格隆汇12月10日丨陕西华达(301517.SZ)在互动平台表示，公司通过直接或间接方式为商业航天提供配 套产品，公司与Spacex尚无直接业务往来。 ...

（记者 王瀚黎） 每经AI快讯，有投资者在投资者互动平台提问：开始给星网供货了吗？给千帆星座是不是同时也在供 货？目前的供货情况是什么样的？ 陕西华达（301517.SZ）12月4日在投资者互动平台表示，公司给星网和千帆均有配套，商业航天订单已 按客户要求正常交付。 ...

Core Insights - The company has over 30 products in the commercial aerospace support sector that have completed testing and is tracking user demand closely to ensure delivery capabilities [1] - The revenue from these products is expected to gradually materialize based on the progress of user projects, with a typical delivery cycle of 3-6 months [1] - The company will disclose specific revenue targets from commercial aerospace in the future based on market demand and order progress [1] Summary by Categories Product Development - The company has developed over 30 products for the commercial aerospace support sector that have successfully completed testing [1] Revenue Generation - Some products have already formed supporting orders, with revenue expected to emerge in line with user project timelines [1] - The delivery cycle for products is generally between 3 to 6 months, which includes production and testing [1] Future Outlook - The company plans to set revenue contribution targets from commercial aerospace for the next three years based on market demand and order fulfillment progress [1] - Specific data regarding revenue targets will be disclosed in future periodic reports [1]

Core Viewpoint - Zhuhai Wind Power (688439.SH) has formed some supply orders in the commercial aerospace supporting field, indicating a positive outlook for revenue generation in this sector [1] Group 1: Company Developments - The company stated that the product delivery cycle typically ranges from 3 to 6 months, including production and testing [1] - Currently, the company is closely tracking user demand plans to ensure delivery capabilities [1] - Revenue from commercial aerospace is expected to gradually materialize based on the progress of user projects [1] Group 2: Future Outlook - The company will disclose its revenue contribution targets from commercial aerospace over the next three years based on market demand, order progress, and overall business development [1] - Specific figures will be provided in the company's future periodic reports [1]

格隆汇11月27日丨振华风光(688439.SH)在投资者互动平台表示，商业航天配套领域已有部分产品形成 配套订单。公司产品交付周期通常为3-6个月（含生产及测试），目前正紧密跟踪用户需求计划，确保 交付能力，预计相关收入将根据用户端项目进度逐步产生。对于未来三年来自商业航天的收入占比目 标，公司将根据市场需求、订单落地进度及整体业务发展情况，在适当时候履行信息披露义务，具体数 据请以公司后续定期报告为准。 ...

格隆汇11月20日丨陕西华达(301517.SZ)在互动平台表示，公司通过直接或间接方式为商业航天提供配 套产品，公司与国星宇航尚无直接业务往来。 ...

Core Viewpoint - Shaanxi Huada (301517.SZ) is involved in providing supporting products for commercial aerospace through direct or indirect means, and currently has no direct business dealings with Tianbing Technology [1] Group 1 - The company is engaged in the commercial aerospace sector by supplying related products [1] - There is no existing direct business relationship between the company and Tianbing Technology [1]

Core Viewpoint - The company, Shaanxi Huada, has stated that it provides supporting products for commercial aerospace through direct or indirect means, and it currently has no direct business dealings with Tianbing Technology [1] Group 1 - The company is involved in the commercial aerospace sector by supplying related products [1] - There is no existing direct business relationship between the company and Tianbing Technology [1]

Investment Rating - The investment rating for the company is "Buy-A" with a 12-month target price of 87.30 CNY [5]. Core Views - The company has demonstrated a high growth trend in Q3 2025, with revenue reaching 302 million CNY for the first three quarters, a year-on-year increase of 65.76%. The net profit attributable to shareholders was 101 million CNY, up 598.1% year-on-year [1]. - The company is actively expanding its market presence, which has driven rapid growth in both revenue and profit. In Q3 2025 alone, revenue grew by 51.3% year-on-year to 98 million CNY, while net profit increased by 337.5% to 39 million CNY [1][2]. - High R&D investment is ensuring long-term competitiveness, with R&D expenses amounting to 97 million CNY, a 2.66% increase year-on-year, representing 32.1% of revenue [1]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 302 million CNY, with a net profit of 101 million CNY, and a non-GAAP net profit of 79 million CNY, reflecting significant year-on-year growth [1]. - In Q3 2025, the gross margin decreased by 4.7 percentage points to 77.4%, while the net margin improved by 25.9 percentage points to 39.6% [1]. Market Expansion - The company is consolidating its first-mover advantage in special fields such as data links, electronic countermeasures, and wireless communication terminals, while also entering batch production and delivery phases for certain satellite-related products, indicating potential for future growth [2]. Earnings Forecast - The net profit forecasts for 2025, 2026, and 2027 have been revised upwards to 135 million CNY, 205 million CNY, and 289 million CNY, respectively, with growth rates of 656.3%, 52.1%, and 40.8% [3].