{ "generated_at": "2026-05-13T09:15:18.609Z", "prepared_at": "2026-05-13T19:45:43.192Z", "purpose": "LLM-readable company relationship graph compiled from research-report wiki evidence.", "schema_version": "interactive-industry-graph-v1", "companies": [ { "id": "company:600482", "name": "中国动力", "ticker": "600482", "path": "companies/中国动力-600482.md", "path_slug": "中国动力-600482", "summary": "中国动力（600482） 的研报主线集中在 同比、证券、工业原材料、价格：受益船舶大周期上行及环保政策趋严，船用低速柴油机需求旺盛，公司订单高增且合同负债持续攀升。", "degree_total": 61, "high_confidence_neighbor_count": 8, "top_relations": [ { "edge_id": "49b15565bb54", "from": "company:600482", "to": "company:600072", "other": "company:600072", "other_name": "中船科技", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "2d[云铝股份] A2 --> A2e[钒钛股份] A --> A3[复合材料] A3 --> A3a[光威复材] A3 --> A3b[中国巨石] B[船舶设计] --> B1[天海防务] C[船舶配套] --> C1[潍柴重机] C1 --> C2[中船科技] C1 --> C3[宝鼎科技] C1 --> C4[亚星锚链] C1 --> C5[中国动力...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md#chunk:6c12c8547ee2" ] }, { "edge_id": "83037b26ef4d", "from": "company:600482", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "此外，柴油机等设备主要原材料为钢材，根据 iFind，钢材综合价格指数自 21 年 9 月以来呈现显著下滑趋势。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中国动力-600482-sh-c67233866dbf.md#chunk:14e46d77eae7", "sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md#chunk:2c3867098256", "sources/stock-research-report-中国动力-600482-sh-00127f0cc0d5.md#chunk:a3e1aef595a5", "sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md#chunk:6c12c8547ee2", "sources/stock-research-report-中国动力-600482-bfa4317a66b8.md#chunk:2748676720a1" ] }, { "edge_id": "1c340e1fd433", "from": "company:600482", "to": "material:钢材", "other": "material:钢材", "other_name": "钢材", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "**主要原材料价格波动风险**：公司铅酸蓄电池产品的主要原材料为金属铅，球形银粉主要原材料为金属银，柴油机等设备主要原材料钢材受宏观经济及供需情况变化影响，原材料采购成本仍存在一定压力。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md#chunk:acef45dc9990", "sources/stock-research-report-中国动力-600482-bfa4317a66b8.md#chunk:77ff54869f73", "sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md#chunk:2c3867098256", "sources/stock-research-report-中国动力-600482-sh-c67233866dbf.md#chunk:14e46d77eae7" ] }, { "edge_id": "f8c499e30d29", "from": "company:600482", "to": "material:石油", "other": "material:石油", "other_name": "石油", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "图表 69： LNG、甲醇双燃料成品油轮比传统燃料油轮的价格更高 31", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md#chunk:ab75124456b4", "sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md#chunk:3775cd306cae", "sources/stock-research-report-中国动力-600482-bfa4317a66b8.md#chunk:eef64e452c5b" ] }, { "edge_id": "b33d34dd49c2", "from": "company:600482", "to": "material:有色金属", "other": "material:有色金属", "other_name": "有色金属", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "（2）原材料价格波动风险：原材料成本占公司主营业务成本比约80%，若钢铁、有色金属等大宗商品价格出现大幅上涨，将对公司成本端产生不利影响。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中国动力-600482-bfa4317a66b8.md#chunk:e12ee4663f12" ] }, { "edge_id": "1c7ec7200dba", "from": "company:600482", "to": "material:天然气", "other": "material:天然气", "other_name": "天然气", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "1H25 燃气轮机新接台套数同比+56%，锂电池新接功率同比+20%，偏航变桨新接台套数同比+62%，风电增速齿轮箱新接台套数同比+81%，看好公司船海产业收入持续提升。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中国动力-600482-sh-d20f4f2376c1.md#chunk:cd5946152e46", "sources/stock-research-report-中国动力-600482-sh-49cd1aa67d03.md#chunk:c4ff4d30addd", "sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md#chunk:b520c7cdc106", "sources/stock-research-report-中国动力-600482-bfa4317a66b8.md#chunk:a5481cde6886", "sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md#chunk:6c12c8547ee2" ] }, { "edge_id": "60c82c536d2b", "from": "company:600482", "to": "material:锂", "other": "material:锂", "other_name": "锂", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "2020 年后，随新能源汽车渗透率提升、“锂代铅”浪潮席卷行业，公司化学动力板块增速下行。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中国动力-600482-bfa4317a66b8.md#chunk:eef64e452c5b", "sources/stock-research-report-中国动力-600482-sh-d20f4f2376c1.md#chunk:cd5946152e46", "sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md#chunk:5a3958e9ad16", "sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md#chunk:7220714b5cde" ] }, { "edge_id": "50d8f477f022", "from": "company:600482", "to": "material:电力", "other": "material:电力", "other_name": "电力", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "**公司是国内动力系统龙头，业务涵盖柴油机动力、燃气动力、蒸汽动力、综合电力、化学动力、热气机动力、核动力（设备）等七类动力业务及机电配套业务，旗下拥有中船动力、沪东重机、中船三井、CPGC、陕柴、河柴、风帆、火炬、赛欧、重齿、永进等品牌。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md#chunk:2cb71d66eb66", "sources/stock-research-report-中国动力-600482-bfa4317a66b8.md#chunk:2748676720a1", "sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md#chunk:44c09a1afe92" ] }, { "edge_id": "5efae3103345", "from": "company:600482", "to": "material:煤炭", "other": "material:煤炭", "other_name": "煤炭", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "| 蒸汽动力 | 应用于舰船、电厂大机组、石油化工、煤炭化工、冶金等领域。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md#chunk:854484c80721" ] }, { "edge_id": "66d1b7bcde0b", "from": "company:600482", "to": "material:钛", "other": "material:钛", "other_name": "钛", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "在特种阀门方面，公司阀门产品有爆破阀、蒸汽隔离阀、核级波纹管截止阀、核三级钛合金蝶阀、高温烟气切断阀（800℃）等，技术水平达到国内先进水平。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md#chunk:2d31900f5a4a" ] }, { "edge_id": "d584e2a34466", "from": "company:600482", "to": "company:600150", "other": "company:600150", "other_name": "中国船舶", "relation": "same_group", "direction": "peer", "why_it_matters": "中国船舶集团为间接控股股东，中船重工集团为直接控股股东，公司定位为中国船舶集团下属船舶动力业务上市公司。", "confidence": 0.95, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md#chunk:19756bbdc9aa", "sources/stock-research-report-中国动力-600482-sh-c67233866dbf.md#chunk:6cb821a9c8e2", "sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md#chunk:e6c99a1d5108" ] }, { "edge_id": "b29d317f2277", "from": "company:600482", "to": "company:603712", "other": "company:603712", "other_name": "七一二", "relation": "same_group", "direction": "peer", "why_it_matters": "- 100.00% --> B[中国船舶集团] B -- 100.00% --> C[中船重工集团] C -- 34.53% --> D[中国重工] C -- 100% --> E[七〇三所] C -- 100% --> F[七一一所] C -- 100% --> G[七一二所] C -- 100% --> H[国家军民融合
产业投资基金] C -...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中国动力-600482-bfa4317a66b8.md#chunk:d52162c1637b", "sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md#chunk:e6c99a1d5108" ] } ], "upstream_paths": [ { "edge_id": "83037b26ef4d", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中国动力-600482-sh-c67233866dbf.md#chunk:14e46d77eae7", "sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md#chunk:2c3867098256", "sources/stock-research-report-中国动力-600482-sh-00127f0cc0d5.md#chunk:a3e1aef595a5", "sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md#chunk:6c12c8547ee2", "sources/stock-research-report-中国动力-600482-bfa4317a66b8.md#chunk:2748676720a1" ] }, { "edge_id": "1c340e1fd433", "to": "material:钢材", "material": "钢材", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md#chunk:acef45dc9990", "sources/stock-research-report-中国动力-600482-bfa4317a66b8.md#chunk:77ff54869f73", "sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md#chunk:2c3867098256", "sources/stock-research-report-中国动力-600482-sh-c67233866dbf.md#chunk:14e46d77eae7" ] }, { "edge_id": "f8c499e30d29", "to": "material:石油", "material": "石油", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md#chunk:ab75124456b4", "sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md#chunk:3775cd306cae", "sources/stock-research-report-中国动力-600482-bfa4317a66b8.md#chunk:eef64e452c5b" ] }, { "edge_id": "b33d34dd49c2", "to": "material:有色金属", "material": "有色金属", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中国动力-600482-bfa4317a66b8.md#chunk:e12ee4663f12" ] }, { "edge_id": "1c7ec7200dba", "to": "material:天然气", "material": "天然气", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中国动力-600482-sh-d20f4f2376c1.md#chunk:cd5946152e46", "sources/stock-research-report-中国动力-600482-sh-49cd1aa67d03.md#chunk:c4ff4d30addd", "sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md#chunk:b520c7cdc106", "sources/stock-research-report-中国动力-600482-bfa4317a66b8.md#chunk:a5481cde6886", "sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md#chunk:6c12c8547ee2" ] }, { "edge_id": "60c82c536d2b", "to": "material:锂", "material": "锂", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中国动力-600482-bfa4317a66b8.md#chunk:eef64e452c5b", "sources/stock-research-report-中国动力-600482-sh-d20f4f2376c1.md#chunk:cd5946152e46", "sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md#chunk:5a3958e9ad16", "sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md#chunk:7220714b5cde" ] }, { "edge_id": "50d8f477f022", "to": "material:电力", "material": "电力", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md#chunk:2cb71d66eb66", "sources/stock-research-report-中国动力-600482-bfa4317a66b8.md#chunk:2748676720a1", "sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md#chunk:44c09a1afe92" ] }, { "edge_id": "5efae3103345", "to": "material:煤炭", "material": "煤炭", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md#chunk:854484c80721" ] } ] }, { "id": "company:688122", "name": "西部超导", "ticker": "688122", "path": "companies/西部超导-688122.md", "path_slug": "西部超导-688122", "summary": "西部超导（688122） 的研报主线集中在 超导材料、净利润、毛利率、钛：超导业务：核聚变+半导体+医疗多重需求驱动，超导线材有望加速放量。", "degree_total": 60, "high_confidence_neighbor_count": 5, "top_relations": [ { "edge_id": "543bccedffa7", "from": "company:688122", "to": "company:002149", "other": "company:002149", "other_name": "西部材料", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "测公司 2024-2026 年归母净利润分别为 8.10/9.69/12.01 亿元，同比增速分别为 7.64%/19.69%/23.86%，按 2025 年 3 月 31 日收盘价计算的 PE 为 37.18/31.07/25.08 倍。选择同为军用钛合金/高温合金核心供应商的西部材料、航材股份、图南股份作为可比公司，鉴于公司超导板块业务具备较强成长性，...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md#chunk:cacbaf01d62a" ] }, { "edge_id": "d1b931af3938", "from": "company:688122", "to": "company:300855", "other": "company:300855", "other_name": "图南股份", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "026 年归母净利润分别为 8.10/9.69/12.01 亿元，同比增速分别为 7.64%/19.69%/23.86%，按 2025 年 3 月 31 日收盘价计算的 PE 为 37.18/31.07/25.08 倍。选择同为军用钛合金/高温合金核心供应商的西部材料、航材股份、图南股份作为可比公司，鉴于公司超导板块业务具备较强成长性，首次覆盖给予“增持”...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md#chunk:cacbaf01d62a" ] }, { "edge_id": "bebe1e31e5f3", "from": "company:688122", "to": "company:688563", "other": "company:688563", "other_name": "航材股份", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "024-2026 年归母净利润分别为 8.10/9.69/12.01 亿元，同比增速分别为 7.64%/19.69%/23.86%，按 2025 年 3 月 31 日收盘价计算的 PE 为 37.18/31.07/25.08 倍。选择同为军用钛合金/高温合金核心供应商的西部材料、航材股份、图南股份作为可比公司，鉴于公司超导板块业务具备较强成长性，首次覆盖给...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md#chunk:cacbaf01d62a" ] }, { "edge_id": "e3bf2eb68247", "from": "company:688231", "to": "company:688122", "other": "company:688231", "other_name": "隆达股份", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "口定制，价格高昂，货期较长，国内无法实现自产。 | | 资金壁垒 | 高温合金冶炼行业为资金密集型行业，原材料采购、设备购置、厂房建设、技术研发、管理团队都需要大量的资金，技改项目（隆达股份、抚顺特钢、钢研高纳）扩产投资一般在 3-9 万元/吨，需要新建生产基地的项目（图南股份、西部超导）扩产投资为 18-33 万元/吨，融资能力不足的企业难以搭建和扩张高...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-隆达股份-688231-914015653efb.md#chunk:7e8e331ba103" ] }, { "edge_id": "90517c194f90", "from": "company:688122", "to": "company:300034", "other": "company:300034", "other_name": "钢研高纳", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "进，公司产品结构有望得到持续优化，整体毛利率水平或将优化，带动整体毛利率提升，归母净利润有望在 2024 年基础上改善。我们预计公司 2025-2027 年实现归母净利润分别为 2.88/3.15/3.51 亿元，对应 PE 分别为 41.8/38.2/34.3。 倍。我们选取西部超导、图南股份、菲利华作为可比公司，公司当前存在一定高估，考虑到公司高温合金...", "confidence": 0.66, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-报告日期-2025-年-04-月-28-日-6df53779ac7a.md#chunk:5800de03c4c0" ] }, { "edge_id": "7c77a98e7f0c", "from": "company:688122", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "看原材料金属价格，25H1，铌均价约 655.6 元/千克，同比持平；", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-西部超导-688122-sh-2025-年半年报点评-45ea58343220.md#chunk:5e2a82243275", "sources/stock-research-report-国防军工-航空装备ii-384b51a07a83.md#chunk:eebf4aabe5c5", "sources/stock-research-report-西部超导-688122-sh-2024-年年报及-2025-年一季报点评-c01c6c0269fa.md#chunk:f6f3b2520953", "sources/stock-research-report-证券研究报告公司研究军工公司点评-be5471231ede.md#chunk:b084a5685f12", "sources/stock-research-report-西部超导-688122-sh-军工材料龙头崛起-多业务协同开启成长新周期-aea7416c8dae.md#chunk:441ae6a88bb5" ] }, { "edge_id": "230ddb0f9dc6", "from": "company:688122", "to": "material:镍", "other": "material:镍", "other_name": "镍", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "2024Q3公司毛利率/净利率分别为37.2%/24.7%，分别环比+2.87pcts/+4.77pcts，自2023Q4以来已实现连续三个季度回升，Q3毛利率环比提升主要系产品结构持续优化，以及海绵钛、电解镍等原料价格同比下行，净利率环比提升较多主要系Q3研发费用率环比下降3.63pcts，推测为偶发因素；", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-公司点评-f2ff2627d5ac.md#chunk:07ac93091fd5", "sources/stock-research-report-西部超导-688122-sh-2024-年年报及-2025-年一季报点评-c01c6c0269fa.md#chunk:f6f3b2520953", "sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md#chunk:0ad5ad2a1297", "sources/stock-research-report-西部超导-688122-sh-2025-年半年报点评-45ea58343220.md#chunk:5e2a82243275" ] }, { "edge_id": "d32affc82cd2", "from": "company:688122", "to": "material:钛", "other": "material:钛", "other_name": "钛", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "分产品来看，①高端钛合金材料订单需求自二季度恢复以来保持了平稳交付，公司的高端钛材在两机领域获得了多个型号的供货资格，为未来产品需求端奠定了殷实的基础；", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-公司点评-f2ff2627d5ac.md#chunk:aaaf6e1adfac", "sources/stock-research-report-西部超导-688122-sh-2024-年年报及-2025-年一季报点评-c01c6c0269fa.md#chunk:c22a7d0deba7", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-23af555b73c8.md#chunk:33ff8317770f", "sources/stock-research-report-西部超导-688122-sh-2025-年半年报点评-45ea58343220.md#chunk:5e2a82243275", "sources/stock-research-report-发布时间-2025-05-15-baf435e95e63.md#chunk:54f67bac5844", "sources/stock-research-report-证券研究报告公司研究军工公司点评-be5471231ede.md#chunk:cdd18532579a", "sources/stock-research-report-西部超导-688122-sh-军工材料龙头崛起-多业务协同开启成长新周期-aea7416c8dae.md#chunk:a5ad6b674a38", "sources/stock-research-report-国防军工-航空装备ii-384b51a07a83.md#chunk:f072c255c42a", "sources/stock-research-report-2025-08-31-7a01611a2c1d.md#chunk:920439f66299" ] }, { "edge_id": "562e3985c144", "from": "company:688122", "to": "material:天然气", "other": "material:天然气", "other_name": "天然气", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "| 高端钛合金大棒材 | 飞机结构件、航空发动机和燃气轮机部件、舰船、兵器 |", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-西部超导-688122-sh-军工材料龙头崛起-多业务协同开启成长新周期-aea7416c8dae.md#chunk:0b00ac976ca3", "sources/stock-research-report-发布时间-2025-05-15-baf435e95e63.md#chunk:01da38591e40", "sources/stock-research-report-西部超导-688122-sh-2024-年年报及-2025-年一季报点评-c01c6c0269fa.md#chunk:3c33b920377a", "sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md#chunk:308997c747c4", "sources/stock-research-report-西部超导-688122-sh-2025-年半年报点评-45ea58343220.md#chunk:a5d81ac383d3", "sources/stock-research-report-国防军工-航空装备ii-384b51a07a83.md#chunk:f072c255c42a" ] }, { "edge_id": "bc0eab04f5dd", "from": "company:688122", "to": "material:有色金属", "other": "material:有色金属", "other_name": "有色金属", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "2025 年 5 月，公司铌钛超导线材成果通过中国有色金属学会鉴定，认为该成果全部技术完全自主可控，整体达到国际领先水平。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2025-08-31-7a01611a2c1d.md#chunk:3e2009c78a19", "sources/stock-research-report-西部超导-688122-sh-军工材料龙头崛起-多业务协同开启成长新周期-aea7416c8dae.md#chunk:231200dacedd", "sources/stock-research-report-发布时间-2025-05-15-baf435e95e63.md#chunk:c8aaa789fb54" ] }, { "edge_id": "87ef4df8e24a", "from": "company:688122", "to": "material:电力", "other": "material:电力", "other_name": "电力", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "**核聚变板块：**中国核能行业协会副理事长兼秘书长张廷克在 2024 春季核能可持续发展国际论坛上表示，预计 2035/2060 年核能发电量在中国电力结构中的占比将分别达到 10%/18%左右，在碳中和及能源安全的大背景下核电新增装机及发电量有望维持高速增长。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md#chunk:894b008b0050", "sources/stock-research-report-国防军工-航空装备ii-384b51a07a83.md#chunk:719fe1a85cfe", "sources/stock-research-report-西部超导-688122-sh-2025-年半年报点评-45ea58343220.md#chunk:a5d81ac383d3" ] }, { "edge_id": "bcf1f6c59f88", "from": "company:688122", "to": "material:钢材", "other": "material:钢材", "other_name": "钢材", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "考虑到主业的相似性，选取图南股份、中航高科、钢研高纳作为可比公司，均属于高端金属材料及航空发动机材料领域。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-西部超导-688122-sh-军工材料龙头崛起-多业务协同开启成长新周期-aea7416c8dae.md#chunk:55093b32ec36", 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"sources/stock-research-report-证券研究报告公司研究军工公司点评-be5471231ede.md#chunk:cdd18532579a", "sources/stock-research-report-西部超导-688122-sh-军工材料龙头崛起-多业务协同开启成长新周期-aea7416c8dae.md#chunk:a5ad6b674a38", "sources/stock-research-report-国防军工-航空装备ii-384b51a07a83.md#chunk:f072c255c42a", "sources/stock-research-report-2025-08-31-7a01611a2c1d.md#chunk:920439f66299" ] }, { "edge_id": "562e3985c144", "to": "material:天然气", "material": "天然气", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-西部超导-688122-sh-军工材料龙头崛起-多业务协同开启成长新周期-aea7416c8dae.md#chunk:0b00ac976ca3", "sources/stock-research-report-发布时间-2025-05-15-baf435e95e63.md#chunk:01da38591e40", "sources/stock-research-report-西部超导-688122-sh-2024-年年报及-2025-年一季报点评-c01c6c0269fa.md#chunk:3c33b920377a", "sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md#chunk:308997c747c4", "sources/stock-research-report-西部超导-688122-sh-2025-年半年报点评-45ea58343220.md#chunk:a5d81ac383d3", "sources/stock-research-report-国防军工-航空装备ii-384b51a07a83.md#chunk:f072c255c42a" ] }, { "edge_id": "bc0eab04f5dd", "to": "material:有色金属", "material": "有色金属", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2025-08-31-7a01611a2c1d.md#chunk:3e2009c78a19", "sources/stock-research-report-西部超导-688122-sh-军工材料龙头崛起-多业务协同开启成长新周期-aea7416c8dae.md#chunk:231200dacedd", "sources/stock-research-report-发布时间-2025-05-15-baf435e95e63.md#chunk:c8aaa789fb54" ] }, { "edge_id": "87ef4df8e24a", "to": "material:电力", "material": "电力", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md#chunk:894b008b0050", "sources/stock-research-report-国防军工-航空装备ii-384b51a07a83.md#chunk:719fe1a85cfe", "sources/stock-research-report-西部超导-688122-sh-2025-年半年报点评-45ea58343220.md#chunk:a5d81ac383d3" ] }, { "edge_id": "bcf1f6c59f88", "to": "material:钢材", "material": "钢材", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-西部超导-688122-sh-军工材料龙头崛起-多业务协同开启成长新周期-aea7416c8dae.md#chunk:55093b32ec36", "sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md#chunk:0ad5ad2a1297", "sources/stock-research-report-2025-08-31-7a01611a2c1d.md#chunk:920439f66299" ] }, { "edge_id": "73a00e2d809b", "to": "material:铜", "material": "铜", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2025-08-31-7a01611a2c1d.md#chunk:5d5d64962428", "sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md#chunk:50a845dee2a6" ] } ] }, { "id": "company:688563", "name": "航材股份", "ticker": "688563", "path": "companies/航材股份-688563.md", "path_slug": "航材股份-688563", "summary": "航材股份（688563） 的研报主线集中在 航空、净利润、同比、证券：全球航空产业需求复苏叠加“两机”专项推进，军用飞机升级换代与国产大飞机交付双轮驱动航空新材料市场持续扩容。", "degree_total": 58, "high_confidence_neighbor_count": 4, "top_relations": [ { "edge_id": "bebe1e31e5f3", "from": "company:688122", "to": "company:688563", "other": "company:688122", "other_name": "西部超导", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "024-2026 年归母净利润分别为 8.10/9.69/12.01 亿元，同比增速分别为 7.64%/19.69%/23.86%，按 2025 年 3 月 31 日收盘价计算的 PE 为 37.18/31.07/25.08 倍。选择同为军用钛合金/高温合金核心供应商的西部材料、航材股份、图南股份作为可比公司，鉴于公司超导板块业务具备较强成长性，首次覆盖给...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md#chunk:cacbaf01d62a" ] }, { "edge_id": "538d96afa66f", "from": "company:600893", "to": "company:688563", "other": "company:600893", "other_name": "航发动力", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "明书，国元证券研究所 2022 年，公司橡胶与密封件业务中军品占比 84%，民品占比 16%，下游前 5 大客户分别为航空工业下属公司、客户 001、中国航发下属公司、兵器工业下属公司、航天科工下属公司，合计占比超过 91%，其中，中国航发客户包括哈尔滨东安公司、沈阳黎明公司、航发动力、南方公司等。 公司市场优势明显，承担了国内几乎所有飞机型号的多种用途橡...", "confidence": 0.66, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md#chunk:1dc86bbdad25" ] }, { "edge_id": "e7193a8df4ac", "from": "company:688563", "to": "company:600862", "other": "company:600862", "other_name": "中航高科", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "**盈利预测与评级：**我们预测公司 2025-2027 年归母净利润分别为 13.71/16.06/18.37 亿元，同比增速分别为 18.93%/17.18%/14.35%，当前股价对应的 PE 分别为 23.71/ 20.23/17.69 倍。我们选取光威复材、中简科技、航材股份为可比公司，三家公司按 Wind 一致预期计算的 2025 年平均 PE...", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-航空装备ii-633d8f901743.md#chunk:3363043912d0" ] }, { "edge_id": "c023c0a9ffa2", "from": "company:688563", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "成本方面，公司直接材料成本占比同比下降 4.9ppt 至 56.8%；", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-航材股份-688563-sh-2024-年年报点评-79bec9ee3af6.md#chunk:c8e1f4dfe000", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e126a2a280fc.md#chunk:c2169c4db985" ] }, { "edge_id": "aa5870c2de91", "from": "company:688563", "to": "material:铝", "other": "material:铝", "other_name": "铝", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "其中，航空发动机原材料成本占比 40%-60%，主要有钛合金、高温合金、铝合金、钢等。", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md#chunk:8d32a0ce39ec", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-06f53632bbcb.md#chunk:cf7bb484f04b" ] }, { "edge_id": "62357e028785", "from": "company:688563", "to": "material:镍", "other": "material:镍", "other_name": "镍", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "从原材料来看，公司采购的原材料包括金属原材料（海绵钛、钛锭、电解镍、高温合金返回料等），橡胶与密封原材料，涤纶增强丙烯酸酯板材和航空有机玻璃。", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e126a2a280fc.md#chunk:22882ff57852", "sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md#chunk:541ba77bc94b" ] }, { "edge_id": "a367dee26959", "from": "company:688563", "to": "material:钢材", "other": "material:钢材", "other_name": "钢材", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "其中，航空发动机原材料成本占比 40%-60%，主要有钛合金、高温合金、铝合金、钢等。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md#chunk:8d32a0ce39ec" ] }, { "edge_id": "68d7869a4e93", "from": "company:688563", "to": "material:钛", "other": "material:钛", "other_name": "钛", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "钛合金材料方面，第二届董事会第五次会议（定期会议）于 8 月 27 日审议通过了《关于使用超募资金收购股权暨关联交易的议案》，待注入后，镇江钛合金公司将成为公司的全资子公司，其产生的利润可合并至公司，并将进一步提升公司铸造钛合金，特别是国际宇航方面的生产能力。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-6ef7a7c43abf.md#chunk:78424781259e", "sources/stock-research-report-航材股份-688563-sh-2024-年年报点评-79bec9ee3af6.md#chunk:c8e1f4dfe000", "sources/stock-research-report-航材股份-688563-sh-2024-年三季报点评-581e37beb658.md#chunk:089ce8029acb", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-06f53632bbcb.md#chunk:415b4c23cd9e", "sources/stock-research-report-推荐-维持评级-ae6a0a06cf9a.md#chunk:2729a176b611", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e126a2a280fc.md#chunk:2ea47d3a2bfb" ] }, { "edge_id": "97dcdf1dad47", "from": "company:688563", "to": "material:石油", "other": "material:石油", "other_name": "石油", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "| 钛合金精密铸造事业部 | 航空发动机中介机匣、压气机机匣、风扇机匣、防火墙，飞机机翼连接件、垂尾助力支架，航天发动机机进气道、油箱结构件、尾喷零件，以及民用石油化工泵阀体等 | 航空发动机、飞机、直升机、航天产品等 |", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-06f53632bbcb.md#chunk:c69378f80d5d", "sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md#chunk:f4203d216eaa" ] }, { "edge_id": "be92fac60992", "from": "company:688563", "to": "material:天然气", "other": "material:天然气", "other_name": "天然气", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "国家“两机专项”将航空发动机和燃气轮机列为战略新兴产业重点发展方向之一，航空发动机相关产业进入快速发展期。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md#chunk:cf33b97c8017" ] }, { "edge_id": "0ebf39050b4f", "from": "company:688563", "to": "material:煤炭", "other": "material:煤炭", "other_name": "煤炭", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "西北橡胶研究院主要从事橡胶材料配合及应用技术研究，配套领域涉及隧道工程、煤炭、油田、化纤、电力、建筑、交通运输等众多领域。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md#chunk:5feeb23857bf" ] }, { "edge_id": "31d5f1cbc6c7", "from": "company:688563", "to": "material:电力", "other": "material:电力", "other_name": "电力", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "美国通用电气（GE）、普拉特·惠特尼（普惠）、英国罗尔斯·罗伊斯（罗罗）、由 GE 和法国赛峰集团合资的 CFM 国际公司以及由普惠、MTU 航空发动机和日本航空发动机协会合资的国际航空发动机公司（IAE），占据着全球商用航空发动机约 97%的市场，控制着商用飞机发动机的核心技术。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md#chunk:8d32a0ce39ec" ] } ], "upstream_paths": [ { "edge_id": "c023c0a9ffa2", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-航材股份-688563-sh-2024-年年报点评-79bec9ee3af6.md#chunk:c8e1f4dfe000", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e126a2a280fc.md#chunk:c2169c4db985" ] }, { "edge_id": "aa5870c2de91", "to": "material:铝", "material": "铝", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md#chunk:8d32a0ce39ec", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-06f53632bbcb.md#chunk:cf7bb484f04b" ] }, { "edge_id": "62357e028785", "to": "material:镍", "material": "镍", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e126a2a280fc.md#chunk:22882ff57852", "sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md#chunk:541ba77bc94b" ] }, { "edge_id": "a367dee26959", "to": "material:钢材", "material": "钢材", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md#chunk:8d32a0ce39ec" ] }, { "edge_id": "68d7869a4e93", "to": "material:钛", "material": "钛", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-6ef7a7c43abf.md#chunk:78424781259e", "sources/stock-research-report-航材股份-688563-sh-2024-年年报点评-79bec9ee3af6.md#chunk:c8e1f4dfe000", "sources/stock-research-report-航材股份-688563-sh-2024-年三季报点评-581e37beb658.md#chunk:089ce8029acb", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-06f53632bbcb.md#chunk:415b4c23cd9e", "sources/stock-research-report-推荐-维持评级-ae6a0a06cf9a.md#chunk:2729a176b611", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e126a2a280fc.md#chunk:2ea47d3a2bfb" ] }, { "edge_id": "97dcdf1dad47", "to": "material:石油", "material": "石油", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-06f53632bbcb.md#chunk:c69378f80d5d", "sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md#chunk:f4203d216eaa" ] }, { "edge_id": "be92fac60992", "to": "material:天然气", "material": "天然气", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md#chunk:cf33b97c8017" ] }, { "edge_id": "0ebf39050b4f", "to": "material:煤炭", "material": "煤炭", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md#chunk:5feeb23857bf" ] } ] }, { "id": "company:600115", "name": "中国东航", "ticker": "600115", "path": "companies/中国东航-600115.md", "path_slug": "中国东航-600115", "summary": "中国东航（600115） 的研报主线集中在 净利润、毛利率、石油、同比：行业供给端受全球供应链扰动及飞机制造商交付能力下降影响，机队规模增速呈“下台阶式”趋势，供需格局持续优化。", "degree_total": 58, "high_confidence_neighbor_count": 6, "top_relations": [ { "edge_id": "9de06007d771", "from": "company:000768", "to": "company:600115", "other": "company:000768", "other_name": "中航西飞", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "150-180 | 6400 | 79 | 资料来源：各公司官网，myairshots，中国新闻网，国资委，同花顺，国航发展网，东海证券研究所 **C919 未来可有效缓解新机供应不足问题。**目前，C919 累计获得国内外订单超过 1000 架；截止 2025 年 6 月，中国东航有 11 架（包含自有及融资租赁）C919 投入运营，预计 2025 下半...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-增持-首次覆盖-d12cf1eeb2cc.md#chunk:28ede6768a3b" ] }, { "edge_id": "a76290a04ab6", "from": "company:600115", "to": "material:石油", "other": "material:石油", "other_name": "石油", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "公司第三季度营业成本相比 2019 年同期增长 7.5%，主要受燃油价格拖累。", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-三季度扭亏为盈-归母净利润创单季历史新高-153a5373d4ba.md#chunk:f1a85e60d756", "sources/stock-research-report-中国东航-600115-sh-2025-年三季报点评-1ee76431cb6c.md#chunk:8ea017e1b5c9", "sources/stock-research-report-中国东航-600115-sh-2025-年半年报点评-d68910cf4939.md#chunk:ff81499801db", "sources/stock-research-report-中国东航-600115-sh-买-入-ceb3ce71422c.md#chunk:0f2681b7ee6e", "sources/stock-research-report-中国东航-600115-sh-优于大市-c9e9f06f3d82.md#chunk:b2cea14da419", "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-align-right-2025年10月29日-c80511234540.md#chunk:4e3b12780242", "sources/stock-research-report-2024-年-3-月-31-日-e2028a93e24d.md#chunk:0f738ccf6e3b", "sources/stock-research-report-中国东航-600115-sh-2024-年报点评-15c44a06a787.md#chunk:7426855fdc7a", "sources/stock-research-report-中国东航-600115-sh-b7fd69cbe01a.md#chunk:5be1291b1118" ] }, { "edge_id": "54c7fb7fe935", "from": "company:600115", "to": "company:601111", "other": "company:601111", "other_name": "中国国航", "relation": "same_group", "direction": "peer", "why_it_matters": "67.3 亿元（扭亏为盈）、105.1 亿元（+56.2%），EPS 分别为 -0.16 元、0.30 元、0.47 元，2024-25 年 EPS 对应动态 PE 分别为 14.1 倍和 9.0 倍。 综合考虑业务范围，选取了交通运输行业 6 家上市航空公司作为估值参考，其中中国国航、南方航空、中国东航、吉祥航空以及海航控股是全国范围内的全服务航空公司，...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-三季度扭亏为盈-归母净利润创单季历史新高-153a5373d4ba.md#chunk:4ed35cb512c9", "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-align-right-2025年10月29日-c80511234540.md#chunk:66927fdcf268", "sources/stock-research-report-601111-sh-9bea4445b90e.md#chunk:fceecd35173c" ] }, { "edge_id": "a7aba5aaa908", "from": "company:600115", "to": "company:601156", "other": "company:601156", "other_name": "东航物流", "relation": "same_group", "direction": "peer", "why_it_matters": "2010 | 东航与上航重组完成，中联航随着上航一同加入东航 | | 2011 | 加入天合联盟，成为加入天合联盟的第14家航空公司 | | 2017 | 东航集团战略入股法荷航集团，获得法荷航集团10%的股权 | | 2020 | 东航厦门分公司正式成立 | | 2021 | 东航物流在上交所主板挂牌上市 | 资料来源：中国民航报，第一财经日报，中国日报...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-align-right-2025年10月29日-c80511234540.md#chunk:d6796418b31d", "sources/stock-research-report-东航物流-601156-sh-2d1f8078de4d.md#chunk:8ae46138bd2a" ] }, { "edge_id": "fbe8dd1c2b32", "from": "company:600115", "to": "company:002928", "other": "company:002928", "other_name": "华夏航空", "relation": "same_group", "direction": "peer", "why_it_matters": "0.16 元、0.30 元、0.47 元，2024-25 年 EPS 对应动态 PE 分别为 14.1 倍和 9.0 倍。 综合考虑业务范围，选取了交通运输行业 6 家上市航空公司作为估值参考，其中中国国航、南方航空、中国东航、吉祥航空以及海航控股是全国范围内的全服务航空公司，华夏航空是区域全服务航空，春秋航空是国内最大的低成本航空。 **表 2：可比公司...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-三季度扭亏为盈-归母净利润创单季历史新高-153a5373d4ba.md#chunk:6d914a147218" ] }, { "edge_id": "76d186751641", "from": "company:600115", "to": "company:601021", "other": "company:601021", "other_name": "春秋航空", "relation": "same_group", "direction": "peer", "why_it_matters": "、0.47 元，2024-25 年 EPS 对应动态 PE 分别为 14.1 倍和 9.0 倍。 综合考虑业务范围，选取了交通运输行业 6 家上市航空公司作为估值参考，其中中国国航、南方航空、中国东航、吉祥航空以及海航控股是全国范围内的全服务航空公司，华夏航空是区域全服务航空，春秋航空是国内最大的低成本航空。 **表 2：可比公司估值** | 证券代码 |...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-三季度扭亏为盈-归母净利润创单季历史新高-153a5373d4ba.md#chunk:6d914a147218" ] }, { "edge_id": "70c54e3fd084", "from": "company:600115", "to": "company:603885", "other": "company:603885", "other_name": "吉祥航空", "relation": "same_group", "direction": "peer", "why_it_matters": "05.1 亿元（+56.2%），EPS 分别为 -0.16 元、0.30 元、0.47 元，2024-25 年 EPS 对应动态 PE 分别为 14.1 倍和 9.0 倍。 综合考虑业务范围，选取了交通运输行业 6 家上市航空公司作为估值参考，其中中国国航、南方航空、中国东航、吉祥航空以及海航控股是全国范围内的全服务航空公司，华夏航空是区域全服务航空，春秋...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-三季度扭亏为盈-归母净利润创单季历史新高-153a5373d4ba.md#chunk:4ed35cb512c9" ] }, { "edge_id": "2e76616e8532", "from": "company:600115", "to": "company:600029", "other": "company:600029", "other_name": "南方航空", "relation": "competitor_of", "direction": "peer", "why_it_matters": "同为三大航之一，在客运量及货邮运输量市场份额上形成竞争格局。", "confidence": 0.9, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-align-right-2025年10月29日-c80511234540.md#chunk:10652eb4bb08", "sources/stock-research-report-三季度扭亏为盈-归母净利润创单季历史新高-153a5373d4ba.md#chunk:4ed35cb512c9", "sources/stock-research-report-中国东航-600115-sh-优于大市-63275ea5abdf.md#chunk:c86b55026187", "sources/stock-research-report-中国东航-600115-sh-优于大市-c9e9f06f3d82.md#chunk:950e884b945d", "sources/stock-research-report-交通运输-航空机场-7294e30e5656.md#chunk:92118e652f04" ] }, { "edge_id": "e462c91786b3", "from": "company:600115", "to": "company:601111", "other": "company:601111", "other_name": "中国国航", "relation": "competitor_of", "direction": "peer", "why_it_matters": "同为三大航之一，用于远期PE估值对比。", "confidence": 0.9, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中国东航-600115-sh-优于大市-c9e9f06f3d82.md#chunk:950e884b945d", "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-align-right-2025年10月29日-c80511234540.md#chunk:10652eb4bb08", "sources/stock-research-report-三季度扭亏为盈-归母净利润创单季历史新高-153a5373d4ba.md#chunk:4ed35cb512c9", "sources/stock-research-report-601111-sh-9bea4445b90e.md#chunk:c2937851a492" ] }, { "edge_id": "8658829405c9", "from": "company:600115", "to": "company:601021", "other": "company:601021", "other_name": "春秋航空", "relation": "competitor_of", "direction": "peer", "why_it_matters": "民营航司代表，用于远期PE估值对比。", "confidence": 0.9, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中国东航-600115-sh-优于大市-c9e9f06f3d82.md#chunk:950e884b945d", "sources/stock-research-report-三季度扭亏为盈-归母净利润创单季历史新高-153a5373d4ba.md#chunk:4ed35cb512c9" ] }, { "edge_id": "9ed8b02e8678", "from": "company:600115", "to": "company:603885", "other": "company:603885", "other_name": "吉祥航空", "relation": "competitor_of", "direction": "peer", "why_it_matters": "民营航司代表，用于远期PE估值对比。", "confidence": 0.9, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中国东航-600115-sh-优于大市-c9e9f06f3d82.md#chunk:950e884b945d" ] }, { "edge_id": "8c7481e0bf7d", "from": "company:002928", "to": "company:600115", "other": "company:002928", "other_name": "华夏航空", "relation": "competitor_of", "direction": "peer", "why_it_matters": "2024.3 | 2500 | 250 | 40 | 400 | 数据来源：CAAC，西南证券整理 ## 3.2 飞机引进速度放缓，供给增量收缩 在民航业高质量发展要求的指引下，“十四五”期间我国主要航司飞机引进速度放缓至 3%。2020-2022 年，中国国航、南方航空和中国东航机队规模复合增速分别为 2.53%、1.34% 和 2.25%；2022 年...", "confidence": 0.72, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究报告-531240c49c4c.md#chunk:ca98f35a0aeb" ] } ], "upstream_paths": [ { "edge_id": "a76290a04ab6", "to": "material:石油", "material": "石油", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-三季度扭亏为盈-归母净利润创单季历史新高-153a5373d4ba.md#chunk:f1a85e60d756", "sources/stock-research-report-中国东航-600115-sh-2025-年三季报点评-1ee76431cb6c.md#chunk:8ea017e1b5c9", "sources/stock-research-report-中国东航-600115-sh-2025-年半年报点评-d68910cf4939.md#chunk:ff81499801db", "sources/stock-research-report-中国东航-600115-sh-买-入-ceb3ce71422c.md#chunk:0f2681b7ee6e", "sources/stock-research-report-中国东航-600115-sh-优于大市-c9e9f06f3d82.md#chunk:b2cea14da419", "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-align-right-2025年10月29日-c80511234540.md#chunk:4e3b12780242", "sources/stock-research-report-2024-年-3-月-31-日-e2028a93e24d.md#chunk:0f738ccf6e3b", "sources/stock-research-report-中国东航-600115-sh-2024-年报点评-15c44a06a787.md#chunk:7426855fdc7a", "sources/stock-research-report-中国东航-600115-sh-b7fd69cbe01a.md#chunk:5be1291b1118" ] } ] }, { "id": "company:601111", "name": "中国国航", "ticker": "601111", "path": "companies/中国国航-601111.md", "path_slug": "中国国航-601111", "summary": "中国国航（601111） 的研报主线集中在 净利润、石油、同比、证券：中国唯一载旗航司，北京“一市两场”枢纽构筑核心区位与客源壁垒，国际航线网络覆盖广泛。", "degree_total": 58, "high_confidence_neighbor_count": 5, "top_relations": [ { "edge_id": "a3083eca6f88", "from": "company:601111", "to": "material:石油", "other": "material:石油", "other_name": "石油", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "客公里收益为 0.51 元，同比下降 4.9%，国内航线同比下降 6.2%，主要系商务线承压及燃油附加费减少；", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中国国航-601111-sh-8d1d7fbbd773.md#chunk:2fc153c26b01", "sources/stock-research-report-信达证券-37c6f7288787.md#chunk:e2f6fbc80fe5", "sources/stock-research-report-中国国航-601111-sh-b34da45b74ec.md#chunk:232fda228790", "sources/stock-research-report-信达证券-b271a7b83bd8.md#chunk:4737d0975d0d", "sources/stock-research-report-中国国航-601111-sh-2025-年三季报点评-8f6e831b93fc.md#chunk:638abf0846bd", "sources/stock-research-report-东-兴-证-券-股-份-有-限-公-司-证-券-研-究-报-告-7ac596104f13.md#chunk:a48c3675048f", "sources/stock-research-report-东兴证券股份有限公司证券研究报告-c02789740bbe.md#chunk:66a54e23096c", "sources/stock-research-report-中国国航-601111-sh-2025-年半年报点评-da42e1d3270a.md#chunk:d73eb3523a73", "sources/stock-research-report-601111-sh-9bea4445b90e.md#chunk:c2937851a492", "sources/stock-research-report-东兴证券股份有限公司证券研究报告-c247265ae62b.md#chunk:993a5c1a4c5e" ] }, { "edge_id": "54c7fb7fe935", "from": "company:600115", "to": "company:601111", "other": "company:600115", "other_name": "中国东航", "relation": "same_group", "direction": "peer", "why_it_matters": "67.3 亿元（扭亏为盈）、105.1 亿元（+56.2%），EPS 分别为 -0.16 元、0.30 元、0.47 元，2024-25 年 EPS 对应动态 PE 分别为 14.1 倍和 9.0 倍。 综合考虑业务范围，选取了交通运输行业 6 家上市航空公司作为估值参考，其中中国国航、南方航空、中国东航、吉祥航空以及海航控股是全国范围内的全服务航空公司，...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-三季度扭亏为盈-归母净利润创单季历史新高-153a5373d4ba.md#chunk:4ed35cb512c9", "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-align-right-2025年10月29日-c80511234540.md#chunk:66927fdcf268", "sources/stock-research-report-601111-sh-9bea4445b90e.md#chunk:fceecd35173c" ] }, { "edge_id": "816a80a56cee", "from": "company:600221", "to": "company:601111", "other": "company:600221", "other_name": "海航控股", "relation": "same_group", "direction": "peer", "why_it_matters": "融资性租赁占比 | 6.9% | | | | | | | # ■ 海南航空与三大航机队结构对比（2/2） 海南航空宽型机占比远超三大航，与其2018年起为打造核心枢纽，积极开设以深圳为枢纽的大量国际及地区航线的战略布局相关 ## 海南控股航空机队结构概况，2020年 ## 中国国航机队结构概况，2020年 | 类别 | 占比 | 机队数总计 | 自有 | ...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-企业研究-海航控股吸引战投的核心价值是什么-117821a7117d.md#chunk:fe5dd66c4f20" ] }, { "edge_id": "88e2633999aa", "from": "company:601111", "to": "company:603885", "other": "company:603885", "other_name": "吉祥航空", "relation": "same_group", "direction": "peer", "why_it_matters": "资料来源：Wind，中银证券 我国主要航空上市公司机队规模未来 3 年净引进飞机增速均值为 4.76%。根据航空上市公司披露数据显示，2025-2027 年净引进飞机计划为：中国国航为 30、30、55 架，南方航空为 53、55、59 架，中国东航为 34、51、28 架，吉祥航空为 3、8、6 架，春秋航空 5、12、14 架；海航控股 2024-20...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-601111-sh-9bea4445b90e.md#chunk:fceecd35173c" ] }, { "edge_id": "e462c91786b3", "from": "company:600115", "to": "company:601111", "other": "company:600115", "other_name": "中国东航", "relation": "competitor_of", "direction": "peer", "why_it_matters": "同为三大航之一，用于远期PE估值对比。", "confidence": 0.9, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中国东航-600115-sh-优于大市-c9e9f06f3d82.md#chunk:950e884b945d", "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-align-right-2025年10月29日-c80511234540.md#chunk:10652eb4bb08", "sources/stock-research-report-三季度扭亏为盈-归母净利润创单季历史新高-153a5373d4ba.md#chunk:4ed35cb512c9", "sources/stock-research-report-601111-sh-9bea4445b90e.md#chunk:c2937851a492" ] }, { "edge_id": "5a3263f95c06", "from": "company:600029", "to": "company:601111", "other": "company:600029", "other_name": "南方航空", "relation": "competitor_of", "direction": "peer", "why_it_matters": "作为三大航之一，在估值对比与行业供需格局中互为可比公司。", "confidence": 0.85, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-交通运输-航空机场-7294e30e5656.md#chunk:92118e652f04" ] }, { "edge_id": "ab3c51684b75", "from": "company:002928", "to": "company:601111", "other": "company:002928", "other_name": "华夏航空", "relation": "competitor_of", "direction": "peer", "why_it_matters": "| 1100 | | 2024.3 | 2500 | 250 | 40 | 400 | 数据来源：CAAC，西南证券整理 ## 3.2 飞机引进速度放缓，供给增量收缩 在民航业高质量发展要求的指引下，“十四五”期间我国主要航司飞机引进速度放缓至 3%。2020-2022 年，中国国航、南方航空和中国东航机队规模复合增速分别为 2.53%、1.34% 和 2...", "confidence": 0.72, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究报告-531240c49c4c.md#chunk:ca98f35a0aeb" ] }, { "edge_id": "92b752228914", "from": "company:601111", "to": "company:600004", "other": "company:600004", "other_name": "白云机场", "relation": "partner_of", "direction": "peer", "why_it_matters": "，我国拥有运输机场总数达到 263 个，通用机场达 475 个，已基本形成京津冀、长三角、粤港澳大湾区和成渝四大世界级机场群。京津冀机场群主要机场有首都机场、大兴机场、天津滨海国际机场等；长三角机场群主要机场有上海虹桥机场、上海浦东机场、南京禄口机场等；粤港澳大湾区主要机场有广州白云机场、深圳宝安机场、香港国际机场、澳门国际机场等；成渝地区机场主要有成都双...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-601111-sh-9bea4445b90e.md#chunk:fceecd35173c" ] }, { "edge_id": "a94dc50e8ea5", "from": "company:601111", "to": "company:601021", "other": "company:601021", "other_name": "春秋航空", "relation": "partner_of", "direction": "peer", "why_it_matters": "低成本航空是近年来表现出较强劲的发展势头的一种航空运输经营模式，通过取消一些传统航空乘客服务，比如餐食、行李托运和额外保险作为辅助服务，将营运成本控制得比较低，坚持单一机型、二线机场起降、点对点飞行、机票直销和高运营效率法则，从而可以长期大量提供便宜票价。中国低成本航空公司主要有春秋航空、成都航空、九元航空、乌鲁木齐航空、西部航空、祥鹏航空等航空公司。 图...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-601111-sh-9bea4445b90e.md#chunk:fceecd35173c" ] }, { "edge_id": "c327aeff431d", "from": "company:688586", "to": "company:601111", "other": "company:688586", "other_name": "江航装备", "relation": "partner_of", "direction": "peer", "why_it_matters": "270 | 4020 | 2.5 | | 2024 | 4394 | 3232 | 3.0 | 来源：iFinD，国家统计局，国金证券研究所 图表26：2021-2024三大航维修成本及平均维修成本 | 年份 | 中国东航总维护成本（亿元） | 南方航空总维护成本（亿元） | 中国国航总维护成本（亿元） | 中国东航平均维护成本（百万元） | 南方航空平均...