丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] 朱雀三号即将再次回收试验，我国火箭重复使用 技术有望突破 报告要点 [Table_Summary] 2 月 25 日，蓝箭航天宣布，其研制的朱雀三号重复使用运载火箭计划于今年第二季度再次开展 回收试验，并根据回收试验情况，争取于第四季度尝试首次回收复用飞行。此次蓝箭航天公布 其回收试验及首次回收复用飞行相关安排，我们认为我国商业航天有望于今年实现关键技术突 破。随着可回收火箭的技术突破，火箭发射成本有望大幅降低，从而加速我国商业航天产业发 展。建议关注产业链各环节的核心供应商，重点关注卫星应用相关标的。 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Title 朱雀三号即将再次回收试验，我国火箭重复使 2] 用技术有望突破 [Table_Summary2] 事件描述 2 月 2 ...

010 10 10 10 19181 e E t l E ting C / 1 LATE LEA H ● M □四川日报全媒体记者 祖明远科学布局构建"箭星器数"产业生态。目前已集聚九洲北斗、星际荣耀等商业航天产 业链重点企业及关联企业近30家，产业规模超30亿元。预计到2030年，实现商业航天产业规模超200亿元的目标完 善机制将商业航天产业纳入"587+"产业体系，由市级领导担任产业链链长，绵阳科技城管理委员会分管领导担任 执行链长明晰方向制定航空航天产业链图谱，明确上中下游发展的重点领域和细分行业。确定打造以涪城为火箭 发动机、游仙为载人航天器、北川为通航产业、科技城新区为卫星应用、经开区为航空电子元器件的重点产业承 载地在四川星际荣耀航天动力有限责任公司（下称星际荣耀）火箭发动机厂区，工人们正忙着调试设备，为接下 来的大规模组装生产做准备；在绵阳科技城科技创新和产业创新融合发展三处，工作人员忙着走访调研火箭发动 机企业，谋划建设火箭发动机、整箭试车共享平台……2月24日，春节假期后上班首日，绵阳多个商业航天企业与 相关部门又进入了忙碌状态。2026年初，国际电信联盟（ITU）官网公布的信息显示，我国提 ...

截至午间收盘，中证卫星产业指数上涨1.7%，国证通用航空产业指数上涨1.0%。 中泰证券表示，未来两年，全球有望进入商业航天产业爆发期，技术迭代与工程化节奏持续加快，发射服务、卫星组网、太空算力、太空光伏等航天任务需 求有望进一步释放，商业航天产业长期景气上行趋势不变。 每日经济新闻 ...

证券日报网讯2月25日，昊志机电（300503）在互动平台回答投资者提问时表示，公司持续关注商业航 天产业的发展动态，积极推进产品体系的完善与市场布局的拓展。截至目前，公司在该领域收入占公司 主营业务收入比例较小。 ...

Company Overview: HCDX Electric Science and Technology Blue Sky Industry and Company - HCDX Electric Science and Technology Blue Sky is a leading supplier of aerospace power systems in China, originating from the 18th Research Institute of the national team [1][2] - The company is set to debut on the Sci-Tech Innovation Board on February 10, with an initial offering price of 9.47 CNY per share, corresponding to a market capitalization of 16.1 billion CNY [1] Financial Performance - For 2024, the company achieved a revenue of 3.12 billion CNY and a net profit of 340 million CNY [1] - For 2025, the company expects revenue to be between 3.14 billion and 3.23 billion CNY, with a projected net profit of 330 million to 360 million CNY [1] - In the first half of 2024 and 2025, the company's aerospace power revenue is expected to be 1.9 billion CNY and 730 million CNY, respectively, accounting for 63.4% and 74.1% of total revenue [1] - The gross profit margin for aerospace power is reported at 31.8% for 2024 and 25.3% for 2025 [1] Market Position and Technology - The company has a strong technological foundation, having supported over 700 spacecraft, and is expected to cover over 50% of the domestic aerospace power market by 2024 [2] - The coverage rates for the National Grid Constellation and Qianfan Constellation are reported at 80% and 100%, respectively [2] - The company is positioned in the core segment of aerospace power, which is referred to as the "heart" of aerospace technology [2] Future Growth Potential - The estimated value per spacecraft supplied in 2024 is over 10 million CNY, with the value per satellite in low Earth orbit estimated between 5 million and 8 million CNY, potentially rising to 10 million CNY for future computing constellations [2] - The listing is expected to provide funding for capacity expansion, supporting the company's long-term growth logic [2] Investment Recommendations - HCDX Electric Science and Technology Blue Sky possesses a robust technological background and market entry barriers, closely tied to China's strategy of becoming a space power and the explosion of the commercial aerospace industry [2] - The long-term profit outlook for satellite power is projected at 3 billion CNY, with additional aerospace and special power sources expected to contribute 1.5 billion to 2 billion CNY [2] - The long-term valuation of the company is anticipated to reach 100 billion CNY [2]

