在航天器复杂的系统中，宇航电源被誉为 "心脏"，它源源不断地为所有仪器设备输送能量。今天，这颗"心脏"正伴随着商业航天的惊雷，跳动在 历史转折的关键节点。从国家主导向市场驱动的范式转变，不仅打开了万亿级的太空经济想象，更将宇 航电源产业链推至风口——机遇前所未有，挑战也接踵而至。 一、市场跃迁：从百亿基石到千亿星辰 当前，国内宇航电源市场已步入快速增长通道。2025年市场规模预计突破50亿元，其中太阳电池阵占据 价值大头（60%-80%），空间蓄电池与电源控制器构成重要补充。行业龙头电科蓝天占据国内超50%的 市场，其业务构成了洞察行业的重要切片。 真正的爆发来自未来。以中国"千帆星座"和"国网星座"为代表的庞大组网计划，是核心牵引力。测算显 示，至2030年，仅这两大星座就将创造约246亿元的卫星电源系统市场，到2035年将增至378亿元。全球 视野下，太空电源市场正以8.2%的年复合增长率，从2024年的33亿美元奔向2034年的73亿美元。 更为颠覆性的展望在于太空光伏。随着低轨星座与太空算力需求爆发，太空光伏电池市场预计将从 2026-2030年的年均30亿元，跃升至2035-2040年的年均250亿 ...

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 4147 | -0.01 | 0.34 | 1.58 | | 深证综指 | 2755 | 0.33 | 1.26 | 2.79 | | 风格指数 (％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 大盘指数 | -0.25 | 0.34 | 5.18 | | 中盘指数 | 0.41 | 1.02 | 22.14 | | 小盘指数 | 0.59 | 1.31 | 15.75 | | 涨幅居前 行业(％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 元件Ⅱ | 5.57 | 13.86 | 41.45 | | 其他电源设 | 3.9 | 6 | 28.64 | | 备Ⅱ 风电设备Ⅱ | 3.89 | 1.04 | 41.58 | | 通信服务 | 3.29 | 3.43 | -1.44 | | 特钢Ⅱ ...

Core Viewpoint - Electric Power Blue Sky is a key supplier of advanced electric energy systems and core products in China, with a strong focus on aerospace power supply as its core business, maintaining a gross profit margin above 65% in recent years [1] Business Overview - The company operates in three main sectors: aerospace, special, and new energy, with aerospace power supply being the core business [1] - Key products include space solar arrays, space lithium-ion battery packs, power control equipment, and power systems [1] Growth Potential - Demand for aerospace power supply is expected to increase by 2025, leading to a recovery in revenue growth [1] - The company is in the early stages of ramping up its satellite products, with constellation networking expected to significantly enhance product scale effects and profitability [1] - Further capacity expansion in aerospace power supply through fundraising initiatives is anticipated to accelerate performance recovery [1] Comparative Analysis - The company is compared with peers in the aerospace sector, including China Satellite, Srey New Materials, Qian Zhao Optoelectronics, Guobo Electronics, Aerospace Electric, Aerospace Electronics, Tianao Electronics, and Xinle Energy [1] - The average PEG ratio for comparable companies in 2026 is projected to be 3.3, while the company's PEG ratio is estimated at 3.1, indicating it is below the average level [1] Investment Rating - Given the continuous enrichment of satellite applications and the potential for rapid growth in the aerospace power supply business, the company is covered for the first time with an "Accumulate" rating [1]

申万宏源研究指出，电科蓝天为我国先进电能源系统解决方案和核心产品的供应商，前身为民企蓝天电 源，后通过资产注入打造成为中电科集团旗下电能源业务核心平台。公司业务涵盖宇航、特种、新能源 三大板块，其中宇航电源为核心主业，近年来毛利占比维持在65%以上，具体产品包括空间太阳电池 阵、空间锂离子电池组、电源控制设备及电源系统等。2025 年宇航电源需求提升带动营收增速回正， 考虑到当前公司星载产品仍处于放量初期，星座组网加速有望带动公司产品规模效应显著提升，盈利能 力具备较大提升空间。此外，考虑到公司募投进一步扩充宇航电源产能，公司业绩有望加速回升。考虑 到宇航电源为公司核心业绩贡献项，选取航天板块标的中国卫星、斯瑞新材、乾照光电、国博电子、航 天电器、航天电子、天奥电子、新雷能作为可比公司进行对比，可比公司2026E年PEG均值为3.3，公司 2026E年PEG为3.1低于可比公司平均水平。考虑到公司星载应用持续丰富，宇航电源业务有望快速放 量，因此首次覆盖，并给予"增持"评级。 ...

Core Viewpoint - The company's stock price is influenced by multiple factors including macroeconomic conditions, industry cycles, and market sentiment, indicating that short-term fluctuations do not fully reflect its intrinsic value [2] Group 1: Company Performance - The company has maintained a focus on its core business since its listing, with normal operating conditions and a continuous strengthening of its core competitiveness and industry position [2] - The company is a key supplier in the domestic aerospace power sector, playing significant roles in major national projects such as manned spaceflight, lunar exploration, and satellite internet [2] Group 2: Management and Strategy - The management team is confident in the company's long-term development, having fully disclosed its technological advantages, market position, and development strategy in the prospectus [2] - The company commits to maintaining good operational management and will strictly adhere to information disclosure requirements, announcing significant developments in a timely manner [2]

上 市 公 司 公 司 研 究 / 公 司 深 度 证 券 研 究 报 2026 年 02 月 25 日 电科蓝天 (688818) —— 星耀强国系列报告之十：宇航电源领军企业，星座组 网加速驱动业绩高增 报告原因：首次覆盖 增持（首次评级） | 市场数据： | 2026 年 02 月 25 日 | | --- | --- | | 收盘价（元） | 61.50 | | 一年内最高/最低（元） | 80.88/54.01 | | 市净率 | 29.4 | | 股息率%（分红/股价） | - | | 流通 A 股市值（百万元） | 8,119 | | 上证指数/深证成指 | 4,147.23/14,475.87 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 2.32 | | 资产负债率% | 50.03 | | 总股本/流通 A 股（百万） | 1,737/132 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -20% -10% 0% 10% 02-10 ...

