文 | 邬少娟 唐学菲 九天之际，安放安属？隅隈多有，谁知其数？ ——屈原《天问》 "是无中生有吗？" 在本地人看来，外界对于蚌埠"商业航天"产业凭空而起的形容，多半是一种"误读"。 "为什么马斯克的SpaceX，能用不锈钢造火箭，还想尽办法去进行回收？控制成本是商业化的基础核 心，在这一点上我们与蚌埠有高度共识。"落户蚌埠商业航天科技产业园的深蓝航天工程师们觉得这座 城市和商业航天——"很对味"。 截至目前，蚌埠商业航天产业链相关企业数量已达30余家，其中规模以上企业3家，高新技术企业2家， 2025年计划新增规模以上企业不少于3家。据公开数据显示，2024年，蚌埠商业航天产业产值实现1.23 亿元；2025年1-6月，产值同比增长高达119.6%，预计今年全年该产业产值将超过4.3亿元。 图 片来源：蚌埠市委宣传部 从京津冀到西部地区，从长三角到大湾区，在国策的引导下，全国主要城市带都在聚焦发展商业航天， 产业集群正在加速形成。安徽蚌埠，这座淮畔的"珠城"，只是众多积极参与商业航天的竞逐者之一。 无论是规划者、建设者、见证者，在界面安徽的产业观察中，对于蚌埠这座城市的工业底蕴与商业航天 的关系，几乎每个人 ...

Investment Rating - The investment rating for the company is "Increase-A" with a downward adjustment [1][8]. Core Viewpoints - The company's satellite revenue is objectively affected by the launch rhythm, while the special communication business is expected to see a substantial turning point [3][4]. - The company achieved a revenue of 173 million yuan in H1 2025, representing a year-on-year increase of 63.34%, and a net profit attributable to shareholders of -29 million yuan, up 44.97% year-on-year [3][4]. - The company is a key research and development unit for low-orbit satellite communication subsystems, with core capabilities in phased array antenna development and satellite payload research [5][7]. Financial Performance - The company is projected to achieve net profits of 23 million yuan, 120 million yuan, and 183 million yuan for the years 2025, 2026, and 2027 respectively [8]. - The revenue forecast for 2025 is 547 million yuan, with a year-on-year growth of 54.7% [10]. - The gross profit margin is expected to be 49.1% in 2025, with a net profit margin of 4.2% [10][11]. Market Dynamics - The company is positioned to benefit from the increasing demand for satellite communication, with the Ministry of Industry and Information Technology's guidance expected to accelerate industry development [5][6]. - The establishment of the Information Support Force in April 2024 marks a new phase in national defense informatization, which will drive upgrades in military communication systems [6][7]. Project Progress - The company has made significant progress in various projects, including winning bids for a 5G self-organizing network project and developing communication equipment for unmanned platforms [7]. - The company is expected to see a recovery in the military industry as new equipment is showcased, with a potential increase in defense budget utilization [7][8].

Financial Performance - The company's total revenue for the first half of 2025 was 533 million yuan, a decrease of 2.55% year-on-year [1] - The net profit attributable to shareholders was 21.786 million yuan, down 8.9% year-on-year [1] - In Q2 2025, total revenue was 282 million yuan, a decline of 9.12% year-on-year, and net profit was 10.604 million yuan, down 44.24% year-on-year [1] - The gross margin was 24.08%, a decrease of 1.47% year-on-year, while the net margin was 4.1%, down 6.39% year-on-year [1] - The company's receivables accounted for 1292.09% of the latest annual net profit, indicating a significant amount of accounts receivable [1][4] Cash Flow and Financial Ratios - The operating cash flow per share was -0.03 yuan, an increase of 78.52% year-on-year [1] - The company experienced a 66.17% decrease in financial expenses due to foreign exchange fluctuations and large certificate of deposit income [3] - The net cash flow from operating activities increased significantly, while cash flow from investment activities decreased by 93.8% due to increased cash outflows for investment activities [3] Business Operations and Market Position - The company has established a comprehensive product layout in the satellite communication field, covering ground stations, satellite communication payloads, and terminal applications [5] - In 2024, the satellite communication business generated over 40 million yuan in revenue, with ground station products achieving small batch deliveries [5] - The company has successfully secured new projects, enhancing its market position, and is expected to maintain a competitive advantage in the satellite communication sector over the next three years [5]

