经纬恒润（688326.SH）系列点评七 2025Q4 业绩超预期 商业航天全面布局 glmszqdatemark [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 5,541 | 7,324 | 9,043 | 10,748 | | 增长率（%） | 18.5 | 32.2 | 23.5 | 18.9 | | 归属母公司股东净利润（百万元） | -550 | 94 | 416 | 651 | | 增长率（%） | -153.3 | 117.1 | 341.7 | 56.6 | | 每股收益（元） | -4.59 | 0.78 | 3.47 | 5.43 | | PE | / | 188 | 43 | 27 | | PB | 4.2 | 4.3 | 3.9 | 3.4 | 资料来源：Wind，国联民生证券研究所预测；（注：股价为 2026 年 1 月 27 日收盘价） 2026 年 01 月 28 日 | 推荐 | 维持评级 | | ...

Core Insights - The completion of the dam construction at the Minjiang Pengshan Jianzi Mountain Hydropower Project marks a significant step towards the operational phase of this key provincial transportation project [1][2] - The project, with a total investment of approximately 1.689 billion yuan, integrates navigation and hydropower, while also addressing water environment management and flood control [1][2] Economic Benefits - The reservoir created by the project is expected to have an annual power generation capacity of approximately 285 million kilowatt-hours, benefiting local residents and businesses with stable clean energy [2] - The project will enhance flood control standards to withstand floods with a return period of 50 years, providing a protective barrier for urban areas against heavy rainfall and flooding [2] Navigation Value - The hydropower project will establish a four-level navigation channel capable of accommodating two 500-ton vessels simultaneously, significantly improving the navigation capacity of the Minjiang River [3] - This development will facilitate the establishment of a multi-modal transportation system in the Chengdu metropolitan area, reducing logistics costs for businesses by enabling water transport of bulk goods [3] Tourism Development - The newly formed lake will integrate with local tourist attractions, creating a "golden waterway tourism line" that connects various scenic spots, enhancing the region's cultural and natural tourism offerings [4] - Future plans include the construction of passenger terminals and the promotion of water sports, further integrating tourism and sports industries in the area [4]

Core Insights - The second Global Low Altitude Economy Forum will be held in mid-December in Beijing, focusing on "Redefining Urban Transportation" [1] - Major industry leaders and investment institutions from various fields such as drones, eVTOL, avionics, and operations will attend the conference [1] - The event will feature over ten specialized sessions, including the launch of the book "Low Altitude Economy 2" and the release of reports on low altitude traffic standards and development trends [1] Industry Overview - Low altitude economy is recognized as a national strategy and has garnered significant attention from various sectors of society [1] - Current progress in major cities across the country indicates that there are still many areas requiring discussion and exchange [1] - The ongoing "14th Five-Year Plan" period is crucial for further understanding the essential characteristics of the low altitude economy and grasping its development trends and patterns to promote high-quality growth [1]