Summary of Key Points from the Conference Call Company Overview - The company, 电科蓝天, is a leading supplier of aerospace power systems in China, originating from the 18th Research Institute of the national team [1][2]. Financial Performance - The company plans to go public on the Sci-Tech Innovation Board on February 10, with an issue price of 9.47 CNY per share, corresponding to a market capitalization of 16.1 billion CNY [1]. - For 2024, the company achieved revenue of 3.12 billion CNY and a net profit of 340 million CNY [1]. - For 2025, the company expects revenue between 3.14 billion CNY and 3.23 billion CNY, with a projected net profit between 330 million CNY and 360 million CNY [1]. - In the first half of 2024 and 2025, the company's aerospace power revenue is expected to be 1.9 billion CNY and 730 million CNY, respectively, accounting for 63.4% and 74.1% of total revenue, with gross margins of 31.8% and 25.3% [1]. Market Position and Technology - The company has a strong technological foundation, covering all major national projects such as Shenzhou, Tiangong, Beidou, Chang'e, and Tianwen [2]. - The products have supported over 700 spacecraft, with a domestic aerospace power market coverage exceeding 50% in 2024 [2]. - The company has an 80% coverage rate for the State Grid Constellation and 100% for the Qianfan Constellation [2]. - The aerospace power systems are described as the "heart" of aerospace, with an estimated value of over 10 million CNY per spacecraft based on the supply of 144 spacecraft in 2024 [2]. Industry Dynamics - The emergence of large low-orbit satellites is expected to increase inflation expectations, with the value per satellite system estimated between 5 million CNY and 8 million CNY, potentially rising to 10 million CNY for future computing constellations [2]. Growth Potential - The listing is anticipated to provide funding for capacity expansion, with a clear long-term growth logic [3]. - The company is expected to achieve a long-term profit of 3 billion CNY from satellite power systems and an additional 1.5 billion to 2 billion CNY from other aerospace and special power systems, with a long-term valuation target of 100 billion CNY [4]. Investment Recommendation - The company possesses a deep "national team" technological foundation and market entry barriers, closely tied to China's aerospace strategy and the explosion of the commercial aerospace industry [4].

Core Viewpoint - The recent launch of satellites by banks like China Merchants Bank and Shanghai Pudong Development Bank signifies a strategic move to integrate banking services with satellite technology, enhancing digital financial infrastructure and supporting the commercial space industry [1][2]. Group 1: Satellite Launch and Collaboration - The "Zhaoyin Jinkui" and "Puyin Shuzhi" satellites were launched as part of the "Tianqi Constellation" to enhance banking capabilities [1][2]. - This is not the first instance of banks collaborating with commercial satellite companies; previous launches include "Zhaoyin 1" and "Zhaoyin 2" by China Merchants Bank and "Ping An 1" and "Ping An 2" by Ping An Bank [2]. - Banks are adopting different paths in satellite technology, with some investing in satellite hardware while others opt for data procurement and processing [2][3]. Group 2: Applications and Benefits of Satellite Technology - The integration of low-orbit satellites is expected to enhance financial asset management, risk control, and emergency communication for banks [2][5]. - Banks like Industrial and Agricultural Bank of China are utilizing satellite remote sensing technology in supply chain finance and agricultural monitoring [4]. - The shift from purchasing satellite images to participating in satellite launches reflects banks' evolving strategies to address financial pain points and enhance long-term planning [5][6]. Group 3: Financial and Industrial Synergy - The collaboration between banks and satellite companies represents a deeper integration of finance and the aerospace industry, facilitating the development of innovative financial products [9][10]. - The commercial space industry in China has seen rapid growth, with significant satellite launches and a focus on integrating financial services to support this sector [8][10]. - Financial institutions are exploring various applications of satellite data, including green finance and agricultural insurance, to convert space data into tangible ground value [11]. Group 4: Cost and Future Outlook - The costs associated with launching commercial satellites are expected to decrease due to technological advancements and economies of scale, making satellite applications more accessible [7]. - Current costs for launching a satellite range from tens of millions to over a billion yuan, with expectations that by 2030, costs could drop significantly [7]. - The financial sector is increasingly involved in the commercial space industry, providing funding and establishing industry-specific funds to support satellite manufacturing and data applications [10][11].

