空天的 NV 链：SpaceX20260118 2022 年，国金证券对特斯拉供应链的跟踪情况如何？ 摘要 Rocket Lab 等公司获得 35 亿美元大订单，光模块厂商获得潜在大单， 预示相关领域显著发展，尤其北美新能源赛道，光伏产业链或将受益。 太空光伏行业中期目标为每年 200-300GW，预计 2026 年规模达 10- 15GW，HJT 技术路线为主，相关公司迎来确定性机会，需重视上市公 司和非上市公司。 太空光伏项目对设备要求薄、轻、平整，每 GW 投资额可能达数亿美元， 传统方案溢价翻倍，显著影响利润率和竞争力。 迈为股份、宇晶股份、信维通信等公司符合北美产业链标准，有望切入 太空光伏领域，业绩弹性大，值得关注。 3D 打印技术解决了火箭发动机的材料结构冗余、交付周期长和成本高等 痛点，成为商业航天的重要技术路线，国内公司已获过亿订单。 SpaceX 的垂直整合战略依赖全球化供应链网络，通过引入消费电子级 供应链实现航天硬件大规模量产，并与特种冶金和精密工程公司合作。 Starlink 用户终端采用消费电子制造逻辑，截至 2025 年末用户突破 900 万，与意法半导体、联发科、美光科技等消费 ...

3D 打印行业系列专家会议 - 3D 打印在商业航天的发展现 状与未来展望 20260108 摘要 3D 打印在液体火箭发动机制造中作用显著，尤其在可重复使用发动机的 复杂结构（如冷却流道）制造上，能提高材料利用率并缩短生产周期， 降低对传统高端工艺和大国工匠的依赖。 液体火箭发动机中 3D 打印零件的价值占比接近一半，国外先进发动机 甚至高达 80%-90%，表明 3D 打印在火箭制造中具有巨大的成本和效 率优势，并可能进一步提升。 国内商业航天企业在火箭和发动机制造中广泛采用 3D 打印技术，渗透 率高，尤其是在发动机制造领域，约 90%的企业考虑使用，以应对传统 工艺难以实现的设计。 当前主流火箭发动机制造采用选择性激光熔融（SLM）工艺，能提供较 好的表面质量，简化后处理流程，主要使用高温合金、不锈钢和铜合金 等材料。 火箭发动机和储箱是火箭制造中成本最高的部件，3D 打印在发动机制造 中的成本占比可达一半左右，随着技术成熟和批量化生产，成本有望进 一步降低。 Q&A 3D 打印技术在商业航天中的应用现状及未来展望如何？ 目前，3D 打印技术在商业航天领域的应用主要集中在液体火箭发动机的生产上。 由于 ...

Investment Rating - The report maintains a "Buy-A" rating for the company [1] Core Views - The company has shown impressive growth in its optical module segment, which is expected to further improve profitability [1] - The company achieved a revenue of 76.29 billion yuan in H1 2025, representing a year-on-year increase of 44.66%, with a net profit of 9.11 billion yuan, also up 44.87% year-on-year [4][5] - The company is a leading supplier of optical modules for data center construction in China and a leader in PTC and sensor markets for electric vehicles [8] Financial Performance - In Q2 2025, the company reported a revenue of 42.74 billion yuan, a year-on-year increase of 39.19% and a quarter-on-quarter increase of 27.36% [4] - The company's gross margin and net margin for H1 2025 were 20.24% and 11.88%, respectively, showing a decrease compared to the same period last year [7][8] - The company’s operating expenses have been effectively controlled, with the overall expense ratio decreasing to 9.94% from 13.16% year-on-year [8] Business Segments - The company’s smart manufacturing, connectivity, and sensing businesses achieved revenues of 16.76 billion, 37.44 billion, and 21.54 billion yuan in H1 2025, with year-on-year growth rates of -2.95%, +124%, and +17%, respectively [5] - The connectivity segment has seen significant growth, with the launch of a 3.2T CPO solution and mass production of 800G ZR/ZR+ Pro coherent optical modules [6] - The sensing business has made breakthroughs in pressure sensors, with sales exceeding the total for the previous year, and is focusing on domestic substitution [6] Profit Forecast and Valuation - The company is expected to achieve net profits of 18.7 billion, 24.1 billion, and 29.6 billion yuan for the years 2025 to 2027, with year-on-year growth rates of 52.8%, 29.2%, and 22.8%, respectively [8] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 1.86 yuan, 2.40 yuan, and 2.94 yuan [8]