证券日报网讯2月24日，C电科在互动平台回答投资者提问时表示，公司作为国内宇航电源领域的核心 供应商，主要面向国内航天市场，为卫星、飞船、空间站等航天器提供空间太阳电池阵、空间锂离子电 池组及电源控制设备等产品。关于海外市场拓展，公司将持续关注全球商业航天市场发展动态，积极研 究国际市场需求。如涉及具体客户合作事项，公司将严格按照信息披露规则，在达到披露标准时及时履 行公告义务。 ...

格隆汇2月24日丨电科蓝天(688818.SH)在互动平台表示，公司作为国内宇航电源领域的核心供应商，主 要面向国内航天市场，为卫星、飞船、空间站等航天器提供空间太阳电池阵、空间锂离子电池组及电源 控制设备等产品。 关于海外市场拓展，公司将持续关注全球商业航天市场发展动态，积极研究国际市 场需求。如涉及具体客户合作事项，公司将严格按照信息披露规则，在达到披露标准时及时履行公告义 务。 ...

Core Viewpoint - The listing of China Electronics Technology Group Corporation's Blue Sky Technology Co., Ltd. on the STAR Market marks the first aerospace power stock in A-shares, indicating a significant milestone for the company and the aerospace power sector in China [3][7]. Group 1: Company Overview - Blue Sky Technology, a subsidiary of China Electronics Technology Group, aims to become a leading supplier of advanced power systems and core products in China [5]. - The company has a rich history, having provided power products for over 700 satellites, spacecraft, and space stations since its inception, including major projects like Shenzhou and Chang'e [5][6]. - The company is positioned as a key supplier for major commercial aerospace constellations, focusing on high-performance, large-scale, lightweight, and cost-effective power products [5][6]. Group 2: Financial Performance - Blue Sky Technology reported revenues of 25.21 billion yuan, 35.24 billion yuan, 31.27 billion yuan, and 11.13 billion yuan for the years 2022 to the first half of 2025, with net profits of 2.08 billion yuan, 1.9 billion yuan, 3.37 billion yuan, and 652.82 million yuan respectively [6]. Group 3: Strategic Initiatives - The company plans to invest approximately 19.95 billion yuan in the first phase of its aerospace power system industrialization project, which will enhance production capacity and improve testing capabilities [9]. - Blue Sky Technology is expanding its business into the renewable energy sector, focusing on energy storage systems and photovoltaic solutions, and has made advancements in sodium-ion battery technology [12]. - The company is also developing microgrid systems that integrate various energy sources, contributing to sustainable energy solutions [12]. Group 4: Market Position and Future Outlook - The listing of Blue Sky Technology is expected to reshape the capital market's perception of the aerospace industry chain, filling a significant gap in the market [7]. - With the rapid development of China's aerospace industry and space infrastructure, the aerospace power sector is anticipated to experience accelerated growth, presenting strategic opportunities for the company [9][13].

Core Viewpoint - The successful listing of Dianke Lantian on the Shanghai Stock Exchange's Sci-Tech Innovation Board marks a significant milestone in the company's development and signals a new mission to explore the commercial aerospace market [1][4]. Company History and Development - Dianke Lantian, established in 1958, is recognized as the cradle of China's power supply technology and has supported major aerospace projects including "Dongfanghong-1," Shenzhou, Tiangong, Beidou, Chang'e, and Tianwen [4]. - The company has become a core supplier of aerospace power systems in China, with over 60% of its revenue from aerospace power systems projected for 2024, serving more than 700 satellites, spacecraft, and probes, and holding over 50% market share [4][6]. Technological Advancements - The company emphasizes the importance of technological trust and entry barriers as its competitive advantage, particularly through the development of gallium arsenide solar cell arrays, which have achieved a conversion efficiency of 32% and have been validated in orbit [4][6]. - Dianke Lantian is transitioning its product system towards large-scale production to meet the low-cost and lightweight demands of commercial aerospace, utilizing flexible solar cell technologies [6][10]. Business Strategy and Market Expansion - The company aims to balance its three major business segments: aerospace power, special power, and new energy applications, while integrating aerospace-grade reliability into civilian applications [8][10]. - Dianke Lantian has established a microgrid system that utilizes multiple energy sources, successfully implemented at the Antarctic Taishan Station, providing 100% clean energy for scientific research [10]. Innovation and R&D - The company has invested significantly in technological innovation, holding 11 core technologies and 367 authorized patents, with many achieving international leading or advanced levels [11][14]. - The IPO will raise 1.5 billion yuan to enhance production capacity and accelerate the establishment of an industrialization platform for aerospace power systems [14]. Future Outlook - Dianke Lantian plans to focus on maintaining its technological leadership and enhancing its core competencies to become a globally competitive innovative technology enterprise [14].