Core Viewpoint - Sichuan Chuangzhi Lianheng Technology Co., Ltd. is a leading enterprise in the satellite communication sector in Sichuan, focusing on low-orbit satellite communication products and requiring support for financing to maintain R&D investments as the industry transitions to larger-scale production [1][14]. Group 1: Company Overview - Sichuan Chuangzhi Lianheng specializes in the R&D of satellite communication payloads, ground stations, and digital products, establishing itself as a chain leader in the satellite communication field in Sichuan [1]. - The company has been actively seeking financing to support its growth, particularly as it navigates the challenges of being classified as a small to medium-sized enterprise by banks [5][14]. Group 2: Government Support - The Chengdu Municipal Economic Development Promotion Center has played a crucial role in facilitating connections between the company and various banks and investment institutions, significantly improving the efficiency of securing financing [3][7]. - Government backing has reduced trust costs between the company and financial institutions, allowing the company to focus more on its core business rather than on financing challenges [7][14]. Group 3: Business Environment - The company’s general manager, Zhao Haipeng, has highlighted the friendly and continuously optimized business environment in Chengdu, which encourages entrepreneurs to voice their needs and concerns [4][12]. - Chengdu's complete industrial chain and competitive R&D costs compared to cities like Beijing and Shanghai provide a favorable environment for the growth of communication technology enterprises [12][14]. Group 4: Future Outlook - The satellite internet industry is seen as a sunrise industry with abundant opportunities, and the ongoing support from the government is expected to enhance the business environment further, allowing more private enterprises to thrive [15]. - The company believes that with continued government support, it can strengthen its core technologies and expand its operations, contributing positively to the local economy [15].

（原标题：突然爆雷，300081，被证监会立案！商业航天掀起涨停潮，高增长概念股出炉） 商业航天发展（000547）路径持续清晰。 恒信东方被证监会立案 8月13日上午，A股大盘指数继续走高，上证指数收盘上涨0.56%，指数超过去年10月8日3674.40点的高 点，创三年多新高。工业气体、光模块、CRO、培育钻石、光芯片、半导体材料等题材领涨。 这些概念股高成长 早盘，商业航天板块掀起涨停潮，烽火电子（000561）、航天科技（000901）、大元泵业（603757）等 多股涨停。近期，商业航天迎来密集催化事件。 8月4日，我国在海南商业航天发射场使用长征十二号运载火箭，成功将卫星互联网低轨07组卫星发射升 空。此前，我国分别在7月27日、7月30日发射两组卫星。此外，8月4日星网完成第七发组网星发射，距 第六/五次发射仅间隔5/8天，发射频率大幅提速。垣信卫星最新招标7次火箭发射服务，总金额13.36亿 元，交付周期至2026年3月。 民生证券认为，卫星互联网产业的发展路径正持续清晰，在制造端，技术革新为规模化生产奠定基础； 在发射端，商业航天发射场的投用与可重复使用火箭技术的发展，将显著降低发射成本、提 ...

