Investment Rating - The investment rating for the company is "Buy" [1] Core Viewpoints - The "Trinity Computing Constellation" plan aims to build a space-based intelligent computing infrastructure with over 2,800 satellites, transitioning from "ground-based computing" to "space-based computing." The company is expected to play a key role in this initiative [3][4] - The company has core advantages and deep layouts in ground networks and satellite communications, positioning it to become a major satellite operator. It is also involved in satellite terminals and ground stations [3][12][14] - The demand for PCB boards is expected to surge due to the recovery of military orders, with the company being the largest manufacturer of military PCBs in China [14] Financial Summary - The projected revenues for 2025, 2026, and 2027 are estimated at 65.04 billion, 74.91 billion, and 83.14 billion respectively, with net profits of 2.54 billion, 3.40 billion, and 4.21 billion [15][20] - The earnings per share (EPS) are forecasted to be 0.37, 0.50, and 0.62 for the years 2025, 2026, and 2027 respectively [15][20] - The price-to-earnings (PE) ratios for 2025, 2026, and 2027 are projected to be 62, 47, and 38 [15][20]

◎"星算"计划由国星宇航与合作伙伴共同发起，将在太空实现2800颗算力卫星组网，并与地面超 100个算力中心互联互通，从而构成天地一体化算力网络，打造太空智算基础设施 ◎这是国星宇航"星算"计划的首次发射，也是之江实验室主导构建的"三体计算星座"的首次发射 ◎国星宇航承担了首次发射的智能网联卫星平台研发和整星研制工作，之江实验室承担了星载智能 计算机等太空计算软硬件和天基模型的研制工作 在轨计算力 ●本次发射的一箭12星，最高单星算力达744TOPS（每秒744万亿次计算），整体具备5POPS（每秒 5千万亿次计算）在轨计算能力和30TB存储容量 ●"三体计算星座"是由之江实验室协同全球合作伙伴共同打造的千星规模的太空计算基础设施，建 成后总算力可达1000POPS（每秒百亿亿次计算） 天地一体化 ●本次首发入轨的12颗计算卫星均搭载了星载智算系统、星间通信系统，能够实现整轨卫星互联， 具备太空在轨计算能力，将构建天地一体化网络 ●卫星同时搭载了80亿参数的天基模型，可对L0-L4级卫星数据进行在轨处理，将执行异轨卫星激 光接入、天文科学观测等在轨试验任务 将算力及人工智能送上太空，赋能卫星在轨实时处理对地观 ...