随着易采掘油气储量的逐步减少和原油价格的攀升以及国内，促使油气公司加大对老油井再开采、深海 油气开发以及压裂等非常规油气开采的投入，这直接带动了对高性能油气设备的需求提升。航天能源： 从事油气设备领域射孔器材、高端完井装备研发与制造，非常规油气装备市占率显著高于常规油气装 备，21 年达到65%，竞争格局良好，差异化策略效果显著。另外，根据25 年公司公告，拟对募投项目 之一的军用爆破器材生产线自动化升级改造项目进行调整，根据军用爆破器材自研项目批产任务状态、 新获取的大药量药柱生产任务及新增火工品协作生产任务等变化情况，拟调整军用爆破器材自研项目， 改由航天能源承担大药量药柱批量生产任务，并新增火工品协作生产任务，调整后达产年预计收入1.5 亿，带来业务新增长点。 盈利预测：预测2025-2027 年归母净利润分别为9.38 亿、11.19 亿和13.93亿元，对应PE 分别为23/19/15 倍，首次给予"强烈推荐"评级。 风险提示：下游需求波动风险、原材料价格波动风险、产品销量及单价波动风险。 航天七院唯一上市平台，未来具备资产注入预期。公司自23 年重组后成为航天七院唯一上市平台，业 务聚焦高性能电子 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is positioned as a core supplier in the automotive and oil & gas sectors, with new growth engines ignited by military products [1]. - The company is expected to benefit from the rapid development of the new energy vehicle industry and unconventional oil and gas development, with projected net profits for 2025-2027 being 9.3 billion, 11.1 billion, and 13.7 billion yuan respectively, corresponding to P/E ratios of 20, 17, and 14 times [1][6]. Summary by Sections 1. Market Expansion and Competitive Position - The company is a leading player in the automotive interior and exterior parts, high-performance functional materials, and oil & gas equipment sectors, with strong R&D capabilities [11]. - The company has a long development history and has established a new growth path through restructuring [13]. - The company leverages its strong technical strength to actively expand its product layout [15]. - The company's reasonable shareholding structure and subsidiaries contribute to revenue generation [18]. - The company has shown stable revenue growth, with a significant increase in operating income and enhanced cost control capabilities [24][25]. - A major project adjustment has been made to focus on core military products, optimizing resource allocation [27]. 2. Automotive Interior and Exterior Parts - The company provides a diverse range of automotive interior and exterior parts, closely collaborating with leading automotive manufacturers [32]. - The automotive industry is rapidly developing, and the automotive parts market is expected to grow significantly [35]. - The company maintains stable partnerships with major manufacturers, solidifying its market position [41]. - Government policies supporting the development of the new energy vehicle industry are expected to benefit the automotive parts sector [43]. 3. High-Performance Functional Materials - The company’s high-performance functional materials business is poised for growth, driven by increasing demand in various industries [46]. - The company has developed new products in electronic functional materials, leveraging its strong R&D capabilities [50]. - The company is well-positioned to benefit from the national high-speed rail "going out" strategy, which presents opportunities for its magnetic ticket business [46]. 4. Unconventional Oil and Gas Development - The company has significant technological advantages in unconventional oil and gas development, with a focus on deep-sea economic opportunities [52]. - The company’s oil and gas equipment business is expected to grow due to breakthroughs in unconventional resource extraction [55]. - The company has established a strong market position in the domestic oil and gas equipment sector, with products exported to over 20 countries [53]. 5. Military Business Growth - The company is focusing on military products, particularly large quantity explosive columns and collaborative production of explosive items, to fulfill its responsibilities in national defense [66]. - The demand for military fire control products is increasing due to accelerated national defense modernization [67]. - The company’s strategic adjustments align with national policies supporting defense and military modernization, positioning it for rapid growth in military business [70]. 6. Investment Recommendations - The company’s business segments are clearly defined, with traditional high-performance functional materials maintaining growth while focusing on automotive parts and oil & gas equipment [71]. - The automotive parts business is expected to grow at rates of 19%, 16%, and 14% from 2025 to 2027 [74]. - The oil and gas equipment business is projected to grow at a steady rate of 10% annually during the same period [74]. - The high-performance functional materials segment is anticipated to grow at 15% annually from 2025 to 2027 [75].

