东方证券研报指出，航天电子拟增资子公司航天火箭，积极融入商业航天发展新格局。本次增资的子公 司航天火箭，主要在测控系统、空间网络信息系统等领域提供地面测控设备、数据链、激光终端等多种 核心产品，也是配套低轨卫星激光通信的核心供应商。有利于提升航天电子产能，更好满足"十五五"航 天产业旺盛需求。有利于子公司持续开展大规模星间链路与弹性组网技术、空间动态集群组网数据链技 术、高性能芯片设计等核心技术攻关，继续保持行业技术领先地位。公司作为航天科技集团下属公司， 长期配套长征系列、神舟系列重点任务，技术积累和工程经验丰富。商业航天龙头+无人系统产业链链 长，公司进入快速发展阶段。参考可比公司26年78倍PE，对应目标价18.72元，维持"买入"评级。 ...

东方证券研报指出，航天电子拟增资子公司航天火箭，积极融入商业航天发展新格局。本次增资的子公 司航天火箭，主要在测控系统、空间网络信息系统等领域提供地面测控设备、数据链、激光终端等多种 核心产品，也是配套低轨卫星激光通信的核心供应商。有利于提升航天电子产能，更好满足"十五五"航 天产业旺盛需求。有利于子公司持续开展大规模星间链路与弹性组网技术、空间动态集群组网数据链技 术、高性能芯片设计等核心技术攻关，继续保持行业技术领先地位。公司作为航天科技集团下属公司， 长期配套长征系列、神舟系列重点任务，技术积累和工程经验丰富。商业航天龙头+无人系统产业链链 长，公司进入快速发展阶段。参考可比公司26年78倍PE，对应目标价18.72元，维持"买入"评级。 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 19.77 CNY, indicating an expected performance that exceeds the benchmark index by more than 15% [11][19]. Core Insights - The company plans to increase its investment in its subsidiary, China Aerospace Long March Rocket Technology Co., Ltd., by 727.5 million CNY to enhance its capabilities in aerospace electronic information and to engage in key technology research and development, aligning with the new commercial aerospace landscape [3][11]. - The investment will primarily support the production capacity of aerospace electronic information-related businesses, including telemetry and control systems, and is expected to meet the growing demand in the aerospace industry during the 14th Five-Year Plan period [11]. - The company has achieved significant technological advancements over the past two decades, positioning itself as a leader in ground measurement and control, data link networking, and space information networks, which will be further strengthened by this capital increase [11]. Financial Summary - Total revenue is projected to be 18.727 billion CNY in 2023, with a decrease to 14.280 billion CNY in 2024, followed by a recovery to 21.469 billion CNY by 2027, reflecting a compound annual growth rate (CAGR) of 7.7% from 2023 to 2027 [5][12]. - Net profit attributable to shareholders is expected to grow from 525 million CNY in 2023 to 846 million CNY in 2027, with a notable increase of 39.9% in 2026 [5][12]. - The earnings per share (EPS) is forecasted to rise from 0.16 CNY in 2023 to 0.26 CNY in 2027, indicating a positive trend in profitability [5][12]. Market Data - The company's stock has a 52-week price range of 8.14 CNY to 15.82 CNY, with a current market capitalization of 52.195 billion CNY [6]. - The price-to-earnings (P/E) ratio is projected to decrease from 99.45 in 2023 to 61.72 in 2027, suggesting an improving valuation as earnings grow [5][12]. - The company has a net asset return rate (ROE) projected to increase from 2.6% in 2023 to 3.8% in 2027, reflecting enhanced efficiency in generating profits from equity [7][12].

