航天电子 20260122 摘要 航天电子是航天科技集团旗下唯一整体上市平台，核心业务为航天电子 配套，营收占比超 80%，包括测控通信、惯性导航等，受益于航天任务 增加和空间站建设。 公司剥离民品业务后专注于军品市场，业绩有望提升。受益于中国星网 和上海垣信千帆两个核心星座的建设，总计 2.8 万颗卫星，为公司长期 发展提供动力。 在火箭配套领域，公司产品占火箭成本的 20%-30%，市场地位重要。 在卫星领域，电子元器件及机电伺服系统占整体价值量的 60%以上，公 司技术优势显著。 公司在商业航天领域具有重要地位，与航天科技集团协同合作，在测控 通信、惯性导航等高价值产品领域具备强大竞争力，覆盖航天器八大系 统中的七个。 公司是科技集团唯一指定的精确制导武器单位，也是全军无人作战的重 要单位，无人机产品涵盖旋翼到固定翼，小型巡飞到大型无人僚机全领 域。 自上市以来，公司营收和利润持续增长。然而，由于民品产品亏损影响，公司 在 2020 年和 2023 年出现了业绩下滑。自 2025 年剥离民品业务后，公司专 注于军品市场，有望进一步提升业绩稳定性。 Q&A 航天电子在国内商业航天领域的地位如何？ 航天电子 ...

Group 1 - The core viewpoint is that multiple countries are rapidly developing and deploying unmanned combat forces, marking a significant shift towards unmanned and intelligent military operations [1][2] - By 2025, unmanned and intelligent combat platforms are expected to become essential components of modern military forces, with various types of unmanned systems being integrated into combat operations [3][4] - The focus on "loyal wingman" unmanned aerial vehicles (UAVs) is crucial for air combat, allowing for efficient collaboration with manned aircraft to perform various missions [4][5] Group 2 - Countries like Poland, the UK, and Russia are establishing specialized unmanned combat units, indicating a trend towards systematic and practical development of unmanned forces [2][3] - The NATO "X Task Force" aims to test collaborative capabilities of unmanned systems from different nations, addressing interoperability challenges [2] - The integration of AI in unmanned systems raises concerns about autonomous decision-making in combat scenarios, necessitating careful management of these technologies [5]

Core Viewpoint - The "Nantianmen Plan" is introducing advanced unmanned equipment, breaking traditional combat boundaries and merging reality with science fiction [1] Group 1: New Developments - The new member of the "Nantianmen Plan," the "Zihuo" general vertical take-off and landing platform, features a purple metallic sheen symbolizing Chinese romanticism [1] - The "Zihuo" platform utilizes a bladeless design at the tail for better torque balance and combines manned and unmanned operations for autonomous and formation flying [1] Group 2: Capabilities and Applications - The "Zihuo" platform is capable of performing multiple tasks, including rescue operations and material delivery in hazardous areas, showcasing its adaptability [1] - Other members of the "Nantianmen Plan" include the 100,000-ton space mother ship "Luan Niao," the space combat aircraft formation "Xuan Nu," and the stealth fighter "Bai Di," indicating a comprehensive approach to unmanned combat [1] Group 3: Industry Trends - The wave of unmanned combat technology is advancing with unprecedented speed and determination, reflecting a significant shift in military capabilities [1]

Core Viewpoint - The recent military parade showcased the "unmanned combat swarm" as a significant highlight, indicating advancements in military technology and strategic capabilities [1] Group 1: Military Technology - The display of unmanned intelligent and anti-drone equipment by the army, navy, and air force signifies a national-level technological demonstration [1] - The integration of unmanned systems in military operations reflects a shift towards modern warfare strategies [1] Group 2: Future Implications - The event raises questions about the future of military engagements and the potential for unmanned systems to redefine combat scenarios [1] - The emphasis on unmanned technology suggests a focus on innovation and modernization within the military sector [1]

Group 1 - The article highlights the advancements in maritime and aerial unmanned combat systems, showcasing their role as "strategic weapons" in modern warfare [1] - New types of unmanned underwater vehicles, unmanned boats, and unmanned mine-laying systems are emphasized as key assets for naval operations [1] - Aerial capabilities include new reconnaissance and strike drones, unmanned wingmen, and shipborne unmanned helicopters, which are designed for covert strikes, wide-area coverage, and autonomous collaboration [1]

Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry [5]. Core Viewpoints - The development of deep-sea technology is crucial for national defense security and resource utilization, recognized as a key strategic direction for the 14th Five-Year Plan [9][12]. - The future of unmanned combat systems is expected to evolve towards collaboration, intelligence, and electronic warfare, with significant global interest in drone deployment [17][18]. - The report emphasizes the importance of the military industry in the current economic context, highlighting the potential for growth in demand for military electronics and key materials [19]. Summary by Sections Investment Suggestions and Targets - The report suggests focusing on various sub-sectors within the military industry, including military electronics, new quality and new domains, and military trade, with specific companies recommended for investment [19]. Industry Performance - The defense and military industry index (Shenwan) increased by 0.15%, underperforming compared to the Shanghai Composite Index, which rose by 1.70% [21][22]. - The report notes that the military industry ranked 21st out of 31 in terms of performance among Shenwan's primary industry indices [24]. Key Developments - The report outlines significant advancements in deep-sea technology, including the development of various deep-sea equipment and systems, which are expected to drive growth in the industry [13][15]. - It highlights the increasing global emphasis on unmanned combat systems, with countries like Japan planning substantial investments in drone technology [17][18]. Market Trends - The report indicates a positive outlook for the military industry as the new phase of equipment construction approaches, with a focus on domestic demand recovery and advancements in new quality production capabilities [19].

Core Viewpoint - The article highlights the exemplary dedication and achievements of Zhang Zanshan, a soldier in the Chinese army, showcasing his commitment to military training and innovation in modern warfare tactics [1][2][3]. Group 1: Achievements and Contributions - Zhang Zanshan has been recognized for his leadership in overcoming technical challenges during military training, successfully demonstrating new artillery techniques that resulted in precise strikes [5][6]. - Under his guidance, the unit has developed a "smart+" unmanned training model, which is now being promoted across the military [7]. - Zhang has led his team to solve over ten training challenges, fostering a new generation of capable soldiers [7]. Group 2: Training and Innovation - Zhang Zanshan has actively engaged in modernizing military training by integrating new combat tactics and equipment, including the adaptation of drones for combat scenarios [6][7]. - He has initiated collaborations with experts from educational institutions and manufacturers to enhance tactical training and innovation [6][7]. - The unit has successfully modified drones for stealth operations, demonstrating a proactive approach to addressing equipment shortages and enhancing operational capabilities [6][7]. Group 3: Personal Journey and Philosophy - Zhang's military journey began 23 years ago, driven by a desire to embody the spirit of the Red Army and tackle challenges head-on [2][3]. - His philosophy emphasizes that a leader's authority is earned through competence, which has guided his continuous pursuit of knowledge in military tactics and equipment [2][3]. - Zhang's relentless training regimen and commitment to excellence have established him as a role model within the military [2][3].