电科蓝天：毛利率持续为负、废料毛利100%对公司整体利润影响多大未披露、应收账款先进先出使得账期失真、盈利波动明 显、内控瑕疵明显 一份长达60页的回复函背后，藏着这家航天电源巨头的商业密码与问号。 宇航电源毛利率为负、废料销售毛利率100%、应收账款采用"先进先出法"……这些略显矛盾的数据出现在同一份上市问询回 复函中，让人不禁好奇：这究竟是一家怎样的公司？ 中电科蓝天科技股份有限公司，简称电科蓝天，正在闯关科创板。将于12月上会。作为中国航天科技集团旗下的电源系统核心 供应商，公司参与了从东方红一号到天宫空间站的几乎所有国家重大航天工程，技术实力毋庸置疑。但翻开其第二轮审核问询 函回复，一些财务细节和业务模式却令人疑窦丛生。 01 光环之下，商业航天的"亏损"生意 电科蓝天在招股书中自豪地宣称，公司是我国宇航电源的核心供应商。截至2024年，其配套的商业卫星电源系统市场覆盖率高 达约47.8%（第11页），在千帆星座和国网星座两大巨型低轨星座中，分别实现了独家配套和82%的研制参与率（第11、13 页）。 这些数据确实耀眼。公司在商业航天领域先发优势明显，且在手订单充足。根据文件披露，2022年至2024 ...

Core Viewpoint - The article discusses the IPO application of China Electronics Technology Group's subsidiary, China Electronics Technology Blue Sky Technology Co., Ltd. (电科蓝天), under the "strong aerospace nation" strategy, highlighting the increasing support for commercial aerospace listings and industrialization in China [1]. Company Overview - 电科蓝天, established in 1992 and restructured into a joint-stock company in 2022, has a significant history in China's aerospace development, providing power systems for over 700 satellites and spacecraft [3]. - The company holds a market share exceeding 50% in the aerospace power supply sector and maintains a stable gross profit margin of over 30% [3]. IPO Details - 电科蓝天 plans to issue no more than 390.8 million shares, raising 1.5 billion yuan for the industrialization of aerospace power systems [1]. - The company faced a delay in its IPO process due to the expiration of financial data in its application, but has since updated its financial information [1]. Financial Performance - From 2022 to the first half of 2025, 电科蓝天's revenue fluctuated, with figures of 2.52 billion yuan, 3.52 billion yuan, 3.13 billion yuan, and 1.11 billion yuan, respectively, while net profits were 208 million yuan, 190 million yuan, 337 million yuan, and 65 million yuan [8]. - The company has seen a significant increase in revenue from its aerospace power segment, which rose from 53.96% to 74.13% of total revenue during the reporting period [8]. Market Challenges - 电科蓝天 faces challenges related to operational independence and high customer concentration, with over 43% of sales coming from the Aerospace Science and Technology Corporation [4][6]. - The company has been working to reduce its reliance on related parties, with plans to increase direct contracts with customers to 95% by the end of 2024 [6]. Strategic Focus - The company is shifting its focus back to its core business of aerospace power systems, as it navigates challenges in the renewable energy and specialty power sectors, where it has faced intense competition and declining profit margins [10][11]. - The commercial aerospace market presents significant growth opportunities, with projected demand for satellite power systems reaching approximately 24.6 billion yuan and 37.8 billion yuan by 2030 and 2035, respectively [13][14].

Core Viewpoint - The company, China Electronics Technology Group Corporation Blue Sky Technology Co., Ltd. (referred to as "Electric Blue Sky"), has successfully applied for an IPO on the Sci-Tech Innovation Board, aiming to raise 1.5 billion yuan for the industrialization of aerospace power systems [1][3]. Group 1: Company Overview - Electric Blue Sky has been deeply engaged in the electric energy field for many years, focusing on becoming a supplier of advanced electric energy system solutions and core products in China [1]. - The company specializes in the research, production, sales, and service of electric energy products and systems, offering comprehensive solutions that cover power generation, energy storage, control, and system integration [1]. - Its products are widely applicable, ranging from deep-sea (1 kilometer underwater) to deep space (225 million kilometers from Earth) [1]. Group 2: Business Segments - The main business areas of Electric Blue Sky include aerospace power, special power, and new energy applications and services [1]. - In the aerospace power sector, the company's products include space solar cell arrays, space lithium-ion battery packs, and power control devices, which are used in spacecraft and near-space vehicles [1]. - Electric Blue Sky is a core supplier of aerospace power in China, with a domestic market coverage exceeding 50% [1]. Group 3: Historical Contributions - Since providing power products for China's first artificial satellite "Dongfanghong-1" in 1970, Electric Blue Sky has supported over 700 satellites, spacecraft, and space stations, including major national and defense projects [2]. - The company plays a significant role in the commercial aerospace satellite power systems sector, focusing on high-performance, large-scale, lightweight, and low-cost satellite power products [2]. - Electric Blue Sky is a leading player in the domestic near-space vehicle power market, having developed power systems that support China's large solar-powered drones for continuous day-and-night flight in near-space [2]. Group 4: Financial Performance - Electric Blue Sky's revenue for the years 2022 to 2024 is projected to be 2.521 billion yuan, 3.524 billion yuan, and 3.127 billion yuan, respectively, with net profits of 209 million yuan, 189 million yuan, and 338 million yuan [3]. - The funds raised from the IPO will be used to expand the company's aerospace power business capacity, accelerate the construction of the aerospace power system industrialization platform, and enhance technological innovation [3].