Core Viewpoint - SpaceX's CEO Elon Musk announced that the first flight test of the Starship V3 will take place in six weeks at the Starbase launch site in Boca Chica, Texas, aiming to send the next-generation Starlink V3 satellites into orbit and validate several key technological capabilities of the Starship V3 [1] Industry Summary - According to Dongwu Securities, the scale of China's commercial space market is projected to grow from 1.2 trillion yuan in 2024 to 4.8 trillion yuan by 2027, and is expected to exceed 7.8 trillion yuan by 2030 [1] - Zhongtai Securities believes that the commercial space industry is entering a new phase of rapid development, with the number of commercial space enterprises in China exceeding 600 and a total of 25 commercial space launch sites (18 operational and 7 under construction) [1] - The launch speed of the GW satellite constellation is significantly accelerating, and reusable rocket technology is approaching critical validation stages, driven by the demand for space computing capabilities [1] - A turning point in the commercial space industry has been observed, with the sector likely to experience concentrated catalysts in the near future, suggesting investment opportunities in the commercial space direction [1] Company Summary - Aerospace Technology has deeply entered the commercial space industry chain, collaborating with leading rocket manufacturers such as Jiuzhou Yunjian, Xinghe Power, Blue Arrow Aerospace, Tianbing Technology, Dongfang Space, and CAS Space, providing various supporting products including turbine discs, pumps, shells, flanges, and other forged components [1] - Xizi Clean Energy's subsidiary, Hangzhou Zhongneng Optoelectronics, has overcome challenges in large-area low-temperature preparation, high-precision laser scribing, and high-barrier packaging, providing reliable supply for high-power solar wings in space [1]

（文章来源：人民日报） 本报北京1月27日电近日，在第三届北京商业航天产业高质量发展推进会上，北京经济技术开发区正式 启动商业航天测运控中心、共性试验平台、商业航天公共服务平台、商业航天元器件及其应用支持一站 式服务平台、时空信息服务平台、太空态势感知服务合作平台等六大共性服务平台，进一步完善北京火 箭大街产业引领支撑功能及科研生产服务体系。 北京火箭大街展示与运控中心作为商业航天测运控中心、商业航天公共服务平台的空间载体，将为企业 提供卫星运控服务和交流推介平台。共性试验平台将建设10余台套大型试验设施，提供试验服务；商业 航天元器件及其应用支持一站式服务平台将整合元器件数据库、数字模型库等，形成覆盖元器件全生命 周期、各管理要素的综合性"质量屏障"；时空信息服务平台将整合数十颗卫星的全谱系遥感数据资源， 构建"数据供给—产业需求"的资源闭环；太空态势感知服务合作平台可为商业航天企业提供太空态势感 知与交通管理服务。以北京火箭大街为核心，北京经开区多项重点工程正加快建设。 ...

格隆汇1月23日｜四川凉山州经济和信息化局等4部门印发《凉山州支持商业航天产业集聚发展专项政策 （试行）》提出，设立不低于40亿元的商业航天产业专项基金，支持火箭、卫星研制及应用、航天大数 据等相关企业落地，推动形成覆盖研发制造、发射服务、数据应用的全产业链集聚发展格局。为商业航 天企业提供"绿色通道"政策，依法依规解决企业用地需求。支持将重点商业航天企业纳入省、州重大项 目库，依法依规保障新增建设用地年度计划指标。土地出让底价可按要求以不低于所在地土地等别相对 应《凉山州工业用地出让最低价标准》的70%执行。鼓励先租后让、租让结合的供地方式。 ...