| 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。 ...

Company Overview: HCDX Electric Science and Technology Blue Sky Industry and Company - HCDX Electric Science and Technology Blue Sky is a leading supplier of aerospace power systems in China, originating from the 18th Research Institute of the national team [1][2] - The company is set to debut on the Sci-Tech Innovation Board on February 10, with an initial offering price of 9.47 CNY per share, corresponding to a market capitalization of 16.1 billion CNY [1] Financial Performance - For 2024, the company achieved a revenue of 3.12 billion CNY and a net profit of 340 million CNY [1] - For 2025, the company expects revenue to be between 3.14 billion and 3.23 billion CNY, with a projected net profit of 330 million to 360 million CNY [1] - In the first half of 2024 and 2025, the company's aerospace power revenue is expected to be 1.9 billion CNY and 730 million CNY, respectively, accounting for 63.4% and 74.1% of total revenue [1] - The gross profit margin for aerospace power is reported at 31.8% for 2024 and 25.3% for 2025 [1] Market Position and Technology - The company has a strong technological foundation, having supported over 700 spacecraft, and is expected to cover over 50% of the domestic aerospace power market by 2024 [2] - The coverage rates for the National Grid Constellation and Qianfan Constellation are reported at 80% and 100%, respectively [2] - The company is positioned in the core segment of aerospace power, which is referred to as the "heart" of aerospace technology [2] Future Growth Potential - The estimated value per spacecraft supplied in 2024 is over 10 million CNY, with the value per satellite in low Earth orbit estimated between 5 million and 8 million CNY, potentially rising to 10 million CNY for future computing constellations [2] - The listing is expected to provide funding for capacity expansion, supporting the company's long-term growth logic [2] Investment Recommendations - HCDX Electric Science and Technology Blue Sky possesses a robust technological background and market entry barriers, closely tied to China's strategy of becoming a space power and the explosion of the commercial aerospace industry [2] - The long-term profit outlook for satellite power is projected at 3 billion CNY, with additional aerospace and special power sources expected to contribute 1.5 billion to 2 billion CNY [2] - The long-term valuation of the company is anticipated to reach 100 billion CNY [2]

Summary of Key Points from the Conference Call Company Overview - The company, 电科蓝天, is a leading supplier of aerospace power systems in China, originating from the 18th Research Institute of the national team [1][2]. Financial Performance - The company plans to go public on the Sci-Tech Innovation Board on February 10, with an issue price of 9.47 CNY per share, corresponding to a market capitalization of 16.1 billion CNY [1]. - For 2024, the company achieved revenue of 3.12 billion CNY and a net profit of 340 million CNY [1]. - For 2025, the company expects revenue between 3.14 billion CNY and 3.23 billion CNY, with a projected net profit between 330 million CNY and 360 million CNY [1]. - In the first half of 2024 and 2025, the company's aerospace power revenue is expected to be 1.9 billion CNY and 730 million CNY, respectively, accounting for 63.4% and 74.1% of total revenue, with gross margins of 31.8% and 25.3% [1]. Market Position and Technology - The company has a strong technological foundation, covering all major national projects such as Shenzhou, Tiangong, Beidou, Chang'e, and Tianwen [2]. - The products have supported over 700 spacecraft, with a domestic aerospace power market coverage exceeding 50% in 2024 [2]. - The company has an 80% coverage rate for the State Grid Constellation and 100% for the Qianfan Constellation [2]. - The aerospace power systems are described as the "heart" of aerospace, with an estimated value of over 10 million CNY per spacecraft based on the supply of 144 spacecraft in 2024 [2]. Industry Dynamics - The emergence of large low-orbit satellites is expected to increase inflation expectations, with the value per satellite system estimated between 5 million CNY and 8 million CNY, potentially rising to 10 million CNY for future computing constellations [2]. Growth Potential - The listing is anticipated to provide funding for capacity expansion, with a clear long-term growth logic [3]. - The company is expected to achieve a long-term profit of 3 billion CNY from satellite power systems and an additional 1.5 billion to 2 billion CNY from other aerospace and special power systems, with a long-term valuation target of 100 billion CNY [4]. Investment Recommendation - The company possesses a deep "national team" technological foundation and market entry barriers, closely tied to China's aerospace strategy and the explosion of the commercial aerospace industry [4].

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 ...

Group 1: New Stock Offerings - This week (January 26 - January 30), three new stocks will be available for subscription in the A-share market: Beixin Life, Electric Science Blue Sky, and Linping Development [1] - Beixin Life is a leading domestic company in cardiovascular precision diagnosis and innovative medical devices, with an issue price of 17.52 yuan per share and a single account subscription limit of 9,000 shares [1] - Electric Science Blue Sky is a core supplier of aerospace power systems, with a market coverage of over 50% in domestic aerospace power products [1][4] Group 2: Beixin Life - Beixin Life is the first domestic medical device company to have both FFR and IVUS product combinations, filling a market gap and reducing reliance on imported products [2] - The core product, the FFR system, captured 30.6% of the domestic market share in 2021, with over 70% of its usage in tertiary hospitals by September 30, 2025 [2] - Revenue projections for Beixin Life are 0.92 billion yuan, 1.84 billion yuan, and 3.17 billion yuan for the years 2022, 2023, and 2024, respectively, with net losses of -290 million yuan, -140 million yuan, and -44 million yuan [2] Group 3: Electric Science Blue Sky - The single account subscription limit for Electric Science Blue Sky is 27,500 shares, requiring a market value of 275,000 yuan [3] - The company specializes in the research, production, and sales of electric energy products and systems, covering applications from deep sea to deep space [4] - Revenue projections for Electric Science Blue Sky are 25.21 billion yuan, 35.24 billion yuan, and 31.27 billion yuan for the years 2022, 2023, and 2024, with net profits of 2.08 billion yuan, 1.9 billion yuan, and 3.37 billion yuan [5] Group 4: Linping Development - The single account subscription limit for Linping Development is 7,500 shares, requiring a market value of 75,000 yuan [7] - Linping Development focuses on the research, production, and sales of corrugated paper and boxboard products, emphasizing environmental protection and resource recycling [7] - Revenue projections for Linping Development are 28.79 billion yuan, 28 billion yuan, and 24.85 billion yuan for the years 2022, 2023, and 2024, with net profits of 1.54 billion yuan, 2.12 billion yuan, and 1.53 billion yuan [7]