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-江航装备-688586-sh-d069c4c10c5a.md#chunk:78cd225ff234" ] }, { "edge_id": "42c502dd2c28", "from": "company:600029", "to": "company:601111", "other": "company:600029", "other_name": "南方航空", "relation": "risk_transmits_to", "direction": "risk", "why_it_matters": "外，公司增资川航影响逐步消化、退出经济性较差的飞机、优化客舱布局等举措，或为未来业绩释放奠定扎实基础。 * **盈利预测与评级：**我们预计公司 2025-2027 年归母净利润分别为 5.32/49.50/83.45 亿元，同比增速分别为-/830.92%/68.58%。参考中国国航、中国东航等可比公司 2025-2027 年平均估值，公司 PE 分别为...", "confidence": 0.58, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-交通运输-航空机场-7294e30e5656.md#chunk:92118e652f04" ] }, { "edge_id": "fc13bf1869fe", "from": "company:600115", "to": "company:601111", "other": "company:600115", "other_name": "中国东航", "relation": "risk_transmits_to", "direction": "risk", "why_it_matters": "处于修复阶段，叠加未来几年我国民航客运供给增速又明显放缓，我们预计 2025-2026 年我国民航客运供需将逐步达到平衡，届时航空公司业绩也将恢复至正常水平，且确定性较高，因此目前可以对比航空公司 2026 年的远期 PE 估值。以 2026 年净利润为基数，中国东航与可比公司（中国国航、南方航空、春秋航空、吉祥航空）的 PE 水平基本位于同一区间（10\\...", "confidence": 0.58, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中国东航-600115-sh-优于大市-c9e9f06f3d82.md#chunk:b2cea14da419" ] } ], "upstream_paths": [ { "edge_id": "a3083eca6f88", "to": "material:石油", "material": "石油", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中国国航-601111-sh-8d1d7fbbd773.md#chunk:2fc153c26b01", "sources/stock-research-report-信达证券-37c6f7288787.md#chunk:e2f6fbc80fe5", "sources/stock-research-report-中国国航-601111-sh-b34da45b74ec.md#chunk:232fda228790", "sources/stock-research-report-信达证券-b271a7b83bd8.md#chunk:4737d0975d0d", "sources/stock-research-report-中国国航-601111-sh-2025-年三季报点评-8f6e831b93fc.md#chunk:638abf0846bd", "sources/stock-research-report-东-兴-证-券-股-份-有-限-公-司-证-券-研-究-报-告-7ac596104f13.md#chunk:a48c3675048f", "sources/stock-research-report-东兴证券股份有限公司证券研究报告-c02789740bbe.md#chunk:66a54e23096c", "sources/stock-research-report-中国国航-601111-sh-2025-年半年报点评-da42e1d3270a.md#chunk:d73eb3523a73", "sources/stock-research-report-601111-sh-9bea4445b90e.md#chunk:c2937851a492", "sources/stock-research-report-东兴证券股份有限公司证券研究报告-c247265ae62b.md#chunk:993a5c1a4c5e" ] } ] }, { "id": "company:300034", "name": "钢研高纳", "ticker": "300034", "path": "companies/钢研高纳-300034.md", "path_slug": "钢研高纳-300034", "summary": "钢研高纳（300034） 的研报主线集中在 钢材、高温合金、净利润、同比：国防预算稳健增长及军/民航发需求释放，行业景气度向上确定性较强，公司作为高端高温合金龙头深度受益。", "degree_total": 57, "high_confidence_neighbor_count": 6, "top_relations": [ { "edge_id": "8ffc30a4acf9", "from": "company:688231", "to": "company:300034", "other": "company:688231", "other_name": "隆达股份", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "金双联、三联工艺所需的真空感应炉、真空自耗炉、电渣重熔炉等核心设备都依赖外国进口定制，价格高昂，货期较长，国内无法实现自产。 | | 资金壁垒 | 高温合金冶炼行业为资金密集型行业，原材料采购、设备购置、厂房建设、技术研发、管理团队都需要大量的资金，技改项目（隆达股份、抚顺特钢、钢研高纳）扩产投资一般在 3-9 万元/吨，需要新建生产基地的项目（图南股份、...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-隆达股份-688231-914015653efb.md#chunk:7e8e331ba103" ] }, { "edge_id": "4257f974297b", "from": "company:300855", "to": "company:300034", "other": "company:300855", "other_name": "图南股份", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "品结构有望得到持续优化，整体毛利率水平或将优化，带动整体毛利率提升，归母净利润有望在 2024 年基础上改善。我们预计公司 2025-2027 年实现归母净利润分别为 2.88/3.15/3.51 亿元，对应 PE 分别为 41.8/38.2/34.3。 倍。我们选取西部超导、图南股份、菲利华作为可比公司，公司当前存在一定高估，考虑到公司高温合金制品生产规...", "confidence": 0.66, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-报告日期-2025-年-04-月-28-日-6df53779ac7a.md#chunk:5800de03c4c0" ] }, { "edge_id": "90517c194f90", "from": "company:688122", "to": "company:300034", "other": "company:688122", "other_name": "西部超导", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "进，公司产品结构有望得到持续优化，整体毛利率水平或将优化，带动整体毛利率提升，归母净利润有望在 2024 年基础上改善。我们预计公司 2025-2027 年实现归母净利润分别为 2.88/3.15/3.51 亿元，对应 PE 分别为 41.8/38.2/34.3。 倍。我们选取西部超导、图南股份、菲利华作为可比公司，公司当前存在一定高估，考虑到公司高温合金...", "confidence": 0.66, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-报告日期-2025-年-04-月-28-日-6df53779ac7a.md#chunk:5800de03c4c0" ] }, { "edge_id": "8e1063aecec9", "from": "company:300034", "to": "material:钢材", "other": "material:钢材", "other_name": "钢材", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "* **净利润下滑主要受原材料价格波动及部分产品进入批产阶段后阶梯降价影响：**2025 年上半年，钢研高纳实现营业收入 18.17 亿元，同比增长 5.07%，但归属于母公司净利润仅 0.64 亿元，同比大幅下降 64.52%。", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-钢研高纳-300034-fd991e900c78.md#chunk:fe330ea22af4", "sources/stock-research-report-国防军工-报告日期-2025-年-04-月-28-日-6df53779ac7a.md#chunk:2bf47b9ec064", "sources/stock-research-report-钢研高纳-300034-sz-2024-年中报点评-34aeb160983d.md#chunk:136bc5cdb7ca", "sources/stock-research-report-钢研高纳-300034-31e095c5b880.md#chunk:7f6ecfe0c19e", "sources/stock-research-report-钢研高纳-300034-sz-2024-年三季报点评-bccf1e4ec03e.md#chunk:4ea0fa543792", "sources/stock-research-report-钢研高纳-300034-25ca2fc3587d.md#chunk:e0a6a72f392e", "sources/stock-research-report-2024-年-6-月-30-日-240dda978b6b.md#chunk:b1a8957ba317", "sources/stock-research-report-2024-年-10-月-29-日-fb636955125b.md#chunk:93fb671ab433" ] }, { "edge_id": "4c0530f5460a", "from": "company:300034", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "毛利率（29.22%，+1.54pcts)，受2023年大宗原材料（镍板、铬铁等）降价因素成本下降，毛利率稳步提升；", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-钢研高纳-300034-25ca2fc3587d.md#chunk:b91c62d3f583", "sources/stock-research-report-证券研究报告-公司点评报告-航空装备ii-0d50f2d43634.md#chunk:4ee1516e3941", "sources/stock-research-report-2024-年-10-月-29-日-fb636955125b.md#chunk:45c030be156d", "sources/stock-research-report-钢研高纳-300034-fd991e900c78.md#chunk:fe330ea22af4" ] }, { "edge_id": "17db3edeb65c", "from": "company:300034", "to": "material:镍", "other": "material:镍", "other_name": "镍", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "叠加镍、钴等贵金属价格高位，营业成本同比+22.38%，销售净利率亦从 12.98%压缩至 7.81%。", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-钢研高纳-300034-032a54b3f0ed.md#chunk:5d5a0c3713e8", "sources/stock-research-report-钢研高纳-300034-25ca2fc3587d.md#chunk:b91c62d3f583", "sources/stock-research-report-钢研高纳-300034-fd991e900c78.md#chunk:fe330ea22af4", "sources/stock-research-report-证券研究报告-公司点评报告-航空装备ii-0d50f2d43634.md#chunk:60ad7ea50fd4" ] }, { "edge_id": "f9e894d3257e", "from": "company:300034", "to": "material:钴", "other": "material:钴", "other_name": "钴", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "叠加镍、钴等贵金属价格高位，营业成本同比+22.38%，销售净利率亦从 12.98%压缩至 7.81%。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-钢研高纳-300034-032a54b3f0ed.md#chunk:5d5a0c3713e8", "sources/stock-research-report-钢研高纳-300034-fd991e900c78.md#chunk:fe330ea22af4" ] }, { "edge_id": "f9527e3f52b3", "from": "company:300034", "to": "material:天然气", "other": "material:天然气", "other_name": "天然气", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "* **致力于成为世界一流的高端装备制造业所需金属新材料与制品产研一体化的高科技公司**：公司将继续深耕镍基高温合金领域，拓展铝、镁、钛铸锻件业务，完善产业布局，提升生产技术 and 产品品质，以满足航空航天、燃气轮机、核电等领域对高端和新型高温合金不断增长的需求。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司点评报告-航空装备ii-0d50f2d43634.md#chunk:60ad7ea50fd4", "sources/stock-research-report-钢研高纳-300034-25ca2fc3587d.md#chunk:8fb8760ad28e", "sources/stock-research-report-国防军工-报告日期-2025-年-04-月-28-日-6df53779ac7a.md#chunk:f5cbbe88ddd8" ] }, { "edge_id": "1340ea19d5eb", "from": "company:300034", "to": "material:电力", "other": "material:电力", "other_name": "电力", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "** 公司为目前国内高端和新型高温合金制品生产规模最完整的企业之一，2024 年受益于我国航空航天、低空经济、新型电力系统建设等推动，收入稳健增长，实现增速 3.4%。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-报告日期-2025-年-04-月-28-日-6df53779ac7a.md#chunk:f5cbbe88ddd8", "sources/stock-research-report-钢研高纳-300034-31e095c5b880.md#chunk:b4819abd3bab" ] }, { "edge_id": "4d1f688067bd", "from": "company:300034", "to": "material:石油", "other": "material:石油", "other_name": "石油", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "控股子公司青岛新力通主要生产石化、冶金、玻璃、热处理等行业所用的裂解炉炉管和转化炉炉管、连续退火线(连续镀锌线)炉和辐射管、玻璃输送辊、耐高温耐磨铸件等产品，广泛用于石油化工和冶金行业。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-钢研高纳-300034-25ca2fc3587d.md#chunk:e0a6a72f392e", "sources/stock-research-report-2024-年-10-月-29-日-fb636955125b.md#chunk:45c030be156d" ] }, { "edge_id": "e526648940a7", "from": "company:300034", "to": "material:钛", "other": "material:钛", "other_name": "钛", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "公司及控股子公司河北德凯、西安高纳，全资子公司涿州高纳和四川高纳的主要产品高温合金、铝合金、镁合金和钛合金是制造航空航天发动机用核心部件的关键材料，也是大型发电设备，如工业燃气轮机、氦气轮机、烟气轮机、火力发电机组等动力装置的核心材料。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-钢研高纳-300034-25ca2fc3587d.md#chunk:8fb8760ad28e", "sources/stock-research-report-证券研究报告-公司点评报告-航空装备ii-0d50f2d43634.md#chunk:32653392cacc" ] }, { "edge_id": "a36cfba1bf1a", "from": "company:300034", "to": "material:铝", "other": "material:铝", "other_name": "铝", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": 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"material": "电力", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-报告日期-2025-年-04-月-28-日-6df53779ac7a.md#chunk:f5cbbe88ddd8", "sources/stock-research-report-钢研高纳-300034-31e095c5b880.md#chunk:b4819abd3bab" ] }, { "edge_id": "4d1f688067bd", "to": "material:石油", "material": "石油", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-钢研高纳-300034-25ca2fc3587d.md#chunk:e0a6a72f392e", "sources/stock-research-report-2024-年-10-月-29-日-fb636955125b.md#chunk:45c030be156d" ] }, { "edge_id": "e526648940a7", "to": "material:钛", "material": "钛", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-钢研高纳-300034-25ca2fc3587d.md#chunk:8fb8760ad28e", "sources/stock-research-report-证券研究报告-公司点评报告-航空装备ii-0d50f2d43634.md#chunk:32653392cacc" ] } ] }, { "id": "company:000768", "name": "中航西飞", "ticker": "000768", "path": "companies/中航西飞-000768.md", "path_slug": "中航西飞-000768", "summary": "中航西飞（000768） 的研报主线集中在 净利润、毛利率、同比、投资建议：军品基本盘稳固，运-20系列迭代及军贸出海（运-9E交付、运-20E亮相）打开增量空间。", "degree_total": 57, "high_confidence_neighbor_count": 3, "top_relations": [ { "edge_id": "a25319d35587", "from": "company:000768", "to": "company:000738", "other": "company:000738", "other_name": "航发控制", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "问题。 **CJ1000A 发动机正在适航取证期。**根据澎湃新闻，2025 年中国商飞交付了 15 架（东航 4 架、国航 6 架、南航 5 架），C919 对于进口发动机 LEAP-1C 发动机的依赖度较高，交付或受政治因素干扰。CJ1000A 发动机研制正处于适航取证期，航发控制等核心企业也将长江发动机配套研制任务列为“十五五”重点项目。未来如能有效...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-增持-首次覆盖-d12cf1eeb2cc.md#chunk:28ede6768a3b" ] }, { "edge_id": "ebddbb60bf6f", "from": "company:000768", "to": "company:302132", "other": "company:302132", "other_name": "中航成飞", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": ".5 | | 2025Q1-3 | 0.5 | 2.5 | -0.1 | 0.3 | 资料来源：Wind，各公司公告，国信证券经济研究所整理 资料来源：Wind，国信证券经济研究所整理 ## 同行业对比 中航西飞主营业务航空飞机制造，基于此原则选取对应行业典型公司进行对比。中航成飞主营业务为军用飞机、民用飞机零部件等，典型产品为歼-7 系列、“枭龙”系列、...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md#chunk:54510744b741" ] }, { "edge_id": "9de06007d771", "from": "company:000768", "to": "company:600115", "other": "company:600115", "other_name": "中国东航", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "150-180 | 6400 | 79 | 资料来源：各公司官网，myairshots，中国新闻网，国资委，同花顺，国航发展网，东海证券研究所 **C919 未来可有效缓解新机供应不足问题。**目前，C919 累计获得国内外订单超过 1000 架；截止 2025 年 6 月，中国东航有 11 架（包含自有及融资租赁）C919 投入运营，预计 2025 下半...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-增持-首次覆盖-d12cf1eeb2cc.md#chunk:28ede6768a3b" ] }, { "edge_id": "cc90513f4157", "from": "company:000768", "to": "company:600760", "other": "company:600760", "other_name": "中航沈飞", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "国信证券经济研究所整理 资料来源：Wind，国信证券经济研究所整理 ## 同行业对比 中航西飞主营业务航空飞机制造，基于此原则选取对应行业典型公司进行对比。中航成飞主营业务为军用飞机、民用飞机零部件等，典型产品为歼-7 系列、“枭龙”系列、歼-10 以及 C919 机头等。中航沈飞为我国核心的航空防务装备整机供应商之一，典型产品为歼击机、舰载机并为 C90...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md#chunk:54510744b741" ] }, { "edge_id": "6698363a8ae7", "from": "company:000768", "to": "company:600893", "other": "company:600893", "other_name": "航发动力", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "系列、歼-10 以及 C919 机头等。中航沈飞为我国核心的航空防务装备整机供应商之一，典型产品为歼击机、舰载机并为 C909、C919 及空客 A220 等型号提供零部件。广联航空主营业务为航空工艺装备、航空航天金属/复合材料零部件、无人机整机及商业航天部件的研发、制造与总装。航发动力主营业务为航空发动机、燃气轮机整机及核心零部件的研发、制造、维修与技术...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md#chunk:54510744b741" ] }, { "edge_id": "4c813640223a", "from": "company:302132", "to": "company:000768", "other": "company:302132", "other_name": "中航成飞", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "543.2 | #### 3.军贸规模、体系国内第一 据SIPRI，公司出口军机价值1.1万TIV，国内占比 51.19% | 出口单位 | 出口价值量 (TIV) | | ---- | ----------- | | 中航成飞 | 11000 | | 中航沈飞 | | | 中航西飞 | | | 中直股份 | | | 洪都航空 | | | 中无人机 | |...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md#chunk:448b03207028" ] }, { "edge_id": "102b0c1a2ce7", "from": "company:600893", "to": "company:000768", "other": "company:600893", "other_name": "航发动力", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "应行业典型公司进行对比。航发科技和航发控制均为航发集团下的上市平台，分别深耕航空发动机的零部件制造和 控制系统，与航发动力同属航空发动机产业链。中航沈飞为我国核心的航空防务装备整机供应商之一，典型产品为歼击机、舰载机并为 C909、C919 及空客 A220 等型号提供零部件。中航西飞为运-20、C919 等多型号的总装主机厂。 **航发动力近年来营业收入...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md#chunk:ec7db31693fb" ] }, { "edge_id": "7e71f4d5bde0", "from": "company:000768", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "* **2025 年上半年公司综合毛利率 7.27%，较上年同期提高：**得益于原材料成本下降及规模效应释放；", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中航西飞-000768-74db948a135c.md#chunk:97ace5f37f74", "sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md#chunk:0150ab751126", "sources/stock-research-report-增持-首次覆盖-d12cf1eeb2cc.md#chunk:134d0b5a756a" ] }, { "edge_id": "2048fc8a0da5", "from": "company:000768", "to": "material:石油", "other": "material:石油", "other_name": "石油", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "旧机相比新机燃油效率较低，并且会面临部件老化等问题，使成本上升。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-增持-首次覆盖-d12cf1eeb2cc.md#chunk:e696599c65a9" ] }, { "edge_id": "e4b77cb5b443", "from": "company:000768", "to": "material:天然气", "other": "material:天然气", "other_name": "天然气", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "航发动力主营业务为航空发动机、燃气轮机整机及核心零部件的研发、制造、维修与技术服务，服务于军民用航空动力、能源装备、船舶动力等国家战略领域。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md#chunk:20558d6992ed" ] }, { "edge_id": "f6eb642cbf35", "from": "company:000768", "to": "material:碳纤维", "other": "material:碳纤维", "other_name": "碳纤维", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "D -- 50% --> L[雅安复合材料有限公司]", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md#chunk:a4c4306c3395" ] }, { "edge_id": "cfcec938b442", "from": "company:000768", "to": "material:铝", "other": "material:铝", "other_name": "铝", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "2020 年 10 月 16 日，公司发布公告，以其持有的贵州新安 100%股权、西飞铝业 63.56%股权、西安天元 36.00%股权、沈飞民机 36.00%股权、成飞民机 27.16%股权，与航空工业飞机持有的航空工业西飞 100%股权、航空工业陕飞 100%股权、航空工业天飞 100%股权进行置换，置换差额部分由公司以现金方式向航空工业飞机予以支付。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-增持-首次覆盖-d12cf1eeb2cc.md#chunk:bb4cd851f589" ] } ], "upstream_paths": [ { "edge_id": "7e71f4d5bde0", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中航西飞-000768-74db948a135c.md#chunk:97ace5f37f74", "sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md#chunk:0150ab751126", "sources/stock-research-report-增持-首次覆盖-d12cf1eeb2cc.md#chunk:134d0b5a756a" ] }, { "edge_id": "2048fc8a0da5", "to": "material:石油", "material": "石油", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-增持-首次覆盖-d12cf1eeb2cc.md#chunk:e696599c65a9" ] }, { "edge_id": "e4b77cb5b443", "to": "material:天然气", "material": "天然气", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md#chunk:20558d6992ed" ] }, { "edge_id": "f6eb642cbf35", "to": "material:碳纤维", "material": "碳纤维", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md#chunk:a4c4306c3395" ] }, { "edge_id": "cfcec938b442", "to": "material:铝", "material": "铝", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-增持-首次覆盖-d12cf1eeb2cc.md#chunk:bb4cd851f589" ] } ] }, { "id": "company:600893", "name": "航发动力", "ticker": "600893", "path": "companies/航发动力-600893.md", "path_slug": "航发动力-600893", "summary": "航发动力（600893） 的研报主线集中在 航空、航空发动机、净利润、毛利率：航改燃业务受益于全球电力需求激增及海外产能瓶颈，国产替代窗口开启，有望成为公司第二增长曲线。", "degree_total": 56, "high_confidence_neighbor_count": 2, "top_relations": [ { "edge_id": "6698363a8ae7", "from": "company:000768", "to": "company:600893", "other": "company:000768", "other_name": "中航西飞", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "系列、歼-10 以及 C919 机头等。中航沈飞为我国核心的航空防务装备整机供应商之一，典型产品为歼击机、舰载机并为 C909、C919 及空客 A220 等型号提供零部件。广联航空主营业务为航空工艺装备、航空航天金属/复合材料零部件、无人机整机及商业航天部件的研发、制造与总装。航发动力主营业务为航空发动机、燃气轮机整机及核心零部件的研发、制造、维修与技术...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md#chunk:54510744b741" ] }, { "edge_id": "c0fe27667cc9", "from": "company:600893", "to": "company:000738", "other": "company:000738", "other_name": "航发控制", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "8.55 | | 2022 | 6.81 | | 2023 | 6.50 | | 2024 | 6.95 | | 2025 | 7.15 | 资料来源：wind，国信证券经济研究所整理 # 同行业对比 航发动力隶属于航空领域，基于此原则选取对应行业典型公司进行对比。航发科技和航发控制均为航发集团下的上市平台，分别深耕航空发动机的零部件制造和 控制系统，与航...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md#chunk:ec7db31693fb" ] }, { "edge_id": "102b0c1a2ce7", "from": "company:600893", "to": "company:000768", "other": "company:000768", "other_name": "中航西飞", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "应行业典型公司进行对比。航发科技和航发控制均为航发集团下的上市平台，分别深耕航空发动机的零部件制造和 控制系统，与航发动力同属航空发动机产业链。中航沈飞为我国核心的航空防务装备整机供应商之一，典型产品为歼击机、舰载机并为 C909、C919 及空客 A220 等型号提供零部件。中航西飞为运-20、C919 等多型号的总装主机厂。 **航发动力近年来营业收入...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md#chunk:ec7db31693fb" ] }, { "edge_id": "284b3b60bf8d", "from": "company:600893", "to": "company:600391", "other": "company:600391", "other_name": "航发科技", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "21 | 8.55 | | 2022 | 6.81 | | 2023 | 6.50 | | 2024 | 6.95 | | 2025 | 7.15 | 资料来源：wind，国信证券经济研究所整理 # 同行业对比 航发动力隶属于航空领域，基于此原则选取对应行业典型公司进行对比。航发科技和航发控制均为航发集团下的上市平台，分别深耕航空发动机的零部件制造和 控制...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md#chunk:ec7db31693fb" ] }, { "edge_id": "29b2d3332a3c", "from": "company:600893", "to": "company:600760", "other": "company:600760", "other_name": "中航沈飞", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "2025 | 7.15 | 资料来源：wind，国信证券经济研究所整理 # 同行业对比 航发动力隶属于航空领域，基于此原则选取对应行业典型公司进行对比。航发科技和航发控制均为航发集团下的上市平台，分别深耕航空发动机的零部件制造和 控制系统，与航发动力同属航空发动机产业链。中航沈飞为我国核心的航空防务装备整机供应商之一，典型产品为歼击机、舰载机并为 C909...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md#chunk:ec7db31693fb" ] }, { "edge_id": "b4fde9623a30", "from": "company:688586", "to": "company:600893", "other": "company:688586", "other_name": "江航装备", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "，毛利率为 32.2%/31.5%/31.1%。预计公司 2025-2027 年归母净利润分别为 1.16/1.56/2.13 亿元，同比-7.31%/+34.44%/+36.19%，当前股价对应 PE 为 84/62/46 倍。我们选取军工行业中游系统供应商光电股份、新兴装备、航发动力作为可比公司，2026 年平均 PE 为 81 倍。公司作为机载系统和...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-江航装备-688586-sh-d069c4c10c5a.md#chunk:78cd225ff234" ] }, { "edge_id": "538d96afa66f", "from": "company:600893", "to": "company:688563", "other": "company:688563", "other_name": "航材股份", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "明书，国元证券研究所 2022 年，公司橡胶与密封件业务中军品占比 84%，民品占比 16%，下游前 5 大客户分别为航空工业下属公司、客户 001、中国航发下属公司、兵器工业下属公司、航天科工下属公司，合计占比超过 91%，其中，中国航发客户包括哈尔滨东安公司、沈阳黎明公司、航发动力、南方公司等。 公司市场优势明显，承担了国内几乎所有飞机型号的多种用途橡...", "confidence": 0.66, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md#chunk:1dc86bbdad25" ] }, { "edge_id": "812619281ab2", "from": "company:600893", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "其次，原材料价格波动及供应链压力对生产成本造成一定冲击；", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-航发动力-600893-ff9e17369c08.md#chunk:1b9cf15dfcb2", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-0a879a618e00.md#chunk:b978e5096ede" ] }, { "edge_id": "e2e1c99b8757", "from": "company:600893", "to": "material:天然气", "other": "material:天然气", "other_name": "天然气", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "* **持续推进技术创新，加速追赶超越，不断提升航空发动机和燃气轮机研发制造水平：** 公司在军用航空发动机方面，已具备涡喷、涡扇、涡轴、涡桨、活塞等全谱系发动机的自主研发能力，成为国内唯一覆盖全品类军用航空发动机的企业，进一步巩固了其在国防装备领域的战略地位。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航发动力-600893-ff9e17369c08.md#chunk:1b9cf15dfcb2", "sources/stock-research-report-航发动力-600893-sh-2024-年三季报点评-312cd14bd10a.md#chunk:a8584bbb5455", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-0a879a618e00.md#chunk:dd46a405e49c", "sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md#chunk:ec7db31693fb" ] }, { "edge_id": "3fcd075ad8f2", "from": "company:600893", "to": "material:煤炭", "other": "material:煤炭", "other_name": "煤炭", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "但是，从细分能源领域的 2024 年全球发电能源结构来看，煤炭、天然气等火力发电仍为主流，分别占比 34.07%和 22.25%。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md#chunk:e35905dd6ef9" ] }, { "edge_id": "aec032462019", "from": "company:600893", "to": "material:电力", "other": "material:电力", "other_name": "电力", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "**全球电力需求激增，航改燃成公司未来新增长极。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md#chunk:ec7db31693fb" ] }, { "edge_id": "d059b09ed3a7", "from": "company:600893", "to": "material:石油", "other": "material:石油", "other_name": "石油", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "**上游产业：** 材料产业、机械制造、电子信息、石油化工、钢铁冶金", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md#chunk:bf53d5872f9a" ] } ], "upstream_paths": [ { "edge_id": "812619281ab2", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-航发动力-600893-ff9e17369c08.md#chunk:1b9cf15dfcb2", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-0a879a618e00.md#chunk:b978e5096ede" ] }, { "edge_id": "e2e1c99b8757", "to": "material:天然气", "material": "天然气", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航发动力-600893-ff9e17369c08.md#chunk:1b9cf15dfcb2", "sources/stock-research-report-航发动力-600893-sh-2024-年三季报点评-312cd14bd10a.md#chunk:a8584bbb5455", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-0a879a618e00.md#chunk:dd46a405e49c", "sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md#chunk:ec7db31693fb" ] }, { "edge_id": "3fcd075ad8f2", "to": "material:煤炭", "material": "煤炭", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md#chunk:e35905dd6ef9" ] }, { "edge_id": "aec032462019", "to": "material:电力", "material": "电力", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md#chunk:ec7db31693fb" ] }, { "edge_id": "d059b09ed3a7", "to": "material:石油", "material": "石油", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md#chunk:bf53d5872f9a" ] }, { "edge_id": "8b94c9f7e238", "to": "material:碳纤维", "material": "碳纤维", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-0a879a618e00.md#chunk:28bfb146b48f" ] }, { "edge_id": "a175475a2307", "to": "material:钢材", "material": "钢材", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md#chunk:bf53d5872f9a" ] }, { "edge_id": "2c47aa62e967", "to": "material:铝", "material": "铝", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md#chunk:9a51a1adc016" ] } ] }, { "id": "company:600685", "name": "中船防务", "ticker": "600685", "path": "companies/中船防务-600685.md", "path_slug": "中船防务-600685", "summary": "中船防务（600685） 的研报主线集中在 船舶制造、净利润、同比、证券：船舶老龄化与环保法规趋严催生刚性替换需求，支撑新造船市场长期景气。", "degree_total": 56, "high_confidence_neighbor_count": 6, "top_relations": [ { "edge_id": "202f5be4eded", "from": "company:600685", "to": "company:600150", "other": "company:600150", "other_name": "中国船舶", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "业链后端已延伸到船舶全寿命保障。 同建设、优势互补、快速发展的模式，履行保军首责，全力承接军工任务， 同时把握军民船市场回升态势。公司在船舶与海洋工程产业链中主要处于总装建造环节，在产业链前端已延伸到船海配套产品，在产业链后端已延伸到船舶全寿命保障。 ① 军品业务上看，公司是中国船舶集团下属大型骨干造船企业和国家核心军工生产企业，控股子公司黄埔文冲创建于 ...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中船防务-600685-2021-年报点评-在手订单饱满-盈利能力提升-经营活动净现金流大幅改善为历史最高-9ee7692c9c1b.md#chunk:55405b0da26f" ] }, { "edge_id": "e8c0006e1061", "from": "company:600685", "to": "company:600150.SH", "other": "company:600150.SH", "other_name": "中国船舶", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "业链后端已延伸到船舶全寿命保障。 同建设、优势互补、快速发展的模式，履行保军首责，全力承接军工任务， 同时把握军民船市场回升态势。公司在船舶与海洋工程产业链中主要处于总装建造环节，在产业链前端已延伸到船海配套产品，在产业链后端已延伸到船舶全寿命保障。 ① 军品业务上看，公司是中国船舶集团下属大型骨干造船企业和国家核心军工生产企业，控股子公司黄埔文冲创建于 ...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中船防务-600685-2021-年报点评-在手订单饱满-盈利能力提升-经营活动净现金流大幅改善为历史最高-9ee7692c9c1b.md#chunk:55405b0da26f" ] }, { "edge_id": "1ca377d3d82c", "from": "company:600685", "to": "company:中国船舶", "other": "company:中国船舶", "other_name": "中国船舶", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "业链后端已延伸到船舶全寿命保障。 同建设、优势互补、快速发展的模式，履行保军首责，全力承接军工任务， 同时把握军民船市场回升态势。公司在船舶与海洋工程产业链中主要处于总装建造环节，在产业链前端已延伸到船海配套产品，在产业链后端已延伸到船舶全寿命保障。 ① 军品业务上看，公司是中国船舶集团下属大型骨干造船企业和国家核心军工生产企业，控股子公司黄埔文冲创建于 ...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中船防务-600685-2021-年报点评-在手订单饱满-盈利能力提升-经营活动净现金流大幅改善为历史最高-9ee7692c9c1b.md#chunk:55405b0da26f" ] }, { "edge_id": "edf05410d08e", "from": "company:600685", "to": "material:钢材", "other": "material:钢材", "other_name": "钢材", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "⚫ **公司船海业务营收占比下降，钢结构工程业务表现突出。", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中船防务-600685-2019-年报点评-经营业绩持续改善-盈利能力提升未来可期-f39b2482e3b1.md#chunk:6641f0544c2b", "sources/stock-research-report-2024-年-04-月-26-日-128fc9fe809c.md#chunk:130857fe9306", "sources/stock-research-report-中船防务-600685-国防军工-33f018e302c1.md#chunk:3ae92aff5b06", 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"raw_material_dependency", "direction": "upstream", "why_it_matters": "新承接大型液化天然气（LNG）船 14 艘，占全球总量的 35%，市场份额进一步提升。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中船防务-600685-国防军工-33f018e302c1.md#chunk:00cef936aa86" ] }, { "edge_id": "2fc4f040f03c", "from": "company:600685", "to": "material:石油", "other": "material:石油", "other_name": "石油", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "该型船配备了脱硫设备、完整的低硫燃油供应系统、AMP 岸电绞车系统，并采用最新减阻防污漆等一系列节能、环保技术，符合当前全球航运业对绿色、低碳发展的要求。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-航海装备ii-a517f162d983.md#chunk:a1c5b6229cf8" ] }, { "edge_id": "8fec092749f1", "from": "company:600685", "to": "company:600150", "other": "company:600150", "other_name": "中国船舶", "relation": "same_group", "direction": "peer", "why_it_matters": "两船合并战略性重组背景下，中船防务向中国船舶出售广船国际27.42%股权，并放弃相关优先购买权，以优化产业结构与资产质量。", "confidence": 0.95, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中船防务-600685-2019-年报点评-经营业绩持续改善-盈利能力提升未来可期-f39b2482e3b1.md#chunk:15549efa86cd", "sources/stock-research-report-中船防务-600685-国防军工-33f018e302c1.md#chunk:2067b0d77a33", "sources/stock-research-report-公司点评报告-f3e4d2cad667.md#chunk:2c6506573b5e", "sources/stock-research-report-中船防务-600685-2021-年报点评-在手订单饱满-盈利能力提升-经营活动净现金流大幅改善为历史最高-9ee7692c9c1b.md#chunk:937beb93053c", "sources/stock-research-report-国防军工-航海装备ii-a517f162d983.md#chunk:0071da4bdc10", "sources/stock-research-report-公司点评报告-f3e4d2cad667.md#chunk:2c6506573b5e" ] }, { "edge_id": "b477539f91b3", "from": "company:600685", "to": "company:中国船舶", "other": "company:中国船舶", "other_name": "中国船舶", "relation": "same_group", "direction": "peer", "why_it_matters": "24060003 daimingyu@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com ### 联系人 ### 投资要点： * **专注综合海洋装备制造，聚焦主业盈利跃升。**中船防务是中国船舶集团旗下核心造船企业之一，于 1993 年分别在上海和香港上市，控股股东为中国...", "confidence": 0.74, "needs_review": false, 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**中航光电（002179）年报点评**：军民融合成效显著，新业务发展后劲十足 * **中直股份（600038）年报点评**：需求缺口保增长，资产注入存预期 **证券分...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-公司点评报告-f3e4d2cad667.md#chunk:8d81172dd590" ] }, { "edge_id": "3a2cb1aa061d", "from": "company:600685", "to": "company:600150.SH", "other": "company:600150.SH", "other_name": "中国船舶", "relation": "same_group", "direction": "peer", "why_it_matters": "24060003 daimingyu@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com ### 联系人 ### 投资要点： * **专注综合海洋装备制造，聚焦主业盈利跃升。**中船防务是中国船舶集团旗下核心造船企业之一，于 1993 年分别在上海和香港上市，控股股东为中国...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-国防军工-航海装备ii-a517f162d983.md#chunk:0071da4bdc10" ] } ], "upstream_paths": [ { "edge_id": "edf05410d08e", "to": "material:钢材", "material": "钢材", "confidence": 0.78, "needs_review": true, "evidence_refs": [ 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"material": "天然气", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中船防务-600685-国防军工-33f018e302c1.md#chunk:00cef936aa86" ] }, { "edge_id": "2fc4f040f03c", "to": "material:石油", "material": "石油", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-航海装备ii-a517f162d983.md#chunk:a1c5b6229cf8" ] } ] }, { "id": "company:600271", "name": "航天信息", "ticker": "600271", "path": "companies/航天信息-600271.md", "path_slug": "航天信息-600271", "summary": "航天信息（600271） 的研报主线集中在 航天、金融、净利润、证券：税控设备政策性调价影响短期消化，公司开启盘活客户基础、转型服务模式的征程。", "degree_total": 54, "high_confidence_neighbor_count": 0, "top_relations": [ { "edge_id": "c6cc7532d4f6", "from": "company:600271", "to": "company:600029", "other": "company:600029", "other_name": "南方航空", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "天信息作为核心的税务设备供应商和系统服务商，从营改增试点运行到全面推广过程中，遵照国家税制改革的思路，积极提供全面系统的解决方案，研发出相关软硬件设施作为增值税扩围的专用设备，为营改增提供技术支持和保障。在全面推广营改增的 2016 年，公司先后中标中国中铁、广发银行、恒大集团和南方航空等大型客户的“营改增”项目，全年累计为全国超过 600 万户的全国用户...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-计算机应用-证券研究报告-首次评级-2019年1月20日-1efd19402a30.md#chunk:0062a186e129" ] }, { "edge_id": "2516fe4e3d2c", "from": "company:600271", "to": "company:600029.SH", "other": "company:600029.SH", "other_name": "南方航空", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "天信息作为核心的税务设备供应商和系统服务商，从营改增试点运行到全面推广过程中，遵照国家税制改革的思路，积极提供全面系统的解决方案，研发出相关软硬件设施作为增值税扩围的专用设备，为营改增提供技术支持和保障。在全面推广营改增的 2016 年，公司先后中标中国中铁、广发银行、恒大集团和南方航空等大型客户的“营改增”项目，全年累计为全国超过 600 万户的全国用户...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-计算机应用-证券研究报告-首次评级-2019年1月20日-1efd19402a30.md#chunk:0062a186e129" ] }, { "edge_id": "b515adcbe2e8", "from": "company:600271", "to": "company:688562", "other": "company:688562", "other_name": "航天软件", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "、公司绝大多数应收账款与应收票据账龄在1年以内占比较大（48.40%），且客户多为国家重点领域集团下属单位，预计产生坏账的可能性相对较小。 ◆ 信息化服务龙头企业，国产数据库核心参与者，深耕航天军工、党政领域； 公司是我国航天及党政军领域的软件和信息化服务龙头企业之一，在支撑航天信息化建设的过程中，紧紧围绕“支撑航天，服务政府，面向社会”的定位，以神通数据...", "confidence": 0.66, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-c91b2144ca9f.md#chunk:54a67cd07b90" ] }, { "edge_id": "5294c08994dc", "from": "company:600271", "to": "topic:业务结构优化", "other": "topic:业务结构优化", "other_name": "业务结构优化", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天信息 研报中反复涉及 业务结构优化。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-计算机-证券研究报告-业绩评论-3355cb450acd.md#chunk:bd5173fe0f48" ] }, { "edge_id": "6b500805ce7f", "from": "company:600271", "to": "topic:业绩评论", "other": "topic:业绩评论", "other_name": "业绩评论", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天信息 研报中反复涉及 业绩评论。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-计算机-证券研究报告-业绩评论-3355cb450acd.md#chunk:bd5173fe0f48" ] }, { "edge_id": "b3eac83b2a3c", "from": "company:600271", "to": "topic:业绩高增", "other": "topic:业绩高增", "other_name": "业绩高增", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天信息 研报中反复涉及 业绩高增。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天信息-600271-点评报告-e688ae0f4840.md#chunk:fb35eae34790" ] }, { "edge_id": "5c6a2da67150", "from": "company:600271", "to": "topic:云计算", "other": "topic:云计算", "other_name": "云计算", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天信息 研报中反复涉及 云计算。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天信息-600271-点评报告-e688ae0f4840.md#chunk:fb35eae34790" ] }, { "edge_id": "397c8d04ab41", "from": "company:600271", "to": "topic:产业互联网", "other": "topic:产业互联网", "other_name": "产业互联网", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天信息 研报中反复涉及 产业互联网。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-计算机应用-证券研究报告-首次评级-2019年1月20日-1efd19402a30.md#chunk:0062a186e129" ] }, { "edge_id": "2daabad245ba", "from": "company:600271", "to": "topic:企业会员服务", "other": "topic:企业会员服务", "other_name": "企业会员服务", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天信息 研报中反复涉及 企业会员服务。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-计算机应用-证券研究报告-首次评级-2019年1月20日-1efd19402a30.md#chunk:0062a186e129" ] }, { "edge_id": "176879a6e46f", "from": "company:600271", "to": "topic:企业增值服务", "other": "topic:企业增值服务", "other_name": "企业增值服务", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天信息 研报中反复涉及 企业增值服务。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-计算机应用-证券研究报告-调整预测-2019年3月31日-5789110b8a0b.md#chunk:4a386b18b9bf" ] }, { "edge_id": "7154b4483a7a", "from": "company:600271", "to": "topic:企业征信", "other": "topic:企业征信", "other_name": "企业征信", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天信息 研报中反复涉及 企业征信。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天信息-600271-深度报告-cfd9a5981fa6.md#chunk:4d9f00fc5af9" ] }, { "edge_id": "9264d782cb90", "from": "company:600271", "to": "topic:企业数字化", "other": "topic:企业数字化", "other_name": "企业数字化", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天信息 研报中反复涉及 企业数字化。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天信息-600271-16bdc139964d.md#chunk:4fe71ecbf094" ] } ], "upstream_paths": [] }, { "id": "company:300855", "name": "图南股份", "ticker": "300855", "path": "companies/图南股份-300855.md", "path_slug": "图南股份-300855", "summary": "图南股份（300855） 的研报主线集中在 高温合金、金融、净利润、毛利率：短期业绩受产品结构变化拖累，但公司持续加大研发投入，IPO募投项目及子公司新产线已投产，叠加陶瓷基复合材料等新业务布局，有望构筑第二增长曲线并支撑未来业绩高增长。", "degree_total": 54, "high_confidence_neighbor_count": 4, "top_relations": [ { "edge_id": "e752fe6d05aa", "from": "company:688231", "to": "company:300855", "other": "company:688231", "other_name": "隆达股份", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "基于国家在计划经济时期规划的高温合金生产基地和研发基地以及一些原航空工业配套高温合金铸件的专业铸造单位。一类是以抚顺特钢、宝钢特钢、长城特钢等特钢企业为主的大型钢铁厂变形高温合金生产基地；一类是以钢研总院、中科院金属所、北京航材院、北京北冶为代表的研究、生产基地；一类是民营背景的图南股份、中洲特材、中航上大、四川六合、隆达股份。 表6：高温合金行业主要企业...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md#chunk:f4b7a99c3ca2", "sources/stock-research-report-隆达股份-688231-914015653efb.md#chunk:7e8e331ba103" ] }, { "edge_id": "d1b931af3938", "from": "company:688122", "to": "company:300855", "other": "company:688122", "other_name": "西部超导", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "026 年归母净利润分别为 8.10/9.69/12.01 亿元，同比增速分别为 7.64%/19.69%/23.86%，按 2025 年 3 月 31 日收盘价计算的 PE 为 37.18/31.07/25.08 倍。选择同为军用钛合金/高温合金核心供应商的西部材料、航材股份、图南股份作为可比公司，鉴于公司超导板块业务具备较强成长性，首次覆盖给予“增持”...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md#chunk:cacbaf01d62a" ] }, { "edge_id": "4257f974297b", "from": "company:300855", "to": "company:300034", "other": "company:300034", "other_name": "钢研高纳", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "品结构有望得到持续优化，整体毛利率水平或将优化，带动整体毛利率提升，归母净利润有望在 2024 年基础上改善。我们预计公司 2025-2027 年实现归母净利润分别为 2.88/3.15/3.51 亿元，对应 PE 分别为 41.8/38.2/34.3。 倍。我们选取西部超导、图南股份、菲利华作为可比公司，公司当前存在一定高估，考虑到公司高温合金制品生产规...", "confidence": 0.66, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-报告日期-2025-年-04-月-28-日-6df53779ac7a.md#chunk:5800de03c4c0" ] }, { "edge_id": "6fb675d16015", "from": "company:300855", "to": "material:钢材", "other": "material:钢材", "other_name": "钢材", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "3）特种不锈钢收入 0.38 亿元，YoY-5.4%，收入占比同比下降 0.6ppt 至 5.3%；", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-图南股份-300855-sz-2024-年中报点评-5dc0dae37445.md#chunk:2d052dd7252a", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-5cdf13c5f8be.md#chunk:928677b1a81f", "sources/stock-research-report-2024-年-8-月-16-日-84b6bd68eda9.md#chunk:145cb772e11f", "sources/stock-research-report-发布时间-2025-04-25-132b09eb5429.md#chunk:aa63e6d1f5d3", "sources/stock-research-report-证券研究报告-有色金属-公司点评报告-801003733ad1.md#chunk:d8ebc0927a56", "sources/stock-research-report-图南股份-300855-sz-2024-年年报及-2025-年一季报点评-b7dde0ddee64.md#chunk:e0a7ee90b834", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-a498ba09ec09.md#chunk:aeca7d72f971", "sources/stock-research-report-图南股份-300855-sz-2025-年半年报点评-b88659790014.md#chunk:d59b2ade6bba" ] }, { "edge_id": "31feedf94272", "from": "company:300855", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "截至 2024H1 末，公司存货 4.97 亿元，较年初增长 0.34 亿元，其中，原材料 1.52 亿元，较年初增长 0.47 亿元。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-2024-年-8-月-16-日-84b6bd68eda9.md#chunk:145cb772e11f", "sources/stock-research-report-图南股份-300855-sz-2025-年半年报点评-b88659790014.md#chunk:8b42ca5df373", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-5cdf13c5f8be.md#chunk:49ad8448d155" ] }, { "edge_id": "26a14106510a", "from": "company:300855", "to": "material:碳纤维", "other": "material:碳纤维", "other_name": "碳纤维", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "2023 年，公司参股设立上海瑞华晟新材料有限公司，该公司主要开展航空发动机用陶瓷基复合材料及其结构件的研发及产业化建设工作。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2024-年-10-月-20-日-fd2ee13d71aa.md#chunk:11e4e98a3f99", "sources/stock-research-report-2024-年-8-月-16-日-84b6bd68eda9.md#chunk:b759924f3d71", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-a498ba09ec09.md#chunk:f384fa08ff10", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-5cdf13c5f8be.md#chunk:ca0db37b5764" ] }, { "edge_id": "9a71e9b717b6", "from": "company:300855", "to": "material:有色金属", "other": "material:有色金属", "other_name": "有色金属", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "| 日期 | 图南股份 | 有色金属 |", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2024-年-8-月-16-日-84b6bd68eda9.md#chunk:9207dd33a1c4", "sources/stock-research-report-证券研究报告-有色金属-公司点评报告-801003733ad1.md#chunk:029fcb04361f", "sources/stock-research-report-发布时间-2025-04-25-132b09eb5429.md#chunk:bcdb1a42eb60" ] }, { "edge_id": "85d48d19864e", "from": "company:300855", "to": "material:天然气", "other": "material:天然气", "other_name": "天然气", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "② 变形高温合金：公司变形高温合金可根据客户需求，加工成棒、管、丝、带等型材，应用于航空、核电、燃气轮机及石油化工领域。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-5cdf13c5f8be.md#chunk:928677b1a81f" ] }, { "edge_id": "422b03253236", "from": "company:300855", "to": "material:电力", "other": "material:电力", "other_name": "电力", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "年同期增长30.79%，主要为石油化工、能源电力等行业领域产品销售收入增长所致；", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-5cdf13c5f8be.md#chunk:928677b1a81f" ] }, { "edge_id": "31464e2bd7d8", "from": "company:300855", "to": "material:石油", "other": "material:石油", "other_name": "石油", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "② 变形高温合金：公司变形高温合金可根据客户需求，加工成棒、管、丝、带等型材，应用于航空、核电、燃气轮机及石油化工领域。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-5cdf13c5f8be.md#chunk:928677b1a81f" ] }, { "edge_id": "0f81456d093b", "from": "company:688122", "to": "company:300855", "other": "company:688122", "other_name": "西部超导", "relation": "competitor_of", "direction": "peer", "why_it_matters": "同为军用钛合金/高温合金核心供应商，作为可比公司进行估值对比。", "confidence": 0.95, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md#chunk:9c5d4da4fbfb" ] }, { "edge_id": "68a0830d9cd5", "from": "company:688231", "to": "company:300855", "other": "company:688231", "other_name": "隆达股份", "relation": "competitor_of", "direction": "peer", "why_it_matters": "同为国内少数能同时批量化生产变形及铸造高温合金的企业，业务结构相似。", "confidence": 0.85, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md#chunk:beea899ce0ad" ] } ], "upstream_paths": [ { "edge_id": "6fb675d16015", "to": "material:钢材", "material": "钢材", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-图南股份-300855-sz-2024-年中报点评-5dc0dae37445.md#chunk:2d052dd7252a", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-5cdf13c5f8be.md#chunk:928677b1a81f", "sources/stock-research-report-2024-年-8-月-16-日-84b6bd68eda9.md#chunk:145cb772e11f", "sources/stock-research-report-发布时间-2025-04-25-132b09eb5429.md#chunk:aa63e6d1f5d3", "sources/stock-research-report-证券研究报告-有色金属-公司点评报告-801003733ad1.md#chunk:d8ebc0927a56", "sources/stock-research-report-图南股份-300855-sz-2024-年年报及-2025-年一季报点评-b7dde0ddee64.md#chunk:e0a7ee90b834", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-a498ba09ec09.md#chunk:aeca7d72f971", "sources/stock-research-report-图南股份-300855-sz-2025-年半年报点评-b88659790014.md#chunk:d59b2ade6bba" ] }, { "edge_id": "31feedf94272", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-2024-年-8-月-16-日-84b6bd68eda9.md#chunk:145cb772e11f", "sources/stock-research-report-图南股份-300855-sz-2025-年半年报点评-b88659790014.md#chunk:8b42ca5df373", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-5cdf13c5f8be.md#chunk:49ad8448d155" ] }, { "edge_id": "26a14106510a", "to": "material:碳纤维", "material": "碳纤维", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2024-年-10-月-20-日-fd2ee13d71aa.md#chunk:11e4e98a3f99", "sources/stock-research-report-2024-年-8-月-16-日-84b6bd68eda9.md#chunk:b759924f3d71", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-a498ba09ec09.md#chunk:f384fa08ff10", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-5cdf13c5f8be.md#chunk:ca0db37b5764" ] }, { "edge_id": "9a71e9b717b6", "to": "material:有色金属", "material": "有色金属", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2024-年-8-月-16-日-84b6bd68eda9.md#chunk:9207dd33a1c4", "sources/stock-research-report-证券研究报告-有色金属-公司点评报告-801003733ad1.md#chunk:029fcb04361f", "sources/stock-research-report-发布时间-2025-04-25-132b09eb5429.md#chunk:bcdb1a42eb60" ] }, { "edge_id": "85d48d19864e", "to": "material:天然气", "material": "天然气", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-5cdf13c5f8be.md#chunk:928677b1a81f" ] }, { "edge_id": "422b03253236", "to": "material:电力", "material": "电力", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-5cdf13c5f8be.md#chunk:928677b1a81f" ] }, { "edge_id": "31464e2bd7d8", "to": "material:石油", "material": "石油", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-5cdf13c5f8be.md#chunk:928677b1a81f" ] } ] }, { "id": "company:002179", "name": "中航光电", "ticker": "002179", "path": "companies/中航光电-002179.md", "path_slug": "中航光电-002179", "summary": "中航光电（002179） 的研报主线集中在 证券、金融、净利润、投资建议：公司深耕航空防务与高端制造互连解决方案，多赛道布局打开长期成长空间。", "degree_total": 54, "high_confidence_neighbor_count": 5, "top_relations": [ { "edge_id": "f3289d95c4a3", "from": "company:002179", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "此外，公司通过优化成本结构和提升运营效率，部分抵消了原材料价格上涨和市场竞争加剧带来的压力。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中航光电-002179-5fad9f344c7d.md#chunk:5190d560efb7", "sources/stock-research-report-中航光电-002179-sz-2025-年半年报点评-f345ecbe2202.md#chunk:67473a1481c8", "sources/stock-research-report-深度研究-e3420e3e6c50.md#chunk:d61928235bce", "sources/stock-research-report-中航光电-002179-ccc8d2641408.md#chunk:6505b6d951c4" ] }, { "edge_id": "cefc189ed42c", "from": "company:002179", "to": "material:有色金属", "other": "material:有色金属", "other_name": "有色金属", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "（1）原材料价格上涨风险：在市场动态和行业发展等多重因素的作用下，产业链黄金、铜、白银等有色金属及贵金属原材料价格波动上涨的供应可能遭遇紧缺，或其采购成本面临上升压力。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-深度研究-e3420e3e6c50.md#chunk:4569f9583c23" ] }, { "edge_id": "788b4bbfaf4c", "from": "company:002179", "to": "material:电力", "other": "material:电力", "other_name": "电力", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "航空航天、通信网络、数据中心、石油装备、电力装备、工业装备、轨道交通、医疗设备、新能源汽车、消费电子等高端制造领域。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-深度研究-e3420e3e6c50.md#chunk:b3973050bf1f" ] }, { "edge_id": "aed8ed6edfa1", "from": "company:002179", "to": "material:石油", "other": "material:石油", "other_name": "石油", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "航空航天、通信网络、数据中心、石油装备、电力装备、工业装备、轨道交通、医疗设备、新能源汽车、消费电子等高端制造领域。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-深度研究-e3420e3e6c50.md#chunk:b3973050bf1f" ] }, { "edge_id": "161dd7b51bb7", "from": "company:002179", "to": "material:铜", "other": "material:铜", "other_name": "铜", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "BBR 算力系列软铜排、OCP 铜排；", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-深度研究-e3420e3e6c50.md#chunk:2ffbe9af2c80" ] }, { "edge_id": "020a8791f866", "from": "company:002179", "to": "material:铝", "other": "material:铝", "other_name": "铝", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "在导体材料影响方面，电缆芯线填充氮化铝掺杂硅胶时，平均温度最低，温升降低约 26.97%。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-深度研究-e3420e3e6c50.md#chunk:b67e4f0186cb" ] }, { "edge_id": "fd210532c4ae", "from": "company:002179", "to": "company:600372", "other": "company:600372", "other_name": "中航机载", "relation": "same_group", "direction": "peer", "why_it_matters": "业经验，2026 年 1 月起任中航光电董事长。中航光电董事张航，毕业于中国航空研究院 618 所导航、制导与控制专业，法国高等航空航天学院系统工程专业，高级工程师，历任中国航空工业集团公司西安飞行自动控制研究所规划发展部副部长、规划发展部事业部推进办公室主任、规划发展部副部长，中航机载系统有限公司规划发展部部长，在专业领域深耕多年，2026 年 1 月起...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-深度研究-e3420e3e6c50.md#chunk:3bc5782715f8" ] }, { "edge_id": "c58de103308a", "from": "company:600316", "to": "company:002179", "other": "company:600316", "other_name": "洪都航空", "relation": "same_group", "direction": "peer", "why_it_matters": "工业
