复的福建板块继续呈现两极分化， 实达集团、三木集团等多股遭遇跌停，影视人气股博纳影业遭遇2连跌停。随着主板方向资金抱团再度 经受考验，资金再度聚焦北证方向，北证50指数早盘一度涨近3%，北证商业航天人气股天力复合盘中 一度涨超27%，最近7个交易日累计涨幅一度超200%，此外汉鑫科技、美之高两只首板个股也叠加了今 日爆发的智能驾驶和大消费板块。若短 ...

在岸、离岸人民币对美元汇率再度刷新逾一年来新高 离岸人民币对美元汇率再次击穿7.04，盘中一度升至7.04，创2024年10月4日以来新高。在岸人民币对美 元汇率盘中最高升至7.04，创下2024年10月8日以来新高。谈及近期人民币对美元汇价连续上行，东方 金诚首席宏观分析师王青认为有两个直接原因。一是12月11日美联储降息前后，美元指数持续下行，跌 破100，带动包括人民币在内的非美货币普遍升值。二是临近年底，企业结汇需求增加，带动人民币季 节性走强。而在人民币持续走强后，前期累积的结汇需求有可能加速释放。王青表示，短期内人民币将 处在偏强运行状态，接下来要重点关注美元走势、人民币中间价调控力度，以及国内稳增长政策的力度 和节奏。（中国基金报） 全年业绩抢先看 部分"优等生"率先披露全年业绩预告 钨价加速上涨 每吨突破40万元 钨市场价格今日呈现加速上行态势。据"中钨在线"统计，钨精矿每吨价格突破40万元，APT（仲钨酸 铵）价格突破每吨60万元，钨粉每公斤价格也逼近千元大关。具体来看，黑钨精矿（≥65%）报价攀升 至41.5万元／吨，白钨精矿（≥65%）报价41.4万元／吨，钨粉报价990元／公斤，APT ...

格隆汇12月16日丨火炬电子(603678.SH)在互动平台表示，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；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。 ...