12月15日，航天电子（600879）(600879.SH)发布公告称，公司拟以现金方式对控股子公司航天长征火 箭技术有限公司（下称"航天火箭公司"）增资7.28亿元（其中1.28亿元为2017年再融资项目"天地一体化 测控通信系统及产品应用项目"投入的募集资金），航天火箭公司其他股东拟同比例增资，增资完成 后，航天火箭公司股权结构和持股比例均保持不变，仍为公司控股子公司。 公告显示，本次增资中1.275亿元来自公司2017年再融资项目募集资金，该部分资金此前以借款形式形 成母子公司挂账，此次增资将理顺这一财务关系；其余资金将用于航天电子信息业务能力提升、核心关 键技术攻关，助力公司融入商业航天发展（000547）新格局。 二是有利于航天火箭公司持续开展核心关键技术攻关。经过近二十年发展，航天火箭公司在地面测运 控、数据链组网和空间信息网络等专业领域攻克了多项关键技术并具有一定的行业领先地位。 随着"十五五"期间天地一体化网络建设的深入推进，航天火箭公司在大规模星间链路与弹性组网技术、 空间动态集群组网数据链技术、高性能芯片设计等关键技术领域必须持续开展关键技术研发攻关。 本次增资的部分资金将用于解决关键技术 ...

股票研究 /[Table_Date] 2025.12.16 增资航天火箭公司，积极融入商业航天新格局 航天电子(600879) 关于对控股子公司航天长征火箭技术有限公司增资的关联交易公告点评 军工[Table_Industry] /可选消费品 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 杨天昊(分析师) | 010-83939791 | yangtianhao@gtht.com | S0880523080010 | | | | 周明頔(分析师) | 010-83939792 | zhoumingdi@gtht.com | S0880525080003 | [Table_Target] 目标价格(元): | 19.77 | 本报告导读： 公司拟以现金方式对控股子公司航天长征火箭技术有限公司增资 72,750 万元，本次 对航天火箭公司的现金增资主要用于提升公司航天电子信息相关业务能力建设、开 展核心关键技术攻关，有利于公司积极融入商业航天发展新格局 ...

一品红(300723.SZ)公告称，公司拟通过全资子公司出售参股公司美国Arthrosi Therapeutics, Inc. 13.45% 的股权，交易对方为瑞典Swedish Orphan Biovitrum AB下属全资子公司Sobi US Holding Corp.。交易总 价最高或达15亿美元，包括9.5亿美元首付款和最高5.5亿美元的里程碑付款。交易完成后，公司将不再 持有Arthrosi股权。本次交易尚需提请公司股东会审议批准。预计本次出让股权将对公司产生积极影 响，最终对公司利润的影响金额以会计师审计确认后的数据为准。公司计划使用自有资金及/或自筹资 金以集中竞价方式回购公司股份，资金总额不低于1亿元且不超过2亿元。回购价格不超过70元/股，用 于维护公司价值及股东权益。 沐曦股份：股票将于12月17日上市 沐曦股份公告，公司股票将于2025年12月17日在上海证券交易所科创板上市。根据《上海证券交易所科 创板上市公司自律监管指引第5号——科创成长层》，上市时未盈利的科创板公司，自上市之日起纳入 科创成长层。截至本公告披露日，沐曦股份尚未盈利，自上市之日起将纳入科创成长层。普通投资者参 与科创 ...

近年来，航天火箭公司利用相关技术优势开展了"天地一体"通信网络建设及天地一体化综合电子信息系 统解决方案，可以为商业航天领域提供相关产品及配套技术支持、数据服务等，可覆盖多场景化应用需 求。本次增资将有利于航天火箭公司加强商业航天产业链布局，实现产品快速迭代、研产模式转型升 级、数智化能力提升，有利于公司积极融入商业航天发展新格局。 智通财经APP讯，航天电子(600879.SH)发布公告，公司拟以现金方式对控股子公司航天长征火箭技术 有限公司(下称"航天火箭公司")增资7.28亿元(其中1.28亿元为2017年再融资项目"天地一体化测控通信系 统及产品应用项目"投入的募集资金)，航天火箭公司其他股东拟同比例增资，增资完成后，航天火箭公 司股权结构和持股比例均保持不变，仍为公司控股子公司。 航天火箭公司的航天电子信息业务主要为测控系统、空间网络信息系统等领域，涉及地面测控设备、数 据链、激光终端等产品种类。预计"十五五"期间航天火箭公司产品在航天相关产业领域持续保持旺盛需 求，目前产能与未来市场需求不相匹配，本次增资部分资金将用于提升航天火箭公司航天电子信息相关 业务的批产能力，有利于支撑航天火箭公司承担航天 ...

