| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 4147 | -0.01 | 0.34 | 1.58 | | 深证综指 | 2755 | 0.33 | 1.26 | 2.79 | | 风格指数 (％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 大盘指数 | -0.25 | 0.34 | 5.18 | | 中盘指数 | 0.41 | 1.02 | 22.14 | | 小盘指数 | 0.59 | 1.31 | 15.75 | | 涨幅居前 行业(％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 元件Ⅱ | 5.57 | 13.86 | 41.45 | | 其他电源设 | 3.9 | 6 | 28.64 | | 备Ⅱ 风电设备Ⅱ | 3.89 | 1.04 | 41.58 | | 通信服务 | 3.29 | 3.43 | -1.44 | | 特钢Ⅱ ...

Core Viewpoint - Electric Power Blue Sky is a key supplier of advanced electric energy systems and core products in China, with a strong focus on aerospace power supply as its core business, maintaining a gross profit margin above 65% in recent years [1] Business Overview - The company operates in three main sectors: aerospace, special, and new energy, with aerospace power supply being the core business [1] - Key products include space solar arrays, space lithium-ion battery packs, power control equipment, and power systems [1] Growth Potential - Demand for aerospace power supply is expected to increase by 2025, leading to a recovery in revenue growth [1] - The company is in the early stages of ramping up its satellite products, with constellation networking expected to significantly enhance product scale effects and profitability [1] - Further capacity expansion in aerospace power supply through fundraising initiatives is anticipated to accelerate performance recovery [1] Comparative Analysis - The company is compared with peers in the aerospace sector, including China Satellite, Srey New Materials, Qian Zhao Optoelectronics, Guobo Electronics, Aerospace Electric, Aerospace Electronics, Tianao Electronics, and Xinle Energy [1] - The average PEG ratio for comparable companies in 2026 is projected to be 3.3, while the company's PEG ratio is estimated at 3.1, indicating it is below the average level [1] Investment Rating - Given the continuous enrichment of satellite applications and the potential for rapid growth in the aerospace power supply business, the company is covered for the first time with an "Accumulate" rating [1]

申万宏源研究指出，电科蓝天为我国先进电能源系统解决方案和核心产品的供应商，前身为民企蓝天电 源，后通过资产注入打造成为中电科集团旗下电能源业务核心平台。公司业务涵盖宇航、特种、新能源 三大板块，其中宇航电源为核心主业，近年来毛利占比维持在65%以上，具体产品包括空间太阳电池 阵、空间锂离子电池组、电源控制设备及电源系统等。2025 年宇航电源需求提升带动营收增速回正， 考虑到当前公司星载产品仍处于放量初期，星座组网加速有望带动公司产品规模效应显著提升，盈利能 力具备较大提升空间。此外，考虑到公司募投进一步扩充宇航电源产能，公司业绩有望加速回升。考虑 到宇航电源为公司核心业绩贡献项，选取航天板块标的中国卫星、斯瑞新材、乾照光电、国博电子、航 天电器、航天电子、天奥电子、新雷能作为可比公司进行对比，可比公司2026E年PEG均值为3.3，公司 2026E年PEG为3.1低于可比公司平均水平。考虑到公司星载应用持续丰富，宇航电源业务有望快速放 量，因此首次覆盖，并给予"增持"评级。 ...

上 市 公 司 公 司 研 究 / 公 司 深 度 证 券 研 究 报 2026 年 02 月 25 日 电科蓝天 (688818) —— 星耀强国系列报告之十：宇航电源领军企业，星座组 网加速驱动业绩高增 报告原因：首次覆盖 增持（首次评级） | 市场数据： | 2026 年 02 月 25 日 | | --- | --- | | 收盘价（元） | 61.50 | | 一年内最高/最低（元） | 80.88/54.01 | | 市净率 | 29.4 | | 股息率%（分红/股价） | - | | 流通 A 股市值（百万元） | 8,119 | | 上证指数/深证成指 | 4,147.23/14,475.87 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 2.32 | | 资产负债率% | 50.03 | | 总股本/流通 A 股（百万） | 1,737/132 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -20% -10% 0% 10% 02-10 ...

