2、航天装备与新材料板块：可回收火箭技术突破带动航天材料、结构设计升级，火箭结构件、耐高温 材料、高性能复合材料等领域迎来增量需求，相关企业有望获得持续订单。 据东方财富研究中心12月19日消息，据媒体报道，由中国航天科技集团有限公司第八研究院抓总研制的 长征十二号甲可重复使用运载火箭，原计划于2025年12月中下旬在酒泉卫星发射中心执行首次发射任 务。另外，第三届北京商业航天产业高质量发展大会暨2026北京国际商业航天展览会定于2026年1月23 日至25日举行。 国金证券表示，近期可复用火箭密集发射，星网与千帆星座加速组网。无论从海外映射亦或是国内催化 来看，商业航天产业趋势已迎奇点时刻。华西证券指出，随着政策支持力度加大和技术成熟度提升，商 业航天有望进入产业化落地的关键窗口期。 相关市场板块分析 1、卫星制造与发射服务板块：受益于低轨星座组网提速，卫星批量制造与发射服务需求爆发，卫星平 台、载荷、测运控系统等细分环节率先受益，产业从"投入孵化期"向"盈利兑现期"迈进。 铖昌科技（001270）：公司专注于微波毫米波模拟相控阵T/R芯片的研发、生产与销售，产品已广泛应 用于卫星通信、雷达等领域。作为相控 ...

（文章来源：证券日报） 证券日报网12月11日讯斯瑞新材在12月9日至12月11日回答调研者提问时表示，现阶段，国内用于卫星 发射的火箭未有可回收成功的案例，公司的液体火箭发动机推力室内壁在实际发射上属于耗材。火箭发 动机推力室内壁在高温高压的极端服役条件下，必须具有良好的耐高温、低周疲劳和导热性能。公司火 箭发动机推力室内壁产品，于2024年助力蓝箭航天朱雀三号VTVL-1可重复使用垂直起降回收试验箭十 公里垂直起降飞行试验任务取得成功，九州云箭的液氧甲烷发动机完成10km级飞行的回收试验；于 2025年上半年助力蓝箭航天朱雀三号可重复使用运载火箭一级动力系统试车成功。 ...

36氪获悉，斯瑞新材公告，现阶段，国内用于卫星发射的火箭未有可回收成功的案例，公司的液体火箭 发动机推力室内壁在实际发射上属于耗材。火箭发动机推力室内壁在高温高压的极端服役条件下，必须 具有良好的耐高温、低周疲劳和导热性能。公司目前不是SpaceX的供应商。 ...

每经AI快讯，12月11日，斯瑞新材(688102.SH)接受机构调研时称，现阶段，国内用于卫星发射的火箭 未有可回收成功的案例，公司的液体火箭发动机推力室内壁在实际发射上属于耗材。火箭发动机推力室 内壁在高温高压的极端服役条件下，必须具有良好的耐高温、低周疲劳和导热性能。公司火箭发动机推 力室内壁产品，于2024年助力蓝箭航天朱雀三号VTVL-1可重复使用垂直起降回收试验箭十公里垂直起 降飞行试验任务取得成功，九州云箭的液氧甲烷发动机完成10km级飞行的回收试验；于2025年上半年 助力蓝箭航天朱雀三号可重复使用运载火箭一级动力系统试车成功。公司目前不是SpaceX的供应商。 ...

公司业务：公司是国内领先的材料研发制造企业，核心业务/产品包括高强高导铜合金材料及制品、中 高压电接触材料及制品、高性能金属铬粉、CT 和 DR 球管零组件、光模块芯片基座/壳体、液体火箭发 动机推力室内壁等。通过围绕标杆客户开展销售活动，公司为GE 集团、Wabtec 集团、阿尔斯通等客户 提供非标个性化定制的产品。 从盈利能力看，2025Q1-Q3 公司的销售毛利率为24.04%（+1.04pcts），销售净利率为9.58% （+1.36pcts）；期间费用率为12.88%（-0.54pct），其中，销售费用率为1.59%（-0.05pct），管理费用 率为4.91%（-0.18pct），研发费用率为5.67%（+0.42pct），总财务费用较上年同期减少39.05%。 此外，2025Q1-Q3 公司应收账款金额为4.12 亿元、较期初增长43.96%，存货为3.51 亿元、较期初增长 35.79%，合同负债为493.66 亿元、较期初增减少-49.05%。公司备产备货节奏良好，全年业绩稳中向 好。 积极拓展各新兴下游领域，为公司未来成长打开空间在关键项目投资与产能打造上，公司凭借领先的科 研能力与资金实 ...

Group 1 - The company holds an important position in the liquid rocket engine thrust chamber industry, with major clients including Blue Arrow Aerospace, Jiuzhou Cloud Arrow, and Deep Blue Aerospace [1] - The company provides comprehensive solutions for optical module chip bases and housings, with a focus on high-precision parts processing and automated production lines, serving clients such as Finisar, Tianfu Communication, Global Broadcasting, Solstice, and Dongguan Xuntai [1] - The company is a key player in the CT and DR tube components sector in China, offering "one-stop" technical services and partnering with major clients like Siemens Healthineers, United Imaging, Kunshan Medical Source, Maimo Vacuum, and Beijing Zhisu [1] Group 2 - The company produces high-strength, high-conductivity copper alloy materials, which are applicable in new scenarios such as shield machines and controlled nuclear fusion, although this segment currently contributes a low percentage to overall revenue [1] - The company has over 60% market share in the domestic medium and high-voltage electrical contact materials and products, recognized as a champion product by the Ministry of Industry and Information Technology, with major clients including Siemens, ABB, Schneider, Eaton, Baoguang Co., and Xuguang Electronics [1]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [6]. Core Views - The company is a leader in the copper alloy segment, with expected growth driven by aerospace, medical, and semiconductor sectors [6][8]. - The company has shown steady growth in historical performance, with a projected revenue increase of 12.78% year-on-year for 2024, reaching 1.33 billion yuan [8][10]. - The company is actively expanding its production capacity and product offerings, which is anticipated to lead to accelerated revenue growth [11][42]. Summary by Sections 1. Company Overview - The company, established in 1995, has developed into a leader in high-strength and high-conductivity copper alloys and medium-high voltage contact materials, with a strong market position and recognition for its products [21][27]. 2. Financial Performance - From 2020 to 2023, the company's revenue and net profit have grown at a CAGR of 20.11% and 23.58%, respectively [8]. - For 2024, the company expects to achieve a revenue of 1.33 billion yuan and a net profit of 117 million yuan, reflecting year-on-year growth rates of 12.78% and 19.21% [10][11]. 3. Traditional Business Strengths - The company benefits from a strong position in traditional business areas, including traction motor end rings and high-end connector contacts, which are expected to see increased demand due to infrastructure projects [9][13]. - The company is the global leader in medium-high voltage contact materials, addressing domestic needs and exporting to international markets [33]. 4. Emerging Business Segments - The company is making significant progress in emerging sectors such as aerospace and medical imaging, with new products expected to contribute to revenue growth [4][14]. - Projects like the liquid rocket engine thrust chamber and CT/DR tube components are set to benefit from increasing market demand and production capacity expansions [15][39]. 5. Profit Forecast and Valuation - The company is projected to achieve net profits of 1.17 million yuan in 2024, 1.56 million yuan in 2025, and 2.10 million yuan in 2026, with respective growth rates of 19.21%, 33.44%, and 33.94% [10][11]. - The estimated P/E ratios for 2024, 2025, and 2026 are 74.27, 55.66, and 41.55, respectively, indicating a favorable valuation outlook [11].