股份有限公司] -- 43.77% --> B[江西洪都航空工业股份
有限公司] A2[江西洪都航空工业
集团有限责任公司] -- 4.38% --> B A3[其他股东] -- 51.85% --> B B -- 35.00% --> C1[中航光电互连科技
（南昌）有限公司] B -- 35.00% --> C2[...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-洪都航空-600316-sh-d31eee31ff8e.md#chunk:25206086d5ab" ] }, { "edge_id": "5f21d22e179d", "from": "company:600685", "to": "company:002179", "other": "company:600685", "other_name": "中船防务", "relation": "same_group", "direction": "peer", "why_it_matters": "通(亿股)**: 14.13/5.49 **总市值/流通(亿元)**: 472.54/183.64 **12个月最高/最低(元)**: 35.47/22.77 ### 相关研究报告： * **中航飞机（000768）年报点评**：运-20正式列装服役，业绩拐点渐行渐近 * **中航光电（002179）年报点评**：军民融合成效显著，新业务发展后劲十足 * ...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-公司点评报告-f3e4d2cad667.md#chunk:8d81172dd590" ] }, { "edge_id": "007c911799c5", "from": "company:002179", "to": "company:中航光电", "other": "company:中航光电", "other_name": "中航光电", "relation": "partner_of", "direction": "peer", "why_it_matters": "# 深度研究 # 买入（维持） # 高端互连技术平台，多赛道布局打开成长空间 中航光电（002179）深度报告 ## 2026 年 3 月 31 日 ### 投资要点： **分析师：陈湛谦** SAC 执业证书编号：S0340524070002 电话：0769-22119302 邮箱：chenzhanqian@dgzq.com.cn **分析师：罗炜斌**...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-深度研究-e3420e3e6c50.md#chunk:3bc5782715f8", "sources/stock-research-report-中航光电-002179-sz-2025-年三季报点评-9e872cb8c3c7.md#chunk:08e126351a16", "sources/stock-research-report-国防军工-9e4b4aaf499e.md#chunk:a152b75e641a", "sources/stock-research-report-中航光电-002179-448d59faa827.md#chunk:f8416f4ae3e3", "sources/stock-research-report-公-司-研-究-7b5cadfb6be8.md#chunk:947ae1883431", "sources/stock-research-report-中航光电-002179-sz-2025-年半年报点评-f345ecbe2202.md#chunk:67473a1481c8", "sources/stock-research-report-中航光电-002179-5fad9f344c7d.md#chunk:f63b5edf457e", "sources/stock-research-report-中航光电-002179-sz-2024-年三季报点评-2f3f0aa07a82.md#chunk:b37ba58b9e37", "sources/stock-research-report-中航光电-002179-ccc8d2641408.md#chunk:f65c9eba9187", "sources/stock-research-report-中航光电-002179-sz-2024-年年报点评-82761672eef4.md#chunk:facb88866203" ] }, { "edge_id": "57f7da252f86", "from": "company:002179", "to": "topic:roe", "other": "topic:roe", "other_name": "ROE", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中航光电 研报中反复涉及 ROE。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航光电-002179-sz-2024-年年报点评-82761672eef4.md#chunk:60e1f9cf3bc3" ] }, { "edge_id": "42609637bcf5", "from": "company:002179", "to": "topic:三季报", "other": "topic:三季报", "other_name": "三季报", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中航光电 研报中反复涉及 三季报。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航光电-002179-sz-2024-年三季报点评-2f3f0aa07a82.md#chunk:f462d0a716d0" ] } ], "upstream_paths": [ { "edge_id": "f3289d95c4a3", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中航光电-002179-5fad9f344c7d.md#chunk:5190d560efb7", "sources/stock-research-report-中航光电-002179-sz-2025-年半年报点评-f345ecbe2202.md#chunk:67473a1481c8", "sources/stock-research-report-深度研究-e3420e3e6c50.md#chunk:d61928235bce", "sources/stock-research-report-中航光电-002179-ccc8d2641408.md#chunk:6505b6d951c4" ] }, { "edge_id": "cefc189ed42c", "to": "material:有色金属", "material": "有色金属", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-深度研究-e3420e3e6c50.md#chunk:4569f9583c23" ] }, { "edge_id": "788b4bbfaf4c", "to": "material:电力", "material": "电力", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-深度研究-e3420e3e6c50.md#chunk:b3973050bf1f" ] }, { "edge_id": "aed8ed6edfa1", "to": "material:石油", "material": "石油", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-深度研究-e3420e3e6c50.md#chunk:b3973050bf1f" ] }, { "edge_id": "161dd7b51bb7", "to": "material:铜", "material": "铜", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-深度研究-e3420e3e6c50.md#chunk:2ffbe9af2c80" ] }, { "edge_id": "020a8791f866", "to": "material:铝", "material": "铝", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-深度研究-e3420e3e6c50.md#chunk:b67e4f0186cb" ] } ] }, { "id": "company:600765", "name": "中航重机", "ticker": "600765", "path": "companies/中航重机-600765.md", "path_slug": "中航重机-600765", "summary": "中航重机（600765） 的研报主线集中在 风险、证券、航空、金融：产业链纵向一体化是锻铸造企业做大做强的有效路径，公司正复刻PCC发展路径，通过向上游延伸原材料、中游并购锻铸产能、下游拓展精密机加，提升产业链地位与盈利能力。", "degree_total": 54, "high_confidence_neighbor_count": 1, "top_relations": [ { "edge_id": "694f26fd94cb", "from": "company:600765", "to": "company:601606", "other": "company:601606", "other_name": "长城军工", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "--------- | --------------- | | 601606 长城军工 | — | 0.16 摊薄 | — | 14.9 | 6.87 | | 600038 中直股份 | 40.61 | 0.77 | 243 | 120.48 | 6.49 | | 600765 中航重机 | 7.96 | 0.21 | 62.5 | 56.63 | 4.6...", "confidence": 0.66, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-恒泰证券-e2fc888c7acf.md#chunk:2c4817b40ef1" ] }, { "edge_id": "237889b7f0d1", "from": "company:600765", "to": "material:钛", "other": "material:钛", "other_name": "钛", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "2）公司制定的采购综合压降工作方案取得了积极成效：25Q1 部分高温合金、钛合金等材料新签采购合同单价降低，后续故事将持续推进材料循环体系建设，进一步降低综合采购成本。", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航重机-600765-sh-买入-维持评级-d71b158bc1b1.md#chunk:5c547bc58c89", "sources/stock-research-report-中航重机-600765-sh-a81871f35f52.md#chunk:919f13c9af76", "sources/stock-research-report-中航重机-600765-a8f22a50abee.md#chunk:5c5a922aae96", "sources/stock-research-report-中航重机-600765-sh-bdcacdfeffd9.md#chunk:ccd4137f002d", "sources/stock-research-report-中航重机-600765-sh-8580f64a62b0.md#chunk:3b755678a93e" ] }, { "edge_id": "6143f73d284d", "from": "company:600765", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "* **原材料成本上升及产能利用率不足**：2025 年上半年，公司综合毛利率为 29.27%（较上年同期微降），销售费用率 0.86%、管理费用率 6.94%、财务费用率 0.53%，整体费用控制基本稳定。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中航重机-600765-a8f22a50abee.md#chunk:93564f8c76b8", "sources/stock-research-report-中航重机-600765-sh-a81871f35f52.md#chunk:919f13c9af76", "sources/stock-research-report-中航重机-600765-sh-8580f64a62b0.md#chunk:3b755678a93e" ] }, { "edge_id": "5f474b4c4257", "from": "company:600765", "to": "material:天然气", "other": "material:天然气", "other_name": "天然气", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "2）对标海外航空铸造龙头 Howmet，安吉精铸成长空间广阔：Howmet 是国际上最早生产航空发动机结构铸件的公司之一，能够生产叶片、机匣、热端部件等航空发动机结构铸件，亦可生产航天飞行器的结构铸件及工业燃气轮机等；", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md#chunk:659d425d66a2", "sources/stock-research-report-中航重机-600765-sh-5bab6a426235.md#chunk:2e31b396ea7e" ] }, { "edge_id": "afa2bb239ba1", "from": "company:600765", "to": "material:电力", "other": "material:电力", "other_name": "电力", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "* **公司锻造业务覆盖全面，龙头地位稳固**：1）锻件工艺覆盖全面：覆盖涉及国内外航空、航天、电力、船舶、铁路、工程机械、石油、汽车等诸多行业。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md#chunk:c8969f498059" ] }, { "edge_id": "a32667a829fe", "from": "company:600765", "to": "material:石油", "other": "material:石油", "other_name": "石油", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "* **公司锻造业务覆盖全面，龙头地位稳固**：1）锻件工艺覆盖全面：覆盖涉及国内外航空、航天、电力、船舶、铁路、工程机械、石油、汽车等诸多行业。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md#chunk:c8969f498059" ] }, { "edge_id": "33a247cd3916", "from": "company:600765", "to": "material:碳纤维", "other": "material:碳纤维", "other_name": "碳纤维", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "2）受托管理的安立公司主要从事航空新材料、钛及钛合金、高温合金、复合材料研发、生产、加工，金属材料回收、清洗、冶炼及许可经营项目等业务。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航重机-600765-sh-8580f64a62b0.md#chunk:3b755678a93e" ] }, { "edge_id": "bcc5685522aa", "from": "company:600765", "to": "material:钢材", "other": "material:钢材", "other_name": "钢材", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "| 锻造业务 | 主要生产航空及其他军民用钛合金、高温合金、不锈钢、结构钢、铝合金、镁合金、铜合金以及新型的金属间化合物等不同材质的模锻件、自由锻件、等温锻件、环锻件。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md#chunk:573f16e84d65" ] }, { "edge_id": "4385427ad35b", "from": "company:600765", "to": "material:钴", "other": "material:钴", "other_name": "钴", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "M2[镍钴合金: 镍钴合金锭、板等]", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md#chunk:0b248ebdb377" ] }, { "edge_id": "c52ac28c0bd8", "from": "company:600765", "to": "material:铜", "other": "material:铜", "other_name": "铜", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "| 锻造业务 | 主要生产航空及其他军民用钛合金、高温合金、不锈钢、结构钢、铝合金、镁合金、铜合金以及新型的金属间化合物等不同材质的模锻件、自由锻件、等温锻件、环锻件。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md#chunk:573f16e84d65" ] }, { "edge_id": "3af6a8d003f5", "from": "company:600765", "to": "material:铝", "other": "material:铝", "other_name": "铝", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "| 锻造业务 | 主要生产航空及其他军民用钛合金、高温合金、不锈钢、结构钢、铝合金、镁合金、铜合金以及新型的金属间化合物等不同材质的模锻件、自由锻件、等温锻件、环锻件。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md#chunk:573f16e84d65" ] }, { "edge_id": "6861d3faa0b7", "from": "company:600765", "to": "material:镍", "other": "material:镍", "other_name": "镍", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "M2[镍钴合金: 镍钴合金锭、板等]", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md#chunk:0b248ebdb377" ] } ], "upstream_paths": [ { "edge_id": "237889b7f0d1", "to": "material:钛", "material": "钛", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航重机-600765-sh-买入-维持评级-d71b158bc1b1.md#chunk:5c547bc58c89", "sources/stock-research-report-中航重机-600765-sh-a81871f35f52.md#chunk:919f13c9af76", "sources/stock-research-report-中航重机-600765-a8f22a50abee.md#chunk:5c5a922aae96", "sources/stock-research-report-中航重机-600765-sh-bdcacdfeffd9.md#chunk:ccd4137f002d", "sources/stock-research-report-中航重机-600765-sh-8580f64a62b0.md#chunk:3b755678a93e" ] }, { "edge_id": "6143f73d284d", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中航重机-600765-a8f22a50abee.md#chunk:93564f8c76b8", "sources/stock-research-report-中航重机-600765-sh-a81871f35f52.md#chunk:919f13c9af76", "sources/stock-research-report-中航重机-600765-sh-8580f64a62b0.md#chunk:3b755678a93e" ] }, { "edge_id": "5f474b4c4257", "to": "material:天然气", "material": "天然气", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md#chunk:659d425d66a2", "sources/stock-research-report-中航重机-600765-sh-5bab6a426235.md#chunk:2e31b396ea7e" ] }, { "edge_id": "afa2bb239ba1", "to": "material:电力", "material": "电力", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md#chunk:c8969f498059" ] }, { "edge_id": "a32667a829fe", "to": "material:石油", "material": "石油", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md#chunk:c8969f498059" ] }, { "edge_id": "33a247cd3916", "to": "material:碳纤维", "material": "碳纤维", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航重机-600765-sh-8580f64a62b0.md#chunk:3b755678a93e" ] }, { "edge_id": "bcc5685522aa", "to": "material:钢材", "material": "钢材", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md#chunk:573f16e84d65" ] }, { "edge_id": "4385427ad35b", "to": "material:钴", "material": "钴", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md#chunk:0b248ebdb377" ] } ] }, { "id": "company:600184", "name": "光电股份", "ticker": "600184", "path": "companies/光电股份-600184.md", "path_slug": "光电股份-600184", "summary": "光电股份（600184） 的研报主线集中在 金融、净利润、毛利率、同比：隶属于兵器工业集团，作为集团唯一光电类上市公司，定增扩产积极迎装备信息化复苏。", "degree_total": 52, "high_confidence_neighbor_count": 4, "top_relations": [ { "edge_id": "68117557c0a5", "from": "company:601606", "to": "company:600184", "other": "company:601606", "other_name": "长城军工", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "raph \"智能弹药总装\" A1[中兵红箭] A2[洪都航空] A3[湖南兵器] A4[新余国科] A5[高德红外] A6[国科军工] A7[长城军工] A8[广东宏大] end subgraph \"制导系统\" subgraph \"红外/光电制导\" B1[光电股份] B2[精准信息] end subgraph \"卫星制导\" C1[雷科防务] C2[盟升电子...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司深度报告-f04570c0fa80.md#chunk:96a7d7319cbc" ] }, { "edge_id": "c163a8044f01", "from": "company:688586", "to": "company:600184", "other": "company:688586", "other_name": "江航装备", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "61%/26.80%，毛利率为 32.2%/31.5%/31.1%。预计公司 2025-2027 年归母净利润分别为 1.16/1.56/2.13 亿元，同比-7.31%/+34.44%/+36.19%，当前股价对应 PE 为 84/62/46 倍。我们选取军工行业中游系统供应商光电股份、新兴装备、航发动力作为可比公司，2026 年平均 PE 为 81 倍...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-江航装备-688586-sh-d069c4c10c5a.md#chunk:78cd225ff234" ] }, { "edge_id": "e34f1efdb6a3", "from": "company:600184", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "光学玻璃材料制造对于设备和生产技术的要求高，属于资本密集型和技术密集型产业，通常根据下游用户需求和应用领域设计原材料配方，采购对应的矿产、稀土及化工原材料，并精进制造工艺，生产出不同性能的光学玻璃材料。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-光电股份-600184-sh-首次覆盖报告-3f91ac62fe2f.md#chunk:e55f64058f8e", "sources/stock-research-report-中航证券金融研究所-dd3e3a7f96de.md#chunk:e748e4b9e151" ] }, { "edge_id": "c9eee1a46060", "from": "company:600184", "to": "material:稀土", "other": "material:稀土", "other_name": "稀土", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "光学玻璃材料制造对于设备和生产技术的要求高，属于资本密集型和技术密集型产业，通常根据下游用户需求和应用领域设计原材料配方，采购对应的矿产、稀土及化工原材料，并精进制造工艺，生产出不同性能的光学玻璃材料。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-光电股份-600184-sh-首次覆盖报告-3f91ac62fe2f.md#chunk:e55f64058f8e" ] }, { "edge_id": "fa8b73cbd5fc", "from": "company:600184", "to": "material:铜", "other": "material:铜", "other_name": "铜", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "2）美陆军研制的 155 毫米“铜斑蛇”激光制导炮弹导引头采用陀螺光学耦合式位标器，其探测器与弹体固联，光学系统装在陀螺上，陀螺起稳定光学系统探测轴的作用。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-光电股份-600184-sh-首次覆盖报告-3f91ac62fe2f.md#chunk:9461fb83df40" ] }, { "edge_id": "53920a6deb3c", "from": "company:600184", "to": "company:000519", "other": "company:000519", "other_name": "中兵红箭", "relation": "same_group", "direction": "peer", "why_it_matters": "备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 20 ## 表2：分产品毛利（百万元）及毛利率预测 资料来源：wind，ifind，民生证券研究院预测 ## 4.2 估值分析与投资建议 考虑到光电股份业务属性，没有较为直接的可比公司，我们选取同产业链上的中兵红箭、北方导航、高德红外作为公司的可比公司进行比较分析。1) **中兵红箭**：公...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-光电股份-600184-sh-首次覆盖报告-3f91ac62fe2f.md#chunk:5930f48ef744" ] }, { "edge_id": "3bfcf2561ebd", "from": "company:600184", "to": "company:600435", "other": "company:600435", "other_name": "北方导航", "relation": "same_group", "direction": "peer", "why_it_matters": "咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 20 ## 表2：分产品毛利（百万元）及毛利率预测 资料来源：wind，ifind，民生证券研究院预测 ## 4.2 估值分析与投资建议 考虑到光电股份业务属性，没有较为直接的可比公司，我们选取同产业链上的中兵红箭、北方导航、高德红外作为公司的可比公司进行比较分析。1) **中兵红箭**：公司是中国兵...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-光电股份-600184-sh-首次覆盖报告-3f91ac62fe2f.md#chunk:5930f48ef744" ] }, { "edge_id": "3f9c5e14ddca", "from": "company:600184", "to": "company:000519", "other": "company:000519", "other_name": "中兵红箭", "relation": "competitor_of", "direction": "peer", "why_it_matters": "同属兵器工业集团产业链，制导业务具有可比性，用于估值对标。", "confidence": 0.85, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-光电股份-600184-sh-首次覆盖报告-3f91ac62fe2f.md#chunk:8d49c386036b" ] }, { "edge_id": "a49c62fce485", "from": "company:600184", "to": "company:600435", "other": "company:600435", "other_name": "北方导航", "relation": "competitor_of", "direction": "peer", "why_it_matters": "导航控制与弹药信息化业务可比，用于估值对标。", "confidence": 0.85, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-光电股份-600184-sh-首次覆盖报告-3f91ac62fe2f.md#chunk:8d49c386036b" ] }, { "edge_id": "56c62c1ef15b", "from": "company:688011", "to": "company:600184", "other": "company:688011", "other_name": "新光光电", "relation": "partner_of", "direction": "peer", "why_it_matters": "5 | 0.86 | -20.2 | 52 | 2.8 | 10.1 | | 300516 | 久之洋 | 30.09 | 54 | 9.8 | 3.9 | 0.35 | 5 | 50.1 | 0.46 | 2.8 | 111 | 5.3 | 11.0 | | 600184 | 光电股份 | 12.05 | 61 | 2.4 | 2.5 | 0.66 | ...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-公司研究-证券研究报告-c09c1d1e1d64.md#chunk:0856c37f135f" ] }, { "edge_id": "4b9981fb9d72", "from": "company:600184", "to": "topic:业绩反转", "other": "topic:业绩反转", "other_name": "业绩反转", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "光电股份 研报中反复涉及 业绩反转。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-光电股份-600184-sh-2024-年年报及-2025-年一季报点评-d7a81e3c27f2.md#chunk:cc01f02a20fa" ] }, { "edge_id": "8bcdf5536e26", "from": "company:600184", "to": "topic:业绩增长", "other": "topic:业绩增长", "other_name": "业绩增长", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "光电股份 研报中反复涉及 业绩增长。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-光电股份-600184-sh-2025-年三季报点评-2f4c5e9b13b6.md#chunk:d7aa0dfbf3e2" ] } ], "upstream_paths": [ { "edge_id": "e34f1efdb6a3", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-光电股份-600184-sh-首次覆盖报告-3f91ac62fe2f.md#chunk:e55f64058f8e", "sources/stock-research-report-中航证券金融研究所-dd3e3a7f96de.md#chunk:e748e4b9e151" ] }, { "edge_id": "c9eee1a46060", "to": "material:稀土", "material": "稀土", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-光电股份-600184-sh-首次覆盖报告-3f91ac62fe2f.md#chunk:e55f64058f8e" ] }, { "edge_id": "fa8b73cbd5fc", "to": "material:铜", "material": "铜", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-光电股份-600184-sh-首次覆盖报告-3f91ac62fe2f.md#chunk:9461fb83df40" ] } ] }, { "id": "company:603712", "name": "七一二", "ticker": "603712", "path": "companies/七一二-603712.md", "path_slug": "七一二-603712", "summary": "七一二（603712） 的研报主线集中在 净利润、毛利率、证券、航空：军队信息化建设加速，军用无线通信装备需求进入爆发期，公司作为核心供应商直接受益。", "degree_total": 52, "high_confidence_neighbor_count": 4, "top_relations": [ { "edge_id": "538f057c0b1e", "from": "company:603712", "to": "company:七一二", "other": "company:七一二", "other_name": "七一二", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "中航证券研究所 分析师：张超 证券执业证书号：S0640519070001 分析师：宋博 证券执业证书号：S0640520090001 邮箱：songbo@avicsec.com # 七一二（603712）2021 年中报点评：军工通信核心供应商，业绩保持高速增长 行业分类：国防军工 2021 年 8 月 18 日 | 公司投资评级 | 买入 | | --...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航证券研究所-ecc40b489ef4.md#chunk:781d49c63e58", "sources/stock-research-report-七一二-603712-f2c864cb8185.md#chunk:40bb7fc58c0b" ] }, { "edge_id": "3d4b57cc4ff0", "from": "company:002465", "to": "company:603712", "other": "company:002465", "other_name": "海格通信", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "息采集系统终端、电力综合自动化、配网自动化、光纤通信系统、船舶自动识别系统（AIS）和移动增值业务的开发、生产、销售和服务 | | 烽火电子 | 国防通信装备和电子应用产品的研发、生产、销售，形成了短波、超短波、卫星通信、无线射频、电声器材等五大类通信电子应用产品生产线 | | 七一二 | 军用专网无线通信领域能够提供全军种设备，拥有完整的军工科研生产资质...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-海格通信-002465-cdce98b45cf2.md#chunk:246046ae42d0" ] }, { "edge_id": "93bf150f8c52", "from": "company:603712", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "** 公司收购了天津振海科技有限公司 100%股权，原材料采购成本进一步降低，实现产业链拓展和延伸。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-七一二-603712-409c8b76d7d1.md#chunk:617ea55c6644" ] }, { "edge_id": "88da56ce1828", "from": "company:603712", "to": "material:石油", "other": "material:石油", "other_name": "石油", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "在石油化工、农药制造、喷涂、纺织印染、、医药制造、橡胶制品制造、电子工业、印刷与包装印刷、黑色金属冶炼、废弃厂矿区、消防应急响应等行业成熟的应用。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-公-司-研-究-16b3cc4f8ca2.md#chunk:af7b10a72a06", "sources/stock-research-report-国防军工-4273816e06fb.md#chunk:f25cea1759df" ] }, { "edge_id": "f055f9afe711", "from": "company:603712", "to": "material:电力", "other": "material:电力", "other_name": "电力", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "无线通信是利用电磁波信号可以在自由空间中传播的特性进行信息交换的一种通信方式。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-4273816e06fb.md#chunk:934e55c98169" ] }, { "edge_id": "b29d317f2277", "from": "company:600482", "to": "company:603712", "other": "company:600482", "other_name": "中国动力", "relation": "same_group", "direction": "peer", "why_it_matters": "- 100.00% --> B[中国船舶集团] B -- 100.00% --> C[中船重工集团] C -- 34.53% --> D[中国重工] C -- 100% --> E[七〇三所] C -- 100% --> F[七一一所] C -- 100% --> G[七一二所] C -- 100% --> H[国家军民融合
产业投资基金] C -...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中国动力-600482-bfa4317a66b8.md#chunk:d52162c1637b", "sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md#chunk:e6c99a1d5108" ] }, { "edge_id": "255702d92d94", "from": "company:603712", "to": "company:002465", "other": "company:002465", "other_name": "海格通信", "relation": "competitor_of", "direction": "peer", "why_it_matters": "海格通信在短波通信电台领域占优，七一二主营超短波及窄带业务，两者在军用通信市场存在差异化竞争。", "confidence": 0.85, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中航证券研究所-ecc40b489ef4.md#chunk:5d90c59757bd", "sources/stock-research-report-海格通信-002465-cdce98b45cf2.md#chunk:7597058c43b8", "sources/stock-research-report-中航证券研究所-ecc40b489ef4.md#chunk:5d90c59757bd" ] }, { "edge_id": "97eda9431719", "from": "company:603712", "to": "company:600879", "other": "company:600879", "other_name": "航天电子", "relation": "competitor_of", "direction": "peer", "why_it_matters": "场参与者不多，市场竞争程度也较低。目前主要的市场参与者有七一二、 [七一二（603712）公司点评报告] 中电科 10 所、海格通信、烽火电子、中原电子和上海瀚讯。**竞争格局上**，公司产品包括超短波通信设备和航空抗干扰通信设备等，竞争对手中电科 10 所主要从事航空电子、航天电子、通信、侦察对抗、识别、雷达等领域电子系统工程及设备的研制和生产，各专业领...", "confidence": 0.72, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中航证券研究所-ecc40b489ef4.md#chunk:5d90c59757bd" ] }, { "edge_id": "54a355cc56d4", "from": "company:603712", "to": "company:七一二", "other": "company:七一二", "other_name": "七一二", "relation": "partner_of", "direction": "peer", "why_it_matters": "2021-03-18 公司点评报告 **买入/维持** **七一二 (603712)** 昨收盘：33.26 国防军工 # 七一二(603712)：系统产品收入增长迅猛，盈利能力持续提升 ### 走势比较 | Date | 七一二 | 沪深300 | | -------- | --- | ----- | | 20/3/18 | 0 | 0 | | 20/5...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2021-03-18-1c9d3233987c.md#chunk:996c89acecc8", "sources/stock-research-report-七一二-603712-2cb336b30b26.md#chunk:a0cdda05ca75", "sources/stock-research-report-七一二-603712-dcf3f461c09d.md#chunk:96f7eaa89101", "sources/stock-research-report-国防军工-4478573c6187.md#chunk:96ac4a45ef35", "sources/stock-research-report-公-司-研-究-16b3cc4f8ca2.md#chunk:9802a0ca0117", "sources/stock-research-report-七一二-603712-409c8b76d7d1.md#chunk:08d3da4adc3d", "sources/stock-research-report-国防军工-4273816e06fb.md#chunk:8773e5dafd77", "sources/stock-research-report-七一二-603712-e83fb4ba43df.md#chunk:f13a0e7657f4" ] }, { "edge_id": "59420965b1ae", "from": "company:603712", "to": "company:002465", "other": "company:002465", "other_name": "海格通信", "relation": "partner_of", "direction": "peer", "why_it_matters": "发 | 量产阶段 | 资料来源：招股说明书，太平洋研究院整理 图表 8：2019 年可比公司研发投入占比 | 公司 | 研发人员占比 | 研发支出占收入比重 | | ---- | ------ | --------- | | 七一二 | 40.55% | 22.11% | | 海格通信 | 30.36% | 14.71% | | 烽火电子 | 40.6% ...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-4273816e06fb.md#chunk:8773e5dafd77", "sources/stock-research-report-公-司-研-究-16b3cc4f8ca2.md#chunk:9802a0ca0117" ] }, { "edge_id": "c09def229072", "from": "company:603712", "to": "topic:5g-lte升级", "other": "topic:5g-lte升级", "other_name": "5g-lte升级", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "七一二 研报中反复涉及 5G/LTE升级。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-4273816e06fb.md#chunk:69bc6e3610ec" ] }, { "edge_id": "63f4e6624128", "from": "company:603712", "to": "topic:5g铁路通信", "other": "topic:5g铁路通信", "other_name": "5g铁路通信", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "七一二 研报中反复涉及 5G铁路通信。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-公-司-研-究-16b3cc4f8ca2.md#chunk:ae8f38d4c150" ] } ], "upstream_paths": [ { "edge_id": "93bf150f8c52", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-七一二-603712-409c8b76d7d1.md#chunk:617ea55c6644" ] }, { "edge_id": "88da56ce1828", "to": "material:石油", "material": "石油", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-公-司-研-究-16b3cc4f8ca2.md#chunk:af7b10a72a06", "sources/stock-research-report-国防军工-4273816e06fb.md#chunk:f25cea1759df" ] }, { "edge_id": "f055f9afe711", "to": "material:电力", "material": "电力", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-4273816e06fb.md#chunk:934e55c98169" ] } ] }, { "id": "company:603308", "name": "应流股份", "ticker": "603308", "path": "companies/应流股份-603308.md", "path_slug": "应流股份-603308", "summary": "应流股份（603308） 的研报主线集中在 净利润、同比、投资建议、证券：AI数据中心建设催化全球燃机需求加速上行，海外龙头产能紧张且订单可见度超4年，公司作为国内燃机叶片龙头充分受益订单外溢。", "degree_total": 52, "high_confidence_neighbor_count": 3, "top_relations": [ { "edge_id": "04ca454daf02", "from": "company:603308", "to": "company:000777", "other": "company:000777", "other_name": "中核科技", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "公司客户包括西门子、贝克休斯、安萨尔多、曼恩、中国重燃、上海电气、东方电气、航发燃机、龙江广瀚、哈尔滨汽轮机、南京汽轮机等知名企业。航发领域客户包括 GE 航空、赛峰、罗罗、中国商发、航天科工等行业龙头。此外，在传统业务方面，公司也已成功供货卡特彼勒、艾默生、斯伦贝谢、沈鼓集团、中核科技等国内外头部客户。 图表2：公司主要客户 来源：公司公告，公司官微，国...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md#chunk:5adcbf757c2a" ] }, { "edge_id": "a237256cb55f", "from": "company:603308", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "**风险提示：**原材料价格波动风险；", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-应流股份-603308-sh-优于大市-8ffdd48fb725.md#chunk:82412b5da3f9" ] }, { "edge_id": "c8a3fb88d2a4", "from": "company:603308", "to": "material:天然气", "other": "material:天然气", "other_name": "天然气", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "2、燃气轮机：AI 催化燃机需求上行，看好公司燃机叶片订单持续高增 ..................................", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md#chunk:0888af10c5da", "sources/stock-research-report-证券研究报告-公司点评报告-通用设备-cb8360cb1477.md#chunk:4dd401394491", "sources/stock-research-report-股票投资评级-00faef49b0c4.md#chunk:6aa5976699e9", "sources/stock-research-report-应流股份-603308-sh-a8e6785e0de2.md#chunk:e746d09a44df", "sources/stock-research-report-华发集团控股公司-a852f437c4e3.md#chunk:136bf816429d", "sources/stock-research-report-机械设备-报告日期-2025-年-08-月-13-日-92ff84317c47.md#chunk:ae82b9c14c1e", "sources/stock-research-report-应流股份-603308-sh-优于大市-8ffdd48fb725.md#chunk:82412b5da3f9", "sources/stock-research-report-应流股份-603308-3676d6e94836.md#chunk:30fe7d4ae8b5" ] }, { "edge_id": "a2492d7af5bc", "from": "company:603308", "to": "material:钢材", "other": "material:钢材", "other_name": "钢材", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "**2025H1，公司营收 13.84 亿元，同比增长 9%，其中，高温合金产品及精密铸钢件产品收入 8.42 亿元，同比增长 6%，核电及其他中大型铸钢件产品收入 3.26 亿元，同比增长 6%，新型材料与装备收入 1.46 亿元，同比增长 74%，其他业务收入 0.64 亿元，同比减少 24%。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-股票投资评级-00faef49b0c4.md#chunk:671a8e6c01a7", "sources/stock-research-report-证券研究报告-公司点评报告-通用设备-cb8360cb1477.md#chunk:4dd401394491", "sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md#chunk:9883a5c0c6c9", "sources/stock-research-report-应流股份-603308-sh-d747a6cb716a.md#chunk:f4c7eaf5dab0", "sources/stock-research-report-应流股份-603308-sh-优于大市-8ffdd48fb725.md#chunk:b0ab2566a795" ] }, { "edge_id": "247f520b4f8f", "from": "company:603308", "to": "material:煤炭", "other": "material:煤炭", "other_name": "煤炭", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "无缝管等燃气轮机、煤炭、核电等电厂用的结构件；", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md#chunk:274473eb245b" ] }, { "edge_id": "a8d9d4134a51", "from": "company:603308", "to": "material:电力", "other": "material:电力", "other_name": "电力", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "燃气轮机在电力、能源开采与输送、舰船以及分布式能源系统方面应用广泛，是关系国家安全和国民经济持续增长的重大动力装备，被誉为工业制造领域“皇冠上的明珠”，是展现一个国家先进科技水平、强大军事实力和综合国力的重要标志。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md#chunk:49283eddcdb1" ] }, { "edge_id": "e6c0cc46df97", "from": "company:603308", "to": "material:石油", "other": "material:石油", "other_name": "石油", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "公司前身为成立于 2000 年的安徽霍山应流铸造，主要生产泵及阀门零件、机械装备构件，产品应用于石油天然气、核电、工程和矿山机械领域。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md#chunk:844a90bab900" ] }, { "edge_id": "d4228529f5c1", "from": "company:603308", "to": "material:钴", "other": "material:钴", "other_name": "钴", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "用于能源市场的挤压无缝管，以及上游钛合金、镍钴合金等金属产品。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md#chunk:9883a5c0c6c9" ] }, { "edge_id": "7af6f6794ee1", "from": "company:603308", "to": "material:锂", "other": "material:锂", "other_name": "锂", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "先进材料首次在国产民机大规模应用，特别第三代铝锂合金材料、先进复合材料用量分别达到 8.8%和 12%；", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md#chunk:b0582e6a8c78" ] }, { "edge_id": "6195c64473bc", "from": "company:603308", "to": "material:镍", "other": "material:镍", "other_name": "镍", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "（2）锻造板块，公司为航空航天、工业燃气轮机和一般工业市场生产镍基、钛和钢合金部件；", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md#chunk:9883a5c0c6c9" ] }, { "edge_id": "7ef72159956d", "from": "company:000777", "to": "company:603308", "other": "company:000777", "other_name": "中核科技", "relation": "same_group", "direction": "peer", "why_it_matters": "33% | 5.89% | | | 毛利率 (%) | 21.01% | 23.74% | 23.99% | 24.13% | 资料来源：Wind，华金证券研究所 # 二、可比公司估值对比 我们选取业务结构相近的行业公司江苏神通（石化、冶金与核电阀门）、纽威股份（工业阀门）、应流股份（精密铸件、核级材料）作为可比公司。公司已形成阀门生产制造加服务的全产业链...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-华发集团控股公司-4eafcc93318a.md#chunk:252b9d4fc3d8" ] }, { "edge_id": "0cb1c88593fb", "from": "company:000777", "to": "company:603308", "other": "company:000777", "other_name": "中核科技", "relation": "competitor_of", "direction": "peer", "why_it_matters": "业务相近的可比公司，用于估值对比。", "confidence": 0.9, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-机械设备-c0a2eca6c861.md#chunk:3bedfa98adee", "sources/stock-research-report-机械设备-报告日期-2025-年-08-月-13-日-92ff84317c47.md#chunk:290ac5bc5877", "sources/stock-research-report-华发集团控股公司-4eafcc93318a.md#chunk:252b9d4fc3d8" ] } ], "upstream_paths": [ { "edge_id": "a237256cb55f", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-应流股份-603308-sh-优于大市-8ffdd48fb725.md#chunk:82412b5da3f9" ] }, { "edge_id": "c8a3fb88d2a4", "to": "material:天然气", "material": "天然气", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md#chunk:0888af10c5da", "sources/stock-research-report-证券研究报告-公司点评报告-通用设备-cb8360cb1477.md#chunk:4dd401394491", "sources/stock-research-report-股票投资评级-00faef49b0c4.md#chunk:6aa5976699e9", "sources/stock-research-report-应流股份-603308-sh-a8e6785e0de2.md#chunk:e746d09a44df", "sources/stock-research-report-华发集团控股公司-a852f437c4e3.md#chunk:136bf816429d", "sources/stock-research-report-机械设备-报告日期-2025-年-08-月-13-日-92ff84317c47.md#chunk:ae82b9c14c1e", "sources/stock-research-report-应流股份-603308-sh-优于大市-8ffdd48fb725.md#chunk:82412b5da3f9", "sources/stock-research-report-应流股份-603308-3676d6e94836.md#chunk:30fe7d4ae8b5" ] }, { "edge_id": "a2492d7af5bc", "to": "material:钢材", "material": "钢材", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-股票投资评级-00faef49b0c4.md#chunk:671a8e6c01a7", "sources/stock-research-report-证券研究报告-公司点评报告-通用设备-cb8360cb1477.md#chunk:4dd401394491", "sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md#chunk:9883a5c0c6c9", "sources/stock-research-report-应流股份-603308-sh-d747a6cb716a.md#chunk:f4c7eaf5dab0", "sources/stock-research-report-应流股份-603308-sh-优于大市-8ffdd48fb725.md#chunk:b0ab2566a795" ] }, { "edge_id": "247f520b4f8f", "to": "material:煤炭", "material": "煤炭", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md#chunk:274473eb245b" ] }, { "edge_id": "a8d9d4134a51", "to": "material:电力", "material": "电力", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md#chunk:49283eddcdb1" ] }, { "edge_id": "e6c0cc46df97", "to": "material:石油", "material": "石油", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md#chunk:844a90bab900" ] }, { "edge_id": "d4228529f5c1", "to": "material:钴", "material": "钴", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md#chunk:9883a5c0c6c9" ] }, { "edge_id": "7af6f6794ee1", "to": "material:锂", "material": "锂", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md#chunk:b0582e6a8c78" ] } ] }, { "id": "company:000969", "name": "安泰科技", "ticker": "000969", "path": "companies/安泰科技-000969.md", "path_slug": "安泰科技-000969", "summary": "安泰科技（000969） 的研报主线集中在 净利润、同比、证券、风险：中国钢研集团金属新材料产业化平台，“2+3+4”业务体系构筑多谱系共振发展格局。", "degree_total": 51, "high_confidence_neighbor_count": 1, "top_relations": [ { "edge_id": "e8c08b1c3229", "from": "company:000969", "to": "material:钢材", "other": "material:钢材", "other_name": "钢材", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "** 24H1 稀土价格和钢价持续弱势，其中钕铁硼价格同比-23%；", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-安泰科技-000969-sz-买入-维持评级-4023803ccf22.md#chunk:d6ad8fa49b18", "sources/stock-research-report-有色金属-证券研究报告-调整盈利预测-2025年11月11日-3eac50725b82.md#chunk:482f694188a7", "sources/stock-research-report-有色金属-金属新材料-433687664137.md#chunk:dff3e4fc61bc", "sources/stock-research-report-有色金属-金属新材料-08930126384e.md#chunk:d0bd99b5a439", "sources/stock-research-report-证券研究报告-有色金属-公司点评报告-128367a1304e.md#chunk:6f46edab991d", "sources/stock-research-report-安泰科技-000969-sz-721880a2efe2.md#chunk:4b48f6024703", "sources/stock-research-report-安泰科技-000969-公司点评报告-dbe9b839f3e9.md#chunk:33c7901fdac0" ] }, { "edge_id": "b889044e128a", "from": "company:000969", "to": "material:稀土", "other": "material:稀土", "other_name": "稀土", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "公司先进功能材料板块收入较大占比为稀土永磁材料业务，由于 2023 年钕铁硼 N52 价格同比-19.43%，但先进材料业务仍实现逆势扩张；", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-安泰科技-000969-sz-721880a2efe2.md#chunk:4b48f6024703", "sources/stock-research-report-安泰科技-000969-sz-买入-维持评级-4023803ccf22.md#chunk:d6ad8fa49b18", "sources/stock-research-report-有色金属-证券研究报告-调整盈利预测-2025年11月11日-3eac50725b82.md#chunk:f05d3bd084ea", "sources/stock-research-report-有色金属-金属新材料-433687664137.md#chunk:dff3e4fc61bc", "sources/stock-research-report-安泰科技-000969-公司点评报告-dbe9b839f3e9.md#chunk:f151604eef1f", "sources/stock-research-report-证券研究报告-有色金属-公司点评报告-128367a1304e.md#chunk:5bf11f393c52" ] }, { "edge_id": "71c525fe1a66", "from": "company:000969", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "安泰天龙受海外市场及原材料价格大幅上涨影响业绩略有下降，当前正加大产品结构调整，高端医疗装备领域新签合同同比增长 32.26%，平面显示靶类产品、热沉业务新签合同均增长超 60%；", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-有色金属-金属新材料-08930126384e.md#chunk:d0bd99b5a439", "sources/stock-research-report-安泰科技-000969-sz-721880a2efe2.md#chunk:4b48f6024703", "sources/stock-research-report-安泰科技-000969-sz-78b242ea291c.md#chunk:8d7546a703df", "sources/stock-research-report-安泰科技-000969-公司点评报告-dbe9b839f3e9.md#chunk:ba087ce5fe25" ] }, { "edge_id": "c2970719d12f", "from": "company:000969", "to": "material:铜", "other": "material:铜", "other_name": "铜", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "**公司是国内第一家具备聚变钨铜偏滤器生产能力的公司,具备从原材料到部件交付的全套技术,研制和生产过程在公司内部形成闭环,已实现钨铜偏滤器、钨铜限制器、包层第一壁、钨硼中子屏蔽材料等全系列涉钨产品的研发和生产。", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-安泰科技-000969-sz-78b242ea291c.md#chunk:8d7546a703df", "sources/stock-research-report-有色金属-金属新材料-433687664137.md#chunk:5cf09aee14d1", "sources/stock-research-report-安泰科技-000969-公司点评报告-dbe9b839f3e9.md#chunk:67091df4d4e3" ] }, { "edge_id": "fd01e2ce1a2d", "from": "company:000969", "to": "material:镍", "other": "material:镍", "other_name": "镍", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "B5 --> B5d[铁镍钼磁粉芯]", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-有色金属-金属新材料-433687664137.md#chunk:520f73b1cad0", "sources/stock-research-report-有色金属-金属新材料-08930126384e.md#chunk:d0bd99b5a439" ] }, { "edge_id": "923c419b3b53", "from": "company:000969", "to": "material:天然气", "other": "material:天然气", "other_name": "天然气", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "安泰三英重点拓展造船、海工及高端不锈钢特种焊剂堆焊业务，成功打破 LNG 运输船、深海平台等领域的国外垄断。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-有色金属-金属新材料-08930126384e.md#chunk:d0bd99b5a439" ] }, { "edge_id": "756b70329cdb", "from": "company:000969", "to": "material:有色金属", "other": "material:有色金属", "other_name": "有色金属", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "证券研究报告：有色金属 | 公司点评报告", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-有色金属-公司点评报告-128367a1304e.md#chunk:d5a2e02d150c" ] }, { "edge_id": "309711748f54", "from": "company:000969", "to": "material:电力", "other": "material:电力", "other_name": "电力", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "软磁材料是一种易于磁化的也易于退磁的材料，具有高饱和磁感、低损耗、高磁导率、小型化、耐腐蚀等特点，被广泛应用于电力电子、通信电子、计算机、光伏逆变器、储能、新能源汽车等领域。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-有色金属-金属新材料-433687664137.md#chunk:520f73b1cad0" ] }, { "edge_id": "ebbeff4518f1", "from": "company:000969", "to": "material:石油", "other": "material:石油", "other_name": "石油", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "生产 1 公斤非晶合金薄带比生产 1 公斤硅钢约可节省 1 升石油。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-有色金属-金属新材料-433687664137.md#chunk:46bbf28b1662" ] }, { "edge_id": "993a3257a026", "from": "company:000969", "to": "material:碳纤维", "other": "material:碳纤维", "other_name": "碳纤维", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "广汽夸克电驱 2.0 非晶-碳纤维超级电驱已实现小批量装车并即将实现规模化批产，可在电池容量不变的前提下提升 30-50km 续航里程，我们认为反映非晶电机的量产工艺已经实现突破，未来或有更多车型开始搭载非晶电机。