1. Report Industry Investment Rating - No information provided in the document. 2. Core Viewpoints of the Report - The company's performance has been under pressure in recent years, mainly due to short - term fluctuations in the demand of traditional business industries and the high fixed - cost structure formed earlier. The improvement of performance will rely on the stabilization and recovery of traditional businesses and the contribution of large - scale revenues from new businesses. The next two years are crucial for the company's performance improvement. If new products, platform pilots, and data service orders related to satellite space computing power and low - altitude areas can be successfully promoted and generate benefits, it will be an important driving force for the company's future performance growth [26][27]. - The company will strategically layout two new tracks on the basis of consolidating its original industries. One is the satellite application and space computing power field, and the other is the low - altitude area. The goal is to build a strategic synergy system of "space - air - ground - sea integration" [27]. 3. Summary According to the Directory 3.1. Research Basic Situation - The research object is Suzhou Keda, belonging to the computer equipment industry. The reception time was on January 22, 2026. The listed company's reception personnel included the chairman Chen Donggen, the secretary of the board Zhang Wenjun, the innovation deputy general manager Cao Lijun, and the securities representative Cao Qi [16]. 3.2. Detailed Research Institutions - The research institutions include various types such as funds, asset management companies, and investment companies. For example, Jushang Fund, Zhonghui (Beijing) Private Equity Fund, Xuanding Asset, Zhejiang Shanzheng Asset, Zhejiang Junhong, Shanghai Kewen, Fuzun Fund, etc. [17]. 3.3. Research Institution Proportion - No information provided in the document. 3.4. Main Content Data - **Cooperation with East China Normal University**: The company recently carried out a strategic cooperation with the School of Information and Electronic Engineering of East China Normal University and established the "Satellite Application Technology Joint Laboratory". The two sides will jointly build an innovative satellite technology application platform integrating algorithm research and development, spectral detection, data scenario application, and data assetization [24]. - **Low - altitude Field Layout**: The company is currently focusing on the research and development of equipment related to low - altitude infrastructure construction such as UAV monitoring and platforms related to low - altitude flight. The joint - venture company is conducting core technology development and operation mode innovation of low - altitude infrastructure networks in cooperation with civil aviation [24]. - **Synergy between Low - altitude and Satellite Businesses**: Taking remote sensing data application as an example, satellites conduct large - scale surveys at the sky level, and after AI analysis finds anomalies, relevant information is sent to the ground system. At the air level, UAVs are used for close - range and refined verification, which can greatly improve the accuracy and efficiency of full - domain perception [25]. - **Reasons for Performance Decline**: The performance decline is mainly due to the over - reliance of the company's traditional businesses such as conferences and security on several key domestic industries. With the changes in the macro - environment and short - term fluctuations in the demand of some key industries, the company's revenue scale has declined significantly, resulting in losses [26]. - **Reasons for High R & D Expense Ratio**: The reasons include historical background (rapid personnel expansion during the peak business period and lag in personnel structure adjustment), business model (customized projects for the government require a large number of technical support personnel), and strategic considerations (solid technical foundation and talent reserve for new business development) [26]. - **Performance Improvement and Inflection Point**: The company's performance improvement depends on the stabilization of traditional businesses and the large - scale revenue contribution of new businesses. The next two years are crucial. If new products and data service orders related to satellite space computing power and low - altitude areas can generate benefits, it will drive performance growth [27]. - **Future Development Strategy**: On the basis of consolidating the original industries, the company will strategically layout the satellite application and space computing power field and the low - altitude area, aiming to build a "space - air - ground - sea integration" strategic synergy system [27]. - **Growth Space of the Commercial Aerospace Industry and the Company's Core Competitiveness**: The high - spectral remote sensing satellite data application field is in a high - speed growth channel. The company's core competitiveness lies in its unique "AI + aerospace" cross - border integration ability, "space - air - ground integration" full - stack layout advantage, and a solid "industry - university - research" alliance [28]. - **Progress of Space Computing Power and AI Application**: The business has entered the stage of substantial productization. The company and East China Normal University have jointly built a laboratory, and the relevant products and technologies are basically ready. The first technology verification satellite is expected to be launched into orbit around May this year [28][29]. - **Business Transformation and Investment Support**: The complete business transformation and large - scale cycle will take some time. The existing business supports the transformation in terms of technology, market, and finance, and there is a significant synergy effect between new and old businesses under the "space - air - ground - sea integration" strategy [29]. - **Commercial Logic of the Commercial Aerospace Business**: First, verify the on - satellite AI processing ability through the first - launch satellite and establish benchmark cases in the agricultural field. Second, build a "space - ground" collaborative computing platform and provide data services. Third, explore the combination of high - spectral data and AI models, transform high - spectral data into high - value data assets, and build an open application ecosystem [29][30].