商业航天观点更新 20251228 摘要 2025 年商业航天板块整体上行，下半年受益于星网发射和行业会议推 动，四季度尤为活跃，朱雀三号等火箭首飞进一步提升热度。 国家发放卫星互联网运营牌照并成立商业航天司，加强政策支持和行业 管理，利好上下游协同发展，预计 2026 年将是制造与应用共同发力之 年。 重复回收技术加速迭代，星网和卫星发射计划加快推进，国家将在资本 化层面大力扶持技术创新企业，细化运营和应用端政策落实。 商业航天产业链丰富且外延不断增加，卫星技术赋能 AI、能源等场景， 改变传统航天制造业逻辑，上游业绩空间将随卫星数量增加而释放。 发射日程是投资考量因素，天龙三号等发射或推迟至 2026 年，长征系 列火箭预计明年具备首飞条件，一季度或有多个催化事件。 建议优先关注国家队企业如中国卫星，以及运营端公司如中国卫通，后 者有望受益于商用测试推进带来的估值溢价。 SpaceX 的快速发展和创新为国内企业提供参考，预计 2025 年收入达 150 亿美元，Starlink 用户超 500 万，中国商业航天有望在 2027 年前 后迎来更大发展机遇。 Q&A 商业航天行业在未来几年内具有高度确定性，尤 ...

格隆汇12月17日丨高新兴(300098.SZ)在投资者互动平台表示，公司的车载T-Box产品可以根据客户的需 求加装卫星定位的功能。公司的参股公司深圳星联天通科技有限公司（以下简称"星联天通"）专业从事 卫星通信和卫星定位"通导一体化"（地空通信）产品及解决方案。星联天通的产品主要是运用手持星联 天通终端建立卫星产业"云+端（星云通管理平台+卫星终端）"的行业解决方案模式。具体产品信息您 可关注该公司官网及公众号。星联天通是公司的参股公司，根据持股比例和会计准则的规定，不纳入合 并报表范围。 ...

Summary of Huace Navigation Conference Call Industry and Company Overview - **Company**: Huace Navigation - **Industry**: High-precision satellite navigation - **Key Focus Areas**: Navigation positioning, timing, geographic spatial information, and automated driving in closed and semi-closed scenarios [2][4][8] Core Insights and Arguments 1. **Technological Strength**: Huace Navigation has significant advantages in high-precision GNSS algorithms and software, with a robust positioning chip technology platform and a global star-ground integrated enhancement network service platform [2][4] 2. **Market Position**: The company holds the top market share in RTK devices domestically, with rapid growth in overseas penetration where profit margins are 15-20% higher than domestic [5][19] 3. **Revenue Growth**: From 2021 to 2024, the company expects a compound annual growth rate (CAGR) of 19.5% in revenue and 25.6% in net profit, with projected net profits of 760 million, 990 million, and 1.29 billion yuan for 2025 to 2027, respectively [6][8] 4. **Product Diversification**: Huace Navigation's products span construction, surveying, agricultural operations, displacement monitoring, and intelligent driving, allowing for growth point transitions across different product systems [2][7] 5. **International Expansion**: The company is actively expanding its overseas market presence, with a focus on mid-to-low-end markets, and has established branches in Hungary and Singapore [7][8] Additional Important Insights 1. **R&D Investments**: Huace Navigation has established five R&D bases in China and the UK to leverage local talent for technological innovation and product development [11] 2. **Global Market Demand**: The global high-precision satellite navigation market is expected to grow from €260 billion to €580 billion from 2023 to 2033, driven by applications in agriculture, digital construction, and mobile terminals [15] 3. **Policy Support**: The Chinese government has been refining high-precision satellite navigation policies, particularly in areas like natural resource management and smart driving, which supports Huace's revenue growth in agricultural automation [16] 4. **Competitive Landscape**: Domestic competitors include Beidou Star, Hexagon, and Topcon, with Huace Navigation adopting a differentiated strategy targeting mid-to-low-end markets [27][28] 5. **Future Profitability**: The company anticipates steady revenue growth of over 30% in public utility sectors and construction, with a projected gross margin of 50-60% [30] Risks and Challenges - **Intense Competition**: The navigation industry faces fierce competition, particularly in the mid-to-high-end manufacturing sector, which could negatively impact profit margins [32] - **Technological Evolution**: Rapid technological iterations in high-precision navigation chips require continuous R&D investment, with potential risks if expectations are not met [32]

Investment Rating - The report maintains a "Recommended" rating for the company, considering its technological advantages in satellite navigation and breakthroughs in electronic countermeasures [5][7]. Core Insights - The company reported a revenue of 120 million yuan for 1H25, representing a year-over-year growth of 49.7%. The net profit attributable to the parent company was -37 million yuan, an improvement from -43 million yuan in 1H24 [1]. - In 2Q25, the company achieved a revenue of 99 million yuan, a significant increase of 50.1% year-over-year and 367.2% quarter-over-quarter. However, the net profit remained negative at -22 million yuan [2]. - The satellite navigation segment saw a remarkable revenue increase of 176.7% year-over-year, while the satellite communication segment experienced a decline of 44.1% [3]. - The company has made significant progress in electronic countermeasures, winning multiple orders for equipment development and preparing for small-scale trial production [3]. - Operating expenses decreased by 13.2% to 89 million yuan, with the expense ratio dropping significantly by 54.1 percentage points to 74.6% [4]. Financial Forecast - The company is projected to achieve revenues of 519 million yuan in 2025, with a growth rate of 272.7%. The net profit attributable to the parent company is expected to be 101 million yuan [6]. - The earnings per share (EPS) is forecasted to be 0.60 yuan in 2025, with a price-to-earnings (PE) ratio of 69x [6].