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-有色金属-金属新材料-433687664137.md#chunk:43b1fbb8e43d" ] }, { "edge_id": "ae492a1097e7", "from": "company:000969", "to": "material:铝", "other": "material:铝", "other_name": "铝", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "B5 --> B5c[铁硅铝磁粉芯]", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-有色金属-金属新材料-433687664137.md#chunk:520f73b1cad0" ] }, { "edge_id": "f7b6fd8305bf", "from": "company:000969", "to": "company:000969.SZ", "other": "company:000969.SZ", "other_name": "安泰科技", "relation": "partner_of", "direction": "peer", "why_it_matters": "# 安泰科技 (000969.SZ) # 买入 （维持评级） **公司点评** **证券研究报告** ## 盈利逆势扩张，聚焦核心产业 **金属材料组** **分析师：李超（执业 S1130522120001)** **lichao3@gjzq.com.cn** **分析师：王钦扬（执业 S1130523120001)*", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-安泰科技-000969-sz-721880a2efe2.md#chunk:4b48f6024703", "sources/stock-research-report-安泰科技-000969-sz-买入-维持评级-4023803ccf22.md#chunk:d6ad8fa49b18", 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"material": "镍", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-有色金属-金属新材料-433687664137.md#chunk:520f73b1cad0", "sources/stock-research-report-有色金属-金属新材料-08930126384e.md#chunk:d0bd99b5a439" ] }, { "edge_id": "923c419b3b53", "to": "material:天然气", "material": "天然气", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-有色金属-金属新材料-08930126384e.md#chunk:d0bd99b5a439" ] }, { "edge_id": "756b70329cdb", "to": "material:有色金属", "material": "有色金属", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-有色金属-公司点评报告-128367a1304e.md#chunk:d5a2e02d150c" ] }, { "edge_id": "309711748f54", "to": "material:电力", "material": "电力", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-有色金属-金属新材料-433687664137.md#chunk:520f73b1cad0" ] } ] }, { "id": "company:603885", "name": "吉祥航空", "ticker": "603885", "path": "companies/吉祥航空-603885.md", "path_slug": "吉祥航空-603885", "summary": "吉祥航空（603885） 的研报主线集中在 航空、净利润、毛利率、石油：宽体机引进完毕且利用率显著提升，叠加资本开支放缓降低财务费用，单位成本有望摊薄，盈利改善空间明确。", "degree_total": 48, "high_confidence_neighbor_count": 4, "top_relations": [ { "edge_id": "10ffde699670", "from": "company:603885", "to": "material:石油", "other": "material:石油", "other_name": "石油", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "因业务量上升，公司营业成本有所增长，达到 189.8 亿元，同比增长 10.5%，单位 ASK 非航油成本延续节降态势，下降 5.2%至 0.216 元。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-证券研究报告-交通运输-公司点评报告-b1af9b0cedea.md#chunk:81f6bcde7c9a", "sources/stock-research-report-吉祥航空-603885-sh-66cf1ab710a6.md#chunk:485214ae2a4d", "sources/stock-research-report-吉祥航空-603885-sh-2025-年三季报点评-b98515d97bf1.md#chunk:7bfb3cbc571d", "sources/stock-research-report-吉祥航空-603885-sh-2025-年中报点评-f3cbfbf4851c.md#chunk:0e18b2ae202c", "sources/stock-research-report-吉祥航空-603885-sh-优于大市-f1a64f7b5f39.md#chunk:789d26ce51c7", "sources/stock-research-report-吉祥航空-603885-sh-2025-年中报点评-营收及利润双增-看好座收回升利润弹性-2fe15db13883.md#chunk:925ab143a406", "sources/stock-research-report-吉祥航空-603885-sh-2025-年三季报点评-航线收益品质优化-静待盈利回升-b2f270e6e3f1.md#chunk:0caff6a659cc", "sources/stock-research-report-吉祥航空-603885-sh-2024-年年报点评-a7f72d68bd90.md#chunk:cd85db93e716", "sources/stock-research-report-发布时间-2025-11-03-826b798f0bcf.md#chunk:6901079ca7ab" ] }, { "edge_id": "70c54e3fd084", "from": "company:600115", "to": "company:603885", "other": "company:600115", "other_name": "中国东航", "relation": "same_group", "direction": "peer", "why_it_matters": "05.1 亿元（+56.2%），EPS 分别为 -0.16 元、0.30 元、0.47 元，2024-25 年 EPS 对应动态 PE 分别为 14.1 倍和 9.0 倍。 综合考虑业务范围，选取了交通运输行业 6 家上市航空公司作为估值参考，其中中国国航、南方航空、中国东航、吉祥航空以及海航控股是全国范围内的全服务航空公司，华夏航空是区域全服务航空，春秋...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-三季度扭亏为盈-归母净利润创单季历史新高-153a5373d4ba.md#chunk:4ed35cb512c9" ] }, { "edge_id": "88e2633999aa", "from": "company:601111", "to": "company:603885", "other": "company:601111", "other_name": "中国国航", "relation": "same_group", "direction": "peer", "why_it_matters": "资料来源：Wind，中银证券 我国主要航空上市公司机队规模未来 3 年净引进飞机增速均值为 4.76%。根据航空上市公司披露数据显示，2025-2027 年净引进飞机计划为：中国国航为 30、30、55 架，南方航空为 53、55、59 架，中国东航为 34、51、28 架，吉祥航空为 3、8、6 架，春秋航空 5、12、14 架；海航控股 2024-20...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-601111-sh-9bea4445b90e.md#chunk:fceecd35173c" ] }, { "edge_id": "9ed8b02e8678", "from": "company:600115", "to": "company:603885", "other": "company:600115", "other_name": "中国东航", "relation": "competitor_of", "direction": "peer", "why_it_matters": "民营航司代表，用于远期PE估值对比。", "confidence": 0.9, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中国东航-600115-sh-优于大市-c9e9f06f3d82.md#chunk:950e884b945d" ] }, { "edge_id": "35f854b86c44", "from": "company:002928", "to": "company:603885", "other": "company:002928", "other_name": "华夏航空", "relation": "competitor_of", "direction": "peer", "why_it_matters": "大多数中小城市 | 需求分散的中小城市、旅游城市 | 资料来源：公司年报，中银证券 ## 2.1 市场格局：支线航空为航空细分赛道，华夏航空具有先发优势 支线航空相比干线竞争压力较小。我国国航、东航、南航和海航四大航空集团占据了国内干线航空客货运输市场的较大份额，春秋航空、吉祥航空等区域性航空公司主要面向干线市场，在支线航空投入比例有限。由于支线航空的机型...", "confidence": 0.72, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-2026年4月12日-e87abb5b03aa.md#chunk:8991ff1c0189", "sources/stock-research-report-证券研究报告-公司研究报告-531240c49c4c.md#chunk:ca98f35a0aeb" ] }, { "edge_id": "900bb9ab7b74", "from": "company:600115", "to": "company:603885", "other": "company:600115", "other_name": "中国东航", "relation": "risk_transmits_to", "direction": "risk", "why_it_matters": "民航客运供给增速又明显放缓，我们预计 2025-2026 年我国民航客运供需将逐步达到平衡，届时航空公司业绩也将恢复至正常水平，且确定性较高，因此目前可以对比航空公司 2026 年的远期 PE 估值。以 2026 年净利润为基数，中国东航与可比公司（中国国航、南方航空、春秋航空、吉祥航空）的 PE 水平基本位于同一区间（10\\~15 倍 PE）。 表2：中...", "confidence": 0.58, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中国东航-600115-sh-优于大市-c9e9f06f3d82.md#chunk:b2cea14da419" ] }, { "edge_id": "fa8d775cfcc2", "from": "company:600221", "to": "company:603885", "other": "company:600221", "other_name": "海航控股", "relation": "risk_transmits_to", "direction": "risk", "why_it_matters": ".53 元，位列行业第三、达到“三大航”水平，在上市航司中，相对 2019 年同期涨幅最高。 * **盈利预测与评级：**我们预计公司 2025-2027 年归母净利润分别为 27.17/44.91/56.84 亿元，同比增速分别为-/65.31%/26.56%。参考中国国航、吉祥航空等可比公司 2025-2027 平均估值（25x/15x/12x），公司...", "confidence": 0.58, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-交通运输-航空机场-60bf9d1768ac.md#chunk:99b722f488cf" ] }, { "edge_id": "339d935edc7e", "from": "company:603885", "to": "topic:roe", "other": "topic:roe", "other_name": "ROE", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "吉祥航空 研报中反复涉及 ROE。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-吉祥航空-603885-sh-2025-年三季报点评-航线收益品质优化-静待盈利回升-b2f270e6e3f1.md#chunk:2d2fa4340b46" ] }, { "edge_id": "8df573aae7b3", "from": "company:603885", "to": "topic:rpk", "other": "topic:rpk", "other_name": "RPK", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "吉祥航空 研报中反复涉及 RPK。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-吉祥航空-603885-sh-2025-年三季报点评-航线收益品质优化-静待盈利回升-b2f270e6e3f1.md#chunk:2d2fa4340b46" ] }, { "edge_id": "4b75cee808ba", "from": "company:603885", "to": "topic:业绩预测", "other": "topic:业绩预测", "other_name": "业绩预测", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "吉祥航空 研报中反复涉及 业绩预测。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-发布时间-2025-11-03-826b798f0bcf.md#chunk:6901079ca7ab" ] }, { "edge_id": "028fbcf251d4", "from": "company:603885", "to": "topic:九元航空", "other": "topic:九元航空", "other_name": "九元航空", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "吉祥航空 研报中反复涉及 九元航空。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-吉祥航空-603885-sh-2025-年中报点评-f3cbfbf4851c.md#chunk:0e18b2ae202c" ] }, { "edge_id": "fa4300e5cc7c", "from": "company:603885", "to": "topic:估值", "other": "topic:估值", "other_name": "估值", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "吉祥航空 研报中反复涉及 估值。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-吉祥航空-603885-sh-2025-年中报点评-f3cbfbf4851c.md#chunk:0e18b2ae202c" ] } ], "upstream_paths": [ { "edge_id": "10ffde699670", "to": "material:石油", "material": "石油", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-证券研究报告-交通运输-公司点评报告-b1af9b0cedea.md#chunk:81f6bcde7c9a", "sources/stock-research-report-吉祥航空-603885-sh-66cf1ab710a6.md#chunk:485214ae2a4d", "sources/stock-research-report-吉祥航空-603885-sh-2025-年三季报点评-b98515d97bf1.md#chunk:7bfb3cbc571d", "sources/stock-research-report-吉祥航空-603885-sh-2025-年中报点评-f3cbfbf4851c.md#chunk:0e18b2ae202c", "sources/stock-research-report-吉祥航空-603885-sh-优于大市-f1a64f7b5f39.md#chunk:789d26ce51c7", "sources/stock-research-report-吉祥航空-603885-sh-2025-年中报点评-营收及利润双增-看好座收回升利润弹性-2fe15db13883.md#chunk:925ab143a406", "sources/stock-research-report-吉祥航空-603885-sh-2025-年三季报点评-航线收益品质优化-静待盈利回升-b2f270e6e3f1.md#chunk:0caff6a659cc", "sources/stock-research-report-吉祥航空-603885-sh-2024-年年报点评-a7f72d68bd90.md#chunk:cd85db93e716", "sources/stock-research-report-发布时间-2025-11-03-826b798f0bcf.md#chunk:6901079ca7ab" ] } ] }, { "id": "company:600435", "name": "北方导航", "ticker": "600435", "path": "companies/北方导航-600435.md", "path_slug": "北方导航-600435", "summary": "北方导航（600435） 的研报主线集中在 净利润、同比、投资建议、营收：经营拐点已至，逐季改善趋势明确。受益于“十四五”收官装备列装加速，导航主业交付提速，2025Q1-Q3归母净利润同比大增268.8%，Q3末合同负债同比+238.8%，后续业绩有望延续改善。", "degree_total": 47, "high_confidence_neighbor_count": 3, "top_relations": [ { "edge_id": "4d5037c64b2f", "from": "company:600435", "to": "company:600879", "other": "company:600879", "other_name": "航天电子", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "--> C subgraph C[控制仓
（二级配套单位）] C1[战斗部] C2[动力装置] C3[其它分系统] end C --> D[弹药总装生产或研发单位
（一级配套单位）] end subgraph 企事业单位 E[兵器集团下属企业、航天电子、长盈通、中航六一八所、北京自动化控制设备研究所、保定开拓精密仪器制造有限责任公司等] F...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2025-年-11-月-18-日-216252507999.md#chunk:de6e176db17a", "sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md#chunk:a262e875cac8" ] }, { "edge_id": "25e33ebae4a0", "from": "company:003009", "to": "company:600435", "other": "company:003009", "other_name": "中天火箭", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "司增雨防雹火箭和炭/炭热场材料的产能及市占率均处于细分行业领先水平，伴随可转债项目在 2024 年底投产，公司将延续行业龙头地位。 ### 相关研究 1. 国科军工（688543.SH）首次覆盖报告：悠久资产焕发新动力；弹药/制导装备核心配套商-2023/11/24 2. 北方导航（600435.SH）首次覆盖报告：信息化系列#5：制导装备核心配套；远火需...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md#chunk:c59aa9ec655a" ] }, { "edge_id": "8001e527f700", "from": "company:600435", "to": "company:688282", "other": "company:688282", "other_name": "理工导航", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "其它分系统] end C --> D[弹药总装生产或研发单位
（一级配套单位）] end subgraph 企事业单位 E[兵器集团下属企业、航天电子、长盈通、中航六一八所、北京自动化控制设备研究所、保定开拓精密仪器制造有限责任公司等] F[兵器集团下属企业、理工导航、晨曦航空、星网宇达、航天电子、中航六一八所等] G[兵器集团及其下属单位
（四级配套单位）] --> B", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-2025-年-11-月-18-日-216252507999.md#chunk:41ffec517860" ] }, { "edge_id": "fa54a51b364b", "from": "company:600435", "to": "material:电力", "other": "material:电力", "other_name": "电力", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "公司以军品二三四级配套为主，以“导航控制和弹药信息化技术”为主营业务，涵盖导航与控制、军事通信、智能集成连接三大领域，以导航控制、弹药信息化系统、短波电台和卫星通信系统、军用电连接器等领域的整机、核心部件为主要产品。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2025-年-11-月-18-日-216252507999.md#chunk:fae540d2eea2", "sources/stock-research-report-北方导航-600435-178f8fb69c06.md#chunk:8f98c872e122" ] }, { "edge_id": "0eb8587a21d4", "from": "company:600435", "to": "material:碳纤维", "other": "material:碳纤维", "other_name": "碳纤维", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "① **衡阳光电**：主要产品为电子控制箱及检测系统，复合材料、智能配电设备、伺服机构图像处理等。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-北方导航-600435-178f8fb69c06.md#chunk:b03acae73df6" ] }, { "edge_id": "4bb1fabbf57f", "from": "company:600435", "to": "material:钢材", "other": "material:钢材", "other_name": "钢材", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "一方面，“量大”是“钢铁暴雨”作战方式的必然结果。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2025-年-11-月-18-日-216252507999.md#chunk:e78e22b054b3" ] }, { "edge_id": "3bfcf2561ebd", "from": "company:600184", "to": "company:600435", "other": "company:600184", "other_name": "光电股份", "relation": "same_group", "direction": "peer", "why_it_matters": "咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 20 ## 表2：分产品毛利（百万元）及毛利率预测 资料来源：wind，ifind，民生证券研究院预测 ## 4.2 估值分析与投资建议 考虑到光电股份业务属性，没有较为直接的可比公司，我们选取同产业链上的中兵红箭、北方导航、高德红外作为公司的可比公司进行比较分析。1) **中兵红箭**：公司是中国兵...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-光电股份-600184-sh-首次覆盖报告-3f91ac62fe2f.md#chunk:5930f48ef744" ] }, { "edge_id": "3979c6b80568", "from": "company:600435", "to": "company:688543", "other": "company:688543", "other_name": "国科军工", "relation": "same_group", "direction": "peer", "why_it_matters": "京自动化控制设备研究所、保定开拓精密仪器制造有限责任公司等] F[兵器集团下属企业、理工导航、晨曦航空、星网宇达、航天电子、中航六一八所等] G[兵器集团及其下属单位
（包括北方导航）、
航天科工集团及其下属单位、
航天科技集团及其下属单位、
国科军工等] H[兵器集团及其其下属单位、
航天科工集团及其下属单位、股份有限公司] -- 43.77% --> B[江西洪都航空工业股份
有限公司] A2[江西洪都航空工业
集团有限责任公司] -- 4.38% --> B A3[其他股东] -- 51.85% --> B B -- 35.00% --> C1[中航光电互连科技
（南昌）有限公司] B -- 35.00% --> C2[...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-洪都航空-600316-sh-d31eee31ff8e.md#chunk:25206086d5ab" ] }, { "edge_id": "3f9d170b1e93", "from": "company:000768", "to": "company:600316", "other": "company:000768", "other_name": "中航西飞", "relation": "partner_of", "direction": "peer", "why_it_matters": "| 7.47% | | | 毛利（百万元） | 2,779.67 | 2,878.80 | 3,146.09 | 3,523.47 | 资料来源：同花顺，东海证券研究所测算 ## 4.2.投资建议 公司主营业务在大中型军机和民机等航空装备领域，我们选取航空制造领域的中航沈飞、洪都航空和机载系统领域的中航机载作为可比公司，对应 2026-2028 年可比公司...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-增持-首次覆盖-d12cf1eeb2cc.md#chunk:28ede6768a3b" ] }, { "edge_id": "ae8893e2bcef", "from": "company:600316", "to": "company:002389", "other": "company:002389", "other_name": "航天彩虹", "relation": "partner_of", "direction": "peer", "why_it_matters": ".0/119.6/159.1 亿元，同比+46.6%/+55.4%/33.0%；实现归母净利润 1.2/2.0/2.7 亿元，同比+203.8%/+70.4%/+34.6%，对应 EPS 为 0.17/0.28/0.38 元。我们选取与公司业务相近的航空主机厂航发动力、中无人机、航天彩虹作为可比公司，2027 年 PE 中位数为 89 倍。考虑到公司新产品...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-洪都航空-600316-sh-d31eee31ff8e.md#chunk:52d99b5574b2" ] }, { "edge_id": "2237c45b64eb", "from": "company:600316", "to": "company:600893", "other": "company:600893", "other_name": "航发动力", "relation": "partner_of", "direction": "peer", "why_it_matters": "司实现营业收入 77.0/119.6/159.1 亿元，同比+46.6%/+55.4%/33.0%；实现归母净利润 1.2/2.0/2.7 亿元，同比+203.8%/+70.4%/+34.6%，对应 EPS 为 0.17/0.28/0.38 元。我们选取与公司业务相近的航空主机厂航发动力、中无人机、航天彩虹作为可比公司，2027 年 PE 中位数为 89 ...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-洪都航空-600316-sh-d31eee31ff8e.md#chunk:25206086d5ab" ] }, { "edge_id": "4d5766bd22dc", "from": "company:600316", "to": "company:688297", "other": "company:688297", "other_name": "中无人机", "relation": "partner_of", "direction": "peer", "why_it_matters": "收入 77.0/119.6/159.1 亿元，同比+46.6%/+55.4%/33.0%；实现归母净利润 1.2/2.0/2.7 亿元，同比+203.8%/+70.4%/+34.6%，对应 EPS 为 0.17/0.28/0.38 元。我们选取与公司业务相近的航空主机厂航发动力、中无人机、航天彩虹作为可比公司，2027 年 PE 中位数为 89 倍。考虑到...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-洪都航空-600316-sh-d31eee31ff8e.md#chunk:25206086d5ab" ] }, { "edge_id": "8ba757e6ab59", "from": "company:601606", "to": "company:600316", "other": "company:601606", "other_name": "长城军工", "relation": "partner_of", "direction": "peer", "why_it_matters": "2022 年新增 1 家上市公司理工导航，2023 年新增 1 家上市公司国科军工。 图26 弹药/智能弹药产业投资图谱 ```mermaid graph TD Title[弹药/智能弹药产业投资图谱] subgraph \"智能弹药总装\" A1[中兵红箭] A2[洪都航空] A3[湖南兵器] A4[新余国科] A5[高德红外] A6[国科军工] A7[长城...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司深度报告-f04570c0fa80.md#chunk:96a7d7319cbc" ] }, { "edge_id": "aefcbf829bcb", "from": "company:600316", "to": "topic:业绩反转", "other": "topic:业绩反转", "other_name": "业绩反转", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "洪都航空 研报中反复涉及 业绩反转。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-华发集团旗下企业-147cb9bf21fc.md#chunk:28957bd7ad22" ] }, { "edge_id": "cd4a987a0d7f", "from": "company:600316", "to": "topic:业绩承压", "other": "topic:业绩承压", "other_name": "业绩承压", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "洪都航空 研报中反复涉及 业绩承压。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-华发集团旗下企业-73cf8ffba7c5.md#chunk:0b8a8fcfd477" ] }, { "edge_id": "5728391e3d24", "from": "company:600316", "to": "topic:业绩拐点", "other": "topic:业绩拐点", "other_name": "业绩拐点", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "洪都航空 研报中反复涉及 业绩拐点。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-洪都航空-600316-进入历史性拐点-8847b2a799b3.md#chunk:7d37601aad04" ] }, { "edge_id": "579e577e1b35", "from": "company:600316", "to": "topic:业绩预测", "other": "topic:业绩预测", "other_name": "业绩预测", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "洪都航空 研报中反复涉及 业绩预测。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-华发集团旗下企业-5e8c5f69056d.md#chunk:c22dd3ec01ad" ] } ], "upstream_paths": [ { "edge_id": "5b0c201396a1", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-华发集团旗下企业-73cf8ffba7c5.md#chunk:0b8a8fcfd477" ] } ] }, { "id": "company:688231", "name": "隆达股份", "ticker": "688231", "path": "companies/隆达股份-688231.md", "path_slug": "隆达股份-688231", "summary": "隆达股份（688231） 的研报主线集中在 高温合金、净利润、证券、产能扩张：战略转型成效显著，高温合金业务占比及盈利能力大幅提升，逐步替代低附加值合金管材业务。", "degree_total": 47, "high_confidence_neighbor_count": 4, "top_relations": [ { "edge_id": "e752fe6d05aa", "from": "company:688231", "to": "company:300855", "other": "company:300855", "other_name": "图南股份", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "基于国家在计划经济时期规划的高温合金生产基地和研发基地以及一些原航空工业配套高温合金铸件的专业铸造单位。一类是以抚顺特钢、宝钢特钢、长城特钢等特钢企业为主的大型钢铁厂变形高温合金生产基地；一类是以钢研总院、中科院金属所、北京航材院、北京北冶为代表的研究、生产基地；一类是民营背景的图南股份、中洲特材、中航上大、四川六合、隆达股份。 表6：高温合金行业主要企业...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md#chunk:f4b7a99c3ca2", "sources/stock-research-report-隆达股份-688231-914015653efb.md#chunk:7e8e331ba103" ] }, { "edge_id": "8ffc30a4acf9", "from": "company:688231", "to": "company:300034", "other": "company:300034", "other_name": "钢研高纳", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "金双联、三联工艺所需的真空感应炉、真空自耗炉、电渣重熔炉等核心设备都依赖外国进口定制，价格高昂，货期较长，国内无法实现自产。 | | 资金壁垒 | 高温合金冶炼行业为资金密集型行业，原材料采购、设备购置、厂房建设、技术研发、管理团队都需要大量的资金，技改项目（隆达股份、抚顺特钢、钢研高纳）扩产投资一般在 3-9 万元/吨，需要新建生产基地的项目（图南股份、...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-隆达股份-688231-914015653efb.md#chunk:7e8e331ba103" ] }, { "edge_id": "e3bf2eb68247", "from": "company:688231", "to": "company:688122", "other": "company:688122", "other_name": "西部超导", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "口定制，价格高昂，货期较长，国内无法实现自产。 | | 资金壁垒 | 高温合金冶炼行业为资金密集型行业，原材料采购、设备购置、厂房建设、技术研发、管理团队都需要大量的资金，技改项目（隆达股份、抚顺特钢、钢研高纳）扩产投资一般在 3-9 万元/吨，需要新建生产基地的项目（图南股份、西部超导）扩产投资为 18-33 万元/吨，融资能力不足的企业难以搭建和扩张高...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-隆达股份-688231-914015653efb.md#chunk:7e8e331ba103" ] }, { "edge_id": "6214b384b976", "from": "company:688231", "to": "material:镍", "other": "material:镍", "other_name": "镍", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "受镍等金属原材料价格波动影响，公司 2022 年销售毛利率同比下滑 1.57pcts 至 18.30%。", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-有色金属-公司点评报告-ab138f95b0d4.md#chunk:7809b9485efb", "sources/stock-research-report-证券研究报告-公司研究-公司点评-34e802ad3c3b.md#chunk:90eca8a9d324", "sources/stock-research-report-隆达股份-688231-914015653efb.md#chunk:492e6ad88313", "sources/stock-research-report-证券研究报告-公司研究公司深度报告-ecaa858f1b6b.md#chunk:284df31729b3", "sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md#chunk:f4b7a99c3ca2", "sources/stock-research-report-证券研究报告-公司研究-公司点评-bd1031e3469d.md#chunk:5286ff1eb412" ] }, { "edge_id": "65e396b06e1e", "from": "company:688231", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "**风险提示**：原材料价格抬升风险、产品牌号验证进度不及预期、募投项目及投产进度不及预期等。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-公司点评-bd1031e3469d.md#chunk:b407a5108a0e", "sources/stock-research-report-2024-年-3-月-21-日-a6d9d407397c.md#chunk:44a4238375d7", "sources/stock-research-report-证券研究报告-公司研究-公司点评-34e802ad3c3b.md#chunk:90eca8a9d324", "sources/stock-research-report-证券研究报告-有色金属-公司点评报告-ab138f95b0d4.md#chunk:7809b9485efb" ] }, { "edge_id": "b48a8c5ad791", "from": "company:688231", "to": "material:钴", "other": "material:钴", "other_name": "钴", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "单季度来看，Q2毛利率达到22.0%（环比+1.83pcts），主要得益于产品结构持续改善，以及原材料镍、钴、铜等大宗商品价格于二季度回落，净利率达到12.3%（环比+4.11pcts），增幅较大主要由于政府补贴使其他收益/营业外收入环比增长297%/180%；", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-公司点评-34e802ad3c3b.md#chunk:90eca8a9d324", "sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md#chunk:66be36c633b2", "sources/stock-research-report-隆达股份-688231-914015653efb.md#chunk:225f7d251281", "sources/stock-research-report-证券研究报告-公司研究公司深度报告-ecaa858f1b6b.md#chunk:4ed45200c01c" ] }, { "edge_id": "f33671f5122e", "from": "company:688231", "to": "material:天然气", "other": "material:天然气", "other_name": "天然气", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "图 19： 高温合金用于燃气发电的燃气轮机 15", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-隆达股份-688231-914015653efb.md#chunk:a7fb99b9733c", "sources/stock-research-report-2024-年-3-月-21-日-a6d9d407397c.md#chunk:44a4238375d7", "sources/stock-research-report-证券研究报告-公司研究公司深度报告-ecaa858f1b6b.md#chunk:d7d6f49af5ac", "sources/stock-research-report-证券研究报告-有色金属-公司点评报告-ab138f95b0d4.md#chunk:7809b9485efb", "sources/stock-research-report-证券研究报告-公司研究-公司点评-bd1031e3469d.md#chunk:788646abd400", "sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md#chunk:8d4506b13c21" ] }, { "edge_id": "efb37ce06d4a", "from": "company:688231", "to": "material:铜", "other": "material:铜", "other_name": "铜", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "**高温合金业务高速成长，盈利性快速提升**：公司主营业务包括合金管材、高温合金、镍基耐蚀合金三类产品，近年来公司业务处于调整阶段，逐步由原主营业务铜基合金管材向具有更高附加值的高温合金产品转换。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-公司点评-34e802ad3c3b.md#chunk:90eca8a9d324", "sources/stock-research-report-证券研究报告-公司研究公司深度报告-ecaa858f1b6b.md#chunk:606494deaeb2", "sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md#chunk:e2caf7d09b5c", "sources/stock-research-report-隆达股份-688231-914015653efb.md#chunk:6f7445aa735d" ] }, { "edge_id": "0022e72267e4", "from": "company:688231", "to": "material:有色金属", "other": "material:有色金属", "other_name": "有色金属", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "江苏隆达超合金股份有限公司（以下简称“隆达股份”或“公司”）专注于合金材料的研发、生产和销售，其经营范围主要包括生产有色金属复合材料、新型合金材料及其制品；", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究公司深度报告-ecaa858f1b6b.md#chunk:3d1c0254a0b9", 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"sources/stock-research-report-中船防务-600685-2021-年报点评-在手订单饱满-盈利能力提升-经营活动净现金流大幅改善为历史最高-9ee7692c9c1b.md#chunk:55405b0da26f" ] }, { "edge_id": "9b60de5d5d03", "from": "company:688011", "to": "company:600150", "other": "company:688011", "other_name": "新光光电", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "沿研究领域的国家纵向课题研究；4 项国家重大科技专项、高新工程等重大型号配套研制工作；20 余项国家重点武器型号的配套研制工作，并于 2006 年获得了国防科学技术进步一等奖。目前公司已经是中国航天科技集团、中国航天科工集团、中国航空工业集团、中国兵器工业集团、中国电子科技集团、中国船舶重工集团等军工集团所属单位的合格供应商。公司创立以来的发展历程及估值变...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航证券金融研究所-f00e0a20874f.md#chunk:32b29603f9d1" ] }, { "edge_id": "6472206a0034", "from": "company:600150", "to": "company:688011", "other": "company:688011", "other_name": "新光光电", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "项核心技术，获得2016年度国防科学技术进步一等奖等多项重要奖项。丰富的科研项目经验及获奖经历，是公司优秀的科技创新能力的重要体现，亦是提高公司自主创新能力的重要动力。 公司的主要客户包括中国航天科技集团、中国航天科工集团、中国航空工业集团、中国兵器工业集团、中国电子科技集团、中国船舶重工集团等军工集团所属单位。这都成为了行业新进入者难以逾越的壁垒。 ##...", "confidence": 0.66, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-东海证券-d3cb3f6bdead.md#chunk:7bdfc22a308f" ] }, { "edge_id": "20b6cff3c219", "from": "company:600150", "to": "material:石油", "other": "material:石油", "other_name": "石油", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "* ◼ **风险提示：宏观经济波动、地缘政治风险、原油价格波动等。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中国船舶-600150-b95ae1e4e4d3.md#chunk:d9d0cea6e1c9", "sources/stock-research-report-中国船舶-600150-c53c0462f757.md#chunk:40eaa96e5768", "sources/stock-research-report-中国船舶-600150-af27eafae237.md#chunk:eef752351773" ] }, { "edge_id": "42bc8c6555b6", "from": "company:600150", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "原材料价格波动、人民币汇率波动、新订单增速不及预期、碳减排政策执行力度低于预期风险。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中国船舶-600150-sh-买入-维持评级-8a986f95f854.md#chunk:bee11cf3b3d7" ] }, { "edge_id": "823fc63c6677", "from": "company:600150", "to": "material:天然气", "other": "material:天然气", "other_name": "天然气", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "3）提升交付能力：合并后，更大的收入规模可以为技术研发创新提供更多资金支持，推动 LNG 船等高附加值船生产技术提升，以及促进生产效率提升，缩短生产周期，加快订单交付节奏。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中国船舶-600150-sh-2420409b114c.md#chunk:67a97f649d8d" ] }, { "edge_id": "8fec092749f1", "from": "company:600685", "to": "company:600150", "other": "company:600685", "other_name": "中船防务", "relation": "same_group", "direction": "peer", "why_it_matters": "两船合并战略性重组背景下，中船防务向中国船舶出售广船国际27.42%股权，并放弃相关优先购买权，以优化产业结构与资产质量。", "confidence": 0.95, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中船防务-600685-2019-年报点评-经营业绩持续改善-盈利能力提升未来可期-f39b2482e3b1.md#chunk:15549efa86cd", "sources/stock-research-report-中船防务-600685-国防军工-33f018e302c1.md#chunk:2067b0d77a33", "sources/stock-research-report-公司点评报告-f3e4d2cad667.md#chunk:2c6506573b5e", "sources/stock-research-report-中船防务-600685-2021-年报点评-在手订单饱满-盈利能力提升-经营活动净现金流大幅改善为历史最高-9ee7692c9c1b.md#chunk:937beb93053c", "sources/stock-research-report-国防军工-航海装备ii-a517f162d983.md#chunk:0071da4bdc10", "sources/stock-research-report-公司点评报告-f3e4d2cad667.md#chunk:2c6506573b5e" ] }, { "edge_id": "4ffb59e7034c", "from": "company:600072", "to": "company:600150", "other": "company:600072", "other_name": "中船科技", "relation": "same_group", "direction": "peer", "why_it_matters": "中船科技拟发行股份收购中国船舶集团旗下中国海装、中船风电等新能源资产，实现集团内部资产整合与业务转型。", "confidence": 0.95, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-信义山证-汇通天下-2872993ceb45.md#chunk:bf7e47a26e1f", "sources/stock-research-report-船舶制造-dceb31728812.md#chunk:fc9a6359e18e", "sources/stock-research-report-信义山证-汇通天下-2872993ceb45.md#chunk:bf7e47a26e1f", "sources/stock-research-report-中船科技-600072-sh-无评级-e9bc8de5c63e.md#chunk:0df2e3edce7f", "sources/stock-research-report-中船科技-600072-2021-年报点评-扣非后归母净利润历史最高-整合风电企业打开全新市场空间-c911bf3d28da.md#chunk:73122650dc4c" ] }, { "edge_id": "d584e2a34466", "from": "company:600482", "to": "company:600150", "other": "company:600482", "other_name": "中国动力", "relation": "same_group", "direction": "peer", "why_it_matters": "中国船舶集团为间接控股股东，中船重工集团为直接控股股东，公司定位为中国船舶集团下属船舶动力业务上市公司。", "confidence": 0.95, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md#chunk:19756bbdc9aa", "sources/stock-research-report-中国动力-600482-sh-c67233866dbf.md#chunk:6cb821a9c8e2", "sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md#chunk:e6c99a1d5108" ] }, { "edge_id": "21dc8593d42d", "from": "company:中国动力", "to": "company:600150", "other": "company:中国动力", "other_name": "中国动力", "relation": "same_group", "direction": "peer", "why_it_matters": "背靠全球最大造船集团中国船舶集团，船舶发动机订单确定性较高。", "confidence": 0.9, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-柴油机量价齐升-公司-1h24-利润高增-0e6f0d3313ac.md#chunk:515f9b8ad22a", "sources/stock-research-report-柴油机量价齐升-公司-1h24-利润高增-0e6f0d3313ac.md#chunk:515f9b8ad22a" ] }, { "edge_id": "993fb0fefb70", "from": "company:600764", "to": "company:600150", "other": "company:600764", "other_name": "中国海防", "relation": "same_group", "direction": "peer", "why_it_matters": "存在中国船舶优质资产整合预期，有望增厚公司资产与业务规模。", "confidence": 0.8, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中国海防-600764-2510805f74af.md#chunk:6dabb7ddc6e9" ] }, { "edge_id": "0e3873d26edb", "from": "company:688146", "to": "company:600150", "other": "company:688146", "other_name": "中船特气", "relation": "same_group", "direction": "peer", "why_it_matters": "产业投资基金、国家集成电路基金（二期）等，上述机构投资者累计持股 7%。其中，国家集成电路投资产业基金是由国家出资设立的基金,旨在支持我国集成电路行业的发展和技术进步。 #### 图2：公司股权结构（截至 2023 年 7 月） ```mermaid graph TD A[中国船舶集团
（实际控制人）] -- 100% --> B[七一八所] B ...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中船特气-688146-567a6aeef795.md#chunk:ebdfbbafad75", "sources/stock-research-report-中船特气-688146-擎船驰电气驭科峰-电子特气龙头增产拓品加速国产化-00c4ad1088cd.md#chunk:273650261684" ] } ], "upstream_paths": [ { "edge_id": "20b6cff3c219", "to": "material:石油", "material": "石油", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中国船舶-600150-b95ae1e4e4d3.md#chunk:d9d0cea6e1c9", "sources/stock-research-report-中国船舶-600150-c53c0462f757.md#chunk:40eaa96e5768", "sources/stock-research-report-中国船舶-600150-af27eafae237.md#chunk:eef752351773" ] }, { "edge_id": "42bc8c6555b6", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中国船舶-600150-sh-买入-维持评级-8a986f95f854.md#chunk:bee11cf3b3d7" ] }, { "edge_id": "823fc63c6677", "to": "material:天然气", "material": "天然气", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中国船舶-600150-sh-2420409b114c.md#chunk:67a97f649d8d" ] } ] }, { "id": "company:600879", "name": "航天电子", "ticker": "600879", "path": "companies/航天电子-600879.md", "path_slug": "航天电子-600879", "summary": "航天电子（600879） 的研报主线集中在 航天、净利润、毛利率、投资建议：航天电子信息龙头，深度受益于卫星互联网建设提速与商业航天高景气周期。", "degree_total": 46, "high_confidence_neighbor_count": 6, "top_relations": [ { "edge_id": "4d5037c64b2f", "from": "company:600435", "to": "company:600879", "other": "company:600435", "other_name": "北方导航", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "--> C subgraph C[控制仓
（二级配套单位）] C1[战斗部] C2[动力装置] C3[其它分系统] end C --> D[弹药总装生产或研发单位
（一级配套单位）] end subgraph 企事业单位 E[兵器集团下属企业、航天电子、长盈通、中航六一八所、北京自动化控制设备研究所、保定开拓精密仪器制造有限责任公司等] F...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2025-年-11-月-18-日-216252507999.md#chunk:de6e176db17a", "sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md#chunk:a262e875cac8" ] }, { "edge_id": "7bdc1a18db53", "from": "company:600879", "to": "company:002389", "other": "company:002389", "other_name": "航天彩虹", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "毛利率为 22.5%/22.3%/22.2%。预计公司 2025-2027 年归母净利润分别为 5.86/8.15/10.75 亿元，同比+6.98%/+38.96%/+31.90%，当前股价对应 PE 为 65/47/36 倍。我们选取无人化智能化装备和卫星载荷供应商中无人机、航天彩虹、天奥电子作为可比公司，2026 年平均 PE 为 69 倍。公司作为...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md#chunk:a262e875cac8" ] }, { "edge_id": "a613d481bfc8", "from": "company:600879", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "* **毛利率同比微增，主要因原材料成本管控优化：**2025 年上半年公司销售毛利率 20.51%，较上年同期微幅波动，主要因营收规模下降但成本刚性支出占比提升。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-航天电子-600879-bfbae6698397.md#chunk:7fe0e69620aa", "sources/stock-research-report-航天电子-600879-fb492d85a669.md#chunk:2272c363f962", "sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md#chunk:950c59070f45" ] }, { "edge_id": "a8a2cd178ba6", "from": "company:600879", "to": "material:电力", "other": "material:电力", "other_name": "电力", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "西安太乙公司主要从事专用电子元器件的检测、筛选、失效分析等业务，与公司航天电子信息主营业务高度协同，有利于丰富公司航天电子信息主营业务中的集成电路产业的产品线，提高公司盈利", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md#chunk:125c98e746b6" ] }, { "edge_id": "91e11c44f237", "from": "company:600879", "to": "material:锂", "other": "material:锂", "other_name": "锂", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "| 推进装置 | 锂电子电池、电动螺旋桨 | |", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md#chunk:6a9b2ac57d30" ] }, { "edge_id": "ab4162e3df49", "from": "company:300446", "to": "company:600879", "other": "company:300446", "other_name": "航天智造", "relation": "same_group", "direction": "peer", "why_it_matters": "证券 CHINA POST SECURITIES 航天七院下辖企事业单位 27 家，其中企业单位 6 家、事业单位 12 家、全资及控股公司 9 家，分布在四川省成都市、泸州市、万源市、彭山县以及重庆市，从业人员近 2 万人。下属单位包括七部、四川航天长征装备制造有限公司、四川航天电子设备研究所、四川航天烽火伺服控制技术有限公司、四川航天川南火工技术有限公...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-2024-年-7-月-17-日-2ed5f2f589b1.md#chunk:8f869c0be82b" ] }, { "edge_id": "48e5fa38104f", "from": "company:600879", "to": "company:002025", "other": "company:002025", "other_name": "航天电器", "relation": "same_group", "direction": "peer", "why_it_matters": "：公司发展历程 ```mermaid timeline title 公司发展历程 1995年 : 公司前身武汉电缆上市 1999年 : 航天一院成为公司大股东，置换获得北京遥测技术研究所、北京建华电子仪器厂部分净资产 2002年 : 置入航天时代旗下上海科学仪器厂、桂林航天电器公司、杭州电连接器厂、河南通达航天电器厂等资产 2004年 : 航天时代电子成为...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md#chunk:a262e875cac8" ] }, { "edge_id": "6834d82b5288", "from": "company:688311", "to": "company:600879", "other": "company:688311", "other_name": "盟升电子", "relation": "same_group", "direction": "peer", "why_it_matters": "---------------------------------------------------- | ---------------------- | | 中电科五十四所 | 1952 | 新中国成立的第一个电信技术研究所，主要从事军事通信、卫星导航定位、通信与信息对抗、航天电子信息系统与综合应用等前沿领域的技术研发、生产制造和系统集成 | 专用 ...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md#chunk:2c8cdb02d665" ] }, { "edge_id": "5a2f1d506f76", "from": "company:002465", "to": "company:600879", "other": "company:002465", "other_name": "海格通信", "relation": "competitor_of", "direction": "peer", "why_it_matters": "图30：中国卫星通信产业链格局，海格通信占据中游 | 产业链环节
上游 | 卫星制造/通信/国防
卫星制造
卫星制造企业：中国航天、中国卫星、长光卫星等 | 卫星发射/导航/交通
卫星发射
卫星发射：中国运载火箭技术研究院等控制系统：上海航天电子有限公司等 | 卫星地面设备/遥感/消防/运输
卫星地面设备与网...", "confidence": 0.72, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-海格通信-002465-cdce98b45cf2.md#chunk:246046ae42d0" ] }, { "edge_id": "97eda9431719", "from": "company:603712", "to": "company:600879", "other": "company:603712", "other_name": "七一二", "relation": "competitor_of", "direction": "peer", "why_it_matters": "场参与者不多，市场竞争程度也较低。目前主要的市场参与者有七一二、 [七一二（603712）公司点评报告] 中电科 10 所、海格通信、烽火电子、中原电子和上海瀚讯。**竞争格局上**，公司产品包括超短波通信设备和航空抗干扰通信设备等，竞争对手中电科 10 所主要从事航空电子、航天电子、通信、侦察对抗、识别、雷达等领域电子系统工程及设备的研制和生产，各专业领...", "confidence": 0.72, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中航证券研究所-ecc40b489ef4.md#chunk:5d90c59757bd" ] }, { "edge_id": "53c017c5638d", "from": "company:600879", "to": "company:688297", "other": "company:688297", "other_name": "中无人机", "relation": "partner_of", "direction": "peer", "why_it_matters": "显 4 个 35 米口径天线接收到的来自遥远火星探测器发出的测控信号。 # 3 无人化智能化系装备发展趋势，公司无人装备谱系齐全 ## 3.1 无人机渐入现代战场中央，装备无人化智能化发展趋势明显 无人机作为现代空袭作战体系中的重要元素，逐渐走入战场中央。据张君彪《俄乌冲突中无人机作战运用情况及启示》介绍，无人机打破了传统空袭作战样式，可携带或搭载不同载荷...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md#chunk:a262e875cac8" ] }, { "edge_id": "c4db26e6d1c7", "from": "company:600879", "to": "topic:三季报", "other": "topic:三季报", "other_name": "三季报", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天电子 研报中反复涉及 三季报。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天电子-600879-0c2fb2c0925f.md#chunk:107dd16cc74b" ] } ], "upstream_paths": [ { "edge_id": "a613d481bfc8", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-航天电子-600879-bfbae6698397.md#chunk:7fe0e69620aa", "sources/stock-research-report-航天电子-600879-fb492d85a669.md#chunk:2272c363f962", "sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md#chunk:950c59070f45" ] }, { "edge_id": "a8a2cd178ba6", "to": "material:电力", "material": "电力", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md#chunk:125c98e746b6" ] }, { "edge_id": "91e11c44f237", "to": "material:锂", "material": "锂", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md#chunk:6a9b2ac57d30" ] } ] }, { "id": "company:688066", "name": "航天宏图", "ticker": "688066", "path": "companies/航天宏图-688066.md", "path_slug": "航天宏图-688066", "summary": "航天宏图（688066） 的研报主线集中在 航天、净利润、毛利率、证券：国内卫星运营与应用服务龙头，已形成“核心软件平台+行业应用+数据服务”稳定商业模式，营收与利润保持高速增长。", "degree_total": 46, "high_confidence_neighbor_count": 0, "top_relations": [ { "edge_id": "a918539691bf", "from": "company:688066", "to": "company:002465", "other": "company:002465", "other_name": "海格通信", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "------------------------ | | 中游 | 卫星通信 | 卫星导航 | 遥感卫星 | | | 终端制造商：\\*\\*海格通信\\*\\*、华力创通、信科移动