Investment Rating - The report initiates coverage on Aerospace Intelligence with a "Buy" rating and a target price of 26.00 RMB, based on a 20x PE valuation for 2026 [1][7]. Core Views - The company is expected to achieve growth driven by "technical barriers + policy dividends," leveraging aerospace technology transformation in oil and gas equipment and automotive smart cockpit sectors, while expanding its large-dosage drug column business for long-term stable growth [1][16]. Summary by Sections Company Overview - Aerospace Intelligence, formerly known as Lekai New Materials, underwent a major asset restructuring in 2023, acquiring 100% stakes in Aerospace Energy and Aerospace Molding, thus becoming the core listed platform of the Seventh Academy of Aerospace [2][25]. Financial Performance - The company is projected to achieve revenues of 58.60 billion RMB and 77.81 billion RMB for 2023 and 2024, respectively, with year-on-year growth rates of 20.10% and 32.78%. The net profit attributable to the parent company is expected to be 4.23 billion RMB and 7.92 billion RMB, reflecting growth rates of 61.36% and 87.02% [2][36]. Automotive Parts Business - Aerospace Molding, established in 2000, focuses on automotive interior and exterior parts, smart cockpit components, and lightweight engine parts. The company provided components for 10.95 million vehicles in 2023, accounting for 42% of national passenger car sales. The new energy vehicle segment is expected to constitute 72% of new products in 2024, surpassing industry penetration rates [3][16]. Oil and Gas Equipment Business - Aerospace Energy, founded in 2013, specializes in the research and manufacturing of perforating tools and high-end completion equipment. The company holds over 60% market share in unconventional oil and gas extraction and approximately 35% in conventional extraction. The demand for its products is expected to grow alongside the increase in domestic oil and gas production [4][17]. Market Perspective - The report highlights a discrepancy between market perceptions and the company's long-term growth potential, particularly in the automotive parts sector benefiting from electrification and intelligent transformation, and the oil and gas equipment sector supported by policy initiatives [5][19]. Profit Forecast and Valuation - The forecast for net profit attributable to the parent company for 2025-2027 is 9.48 billion RMB, 11.02 billion RMB, and 12.76 billion RMB, respectively. The report selects comparable companies with an average PE of 30x for 2026, assigning a target PE of 20x to Aerospace Intelligence [6][46].

Group 1: Financial Performance - The company achieved a revenue of CNY 6.707 billion in the first three quarters, representing a year-on-year growth of 22.01% [3] - The net profit attributable to shareholders reached CNY 651 million, with a year-on-year increase of 21.43% [3] - The automotive parts business saw a revenue growth of 25% due to the increase in sales from major clients [3] Group 2: Market Trends and Client Relationships - The automotive industry maintained growth, with passenger car sales reaching 21.246 million units, a year-on-year increase of 13.7%, and new energy vehicle sales at 1.128 million units, up 34.9% [3] - The company has established strong partnerships with major domestic automotive manufacturers and emerging players like Huawei [3] Group 3: Business Adjustments and Future Plans - The company is adjusting its military explosive materials automation upgrade project due to evolving warfare and technology, with production expected to be operational by September 30, 2026, generating an estimated annual revenue of CNY 150.027 million [4] - The oil and gas equipment sector is projected to achieve sales of CNY 546 million in 2024, with a net profit of CNY 238 million, including military product revenue of CNY 9.7446 million [4] Group 4: Technological Advancements - The company has made significant advancements in high-temperature and high-pressure perforation technology, breaking international monopolies and achieving domestic leadership [5] - The developed technologies are now applied in deep well perforation operations, setting a global record for the deepest perforation [5] Group 5: Strategic Development - The company is focusing on a "1334" development strategy aimed at becoming a world-class aerospace intelligent equipment manufacturer [4] - There are considerations for implementing equity incentives to align employee interests with company growth [6]

