10月22日，航天工程跌0.95%，成交额8687.02万元。两融数据显示，当日航天工程获融资买入额582.28 万元，融资偿还967.56万元，融资净买入-385.28万元。截至10月22日，航天工程融资融券余额合计1.72 亿元。 截至6月30日，航天工程股东户数2.29万，较上期减少3.48%；人均流通股23454股，较上期增加3.61%。 2025年1月-6月，航天工程实现营业收入19.88亿元，同比增长80.04%；归母净利润9686.56万元，同比增 长6.70%。 分红方面，航天工程A股上市后累计派现5.67亿元。近三年，累计派现1.96亿元。 机构持仓方面，截止2025年6月30日，航天工程十大流通股东中，香港中央结算有限公司位居第六大流 通股东，持股461.73万股，为新进股东。朱雀匠心一年持有（010922）位居第七大流通股东，持股 366.21万股，相比上期增加89.02万股。朱雀企业优胜A（008294）位居第八大流通股东，持股351.63万 股，相比上期增加86.06万股。朱雀恒心一年持有（011531）位居第九大流通股东，持股331.09万股，相 比上期减少81.96万股。朱雀产业 ...

截至6月30日，航天工程股东户数2.29万，较上期减少3.48%；人均流通股23454股，较上期增加3.61%。 2025年1月-6月，航天工程实现营业收入19.88亿元，同比增长80.04%；归母净利润9686.56万元，同比增 长6.70%。 分红方面，航天工程A股上市后累计派现5.67亿元。近三年，累计派现1.96亿元。 机构持仓方面，截止2025年6月30日，航天工程十大流通股东中，香港中央结算有限公司位居第六大流 通股东，持股461.73万股，为新进股东。朱雀匠心一年持有（010922）位居第七大流通股东，持股 366.21万股，相比上期增加89.02万股。朱雀企业优胜A（008294）位居第八大流通股东，持股351.63万 股，相比上期增加86.06万股。朱雀恒心一年持有（011531）位居第九大流通股东，持股331.09万股，相 比上期减少81.96万股。朱雀产业臻选A（007493）位居第十大流通股东，持股255.14万股，相比上期减 少63.85万股。 责任编辑：小浪快报 9月16日，航天工程盘中下跌2.04%，截至10:38，报20.15元/股，成交1.44亿元，换手率1.31%，总市值 ...

Core Viewpoint - Aerospace Engineering has shown significant stock performance with a year-to-date increase of 30.21% and a recent 5-day increase of 17.45% [1] Financial Performance - For the first half of 2025, Aerospace Engineering reported revenue of 1.988 billion yuan, representing a year-on-year growth of 80.04% [2] - The net profit attributable to shareholders for the same period was 96.87 million yuan, reflecting a year-on-year increase of 6.70% [2] Stock and Market Activity - As of September 15, the stock price was 20.12 yuan per share, with a market capitalization of 10.784 billion yuan [1] - The trading volume on September 15 was 271 million yuan, with a turnover rate of 2.59% [1] - The stock experienced a net outflow of 13.76 million yuan from main funds, with large orders showing a buy of 47.61 million yuan and a sell of 63.91 million yuan [1] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 3.48% to 22,900, while the average circulating shares per person increased by 3.61% to 23,454 shares [2] - The company has distributed a total of 567 million yuan in dividends since its A-share listing, with 196 million yuan distributed in the last three years [3] Business Overview - Aerospace Engineering specializes in coal gasification technology and related equipment, with its main business segments being industrial gas operations (49.87%), clean and efficient coal utilization (46.17%), and high-end equipment manufacturing (3.91%) [1] - The company is categorized under the machinery and equipment sector, specifically in specialized equipment for energy and heavy machinery [1]

Group 1 - The company held a half-year performance briefing on September 10, 2025, via the Shanghai Stock Exchange's online platform [1][2] - Key executives, including the chairman and general manager, participated in the briefing to discuss the company's performance and financial status with investors [2] Group 2 - The company reported a revenue of 1.988 billion yuan for the first half of 2025, representing an increase of 80.04% compared to the same period last year [4] - The net profit attributable to shareholders was 97 million yuan, reflecting a growth of 6.70% year-on-year [4] Group 3 - The company’s gasification technology has independent intellectual property rights and has been recognized as internationally leading in safety, stability, adaptability, economic operation, and environmental friendliness [3] - The company’s advanced gasification technology achieved international leading status and received a first-class scientific and technological award from the China Fertilizer Association [5] Group 4 - The company is actively working on coal chemical projects in the Xinjiang region, with financial accounting based on specific project progress [6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 1.988 billion yuan for the first half of 2025, representing a year-on-year increase of 80.04% [5][6]. - The net profit attributable to shareholders was 97 million yuan, up 6.70% year-on-year, while the net profit excluding non-recurring items was 95 million yuan, also up 6.63% year-on-year [5][6]. - In Q2 2025, the company achieved a revenue of 1.140 billion yuan, a year-on-year increase of 31.59% and a quarter-on-quarter increase of 34.55% [5][6]. - The net profit for Q2 2025 was 63 million yuan, down 19.18% year-on-year but up 86.07% quarter-on-quarter [5][6]. Summary by Sections Financial Performance - The company’s total revenue for 2025 is projected to reach 4.635 billion yuan, with a gross profit of 959 million yuan, indicating a gross margin of 21% [15]. - The net profit attributable to shareholders is expected to grow to 2.3 billion yuan by 2027, with corresponding PE ratios of 43.0X, 26.3X, and 21.7X for 2025, 2026, and 2027 respectively [10][15]. Market Position and Technology - The company has a leading position in the coal gasification market, holding over 50% market share with its gasification technology [10]. - The company has signed contracts for 71 coal chemical projects and sold 167 gasifiers, showcasing its strong market presence and technological advantages [10]. Policy and Industry Outlook - The company benefits from supportive national policies aimed at promoting coal chemical projects, particularly in regions like Xinjiang, which is expected to see over 800 billion yuan in investments [10]. - The coal gasification technology is evolving towards larger-scale production and cleaner processes, aligning with national energy strategies [10].