通信运营商：中国卫通、亚太卫星 | \\*\\*海格通信\\*\\*、华测导航、合众思壮、北斗星通 | 航天宏图、中科星图等 | | 下游 | 国防 | 交通 | 消防 / 运输 |...", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-海格通信-002465-cdce98b45cf2.md#chunk:246046ae42d0" ] }, { "edge_id": "4412268e83d2", "from": "company:688066", "to": "company:600118", "other": "company:600118", "other_name": "中国卫星", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "轨道可根据需要来确定。遥感卫星能在规定的时间内覆盖整个地球或指定的任何区域，当沿地球同步轨道运行时，它能连续地对地球表面某指定地域进行遥感。从产业链区分，卫星产业主要包括三个方面：卫星制造与发射、卫星数据处理、卫星数据应用。 1）上游：卫星制造与发射环节，参与公司包括中国航天、中国卫星、长广卫星等； 2）中游：卫星数据处理环节，主要提供卫星遥感数据服务、相...", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天宏图-688066-173ad718b01d.md#chunk:a29e230b94da" ] }, { "edge_id": "c9972ac568ea", "from": "company:688287", "to": "company:688066", "other": "company:688287", "other_name": "观典防务", "relation": "partner_of", "direction": "peer", "why_it_matters": "依旧是处于不断探索阶段，还没有形成规模化的市场，整体处于蓝海市场。随着无人机技术的不断发展和商业应用的不断成熟，每个行业和领域的潜在需求市场空间极大，无人机在工业领域的普遍应用将具有更大的商业价值和市场规模。目前中国无人机行业内的龙头企业除了观典防务外，主要有纵横股份、广联航空、航天宏图、中科星图、航天彩虹、中航无人机、科比特、大疆创新等，且各龙头企业的市...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-观典防务-688287-7fa3823c7bbe.md#chunk:57cc673a16fd" ] }, { "edge_id": "1c71ee8a5e1a", "from": "company:688066", "to": "topic:ai大模型", "other": "topic:ai大模型", "other_name": "ai大模型", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天宏图 研报中反复涉及 AI大模型。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-经营业绩短期承压-海外业务未来可期-d43f5cf17a3b.md#chunk:b2a7e5a4abde" ] }, { "edge_id": "66734b97e7c2", "from": "company:688066", "to": "topic:it服务", "other": "topic:it服务", "other_name": "it服务", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天宏图 研报中反复涉及 IT服务。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司点评报告-it-服务ii-a3a8d6e0b0ed.md#chunk:5d40a81fcad4" ] }, { "edge_id": "6e92e89175bc", "from": "company:688066", "to": "topic:sar", "other": "topic:sar", "other_name": "sar", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天宏图 研报中反复涉及 SAR。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天宏图-688066-173ad718b01d.md#chunk:f9b6fa2ab5ae" ] }, { "edge_id": "9a46bd69d777", "from": "company:688066", "to": "topic:sar卫星", "other": "topic:sar卫星", "other_name": "sar卫星", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天宏图 研报中反复涉及 SAR卫星。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天宏图-688066-sh-2023-年三季报点评-ba0a3d049476.md#chunk:9c8658d1ea34" ] }, { "edge_id": "55b6beb38e38", "from": "company:688066", "to": "topic:业绩反转", "other": "topic:业绩反转", "other_name": "业绩反转", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天宏图 研报中反复涉及 业绩反转。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司点评报告-it-服务ii-2947a2ebf2d9.md#chunk:ee084d0fbc3e" ] }, { "edge_id": "db6c8dc5d456", "from": "company:688066", "to": "topic:业绩季节性波动", "other": "topic:业绩季节性波动", "other_name": "业绩季节性波动", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天宏图 研报中反复涉及 业绩季节性波动。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2023-10-31-03605a568e64.md#chunk:8a31b5fb88c7" ] }, { "edge_id": "57b3be4a2f39", "from": "company:688066", "to": "topic:业绩波动", "other": "topic:业绩波动", "other_name": "业绩波动", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天宏图 研报中反复涉及 业绩波动。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天宏图-688066-sh-2023-年三季报点评-ba0a3d049476.md#chunk:9c8658d1ea34" ] }, { "edge_id": "b71094dfb564", "from": "company:688066", "to": "topic:云化转型", "other": "topic:云化转型", "other_name": "云化转型", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天宏图 研报中反复涉及 云化转型。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-经营业绩短期承压-海外业务未来可期-d43f5cf17a3b.md#chunk:b2a7e5a4abde" ] }, { "edge_id": "9c34eb9d5668", "from": "company:688066", "to": "topic:云计算", "other": "topic:云计算", "other_name": "云计算", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天宏图 研报中反复涉及 云计算。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天宏图-688066-173ad718b01d.md#chunk:f9b6fa2ab5ae" ] } ], "upstream_paths": [] }, { "id": "company:603678", "name": "火炬电子", "ticker": "603678", "path": "companies/火炬电子-603678.md", "path_slug": "火炬电子-603678", "summary": "火炬电子（603678） 的研报主线集中在 风险、净利润、投资建议、证券：军用元器件需求复苏叠加“十五五”初期备货，公司自产元器件板块有望充分受益。", "degree_total": 46, "high_confidence_neighbor_count": 2, "top_relations": [ { "edge_id": "a1e226671a05", "from": "company:603678", "to": "material:电力", "other": "material:电力", "other_name": "电力", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "从业务板块来看，自产元器件业务实现销售收入 9.92 亿元，同比下降 11.77%，其中股份公司重点产品如脉冲电容、钽电容及超级电容等在电力电网、轨道交通、工控及新能源等领域取得增长。", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-火炬电子-603678-e51bb5f736bd.md#chunk:e9919d5df71a", "sources/stock-research-report-火炬电子-603678-sh-行业景气度逐步改善-三大业务持续向好-752014ec5cae.md#chunk:6f7820d5570f", "sources/stock-research-report-火炬电子-603678-sh-行业景气度逐步改善-三大业务持续向好-81a6b52909b7.md#chunk:ae599c8252ce", "sources/stock-research-report-电容销售逆势增长-特种高性能新材料空间广阔-1b79fcf832b2.md#chunk:89a5ae6fc449" ] }, { "edge_id": "64451d674490", "from": "company:603678", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "* **市场竞争加剧叠加原材料成本压力致使公司业绩承压，优化库存周转率及加强应收账款管理展现较强的运营韧性：**2024 年，实现营业收入 28.02 亿元，同比-20.04%；", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-火炬电子-603678-e51bb5f736bd.md#chunk:e9919d5df71a", "sources/stock-research-report-火炬电子-603678-sh-行业景气度逐步改善-三大业务持续向好-81a6b52909b7.md#chunk:ae599c8252ce" ] }, { "edge_id": "a46ee5bea19a", "from": "company:603678", "to": "material:石油", "other": "material:石油", "other_name": "石油", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "汽车产量虽然整体下降，但随着新能源汽车逐步渗透，其搭载更多 MLCC 产品，再叠加燃油汽车智能化、网联化给 MLCC 带来更广泛的应用空间，全球汽车电子用 MLCC 的需求量和市场规模都实现较高的增速。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-火炬电子-603678-sh-行业景气度逐步改善-三大业务持续向好-752014ec5cae.md#chunk:6f7820d5570f" ] }, { "edge_id": "8a2bb234b1c3", "from": "company:603678", "to": "material:碳纤维", "other": "material:碳纤维", "other_name": "碳纤维", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "公司特种高性能新材料具有耐高温、密度低、优异的高温抗氧化性能等突出优势，可作为基体制造陶瓷基复合材料（CMC）。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-电容销售逆势增长-特种高性能新材料空间广阔-1b79fcf832b2.md#chunk:89a5ae6fc449" ] }, { "edge_id": "4a691de10a2a", "from": "company:603678", "to": "company:火炬电子", "other": "company:火炬电子", "other_name": "火炬电子", "relation": "partner_of", "direction": "peer", "why_it_matters": "# 火炬电子（603678.SH）：产业拐点将至，员工持股计划业绩目标彰显信心 2025 年 3 月 28 日 ## ——公司 2024 年度业绩点评 **推荐/维持** **火炬电子** | **公司报告** > 东兴证券股份有限公司证券研究报告 ### 事件： 2025 年 3 月 22 日，火炬电子发布 202", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-火炬电子-603678-sh-产业拐点将至-员工持股计划业绩目标彰显信心-69ae1c892cd7.md#chunk:463771787617", "sources/stock-research-report-电容销售逆势增长-特种高性能新材料空间广阔-1b79fcf832b2.md#chunk:8f012cc58807", "sources/stock-research-report-火炬电子-603678-sh-行业景气度逐步改善-三大业务持续向好-752014ec5cae.md#chunk:d114ea7d0b4a", 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"other": "company:600184", "other_name": "光电股份", "relation": "partner_of", "direction": "peer", "why_it_matters": "5 | 0.86 | -20.2 | 52 | 2.8 | 10.1 | | 300516 | 久之洋 | 30.09 | 54 | 9.8 | 3.9 | 0.35 | 5 | 50.1 | 0.46 | 2.8 | 111 | 5.3 | 11.0 | | 600184 | 光电股份 | 12.05 | 61 | 2.4 | 2.5 | 0.66 | ...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-公司研究-证券研究报告-c09c1d1e1d64.md#chunk:0856c37f135f" ] }, { "edge_id": "810f3c1c862d", "from": "company:688011", "to": "company:新光光电", "other": "company:新光光电", "other_name": "新光光电", "relation": "risk_transmits_to", "direction": "risk", "why_it_matters": "# 科创板新股报告 # 新股报告 # 公司研究 # 证券研究报告 **风险评级：** 中高风险 ## 国内军用光学仿真领域的领军者 新光光电（688011） 2019 年 7 月 10 日 **李隆海（SAC 执业证书编号： S0340510120006）** **电话：** 0769-22119462 **邮箱：** llh@dgzq.com.cn ◼ ...", "confidence": 0.58, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-科创板新股报告-6242e61c7645.md#chunk:b360109612af" ] }, { "edge_id": "84b0eb8e8d2b", "from": "company:688011", "to": "topic:业绩恢复", "other": "topic:业绩恢复", "other_name": "业绩恢复", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "新光光电 研报中反复涉及 业绩恢复。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-新光光电-688011-2020-年报点评-6b8aa2118b14.md#chunk:0833376a7bef" ] } ], "upstream_paths": [ { "edge_id": "9234337e1a74", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-东海证券-d3cb3f6bdead.md#chunk:f43152bb81bd", "sources/stock-research-report-中航证券研究所-8ebbbd9f4850.md#chunk:bca4065139f2", "sources/stock-research-report-新光光电-688011-2020-年报点评-6b8aa2118b14.md#chunk:6c86e0526bc7" ] }, { "edge_id": "e93314f0de87", "to": "material:电力", "material": "电力", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-新光光电-688011-2020-年报点评-6b8aa2118b14.md#chunk:5ee1d0d90636", "sources/stock-research-report-中航证券金融研究所-f00e0a20874f.md#chunk:464d1e1ef34e", "sources/stock-research-report-新光光电-688011-2019-年报点评-毛利率显著增长-新型测温产品有望促进公司民品业务收入增长-c958ed26be20.md#chunk:dcf5a8945f05", "sources/stock-research-report-中航证券研究所-8ebbbd9f4850.md#chunk:bca4065139f2", "sources/stock-research-report-公司研究-证券研究报告-c09c1d1e1d64.md#chunk:a4402cd4f254" ] } ] }, { "id": "company:600029", "name": "南方航空", "ticker": "600029", "path": "companies/南方航空-600029.md", "path_slug": "南方航空-600029", "summary": "南方航空（600029） 的研报主线集中在 航空、净利润、石油、同比：民航供应链瓶颈制约机队规模增速，行业运力投放保持低速增长，全行业客座率处于历史高位；未来供给增长受限叠加需求复苏，有望拉动运价表现，推动民航基本面逐步复苏与业绩兑现。", "degree_total": 45, "high_confidence_neighbor_count": 3, "top_relations": [ { "edge_id": "584bb41946cc", "from": "company:002928", "to": "company:600029", "other": "company:002928", "other_name": "华夏航空", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "..........................................17 图表 34. 2019-2024 年支线机场平均旅客吞吐量及支线机场数量 17 图表 35. 高铁和支线机场建设项目对比 18 图表 36. 华夏航空新疆地区航线网络图 18 图表 37. 南方航空新疆地区航线网络图 19 图表 38. 天津航空新疆地区航线网络图 1...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-2026年4月12日-e87abb5b03aa.md#chunk:0f04798e571f" ] }, { "edge_id": "c6cc7532d4f6", "from": "company:600271", "to": "company:600029", "other": "company:600271", "other_name": "航天信息", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "天信息作为核心的税务设备供应商和系统服务商，从营改增试点运行到全面推广过程中，遵照国家税制改革的思路，积极提供全面系统的解决方案，研发出相关软硬件设施作为增值税扩围的专用设备，为营改增提供技术支持和保障。在全面推广营改增的 2016 年，公司先后中标中国中铁、广发银行、恒大集团和南方航空等大型客户的“营改增”项目，全年累计为全国超过 600 万户的全国用户...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-计算机应用-证券研究报告-首次评级-2019年1月20日-1efd19402a30.md#chunk:0062a186e129" ] }, { "edge_id": "922811aacaae", "from": "company:600029", "to": "material:石油", "other": "material:石油", "other_name": "石油", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "25Q2 公司营收 429 亿元，同比+6.7%，归母净亏 7.9 亿元（24Q2 归母净亏 19.8 亿元），扣非归母净亏 8.7 亿（24Q2 扣非归母净亏 40.1 亿元），公司同比减亏主要由于油价下降以及确认川航投资损失减少。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-南方航空-600029-sh-2025-年半年报点评-fe0b974cf087.md#chunk:845cbdd78ad0", "sources/stock-research-report-南方航空-600029-sh-1a40ffca14f5.md#chunk:c5c8823cb886", "sources/stock-research-report-q3-盈利同比增长-重视价格回升的盈利释放能力-0f33ba77ea6e.md#chunk:4b20841442bb", "sources/stock-research-report-南方航空-600029-sh-优于大市-007bd90c5c59.md#chunk:1fd2c0d0db67", "sources/stock-research-report-南方航空-600029-sh-d497f977e0ee.md#chunk:1416531a3b86", "sources/stock-research-report-南方航空-600029-sh-2025-年中报点评-客座率高位提升-看好座收修复弹性-3641a6857a25.md#chunk:cd7524f49c04", "sources/stock-research-report-信达证券-09b3014218b9.md#chunk:600be45ad3bc", "sources/stock-research-report-交通运输-航空机场-7294e30e5656.md#chunk:92118e652f04", "sources/stock-research-report-证券研究报告-交通运输-公司点评报告-aafe13586df9.md#chunk:ee24ea4f61c6" ] }, { "edge_id": "2e76616e8532", "from": "company:600115", "to": "company:600029", "other": "company:600115", "other_name": "中国东航", "relation": "competitor_of", "direction": "peer", "why_it_matters": "同为三大航之一，在客运量及货邮运输量市场份额上形成竞争格局。", "confidence": 0.9, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-align-right-2025年10月29日-c80511234540.md#chunk:10652eb4bb08", "sources/stock-research-report-三季度扭亏为盈-归母净利润创单季历史新高-153a5373d4ba.md#chunk:4ed35cb512c9", "sources/stock-research-report-中国东航-600115-sh-优于大市-63275ea5abdf.md#chunk:c86b55026187", "sources/stock-research-report-中国东航-600115-sh-优于大市-c9e9f06f3d82.md#chunk:950e884b945d", "sources/stock-research-report-交通运输-航空机场-7294e30e5656.md#chunk:92118e652f04" ] }, { "edge_id": "5a3263f95c06", "from": "company:600029", "to": "company:601111", "other": "company:601111", "other_name": "中国国航", "relation": "competitor_of", "direction": "peer", "why_it_matters": "作为三大航之一，在估值对比与行业供需格局中互为可比公司。", "confidence": 0.85, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-交通运输-航空机场-7294e30e5656.md#chunk:92118e652f04" ] }, { "edge_id": "a6f3fc626fe6", "from": "company:600029", "to": "company:600029.SH", "other": "company:600029.SH", "other_name": "南方航空", "relation": "partner_of", "direction": "peer", "why_it_matters": "# 南方航空（600029.SH）2025 年半年报点评 ## Q2 投资损失收窄，看好全货机盈利潜力释放 2025 年 09 月 02 日 * **2025 年 8 月 28 日公司发布 2025 年中报：**2025H1 公司营收 863 亿元，同比+1.8%，归母净亏 15.3 亿元（24H1 归母净亏 12.3 亿元", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-南方航空-600029-sh-2025-年半年报点评-fe0b974cf087.md#chunk:845cbdd78ad0", "sources/stock-research-report-南方航空-600029-sh-1a40ffca14f5.md#chunk:c5c8823cb886", "sources/stock-research-report-南方航空-600029-sh-优于大市-007bd90c5c59.md#chunk:fe55bff28203", "sources/stock-research-report-南方航空-600029-sh-2025-年中报点评-客座率高位提升-看好座收修复弹性-3641a6857a25.md#chunk:cd7524f49c04", "sources/stock-research-report-交通运输-航空机场-b04dbbd1e4ea.md#chunk:541daa0b4847", "sources/stock-research-report-q3-盈利同比增长-重视价格回升的盈利释放能力-0f33ba77ea6e.md#chunk:4b20841442bb", "sources/stock-research-report-南方航空-600029-sh-d497f977e0ee.md#chunk:1416531a3b86", "sources/stock-research-report-证券研究报告-交通运输-公司点评报告-aafe13586df9.md#chunk:ac95db9a9e04", "sources/stock-research-report-交通运输-航空机场-7294e30e5656.md#chunk:38ad28995605", "sources/stock-research-report-信达证券-09b3014218b9.md#chunk:0bf6fa89305e" ] }, { "edge_id": "820ee32efe3a", "from": "company:600115", "to": "company:600029", "other": "company:600115", "other_name": "中国东航", "relation": "risk_transmits_to", "direction": "risk", "why_it_matters": "处于修复阶段，叠加未来几年我国民航客运供给增速又明显放缓，我们预计 2026-2027 年我国民航客运供需将逐步达到平衡，届时航空公司业绩也将恢复至正常水平，且确定性较高，因此目前可以对比航空公司 2027 年的远期 PE 估值。以 2027 年净利润为基数，中国东航与可比公司（南方航空）的 PE 水平基本位于同一区间（10\\~15 倍 PE）。 表2：中...", "confidence": 0.58, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中国东航-600115-sh-优于大市-63275ea5abdf.md#chunk:670b1fd80964", "sources/stock-research-report-中国东航-600115-sh-优于大市-c9e9f06f3d82.md#chunk:b2cea14da419" ] }, { "edge_id": "2a2b53b607ac", "from": "company:600029", "to": "company:600115", "other": "company:600115", "other_name": "中国东航", "relation": "risk_transmits_to", "direction": "risk", "why_it_matters": "资川航影响逐步消化、退出经济性较差的飞机、优化客舱布局等举措，或为未来业绩释放奠定扎实基础。 * **盈利预测与评级：**我们预计公司 2025-2027 年归母净利润分别为 5.32/49.50/83.45 亿元，同比增速分别为-/830.92%/68.58%。参考中国国航、中国东航等可比公司 2025-2027 年平均估值，公司 PE 分别为 248x...", "confidence": 0.58, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-交通运输-航空机场-7294e30e5656.md#chunk:92118e652f04" ] }, { "edge_id": "42c502dd2c28", "from": "company:600029", "to": "company:601111", "other": "company:601111", "other_name": "中国国航", "relation": "risk_transmits_to", "direction": "risk", "why_it_matters": "外，公司增资川航影响逐步消化、退出经济性较差的飞机、优化客舱布局等举措，或为未来业绩释放奠定扎实基础。 * **盈利预测与评级：**我们预计公司 2025-2027 年归母净利润分别为 5.32/49.50/83.45 亿元，同比增速分别为-/830.92%/68.58%。参考中国国航、中国东航等可比公司 2025-2027 年平均估值，公司 PE 分别为...", "confidence": 0.58, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-交通运输-航空机场-7294e30e5656.md#chunk:92118e652f04" ] }, { "edge_id": "de0ef5a31f2f", "from": "company:600029", "to": "topic:roe", "other": "topic:roe", "other_name": "ROE", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "南方航空 研报中反复涉及 ROE。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-交通运输-航空机场-7294e30e5656.md#chunk:38ad28995605" ] }, { "edge_id": "dee068776a4a", "from": "company:600029", "to": "topic:业绩复苏", "other": "topic:业绩复苏", "other_name": "业绩复苏", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "南方航空 研报中反复涉及 业绩复苏。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-交通运输-公司点评报告-aafe13586df9.md#chunk:ee24ea4f61c6" ] }, { "edge_id": "7cc08a12e3b5", "from": "company:600029", "to": "topic:业绩弹性", "other": "topic:业绩弹性", "other_name": "业绩弹性", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "南方航空 研报中反复涉及 业绩弹性。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-南方航空-600029-sh-2025-年中报点评-客座率高位提升-看好座收修复弹性-3641a6857a25.md#chunk:cd67afd5937a" ] } ], "upstream_paths": [ { "edge_id": "922811aacaae", "to": "material:石油", "material": "石油", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-南方航空-600029-sh-2025-年半年报点评-fe0b974cf087.md#chunk:845cbdd78ad0", "sources/stock-research-report-南方航空-600029-sh-1a40ffca14f5.md#chunk:c5c8823cb886", "sources/stock-research-report-q3-盈利同比增长-重视价格回升的盈利释放能力-0f33ba77ea6e.md#chunk:4b20841442bb", "sources/stock-research-report-南方航空-600029-sh-优于大市-007bd90c5c59.md#chunk:1fd2c0d0db67", "sources/stock-research-report-南方航空-600029-sh-d497f977e0ee.md#chunk:1416531a3b86", "sources/stock-research-report-南方航空-600029-sh-2025-年中报点评-客座率高位提升-看好座收修复弹性-3641a6857a25.md#chunk:cd7524f49c04", "sources/stock-research-report-信达证券-09b3014218b9.md#chunk:600be45ad3bc", "sources/stock-research-report-交通运输-航空机场-7294e30e5656.md#chunk:92118e652f04", "sources/stock-research-report-证券研究报告-交通运输-公司点评报告-aafe13586df9.md#chunk:ee24ea4f61c6" ] } ] }, { "id": "company:600764", "name": "中国海防", "ticker": "600764", "path": "companies/中国海防-600764.md", "path_slug": "中国海防-600764", "summary": "中国海防（600764） 的研报主线集中在 风险、净利润、同比、投资建议：防务与电子信息双轮驱动，水声电子防务受益于无人平台装备突破实现高增，非防务板块智慧城市与智能制造项目落地成为营收核心动力。", "degree_total": 45, "high_confidence_neighbor_count": 4, "top_relations": [ { "edge_id": "315cbe8c5411", "from": "company:600764", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "主要原因在于部分行业细分领域受到投资规模缩小、项目执行周期延长、项目结算时间延后等因素影响，同时可能也与市场竞争加剧、原材料成本上升等有关。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中国海防-600764-2510805f74af.md#chunk:949b0cdceda1", "sources/stock-research-report-证券研究报告-公司点评报告-航海装备ii-469fe61d111c.md#chunk:813435228692" ] }, { "edge_id": "2dadea62fb20", "from": "company:600764", "to": "material:天然气", "other": "material:天然气", "other_name": "天然气", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "在油气相关设备业务方向上，报告期内市场开拓取得新进展，LNG 系列产品成功争取到沪东中华船厂 12 条 LNG 运输船鞍座项目。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中国海防-600764-5fb259699aad.md#chunk:8e43a2f1d172" ] }, { "edge_id": "3817ba1efdd3", "from": "company:600764", "to": "material:电力", "other": "material:电力", "other_name": "电力", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "公司目前在电子防务装备领域拥有水声电子行业方向上国内唯一的全体系科研生产能力以及水下攻防、卫星通导、专用计算机、运动控制、专用电源等多个行业方向上的科研生产能力，并在这些领域中扮演着系统提供商、整机装备供应商以及配套产品提供商等多种角色，还拥有着多型特装电子元器件的供货能力。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中国海防-600764-c04f645618d0.md#chunk:7e71831b11c4" ] }, { "edge_id": "9e5ac61664d2", "from": "company:600764", "to": "material:铝", "other": "material:铝", "other_name": "铝", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "非防务领域实现收入 7.36 亿元，同比增长 22.07%，智慧城市与智能制造板块表现突出，轨道交通智能运维、新能源汽车铝锻产线等项目落地，带动电子信息产品收入达 7.12 亿元，同比增长 21.28%，成为拉动整体营收的核心动力。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司点评报告-航海装备ii-469fe61d111c.md#chunk:813435228692" ] }, { "edge_id": "993fb0fefb70", "from": "company:600764", "to": "company:600150", "other": "company:600150", "other_name": "中国船舶", "relation": "same_group", "direction": "peer", "why_it_matters": "存在中国船舶优质资产整合预期，有望增厚公司资产与业务规模。", "confidence": 0.8, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中国海防-600764-2510805f74af.md#chunk:6dabb7ddc6e9" ] }, { "edge_id": "b61838788bad", "from": "company:600764", "to": "company:600150", "other": "company:600150", "other_name": "中国船舶", "relation": "competitor_of", "direction": "peer", "why_it_matters": "，我们下调先前的预测，预计公司 2025-2026 年归母净利润预测值分别为 2.95/3.67 亿元，前值 4.37/5.36 亿元，新增 2027 年预测 4.63 亿元，对应 PE 分别为 67/54/43 倍，考虑到公司水声电子防务及特装产品受益于我国海军信息化建设，以及中国船舶优质资产整合预期，维持“增持”评级。 * **风险提示：**1）行业竞...", "confidence": 0.72, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中国海防-600764-2510805f74af.md#chunk:5abbb1ae9d18" ] }, { "edge_id": "da9257df2df3", "from": "company:600764", "to": "company:600150.SH", "other": "company:600150.SH", "other_name": "中国船舶", "relation": "competitor_of", "direction": "peer", "why_it_matters": "，我们下调先前的预测，预计公司 2025-2026 年归母净利润预测值分别为 2.95/3.67 亿元，前值 4.37/5.36 亿元，新增 2027 年预测 4.63 亿元，对应 PE 分别为 67/54/43 倍，考虑到公司水声电子防务及特装产品受益于我国海军信息化建设，以及中国船舶优质资产整合预期，维持“增持”评级。 * **风险提示：**1）行业竞...", "confidence": 0.72, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中国海防-600764-2510805f74af.md#chunk:5abbb1ae9d18" ] }, { "edge_id": "ab380dc7a37a", "from": "company:600764", "to": "company:中国船舶", "other": "company:中国船舶", "other_name": "中国船舶", "relation": "competitor_of", "direction": "peer", "why_it_matters": "，我们下调先前的预测，预计公司 2025-2026 年归母净利润预测值分别为 2.95/3.67 亿元，前值 4.37/5.36 亿元，新增 2027 年预测 4.63 亿元，对应 PE 分别为 67/54/43 倍，考虑到公司水声电子防务及特装产品受益于我国海军信息化建设，以及中国船舶优质资产整合预期，维持“增持”评级。 * **风险提示：**1）行业竞...", "confidence": 0.72, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中国海防-600764-2510805f74af.md#chunk:5abbb1ae9d18" ] }, { "edge_id": "de44d3615ec5", "from": "company:600764", "to": "topic:lng设备", "other": "topic:lng设备", "other_name": "lng设备", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中国海防 研报中反复涉及 LNG设备。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中国海防-600764-5fb259699aad.md#chunk:0406819bbaed" ] }, { "edge_id": "154d1944c657", "from": "company:600764", "to": "topic:业绩修复", "other": "topic:业绩修复", "other_name": "业绩修复", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中国海防 研报中反复涉及 业绩修复。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中国海防-600764-9cc28cf0e323.md#chunk:997e9fd85c0a" ] }, { "edge_id": "af46a46d0c7b", "from": "company:600764", "to": "topic:业绩承压", "other": "topic:业绩承压", "other_name": "业绩承压", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中国海防 研报中反复涉及 业绩承压。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中国海防-600764-5fb259699aad.md#chunk:0406819bbaed" ] }, { "edge_id": "bcd732be7f0a", "from": "company:600764", "to": "topic:业绩拐点", "other": "topic:业绩拐点", "other_name": "业绩拐点", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中国海防 研报中反复涉及 业绩拐点。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中国海防-600764-9285f1b12cf2.md#chunk:a5cda5cf3dfe" ] } ], "upstream_paths": [ { "edge_id": "315cbe8c5411", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中国海防-600764-2510805f74af.md#chunk:949b0cdceda1", "sources/stock-research-report-证券研究报告-公司点评报告-航海装备ii-469fe61d111c.md#chunk:813435228692" ] }, { "edge_id": "2dadea62fb20", "to": "material:天然气", "material": "天然气", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中国海防-600764-5fb259699aad.md#chunk:8e43a2f1d172" ] }, { "edge_id": "3817ba1efdd3", "to": "material:电力", "material": "电力", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中国海防-600764-c04f645618d0.md#chunk:7e71831b11c4" ] }, { "edge_id": "9e5ac61664d2", "to": "material:铝", "material": "铝", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司点评报告-航海装备ii-469fe61d111c.md#chunk:813435228692" ] } ] }, { "id": "company:601021", "name": "春秋航空", "ticker": "601021", "path": "companies/春秋航空-601021.md", "path_slug": "春秋航空-601021", "summary": "春秋航空（601021） 的研报主线集中在 航空、石油、同比、ROE：低成本航司票价表现韧性较强，机队扩张、国际航线修复、票价降幅收敛及成本端改善有望共同支撑公司业绩继续上行。", "degree_total": 44, "high_confidence_neighbor_count": 4, "top_relations": [ { "edge_id": "d75892ed2076", "from": "company:601021", "to": "material:石油", "other": "material:石油", "other_name": "石油", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "** 2025H1 公司单位成本为 0.303 元，同比下降 3.5%，主要系油价下跌及日利用率小时同比提升 5.0%带来单位固定成本下降；", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-春秋航空-601021-sh-5766424ee916.md#chunk:4540edb5529a", "sources/stock-research-report-春秋航空-601021-sh-2025-年半年报点评-ca95860047d8.md#chunk:9364e2d37df5", "sources/stock-research-report-春秋航空-601021-sh-2025-年中报点评-短期税盾影响利润增速-中长期看好经营稳健性-832f0bf7834e.md#chunk:d4376ab73e5c", "sources/stock-research-report-春秋航空-601021-sh-2025-年三季报点评-客座率高位-票价承压-业绩有望稳增-b3160ebb2276.md#chunk:1a06dd6656fb", "sources/stock-research-report-春秋航空-601021-sh-2025-年三季报点评-101b70567709.md#chunk:7487d3c5b2b5", "sources/stock-research-report-春秋航空-601021-sh-7903c43d959f.md#chunk:a9eb44ec681d", "sources/stock-research-report-证券研究报告-交通运输-公司点评报告-bc08fa838fa8.md#chunk:4fd5a57cf3f8", "sources/stock-research-report-春秋航空-601021-sh-优于大市-fef2e35fb07c.md#chunk:534745c7e5be", "sources/stock-research-report-春秋航空-601021-sh-优于大市-dd542bd9001b.md#chunk:b61bbb573015" ] }, { "edge_id": "76d186751641", "from": "company:600115", "to": "company:601021", "other": "company:600115", "other_name": "中国东航", "relation": "same_group", "direction": "peer", "why_it_matters": "、0.47 元，2024-25 年 EPS 对应动态 PE 分别为 14.1 倍和 9.0 倍。 综合考虑业务范围，选取了交通运输行业 6 家上市航空公司作为估值参考，其中中国国航、南方航空、中国东航、吉祥航空以及海航控股是全国范围内的全服务航空公司，华夏航空是区域全服务航空，春秋航空是国内最大的低成本航空。 **表 2：可比公司估值** | 证券代码 |...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-三季度扭亏为盈-归母净利润创单季历史新高-153a5373d4ba.md#chunk:6d914a147218" ] }, { "edge_id": "9acf4f7966ca", "from": "company:600221", "to": "company:601021", "other": "company:600221", "other_name": "海航控股", "relation": "same_group", "direction": "peer", "why_it_matters": "| EU | | 四川国资 | 四川航空 | 3U | | 西安国资 | 幸福航空 | JR | | 青岛国资 | 青岛航空 | QW | | 贵州国资 | 多彩贵州 | GY | | 内蒙国资 | 天骄航空 | 9D | | 央企 | 奥凯航空 | BK | | 王正华 | 春秋航空 | 9C | | 胡晓军 | 华夏航空 | G5 | | 陈仕洲 | ...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-企业研究-海航控股吸引战投的核心价值是什么-117821a7117d.md#chunk:fe5dd66c4f20" ] }, { "edge_id": "8658829405c9", "from": "company:600115", "to": "company:601021", "other": "company:600115", "other_name": "中国东航", "relation": "competitor_of", "direction": "peer", "why_it_matters": "民营航司代表，用于远期PE估值对比。", "confidence": 0.9, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中国东航-600115-sh-优于大市-c9e9f06f3d82.md#chunk:950e884b945d", "sources/stock-research-report-三季度扭亏为盈-归母净利润创单季历史新高-153a5373d4ba.md#chunk:4ed35cb512c9" ] }, { "edge_id": "546770e422e4", "from": "company:002928", "to": "company:601021", "other": "company:002928", "other_name": "华夏航空", "relation": "competitor_of", "direction": "peer", "why_it_matters": "73.7、91.6、101.4 亿元，归母净利润分别为 3.8、8.7、12.6 亿元，EPS 分别为 0.30、0.68、0.98 元，对应 PE 分别为 22、10、7 倍。 ## 5.2 相对估值 鉴于公司为民营航空公司，同时考虑公司运营模式以及市场定位，选取更为接近的春秋航空、吉祥航空作为对标，可比公司 24 年 PB 均值为 2.7 倍。我们给予...", "confidence": 0.72, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究报告-531240c49c4c.md#chunk:ca98f35a0aeb", "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-2026年4月12日-e87abb5b03aa.md#chunk:8991ff1c0189" ] }, { "edge_id": "bbd16970ce62", "from": "company:600115", "to": "company:601021", "other": "company:600115", "other_name": "中国东航", "relation": "partner_of", "direction": "peer", "why_it_matters": "低成本航空是近年来表现出较强劲的发展势头的一种航空运输经营模式，通过取消一些传统航空乘客服务，比如餐食、行李托运和额外保险作为辅助服务，将营运成本控制得比较低，坚持单一机型、二线机场起降、点对点飞行、机票直销和高运营效率法则，从而可以长期大量提供便宜票价。中国低成本航空公司主要有春秋航空、成都航空、九元航空、乌鲁木齐航空、西部航空、祥鹏航空等航空公司。 图...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-align-right-2025年10月29日-c80511234540.md#chunk:66927fdcf268" ] }, { "edge_id": "a94dc50e8ea5", "from": "company:601111", "to": "company:601021", "other": "company:601111", "other_name": "中国国航", "relation": "partner_of", "direction": "peer", "why_it_matters": "低成本航空是近年来表现出较强劲的发展势头的一种航空运输经营模式，通过取消一些传统航空乘客服务，比如餐食、行李托运和额外保险作为辅助服务，将营运成本控制得比较低，坚持单一机型、二线机场起降、点对点飞行、机票直销和高运营效率法则，从而可以长期大量提供便宜票价。中国低成本航空公司主要有春秋航空、成都航空、九元航空、乌鲁木齐航空、西部航空、祥鹏航空等航空公司。 图...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-601111-sh-9bea4445b90e.md#chunk:fceecd35173c" ] }, { "edge_id": "e64dde6a5b42", "from": "company:600115", "to": "company:601021", "other": "company:600115", "other_name": "中国东航", "relation": "risk_transmits_to", "direction": "risk", "why_it_matters": "来几年我国民航客运供给增速又明显放缓，我们预计 2025-2026 年我国民航客运供需将逐步达到平衡，届时航空公司业绩也将恢复至正常水平，且确定性较高，因此目前可以对比航空公司 2026 年的远期 PE 估值。以 2026 年净利润为基数，中国东航与可比公司（中国国航、南方航空、春秋航空、吉祥航空）的 PE 水平基本位于同一区间（10\\~15 倍 PE）。...", "confidence": 0.58, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中国东航-600115-sh-优于大市-c9e9f06f3d82.md#chunk:b2cea14da419" ] }, { "edge_id": "43ab36bff982", "from": "company:601021", "to": "topic:三季报", "other": "topic:三季报", "other_name": "三季报", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "春秋航空 研报中反复涉及 三季报。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-春秋航空-601021-sh-2025-年三季报点评-客座率高位-票价承压-业绩有望稳增-b3160ebb2276.md#chunk:4a27a99033b7" ] }, { "edge_id": "9ec8ee871b0a", "from": "company:601021", "to": "topic:业绩预测", "other": "topic:业绩预测", "other_name": "业绩预测", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "春秋航空 研报中反复涉及 业绩预测。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-春秋航空-601021-sh-优于大市-fef2e35fb07c.md#chunk:8f25175a86d3" ] }, { "edge_id": "d0b867bfe005", "from": "company:601021", "to": "topic:估值", "other": "topic:估值", "other_name": "估值", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "春秋航空 研报中反复涉及 估值。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-春秋航空-601021-ch-bda28c4afc32.md#chunk:a1c640004084" ] }, { "edge_id": "8789f27af726", "from": "company:601021", "to": "topic:低成本航空", "other": "topic:低成本航空", "other_name": "低成本航空", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "春秋航空 研报中反复涉及 低成本航空。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-春秋航空-601021-sh-优于大市-fef2e35fb07c.md#chunk:8f25175a86d3" ] } ], "upstream_paths": [ { "edge_id": "d75892ed2076", "to": "material:石油", "material": "石油", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-春秋航空-601021-sh-5766424ee916.md#chunk:4540edb5529a", "sources/stock-research-report-春秋航空-601021-sh-2025-年半年报点评-ca95860047d8.md#chunk:9364e2d37df5", "sources/stock-research-report-春秋航空-601021-sh-2025-年中报点评-短期税盾影响利润增速-中长期看好经营稳健性-832f0bf7834e.md#chunk:d4376ab73e5c", "sources/stock-research-report-春秋航空-601021-sh-2025-年三季报点评-客座率高位-票价承压-业绩有望稳增-b3160ebb2276.md#chunk:1a06dd6656fb", "sources/stock-research-report-春秋航空-601021-sh-2025-年三季报点评-101b70567709.md#chunk:7487d3c5b2b5", "sources/stock-research-report-春秋航空-601021-sh-7903c43d959f.md#chunk:a9eb44ec681d", "sources/stock-research-report-证券研究报告-交通运输-公司点评报告-bc08fa838fa8.md#chunk:4fd5a57cf3f8", "sources/stock-research-report-春秋航空-601021-sh-优于大市-fef2e35fb07c.md#chunk:534745c7e5be", "sources/stock-research-report-春秋航空-601021-sh-优于大市-dd542bd9001b.md#chunk:b61bbb573015" ] } ] }, { "id": "company:600009", "name": "上海机场", "ticker": "600009", "path": "companies/上海机场-600009.md", "path_slug": "上海机场-600009", "summary": "上海机场（600009） 的研报主线集中在 航空、同比、净利润、毛利率：航空出行需求持续恢复，国际航线增长显著，带动公司营收与利润双增。", "degree_total": 44, "high_confidence_neighbor_count": 2, "top_relations": [ { "edge_id": "6c6dfa8e04b7", "from": "company:600009", "to": "material:石油", "other": "material:石油", "other_name": "石油", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "需求恢复不及预期，免税业务经营风险，扩建影响超预期风险，收费价格管制风险，航油政策风险。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-上海机场-600009-sh-bce986a5c78b.md#chunk:f2cda552397e" ] }, { "edge_id": "346043d7ef25", "from": "company:601156", "to": "company:600009", "other": "company:601156", "other_name": "东航物流", "relation": "competitor_of", "direction": "peer", "why_it_matters": "货站和浦东东区货站 5 个货站。其中，公司在上海浦东机场的主要竞争对手为上海浦东国际机场货运站有限公司（“PACTL”），双方按货站操作量计算的市场占有率各为 50%左右，呈现平分秋色的市场竞争格局。 上海虹桥机场：公司拥有虹桥西区货站和虹桥东区货站 2 个货站，主要竞争对手为上海机场浦虹国际物流有限公司，公司在上海虹桥机场按货站操作量计算的市场占有率处于...", "confidence": 0.72, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-东航物流-601156-sh-2d1f8078de4d.md#chunk:8ae46138bd2a" ] }, { "edge_id": "cdb68433b653", "from": "company:600004", "to": "company:600009", "other": "company:600004", "other_name": "白云机场", "relation": "partner_of", "direction": "peer", "why_it_matters": "2023 年及 2024 年一季度业绩逐步恢复，基本符合预期。 ### ⚫ 重签免税协议，扣点有所调整 公司公告与中免签订 T1 航站楼 1747.18 ㎡出境免税店经营权项目合同，经营期 20+X 个月，保底租金 2180 元/月·㎡，提成比例 23.15%，该提成比例与上海机场的补充协议基本接近，也符合口岸免税店管理办法的管理思路。 ### ⚫ 投资建...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2024-年-5-月-5-日-e04dfdf1b5df.md#chunk:9744ff760cc2" ] }, { "edge_id": "b5b43e6000ab", "from": "company:600009", "to": "topic:roa", "other": "topic:roa", "other_name": "ROA", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "上海机场 研报中反复涉及 ROA。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-上海機場-600009-ch-f3fef21f937d.md#chunk:d566b5174462" ] }, { "edge_id": "51b81f12ef59", "from": "company:600009", "to": "topic:业绩修复", "other": "topic:业绩修复", "other_name": "业绩修复", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "上海机场 研报中反复涉及 业绩修复。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-上海机场-600009-sh-2e28d9d6b570.md#chunk:3baeb854f584" ] }, { "edge_id": "fc521c8b9e62", "from": "company:600009", "to": "topic:中期分红", "other": "topic:中期分红", "other_name": "中期分红", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "上海机场 研报中反复涉及 中期分红。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-上海机场-600009-sh-d03f73e67101.md#chunk:b1792cd93299" ] }, { "edge_id": "436f539932f9", "from": "company:600009", "to": "topic:产能利用率", "other": "topic:产能利用率", "other_name": "产能利用率", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "上海机场 研报中反复涉及 产能利用率。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-公司研究-8f94c3d34943.md#chunk:2c639922c13e" ] }, { "edge_id": "2f808eeb3ceb", "from": "company:600009", "to": "topic:估值修復", "other": "topic:估值修復", "other_name": "估值修復", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "上海机场 研报中反复涉及 估值修復。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-上海機場-600009-ch-f3fef21f937d.md#chunk:d566b5174462" ] }, { "edge_id": "22448fd2b1ef", "from": "company:600009", "to": "topic:保底租金", "other": "topic:保底租金", "other_name": "保底租金", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "上海机场 研报中反复涉及 保底租金。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2025-年-12-月-22-日-1fdeadd950b9.md#chunk:9faa99f0a664" ] }, { "edge_id": "f96e42d4c139", "from": "company:600009", "to": "topic:免稅業務", "other": "topic:免稅業務", "other_name": "免稅業務", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "上海机场 研报中反复涉及 免稅業務。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-上海機場-600009-ch-f3fef21f937d.md#chunk:d566b5174462" ] }, { "edge_id": "b4e6c9ae9f97", "from": "company:600009", "to": "topic:免税", "other": "topic:免税", "other_name": "免税", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "上海机场 研报中反复涉及 免税。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-上海机场-600009-sh-2024-年年报及-2025-年一季报点评-0abf96e4b9ed.md#chunk:9654e23c6b81" ] }, { "edge_id": "da853a276c09", "from": "company:600009", "to": "topic:免税业务", "other": "topic:免税业务", "other_name": "免税业务", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "上海机场 研报中反复涉及 免税业务。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-上海机场-600009-sh-bce986a5c78b.md#chunk:6e4ad2e79430" ] } ], "upstream_paths": [ { "edge_id": "6c6dfa8e04b7", "to": "material:石油", "material": "石油", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-上海机场-600009-sh-bce986a5c78b.md#chunk:f2cda552397e" ] } ] }, { "id": "company:688146", "name": "中船特气", "ticker": "688146", "path": "companies/中船特气-688146.md", "path_slug": "中船特气-688146", "summary": "中船特气（688146） 的研报主线集中在 电子特气、证券、净利润、半导体：电子特气下游需求持续增长，海外管制背景下供应链自主可控重要性提升，国产替代进程有望加速。", "degree_total": 44, "high_confidence_neighbor_count": 5, "top_relations": [ { "edge_id": "f35f8f81ff82", "from": "company:688146", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "高纯钨粉及制品应用极其广泛，主要在电子信息领域用于芯片制造、元器件及溅射靶材等原材料；", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-证券研究报告-电子-公司点评报告-9058c22089bc.md#chunk:13eb8c6a4444", "sources/stock-research-report-证券研究报告-电子-公司点评报告-2b01e64ab606.md#chunk:ebd13313d7fd", "sources/stock-research-report-中船特气-688146-sh-2024-年三季报点评-f11af7a42fc1.md#chunk:b35a4a839ecc", "sources/stock-research-report-买入-维持-dc3d1f3bfbf7.md#chunk:9aaa11519af2" ] }, { "edge_id": "17b0d72d0be6", "from": "company:688146", "to": "material:石油", "other": "material:石油", "other_name": "石油", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "其三，工业气体生产过程中需要消耗大量的水电能源和燃油资源，相关成本占据气体生产公司的 1/3 左右。", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中船特气-688146-擎船驰电气驭科峰-电子特气龙头增产拓品加速国产化-00c4ad1088cd.md#chunk:770ac9e8a830", "sources/stock-research-report-中船特气-688146-567a6aeef795.md#chunk:fd689f2e1d9a" ] }, { "edge_id": "e565c647cfe5", "from": "company:688146", "to": "material:硅材料", "other": "material:硅材料", "other_name": "硅材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "同时，电子气体是集成电路制造的第二大制造材料，仅次于硅片，占晶圆制造成本的 13%。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-equity-research-company-research-semiconductor-8c90db321421.md#chunk:92900778aa6f" ] }, { "edge_id": "7231fc828b0d", "from": "company:688146", "to": "material:锂", "other": "material:锂", "other_name": "锂", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "年产 3250 吨三氟化氮项目、年产 500 吨双（三氟甲磺酰）亚胺锂项目、年产 1500 吨高纯氯化氢扩建项目于 2023 年 12 月份达到预定可使用状态。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中船特气-688146-sh-2023-年业绩快报点评-ab36aaa2b129.md#chunk:23c04145addb", "sources/stock-research-report-证券研究报告-电子-公司点评报告-167a582425b3.md#chunk:089a6102bb52", "sources/stock-research-report-中船特气-688146-567a6aeef795.md#chunk:1d25978db3c8", "sources/stock-research-report-证券研究报告-电子-公司点评报告-9058c22089bc.md#chunk:1fdff1697244", "sources/stock-research-report-中船特气-688146-擎船驰电气驭科峰-电子特气龙头增产拓品加速国产化-00c4ad1088cd.md#chunk:6510362266b5", "sources/stock-research-report-证券研究报告-电子-公司点评报告-2b01e64ab606.md#chunk:fcc6da570b1b" ] }, { "edge_id": "59d027981d4a", "from": "company:688146", "to": "material:钛", "other": "material:钛", "other_name": "钛", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "| 其他 | 六氯乙硅烷(Si2Cl6)、六氯化钨(WCl6)、四氯化钛(TiCl4)、四 氯化铪(HfCl4)、四乙氧基硅(Si(OC2H5)4)等 | |", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-equity-research-company-research-semiconductor-8c90db321421.md#chunk:b37739674b03", "sources/stock-research-report-中船特气-688146-擎船驰电气驭科峰-电子特气龙头增产拓品加速国产化-00c4ad1088cd.md#chunk:d562023a7baa", "sources/stock-research-report-中船特气-688146-567a6aeef795.md#chunk:6ec785a3c412" ] }, { "edge_id": "da4ff644a292", "from": "company:688146", "to": "material:钢材", "other": "material:钢材", "other_name": "钢材", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "于通孔和接触孔，硅化钨则可以制作低电阻、高熔点的互连线，此外，六氟化钨可用于钢表面镀膜，改变钢表面性能。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-电子-公司点评报告-167a582425b3.md#chunk:e30cbaae98c0", "sources/stock-research-report-中船特气-688146-567a6aeef795.md#chunk:a871bca22f2d", "sources/stock-research-report-中船特气-688146-擎船驰电气驭科峰-电子特气龙头增产拓品加速国产化-00c4ad1088cd.md#chunk:770ac9e8a830" ] }, { "edge_id": "811db0d5ab8c", "from": "company:688146", "to": "material:天然气", "other": "material:天然气", "other_name": "天然气", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "| | 金宏气体 | 主营业务特种气体、大宗气体和天然气。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中船特气-688146-567a6aeef795.md#chunk:b09e2f0e358c", "sources/stock-research-report-中船特气-688146-擎船驰电气驭科峰-电子特气龙头增产拓品加速国产化-00c4ad1088cd.md#chunk:cc734935002c" ] }, { "edge_id": "7fc91753d3e2", "from": "company:688146", "to": "material:电力", "other": "material:电力", "other_name": "电力", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "根据前瞻产业研究院数据显示，我国集成电路用电子气体的市场规模 2020 年为 76 亿元，2021 年增长至为 85 亿元，预计 2025 年规模将达到 134 亿元，2021 至 2025 年复合增长率为 **12.05%**，集成电路领域蓬勃发展，强势带动电子特气需求攀升。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中船特气-688146-567a6aeef795.md#chunk:1d87ca5758b0", "sources/stock-research-report-证券研究报告-电子-公司点评报告-167a582425b3.md#chunk:67b809c0b6e8" ] }, { "edge_id": "a643ef753d6e", "from": "company:688146", "to": "material:铝", "other": "material:铝", "other_name": "铝", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "| | 昭和电工 | 主营业务涉及石油、化学、无机、铝金属、电子信息等多种领域。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中船特气-688146-567a6aeef795.md#chunk:a871bca22f2d", "sources/stock-research-report-中船特气-688146-擎船驰电气驭科峰-电子特气龙头增产拓品加速国产化-00c4ad1088cd.md#chunk:4559ceb88fdb" ] }, { "edge_id": "14d7f70a0b32", "from": "company:688146", "to": "material:镍", "other": "material:镍", "other_name": "镍", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "| 化学转化法 | NF₃ 中的含有 N₂F₂ 和 N₂F₄ 等杂质，采用镍金属做催化剂进行分解提纯。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中船特气-688146-擎船驰电气驭科峰-电子特气龙头增产拓品加速国产化-00c4ad1088cd.md#chunk:08bd570d2ee7", "sources/stock-research-report-中船特气-688146-567a6aeef795.md#chunk:854c1ba45bbd" ] }, { "edge_id": "4360946b79ee", "from": "company:688146", "to": "material:有色金属", "other": "material:有色金属", "other_name": "有色金属", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "产业链下游根据用气量规模和品种大致分为大宗客户和零售客户，大宗客户用气量大，一般来自于钢铁、冶金、有色金属、石油化工、煤化工、化肥等传统行业；", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中船特气-688146-擎船驰电气驭科峰-电子特气龙头增产拓品加速国产化-00c4ad1088cd.md#chunk:770ac9e8a830" ] }, { "edge_id": "0e3873d26edb", "from": "company:688146", "to": "company:600150", "other": "company:600150", "other_name": "中国船舶", "relation": "same_group", "direction": "peer", "why_it_matters": "产业投资基金、国家集成电路基金（二期）等，上述机构投资者累计持股 7%。其中，国家集成电路投资产业基金是由国家出资设立的基金,旨在支持我国集成电路行业的发展和技术进步。 #### 图2：公司股权结构（截至 2023 年 7 月） ```mermaid graph TD A[中国船舶集团
（实际控制人）] -- 100% --> B[七一八所] B ...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中船特气-688146-567a6aeef795.md#chunk:ebdfbbafad75", "sources/stock-research-report-中船特气-688146-擎船驰电气驭科峰-电子特气龙头增产拓品加速国产化-00c4ad1088cd.md#chunk:273650261684" ] } ], "upstream_paths": [ { "edge_id": "f35f8f81ff82", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-证券研究报告-电子-公司点评报告-9058c22089bc.md#chunk:13eb8c6a4444", "sources/stock-research-report-证券研究报告-电子-公司点评报告-2b01e64ab606.md#chunk:ebd13313d7fd", "sources/stock-research-report-中船特气-688146-sh-2024-年三季报点评-f11af7a42fc1.md#chunk:b35a4a839ecc", "sources/stock-research-report-买入-维持-dc3d1f3bfbf7.md#chunk:9aaa11519af2" ] }, { "edge_id": "17b0d72d0be6", "to": "material:石油", "material": "石油", "confidence": 0.78, "needs_review": true, "evidence_refs": [ 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"sources/stock-research-report-中船特气-688146-擎船驰电气驭科峰-电子特气龙头增产拓品加速国产化-00c4ad1088cd.md#chunk:6510362266b5", "sources/stock-research-report-证券研究报告-电子-公司点评报告-2b01e64ab606.md#chunk:fcc6da570b1b" ] }, { "edge_id": "59d027981d4a", "to": "material:钛", "material": "钛", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-equity-research-company-research-semiconductor-8c90db321421.md#chunk:b37739674b03", "sources/stock-research-report-中船特气-688146-擎船驰电气驭科峰-电子特气龙头增产拓品加速国产化-00c4ad1088cd.md#chunk:d562023a7baa", "sources/stock-research-report-中船特气-688146-567a6aeef795.md#chunk:6ec785a3c412" ] }, { "edge_id": "da4ff644a292", "to": "material:钢材", "material": "钢材", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-电子-公司点评报告-167a582425b3.md#chunk:e30cbaae98c0", "sources/stock-research-report-中船特气-688146-567a6aeef795.md#chunk:a871bca22f2d", 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"high_confidence_neighbor_count": 2, "top_relations": [ { "edge_id": "1e9756c410d8", "from": "company:600118", "to": "company:688311", "other": "company:688311", "other_name": "盟升电子", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "% | | | 系统集成 | 15.1% | 12.9% | 16.2% | 16.0% | 16.3% | | | | | | | 下游 | 运营服务 | 36.8% | 41.6% | 44.2% | 46.6% | 47.3% | | | | | | 资料来源：《2022 中国卫星导航与位置服务产业发展白皮书》，民生证券研究院 ## 2.1.2 受装...", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md#chunk:70f380128919" ] }, { "edge_id": "4412268e83d2", "from": "company:688066", "to": "company:600118", "other": "company:688066", "other_name": "航天宏图", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "轨道可根据需要来确定。遥感卫星能在规定的时间内覆盖整个地球或指定的任何区域，当沿地球同步轨道运行时，它能连续地对地球表面某指定地域进行遥感。从产业链区分，卫星产业主要包括三个方面：卫星制造与发射、卫星数据处理、卫星数据应用。 1）上游：卫星制造与发射环节，参与公司包括中国航天、中国卫星、长广卫星等； 2）中游：卫星数据处理环节，主要提供卫星遥感数据服务、相...", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天宏图-688066-173ad718b01d.md#chunk:a29e230b94da" ] }, { "edge_id": "3aa3448723fc", "from": "company:600118", "to": "material:钛", "other": "material:钛", "other_name": "钛", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "归母净利润下降主要是收入下降，以及上年同期减持钛金科技产生了 7240 万元投资收益而本期无此收益等共同导致。", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中国卫星-600118-sh-2023-年中报点评-a78f4760fe85.md#chunk:6aa4d22d8519", "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-bb3e8f1f3e58.md#chunk:67f6774624b7", "sources/stock-research-report-中国卫星-600118-sh-2023-年三季报点评-e7d921db1a75.md#chunk:43109c05fd8d", "sources/stock-research-report-中国卫星-600118-sh-2023-年年报点评-945fb840df32.md#chunk:32476ad18eb7", "sources/stock-research-report-谨慎推荐-维持评级-a1f8b26d7487.md#chunk:b9f911b3cace", "sources/stock-research-report-中国卫星-600118-sh-2023-年一季报点评-9b91560312ed.md#chunk:0cae10a35693", "sources/stock-research-report-中国卫星-600118-sh-2022-年中报点评-35a28c3671ef.md#chunk:c51047256189" ] }, { "edge_id": "02b339121f96", "from": "company:600118", "to": "material:石油", "other": "material:石油", "other_name": "石油", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "中标中石油北斗导航能源安全生产综合监管系统项", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-ca91b43692d5.md#chunk:26d3a1ca726c" ] }, { "edge_id": "7b08436cdc72", "from": "company:002465", "to": "company:600118", "other": "company:002465", "other_name": "海格通信", "relation": "competitor_of", "direction": "peer", "why_it_matters": "图 26： 数智生态产业融合发展，为数字化、智能化提速，全面赋能数字经济 20 图 27： 公司软件与信息服务业务 20 图 28： 军用卫星通信系统示意图，多种终端搭配组建通信网络 21 图 29： 公司卫星通信产品包括芯片、天线、射频模块、整机、系统总体 21 图 30： 中国卫星通信产业链格局，海格通信占据中游 22 图 31： 手机直连卫星 22 ...", "confidence": 0.72, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-海格通信-002465-cdce98b45cf2.md#chunk:246046ae42d0" ] }, { "edge_id": "c427a000c07f", "from": "company:300136", "to": "company:600118", "other": "company:300136", "other_name": "信维通信", "relation": "competitor_of", "direction": "peer", "why_it_matters": "源极为急缺以及美国捷足先登的背景下，各国加快了对低轨卫星的部署工作。国际方面，Starlink 已规划 4.2 万颗，预计将独占大部分近地轨道，英国 Oneweb 同样申请了近 4.8 万颗卫星发射量，韩国三星、加拿大 Telesat 等公司也在进行低轨卫星的建设工作。国内方面，中国卫星网络集团已向 ITU 申请了“GW”星座计划，共计 12992 颗卫星...", "confidence": 0.72, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-信维通信-300136-16bc1e2ac19b.md#chunk:9894d5a381a0" ] }, { "edge_id": "56c6b2ec1095", "from": "company:002465", "to": "company:600118", "other": "company:002465", "other_name": "海格通信", "relation": "partner_of", "direction": "peer", "why_it_matters": "，北斗二代建成前，2008-2012 年海格通信和振芯科技的北斗业务营收之和的复合增速为 14.71%，北斗二代建成后，2012-2016 年两者北斗业务营收之和的复合增速为 32.34%，北斗导航业务与北斗系统建设周期具有较强的相关性。另一方面，根据《中国卫星导航与位置服务产业发展白皮书》披露，2022 年我国卫星导航与位置服务...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8e84fd1c1bf5.md#chunk:4e41ccd01836" ] }, { "edge_id": "26de60cadab6", "from": "company:688375", "to": "company:600118", "other": "company:688375", "other_name": "国博电子", "relation": "partner_of", "direction": "peer", "why_it_matters": "中国可回收火箭技术突破在即，卫星互联网建设进入放量前夜。当前中国可回收火箭技术尚处试验阶段，商业发射排期紧张、成本居高不下，严重制约大规模部署节奏。2026 年我国主要商业航天企业可回收火箭计划密集落地，我们预计未来 3 年，中国可复用火箭将进入“边发射、边迭代”的工程应用阶段，中国卫星制造产业链有望进入放量周期。依据 SpaceX 经验，中国可复用火箭技...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国博电子-688375-sh-t-r-组件龙头-商业航天及军品订单共同驱动增长-fa7240c95fdc.md#chunk:3c3f06a90a7f" ] }, { "edge_id": "ccdc76e0312c", "from": "company:600118", "to": "topic:一季报", "other": "topic:一季报", "other_name": "一季报", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中国卫星 研报中反复涉及 一季报。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中国卫星-600118-sh-2023-年一季报点评-9b91560312ed.md#chunk:1e0e253b9dde" ] }, { "edge_id": "f9c1b9058c4e", "from": "company:600118", "to": "topic:三季报点评", "other": "topic:三季报点评", "other_name": "三季报点评", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中国卫星 研报中反复涉及 三季报点评。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-谨慎推荐-维持评级-a1f8b26d7487.md#chunk:1411a44059a1" ] }, { "edge_id": "018b532e3275", "from": "company:600118", "to": "topic:业绩修复", "other": "topic:业绩修复", "other_name": "业绩修复", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中国卫星 研报中反复涉及 业绩修复。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-ca91b43692d5.md#chunk:ef7b90eb869f" ] }, { "edge_id": "17c07489ed99", "from": "company:600118", "to": "topic:中报业绩", "other": "topic:中报业绩", "other_name": "中报业绩", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中国卫星 研报中反复涉及 中报业绩。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中国卫星-600118-sh-2023-年中报点评-a78f4760fe85.md#chunk:dc049cfff2a3" ] } ], "upstream_paths": [ { "edge_id": "3aa3448723fc", "to": "material:钛", "material": "钛", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中国卫星-600118-sh-2023-年中报点评-a78f4760fe85.md#chunk:6aa4d22d8519", "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-bb3e8f1f3e58.md#chunk:67f6774624b7", "sources/stock-research-report-中国卫星-600118-sh-2023-年三季报点评-e7d921db1a75.md#chunk:43109c05fd8d", "sources/stock-research-report-中国卫星-600118-sh-2023-年年报点评-945fb840df32.md#chunk:32476ad18eb7", "sources/stock-research-report-谨慎推荐-维持评级-a1f8b26d7487.md#chunk:b9f911b3cace", "sources/stock-research-report-中国卫星-600118-sh-2023-年一季报点评-9b91560312ed.md#chunk:0cae10a35693", "sources/stock-research-report-中国卫星-600118-sh-2022-年中报点评-35a28c3671ef.md#chunk:c51047256189" ] }, { "edge_id": "02b339121f96", "to": "material:石油", "material": "石油", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-ca91b43692d5.md#chunk:26d3a1ca726c" ] } ] }, { "id": "company:600862", "name": "中航高科", "ticker": "600862", "path": "companies/中航高科-600862.md", "path_slug": "中航高科-600862", "summary": "中航高科（600862） 的研报主线集中在 航空、净利润、碳纤维、证券：中航工业集团旗下航空复材绝对龙头，技术壁垒深厚且集团资源赋能明确。", "degree_total": 44, "high_confidence_neighbor_count": 2, "top_relations": [ { "edge_id": "e7193a8df4ac", "from": "company:688563", "to": "company:600862", "other": "company:688563", "other_name": "航材股份", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "**盈利预测与评级：**我们预测公司 2025-2027 年归母净利润分别为 13.71/16.06/18.37 亿元，同比增速分别为 18.93%/17.18%/14.35%，当前股价对应的 PE 分别为 23.71/ 20.23/17.69 倍。我们选取光威复材、中简科技、航材股份为可比公司，三家公司按 Wind 一致预期计算的 2025 年平均 PE...", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-航空装备ii-633d8f901743.md#chunk:3363043912d0" ] }, { "edge_id": "929c90e0825c", "from": "company:600862", "to": "material:化工品", "other": "material:化工品", "other_name": "化工品", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "**公司是目前我国航空领域唯一专业从事复合材料研发工程化的单位，先后承担了我国多型飞机的复材原材料/结构件研制任务，高性能树脂及预浸料等产品代表了我国航空高性能复合材料最高水平，具有显著的核心竞争力和稳固的行业地位。", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-航空装备ii-633d8f901743.md#chunk:8c3605075bf3", "sources/stock-research-report-2026-年-03-月-25-日-0ca83dc998ac.md#chunk:a86d472739a1", "sources/stock-research-report-中航高科-600862-sh-2025-年半年报点评-8e865a6595b5.md#chunk:f4f858a7a989", "sources/stock-research-report-公-司-研-究-6e41046c3f20.md#chunk:fdec0befbcd4" ] }, { "edge_id": "61697234d8df", "from": "company:600862", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "**公司是目前我国航空领域唯一专业从事复合材料研发工程化的单位，先后承担了我国多型飞机的复材原材料/结构件研制任务，高性能树脂及预浸料等产品代表了我国航空高性能复合材料最高水平，具有显著的核心竞争力和稳固的行业地位。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-国防军工-航空装备ii-633d8f901743.md#chunk:8c3605075bf3", "sources/stock-research-report-中航高科-600862-0c4cc41a4dc5.md#chunk:a96d79272f0d" ] }, { "edge_id": "31fca3a160ce", "from": "company:600862", "to": "material:石油", "other": "material:石油", "other_name": "石油", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "| 低密度 | 减轻航空器重量，显著提升其运载能力和燃油效率，