上海瀚讯：公司是千帆星座通信分系统供应商及G60星座载荷核心承研单位，负责该星座通信分系统的 保障与支撑，研制并供给相关卫星通信载荷、信关站、卫星通信终端等关键通信设备。 陕西华达：公司三大类产品均应用于商业航天领域，处于行业领先地位，助力星网、千帆星座等国家重 点重大航天项目成功实施。 据证券时报报道，商业航天创新企业轨道辰光近日宣布完成首轮及加轮融资，总额达1.4亿元人民币。 加轮由顺灏股份独家投资1.1亿元，首轮融资则来自联想创投旗下联想中小企业基金的2000万元及团队 跟投的1000万元。作为北京星空院首个孵化落地的产业项目，轨道辰光专注于"926工程"——晨昏轨道 巨型算力卫星星座的建设和运营。此次融资将助力其推进商业航天技术研发及星座部署，进一步提升在 航天领域的竞争力。 分析认为，我国商业航天产业正处于"技术突破"和"规模爆发"双重拐点。技术方面，可重复使用火箭、 卫星互联网 、激光通信终端等取得关键进展，大幅降低发射成本。市场需求端，卫星通信、遥感、导 航等应用加速落地，低轨星座组网带动整星制造、地面终端等环节增长。随着政府工作报告将商业航天 列为新兴产业首位，卫星互联网星座建设正在加速。20 ...

Key Insights - The report highlights the upcoming launch of Huawei's foldable PC and Apple's foldable iPhone, which are expected to drive rapid development in materials for foldable devices [5] - The non-bank financial sector is seeing regulatory changes aimed at enhancing support for technology enterprises, particularly in mergers and acquisitions [8] - The report discusses the performance of various companies, including their revenue growth and profitability, indicating a positive outlook for several sectors [11][13][16] Industry Commentary - The chemical raw materials sector is experiencing growth due to the anticipated demand for materials used in foldable devices, with a notable increase in the new materials index [5] - The non-bank financial sector is undergoing reforms to improve the service capabilities for technology companies, which is expected to enhance the overall market environment [8] - The textile and apparel industry is likely to benefit from Shanghai's new consumption stimulus plan, particularly in sportswear and jewelry [5] Company Analysis - The report provides insights into the financial performance of various companies, such as: - **Zhenyu Technology**: Achieved revenue of 6.20 billion yuan in 2024, with a net profit of -1.75 billion yuan, indicating a recovery in Q1 2025 with a 23.75% year-on-year revenue increase [9][11] - **Jinxi Axle**: Reported a revenue increase in high-speed train axles, supported by its state-owned enterprise background, which enhances its diversification efforts [16] - **Shanghai Hanxun**: Expected to exceed 150 million yuan in satellite business revenue in 2024, with a significant increase in satellite launches planned for 2025 [21] Financial Performance - Companies are showing varied financial results, with some experiencing significant growth: - **Artis**: Projected to create a second growth engine through large-scale storage, with steady production expansion in the U.S. [5] - **Zhenyu Technology**: Anticipates a recovery in profitability post-transformation, with a focus on human-shaped robots and eVTOL businesses [11] - **Jinxi Axle**: Reported a 33.23% increase in railway vehicle revenue, indicating strong market demand [19] Investment Recommendations - The report suggests focusing on companies that are well-positioned to benefit from emerging trends, such as foldable device materials and advancements in AI and IoT technologies [5][27] - Companies like **Guanghe Tong** are highlighted as leaders in AI IoT, with a strong product matrix and growth potential in smart modules [27] - The overall sentiment is positive for sectors that are adapting to technological advancements and regulatory changes, indicating potential investment opportunities [8][11]

