航天宏图 20260123 摘要 航天宏图计划采购 6 颗雷达卫星，总金额约 6 亿元，并与上海蓝星光域 合作研发卫星激光通信系统，目前已有四颗卫星使用其模块并调试中， 旨在提升卫星通信能力。 公司积极拓展国际市场，与非洲某国签订合作协议，并与尼日利亚国防 部进行技术交流，同时推动与印尼的碳汇监测卫星项目，雷达卫星在国 外应用需求增加，预计带来较好的回款和盈利能力。 航天宏图应收账款主要来自政府项目，金额较小且稳定，公司通过国家 化债政策和法律手段降低应收账款比例，以确保财务健康。 研发投入占比从 2025 年的 20%上升到 2026 年的 40%，主要用于提 升技术水平和产品竞争力，如激光通信系统和算力卫星，预计未来将转 化为实际效益，提高市场竞争力和盈利能力。 公司预计 2026 年和 2027 年，卫星操作系统等研发成果将逐步转化为 收入，应用于客户提供的卫星设计和制造中，有助于逐步实现盈利。 与苏州政府签订的 28 亿元项目，包括卫星和火箭，第一期投资 12 亿元， 航天宏图将获得 6 亿元的卫星订单，预计春节前后签订，交付周期约一 年，毛利率尚未明确。 2026 年计划发射 10 颗以上雷达卫星及 ...

Core Insights - Digital technology is transforming the real economy comprehensively, enhancing productivity and creating new productive forces [1][3] - The successful summer grain harvest demonstrates the resilience of the Chinese economy amidst external challenges, with a production of 299.48 billion jin, marking the second-highest yield in history [1][4] Group 1: Economic Resilience and Governance - The governance upgrade through "precise drip irrigation" has enabled dual empowerment of macro-control and technological innovation, effectively managing risks associated with high temperatures and drought [2] - The integration of satellite monitoring, drone inspections, and soil sensors has allowed for data-driven management of agricultural resources, enhancing efficiency and risk prediction [2][3] Group 2: Efficiency and Technological Integration - The concept of "storing grain in technology" has evolved, with digital solutions reducing grain loss rates from 5% to below 1%, showcasing a data-driven efficiency revolution in agriculture [3] - The application of digital technologies in agriculture, from smart breeding to automated irrigation and intelligent logistics, illustrates the deep integration of digital and traditional sectors [3] Group 3: Value Chain and Domestic Demand - The summer grain harvest is shifting from basic food commodities to high-value industrial elements, indicating a developing value chain from production to consumption [4] - The establishment of a "whole chain economy" model, centered on domestic circulation, is a significant source of vitality for the Chinese economy, providing stability for downstream industries and consumer confidence [4]