降低运行成本，减少有害气体排放进而实现环保飞行 |", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-国防军工-航空装备ii-633d8f901743.md#chunk:1216440d942a" ] }, { "edge_id": "46507851db01", "from": "company:600862", "to": "material:碳纤维", "other": "material:碳纤维", "other_name": "碳纤维", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "除传统业务外，公司积极承接国家未来产业战略布局，抢先布局人形机器人赛道，已系统调研业内标杆企业，重点聚焦复合材料在人形机器人领域的创新应用路径，旨在以复合材料技术革新赋能人形机器人产业升级。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航高科-600862-sh-2025-年三季报点评-1af5bfba41eb.md#chunk:3895160d6551", "sources/stock-research-report-公-司-研-究-6e41046c3f20.md#chunk:fdec0befbcd4", "sources/stock-research-report-中航高科-600862-sh-2025-年半年报点评-8e865a6595b5.md#chunk:f4f858a7a989", "sources/stock-research-report-2026-年-03-月-25-日-0ca83dc998ac.md#chunk:c807d051d9f9", "sources/stock-research-report-国防军工-航空装备ii-633d8f901743.md#chunk:8c3605075bf3", "sources/stock-research-report-公司研究-877362ab8a29.md#chunk:6920f611c8c7", "sources/stock-research-report-中航高科-600862-0c4cc41a4dc5.md#chunk:afa118f27caa", "sources/stock-research-report-其他军工iii-a155ac175e30.md#chunk:b95939776cc4" ] }, { "edge_id": "ae209da72169", "from": "company:600862", "to": "material:钛", "other": "material:钛", "other_name": "钛", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "**GE90 发动机的复合材料风扇叶片比传统钛合金空心风扇叶片质量轻 66%，强度却提高了 100%；", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-航空装备ii-633d8f901743.md#chunk:f32201bbaeb0" ] }, { "edge_id": "99577291b02e", "from": "company:600862", "to": "material:铝", "other": "material:铝", "other_name": "铝", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "* **波音公司**：据《碳纤维增强复合材料在航空航天领域的应用》（黄亿洲等），B777 采用的复合材料仅占全机结构重量的 9%，而 B787 在机身、机翼、尾翼、地板梁、座椅框架等部件中应用了碳纤维复合材料，应用率达到 50%，与铝合金结构相比重量减轻了 4500 千克，可节省燃油 20%。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-航空装备ii-633d8f901743.md#chunk:d64c9455f782" ] }, { "edge_id": "01a76357730e", "from": "company:600862", "to": "company:中航高科", "other": "company:中航高科", "other_name": "中航高科", "relation": "partner_of", "direction": "peer", "why_it_matters": "# 中航高科（600862） # 2025 年中报点评：持续推进产能建设，营收利润稳健增长 **2025 年 08 月 25 日** ### 买入（维持） **证券分析师 苏立赞** 执业证书：S0600521110001 sulz@dwzq.com.cn **证券分析师 许牧** 执业证书：S0600523060002", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航高科-600862-0c4cc41a4dc5.md#chunk:d8b0971832af", "sources/stock-research-report-国防军工-1aec251ca65b.md#chunk:c561d4739c18", "sources/stock-research-report-2026-年-03-月-25-日-0ca83dc998ac.md#chunk:9f6ef745dbc5", "sources/stock-research-report-中航高科-600862-sh-2025-年半年报点评-8e865a6595b5.md#chunk:405f8b0b626a", "sources/stock-research-report-国防军工-航空装备ii-633d8f901743.md#chunk:3363043912d0", "sources/stock-research-report-其他军工iii-a155ac175e30.md#chunk:c9cb7079a70c", "sources/stock-research-report-公-司-研-究-6e41046c3f20.md#chunk:850890aa0573", "sources/stock-research-report-公司研究-877362ab8a29.md#chunk:717870b6c97b", "sources/stock-research-report-中航高科-600862-baa5aad0af41.md#chunk:bc708cf7d151", "sources/stock-research-report-中航高科-600862-sh-2025-年三季报点评-1af5bfba41eb.md#chunk:3895160d6551" ] }, { "edge_id": "b3787b5d6d44", "from": "company:688122", "to": "company:600862", "other": "company:688122", "other_name": "西部超导", "relation": "partner_of", "direction": "peer", "why_it_matters": "综上，我们预计 2025-2027 年公司的营收分别为 52.37、66.79、81.29 亿元，归母净利润分别为 8.40、10.75、13.00 亿元，当前股价对应 2025-2027 年 PE 分别为 57.6/45.0/37.2 倍。考虑到主业的相似性，选取图南股份、中航高科、钢研高纳作为可比公司，均属于高端金属材料及航空发动机材料领域。根据 20...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-西部超导-688122-sh-军工材料龙头崛起-多业务协同开启成长新周期-aea7416c8dae.md#chunk:25fb723a8c87" ] }, { "edge_id": "e34291e82a77", "from": "company:688563", "to": "company:600862", "other": "company:688563", "other_name": "航材股份", "relation": "partner_of", "direction": "peer", "why_it_matters": "产的航空发动机用高温合金母合金产品。 ## 6.2 盈利预测与估值 公司四大业务涵盖金属材料和非金属材料，其中钛合金和高温合金业务属于金属材料，橡胶密封材料和透明件属于非金属材料。因此，我们选取了和公司业务相近的两家金属材料上市公司西部材料、钢研高纳以及两家非金属材料上市公司中航高科、菲利华作为可比公司。 表 24：可比公司情况对比 | 股票代码 | 股票...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md#chunk:1dc86bbdad25" ] }, { "edge_id": "9d56a9871ade", "from": "company:600862", "to": "topic:c919", "other": "topic:c919", "other_name": "C919", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中航高科 研报中反复涉及 C919。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-公-司-研-究-6e41046c3f20.md#chunk:fdec0befbcd4" ] }, { "edge_id": "4a0dfbc81a16", "from": "company:600862", "to": "topic:c919-c929", "other": "topic:c919-c929", "other_name": "c919-c929", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中航高科 研报中反复涉及 C919/C929。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-航空装备ii-633d8f901743.md#chunk:8c3605075bf3" ] } ], "upstream_paths": [ { "edge_id": "929c90e0825c", "to": "material:化工品", "material": "化工品", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-航空装备ii-633d8f901743.md#chunk:8c3605075bf3", "sources/stock-research-report-2026-年-03-月-25-日-0ca83dc998ac.md#chunk:a86d472739a1", "sources/stock-research-report-中航高科-600862-sh-2025-年半年报点评-8e865a6595b5.md#chunk:f4f858a7a989", "sources/stock-research-report-公-司-研-究-6e41046c3f20.md#chunk:fdec0befbcd4" ] }, { "edge_id": "61697234d8df", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-国防军工-航空装备ii-633d8f901743.md#chunk:8c3605075bf3", "sources/stock-research-report-中航高科-600862-0c4cc41a4dc5.md#chunk:a96d79272f0d" ] }, { "edge_id": "31fca3a160ce", "to": "material:石油", "material": "石油", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-国防军工-航空装备ii-633d8f901743.md#chunk:1216440d942a" ] }, { "edge_id": "46507851db01", "to": "material:碳纤维", "material": "碳纤维", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航高科-600862-sh-2025-年三季报点评-1af5bfba41eb.md#chunk:3895160d6551", "sources/stock-research-report-公-司-研-究-6e41046c3f20.md#chunk:fdec0befbcd4", "sources/stock-research-report-中航高科-600862-sh-2025-年半年报点评-8e865a6595b5.md#chunk:f4f858a7a989", "sources/stock-research-report-2026-年-03-月-25-日-0ca83dc998ac.md#chunk:c807d051d9f9", "sources/stock-research-report-国防军工-航空装备ii-633d8f901743.md#chunk:8c3605075bf3", "sources/stock-research-report-公司研究-877362ab8a29.md#chunk:6920f611c8c7", "sources/stock-research-report-中航高科-600862-0c4cc41a4dc5.md#chunk:afa118f27caa", "sources/stock-research-report-其他军工iii-a155ac175e30.md#chunk:b95939776cc4" ] }, { "edge_id": "ae209da72169", "to": "material:钛", "material": "钛", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-航空装备ii-633d8f901743.md#chunk:f32201bbaeb0" ] }, { "edge_id": "99577291b02e", "to": "material:铝", "material": "铝", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-航空装备ii-633d8f901743.md#chunk:d64c9455f782" ] } ] }, { "id": "company:688543", "name": "国科军工", "ticker": "688543", "path": "companies/国科军工-688543.md", "path_slug": "国科军工-688543", "summary": "国科军工（688543） 的研报主线集中在 风险、净利润、军工、投资建议：聚焦导弹固体发动机动力与控制及弹药装备两大核心体系，内需列装与军贸出口双轮驱动。", "degree_total": 43, "high_confidence_neighbor_count": 3, "top_relations": [ { "edge_id": "54b94965e248", "from": "company:003009", "to": "company:688543", "other": "company:003009", "other_name": "中天火箭", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "2 年可转债项目（募资 4.95 亿元）合计募资 10 亿元，用于全方位提升公司小型固体制导火箭及其衍生品的产研能力。公司增雨防雹火箭和炭/炭热场材料的产能及市占率均处于细分行业领先水平，伴随可转债项目在 2024 年底投产，公司将延续行业龙头地位。 ### 相关研究 1. 国科军工（688543.SH）首次覆盖报告：悠久资产焕发新动力；弹药/制导装备核心...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md#chunk:c59aa9ec655a" ] }, { "edge_id": "62e2c6968a2a", "from": "company:688543", "to": "company:600343", "other": "company:600343", "other_name": "航天动力", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "备抗强干扰及适应复杂环境的固体发动机点火装置 YD039/XM、YD040/XM 及导弹安全保险装置 YZ051/XM 在某型空空导弹、某型战术导弹终端应用，同时成功应用于 Px 系列空空导弹上。 此外，公司 2024 年 7 月 30 日公告，公司拟投资 3.43 亿元用于“航天动力建设项目，进行航天动力研发中心及配套壳体能力建设，向航天发动机总装领域转...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-bcb90e27f3ce.md#chunk:2171e0443b49" ] }, { "edge_id": "4e18e59042f0", "from": "company:688543", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "* **上游专用原材料供给有所好转，全资子公司销售端有所落地**", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-国科军工-688543-b2073a9531bb.md#chunk:4b7649ce4274", "sources/stock-research-report-国科军工-688543-4bb3af6c55a8.md#chunk:2cfa967ec44f" ] }, { "edge_id": "ac742eb20f94", "from": "company:688543", "to": "material:电力", "other": "material:电力", "other_name": "电力", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "信息化弹药本身技术含量较高，结构复杂，而且大量采用电子元器件、光学器件等，与传统弹药相比，其储存寿命会有所下降，更新采购的比例较高。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-2025-12-27-957b96d5b5fc.md#chunk:16c0493a764a" ] }, { "edge_id": "3c0c9937ac95", "from": "company:688543", "to": "material:碳纤维", "other": "material:碳纤维", "other_name": "碳纤维", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "在新型隔热材料技术方面，公司首创的新型隔热复合材料技术，可实现对固体发动机的能量进行有效管理和利用，解决了行业难题；", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2025-12-27-957b96d5b5fc.md#chunk:c801e5209107" ] }, { "edge_id": "3979c6b80568", "from": "company:600435", "to": "company:688543", "other": "company:600435", "other_name": "北方导航", "relation": "same_group", "direction": "peer", "why_it_matters": "京自动化控制设备研究所、保定开拓精密仪器制造有限责任公司等] F[兵器集团下属企业、理工导航、晨曦航空、星网宇达、航天电子、中航六一八所等] G[兵器集团及其下属单位
（包括北方导航）、
航天科工集团及其下属单位、
航天科技集团及其下属单位、
国科军工等] H[兵器集团及其其下属单位、
航天科工集团及其下属单位、 I ``` 资料来源：中航证券研究所整理 弹药/智能弹药产业链上市公司数量相对于军工行业其他子行业上市公司数量有限，并主要集中在 2016 年之后。近年新增 2 家弹药相关上市公司，分别是：2022 年新增 1 家上市公司理工导航，2023 年新增 1 家上市公司国科军工。 图26 弹药/智能弹药产业投资图谱 ```mermaid graph T...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司深度报告-f04570c0fa80.md#chunk:96a7d7319cbc" ] }, { "edge_id": "c9105e7a9a15", "from": "company:688543", "to": "topic:roe", "other": "topic:roe", "other_name": "ROE", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "国科军工 研报中反复涉及 ROE。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-多重因素影响业绩-看好全年趋势向上-fcb4a0ccb251.md#chunk:9b9a14f6be94" ] }, { "edge_id": "265719c49ea1", "from": "company:688543", "to": "topic:上游原材料", "other": "topic:上游原材料", "other_name": "上游原材料", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "国科军工 研报中反复涉及 上游原材料。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国科军工-688543-4bb3af6c55a8.md#chunk:2cfa967ec44f" ] }, { "edge_id": "26a55b7af905", "from": "company:688543", "to": "topic:业绩增长", "other": "topic:业绩增长", "other_name": "业绩增长", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "国科军工 研报中反复涉及 业绩增长。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-发布时间-2025-04-22-60078c33a44b.md#chunk:0e79ce3412a0" ] } ], "upstream_paths": [ { "edge_id": "4e18e59042f0", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-国科军工-688543-b2073a9531bb.md#chunk:4b7649ce4274", "sources/stock-research-report-国科军工-688543-4bb3af6c55a8.md#chunk:2cfa967ec44f" ] }, { "edge_id": "ac742eb20f94", "to": "material:电力", "material": "电力", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-2025-12-27-957b96d5b5fc.md#chunk:16c0493a764a" ] }, { "edge_id": "3c0c9937ac95", "to": "material:碳纤维", "material": "碳纤维", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2025-12-27-957b96d5b5fc.md#chunk:c801e5209107" ] } ] }, { "id": "company:601606", "name": "长城军工", "ticker": "601606", "path": "companies/长城军工-601606.md", "path_slug": "长城军工-601606", "summary": "长城军工（601606） 的研报主线集中在 军工、投资建议、证券、风险：央地合作典范，控股股东变更为中国兵器装备集团，集团资源倾斜与装备体系牵引为公司注入发展新动能。", "degree_total": 43, "high_confidence_neighbor_count": 2, "top_relations": [ { "edge_id": "68117557c0a5", "from": "company:601606", "to": "company:600184", "other": "company:600184", "other_name": "光电股份", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "raph \"智能弹药总装\" A1[中兵红箭] A2[洪都航空] A3[湖南兵器] A4[新余国科] A5[高德红外] A6[国科军工] A7[长城军工] A8[广东宏大] end subgraph \"制导系统\" subgraph \"红外/光电制导\" B1[光电股份] B2[精准信息] end subgraph \"卫星制导\" C1[雷科防务] C2[盟升电子...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司深度报告-f04570c0fa80.md#chunk:96a7d7319cbc" ] }, { "edge_id": "b23362520363", "from": "company:601606", "to": "company:600435", "other": "company:600435", "other_name": "北方导航", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "A8[广东宏大] end subgraph \"制导系统\" subgraph \"红外/光电制导\" B1[光电股份] B2[精准信息] end subgraph \"卫星制导\" C1[雷科防务] C2[盟升电子] end subgraph \"惯性制导\" D1[北方导航] D2[理工导航] end end subgraph \"其他配套\" E1[材料] E2[甘化科...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司深度报告-f04570c0fa80.md#chunk:96a7d7319cbc" ] }, { "edge_id": "694f26fd94cb", "from": "company:600765", "to": "company:601606", "other": "company:600765", "other_name": "中航重机", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "--------- | --------------- | | 601606 长城军工 | — | 0.16 摊薄 | — | 14.9 | 6.87 | | 600038 中直股份 | 40.61 | 0.77 | 243 | 120.48 | 6.49 | | 600765 中航重机 | 7.96 | 0.21 | 62.5 | 56.63 | 4.6...", "confidence": 0.66, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-恒泰证券-e2fc888c7acf.md#chunk:2c4817b40ef1" ] }, { "edge_id": "9fa1c0bbe799", "from": "company:601606", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "1）受大宗原材料涨价影响和军品产品结构变化，公司整体毛利率（23.78%，-3.19pcts）有所下降；", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-长城军工-601606-2021-年年报点评-16fb772fa1e3.md#chunk:2d0fa48bb50c", "sources/stock-research-report-证券研究报告-公司研究-军工公司深度报告-f04570c0fa80.md#chunk:bdfeed47c471", "sources/stock-research-report-长城军工-601606-610931a94901.md#chunk:cdea252b1bf9" ] }, { "edge_id": "aee8bab07496", "from": "company:601606", "to": "material:铜", "other": "material:铜", "other_name": "铜", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "公司产品上游涉及钢材、铜以及部分通用电子元器件等通用材料，公司通常从市场上直接购买，采购价格将随着市场价格有所波动。", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司深度报告-f04570c0fa80.md#chunk:bdfeed47c471", "sources/stock-research-report-长城军工-601606-610931a94901.md#chunk:0e8ddb0e4c66" ] }, { "edge_id": "54d9daffc1e9", "from": "company:601606", "to": "material:碳纤维", "other": "material:碳纤维", "other_name": "碳纤维", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "研制碳纤维子弹组件，配用于导弹等系统中 19", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-长城军工-601606-610931a94901.md#chunk:34c0b7d91706", "sources/stock-research-report-长城军工-601606-2021-年年报点评-16fb772fa1e3.md#chunk:875cdf1b1e6c", "sources/stock-research-report-证券研究报告-公司研究-军工公司深度报告-f04570c0fa80.md#chunk:53be29a331d8" ] }, { "edge_id": "2b0fffa93908", "from": "company:601606", "to": "material:钢材", "other": "material:钢材", "other_name": "钢材", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "| 地雷 | AHM-200-1 反直升机地雷 | 保加利亚 | 利用声传感器和多普勒雷达探测目标，战斗部为单爆炸成型弹丸和球形钢珠，攻击高度为 100m。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-长城军工-601606-610931a94901.md#chunk:f0c9bb72f746", "sources/stock-research-report-证券研究报告-公司研究-军工公司深度报告-f04570c0fa80.md#chunk:916374609738", "sources/stock-research-report-长城军工-601606-2021-年年报点评-16fb772fa1e3.md#chunk:875cdf1b1e6c" ] }, { "edge_id": "68e5459a3c39", "from": "company:601606", "to": "material:电力", "other": "material:电力", "other_name": "电力", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "红星机电研制的 246 导电碳纤维子弹组件，配用于东风某型导弹纤维弹，是一种用于短路毁伤敌电力系统的软杀伤子弹，可使输配电系统在一定时间内停止供电时效，甚至导致电网系统大面积瘫痪，填补了国内空白，处于国际领先地位，荣获国家技术发明二等奖。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司深度报告-f04570c0fa80.md#chunk:53be29a331d8", "sources/stock-research-report-长城军工-601606-610931a94901.md#chunk:7257e98ebd3c" ] }, { "edge_id": "20fbb40fd64d", "from": "company:601606", "to": "company:601816", "other": "company:601816", "other_name": "京沪高铁", "relation": "same_group", "direction": "peer", "why_it_matters": "简介 公司专注于弹药武器装备的研制和生产，已掌握迫击炮弹、光电对抗弹药、单兵火箭等系列弹药武器装备及引信、子弹药、火工品的核心技术，数项产品被列入“国家高新工程”和我军重点武器装备序列。同时，公司积极发展与军品业务技术相近、工艺相通、资源共享类的民品业务，其预应力锚具已成功应用于京沪高铁、兰新铁路、杭州湾大桥、淮南煤矿井下支护等多项重点工程。此外，公司还利...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-长城军工-601606-fb27c26d2b3f.md#chunk:b238af36e13c" ] }, { "edge_id": "49011fd65b93", "from": "company:601606", "to": "company:601816", "other": "company:601816", "other_name": "京沪高铁", "relation": "competitor_of", "direction": "peer", "why_it_matters": "大宗物资涨价影响，原材料成本大幅上升所致。公司孙公司金星预应力积极参与市场竞争，承接的合同项目遍布全 30 多个省、直辖市和自治区，与中国中铁股份有限公司和中国铁建股份有限公司等国内大型工程建设单位建立了良好的合作关系，积累了较好的客户资源，抗风险能力较强。其产品在雄安新区建设、京沪高铁、兰新铁路、沪昆铁路、北京大兴机场、港珠澳大桥等多个国家重点工程中应用...", "confidence": 0.72, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-长城军工-601606-2021-年年报点评-16fb772fa1e3.md#chunk:ef412679b3f4" ] }, { "edge_id": "948245165e9b", "from": "company:600482", "to": "company:601606", "other": "company:600482", "other_name": "中国动力", "relation": "partner_of", "direction": "peer", "why_it_matters": "] E1 --> E1b[招商南油] E1 --> E1c[中远海能] E1 --> E1d[中远海控] E1 --> E1e[中远海特] E --> E2[国防军工] E2 --> E2a[天和防务] E2 --> E2b[新余国科] E2 --> E2c[长城军工] E2 --> E2d[国瑞科技] E2 --> E2e[铭普光磁] E --> E3[...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md#chunk:6c12c8547ee2" ] }, { "edge_id": "d185434427aa", "from": "company:601606", "to": "company:600038", "other": "company:600038", "other_name": "中直股份", "relation": "partner_of", "direction": "peer", "why_it_matters": "-- | ----------- | ------------ | ------------ | ------------- | --------------- | | 601606 长城军工 | — | 0.16 摊薄 | — | 14.9 | 6.87 | | 600038 中直股份 | 40.61 | 0.77 | 243 | 120.48 | 6....", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-恒泰证券-e2fc888c7acf.md#chunk:2c4817b40ef1" ] } ], "upstream_paths": [ { "edge_id": "9fa1c0bbe799", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-长城军工-601606-2021-年年报点评-16fb772fa1e3.md#chunk:2d0fa48bb50c", "sources/stock-research-report-证券研究报告-公司研究-军工公司深度报告-f04570c0fa80.md#chunk:bdfeed47c471", "sources/stock-research-report-长城军工-601606-610931a94901.md#chunk:cdea252b1bf9" ] }, { "edge_id": "aee8bab07496", "to": "material:铜", "material": "铜", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司深度报告-f04570c0fa80.md#chunk:bdfeed47c471", "sources/stock-research-report-长城军工-601606-610931a94901.md#chunk:0e8ddb0e4c66" ] }, { "edge_id": "54d9daffc1e9", "to": "material:碳纤维", "material": "碳纤维", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-长城军工-601606-610931a94901.md#chunk:34c0b7d91706", "sources/stock-research-report-长城军工-601606-2021-年年报点评-16fb772fa1e3.md#chunk:875cdf1b1e6c", "sources/stock-research-report-证券研究报告-公司研究-军工公司深度报告-f04570c0fa80.md#chunk:53be29a331d8" ] }, { "edge_id": "2b0fffa93908", "to": "material:钢材", "material": "钢材", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-长城军工-601606-610931a94901.md#chunk:f0c9bb72f746", "sources/stock-research-report-证券研究报告-公司研究-军工公司深度报告-f04570c0fa80.md#chunk:916374609738", "sources/stock-research-report-长城军工-601606-2021-年年报点评-16fb772fa1e3.md#chunk:875cdf1b1e6c" ] }, { "edge_id": "68e5459a3c39", "to": "material:电力", "material": "电力", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司深度报告-f04570c0fa80.md#chunk:53be29a331d8", "sources/stock-research-report-长城军工-601606-610931a94901.md#chunk:7257e98ebd3c" ] } ] }, { "id": "company:600372", "name": "中航机载", "ticker": "600372", "path": "companies/中航机载-600372.md", "path_slug": "中航机载-600372", "summary": "中航机载（600372） 的研报主线集中在 航空、净利润、毛利率、同比：短期业绩波动不改长期增长逻辑，公司作为航空机载产品链主，在民用大飞机配套及低空经济领域具备明确增量空间。", "degree_total": 42, "high_confidence_neighbor_count": 1, "top_relations": [ { "edge_id": "85748b15af92", "from": "company:600372", "to": "material:电力", "other": "material:电力", "other_name": "电力", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "技术研发上，电磁阀类、航空电力系统等募投项目进展顺利，达产后将形成新增长点。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航机载-600372-f3e0e22db897.md#chunk:cf726dee7a6a", "sources/stock-research-report-中航机载-600372-sh-2025-年半年报点评-0e8bdc3b381e.md#chunk:3e55208def80" ] }, { "edge_id": "3fe8156a1e26", "from": "company:600372", "to": "material:石油", "other": "material:石油", "other_name": "石油", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "2）航空引气子系统等机载产品产能提升项目、航空电力系统生产能力提升项目、燃油测控系统等机载产品产能提升建设项目、悬挂发射系统产能提升项目进度分别是 31%、31%、53%、67%，均预计于 2026 年 6 月达到预定可使用状态。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航机载-600372-sh-2025-年半年报点评-0e8bdc3b381e.md#chunk:3e55208def80" ] }, { "edge_id": "fd210532c4ae", "from": "company:002179", "to": "company:600372", "other": "company:002179", "other_name": "中航光电", "relation": "same_group", "direction": "peer", "why_it_matters": "业经验，2026 年 1 月起任中航光电董事长。中航光电董事张航，毕业于中国航空研究院 618 所导航、制导与控制专业，法国高等航空航天学院系统工程专业，高级工程师，历任中国航空工业集团公司西安飞行自动控制研究所规划发展部副部长、规划发展部事业部推进办公室主任、规划发展部副部长，中航机载系统有限公司规划发展部部长，在专业领域深耕多年，2026 年 1 月起...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-深度研究-e3420e3e6c50.md#chunk:3bc5782715f8" ] }, { "edge_id": "af1e28956bce", "from": "company:000768", "to": "company:600372", "other": "company:000768", "other_name": "中航西飞", "relation": "partner_of", "direction": "peer", "why_it_matters": "| 毛利（百万元） | 2,779.67 | 2,878.80 | 3,146.09 | 3,523.47 | 资料来源：同花顺，东海证券研究所测算 ## 4.2.投资建议 公司主营业务在大中型军机和民机等航空装备领域，我们选取航空制造领域的中航沈飞、洪都航空和机载系统领域的中航机载作为可比公司，对应 2026-2028 年可比公司 PE 平均值为 78....", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-增持-首次覆盖-d12cf1eeb2cc.md#chunk:28ede6768a3b" ] }, { "edge_id": "f26ca9854697", "from": "company:688586", "to": "company:600372", "other": "company:688586", "other_name": "江航装备", "relation": "partner_of", "direction": "peer", "why_it_matters": "- | | 总股本/流通股本（亿股） | 7.91 / 7.91 | | 总市值/流通市值（亿元） | 90 / 90 | | 52 周内最高/最低价 | 11.43 / 7.42 | | 资产负债率(%) | 31.1% | | 市盈率 | 71.19 | | 第一大股东 | 中航机载系统有限公司 | # 研究所 **分析师**: 鲍学博 **SAC 登...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-发布时间-2025-07-25-bd931579faf9.md#chunk:5368b90d6209" ] }, { "edge_id": "d9a8b4432c40", "from": "company:600372", "to": "topic:c919", "other": "topic:c919", "other_name": "C919", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中航机载 研报中反复涉及 C919。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航机载-600372-f3e0e22db897.md#chunk:cf726dee7a6a" ] }, { "edge_id": "0cfab500d6e3", "from": "company:600372", "to": "topic:c919大飞机", "other": "topic:c919大飞机", "other_name": "c919大飞机", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中航机载 研报中反复涉及 C919大飞机。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航机载-600372-28d864995e38.md#chunk:c5de3637ddcc" ] }, { "edge_id": "8b779854ad5f", "from": "company:600372", "to": "topic:evtol配套", "other": "topic:evtol配套", "other_name": "evtol配套", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中航机载 研报中反复涉及 eVTOL配套。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航机载-600372-5dfde9683f25.md#chunk:a47ec75256ed" ] }, { "edge_id": "f99109e3e812", "from": "company:600372", "to": "topic:三季报", "other": "topic:三季报", "other_name": "三季报", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中航机载 研报中反复涉及 三季报。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航机载-600372-0c1a44eb24c7.md#chunk:86a6695d180d" ] }, { "edge_id": "ab5ffd43a0f0", "from": "company:600372", "to": "topic:三季报点评", "other": "topic:三季报点评", "other_name": "三季报点评", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中航机载 研报中反复涉及 三季报点评。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司点评报告-航空装备ii-0cd092397556.md#chunk:42c8a66fc12a" ] }, { "edge_id": "d2176d9e8637", "from": "company:600372", "to": "topic:业绩承压", "other": "topic:业绩承压", "other_name": "业绩承压", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中航机载 研报中反复涉及 业绩承压。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-谨慎推荐-维持评级-7b0c4316be4a.md#chunk:94f8b6814628" ] }, { "edge_id": "fbd85eacc92f", "from": "company:600372", "to": "topic:业绩预测", "other": "topic:业绩预测", "other_name": "业绩预测", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中航机载 研报中反复涉及 业绩预测。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航机载-600372-28d864995e38.md#chunk:c5de3637ddcc" ] } ], "upstream_paths": [ { "edge_id": "85748b15af92", "to": "material:电力", "material": "电力", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航机载-600372-f3e0e22db897.md#chunk:cf726dee7a6a", "sources/stock-research-report-中航机载-600372-sh-2025-年半年报点评-0e8bdc3b381e.md#chunk:3e55208def80" ] }, { "edge_id": "3fe8156a1e26", "to": "material:石油", "material": "石油", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航机载-600372-sh-2025-年半年报点评-0e8bdc3b381e.md#chunk:3e55208def80" ] } ] }, { "id": "company:600760", "name": "中航沈飞", "ticker": "600760", "path": "companies/中航沈飞-600760.md", "path_slug": "中航沈飞-600760", "summary": "中航沈飞（600760） 的研报主线集中在 净利润、毛利率、同比、投资建议：公司作为国内航空防务装备龙头，完整型号谱系奠定竞争优势，航空装备景气复苏叠加新型号放量在即，军贸与维修业务打开中长期成长空间。", "degree_total": 41, "high_confidence_neighbor_count": 2, "top_relations": [ { "edge_id": "cc90513f4157", "from": "company:000768", "to": "company:600760", "other": "company:000768", "other_name": "中航西飞", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "国信证券经济研究所整理 资料来源：Wind，国信证券经济研究所整理 ## 同行业对比 中航西飞主营业务航空飞机制造，基于此原则选取对应行业典型公司进行对比。中航成飞主营业务为军用飞机、民用飞机零部件等，典型产品为歼-7 系列、“枭龙”系列、歼-10 以及 C919 机头等。中航沈飞为我国核心的航空防务装备整机供应商之一，典型产品为歼击机、舰载机并为 C90...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md#chunk:54510744b741" ] }, { "edge_id": "29b2d3332a3c", "from": "company:600893", "to": "company:600760", "other": "company:600893", "other_name": "航发动力", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "2025 | 7.15 | 资料来源：wind，国信证券经济研究所整理 # 同行业对比 航发动力隶属于航空领域，基于此原则选取对应行业典型公司进行对比。航发科技和航发控制均为航发集团下的上市平台，分别深耕航空发动机的零部件制造和 控制系统，与航发动力同属航空发动机产业链。中航沈飞为我国核心的航空防务装备整机供应商之一，典型产品为歼击机、舰载机并为 C909...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md#chunk:ec7db31693fb" ] }, { "edge_id": "939d6bc83616", "from": "company:600760", "to": "material:钛", "other": "material:钛", "other_name": "钛", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "1）定增：** 公司作为现代航空工业体系建设“主力军”，复材、钛合金产业化发展持续推进，航空产业布局系统新塑；", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航沈飞-600760-sh-2025-年三季报点评-34d22a648184.md#chunk:898cbf01224d", "sources/stock-research-report-其他军工iii-f477ce31494a.md#chunk:82d95ce7198a", "sources/stock-research-report-中航沈飞-600760-db99473a0847.md#chunk:b1a9c422c8f7", "sources/stock-research-report-其他军工iii-ceecd743f594.md#chunk:2b6304b118c0" ] }, { "edge_id": "fda0a163eafc", "from": "company:000768", "to": "company:600760", "other": "company:000768", "other_name": "中航西飞", "relation": "competitor_of", "direction": "peer", "why_it_matters": "同为航空防务装备整机供应商，用于相对估值可比。", "confidence": 0.85, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md#chunk:20558d6992ed" ] }, { "edge_id": "15a203f610eb", "from": "company:302132", "to": "company:600760", "other": "company:302132", "other_name": "中航成飞", "relation": "competitor_of", "direction": "peer", "why_it_matters": "同为国内航空主机厂，成飞在军机出口价值量及人均创收指标上显著领先。", "confidence": 0.85, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md#chunk:daf21e46a6ff" ] }, { "edge_id": "968818f35257", "from": "company:600760", "to": "company:中航沈飞", "other": "company:中航沈飞", "other_name": "中航沈飞", "relation": "partner_of", "direction": "peer", "why_it_matters": "# 中航沈飞（600760） # 2025 年中报点评：军品交付进度调整，民品收入占比提升 ### 买入（维持） **2025 年 08 月 26 日** | 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | ------------- | ------ | ------", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航沈飞-600760-db99473a0847.md#chunk:b3ced836a828", "sources/stock-research-report-2025-年-10-月-31-日-daa5c1e9546d.md#chunk:f32200514219", "sources/stock-research-report-信义山证-汇通天下-2645156ea84c.md#chunk:976a1acfb5d7", "sources/stock-research-report-其他军工iii-f477ce31494a.md#chunk:4b427459ddd9", "sources/stock-research-report-交付节奏阶段性承压-订单充裕保障长期成长-d978e8e53704.md#chunk:0df9221b0ea3", "sources/stock-research-report-中航沈飞-600760-e31a5a2e4b1b.md#chunk:60036f2b8f57", "sources/stock-research-report-中航沈飞-600760-27e067635881.md#chunk:63845d2af4d7", "sources/stock-research-report-其他军工iii-ceecd743f594.md#chunk:5afef2eeabcc", "sources/stock-research-report-中航沈飞-600760-sh-2025-年三季报点评-34d22a648184.md#chunk:4934ba2737ce", "sources/stock-research-report-中航沈飞-600760-sh-bbb942b44937.md#chunk:28dd52e6120d" ] }, { "edge_id": "23ae1797a23b", "from": "company:600760", "to": "topic:三季报", "other": "topic:三季报", "other_name": "三季报", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中航沈飞 研报中反复涉及 三季报。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航沈飞-600760-sh-2025-年三季报点评-34d22a648184.md#chunk:c090409952fc" ] }, { "edge_id": "99f80fa9cab2", "from": "company:600760", "to": "topic:三季报点评", "other": "topic:三季报点评", "other_name": "三季报点评", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中航沈飞 研报中反复涉及 三季报点评。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航沈飞-600760-e31a5a2e4b1b.md#chunk:afdbe984785e" ] }, { "edge_id": "88d991e786a0", "from": "company:600760", "to": "topic:业绩修复", "other": "topic:业绩修复", "other_name": "业绩修复", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中航沈飞 研报中反复涉及 业绩修复。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航沈飞-600760-sh-bbb942b44937.md#chunk:f488f24fffee" ] }, { "edge_id": "252504875333", "from": "company:600760", "to": "topic:业绩预测", "other": "topic:业绩预测", "other_name": "业绩预测", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中航沈飞 研报中反复涉及 业绩预测。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航沈飞-600760-27e067635881.md#chunk:63845d2af4d7" ] }, { "edge_id": "63b3f6fe533e", "from": "company:600760", "to": "topic:产品迭代", "other": "topic:产品迭代", "other_name": "产品迭代", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中航沈飞 研报中反复涉及 产品迭代。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-其他军工iii-f477ce31494a.md#chunk:82d95ce7198a" ] }, { "edge_id": "6ff93ff1161d", "from": "company:600760", "to": "topic:产能建设", "other": "topic:产能建设", "other_name": "产能建设", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中航沈飞 研报中反复涉及 产能建设。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航沈飞-600760-e31a5a2e4b1b.md#chunk:afdbe984785e" ] } ], "upstream_paths": [ { "edge_id": "939d6bc83616", "to": "material:钛", "material": "钛", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航沈飞-600760-sh-2025-年三季报点评-34d22a648184.md#chunk:898cbf01224d", "sources/stock-research-report-其他军工iii-f477ce31494a.md#chunk:82d95ce7198a", "sources/stock-research-report-中航沈飞-600760-db99473a0847.md#chunk:b1a9c422c8f7", "sources/stock-research-report-其他军工iii-ceecd743f594.md#chunk:2b6304b118c0" ] } ] }, { "id": "company:688297", "name": "中无人机", "ticker": "688297", "path": "companies/中无人机-688297.md", "path_slug": "中无人机-688297", "summary": "中无人机（688297） 的研报主线集中在 金融、净利润、毛利率、同比：军用大型无人机领军企业，翼龙系列已出口多国并经历实战检验，积极践行国家战略推动国内国际双循环。", "degree_total": 41, "high_confidence_neighbor_count": 2, "top_relations": [ { "edge_id": "1276ebbec134", "from": "company:302132", "to": "company:688297", "other": "company:302132", "other_name": "中航成飞", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "RI，公司出口军机价值1.1万TIV，国内占比 51.19% | 出口单位 | 出口价值量 (TIV) | | ---- | ----------- | | 中航成飞 | 11000 | | 中航沈飞 | | | 中航西飞 | | | 中直股份 | | | 洪都航空 | | | 中无人机 | | | 其他 | | #### ☆营收增：四代主战装备方兴未艾，...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md#chunk:448b03207028" ] }, { "edge_id": "96fc006205b0", "from": "company:688287", "to": "company:688297", "other": "company:688287", "other_name": "观典防务", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "| 452.72 | 568.19 | | 同比增速 | 26.62% | 24.46% | 24.98% | 25.50% | | 毛利率 | 49.91% | 48.83% | 48.42% | 47.88% | 数据来源：东吴证券研究所 ### 4.3. 估值与评级 中无人机、航天彩虹、纵横股份是我国无人机装备的代表性供应商，可将它们选作可比公司进行...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-观典防务-688287-7fa3823c7bbe.md#chunk:57cc673a16fd" ] }, { "edge_id": "580f1a31280d", "from": "company:688297", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "**成本构成方面，**公司无人机系统总装所需的各类原材料采取外购方式，因此无人机系统及相关产品成本构成以直接材料成本为主。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中无人机-688297-sh-2023-年年报点评-5959f336af86.md#chunk:a31a2d8298e0" ] }, { "edge_id": "1c8ca0941223", "from": "company:688287", "to": "company:688297", "other": "company:688287", "other_name": "观典防务", "relation": "competitor_of", "direction": "peer", "why_it_matters": "同为大型无人机系统龙头，业务相近，作为估值可比公司。", "confidence": 0.9, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-观典防务-688287-sh-首次覆盖报告-f1a9c49a1ca6.md#chunk:ac99ffb5ba8f", "sources/stock-research-report-观典防务-688287-7fa3823c7bbe.md#chunk:8a4af4a90e47", "sources/stock-research-report-观典防务-688287-sh-首次覆盖报告-f1a9c49a1ca6.md#chunk:c2e917eb5b7d" ] }, { "edge_id": "7336cd994a23", "from": "company:003009", "to": "company:688297", "other": "company:003009", "other_name": "中天火箭", "relation": "partner_of", "direction": "peer", "why_it_matters": "| ------ | ------ | | 翼龙-2 | 35 | | 翼龙-1 | 16 | | 彩虹-3 | 19 | | 彩虹-4 | 22 | | 其他彩虹型号 | 2 | | 其他型号 | 6 | 资料来源：SIPRI，民生证券研究院 图28：2019~2021 年中无人机收入拆分 | 年份 | 翼龙-1 | 翼龙-2 | 卫通地面站等 | 技术...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md#chunk:c59aa9ec655a" ] }, { "edge_id": "4d5766bd22dc", "from": "company:600316", "to": "company:688297", "other": "company:600316", "other_name": "洪都航空", "relation": "partner_of", "direction": "peer", "why_it_matters": "收入 77.0/119.6/159.1 亿元，同比+46.6%/+55.4%/33.0%；实现归母净利润 1.2/2.0/2.7 亿元，同比+203.8%/+70.4%/+34.6%，对应 EPS 为 0.17/0.28/0.38 元。我们选取与公司业务相近的航空主机厂航发动力、中无人机、航天彩虹作为可比公司，2027 年 PE 中位数为 89 倍。考虑到...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-洪都航空-600316-sh-d31eee31ff8e.md#chunk:25206086d5ab" ] }, { "edge_id": "53c017c5638d", "from": "company:600879", "to": "company:688297", "other": "company:600879", "other_name": "航天电子", "relation": "partner_of", "direction": "peer", "why_it_matters": "显 4 个 35 米口径天线接收到的来自遥远火星探测器发出的测控信号。 # 3 无人化智能化系装备发展趋势，公司无人装备谱系齐全 ## 3.1 无人机渐入现代战场中央，装备无人化智能化发展趋势明显 无人机作为现代空袭作战体系中的重要元素，逐渐走入战场中央。据张君彪《俄乌冲突中无人机作战运用情况及启示》介绍，无人机打破了传统空袭作战样式，可携带或搭载不同载荷...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md#chunk:a262e875cac8" ] }, { "edge_id": "ff9e2b0a1736", "from": "company:688297", "to": "topic:三季报", "other": "topic:三季报", "other_name": "三季报", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中无人机 研报中反复涉及 三季报。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中无人机-688297-sh-2024-年三季报点评-6e89fdbc69d3.md#chunk:120b4b0811cc" ] }, { "edge_id": "e40d0198d560", "from": "company:688297", "to": "topic:业绩增长", "other": "topic:业绩增长", "other_name": "业绩增长", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中无人机 研报中反复涉及 业绩增长。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-c93fa8a5e9de.md#chunk:64a6ce5c3451" ] }, { "edge_id": "6b597887a3d1", "from": "company:688297", "to": "topic:业绩拐点", "other": "topic:业绩拐点", "other_name": "业绩拐点", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中无人机 研报中反复涉及 业绩拐点。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中无人机-688297-sh-2024-年一季报点评-9995b83d15ea.md#chunk:d87681faf556" ] }, { "edge_id": "4642b81a388c", "from": "company:688297", "to": "topic:业绩点评", "other": "topic:业绩点评", "other_name": "业绩点评", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中无人机 研报中反复涉及 业绩点评。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中无人机-688297-sh-2023-年年报点评-5959f336af86.md#chunk:36bd3e8869a2" ] }, { "edge_id": "6f4f9a819606", "from": "company:688297", "to": "topic:业绩预测", "other": "topic:业绩预测", "other_name": "业绩预测", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中无人机 研报中反复涉及 业绩预测。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-75ddbc1b4c51.md#chunk:ce98a65da107" ] } ], "upstream_paths": [ { "edge_id": "580f1a31280d", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中无人机-688297-sh-2023-年年报点评-5959f336af86.md#chunk:a31a2d8298e0" ] } ] }, { "id": "company:002928", "name": "华夏航空", "ticker": "002928", "path": "companies/华夏航空-002928.md", "path_slug": "华夏航空-002928", "summary": "华夏航空（002928） 的研报主线集中在 航空、净利润、同比、证券：稀缺支线龙头定位，独飞航线占比高，构建全国性支线网络与区域壁垒。", "degree_total": 40, "high_confidence_neighbor_count": 6, "top_relations": [ { "edge_id": "584bb41946cc", "from": "company:002928", "to": "company:600029", "other": "company:600029", "other_name": "南方航空", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "..........................................17 图表 34. 2019-2024 年支线机场平均旅客吞吐量及支线机场数量 17 图表 35. 高铁和支线机场建设项目对比 18 图表 36. 华夏航空新疆地区航线网络图 18 图表 37. 南方航空新疆地区航线网络图 19 图表 38. 天津航空新疆地区航线网络图 1...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-2026年4月12日-e87abb5b03aa.md#chunk:0f04798e571f" ] }, { "edge_id": "80a57370c272", "from": "company:002928", "to": "company:600029.SH", "other": "company:600029.SH", "other_name": "南方航空", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "..........................................17 图表 34. 