Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [9]. Core Views - The company is set to acquire Hunan Xingxin Aerospace New Materials Co., Ltd. through a cash transaction aimed at gaining control, with specific acquisition ratios to be determined through negotiations [4][5]. - Hunan Xingxin is a leader in aerospace thermal protection materials and has a strong focus on high-temperature resistant materials, with applications in major space missions [5]. - The acquisition is expected to create strategic synergies and enhance the company's market share in the aerospace and integrated equipment sectors, aiming to elevate its high-end cable integration and smart composite transmission business to world-class standards [5]. Summary by Sections Company Overview - Hunan Xingxin was established in 2003 and is recognized as a national high-tech enterprise, specializing in the development and production of high-temperature resistant materials and related products [5]. - The company reported revenues of 56.42 million yuan, 51.37 million yuan, and 68.15 million yuan for 2022, 2023, and 2024 respectively, with net profits of 23.63 million yuan, 22.46 million yuan, and 26.49 million yuan during the same period [5]. Market Dynamics - The report highlights the acceleration of satellite internet deployment in China, which is expected to significantly increase the demand for high-reliability, extreme-environment special cables [6][7]. - The company is well-positioned to benefit from the rapid development of the satellite internet sector, with its special cables being utilized in key projects such as the "Long March" series of rockets and the "Shenzhou" series of spacecraft [7]. Low-altitude Economy - The report discusses the establishment of a low-altitude economy development office by the government, which is expected to unlock significant airspace resources and create a market projected to reach 3.5 trillion yuan by 2035 [8]. - The company is poised to benefit from this development as a provincial state-owned enterprise, with its cable business expected to thrive in the low-altitude economy sector [8]. Financial Projections - Revenue forecasts for the company are projected at 39.94 billion yuan, 59.91 billion yuan, and 89.09 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.22, 0.32, and 0.48 yuan [9][11]. - The company is expected to maintain a strong growth trajectory, benefiting from trends in low-orbit satellites and the low-altitude economy [9].

星标 ★ IPO日报 精彩文章第一时间推送 商业航天领域产业链又有收购事件发生！ 近期，湖南华菱线缆股份有限公司（SZ001208，下称"华菱线缆"）发布公告，为响应国家高质量发展战略，完善上下游产业链布局，深化航空航天等领 域业务发展，加速高端线缆及新材料领域的产业整合，拟以现金方式收购湖南星鑫航天新材料股份有限公司（下称"星鑫航天"）控制权。 值得注意的是，这是华菱线缆上市以来，首单市场化并购项目。如果本次收购成功，华菱线缆有望实现在航空航天及融合装备领域产业链的拓展，整合航 天飞行器中电线电缆高温防热保护层等技术，深化航空航天等领域业务发展。 制图：佘诗婕 重大布局 2024年，商业航天纳入国家战略，这有利推动行业高速发展。据预测，全球航空航天市场未来五年年均增速超5%，而中国作为核心参与者，产业链整合 需求迫切。 华菱线缆是湖南省国资委下属A股上市公司，主营电线电缆的研发、生产及销售。近年来，华菱线缆确立了以特种电缆为主导的战略方向，充分挖掘特种 电缆细分市场，为航空航天及融合装备、轨道交通及高速机车、矿山、新能源、工程装备、数据通信等领域提供专业化、高品质的特种电缆产品。 此次，华菱线缆通过收购切入 ...