东吴证券研报指出，明阳智能预计25年归母净利润8~10亿，同比增长131~189%；25Q4归母净利润 3424~23424万元，同比转正（25Q4为-4.6亿元），环比-78~+50%。风机历史质量事故风险释放，收购 德华芯片进军国内卫星电源Tier1。中山德华芯片技术有限公司通过国际航空航天AS9100D质量体系认 证，2023年入选国家级专精特新"小巨人"企业，2024年承担广东省重点领域研发计划项目并获1500万元 立项支持。收购完成后，砷化镓/钙钛矿/HJT三大技术并驾齐驱。双方可在能源管理系统等方向开展联 合研发，推动更多场景的应用验证与商业化，提升公司在光伏领域的综合竞争力。25Q4风机毛利率表 现较好，上调25年盈利预测，维持"买入"评级。 ...

证券研究报告·公司点评报告·风电设备 明阳智能（601615） 2025 年业绩预告点评：风机历史质量事故风 险释放，收购德华芯片进军国内卫星电源 Tier1 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 28,124 | 27,158 | 41,215 | 38,616 | 43,200 | | 同比（%） | (8.53) | (3.43) | 51.76 | (6.31) | 11.87 | | 归母净利润（百万元） | 376.72 | 346.11 | 897.66 | 2,113.61 | 3,173.78 | | 同比（%） | (89.06) | (8.12) | 159.35 | 135.46 | 50.16 | | EPS-最新摊薄（元/股） | 0.17 | 0.15 | 0.40 | 0.93 | 1.40 | | P/E（现价&最新摊薄） | 149.36 | 162.56 | 62. ...

Group 1: Commercial Aerospace - The commercial aerospace sector relies heavily on low-cost, high-frequency launch capabilities, with reusable rockets being a key factor [4] - China's recoverable rocket technology has entered the engineering verification stage, with multiple rocket types expected to enter the initial commercialization phase in the next three years [4] - The market for commercial aerospace in China is projected to reach 10 trillion yuan by 2030, with companies like Chaojie Co. already achieving bulk deliveries of rocket components [5][12] Group 2: Key Companies in Aerospace - Xinjing Energy is expanding its capabilities in the commercial aerospace sector by enhancing its supply of key materials like liquid oxygen and liquid hydrogen, aiming to become a new growth engine for its business [13][14] - Guojijiang Precision Engineering is a monopolist in aerospace special bearings, with nearly 100% market share, and is expanding into high-growth sectors like wind power bearings [11][12] - Aerospace Development Co. is leveraging its core electronic information technology to create a closed industrial chain from satellite development to data applications, aiming to become a leading player in aerospace defense electronics [16] Group 3: Market Reactions - Chaojie Co. experienced a 20% increase in stock price following positive news about its order fulfillment and market potential [5] - Guojijiang Precision Engineering and Xinjing Energy both saw their stock prices hit the daily limit up, reflecting strong market confidence in their growth prospects [11][14] - The stock prices of companies like Xinjing Energy and Aerospace Development Co. surged significantly, indicating investor optimism in the commercial aerospace sector [14][16]