2019-2024 年支线机场平均旅客吞吐量及支线机场数量 17 图表 35. 高铁和支线机场建设项目对比 18 图表 36. 华夏航空新疆地区航线网络图 18 图表 37. 南方航空新疆地区航线网络图 19 图表 38. 天津航空新疆地区航线网络图 1...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-2026年4月12日-e87abb5b03aa.md#chunk:0f04798e571f" ] }, { "edge_id": "825dc307b505", "from": "company:002928", "to": "material:石油", "other": "material:石油", "other_name": "石油", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "宏观经济下滑，油价汇率剧烈波动，安全事故。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-发布时间-2025-04-27-900407e0bcbd.md#chunk:4e96e659481e", "sources/stock-research-report-华夏航空-002928-sz-2025-年三季报点评-ccf475abd697.md#chunk:2a2cde9409ce", "sources/stock-research-report-华夏航空-002928-sz-2025-年半年报点评-738489c5cf4b.md#chunk:e760195f0054", "sources/stock-research-report-证券研究报告-公司研究报告-531240c49c4c.md#chunk:d48d7a7b6522", "sources/stock-research-report-民营支线航司翘楚-扭亏为盈逐步释放利润-bd7e6d93688d.md#chunk:ec28740b4f78", "sources/stock-research-report-股票投资评级-6f06d7949e64.md#chunk:a12eaf08b13f", "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-2026年4月12日-e87abb5b03aa.md#chunk:b5ce18ce52bf" ] }, { "edge_id": "fbe8dd1c2b32", "from": "company:600115", "to": "company:002928", "other": "company:600115", "other_name": "中国东航", "relation": "same_group", "direction": "peer", "why_it_matters": "0.16 元、0.30 元、0.47 元，2024-25 年 EPS 对应动态 PE 分别为 14.1 倍和 9.0 倍。 综合考虑业务范围，选取了交通运输行业 6 家上市航空公司作为估值参考，其中中国国航、南方航空、中国东航、吉祥航空以及海航控股是全国范围内的全服务航空公司，华夏航空是区域全服务航空，春秋航空是国内最大的低成本航空。 **表 2：可比公司...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-三季度扭亏为盈-归母净利润创单季历史新高-153a5373d4ba.md#chunk:6d914a147218" ] }, { "edge_id": "25cc34dd993e", "from": "company:600221", "to": "company:002928", "other": "company:600221", "other_name": "海航控股", "relation": "same_group", "direction": "peer", "why_it_matters": "空 | 3U | | 西安国资 | 幸福航空 | JR | | 青岛国资 | 青岛航空 | QW | | 贵州国资 | 多彩贵州 | GY | | 内蒙国资 | 天骄航空 | 9D | | 央企 | 奥凯航空 | BK | | 王正华 | 春秋航空 | 9C | | 胡晓军 | 华夏航空 | G5 | | 陈仕洲 | 东海航空 | DZ | | 陈芹 | ...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-企业研究-海航控股吸引战投的核心价值是什么-117821a7117d.md#chunk:fe5dd66c4f20" ] }, { "edge_id": "546770e422e4", "from": "company:002928", "to": "company:601021", "other": "company:601021", "other_name": "春秋航空", "relation": "competitor_of", "direction": "peer", "why_it_matters": "73.7、91.6、101.4 亿元，归母净利润分别为 3.8、8.7、12.6 亿元，EPS 分别为 0.30、0.68、0.98 元，对应 PE 分别为 22、10、7 倍。 ## 5.2 相对估值 鉴于公司为民营航空公司，同时考虑公司运营模式以及市场定位，选取更为接近的春秋航空、吉祥航空作为对标，可比公司 24 年 PB 均值为 2.7 倍。我们给予...", "confidence": 0.72, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究报告-531240c49c4c.md#chunk:ca98f35a0aeb", "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-2026年4月12日-e87abb5b03aa.md#chunk:8991ff1c0189" ] }, { "edge_id": "35f854b86c44", "from": "company:002928", "to": "company:603885", "other": "company:603885", "other_name": "吉祥航空", "relation": "competitor_of", "direction": "peer", "why_it_matters": "大多数中小城市 | 需求分散的中小城市、旅游城市 | 资料来源：公司年报，中银证券 ## 2.1 市场格局：支线航空为航空细分赛道，华夏航空具有先发优势 支线航空相比干线竞争压力较小。我国国航、东航、南航和海航四大航空集团占据了国内干线航空客货运输市场的较大份额，春秋航空、吉祥航空等区域性航空公司主要面向干线市场，在支线航空投入比例有限。由于支线航空的机型...", "confidence": 0.72, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-2026年4月12日-e87abb5b03aa.md#chunk:8991ff1c0189", "sources/stock-research-report-证券研究报告-公司研究报告-531240c49c4c.md#chunk:ca98f35a0aeb" ] }, { "edge_id": "8c7481e0bf7d", "from": "company:002928", "to": "company:600115", "other": "company:600115", "other_name": "中国东航", "relation": "competitor_of", "direction": "peer", "why_it_matters": "2024.3 | 2500 | 250 | 40 | 400 | 数据来源：CAAC，西南证券整理 ## 3.2 飞机引进速度放缓，供给增量收缩 在民航业高质量发展要求的指引下，“十四五”期间我国主要航司飞机引进速度放缓至 3%。2020-2022 年，中国国航、南方航空和中国东航机队规模复合增速分别为 2.53%、1.34% 和 2.25%；2022 年...", "confidence": 0.72, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究报告-531240c49c4c.md#chunk:ca98f35a0aeb" ] }, { "edge_id": "ab3c51684b75", "from": "company:002928", "to": "company:601111", "other": "company:601111", "other_name": "中国国航", "relation": "competitor_of", "direction": "peer", "why_it_matters": "| 1100 | | 2024.3 | 2500 | 250 | 40 | 400 | 数据来源：CAAC，西南证券整理 ## 3.2 飞机引进速度放缓，供给增量收缩 在民航业高质量发展要求的指引下，“十四五”期间我国主要航司飞机引进速度放缓至 3%。2020-2022 年，中国国航、南方航空和中国东航机队规模复合增速分别为 2.53%、1.34% 和 2...", "confidence": 0.72, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究报告-531240c49c4c.md#chunk:ca98f35a0aeb" ] }, { "edge_id": "9b258610fb37", "from": "company:002928", "to": "topic:c909机型替代", "other": "topic:c909机型替代", "other_name": "c909机型替代", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "华夏航空 研报中反复涉及 C909机型替代。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-2026年4月12日-e87abb5b03aa.md#chunk:67dcdcefa63a" ] }, { "edge_id": "3d4564e42b8c", "from": "company:002928", "to": "topic:cpa运力购买", "other": "topic:cpa运力购买", "other_name": "cpa运力购买", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "华夏航空 研报中反复涉及 CPA运力购买。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究报告-531240c49c4c.md#chunk:ca98f35a0aeb" ] }, { "edge_id": "6d25cb7c8ac4", "from": "company:002928", "to": "topic:三季报", "other": "topic:三季报", "other_name": "三季报", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "华夏航空 研报中反复涉及 三季报。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-华夏航空-002928-sz-2025-年三季报点评-ccf475abd697.md#chunk:2a2cde9409ce" ] } ], "upstream_paths": [ { "edge_id": "825dc307b505", "to": "material:石油", "material": "石油", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-发布时间-2025-04-27-900407e0bcbd.md#chunk:4e96e659481e", "sources/stock-research-report-华夏航空-002928-sz-2025-年三季报点评-ccf475abd697.md#chunk:2a2cde9409ce", "sources/stock-research-report-华夏航空-002928-sz-2025-年半年报点评-738489c5cf4b.md#chunk:e760195f0054", "sources/stock-research-report-证券研究报告-公司研究报告-531240c49c4c.md#chunk:d48d7a7b6522", "sources/stock-research-report-民营支线航司翘楚-扭亏为盈逐步释放利润-bd7e6d93688d.md#chunk:ec28740b4f78", "sources/stock-research-report-股票投资评级-6f06d7949e64.md#chunk:a12eaf08b13f", "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-2026年4月12日-e87abb5b03aa.md#chunk:b5ce18ce52bf" ] } ] }, { "id": "company:002648", "name": "卫星化学", "ticker": "002648", "path": "companies/卫星化学-002648.md", "path_slug": "卫星化学-002648", "summary": "卫星化学（002648） 的研报主线集中在 净利润、同比、投资建议、卫星：公司作为国内轻烃产业链一体化龙头，短期利润受例行检修及下游产品价格回落影响，但成本端价差走扩提供支撑；高性能催化新材料与α-烯烃综合利用项目加速落地，向高端聚烯烃及浸没式液冷冷却液延伸，长期成长空间广阔。", "degree_total": 40, "high_confidence_neighbor_count": 1, "top_relations": [ { "edge_id": "08f0a71ce322", "from": "company:002648", "to": "material:石油", "other": "material:石油", "other_name": "石油", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "* **事件：地缘冲突引发国际油价大幅上涨，气头制烯烃路线的安全性与盈利性凸显。", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-卫星化学-002648-f8bb7ccb23e6.md#chunk:5e0d4bf55d1c", "sources/stock-research-report-证券研究报告-基础化工-公司点评报告-e23e4ee04a94.md#chunk:f8d1884640d1", "sources/stock-research-report-基础化工-证券研究报告-调整盈利预测-2026年3月27日-5f9ddf623e80.md#chunk:a52326f6ae21", "sources/stock-research-report-卫星化学-002648-47b60e98e593.md#chunk:01abe02209f5", "sources/stock-research-report-卫星化学-002648-sz-优于大市-9a4f777c174d.md#chunk:c486537383a7", "sources/stock-research-report-卫星化学-002648-sz-优于大市-dafefb44f90d.md#chunk:accc48eb2117" ] }, { "edge_id": "d08b1dea907a", "from": "company:002648", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "* **风险提示：**项目建设不及预期，需求表现疲弱，原材料价格大幅波动。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-卫星化学-002648-f8bb7ccb23e6.md#chunk:15519c287b09", "sources/stock-research-report-2026-年-04-月-12-日-cd7e650a2b9f.md#chunk:540384ac6924", "sources/stock-research-report-卫星化学-002648-47b60e98e593.md#chunk:a811342ff252" ] }, { "edge_id": "8f820d8582f5", "from": "company:002648", "to": "material:化工品", "other": "material:化工品", "other_name": "化工品", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "* **轻烃一体化配套持续完善，项目有序推进：**截至 2025 年末，公司功能化学品、高分子新材料、新能源材料设计产能分别达 662、206、198 万吨，并持续推进高吸水性树脂、精丙烯酸、芳烃联合处理等项目建设。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-卫星化学-002648-f8bb7ccb23e6.md#chunk:15519c287b09", "sources/stock-research-report-2026-年-04-月-12-日-cd7e650a2b9f.md#chunk:540384ac6924", "sources/stock-research-report-基础化工-证券研究报告-调整盈利预测-2026年3月27日-5f9ddf623e80.md#chunk:a52326f6ae21", "sources/stock-research-report-卫星化学-002648-47b60e98e593.md#chunk:a811342ff252", "sources/stock-research-report-卫星化学-002648-1297cf03d9ca.md#chunk:2d9194976835" ] }, { "edge_id": "26d81ddd9d23", "from": "company:002648", "to": "material:电力", "other": "material:电力", "other_name": "电力", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "**傅鸿浩：**所长助理、碳中和组长，电力设备首席分析师，中国科学院工学硕士，央企战略与 6 年新能源研究经验。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-扣非净利稳健增长-功能化学品表现亮眼-18e370b70179.md#chunk:5fc3803ea033" ] }, { "edge_id": "3ce38876af12", "from": "company:002648", "to": "topic:c2-c3产业链", "other": "topic:c2-c3产业链", "other_name": "c2-c3产业链", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "卫星化学 研报中反复涉及 C2/C3产业链。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2026-年-04-月-12-日-cd7e650a2b9f.md#chunk:8836b32505f4" ] }, { "edge_id": "244c64243c7d", "from": "company:002648", "to": "topic:poe", "other": "topic:poe", "other_name": "poe", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "卫星化学 研报中反复涉及 POE。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-扣非净利稳健增长-功能化学品表现亮眼-18e370b70179.md#chunk:cfbb8fc6179c" ] }, { "edge_id": "4c29e0d36696", "from": "company:002648", "to": "topic:α-烯烃", "other": "topic:α-烯烃", "other_name": "α-烯烃", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "卫星化学 研报中反复涉及 α-烯烃。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-卫星化学-002648-sz-优于大市-9a4f777c174d.md#chunk:c486537383a7" ] }, { "edge_id": "4055dc06e078", "from": "company:002648", "to": "topic:一季报", "other": "topic:一季报", "other_name": "一季报", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "卫星化学 研报中反复涉及 一季报。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-卫星化学-002648-47b60e98e593.md#chunk:01abe02209f5" ] }, { "edge_id": "8f4bf11824e8", "from": "company:002648", "to": "topic:丙烯酸产业链", "other": "topic:丙烯酸产业链", "other_name": "丙烯酸产业链", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "卫星化学 研报中反复涉及 丙烯酸产业链。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-基础化工-证券研究报告-调整盈利预测-2026年3月27日-5f9ddf623e80.md#chunk:a52326f6ae21" ] }, { "edge_id": "f9ab5ced3a38", "from": "company:002648", "to": "topic:丙烯酸及酯", "other": "topic:丙烯酸及酯", "other_name": "丙烯酸及酯", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "卫星化学 研报中反复涉及 丙烯酸及酯。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-卫星化学-002648-1297cf03d9ca.md#chunk:2d9194976835" ] }, { "edge_id": "32ceda4dc300", "from": "company:002648", "to": "topic:业绩点评", "other": "topic:业绩点评", "other_name": "业绩点评", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "卫星化学 研报中反复涉及 业绩点评。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-卫星化学-002648-sz-优于大市-9a4f777c174d.md#chunk:c486537383a7" ] }, { "edge_id": "aaf4f3a2bdc6", "from": "company:002648", "to": "topic:业绩预测", "other": "topic:业绩预测", "other_name": "业绩预测", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "卫星化学 研报中反复涉及 业绩预测。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2026-年-04-月-12-日-cd7e650a2b9f.md#chunk:8836b32505f4" ] } ], "upstream_paths": [ { "edge_id": "08f0a71ce322", "to": "material:石油", "material": "石油", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-卫星化学-002648-f8bb7ccb23e6.md#chunk:5e0d4bf55d1c", "sources/stock-research-report-证券研究报告-基础化工-公司点评报告-e23e4ee04a94.md#chunk:f8d1884640d1", "sources/stock-research-report-基础化工-证券研究报告-调整盈利预测-2026年3月27日-5f9ddf623e80.md#chunk:a52326f6ae21", "sources/stock-research-report-卫星化学-002648-47b60e98e593.md#chunk:01abe02209f5", "sources/stock-research-report-卫星化学-002648-sz-优于大市-9a4f777c174d.md#chunk:c486537383a7", "sources/stock-research-report-卫星化学-002648-sz-优于大市-dafefb44f90d.md#chunk:accc48eb2117" ] }, { "edge_id": "d08b1dea907a", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-卫星化学-002648-f8bb7ccb23e6.md#chunk:15519c287b09", "sources/stock-research-report-2026-年-04-月-12-日-cd7e650a2b9f.md#chunk:540384ac6924", "sources/stock-research-report-卫星化学-002648-47b60e98e593.md#chunk:a811342ff252" ] }, { "edge_id": "8f820d8582f5", "to": "material:化工品", "material": "化工品", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-卫星化学-002648-f8bb7ccb23e6.md#chunk:15519c287b09", "sources/stock-research-report-2026-年-04-月-12-日-cd7e650a2b9f.md#chunk:540384ac6924", "sources/stock-research-report-基础化工-证券研究报告-调整盈利预测-2026年3月27日-5f9ddf623e80.md#chunk:a52326f6ae21", "sources/stock-research-report-卫星化学-002648-47b60e98e593.md#chunk:a811342ff252", "sources/stock-research-report-卫星化学-002648-1297cf03d9ca.md#chunk:2d9194976835" ] }, { "edge_id": "26d81ddd9d23", "to": "material:电力", "material": "电力", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-扣非净利稳健增长-功能化学品表现亮眼-18e370b70179.md#chunk:5fc3803ea033" ] } ] }, { "id": "company:601156", "name": "东航物流", "ticker": "601156", "path": "companies/东航物流-601156.md", "path_slug": "东航物流-601156", "summary": "东航物流（601156） 的研报主线集中在 净利润、毛利率、同比、证券：运力资源充足且2025年增长确定，拥有15架B777全货机并独家经营东航股份800余架客机腹舱，有望承接新增空运需求。", "degree_total": 39, "high_confidence_neighbor_count": 3, "top_relations": [ { "edge_id": "3247c826f3df", "from": "company:601156", "to": "material:石油", "other": "material:石油", "other_name": "石油", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "空运业务方面，中货航 25H1 营收同比+5.0%，主要由货邮周转量同比+5.6%驱动、运价同比-0.6%，燃油价格同比下降、计入部分补贴后净利润同比持平，我们认为成本端或存在扰动。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-东航物流-601156-sh-2025-年半年报点评-e8d729eac717.md#chunk:79268b409dee", "sources/stock-research-report-东航物流-601156-sh-2d1f8078de4d.md#chunk:973fb7909a4b", "sources/stock-research-report-2025-年-5-月-7-日-6f05c2fad788.md#chunk:fadaf6201c73", "sources/stock-research-report-交通运输-物流-2acff3e1a03a.md#chunk:36233fbc0072", "sources/stock-research-report-东航物流-601156-sh-2025-年三季报点评-358872701f9f.md#chunk:5c56d30e43ad", "sources/stock-research-report-东航物流-601156-sh-医药冷链业务快速推进-q2-业绩增长凸显经营韧性-36138034d827.md#chunk:bd33aada9ce4" ] }, { "edge_id": "3555468dbd46", "from": "company:601156", "to": "material:化工品", "other": "material:化工品", "other_name": "化工品", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "| 化工原料及产品 | 23 | |", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-东航物流-601156-sh-2d1f8078de4d.md#chunk:327f07543637" ] }, { "edge_id": "a7aba5aaa908", "from": "company:600115", "to": "company:601156", "other": "company:600115", "other_name": "中国东航", "relation": "same_group", "direction": "peer", "why_it_matters": "2010 | 东航与上航重组完成，中联航随着上航一同加入东航 | | 2011 | 加入天合联盟，成为加入天合联盟的第14家航空公司 | | 2017 | 东航集团战略入股法荷航集团，获得法荷航集团10%的股权 | | 2020 | 东航厦门分公司正式成立 | | 2021 | 东航物流在上交所主板挂牌上市 | 资料来源：中国民航报，第一财经日报，中国日报...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-align-right-2025年10月29日-c80511234540.md#chunk:d6796418b31d", "sources/stock-research-report-东航物流-601156-sh-2d1f8078de4d.md#chunk:8ae46138bd2a" ] }, { "edge_id": "346043d7ef25", "from": "company:601156", "to": "company:600009", "other": "company:600009", "other_name": "上海机场", "relation": "competitor_of", "direction": "peer", "why_it_matters": "货站和浦东东区货站 5 个货站。其中，公司在上海浦东机场的主要竞争对手为上海浦东国际机场货运站有限公司（“PACTL”），双方按货站操作量计算的市场占有率各为 50%左右，呈现平分秋色的市场竞争格局。 上海虹桥机场：公司拥有虹桥西区货站和虹桥东区货站 2 个货站，主要竞争对手为上海机场浦虹国际物流有限公司，公司在上海虹桥机场按货站操作量计算的市场占有率处于...", "confidence": 0.72, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-东航物流-601156-sh-2d1f8078de4d.md#chunk:8ae46138bd2a" ] }, { "edge_id": "00e4916fc361", "from": "company:601156", "to": "company:600004", "other": "company:600004", "other_name": "白云机场", "relation": "risk_transmits_to", "direction": "risk", "why_it_matters": "2024 | 804 | 来源：wind，国金证券研究所 ## 图表25：2024年上海浦东机场货邮吞吐量为第一 | 机场 | 整体（万吨） | 国际（万吨） | | ------ | ------ | ------ | | 上海浦东机场 | 420 | 304 | | 广州白云机场 | 237 | 151 | | 深圳宝安机场 | 188 | 90 | ...", "confidence": 0.58, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-东航物流-601156-sh-2d1f8078de4d.md#chunk:8ae46138bd2a" ] }, { "edge_id": "32b849dc45a8", "from": "company:601156", "to": "company:白云机场", "other": "company:白云机场", "other_name": "白云机场", "relation": "risk_transmits_to", "direction": "risk", "why_it_matters": "2024 | 804 | 来源：wind，国金证券研究所 ## 图表25：2024年上海浦东机场货邮吞吐量为第一 | 机场 | 整体（万吨） | 国际（万吨） | | ------ | ------ | ------ | | 上海浦东机场 | 420 | 304 | | 广州白云机场 | 237 | 151 | | 深圳宝安机场 | 188 | 90 | ...", "confidence": 0.58, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-东航物流-601156-sh-2d1f8078de4d.md#chunk:8ae46138bd2a" ] }, { "edge_id": "af99adc63628", "from": "company:601156", "to": "topic:业绩点评", "other": "topic:业绩点评", "other_name": "业绩点评", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "东航物流 研报中反复涉及 业绩点评。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-东航物流-601156-sh-b82acd8464ed.md#chunk:cc7907b0011d" ] }, { "edge_id": "9c210860ce12", "from": "company:601156", "to": "topic:业绩韧性", "other": "topic:业绩韧性", "other_name": "业绩韧性", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "东航物流 研报中反复涉及 业绩韧性。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-交通运输-物流-2acff3e1a03a.md#chunk:950564894458" ] }, { "edge_id": "e151c0224043", "from": "company:601156", "to": "topic:估值", "other": "topic:估值", "other_name": "估值", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "东航物流 研报中反复涉及 估值。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-东航物流-601156-sh-2d1f8078de4d.md#chunk:8ae46138bd2a" ] }, { "edge_id": "5463f9fd8da5", "from": "company:601156", "to": "topic:关税影响", "other": "topic:关税影响", "other_name": "关税影响", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "东航物流 研报中反复涉及 关税影响。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-东航物流-601156-sh-优于大市-73cb372b190c.md#chunk:2fd491d6dbc7" ] }, { "edge_id": "1a32f52649be", "from": "company:601156", "to": "topic:关税政策", "other": "topic:关税政策", "other_name": "关税政策", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "东航物流 研报中反复涉及 关税政策。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2025-年-5-月-7-日-6f05c2fad788.md#chunk:055e9ac2cd6d" ] }, { "edge_id": "f329fd4e16cb", "from": "company:601156", "to": "topic:关税政策影响", "other": "topic:关税政策影响", "other_name": "关税政策影响", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "东航物流 研报中反复涉及 关税政策影响。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-东航物流-601156-sh-461b7c1a6e0b.md#chunk:0dd3f2554d8d" ] } ], "upstream_paths": [ { "edge_id": "3247c826f3df", "to": "material:石油", "material": "石油", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-东航物流-601156-sh-2025-年半年报点评-e8d729eac717.md#chunk:79268b409dee", "sources/stock-research-report-东航物流-601156-sh-2d1f8078de4d.md#chunk:973fb7909a4b", "sources/stock-research-report-2025-年-5-月-7-日-6f05c2fad788.md#chunk:fadaf6201c73", "sources/stock-research-report-交通运输-物流-2acff3e1a03a.md#chunk:36233fbc0072", "sources/stock-research-report-东航物流-601156-sh-2025-年三季报点评-358872701f9f.md#chunk:5c56d30e43ad", "sources/stock-research-report-东航物流-601156-sh-医药冷链业务快速推进-q2-业绩增长凸显经营韧性-36138034d827.md#chunk:bd33aada9ce4" ] }, { "edge_id": "3555468dbd46", "to": "material:化工品", "material": "化工品", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-东航物流-601156-sh-2d1f8078de4d.md#chunk:327f07543637" ] } ] }, { "id": "company:002465", "name": "海格通信", "ticker": "002465", "path": "companies/海格通信-002465.md", "path_slug": "海格通信-002465", "summary": "海格通信（002465） 的研报主线集中在 净利润、毛利率、投资建议、证券：国防信息化处于成长期，军事无线通信需求持续景气，公司全频段覆盖与系统集成能力构筑核心壁垒。", "degree_total": 39, "high_confidence_neighbor_count": 4, "top_relations": [ { "edge_id": "3d4b57cc4ff0", "from": "company:002465", "to": "company:603712", "other": "company:603712", "other_name": "七一二", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "息采集系统终端、电力综合自动化、配网自动化、光纤通信系统、船舶自动识别系统（AIS）和移动增值业务的开发、生产、销售和服务 | | 烽火电子 | 国防通信装备和电子应用产品的研发、生产、销售，形成了短波、超短波、卫星通信、无线射频、电声器材等五大类通信电子应用产品生产线 | | 七一二 | 军用专网无线通信领域能够提供全军种设备，拥有完整的军工科研生产资质...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-海格通信-002465-cdce98b45cf2.md#chunk:246046ae42d0" ] }, { "edge_id": "a918539691bf", "from": "company:688066", "to": "company:002465", "other": "company:688066", "other_name": "航天宏图", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "------------------------ | | 中游 | 卫星通信 | 卫星导航 | 遥感卫星 | | | 终端制造商：\\*\\*海格通信\\*\\*、华力创通、信科移动
通信运营商：中国卫通、亚太卫星 | \\*\\*海格通信\\*\\*、华测导航、合众思壮、北斗星通 | 航天宏图、中科星图等 | | 下游 | 国防 | 交通 | 消防 / 运输 |...", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-海格通信-002465-cdce98b45cf2.md#chunk:246046ae42d0" ] }, { "edge_id": "d7133a5b3807", "from": "company:002465", "to": "material:电力", "other": "material:电力", "other_name": "电力", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "多型产品成功进入电力、能源等重点用户供应商体系和政府采购推荐名录；", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-海格通信-002465-sz-2024-年三季报点评-3ded5fff3b34.md#chunk:274bbbd570ee", "sources/stock-research-report-海格通信-002465-cdce98b45cf2.md#chunk:49bc9936fa7c", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8e84fd1c1bf5.md#chunk:b6887f6d2a14" ] }, { "edge_id": "2cf3a79bd3f0", "from": "company:002465", "to": "material:石油", "other": "material:石油", "other_name": "石油", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "公司实现“芯片/模块、天线、终端、系统、运营”的全产业链布局，实现了北斗三号终端在特殊机构市场的布局，同时着力推进“北斗+5G”技术融合和关键成果转化，布局交通、电力、石油石化、应急等市场。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8e84fd1c1bf5.md#chunk:b6887f6d2a14" ] }, { "edge_id": "db59bd27f83f", "from": "company:002465", "to": "material:碳纤维", "other": "material:碳纤维", "other_name": "碳纤维", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "A1[金属、有机、复合材料
机械加工产品
电子元器件]", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-海格通信-002465-cdce98b45cf2.md#chunk:1bba574c4db6" ] }, { "edge_id": "38585db4f924", "from": "company:002465", "to": "material:钛", "other": "material:钛", "other_name": "钛", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "特别是在飞机大型薄壁件、复杂曲面、应力变形、碳纤维大型零件多次成型等难点领域积累了丰富的经验，并取得了关键性技术突破，是国内极少数掌握大型复合材料零件成型技术和钛合金高速切削技术的企业之一。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-海格通信-002465-cdce98b45cf2.md#chunk:1b47b1b62972" ] }, { "edge_id": "255702d92d94", "from": "company:603712", "to": "company:002465", "other": "company:603712", "other_name": "七一二", "relation": "competitor_of", "direction": "peer", "why_it_matters": "海格通信在短波通信电台领域占优，七一二主营超短波及窄带业务，两者在军用通信市场存在差异化竞争。", "confidence": 0.85, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中航证券研究所-ecc40b489ef4.md#chunk:5d90c59757bd", "sources/stock-research-report-海格通信-002465-cdce98b45cf2.md#chunk:7597058c43b8", "sources/stock-research-report-中航证券研究所-ecc40b489ef4.md#chunk:5d90c59757bd" ] }, { "edge_id": "7b08436cdc72", "from": "company:002465", "to": "company:600118", "other": "company:600118", "other_name": "中国卫星", "relation": "competitor_of", "direction": "peer", "why_it_matters": "图 26： 数智生态产业融合发展，为数字化、智能化提速，全面赋能数字经济 20 图 27： 公司软件与信息服务业务 20 图 28： 军用卫星通信系统示意图，多种终端搭配组建通信网络 21 图 29： 公司卫星通信产品包括芯片、天线、射频模块、整机、系统总体 21 图 30： 中国卫星通信产业链格局，海格通信占据中游 22 图 31： 手机直连卫星 22 ...", "confidence": 0.72, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-海格通信-002465-cdce98b45cf2.md#chunk:246046ae42d0" ] }, { "edge_id": "5a2f1d506f76", "from": "company:002465", "to": "company:600879", "other": "company:600879", "other_name": "航天电子", "relation": "competitor_of", "direction": "peer", "why_it_matters": "图30：中国卫星通信产业链格局，海格通信占据中游 | 产业链环节
上游 | 卫星制造/通信/国防
卫星制造
卫星制造企业：中国航天、中国卫星、长光卫星等 | 卫星发射/导航/交通
卫星发射
卫星发射：中国运载火箭技术研究院等控制系统：上海航天电子有限公司等 | 卫星地面设备/遥感/消防/运输
卫星地面设备与网...", "confidence": 0.72, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-海格通信-002465-cdce98b45cf2.md#chunk:246046ae42d0" ] }, { "edge_id": "ee4828e79da6", "from": "company:688311", "to": "company:002465", "other": "company:688311", "other_name": "盟升电子", "relation": "competitor_of", "direction": "peer", "why_it_matters": "端设备制造和卫星运营服务 | 抗干扰接收机 | | 中电科二十所 | 1961 | 又名西安导航技术研究所，主要从事无线电导航、卫星导航、数据通信和信息协同等领域应用技术研究、产品研发与生产、电子信息系统工程设计与系统集成等业务 | 十五通道射频组件、卫通卫导一体化天线 | | 海格通信 | 2000 | 主要从事军事通信设备和导航设备的研发、生产和销售 ...", "confidence": 0.72, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md#chunk:70f380128919" ] }, { "edge_id": "59420965b1ae", "from": "company:603712", "to": "company:002465", "other": "company:603712", "other_name": "七一二", "relation": "partner_of", "direction": "peer", "why_it_matters": "发 | 量产阶段 | 资料来源：招股说明书，太平洋研究院整理 图表 8：2019 年可比公司研发投入占比 | 公司 | 研发人员占比 | 研发支出占收入比重 | | ---- | ------ | --------- | | 七一二 | 40.55% | 22.11% | | 海格通信 | 30.36% | 14.71% | | 烽火电子 | 40.6% ...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-4273816e06fb.md#chunk:8773e5dafd77", "sources/stock-research-report-公-司-研-究-16b3cc4f8ca2.md#chunk:9802a0ca0117" ] }, { "edge_id": "56c6b2ec1095", "from": "company:002465", "to": "company:600118", "other": "company:600118", "other_name": "中国卫星", "relation": "partner_of", "direction": "peer", "why_it_matters": "，北斗二代建成前，2008-2012 年海格通信和振芯科技的北斗业务营收之和的复合增速为 14.71%，北斗二代建成后，2012-2016 年两者北斗业务营收之和的复合增速为 32.34%，北斗导航业务与北斗系统建设周期具有较强的相关性。另一方面，根据《中国卫星导航与位置服务产业发展白皮书》披露，2022 年我国卫星导航与位置服务...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8e84fd1c1bf5.md#chunk:4e41ccd01836" ] } ], "upstream_paths": [ { "edge_id": "d7133a5b3807", "to": "material:电力", "material": "电力", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-海格通信-002465-sz-2024-年三季报点评-3ded5fff3b34.md#chunk:274bbbd570ee", "sources/stock-research-report-海格通信-002465-cdce98b45cf2.md#chunk:49bc9936fa7c", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8e84fd1c1bf5.md#chunk:b6887f6d2a14" ] }, { "edge_id": "2cf3a79bd3f0", "to": "material:石油", "material": "石油", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8e84fd1c1bf5.md#chunk:b6887f6d2a14" ] }, { "edge_id": "db59bd27f83f", "to": "material:碳纤维", "material": "碳纤维", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-海格通信-002465-cdce98b45cf2.md#chunk:1bba574c4db6" ] }, { "edge_id": "38585db4f924", "to": "material:钛", "material": "钛", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-海格通信-002465-cdce98b45cf2.md#chunk:1b47b1b62972" ] } ] }, { "id": "company:002025", "name": "航天电器", "ticker": "002025", "path": "companies/航天电器-002025.md", "path_slug": "航天电器-002025", "summary": "航天电器（002025） 的研报主线集中在 航天、净利润、投资建议、证券：防务需求阶段性放缓导致2024年业绩下滑，但伴随下游需求回暖及新质新域/商业航天/低空经济等布局，产品订单已大幅增长，未来收入与盈利有望迎来高弹性修复。", "degree_total": 39, "high_confidence_neighbor_count": 2, "top_relations": [ { "edge_id": "3a6d7bde90f9", "from": "company:002025", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "**原材料价格影响毛利，中高端机电组件研发值得期待**：1）受贵金属原材料价格上涨影响，上半年毛利率 31.9%（-15.6pct)；", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-航天电器-002025-sz-1ca8c2a8c4f4.md#chunk:ca0625385c0d", "sources/stock-research-report-航天电器-002025-sz-2bc3aabe1db3.md#chunk:7033c2b239bc", "sources/stock-research-report-航天电器-002025-7c86d05be172.md#chunk:adde2a0cf404" ] }, { "edge_id": "e360c290e076", "from": "company:002025", "to": "material:电力", "other": "material:电力", "other_name": "电力", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "公司微特电机研制生产的主要品种为伺服电机、无刷直流电机、直流力矩电机、永磁直流系列电机、步进电机、中小型民用电机等，", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-196916ea555a.md#chunk:0469d25a1e6b" ] }, { "edge_id": "48e5fa38104f", "from": "company:600879", "to": "company:002025", "other": "company:600879", "other_name": "航天电子", "relation": "same_group", "direction": "peer", "why_it_matters": "：公司发展历程 ```mermaid timeline title 公司发展历程 1995年 : 公司前身武汉电缆上市 1999年 : 航天一院成为公司大股东，置换获得北京遥测技术研究所、北京建华电子仪器厂部分净资产 2002年 : 置入航天时代旗下上海科学仪器厂、桂林航天电器公司、杭州电连接器厂、河南通达航天电器厂等资产 2004年 : 航天时代电子成为...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md#chunk:a262e875cac8" ] }, { "edge_id": "3139f96ae69e", "from": "company:002025", "to": "topic:ai算力", "other": "topic:ai算力", "other_name": "AI算力", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天电器 研报中反复涉及 AI算力。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2026-年-03-月-21-日-7dfdb22edd28.md#chunk:03df7f6de700" ] }, { "edge_id": "ee9b6eaea201", "from": "company:002025", "to": "topic:业绩修复", "other": "topic:业绩修复", "other_name": "业绩修复", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天电器 研报中反复涉及 业绩修复。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-196916ea555a.md#chunk:aa0e7b309574" ] }, { "edge_id": "c3c55a7ef802", "from": "company:002025", "to": "topic:业绩承压", "other": "topic:业绩承压", "other_name": "业绩承压", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天电器 研报中反复涉及 业绩承压。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天电器-002025-sz-1ca8c2a8c4f4.md#chunk:ca0625385c0d" ] }, { "edge_id": "a5247e76fad6", "from": "company:002025", "to": "topic:互连一体化", "other": "topic:互连一体化", "other_name": "互连一体化", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天电器 研报中反复涉及 互连一体化。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天电器-002025-sz-2025-年半年报点评-55ecac57b2f3.md#chunk:fa74c73f4c2f" ] }, { "edge_id": "82429f578836", "from": "company:002025", "to": "topic:产能扩张", "other": "topic:产能扩张", "other_name": "产能扩张", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天电器 研报中反复涉及 产能扩张。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天电器-002025-sz-1ca8c2a8c4f4.md#chunk:ca0625385c0d" ] }, { "edge_id": "04bba2ab5113", "from": "company:002025", "to": "topic:人工智能", "other": "topic:人工智能", "other_name": "人工智能", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天电器 研报中反复涉及 人工智能。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天电器-002025-sz-2bc3aabe1db3.md#chunk:5a87aa9e3c23" ] }, { "edge_id": "7c0263cf2593", "from": "company:002025", "to": "topic:低空经济", "other": "topic:低空经济", "other_name": "低空经济", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天电器 研报中反复涉及 低空经济。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-196916ea555a.md#chunk:aa0e7b309574" ] }, { "edge_id": "1afb6269e508", "from": "company:002025", "to": "topic:信创", "other": "topic:信创", "other_name": "信创", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天电器 研报中反复涉及 信创。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天电器-002025-sz-2bc3aabe1db3.md#chunk:5a87aa9e3c23" ] }, { "edge_id": "dfd2672b4d64", "from": "company:002025", "to": "topic:光模块", "other": "topic:光模块", "other_name": "光模块", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天电器 研报中反复涉及 光模块。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天电器-002025-7c86d05be172.md#chunk:adde2a0cf404" ] } ], "upstream_paths": [ { "edge_id": "3a6d7bde90f9", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-航天电器-002025-sz-1ca8c2a8c4f4.md#chunk:ca0625385c0d", "sources/stock-research-report-航天电器-002025-sz-2bc3aabe1db3.md#chunk:7033c2b239bc", "sources/stock-research-report-航天电器-002025-7c86d05be172.md#chunk:adde2a0cf404" ] }, { "edge_id": "e360c290e076", "to": "material:电力", "material": "电力", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-196916ea555a.md#chunk:0469d25a1e6b" ] } ] }, { "id": "company:688270", "name": "臻镭科技", "ticker": "688270", "path": "companies/臻镭科技-688270.md", "path_slug": "臻镭科技-688270", "summary": "臻镭科技（688270） 的研报主线集中在 风险、净利润、毛利率、投资建议：公司深耕国防信息化赛道，四大产品线覆盖航天、相控阵雷达等高景气领域，中长期成长逻辑确定。", "degree_total": 39, "high_confidence_neighbor_count": 2, "top_relations": [ { "edge_id": "70f79da4f6a7", "from": "company:688270", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "其他财务数据方面，2023H1 末，公司存货（0.99 亿元，+98.36%）接近翻倍，其中原材料产品（3129.95 万元，+60.31%）、委托加工物资（1624.58 万元，+238.00%）以及库存商品（3752.71 万元，+111.74%）均出现显著增长，结合公司下游客户主要为特种行业领域装备制造商，且合同负债（2155.47 万元，+49.4...", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-9708c7d7af37.md#chunk:211042a57f03" ] }, { "edge_id": "09d58d5801b0", "from": "company:688270", "to": "material:电力", "other": "material:电力", "other_name": "电力", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "在宇航领域，公司具备完善的型谱化星用抗辐照电源芯片、电源套片及模块产品，开发的多款宇航用电源芯片已为国内多个重大星载项目、航天器批量供货。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-6a05130610bb.md#chunk:c564605017ce", "sources/stock-research-report-2023-年-8-月-22-日-11676cd4aee3.md#chunk:ce2b2c5ea1f5" ] }, { "edge_id": "9c282484a403", "from": "company:300455", "to": "company:688270", "other": "company:300455", "other_name": "航天智装", "relation": "competitor_of", "direction": "peer", "why_it_matters": "作为可比公司进行估值对比，航天智装PE低于行业平均。", "confidence": 0.9, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-报告日期-2024-年-08-月-13-日-5c65be74533f.md#chunk:6ecc2ad8a3c7" ] }, { "edge_id": "766fcbda0218", "from": "company:臻镭科技", "to": "company:688270", "other": "company:臻镭科技", "other_name": "臻镭科技", "relation": "partner_of", "direction": "peer", "why_it_matters": "# 主要产品优势明显，科技创新成效显著 ### ■ 走势比较 | Month | 臻镭科技 | 沪深300 | | ------ | ---- | ----- | | Aug/22 | 0 | 0 | | Sep/22 | 15 | -5 | | Oct/22 | 45 | -10 | | Nov/22 | 65 | -5 | | Dec/22 | 40 ...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-主要产品优势明显-科技创新成效显著-551010676ee4.md#chunk:62e809447c01", "sources/stock-research-report-臻镭科技-688270-048169cb6a7e.md#chunk:521c2ee4a15c", "sources/stock-research-report-臻镭科技-688270-af00b02379f9.md#chunk:85857ef96aeb", "sources/stock-research-report-臻镭科技-688270-87eeeabdbbb5.md#chunk:cbbcaadc0aa1", "sources/stock-research-report-2023-年-8-月-22-日-11676cd4aee3.md#chunk:3e85edc3a47e", "sources/stock-research-report-证券研究报告-电子-公司点评报告-b55c08bdec4e.md#chunk:b35726d96722", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-6a05130610bb.md#chunk:79e9022406c2", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-9708c7d7af37.md#chunk:34c6e6bbc846", "sources/stock-research-report-臻镭科技-688270-183562a6d2df.md#chunk:01694b8a001b", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-4b8397772dd7.md#chunk:c3b9b5495235" ] }, { "edge_id": "fb9b4be446e2", "from": "company:688375", "to": "company:688270", "other": "company:688375", "other_name": "国博电子", "relation": "partner_of", "direction": "peer", "why_it_matters": "，我们预计公司 2025-2027 年的营收分别为 26.30、33.67、45.43 亿元，归母净利润分别为 4.84、6.65、8.31 亿元，当前股价对应 2025-2027 年 PE 分别为 146.6、106.6、85.4 倍。考虑到主业的相似性，我们选取*ST 铖昌、臻镭科技、雷电微力、亚光科技作为可比公司，均属于军工电子及高可靠集成电路领域。...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国博电子-688375-sh-t-r-组件龙头-商业航天及军品订单共同驱动增长-fa7240c95fdc.md#chunk:3c3f06a90a7f" ] }, { "edge_id": "57f705b0ee22", "from": "company:300455", "to": "company:688270", "other": "company:300455", "other_name": "航天智装", "relation": "risk_transmits_to", "direction": "risk", "why_it_matters": "密度实现翻番。公司所处的核工业智能装备、机器人赛道有望随着我国核工业的发展迎来新的增长阶段。综上所述，我们预计公司 2024-2026 年归母净利润分别为 1.04/1.25/1.54 亿元，对应 2024-2026 年 PE 分别为 78.8/65.4/53.2 倍。与可比公司臻镭科技 (688270.SH)、中国卫通 (601698.SH)、天银机电 ...", "confidence": 0.58, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-报告日期-2024-年-08-月-13-日-5c65be74533f.md#chunk:2a55fdf49eb7" ] }, { "edge_id": "a525b1242378", "from": "company:688270", "to": "topic:adc-dac", "other": "topic:adc-dac", "other_name": "ADC/DAC", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "臻镭科技 研报中反复涉及 ADC/DAC。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-6a05130610bb.md#chunk:79e9022406c2" ] }, { "edge_id": "0dbb418795f9", "from": "company:688270", "to": "topic:adc-dac芯片", "other": "topic:adc-dac芯片", "other_name": "adc-dac芯片", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "臻镭科技 研报中反复涉及 ADC/DAC芯片。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2023-年-8-月-22-日-11676cd4aee3.md#chunk:ce2b2c5ea1f5" ] }, { "edge_id": "1d0c78c19f7a", "from": "company:688270", "to": "topic:业绩预测", "other": "topic:业绩预测", "other_name": "业绩预测", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "臻镭科技 研报中反复涉及 业绩预测。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-臻镭科技-688270-87eeeabdbbb5.md#chunk:8dd0e55283de" ] }, { "edge_id": "551d0fcacecf", "from": "company:688270", "to": "topic:低轨卫星", "other": "topic:低轨卫星", "other_name": "低轨卫星", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "臻镭科技 研报中反复涉及 低轨卫星。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-电子-公司点评报告-b55c08bdec4e.md#chunk:b35726d96722" ] }, { "edge_id": "8b814556e207", "from": "company:688270", "to": "topic:低轨商业卫星", "other": "topic:低轨商业卫星", "other_name": "低轨商业卫星", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "臻镭科技 研报中反复涉及 低轨商业卫星。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-臻镭科技-688270-183562a6d2df.md#chunk:607413419b69" ] }, { "edge_id": "bbf95ffa6ac2", "from": "company:688270", "to": "topic:军工", "other": "topic:军工", "other_name": "军工", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "臻镭科技 研报中反复涉及 军工。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-9708c7d7af37.md#chunk:0fc78c91c808" ] } ], "upstream_paths": [ { "edge_id": "70f79da4f6a7", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-9708c7d7af37.md#chunk:211042a57f03" ] }, { "edge_id": "09d58d5801b0", "to": "material:电力", "material": "电力", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-6a05130610bb.md#chunk:c564605017ce", "sources/stock-research-report-2023-年-8-月-22-日-11676cd4aee3.md#chunk:ce2b2c5ea1f5" ] } ] }, { "id": "company:302132", "name": "中航成飞", "ticker": "302132", "path": "companies/中航成飞-302132.md", "path_slug": "中航成飞-302132", "summary": "中航成飞（302132） 的研报主线集中在 风险、航空、净利润、营收：借壳上市重塑主业，成飞作为国内歼击机绝对龙头，产品涵盖歼-10、歼-20及多款无人机，技术壁垒与研发实力深厚。", "degree_total": 39, "high_confidence_neighbor_count": 2, "top_relations": [ { "edge_id": "ebddbb60bf6f", "from": "company:000768", "to": "company:302132", "other": "company:000768", "other_name": "中航西飞", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": ".5 | | 2025Q1-3 | 0.5 | 2.5 | -0.1 | 0.3 | 资料来源：Wind，各公司公告，国信证券经济研究所整理 资料来源：Wind，国信证券经济研究所整理 ## 同行业对比 中航西飞主营业务航空飞机制造，基于此原则选取对应行业典型公司进行对比。中航成飞主营业务为军用飞机、民用飞机零部件等，典型产品为歼-7 系列、“枭龙”系列、...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md#chunk:54510744b741" ] }, { "edge_id": "4c813640223a", "from": "company:302132", "to": "company:000768", "other": "company:000768", "other_name": "中航西飞", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "543.2 | #### 3.军贸规模、体系国内第一 据SIPRI，公司出口军机价值1.1万TIV，国内占比 51.19% | 出口单位 | 出口价值量 (TIV) | | ---- | ----------- | | 中航成飞 | 11000 | | 中航沈飞 | | | 中航西飞 | | | 中直股份 | | | 洪都航空 | | | 中无人机 | |...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md#chunk:448b03207028" ] }, { "edge_id": "91393d91febf", "from": "company:302132", "to": "company:600316", "other": "company:600316", "other_name": "洪都航空", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "系国内第一 据SIPRI，公司出口军机价值1.1万TIV，国内占比 51.19% | 出口单位 | 出口价值量 (TIV) | | ---- | ----------- | | 中航成飞 | 11000 | | 中航沈飞 | | | 中航西飞 | | | 中直股份 | | | 洪都航空 | | | 中无人机 | | | 其他 | | #### ☆营收增：四...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md#chunk:448b03207028" ] }, { "edge_id": "1276ebbec134", "from": "company:302132", "to": "company:688297", "other": "company:688297", "other_name": "中无人机", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "RI，公司出口军机价值1.1万TIV，国内占比 51.19% | 出口单位 | 出口价值量 (TIV) | | ---- | ----------- | | 中航成飞 | 11000 | | 中航沈飞 | | | 中航西飞 | | | 中直股份 | | | 洪都航空 | | | 中无人机 | | | 其他 | | #### ☆营收增：四代主战装备方兴未艾，...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md#chunk:448b03207028" ] }, { "edge_id": "4f55c61452dc", "from": "company:302132", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "* **“链主”与“链属”企业高效协同**：2022 年底，园区已实现全功能运营，围绕成飞构建“1 小时”全链条配套圈，原材料进入园区后，可在园区内完成精密机加、钣金、热表处理、装配、检验检测、交付等全流程，成为一个可交付的飞机核心大部件。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md#chunk:f650a25d99a7" ] }, { "edge_id": "3fb896f295cd", "from": "company:302132", "to": "material:碳纤维", "other": "material:碳纤维", "other_name": "碳纤维", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "| 安徽佳力奇先进复合材料科技股份有限公司 | 4.42% | 碳纤维复合材料结构件的生产与销售，产品广泛应用于战斗机、运输机、无人机、导弹等重点 J 工装备 |", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md#chunk:5535a34e7b27" ] }, { "edge_id": "4f2ae9254e6e", "from": "company:302132", "to": "material:钛", "other": "material:钛", "other_name": "钛", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "* 产业链基金广泛投资航空产业链上游公司：投资企业中安徽佳力奇、泰格尔、永峰科技、大连长之琳作为供应复材结构件、蒙皮、连接件等零部件，北京瑞风协同供应软件服务，西安羚控提供检测服务并在检测设备方面开展协同研发，洛阳科品为上游供应商提供钛合金零件。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md#chunk:b53403b2ff9a" ] }, { "edge_id": "15a203f610eb", "from": "company:302132", "to": "company:600760", "other": "company:600760", "other_name": "中航沈飞", "relation": "competitor_of", "direction": "peer", "why_it_matters": "同为国内航空主机厂，成飞在军机出口价值量及人均创收指标上显著领先。", "confidence": 0.85, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md#chunk:daf21e46a6ff" ] }, { "edge_id": "4f0f0baf2e06", "from": "company:302132", "to": "company:600893", "other": "company:600893", "other_name": "航发动力", "relation": "partner_of", "direction": "peer", "why_it_matters": "025-2026 年投资收益（2024 年暂未计入）。 ### 5.3 投资建议及估值 根据上述假设，我们预计公司 2024-2026 归母净利润 1.27 亿/39.89 亿/50.41 亿，当前股价对应 PE 为 334/42/33 倍。我们选取航空和航发主机厂中航西飞、航发动力、中航沈飞作为可比公司，2025 年平均 PE 为 46 倍。考虑公司在我...