九丰能源 20260112 摘要 九峰能源是海南商业航天发射场的核心供应商，并积极拓展至其他基地， 与多家商业火箭公司合作，提供包括高纯液态甲烷、液氢、氧气、氮气 和氦气等全面的特燃特气服务，巩固其市场地位。 九峰能源在特燃特气供应方面具有显著的经济性和成本优势，主要体现 在其高市场份额和成规模的氦气资产上，尤其在海南发射场实现了对主 要气体的全面覆盖。 随着可回收技术的发展，九峰能源在商业航天领域单次发射价值量将提 升，采用液态甲烷工艺后预计提升 30%左右，并通过扩建海南商发二期 项目提升保供能力。 考虑到清洁能源主业估值，目前商业航天业务市值约为 50 亿元人民币， 按 300 次发射量远期利润测算，市盈率不到 10 倍，表明九峰能源在商 发领域被显著低估。 商业航天领域火箭发射需求旺盛，受益于星网、元信和蓝箭等公司的卫 星发射计划，以及卫星回收、太空算力和登月任务的长期需求，火箭发 射市场空间巨大。 Q&A 九峰能源在商业航天领域的布局和市场份额情况如何？ 九峰能源在商业航天领域的布局始于 2023 年 11 月，2023 年 10 月公司公告 了海南商业航天发射场特燃特气配套项目，成为该发射场的合格 ...

Core Viewpoint - Jiufeng Energy (605090.SH) is actively involved in providing specialized gases for the Hainan commercial space launch site, supporting high-density launch challenges with reliable product quality and technical expertise [1] Group 1: Company Involvement - The company has participated in the support services for the Long March 8 and Long March 12 rocket launch missions scheduled for July 30 and August 4, 2025, respectively [1] - Jiufeng Energy supplies liquid oxygen, liquid nitrogen, liquid hydrogen, and helium for the launch site [1] Group 2: Strategic Partnerships - The company has established a cooperation framework agreement with Shanghai Aerospace Equipment Manufacturing Co., Ltd., which is part of the China Aerospace Science and Technology Corporation [1] - Jiufeng Energy signed a procurement framework agreement for liquid nitrogen and helium with China Long March Rocket Co., Ltd. [1] - The company has also entered into a xenon gas supply contract with Chengdu Guoguang Electric Co., Ltd. and won a three-year helium and nitrogen supply project with Shanghai Space Propulsion Research Institute [1]