Group 1: Financial Performance - The company achieved a revenue of 6.51 billion yuan in the first three quarters, representing a year-on-year growth of 22.01% [2] - The total operating income for the first three quarters was 67.07 billion yuan, with a year-on-year increase of 21.43% [2] - The automotive parts business saw a sales revenue growth of 25% due to the increase in vehicle sales, with a total of 21.24 million passenger cars sold, a 13.7% increase year-on-year [3] Group 2: Business Segments - The company’s military explosives business generated revenue of 673.38 million yuan in the first half of 2025, marking a 6.96% increase compared to the same period last year [4] - The oil and gas equipment business maintained stable sales revenue, while the high-performance functional materials segment experienced a decline due to the impact of electronic ticketing in the railway sector [3] - The company is focusing on upgrading its military explosives automation project, with an expected annual revenue of 150.03 million yuan upon reaching full production by September 30, 2026 [3] Group 3: Strategic Initiatives - The company has proposed a "1334" development strategy aimed at becoming a world-class aerospace intelligent equipment manufacturing enterprise [5] - The company plans to enhance its market development, technological innovation, and integrated development to improve operational quality and core competitiveness [7] - The company is exploring opportunities in low-altitude economy and robotics, leveraging its existing relationships with major automotive clients [9] Group 4: Market Position and Technology - The company has established strong partnerships with leading domestic automotive manufacturers and emerging players in the new energy vehicle sector [3] - The company’s subsidiary has developed advanced technologies in high-temperature and high-pressure perforation, achieving a record for the deepest perforation in the world [6] - The company is positioned as a leader in the domestic oil and gas industry, with significant advancements in key technologies that have broken international monopolies [7] Group 5: Investor Relations and Value Management - The company emphasizes enhancing long-term investment value and core competitiveness as part of its market value management strategy [8] - The company is committed to increasing cash dividends and improving investor relations through various communication channels [8]

Core Viewpoint - The company, Aerospace Intelligence (航天智造), is actively involved in the oil and gas equipment sector, particularly focusing on deep-sea and deep-earth technology applications, showcasing significant advancements in their product offerings and technological capabilities [1] Group 1: Product Offerings - Aerospace Energy, a wholly-owned subsidiary, supplies perforating tools, completion equipment, and electromechanical control products primarily to CNOOC for deep-sea oil extraction [1] - The company has successfully developed key technologies and products, including non-elastic seals and high-temperature, high-pressure perforating equipment [1] Group 2: Technological Advancements - The ultra-high temperature and ultra-high pressure perforating technology developed by the company has been successfully applied in 10,000-meter deep well perforation operations, setting a record for the deepest perforation globally [1] - In response to the increasing depth of shale oil and gas development in China, the company has also developed cluster perforating technology that withstands high temperatures and pressures [1]

Group 1: Financial Performance - The company achieved a revenue of CNY 6.707 billion in the first three quarters of 2025, representing a year-on-year growth of 22.01% [2] - The net profit attributable to shareholders reached CNY 651 million, with a year-on-year increase of 21.43% [2] - The automotive parts business saw a sales revenue growth of 25% due to the overall growth in the automotive industry, with passenger car sales reaching 21.246 million units, up 13.7% year-on-year [2][3] Group 2: Automotive Parts Business Advantages - The company has a comprehensive industrial layout with over 20 production bases, enabling close and timely supply to major automotive manufacturers [3] - It possesses strong technical and R&D capabilities, holding over 500 patents and focusing on key technologies in smart cockpit and lightweight materials [3] - The company has established a stable and high-quality customer base, enhancing its brand image and market recognition [3] - A complete product series allows for integrated automotive parts services, effectively controlling production costs [3] Group 3: Oil and Gas Equipment Business - The company’s subsidiary has maintained over 30 years of collaboration with major domestic oil companies, supplying key equipment for deep-sea oil extraction [4][5] - It has achieved breakthroughs in critical technologies, such as high-temperature and high-pressure perforation, positioning itself as a leader in the domestic market [5] - The developed ultra-high temperature and pressure perforation technology has been successfully applied in 10,000-meter deep well operations, setting a global record [5] Group 4: Military Products and Future Plans - The military explosives business generated CNY 6.7338 million in revenue in the first half of 2025, reflecting a growth of 6.96% year-on-year [6] - The company plans to adjust its military explosives project to enhance production capacity and meet market demands, with expected annual revenue of CNY 150.027 million post-adjustment [6] Group 5: Market and Shareholder Relations - The company aims to enhance its core competitiveness and long-term investment value, focusing on market development and technological innovation [6] - It plans to increase cash dividends in line with regulatory requirements to reward investors [6] - The major shareholder, Lekai Group, is reducing its stake due to personal financial needs, with plans for future transactions disclosed in advance [7]

