证券研究报告 | 行业点评报告 2026 年 01 月 12 日 重视商业航天测试设备环节，有望率先放量 行业指数 % 1m 6m 12m 绝对表现 9.0 35.8 64.2 相对表现 5.5 16.6 38.3 资料来源：公司数据、招商证券 -20 0 20 40 60 80 Jan/25 May/25 Aug/25 Dec/25 (%) 机械 沪深300 相关报告 商业航天行业简评 中游制造/机械 在低轨星座批量化组网与可复用火箭验证加速的共振下，测试从单机/单星验证 走向面向批产的"并行、自动、智能、仿真先行"的体系化能力，呈现高标准 化、高算力融合与多学科一体协同三大趋势，带动高端仪器进口替代与第三方 实验室能力扩张的结构性机会，建议关注测试设备环节。 ❑ 风险提示：商业航天&太空算力行业发展不及预期。 相关标的财务数据与估值 | 公司名称 | | 归母净利润 | | | PE | | --- | --- | --- | --- | --- | --- | | | 2024 | 2025E | 2026E | 2027E | （2025E） | | 坤恒顺维 | 0.37 | 0.52 | 0.74 ...

Core Insights - The company experienced a significant increase in net cash flow from operating activities by 419.20%, while net profit attributable to shareholders decreased by 57.48%, indicating a mixed operational environment with both opportunities and challenges [1] Financial Performance Summary - Revenue declined by 10.66% to 226,565,453.50 yuan in 2024 from 253,592,630.46 yuan in 2023, primarily due to fluctuations in downstream industry investment and demand [2] - Net profit attributable to shareholders was 37,033,845.65 yuan, down 57.48%, with a non-recurring net profit of 25,625,643.42 yuan, a decrease of 66.86%. The decline in net profit was more pronounced than revenue due to high costs of outsourced components, increased R&D expenses by 24.13%, and rising asset depreciation [3] - Basic earnings per share fell to 0.30 yuan, a decrease of 58.33% from 0.72 yuan in 2023, while the non-recurring basic earnings per share dropped by 66.67% to 0.21 yuan, reflecting weakened profitability and reduced shareholder returns [4] Expense Analysis - Total expenses increased, with sales expenses rising by 2.87% to 21,401,081.93 yuan, management expenses up by 24.63% to 19,182,496.19 yuan, and R&D expenses growing by 24.13% to 70,450,018.73 yuan, indicating a strong focus on product development [5][6] Cash Flow Analysis - Net cash flow from operating activities reached 112,243,696.02 yuan, a substantial increase of 419.20%, driven by higher sales receipts and government subsidies, indicating improved cash generation capabilities [7] - Investment cash flow outflow decreased to -175,267,287.21 yuan from -243,798,144.16 yuan, suggesting a more cautious investment strategy focusing on liquidity and safety [9] - Financing cash flow outflow was -34,931,605.33 yuan, increased from -8,692,262.63 yuan, primarily due to higher cash dividends and share buybacks, reflecting the company's commitment to returning value to shareholders [10] R&D Investment - R&D investment accounted for 31.09% of revenue, up from 22.38% in 2023, with a total R&D expenditure of 70,450,018.73 yuan, indicating a strong emphasis on innovation and product enhancement [6] Management Compensation - The chairman and general manager received a pre-tax compensation of 747,700 yuan, while other executives received varying amounts, reflecting a performance-based compensation structure aimed at incentivizing management to drive better results [14]