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected price increase of over 15% compared to the benchmark index [4][15]. Core Insights - The company achieved a revenue of 353 million yuan in 2024, a year-on-year increase of 12.97%, and a net profit attributable to shareholders of -124 million yuan, improving by 34.71% year-on-year. In Q1 2025, revenue surged to 126 million yuan, reflecting an 84.41% year-on-year growth, with a net profit of 13 million yuan, marking a positive turnaround [4][5]. Market Performance - As of May 5, 2025, the company's closing price was 21.27 yuan, with a total share capital of 628 million shares and a market capitalization of 13.357 billion yuan [3]. Business Developments - The company is significantly involved in the construction of the "Qianfan" satellite constellation, with 90 satellites currently in orbit and plans to launch 648 satellites by the end of 2025, aiming for global network coverage by 2030. The company is a key supplier for satellite communication systems, contributing to a projected revenue of 1.5 billion yuan from satellite business in 2024 [5][6]. Financial Performance and Projections - The company is expected to achieve net profits of 136 million yuan in 2025, 282 million yuan in 2026, and 444 million yuan in 2027, with corresponding year-on-year growth rates of 209.4%, 107.9%, and 57.4% respectively. The earnings per share (EPS) are projected to be 0.22 yuan in 2025, 0.45 yuan in 2026, and 0.71 yuan in 2027 [9][11]. Cost Management - The company effectively controlled its expenses, with total expenses of 65 million yuan in 2024, a decrease of 11.3% year-on-year. The company is expected to achieve profitability in the coming year due to improved cost management and the anticipated growth in satellite and military communication businesses [9][10].

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected price increase of over 15% compared to the benchmark index [3][8]. Core Views - The satellite business is showing significant results, with a competitive advantage as the company participates in the construction of the "Qianfan" satellite constellation, which aims to provide global network coverage by 2030 [4][6]. - The military communication industry is gradually recovering, with the company positioned well in new fields such as military 5G and broadband data links, leading to a positive outlook for future growth [6][7]. - Effective cost control measures are in place, with expectations of turning profitable in the coming year as the satellite business scales up [8]. Financial Performance - In 2024, the company achieved revenue of 353 million yuan, a year-on-year increase of 13.0%, and a net profit of -124 million yuan, improving by 34.7% year-on-year [10]. - The forecast for 2025 estimates a revenue of 853 million yuan, representing a significant year-on-year growth of 141.3%, with a projected net profit of 136 million yuan [10]. - The company's gross margin is expected to stabilize around 42.0% in 2025, with a net profit margin turning positive at 15.9% [10]. Market Position and Strategy - The company has secured multiple contracts, including a significant project with Shanghai Yanshin for an integrated gateway station system, indicating strong market demand and operational capabilities [5][6]. - The company is expected to supply a substantial portion of the payloads for the Qianfan satellite constellation, which will contribute to rapid revenue growth [4][8]. Future Outlook - The company is projected to achieve net profits of 1.36 billion yuan, 2.82 billion yuan, and 4.44 billion yuan for the years 2025, 2026, and 2027, respectively, reflecting a robust growth trajectory [8][10]. - Earnings per share (EPS) are expected to rise from 0.22 yuan in 2025 to 0.71 yuan by 2027, indicating strong profitability potential [10].

Group 1: Company Role and Projects - The company is a core supplier for the G60 constellation communication subsystem, responsible for key communication equipment such as satellite communication payloads and ground stations [1] - The company recovered investment cash of 150 million CNY primarily from purchasing structured deposits, ensuring capital safety while striving to enhance returns [2] - The company is the sole supplier for the payloads in the "Qianfan Constellation" G60 satellite project, providing essential equipment like satellite base stations and phased array antennas [2] Group 2: Financial Performance and Contracts - The company has approximately 150 million CNY in low Earth orbit satellite-related business for 2024, as detailed in the annual report [3] - The company has signed but not yet fulfilled contracts worth 311 million CNY, mainly in broadband communication equipment and low Earth orbit satellite products [3] - The company won a bid for the integrated ground station system procurement project at a price of 2.497 million CNY per set, with an estimated total contract value of about 150 million CNY if calculated at a 50% share [2] Group 3: Market Strategy and Shareholder Relations - Recent large-scale share reductions by shareholders are considered normal market behavior based on investment returns, with the company maintaining a good operational status [2] - The company is focused on technological innovation and sustainable development to ensure a stable improvement in its fundamentals [3] - The company aims to establish broader market relationships and enhance product applications, indicating a proactive approach to market expansion [4]