钧达股份AH股齐涨 机构指看好“太空能源+整星制造+星座运营”商业航天产业闭环

金吾财讯
Jun 16

金吾财讯 | 钧达股份(02865)盘中攀升7.94%,最新报29.62港元,成交额2.16亿港元。对应A股(002865)上涨5.52%,最新报68.72元人民币,成交额8.62亿元人民币。消息面上,开源证券新近研报指,钧达股份前身为汽车饰件企业,2021年收购捷泰科技后进入光伏行业,并率先实现N型TOPCon电池大规模量产,出货量稳居行业前列。2025年公司成为光伏主产业链首家A+H双主板上市公司,加速推进海外销售及产能布局。2026年以来,公司通过与星翼芯能战略合作并间接控股巡天千和,成功切入商业航天领域,拓宽发展边界。该机构预计公司2026-2028年归母净利润为6.3/11.0/13.8亿元,当前股价对应2026-2028年PE为31.8/18.2/14.5倍。首次覆盖给予“买入”评级。该机构特别指出,钧达股份商业航天业务已形成“太空能源+整星制造+星座运营”产业闭环。其中,太空能源方面,依托钙钛矿叠层电池高效率、低成本及强抗辐射优势,以及SCPI膜柔性、轻量化及低成本优势,联合具备中科院上海光机所技术背景的星翼芯能,推动太空能源产品量产。整星制造方面,巡天千河团队整建制来自航天八院,具备成熟的整星制造能力,当前卫星在手订单200颗,其中2026年计划发射20颗。星座运营方面,巡天千河子公司上海星枢天算牵头研制与运营“星枢计划”天基算力星座项目,规划搭建由1000颗卫星组网而成的全球化天基智能计算网络。

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