随着易采掘油气储量的逐步减少和原油价格的攀升以及国内，促使油气公司加大对老油井再开采、深海 油气开发以及压裂等非常规油气开采的投入，这直接带动了对高性能油气设备的需求提升。航天能源： 从事油气设备领域射孔器材、高端完井装备研发与制造，非常规油气装备市占率显著高于常规油气装 备，21 年达到65%，竞争格局良好，差异化策略效果显著。另外，根据25 年公司公告，拟对募投项目 之一的军用爆破器材生产线自动化升级改造项目进行调整，根据军用爆破器材自研项目批产任务状态、 新获取的大药量药柱生产任务及新增火工品协作生产任务等变化情况，拟调整军用爆破器材自研项目， 改由航天能源承担大药量药柱批量生产任务，并新增火工品协作生产任务，调整后达产年预计收入1.5 亿，带来业务新增长点。 盈利预测：预测2025-2027 年归母净利润分别为9.38 亿、11.19 亿和13.93亿元，对应PE 分别为23/19/15 倍，首次给予"强烈推荐"评级。 风险提示：下游需求波动风险、原材料价格波动风险、产品销量及单价波动风险。 航天七院唯一上市平台，未来具备资产注入预期。公司自23 年重组后成为航天七院唯一上市平台，业 务聚焦高性能电子 ...

Core Viewpoint - The resignation of Chairman Chen Fanzhang from Aerospace Intelligent Manufacturing (航天智造) raises questions about the company's leadership stability and future direction, especially after a significant stock price increase during his tenure [1][2]. Group 1: Company Leadership Changes - Chairman Chen Fanzhang resigned due to work adjustments, effective immediately, and will not hold any position in the company post-resignation [1]. - Chen's tenure lasted less than two years, with a planned end date of August 27, 2026, indicating an early departure [2]. - The company plans to hold a temporary shareholders' meeting on August 22 to discuss the election of a new director [1]. Group 2: Stock Performance and Market Reaction - During Chen's leadership, the stock price of Aerospace Intelligent Manufacturing increased by 51.28% [2]. - Following a series of institutional investigations in May, the stock price began to decline, raising concerns among investors about Chen's performance [2]. Group 3: Company Background and Transformation - Aerospace Intelligent Manufacturing, formerly known as Baoding Lekai New Materials Co., was established in February 2005 and focuses on high-performance materials and engineering services [3]. - The company underwent a significant asset restructuring starting in January 2022, culminating in a name change to Aerospace Intelligent Manufacturing in October 2023 [3]. - The restructuring involved a total transaction value of 3.3 billion yuan and raised 2.1 billion yuan in supporting funds, significantly increasing the company's market value from over 2 billion yuan to more than 13 billion yuan [3]. Group 4: Financial Performance - In 2023, the company reported revenue of 5.86 billion yuan, a year-on-year increase of 20.1%, and a net profit attributable to shareholders of 423 million yuan, up 61.36% [3]. - For 2024, projected revenue is expected to grow by 32.78% to 7.78 billion yuan, with net profit anticipated to rise by 87.02% to 792 million yuan [3][4]. Group 5: Business Focus - Aerospace Intelligent Manufacturing is focused on three main areas: high-performance electronic functional materials, automotive interior and exterior design and manufacturing, and oil and gas equipment engineering services [4]. - The automotive interior segment accounts for nearly 60% of the company's revenue [4].