近日，北京极光星通科技有限公司（以下简称"极光星通"）宣布完成A4轮融资，融资金额近3亿元人民币。本轮融资由北 京信息产业基金、粤开资本、盛景嘉成、远翼投资、赟汇资本、申万宏源、华成创投共同参与，指数资本继续担任财务顾 问。据介绍，本轮募集资金将主要用于新一代空间激光通信产品的研发迭代、自动化产线建设及在轨技术验证能力的升 级。 极光星通董事长兼总经理吴少俊博士表示：指数团队是与我们长期携手的伙伴。团队对航天赛道不仅有"知其然"的了解， 更有"知其所以然"的深刻洞见。其卓越的专业能力、高效的执行魄力、极致的服务精神，为我们的合作奠定了坚实基础。 很高兴能与指数资本这样有共识、有默契的伙伴合作。 指数资本高级副总裁吴克舟认为，2025年是陪伴极光星通融资的第二年，公司完成了技术产品0到1的在轨验证，积累了海 量的在轨数据，正式迈入百台套整机产品批产交付阶段。期待2026年激光端机批量发射入轨，积累更丰富的在轨经验。同 时，批产制造能力推动公司加速发展，为极光星通构建更高的竞争壁垒。我们坚定看好极光星通「产品力-量产力-成本 力」三位一体的战略布局，及其穿越周期的战略定力与执行决心。 当前，我国商业航天产业加速迈 ...

Investment Rating - The report maintains a "Recommended" rating for the company, considering its leading position in the embedded computer module industry and expansion into UAV and AI sectors [4][6]. Core Insights - The company reported significant growth in its 1H25 performance, with revenue reaching 290 million yuan, a year-over-year increase of 84.8%, and a net profit of 38 million yuan, up 2147.9% from the previous year [1]. - The order backlog increased by 74% year-over-year, reaching 608 million yuan by the end of Q2 2025, driven by strong customer demand, particularly in the airborne and AI-related product segments [1][2]. - The company is focusing on enhancing its core competitiveness in various technology directions, including next-generation avionics and AI signal processing, which is expected to contribute to revenue growth in 2025 [2][3]. Financial Performance Summary - In 1H25, the company achieved a gross margin of 48.1%, a decrease of 1.9 percentage points year-over-year, while the net profit margin improved by 11.9 percentage points to 13.0% [1]. - The embedded computer revenue breakdown for 1H25 shows airborne revenue grew by 115.3% to 200 million yuan, while other segments like airborne and unmanned equipment saw declines [2]. - The company’s operating cash flow improved to 30 million yuan in 1H25, compared to a negative cash flow of 2 million yuan in the same period last year [3]. Earnings Forecast - The company is projected to achieve net profits of 120 million yuan, 179 million yuan, and 238 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 49x, 33x, and 25x [4][5].