未知机构：天风电新如何对钧达股份的卫星业务定价0223-20260224

Summary of Key Points from Conference Call Records Company and Industry Involved - The analysis focuses on Junda Co., Ltd. and its satellite business, particularly its stake in Xuntian Qianxun [1][2]. Core Insights and Arguments - Junda Co., Ltd. holds a 60% stake in Xuntian Qianxun, which corresponds to a future valuation of 90 billion yuan. When applying a 50% discount rate, the current valuation is estimated at 40 billion yuan for the year 2026 [1]. - The valuation methodology for satellite companies can be compared to early-stage new energy vehicle (NEV) companies, where: - In the early stages (H2 2020), the price-to-sales (PS) ratio was significantly high, ranging from 20X to 50X [1]. - As growth begins to slow down, the PS ratio for NEVs decreased to around 5X by 2022 [1]. - The current market valuation of Junda Co., Ltd. is 28 billion yuan, which primarily reflects the value of its perovskite and CPI film businesses, indicating that the market is undervaluing its satellite business [2]. Additional Important Insights - By 2028, it is projected that 10,000 satellites will be launched domestically, with the cost per satellite decreasing to 15 million yuan [3]. - Assuming a 20% market share, Junda Co., Ltd. could achieve 30 billion yuan in revenue from its satellite business [3]. - A conservative PS ratio of 5X, similar to that of the NEV sector in 2022, would imply a future market valuation of 150 billion yuan for Junda Co., Ltd.'s satellite business [3].