证券日报网讯2月24日，C电科在互动平台回答投资者提问时表示，公司作为国内宇航电源领域的核心 供应商，主要面向国内航天市场，为卫星、飞船、空间站等航天器提供空间太阳电池阵、空间锂离子电 池组及电源控制设备等产品。关于海外市场拓展，公司将持续关注全球商业航天市场发展动态，积极研 究国际市场需求。如涉及具体客户合作事项，公司将严格按照信息披露规则，在达到披露标准时及时履 行公告义务。 ...

格隆汇2月24日丨电科蓝天(688818.SH)在互动平台表示，公司作为国内宇航电源领域的核心供应商，主 要面向国内航天市场，为卫星、飞船、空间站等航天器提供空间太阳电池阵、空间锂离子电池组及电源 控制设备等产品。 关于海外市场拓展，公司将持续关注全球商业航天市场发展动态，积极研究国际市 场需求。如涉及具体客户合作事项，公司将严格按照信息披露规则，在达到披露标准时及时履行公告义 务。 ...

2月10日，中电科蓝天科技股份有限公司（以下简称"电科蓝天"）正式上市，作为电能源产业的"国家 队"、科创板新晋"硬科技"企业，电科蓝天凭借深厚的技术积淀和全产业链优势，在宇航电源、特种电 源、新能源应用及服务领域大放异彩。 在全球航天产业高度活跃、国内商业航天快速发展的背景下，电科蓝天董事长郑宏宇向《证券日报》记 者讲述，这家深耕电能源领域数十年的企业，正以"深空探测+商业航天"双轮驱动为抓手，向"市场化龙 头"迈进，借助资本市场力量拓宽发展边界，兼顾国家战略与市场活力。 拓宽发展边界 虽然对于大多数人而言，电科蓝天是陌生的。但是，公司研制的宇航电源产品贯穿中国航天发展史，自 1970年为我国第一颗人造卫星"东方红一号"提供电源产品以来，电科蓝天已为神舟飞船、天宫空间站、 北斗卫星、嫦娥月球探测器、天问火星探测器、高分卫星等多个国家与国防重大工程的700余颗卫星、 飞船、探测器、空间站提供了优质可靠的电源产品。 "50%以上"，这是2024年电科蓝天在国内宇航电源产品市场的覆盖率，能在这个领域"执牛耳"并非偶 然，而是电科蓝天数十年技术深耕与体系化布局的必然结果。郑宏宇告诉《证券日报》记者，公司在电 能源领 ...

Core Viewpoint - The company, China Electronics Technology Group Corporation Blue Sky Technology Co., Ltd. (referred to as "Electricity Science Blue Sky"), has changed its IPO review status to "submitted for registration" on the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise 1.5 billion RMB [1]. Business Overview - The company focuses on advanced power services and green energy, aiming to lead the development of electric energy technology and industry. It has extensive experience in the electric energy sector and offers comprehensive solutions in power generation, energy storage, control, and system integration [1]. - The main business segments include aerospace power, special power, and new energy applications and services [2][4]. Aerospace Power - The aerospace power products include space solar battery arrays, space lithium-ion battery packs, and power control devices, primarily used in spacecraft and near-space vehicles. The company is a core supplier of aerospace power in China, with a domestic market coverage exceeding 50% [2]. Special Power - The special power product line consists of special lithium-ion battery packs and fuel cells. The lithium-ion battery packs are used in portable equipment, special vehicles, drones, and industrial robots. The company has undertaken over 100 research projects for key engineering applications, with more than 300 product models. It is a leading player in portable equipment power and a significant supplier in special vehicles, drones, and industrial robots [3]. New Energy Applications and Services - The company is actively expanding into the civilian market, focusing on photovoltaic and energy storage sectors. The new energy applications and services include microgrid solutions, energy storage systems, photovoltaic solutions, power testing services, lithium battery cathode materials, and consumer lithium batteries [4]. Financial Performance - The company reported revenues of approximately 2.52 billion RMB, 3.52 billion RMB, 3.12 billion RMB, and 1.11 billion RMB for the years 2022, 2023, 2024, and the first half of 2025, respectively. The net profits for the same periods were approximately 214 million RMB, 190 million RMB, 338 million RMB, and 59.47 million RMB [4][5]. - The company's debt-to-asset ratio (consolidated) was 47.82% as of June 30, 2025, down from 52.54% in 2023 and 49.50% in 2022 [5].