Financial Performance - The company achieved a revenue of CNY 6.707 billion in the first three quarters of 2025, representing a year-on-year growth of 22.01% [2] - The net profit attributable to shareholders reached CNY 651 million, with a year-on-year increase of 21.43% [2] - The automotive parts business saw a sales revenue growth of 25% due to the overall growth in the automotive industry, with passenger car sales reaching 21.246 million units, up 13.7% year-on-year [3] Business Segments - The oil and gas equipment segment maintained stable sales, with revenue remaining flat compared to the previous year, supported by advancements in key technologies [3] - The high-performance functional materials segment experienced a decline in performance due to the full electronicization of train tickets, but the company is accelerating market transformation [3] Technological Advancements - The company’s subsidiary, Aerospace Energy, has maintained over 30 years of collaboration with major domestic oil companies, supplying key products for deep-sea oil and gas extraction [4] - Breakthroughs in non-elastic sealing and high-temperature high-pressure perforation technologies have positioned the company as a leader in the domestic market, contributing to the development of deep-sea oil and gas resources [4][5] Military Products - The military explosives automation upgrade project is being adjusted due to evolving warfare and technology, with an expected annual revenue of CNY 150 million upon completion by September 30, 2026 [5][6] - Military product revenue for the first half of 2025 was CNY 6.734 million, reflecting a growth of 6.96% year-on-year [6] Future Strategies - The company is considering implementing an employee stock ownership plan to align interests and risks between employees and the company, aiming for rapid and high-quality development [6] - The company has proposed a "1334" development strategy to become a world-class aerospace intelligent equipment manufacturing enterprise [6]

Core Viewpoint - The company held a performance briefing for the first half of 2025, discussing its development strategy, business layout, order growth, and stock performance with investors [1] Group 1: Development Strategy - The company has proposed a "1334" medium to long-term development strategy aimed at becoming a world-class aerospace intelligent equipment manufacturing enterprise, focusing on professionalization, integration, and digital development [2] - The strategy includes building three core capabilities: industry adaptability, technological breakthroughs, and application expansion, while implementing a diversified business system and differentiated management model [2] Group 2: Business Focus - The company is positioned as the "smart manufacturing" main platform for the Aerospace Science and Technology Group, with a focus on automotive interior and exterior parts, oil and gas equipment, and military products [2] - In the automotive sector, the focus is on the intelligent and connected features of new energy vehicles, while in the oil and gas sector, the emphasis is on national energy security and deep-sea technology [2] Group 3: Revenue and Performance - In the first half of 2025, the company achieved an operating income of 4.163 billion yuan, an increase of 8.65% year-on-year, and a net profit of 451 million yuan, up 4.54% year-on-year [6] - The military product business generated revenue of 6.7338 million yuan, primarily for aerospace support [3] - The oil and gas equipment business reported sales revenue of 221 million yuan, a year-on-year increase of 0.38% [4] Group 4: Investor Relations and Stock Management - The company plans to enhance technological innovation, improve product added value, and reduce costs to boost operational quality, while also adhering to cash dividend requirements to strengthen shareholder returns [5] - Measures such as share buybacks and major shareholder increases may be implemented to stabilize stock prices [5]

Financial Performance - The company's net profit attributable to shareholders for the first half of 2025 is expected to grow by up to 10% year-on-year [2] - In the automotive parts business, sales revenue is projected to increase by approximately 10% year-on-year, with the automotive industry showing a growth trend [3] - The sales revenue for the automotive parts business exceeded 7 billion CNY in 2024, marking a year-on-year growth of 37.7% [6][7] Business Segments Automotive Parts - The company has achieved full coverage of major domestic automotive manufacturers, establishing a robust domestic industrial layout [6] - It possesses strong technical and R&D capabilities, with 554 patents granted, including 53 invention patents [7] - The product supply chain integrates product development, mold design, component manufacturing, and assembly services, effectively controlling production costs [7] Oil and Gas Equipment - The company maintains a leading position in key technologies for shale gas and high-temperature, high-pressure perforation systems [3][5] - It has over 30 years of collaboration with major domestic oil companies, supplying critical equipment for deep-sea oil and gas extraction [4] - The deep-sea technology sector is expected to become a focal point for large oil and gas companies, presenting new growth opportunities for the company [5] New Materials - The newly established subsidiary focuses on high-performance functional materials, including anti-counterfeiting materials, electronic functional materials, and weather-resistant materials [8][9] - The pressure testing film has been recognized as a "single champion" product in Hebei Province and has established stable partnerships with leading companies in the electronics and semiconductor sectors [9] - The company is the largest global producer of UV-1084, with its technology and product quality reaching international standards [9] Future Plans - The company is considering implementing an employee stock ownership plan as a means to incentivize management and core staff, aligning their interests with the company's growth [10][11]