盟升电子 20251211 摘要 蓝箭朱雀 3 火箭首飞成功，回收实验完成率达 80%，远超预期，标志着 中国民营航天技术取得重要突破，为未来运力提升奠定基础，预计 2026 年有望实现可回收运载火箭的落地应用。 海外商业航天进入 3.0 时代，以 OpenAI 奥特曼为代表的科技领袖布局 太空数据中心等超未来产业，SpaceX 估值飙升至 8,000 亿美元，并计 划 IPO 融资 300 亿美元，估值或达 1.5 万亿美元，为行业树立新标杆。 国内卫星发射节奏显著加快，2025 年龙芯网已进行 15 次卫星发射，最 快发射间隔仅 3 天，预计明年将进一步提速。行业关注点从卫星制造转 向整个产业链，应用端市场空间巨大，是空间段建设产值的 10 倍以上。 商业航天应用端市场前景广阔，CVCS 已发射 14,000 多颗卫星，用户 数量预计突破 800 万，且持续增长。低轨卫星星座应用端设备招标首次 公开，终端市场需求巨大，盟升电子和海格通信等企业有望受益。 盟升电子 2025 年业绩显著反弹，第三季度营收创单季新高，同比增长 185%，全年营收目标超历史最高水平。新一期股权激励计划设定 2026 年营收目标为 ...

Core Viewpoint - Haige Communication is a traditional advantage enterprise in the wireless communication field, focusing on full-band coverage and various communication technologies [1] Group 1: Company Overview - The company’s main products cover shortwave communication, ultra-shortwave communication, satellite communication, digital trunking, manned/unmanned collaborative communication, 5G, data links, multi-mode intelligent terminals, and system integration [1] - Haige Communication has established a comprehensive layout across air, land, sea, and underwater communication [1] Group 2: Technological Focus - The company is closely following market and technological development trends, with a particular emphasis on underwater wireless communication [1] - Key areas of research include breakthroughs in critical technologies, core algorithm design, and engineering application practices [1] - The company has developed products related to underwater acoustic communication, enabling control and communication for underwater manned and unmanned devices [1] Group 3: Product Applications - The products provide long-distance underwater acoustic measurement and control, Beidou positioning, and satellite communication for marine underwater equipment [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 49.94 RMB [7][5]. Core Insights - The company has experienced rapid revenue growth driven by a recovery in military product demand, with Q3 revenue reaching 128 million RMB, a year-on-year increase of 1727.32% and a quarter-on-quarter increase of 30.25% [1][2]. - The military product segment is seeing a resurgence, particularly in precision-guided munitions and electronic countermeasures, while the civil product segment is expanding with advancements in aviation satellite communication and low-orbit satellite networks [2][3]. - The strategic investment from Sichuan Development, acquiring a 6.25% stake, is expected to enhance the company's capabilities in the aerospace and satellite industries [3]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a total revenue of 248 million RMB, a year-on-year increase of 185.29%, while the net profit attributable to the parent company was a loss of 47.54 million RMB, improving by 62.74% year-on-year [1][4]. - The gross margin for the first nine months of 2025 was 34.64%, a decrease of 10.78 percentage points year-on-year, while the net profit margin was -19.15%, an increase of 127.51 percentage points year-on-year [4]. Business Outlook - The company is expected to benefit from a strong order backlog and growth in demand for military and civil products during the 14th Five-Year Plan period [2]. - The civil product business is actively pursuing market opportunities, particularly in the C919 domestic aircraft and satellite internet sectors, which are anticipated to see significant growth [2]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 50.41 million RMB, 149.74 million RMB, and 236.75 million RMB respectively, reflecting a downward revision due to slower-than-expected profit recovery [5][11]. - The company is assigned a 2026 PE valuation of 56 times, with a target price adjustment to 49.94 RMB [5][11].