Core Viewpoint - China Electronics Technology Group Corporation Blue Sky Technology Co., Ltd. (referred to as "Electric Blue Sky") has successfully passed the IPO review for the Science and Technology Innovation Board, aiming to raise 1.5 billion yuan [1] Group 1: Company Overview - Electric Blue Sky specializes in the research, production, sales, and service of electric energy products and systems, covering a wide range of applications from deep sea (1 km underwater) to deep space (225 million km from Earth) [1] - The company operates in three main business segments: aerospace power, special power, and new energy applications and services [1] - Electric Blue Sky is a leading supplier of aerospace power in China, with over 50% market coverage in domestic aerospace power products [1] Group 2: Technology and Innovation - The company holds 11 core technologies, including high-efficiency gallium arsenide space solar cell array technology, with several technologies reaching international advanced or leading levels [1] - As of June 30, 2025, Electric Blue Sky has been granted 367 authorized patents, including 141 invention patents, 215 utility model patents, and 11 design patents [1] Group 3: Financial Performance - Projected revenues for Electric Blue Sky are approximately 2.521 billion yuan, 3.524 billion yuan, 3.127 billion yuan, and 1.113 billion yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [3] - The net profit for the same periods is estimated to be around 214 million yuan, 190 million yuan, 338 million yuan, and 59.47 million yuan [3] - The company's debt-to-asset ratio is projected to be 40.03% for the first half of 2025, down from 46.44% in 2024 [4]

Core Viewpoint - The article discusses the IPO application of China Electronics Technology Group's subsidiary, China Electronics Technology Blue Sky Technology Co., Ltd. (电科蓝天), under the "strong aerospace nation" strategy, highlighting the increasing support for commercial aerospace listings and industrialization in China [1]. Company Overview - 电科蓝天, established in 1992 and restructured into a joint-stock company in 2022, has a significant history in China's aerospace development, providing power systems for over 700 satellites and spacecraft [3]. - The company holds a market share exceeding 50% in the aerospace power supply sector and maintains a stable gross profit margin of over 30% [3]. IPO Details - 电科蓝天 plans to issue no more than 390.8 million shares, raising 1.5 billion yuan for the industrialization of aerospace power systems [1]. - The company faced a delay in its IPO process due to the expiration of financial data in its application, but has since updated its financial information [1]. Financial Performance - From 2022 to the first half of 2025, 电科蓝天's revenue fluctuated, with figures of 2.52 billion yuan, 3.52 billion yuan, 3.13 billion yuan, and 1.11 billion yuan, respectively, while net profits were 208 million yuan, 190 million yuan, 337 million yuan, and 65 million yuan [8]. - The company has seen a significant increase in revenue from its aerospace power segment, which rose from 53.96% to 74.13% of total revenue during the reporting period [8]. Market Challenges - 电科蓝天 faces challenges related to operational independence and high customer concentration, with over 43% of sales coming from the Aerospace Science and Technology Corporation [4][6]. - The company has been working to reduce its reliance on related parties, with plans to increase direct contracts with customers to 95% by the end of 2024 [6]. Strategic Focus - The company is shifting its focus back to its core business of aerospace power systems, as it navigates challenges in the renewable energy and specialty power sectors, where it has faced intense competition and declining profit margins [10][11]. - The commercial aerospace market presents significant growth opportunities, with projected demand for satellite power systems reaching approximately 24.6 billion yuan and 37.8 billion yuan by 2030 and 2035, respectively [13][14].