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md#chunk:1ce1cc1dba5a" ] }, { "edge_id": "99227241033f", "from": "company:302132", "to": "topic:ai大模型应用", "other": "topic:ai大模型应用", "other_name": "ai大模型应用", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中航成飞 研报中反复涉及 AI大模型应用。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航成飞-302132-sz-3dd254a8a8dd.md#chunk:cf7799e6c000" ] }, { "edge_id": "de305952b8a5", "from": "company:302132", "to": "topic:业绩修复", "other": "topic:业绩修复", "other_name": "业绩修复", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中航成飞 研报中反复涉及 业绩修复。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航成飞-302132-sz-5971c9685641.md#chunk:f156cc99c00c" ] }, { "edge_id": "6dfa445d905b", "from": "company:302132", "to": "topic:业绩预测", "other": "topic:业绩预测", "other_name": "业绩预测", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中航成飞 研报中反复涉及 业绩预测。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航成飞-302132-sz-e68a1d1fa933.md#chunk:1dc334decfd6" ] } ], "upstream_paths": [ { "edge_id": "4f55c61452dc", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md#chunk:f650a25d99a7" ] }, { "edge_id": "3fb896f295cd", "to": "material:碳纤维", "material": "碳纤维", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md#chunk:5535a34e7b27" ] }, { "edge_id": "4f2ae9254e6e", "to": "material:钛", "material": "钛", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md#chunk:b53403b2ff9a" ] } ] }, { "id": "company:688287", "name": "观典防务", "ticker": "688287", "path": "companies/观典防务-688287.md", "path_slug": "观典防务-688287", "summary": "观典防务（688287） 的研报主线集中在 净利润、毛利率、同比、证券：无人机禁毒龙头，国家级专精特新“小巨人”，技术壁垒高，服务模式成熟。", "degree_total": 38, "high_confidence_neighbor_count": 2, "top_relations": [ { "edge_id": "96fc006205b0", "from": "company:688287", "to": "company:688297", "other": "company:688297", "other_name": "中无人机", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "| 452.72 | 568.19 | | 同比增速 | 26.62% | 24.46% | 24.98% | 25.50% | | 毛利率 | 49.91% | 48.83% | 48.42% | 47.88% | 数据来源：东吴证券研究所 ### 4.3. 估值与评级 中无人机、航天彩虹、纵横股份是我国无人机装备的代表性供应商，可将它们选作可比公司进行...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-观典防务-688287-7fa3823c7bbe.md#chunk:57cc673a16fd" ] }, { "edge_id": "d96244e59dd2", "from": "company:300900", "to": "company:688287", "other": "company:300900", "other_name": "广联航空", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "业应用领域依旧是处于不断探索阶段，还没有形成规模化的市场，整体处于蓝海市场。随着无人机技术的不断发展和商业应用的不断成熟，每个行业和领域的潜在需求市场空间极大，无人机在工业领域的普遍应用将具有更大的商业价值和市场规模。目前中国无人机行业内的龙头企业除了观典防务外，主要有纵横股份、广联航空、航天宏图、中科星图、航天彩虹、中航无人机、科比特、大疆创新等，且各龙...", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-观典防务-688287-7fa3823c7bbe.md#chunk:57cc673a16fd" ] }, { "edge_id": "07086c748925", "from": "company:688287", "to": "material:电力", "other": "material:电力", "other_name": "电力", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "工业级无人机主要应用领域包括禁毒侦查、反恐巡逻、环境监测、航空测绘、电力巡检和农林信息化等。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-业绩稳健增长-看好智能防务装备成长性-25e26c0bdd9b.md#chunk:b995878815c7", "sources/stock-research-report-观典防务-688287-7fa3823c7bbe.md#chunk:26540c943547", "sources/stock-research-report-观典防务-688287-346c2ea92e32.md#chunk:55cd77646eb6", "sources/stock-research-report-观典防务-688287-sh-首次覆盖报告-f1a9c49a1ca6.md#chunk:eb65e1155773" ] }, { "edge_id": "58fa7ae21481", "from": "company:688287", "to": "company:002389", "other": "company:002389", "other_name": "航天彩虹", "relation": "competitor_of", "direction": "peer", "why_it_matters": "同为无人机系统领域上市公司，业务相近，作为估值可比公司。", "confidence": 0.9, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-观典防务-688287-sh-首次覆盖报告-f1a9c49a1ca6.md#chunk:ac99ffb5ba8f", "sources/stock-research-report-观典防务-688287-7fa3823c7bbe.md#chunk:8a4af4a90e47", "sources/stock-research-report-观典防务-688287-sh-首次覆盖报告-f1a9c49a1ca6.md#chunk:c2e917eb5b7d" ] }, { "edge_id": "1c8ca0941223", "from": "company:688287", "to": "company:688297", "other": "company:688297", "other_name": "中无人机", "relation": "competitor_of", "direction": "peer", "why_it_matters": "同为大型无人机系统龙头，业务相近，作为估值可比公司。", "confidence": 0.9, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-观典防务-688287-sh-首次覆盖报告-f1a9c49a1ca6.md#chunk:ac99ffb5ba8f", "sources/stock-research-report-观典防务-688287-7fa3823c7bbe.md#chunk:8a4af4a90e47", "sources/stock-research-report-观典防务-688287-sh-首次覆盖报告-f1a9c49a1ca6.md#chunk:c2e917eb5b7d" ] }, { "edge_id": "deafce2e7b49", "from": "company:688287", "to": "company:002389", "other": "company:002389", "other_name": "航天彩虹", "relation": "partner_of", "direction": "peer", "why_it_matters": "段，还没有形成规模化的市场，整体处于蓝海市场。随着无人机技术的不断发展和商业应用的不断成熟，每个行业和领域的潜在需求市场空间极大，无人机在工业领域的普遍应用将具有更大的商业价值和市场规模。目前中国无人机行业内的龙头企业除了观典防务外，主要有纵横股份、广联航空、航天宏图、中科星图、航天彩虹、中航无人机、科比特、大疆创新等，且各龙头企业的市场定位也各不相同。 ...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-观典防务-688287-7fa3823c7bbe.md#chunk:57cc673a16fd" ] }, { "edge_id": "c9972ac568ea", "from": "company:688287", "to": "company:688066", "other": "company:688066", "other_name": "航天宏图", "relation": "partner_of", "direction": "peer", "why_it_matters": "依旧是处于不断探索阶段，还没有形成规模化的市场，整体处于蓝海市场。随着无人机技术的不断发展和商业应用的不断成熟，每个行业和领域的潜在需求市场空间极大，无人机在工业领域的普遍应用将具有更大的商业价值和市场规模。目前中国无人机行业内的龙头企业除了观典防务外，主要有纵横股份、广联航空、航天宏图、中科星图、航天彩虹、中航无人机、科比特、大疆创新等，且各龙头企业的市...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-观典防务-688287-7fa3823c7bbe.md#chunk:57cc673a16fd" ] }, { "edge_id": "41b23cbb8eab", "from": "company:688287", "to": "topic:cagr", "other": "topic:cagr", "other_name": "CAGR", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "观典防务 研报中反复涉及 CAGR。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-观典防务-688287-sh-首次覆盖报告-f1a9c49a1ca6.md#chunk:820c4d8deab8" ] }, { "edge_id": "d0657af66e5c", "from": "company:688287", "to": "topic:三季报点评", "other": "topic:三季报点评", "other_name": "三季报点评", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "观典防务 研报中反复涉及 三季报点评。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-观典防务-688287-sh-2023-年三季报点评-98eacb6aea94.md#chunk:ab296e294c5f" ] }, { "edge_id": "1bfd93f905ef", "from": "company:688287", "to": "topic:专精特新", "other": "topic:专精特新", "other_name": "专精特新", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "观典防务 研报中反复涉及 专精特新。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-观典防务-688287-7fa3823c7bbe.md#chunk:26540c943547" ] }, { "edge_id": "f5527696ef9b", "from": "company:688287", "to": "topic:业绩增长", "other": "topic:业绩增长", "other_name": "业绩增长", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "观典防务 研报中反复涉及 业绩增长。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-20e501f9480d.md#chunk:b7ef780f8d5b" ] }, { "edge_id": "0d552b07a40c", "from": "company:688287", "to": "topic:中小盘", "other": "topic:中小盘", "other_name": "中小盘", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "观典防务 研报中反复涉及 中小盘。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-伐谋-中小盘信息更新-d28e91f144e7.md#chunk:787cb8049abc" ] } ], "upstream_paths": [ { "edge_id": "07086c748925", "to": "material:电力", "material": "电力", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-业绩稳健增长-看好智能防务装备成长性-25e26c0bdd9b.md#chunk:b995878815c7", "sources/stock-research-report-观典防务-688287-7fa3823c7bbe.md#chunk:26540c943547", "sources/stock-research-report-观典防务-688287-346c2ea92e32.md#chunk:55cd77646eb6", "sources/stock-research-report-观典防务-688287-sh-首次覆盖报告-f1a9c49a1ca6.md#chunk:eb65e1155773" ] } ] }, { "id": "company:688375", "name": "国博电子", "ticker": "688375", "path": "companies/国博电子-688375.md", "path_slug": "国博电子-688375", "summary": "国博电子（688375） 的研报主线集中在 净利润、毛利率、商业航天、投资建议：商业航天加速发展，可回收火箭技术突破将推动低轨卫星组网，公司作为卫星T/R组件核心供应商有望切入百亿级增量市场。", "degree_total": 38, "high_confidence_neighbor_count": 3, "top_relations": [ { "edge_id": "2b37f434ab98", "from": "company:国博电子", "to": "company:688375", "other": "company:国博电子", "other_name": "国博电子", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "股比例（%）**: 44.54 **总市值（亿元）**: 299 **流通市值（亿元）**: 133 ### ⚫ 公司在商业航天和低空经济领域有布局 2025 年一季度受 T/R 组件和射频模块收入减少，公司营业收入及归母净利润出现下滑。 根据 4 月 11 日发布的《南京国博电子股份有限公司投资者关系活动记录表》显示，低空经济领域，5G-A 通感一体基站...", "confidence": 0.66, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-业绩阶段性承压-公司在部分新兴产业有布局-92f4d40c3470.md#chunk:eb0dba178f03", "sources/stock-research-report-国博电子-688375-sh-b76082900adb.md#chunk:fd91553f400e", "sources/stock-research-report-其他军工iii-7ccc9e9c3656.md#chunk:4aa0ec173458" ] }, { "edge_id": "67fa448e469e", "from": "company:688375", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "利润表端，2025 年上半年综合毛利率 39.05%，同比提升 3.80 个百分点，得益于高毛利军品占比提升及原材料价格回落；", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-国博电子-688375-f67130a46df0.md#chunk:545ca2dbb5f8" ] }, { "edge_id": "61b8cc2d8090", "from": "company:国博电子", "to": "company:688375", "other": "company:国博电子", "other_name": "国博电子", "relation": "same_group", "direction": "peer", "why_it_matters": "增长。预计公司 2025-2027 年归母净利润 5.04/6.97 亿/9.88 亿元，同比+4%/+38%/+42%，对应 PE 为 81/59/41 倍，维持“买入”评级。 ## 风险提示 产能释放不及预期；下游装备需求及基站建设不及预期。 **相关报告：** 1. 《国博电子公司点评：Q2 环比大增，下游景气逐步复苏》，2025.8.29 2. 《...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-硅基-gan-终端射频功放量产-打造第二增长曲线-9ff616181a9a.md#chunk:586c73b59395" ] }, { "edge_id": "f9e8e98177cf", "from": "company:688375", "to": "company:301050", "other": "company:301050", "other_name": "雷电微力", "relation": "competitor_of", "direction": "peer", "why_it_matters": "X 频段存在少量交叉。其他单位如二十四所、重庆声光电等侧重硅基模拟芯片，整机研究所（如十所、十四所）自产组件仅用于内部整机，不对外销售。中国电科已明确将国博电子作为 T/R 组件对外市场化销售的核心上市平台，有效实现体系内业务协同与竞争隔离。此外，市场化竞争对手亦呈现差异化特征：雷电微力专注于毫米波有源相控阵微系统，侧重系统级集成；天箭科技则以高波段大功率...", "confidence": 0.72, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-国博电子-688375-sh-t-r-组件龙头-商业航天及军品订单共同驱动增长-fa7240c95fdc.md#chunk:3c3f06a90a7f" ] }, { "edge_id": "1fc8d46ce23a", "from": "company:688375", "to": "company:国博电子", "other": "company:国博电子", "other_name": "国博电子", "relation": "partner_of", "direction": "peer", "why_it_matters": "# 国博电子（688375.SH）2025 年半年报点评 # 2Q25 净利润同比增长 16%；卫星、手机产品拓展顺利 2025 年 08 月 29 日 ➢ **事件**：8 月 28 日，公司发布 2025 年半年报，1H25 实现营收 10.7 亿元，YOY -17.8%；归母净利润 2.0 亿元，YOY -17.7%；", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国博电子-688375-sh-2025-年半年报点评-b1fb77901ff3.md#chunk:ef5bd26ce69d", "sources/stock-research-report-国博电子-688375-1047e22daf50.md#chunk:a8aa5be6a292", "sources/stock-research-report-国博电子-688375-sh-2025-年三季报点评-db9dc677f2e5.md#chunk:55288d03198a", "sources/stock-research-report-国博电子-688375-sh-t-r-组件龙头-商业航天及军品订单共同驱动增长-fa7240c95fdc.md#chunk:3c3f06a90a7f", "sources/stock-research-report-其他军工iii-10d649359b5b.md#chunk:4a50a6261ffd", "sources/stock-research-report-国博电子-688375-f67130a46df0.md#chunk:202a56335bd7" ] }, { "edge_id": "26de60cadab6", "from": "company:688375", "to": "company:600118", "other": "company:600118", "other_name": "中国卫星", "relation": "partner_of", "direction": "peer", "why_it_matters": "中国可回收火箭技术突破在即，卫星互联网建设进入放量前夜。当前中国可回收火箭技术尚处试验阶段，商业发射排期紧张、成本居高不下，严重制约大规模部署节奏。2026 年我国主要商业航天企业可回收火箭计划密集落地，我们预计未来 3 年，中国可复用火箭将进入“边发射、边迭代”的工程应用阶段，中国卫星制造产业链有望进入放量周期。依据 SpaceX 经验，中国可复用火箭技...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国博电子-688375-sh-t-r-组件龙头-商业航天及军品订单共同驱动增长-fa7240c95fdc.md#chunk:3c3f06a90a7f" ] }, { "edge_id": "fb9b4be446e2", "from": "company:688375", "to": "company:688270", "other": "company:688270", "other_name": "臻镭科技", "relation": "partner_of", "direction": "peer", "why_it_matters": "，我们预计公司 2025-2027 年的营收分别为 26.30、33.67、45.43 亿元，归母净利润分别为 4.84、6.65、8.31 亿元，当前股价对应 2025-2027 年 PE 分别为 146.6、106.6、85.4 倍。考虑到主业的相似性，我们选取*ST 铖昌、臻镭科技、雷电微力、亚光科技作为可比公司，均属于军工电子及高可靠集成电路领域。...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国博电子-688375-sh-t-r-组件龙头-商业航天及军品订单共同驱动增长-fa7240c95fdc.md#chunk:3c3f06a90a7f" ] }, { "edge_id": "05b9e365ffcf", "from": "company:688375", "to": "topic:5g-a-6g", "other": "topic:5g-a-6g", "other_name": "5g-a-6g", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "国博电子 研报中反复涉及 5G-A/6G。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-其他军工iii-10d649359b5b.md#chunk:4a4d20894083" ] }, { "edge_id": "8fa9691e018c", "from": "company:688375", "to": "topic:5g-a通信", "other": "topic:5g-a通信", "other_name": "5g-a通信", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "国博电子 研报中反复涉及 5G-A通信。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-其他军工iii-7ccc9e9c3656.md#chunk:d7acb5a0f9ca" ] }, { "edge_id": "e00687d302c9", "from": "company:688375", "to": "topic:5g-a通感基站", "other": "topic:5g-a通感基站", "other_name": "5g-a通感基站", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "国博电子 研报中反复涉及 5G-A通感基站。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-业绩阶段性承压-公司在部分新兴产业有布局-92f4d40c3470.md#chunk:eb0dba178f03" ] }, { "edge_id": "82aec5429336", "from": "company:688375", "to": "topic:6g预研", "other": "topic:6g预研", "other_name": "6g预研", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "国博电子 研报中反复涉及 6G预研。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国博电子-688375-f67130a46df0.md#chunk:a5d5f14415f9" ] }, { "edge_id": "33da4dadf5b9", "from": "company:688375", "to": "topic:t-r组件", "other": "topic:t-r组件", "other_name": "T/R组件", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "国博电子 研报中反复涉及 T/R组件。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国博电子-688375-sh-t-r-组件龙头-商业航天及军品订单共同驱动增长-fa7240c95fdc.md#chunk:91a454d9b506" ] } ], "upstream_paths": [ { "edge_id": "67fa448e469e", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-国博电子-688375-f67130a46df0.md#chunk:545ca2dbb5f8" ] } ] }, { "id": "company:688636", "name": "智明达", "ticker": "688636", "path": "companies/智明达-688636.md", "path_slug": "智明达-688636", "summary": "智明达（688636） 的研报主线集中在 净利润、投资建议、证券、商业航天：国防信息化建设加速推进，嵌入式计算机作为高科技装备智能核心，在装备控制、指挥通信等系统中具备不可替代地位，需求空间巨大。", "degree_total": 37, "high_confidence_neighbor_count": 1, "top_relations": [ { "edge_id": "ae023a81daa8", "from": "company:688636", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "二是原材料价格上涨，增加了生产成本；", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-智明达-688636-12a1ceeea1aa.md#chunk:46314a7b3c35", "sources/stock-research-report-2025-03-28-c3f8772b1916.md#chunk:1de388bac0dd" ] }, { "edge_id": "b402bc67a6f4", "from": "company:688311", "to": "company:688636", "other": "company:688311", "other_name": "盟升电子", "relation": "partner_of", "direction": "peer", "why_it_matters": "030069 - **电话**: 010-85127668 - **邮箱**: zhaoboxuan@mszq.com ### 相关研究 1. 国博电子（688375.SH）首次覆盖报告：信息化系列#2：先进雷达 T/R 组件龙头；射频芯片领跑者-2022/12/25 2. 智明达（688636.SH）首次覆盖报告：信息化系列#1：多领域拓展成长性好；高研...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md#chunk:4db20f6359ac" ] }, { "edge_id": "9bdf1623f7af", "from": "company:688636", "to": "topic:ai技术", "other": "topic:ai技术", "other_name": "ai技术", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "智明达 研报中反复涉及 AI技术。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-智明达-688636-sh-2024-年年报及-2025-年一季报点评-5cda5d68bf3e.md#chunk:fa6ef229ee3c" ] }, { "edge_id": "277a95c6e249", "from": "company:688636", "to": "topic:ai智能处理", "other": "topic:ai智能处理", "other_name": "ai智能处理", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "智明达 研报中反复涉及 AI智能处理。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-智明达-688636-sh-2025-年半年报点评-53df7b5a3ff2.md#chunk:d88c1d72556d" ] }, { "edge_id": "0afe71e01a83", "from": "company:688636", "to": "topic:ai算力", "other": "topic:ai算力", "other_name": "AI算力", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "智明达 研报中反复涉及 AI算力。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-智明达-688636-0a9d39356fac.md#chunk:c663f53c0d2c" ] }, { "edge_id": "0875df224f17", "from": "company:688636", "to": "topic:ai边缘计算", "other": "topic:ai边缘计算", "other_name": "ai边缘计算", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "智明达 研报中反复涉及 AI边缘计算。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-各类产品快速增长-市场领域不断拓展-7e9c6b0a6659.md#chunk:4e0691269318" ] }, { "edge_id": "4ea4fff05665", "from": "company:688636", "to": "topic:三季报", "other": "topic:三季报", "other_name": "三季报", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "智明达 研报中反复涉及 三季报。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-智明达-688636-2f97170ae606.md#chunk:23f062a29607" ] }, { "edge_id": "7ae3baa5565b", "from": "company:688636", "to": "topic:下游", "other": "topic:下游", "other_name": "下游", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "智明达 研报中反复涉及 下游。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-公-司-研-究-26abc7b32c10.md#chunk:2b7699ae5951" ] }, { "edge_id": "f929e8afe542", "from": "company:688636", "to": "topic:业绩拐点", "other": "topic:业绩拐点", "other_name": "业绩拐点", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "智明达 研报中反复涉及 业绩拐点。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2025-03-28-c3f8772b1916.md#chunk:8b76279712cf" ] }, { "edge_id": "1ef2434a5059", "from": "company:688636", "to": "topic:业绩高增", "other": "topic:业绩高增", "other_name": "业绩高增", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "智明达 研报中反复涉及 业绩高增。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-智明达-688636-sh-2025-年半年报点评-53df7b5a3ff2.md#chunk:d88c1d72556d" ] }, { "edge_id": "30be0ed46d38", "from": "company:688636", "to": "topic:低空经济", "other": "topic:低空经济", "other_name": "低空经济", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "智明达 研报中反复涉及 低空经济。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2025-03-28-c3f8772b1916.md#chunk:8b76279712cf" ] }, { "edge_id": "885e5337fcaa", "from": "company:688636", "to": "topic:军品嵌入式计算", "other": "topic:军品嵌入式计算", "other_name": "军品嵌入式计算", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "智明达 研报中反复涉及 军品嵌入式计算。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-智明达-688636-2f97170ae606.md#chunk:23f062a29607" ] } ], "upstream_paths": [ { "edge_id": "ae023a81daa8", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-智明达-688636-12a1ceeea1aa.md#chunk:46314a7b3c35", "sources/stock-research-report-2025-03-28-c3f8772b1916.md#chunk:1de388bac0dd" ] } ] }, { "id": "company:300138", "name": "晨光生物", "ticker": "300138", "path": "companies/晨光生物-300138.md", "path_slug": "晨光生物-300138", "summary": "晨光生物（300138） 的研报主线集中在 风险、价格、净利润、投资建议：植提主业量增价稳，定制化渗透率持续提升，龙头地位稳固。", "degree_total": 36, "high_confidence_neighbor_count": 0, "top_relations": [ { "edge_id": "9b78ec21e026", "from": "company:300138", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "公司主要原材料仍处于去化周期，产品价格仍是低位。", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-股票投资评级-6c79f34daabd.md#chunk:21d82e5b3d2c", "sources/stock-research-report-2025-年-10-月-28-日-829b83593af3.md#chunk:cf96bf76ac37", "sources/stock-research-report-2025-年-10-月-27-日-c2b82dca504d.md#chunk:11c30f19d39f", "sources/stock-research-report-2026-年-01-月-15-日-6a0879566dd2.md#chunk:e4c217ed8892", "sources/stock-research-report-晨光生物-300138-sz-20ba5d8d9192.md#chunk:d61fe33bbc87", "sources/stock-research-report-2025-年-09-月-02-日-c4ae9aec1613.md#chunk:4b89b6a59ce7", "sources/stock-research-report-2026-年-04-月-06-日-86a52867ebf5.md#chunk:c6af5376e3bc" ] }, { "edge_id": "f7ba52012e7a", "from": "company:300138", "to": "material:石油", "other": "material:石油", "other_name": "石油", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "⮚ **美国 FDA 新政有望推动天然色素加速替代石油基合成色素。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-晨光生物-300138-sz-20ba5d8d9192.md#chunk:7b3a1e8263c9" ] }, { "edge_id": "8172cc38349a", "from": "company:300138", "to": "company:晨光生物", "other": "company:晨光生物", "other_name": "晨光生物", "relation": "partner_of", "direction": "peer", "why_it_matters": "# 晨光生物（300138.SZ） 主业反转持续，梯队业务多点开花 2025 年 10 月 28 日 ——公司信息更新报告 **投资评级：** 买入（维持） **张宇光（分析师）** **方勇（分析师）** zhangyuguang@kysec.cn fangyong@kysec.cn 证书编号：S079052003000", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-晨光生物-300138-sz-主业反转持续-梯队业务多点开花-f3ea2fed5ede.md#chunk:6b8882cfe1de", "sources/stock-research-report-2026-年-01-月-15-日-6a0879566dd2.md#chunk:be0f55ec1274", "sources/stock-research-report-2025-年-09-月-02-日-c4ae9aec1613.md#chunk:18b9351abba0", "sources/stock-research-report-2025-年-10-月-28-日-829b83593af3.md#chunk:df5f39e70c9e", "sources/stock-research-report-2026-年-04-月-06-日-86a52867ebf5.md#chunk:c6af5376e3bc", "sources/stock-research-report-2025-年-10-月-27-日-c2b82dca504d.md#chunk:ae5bb0239666", "sources/stock-research-report-晨光生物-300138-sz-20ba5d8d9192.md#chunk:fb45bd4901c8", "sources/stock-research-report-股票投资评级-6c79f34daabd.md#chunk:bbe1b2ba29e4" ] }, { "edge_id": "e24edc0f0743", "from": "company:300138", "to": "topic:fda政策", "other": "topic:fda政策", "other_name": "fda政策", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "晨光生物 研报中反复涉及 FDA政策。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-晨光生物-300138-sz-20ba5d8d9192.md#chunk:7b3a1e8263c9" ] }, { "edge_id": "cfb6c0dc2a69", "from": "company:300138", "to": "topic:fda禁令替代", "other": "topic:fda禁令替代", "other_name": "fda禁令替代", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "晨光生物 研报中反复涉及 FDA禁令替代。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2026-年-01-月-15-日-6a0879566dd2.md#chunk:be0f55ec1274" ] }, { "edge_id": "a1693735f33f", "from": "company:300138", "to": "topic:业绩修复", "other": "topic:业绩修复", "other_name": "业绩修复", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "晨光生物 研报中反复涉及 业绩修复。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-股票投资评级-6c79f34daabd.md#chunk:21d82e5b3d2c" ] }, { "edge_id": "5e3cc644d02c", "from": "company:300138", "to": "topic:业绩反转", "other": "topic:业绩反转", "other_name": "业绩反转", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "晨光生物 研报中反复涉及 业绩反转。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-晨光生物-300138-sz-主业反转持续-梯队业务多点开花-f3ea2fed5ede.md#chunk:1be9608328c4" ] }, { "edge_id": "fb861af9b6d2", "from": "company:300138", "to": "topic:业绩拐点", "other": "topic:业绩拐点", "other_name": "业绩拐点", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "晨光生物 研报中反复涉及 业绩拐点。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2025-年-10-月-28-日-829b83593af3.md#chunk:df5f39e70c9e" ] }, { "edge_id": "2aff652b0c6e", "from": "company:300138", "to": "topic:业绩超预期", "other": "topic:业绩超预期", "other_name": "业绩超预期", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "晨光生物 研报中反复涉及 业绩超预期。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2026-年-01-月-15-日-6a0879566dd2.md#chunk:be0f55ec1274" ] }, { "edge_id": "4d0740e492a4", "from": "company:300138", "to": "topic:业绩预增", "other": "topic:业绩预增", "other_name": "业绩预增", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "晨光生物 研报中反复涉及 业绩预增。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-晨光生物-300138-sz-20ba5d8d9192.md#chunk:7b3a1e8263c9" ] }, { "edge_id": "1633b7085954", "from": "company:300138", "to": "topic:价格拐点", "other": "topic:价格拐点", "other_name": "价格拐点", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "晨光生物 研报中反复涉及 价格拐点。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2025-年-10-月-27-日-c2b82dca504d.md#chunk:11c30f19d39f" ] }, { "edge_id": "a1d357a34318", "from": "company:300138", "to": "topic:估值", "other": "topic:估值", "other_name": "估值", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "晨光生物 研报中反复涉及 估值。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2025-年-09-月-02-日-c4ae9aec1613.md#chunk:18b9351abba0" ] } ], "upstream_paths": [ { "edge_id": "9b78ec21e026", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-股票投资评级-6c79f34daabd.md#chunk:21d82e5b3d2c", "sources/stock-research-report-2025-年-10-月-28-日-829b83593af3.md#chunk:cf96bf76ac37", "sources/stock-research-report-2025-年-10-月-27-日-c2b82dca504d.md#chunk:11c30f19d39f", "sources/stock-research-report-2026-年-01-月-15-日-6a0879566dd2.md#chunk:e4c217ed8892", "sources/stock-research-report-晨光生物-300138-sz-20ba5d8d9192.md#chunk:d61fe33bbc87", "sources/stock-research-report-2025-年-09-月-02-日-c4ae9aec1613.md#chunk:4b89b6a59ce7", "sources/stock-research-report-2026-年-04-月-06-日-86a52867ebf5.md#chunk:c6af5376e3bc" ] }, { "edge_id": "f7ba52012e7a", "to": "material:石油", "material": "石油", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-晨光生物-300138-sz-20ba5d8d9192.md#chunk:7b3a1e8263c9" ] } ] }, { "id": "company:300136", "name": "信维通信", "ticker": "300136", "path": "companies/信维通信-300136.md", "path_slug": "信维通信-300136", "summary": "信维通信（300136） 的研报主线集中在 风险、净利润、毛利率、消费电子：泛射频业务全球化布局完善，从天线单一供应向多业务协同拓展，构筑技术护城河。", "degree_total": 36, "high_confidence_neighbor_count": 2, "top_relations": [ { "edge_id": "868367411489", "from": "company:信维通信", "to": "company:300136", "other": "company:信维通信", "other_name": "信维通信", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "2024 年 04 月 29 日 公司研究●证券研究报告 # 信维通信（300136.SZ） # 公司快报 ## 业绩短期承压波动，受益海外商业卫星加速渗透 通信 | 通信终端及配件Ⅲ **投资评级**: 增持-B(首次) **股价(2024-04-26)**: 18.66 元 ### 投资要点 事件：2024 年 4 月 24 日，信维通信发布 2023...", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2024-年-04-月-29-日-adf5fc095bc6.md#chunk:d4ee12fe8ef9" ] }, { "edge_id": "ab5342d637d2", "from": "company:300136", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "同时，21 年原材料价格的上涨也导致了毛利率水平的断崖式下跌，目前仍处于缓步回升阶段。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-信维通信-300136-16bc1e2ac19b.md#chunk:0284a267d2c2" ] }, { "edge_id": "a59d7abcb2d4", "from": "company:300136", "to": "material:电力", "other": "material:电力", "other_name": "电力", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "小功率无线充电常采用电磁感应式，如对手机充电的 Qi 方式；", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-信维通信-300136-16bc1e2ac19b.md#chunk:95b1b2956788" ] }, { "edge_id": "c427a000c07f", "from": "company:300136", "to": "company:600118", "other": "company:600118", "other_name": "中国卫星", "relation": "competitor_of", "direction": "peer", "why_it_matters": "源极为急缺以及美国捷足先登的背景下，各国加快了对低轨卫星的部署工作。国际方面，Starlink 已规划 4.2 万颗，预计将独占大部分近地轨道，英国 Oneweb 同样申请了近 4.8 万颗卫星发射量，韩国三星、加拿大 Telesat 等公司也在进行低轨卫星的建设工作。国内方面，中国卫星网络集团已向 ITU 申请了“GW”星座计划，共计 12992 颗卫星...", "confidence": 0.72, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-信维通信-300136-16bc1e2ac19b.md#chunk:9894d5a381a0" ] }, { "edge_id": "56efba27017d", "from": "company:300136", "to": "company:信维通信", "other": "company:信维通信", "other_name": "信维通信", "relation": "partner_of", "direction": "peer", "why_it_matters": "发布时间：2025-12-24 # 股票投资评级 ## 买入 | 维持 # 信维通信(300136) ## 端侧复苏释放增量，商业卫星深耕赋能 # 个股表现 | Date | 信维通信 | 电子 | | ------- | ---- | --- | | 2024-12 | 0 | 0 | | 2025-03 | -14 | -10 | | 2025-05 ...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-发布时间-2025-12-24-b5dad5b8852e.md#chunk:775ac2cd8710", "sources/stock-research-report-信维通信-300136-b65be7c6d9d7.md#chunk:cced99197aac", "sources/stock-research-report-信维通信-300136-2f3d6ba00fb7.md#chunk:95e10e2c4266", "sources/stock-research-report-信维通信-300136-e313a9a557cc.md#chunk:a2a5afa4bcfe", "sources/stock-research-report-证-券-研-究-报-告-fd9a2ea62bb0.md#chunk:74618c3c53cb", "sources/stock-research-report-证-券-研-究-报-告-66e4d95dbc79.md#chunk:1620d3732470", "sources/stock-research-report-证券研究报告-电子-公司点评报告-5bdb3145c12c.md#chunk:c103e6123b0e", "sources/stock-research-report-信维通信-300136-60bff0ac37a7.md#chunk:ec0fb0647b5d", "sources/stock-research-report-信维通信-300136-16bc1e2ac19b.md#chunk:9894d5a381a0" ] }, { "edge_id": "5fef65841780", "from": "company:300136", "to": "topic:ai手机", "other": "topic:ai手机", "other_name": "ai手机", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "信维通信 研报中反复涉及 AI手机。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-信维通信-300136-2f3d6ba00fb7.md#chunk:31c066126fef" ] }, { "edge_id": "afa1f8ce609a", "from": "company:300136", "to": "topic:ai硬件", "other": "topic:ai硬件", "other_name": "ai硬件", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "信维通信 研报中反复涉及 AI硬件。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-发布时间-2025-12-24-b5dad5b8852e.md#chunk:68f73b35e069" ] }, { "edge_id": "eabbf4829459", "from": "company:300136", "to": "topic:ai终端", "other": "topic:ai终端", "other_name": "ai终端", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "信维通信 研报中反复涉及 AI终端。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-电子-公司点评报告-5bdb3145c12c.md#chunk:bc9f8f360fa4" ] }, { "edge_id": "7b198198e182", "from": "company:300136", "to": "topic:lcp天线", "other": "topic:lcp天线", "other_name": "lcp天线", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "信维通信 研报中反复涉及 LCP天线。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-信维通信-300136-16bc1e2ac19b.md#chunk:416efd8df492" ] }, { "edge_id": "e6632ea63e53", "from": "company:300136", "to": "topic:mlcc", "other": "topic:mlcc", "other_name": "MLCC", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "信维通信 研报中反复涉及 MLCC。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-电子-公司点评报告-5bdb3145c12c.md#chunk:bc9f8f360fa4" ] }, { "edge_id": "2f3e19fde5a7", "from": "company:300136", "to": "topic:uwb模组", "other": "topic:uwb模组", "other_name": "uwb模组", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "信维通信 研报中反复涉及 UWB模组。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-信维通信-300136-e313a9a557cc.md#chunk:32b12af6f32d" ] }, { "edge_id": "10fd40a7dddd", "from": "company:300136", "to": "topic:业绩复苏", "other": "topic:业绩复苏", "other_name": "业绩复苏", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "信维通信 研报中反复涉及 业绩复苏。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-信维通信-300136-60bff0ac37a7.md#chunk:503b6f453f39" ] } ], "upstream_paths": [ { "edge_id": "ab5342d637d2", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-信维通信-300136-16bc1e2ac19b.md#chunk:0284a267d2c2" ] }, { "edge_id": "a59d7abcb2d4", "to": "material:电力", "material": "电力", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-信维通信-300136-16bc1e2ac19b.md#chunk:95b1b2956788" ] } ] }, { "id": "company:000733", "name": "振华科技", "ticker": "000733", "path": "companies/振华科技-000733.md", "path_slug": "振华科技-000733", "summary": "振华科技（000733） 的研报主线集中在 净利润、毛利率、同比、投资建议：军工元器件平台型龙头，行业复苏背景下业绩呈现边际改善，Q2环比大幅好转，下半年有望持续恢复高增长。", "degree_total": 36, "high_confidence_neighbor_count": 1, "top_relations": [ { "edge_id": "d0e7cf27e697", "from": "company:000733", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "业绩下滑主要受新型电子元器件板块产品价格下行压力传导及低附加值产品营收占比增加影响，同时原材料成本上涨导致营业成本同比上升 11.50%。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-振华科技-000733-46db8c9f6bba.md#chunk:b1f6c71890ec", "sources/stock-research-report-振华科技-000733-83b334bf0b0f.md#chunk:0a87043b87e5", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-81ea11d2fa00.md#chunk:df981c0bcf0e" ] }, { "edge_id": "ec49eb1a5dde", "from": "company:000733", "to": "material:电力", "other": "material:电力", "other_name": "电力", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "从军用层面来看,军用电子元器件作为武器装备信息化、智能化发展的关键组成,其可靠性及供应能力至关重要,在国际贸易不确定性等因素扰动下,电子元器件自主可控能力则显得尤为重要,从而带动国内相关产业需求持续提升。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-81ea11d2fa00.md#chunk:df981c0bcf0e" ] }, { "edge_id": "b1e76b6eb2da", "from": "company:000733", "to": "company:振华科技", "other": "company:振华科技", "other_name": "振华科技", "relation": "partner_of", "direction": "peer", "why_it_matters": "# 振华科技（000733.SZ）2025 年三季报点评 ## 前三季度业绩逐季增长；资产重组实现产业协同发展 2025 年 10 月 25 日 ➢ **事件**：10 月 24 日，公司发布 2025 年三季报，1~3Q25 实现营收 39.26 亿元，YOY +4.98%；归母净利润 6.23 亿元，YOY -3.31%。毛", "confidence": 0.66, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-振华科技-000733-sz-2025-年三季报点评-050f1c3d9de0.md#chunk:6336dbb6f9eb", "sources/stock-research-report-振华科技-000733-a8200142e6ad.md#chunk:24cfd190f353", "sources/stock-research-report-振华科技-000733-sz-2024-年年报及-2025-年一季报点评-7e1d52d5837b.md#chunk:2f14b603cbab", "sources/stock-research-report-振华科技-000733-sz-fd745e89d727.md#chunk:ee38a7980bf7", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-81ea11d2fa00.md#chunk:40edee692ad3", "sources/stock-research-report-振华科技-000733-46db8c9f6bba.md#chunk:3fedac8a1a64", "sources/stock-research-report-振华科技-000733-sz-9777be882b4b.md#chunk:aaf0bd39b72e", "sources/stock-research-report-振华科技-000733-83b334bf0b0f.md#chunk:1e2726415d3d", "sources/stock-research-report-发布时间-2025-04-30-c34d965da472.md#chunk:8b4174b0ed53", "sources/stock-research-report-q3-实现同环比增长-订单充足业绩有望持续-ca955404f058.md#chunk:3802d77f376c" ] }, { "edge_id": "2f6ba0880e3a", "from": "company:000733", "to": "topic:业绩修复", "other": "topic:业绩修复", "other_name": "业绩修复", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "振华科技 研报中反复涉及 业绩修复。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-发布时间-2025-04-30-c34d965da472.md#chunk:ffb7aed95db6" ] }, { "edge_id": "4fb91ff3b1ea", "from": "company:000733", "to": "topic:业绩拐点", "other": "topic:业绩拐点", "other_name": "业绩拐点", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "振华科技 研报中反复涉及 业绩拐点。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-振华科技-000733-sz-9777be882b4b.md#chunk:aaf0bd39b72e" ] }, { "edge_id": "6bb65b8d5013", "from": "company:000733", "to": "topic:业绩触底", "other": "topic:业绩触底", "other_name": "业绩触底", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "振华科技 研报中反复涉及 业绩触底。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-振华科技-000733-sz-2024-年年报及-2025-年一季报点评-7e1d52d5837b.md#chunk:2f14b603cbab" ] }, { "edge_id": "eb92a5727d48", "from": "company:000733", "to": "topic:产品结构优化", "other": "topic:产品结构优化", "other_name": "产品结构优化", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "振华科技 研报中反复涉及 产品结构优化。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-振华科技-000733-46db8c9f6bba.md#chunk:b1f6c71890ec" ] }, { "edge_id": "63c941921046", "from": "company:000733", "to": "topic:估值", "other": "topic:估值", "other_name": "估值", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "振华科技 研报中反复涉及 估值。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-发布时间-2025-04-30-c34d965da472.md#chunk:ffb7aed95db6" ] }, { "edge_id": "e353af4bce74", "from": "company:000733", "to": "topic:低空经济", "other": "topic:低空经济", "other_name": "低空经济", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "振华科技 研报中反复涉及 低空经济。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-振华科技-000733-sz-9777be882b4b.md#chunk:aaf0bd39b72e" ] }, { "edge_id": "d3090febd855", "from": "company:000733", "to": "topic:元器件", "other": "topic:元器件", "other_name": "元器件", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "振华科技 研报中反复涉及 元器件。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-振华科技-000733-sz-9777be882b4b.md#chunk:aaf0bd39b72e" ] }, { "edge_id": "a6b75c962f7a", "from": "company:000733", "to": "topic:军工", "other": "topic:军工", "other_name": "军工", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "振华科技 研报中反复涉及 军工。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-81ea11d2fa00.md#chunk:40edee692ad3" ] }, { "edge_id": "3b38683fd1b3", "from": "company:000733", "to": "topic:军工电子", "other": "topic:军工电子", "other_name": "军工电子", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "振华科技 研报中反复涉及 军工电子。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-振华科技-000733-sz-9777be882b4b.md#chunk:aaf0bd39b72e" ] } ], "upstream_paths": [ { "edge_id": "d0e7cf27e697", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-振华科技-000733-46db8c9f6bba.md#chunk:b1f6c71890ec", "sources/stock-research-report-振华科技-000733-83b334bf0b0f.md#chunk:0a87043b87e5", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-81ea11d2fa00.md#chunk:df981c0bcf0e" ] }, { "edge_id": "ec49eb1a5dde", "to": "material:电力", "material": "电力", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-81ea11d2fa00.md#chunk:df981c0bcf0e" ] } ] }, { "id": "company:600072", "name": "中船科技", "ticker": "600072", "path": "companies/中船科技-600072.md", "path_slug": "中船科技-600072", "summary": "中船科技（600072） 的研报主线集中在 风险、净利润、毛利率、同比：并购整合中船系风电资产，配套募资30亿元用于海风总装基地、叶片产线改造及风电场开发，公司正式转型为以风电为主的新能源企业。", "degree_total": 36, "high_confidence_neighbor_count": 5, "top_relations": [ { "edge_id": "49b15565bb54", "from": "company:600482", "to": "company:600072", "other": "company:600482", "other_name": "中国动力", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "2d[云铝股份] A2 --> A2e[钒钛股份] A --> A3[复合材料] A3 --> A3a[光威复材] A3 --> A3b[中国巨石] B[船舶设计] --> B1[天海防务] C[船舶配套] --> C1[潍柴重机] C1 --> C2[中船科技] C1 --> C3[宝鼎科技] C1 --> C4[亚星锚链] C1 --> C5[中国动力...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md#chunk:6c12c8547ee2" ] }, { "edge_id": "040e97f09493", "from": "company:600072", "to": "material:钢材", "other": "material:钢材", "other_name": "钢材", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "图 14： 2018 年 9 月-2022 年 9 月风电招标价格与钢材综合价格指数(元/kw) 20", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-船舶制造-dceb31728812.md#chunk:88647660c68d", "sources/stock-research-report-中船科技-600072-sh-无评级-e9bc8de5c63e.md#chunk:0df2e3edce7f" ] }, { "edge_id": "ea17e326f8ad", "from": "company:600072", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "为此行业依靠大型化风机与技术进步实现降本增效，以及原材料价格下行拓宽盈利空间，达到平价过度。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-船舶制造-dceb31728812.md#chunk:fc9a6359e18e" ] }, { "edge_id": "cd06ea90f8e9", "from": "company:600072", "to": "material:电力", "other": "material:电力", "other_name": "电力", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "并购后，公司业务整合，有望依托上市公司工程实力快速推进电场建设，从电力销售与电场滚动开发转让方面贡献利润高增长。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-船舶制造-dceb31728812.md#chunk:02bcd4fc05a6", "sources/stock-research-report-中船科技-600072-sh-无评级-e9bc8de5c63e.md#chunk:0df2e3edce7f", "sources/stock-research-report-中船科技-600072-2021-年报点评-扣非后归母净利润历史最高-整合风电企业打开全新市场空间-c911bf3d28da.md#chunk:c87ed9007413" ] }, { "edge_id": "c39ca4e56d76", "from": "company:600072", "to": "material:煤炭", "other": "material:煤炭", "other_name": "煤炭", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "碳中和，立足我国能源资源禀赋，坚持先立后破，有计划分步骤实施碳达峰行动，深入推进能源革命，加强煤炭清洁高效利用，加快规划建设新型能源体系，积极参与应对气候变化全球治理。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-船舶制造-dceb31728812.md#chunk:c1d78885e6d4" ] }, { "edge_id": "4ffb59e7034c", "from": "company:600072", "to": "company:600150", "other": "company:600150", "other_name": "中国船舶", "relation": "same_group", "direction": "peer", "why_it_matters": "中船科技拟发行股份收购中国船舶集团旗下中国海装、中船风电等新能源资产，实现集团内部资产整合与业务转型。", "confidence": 0.95, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-信义山证-汇通天下-2872993ceb45.md#chunk:bf7e47a26e1f", "sources/stock-research-report-船舶制造-dceb31728812.md#chunk:fc9a6359e18e", "sources/stock-research-report-信义山证-汇通天下-2872993ceb45.md#chunk:bf7e47a26e1f", "sources/stock-research-report-中船科技-600072-sh-无评级-e9bc8de5c63e.md#chunk:0df2e3edce7f", "sources/stock-research-report-中船科技-600072-2021-年报点评-扣非后归母净利润历史最高-整合风电企业打开全新市场空间-c911bf3d28da.md#chunk:73122650dc4c" ] }, { "edge_id": "ffd15821166d", "from": "company:600072", "to": "company:600150.SH", "other": "company:600150.SH", "other_name": "中国船舶", "relation": "same_group", "direction": "peer", "why_it_matters": "2 | | 净资产收益率 | 0.09 | ⮚ **新能源业务为公司带来新的想象空间。**公司拟通过发行股份的方式购买交易对方持有的标的资产，即中国海装 100%股份、凌久电气 10%少数股权、洛阳双瑞 44.64%少数股权、中船风电 88.58%股权和新疆海为 100%股权，对中国船舶集团旗下的新能源资产进行整合。本次交易完成后，公司将直接持有中国海装 ...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-信义山证-汇通天下-2872993ceb45.md#chunk:bf7e47a26e1f", "sources/stock-research-report-中船科技-600072-2021-年报点评-扣非后归母净利润历史最高-整合风电企业打开全新市场空间-c911bf3d28da.md#chunk:73122650dc4c", "sources/stock-research-report-船舶制造-dceb31728812.md#chunk:fc9a6359e18e", "sources/stock-research-report-中船科技-600072-sh-无评级-e9bc8de5c63e.md#chunk:0df2e3edce7f" ] }, { "edge_id": "d2c4387a7442", "from": "company:600072", "to": "company:中国船舶", "other": "company:中国船舶", "other_name": "中国船舶", "relation": "same_group", "direction": "peer", "why_it_matters": "2 | | 净资产收益率 | 0.09 | ⮚ **新能源业务为公司带来新的想象空间。**公司拟通过发行股份的方式购买交易对方持有的标的资产，即中国海装 100%股份、凌久电气 10%少数股权、洛阳双瑞 44.64%少数股权、中船风电 88.58%股权和新疆海为 100%股权，对中国船舶集团旗下的新能源资产进行整合。本次交易完成后，公司将直接持有中国海装 ...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-信义山证-汇通天下-2872993ceb45.md#chunk:bf7e47a26e1f", "sources/stock-research-report-中船科技-600072-2021-年报点评-扣非后归母净利润历史最高-整合风电企业打开全新市场空间-c911bf3d28da.md#chunk:73122650dc4c", "sources/stock-research-report-船舶制造-dceb31728812.md#chunk:fc9a6359e18e", "sources/stock-research-report-中船科技-600072-sh-无评级-e9bc8de5c63e.md#chunk:0df2e3edce7f" ] }, { "edge_id": "600a5cf4f22d", "from": "company:600482", "to": "company:600072", "other": "company:600482", "other_name": "中国动力", "relation": "same_group", "direction": "peer", "why_it_matters": "D -- 20.18% --> J[中国船舶重工集团动力股份有限公司] E -- 1.56% --> J F -- 1.93% --> J G -- 1.72% --> J H -- 25.01% --> J K[七〇四所] -- 1.56% --> J L[中船科技投资] -- 1.78% --> J M[军民融合海洋
防务] -- 1.38% ...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中国动力-600482-bfa4317a66b8.md#chunk:d52162c1637b" ] }, { "edge_id": "10051cdd565c", "from": "company:600072", "to": "company:600072.SH", "other": "company:600072.SH", "other_name": "中船科技", "relation": "partner_of", "direction": "peer", "why_it_matters": "# 信义山证 汇通天下 证券研究报告 **船舶制造** | **中船科技（600072.SH）** | **买入-B(首次)** ## 资产整合渐入佳境 2022 年 8 月 30 日 | 公司研究/公司快报 ### 公司近一年市场表现 | Date | 中船科技 | 上证指数 | | ----- | ---- | ---- | | 21/08 | 0 |...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-信义山证-汇通天下-2872993ceb45.md#chunk:e08e76ee2f23", "sources/stock-research-report-船舶制造-dceb31728812.md#chunk:a291617decbd", "sources/stock-research-report-船舶制造-3ce05636c4be.md#chunk:d30d3339a309", "sources/stock-research-report-中船科技-600072-2021-年报点评-扣非后归母净利润历史最高-整合风电企业打开全新市场空间-c911bf3d28da.md#chunk:73122650dc4c", "sources/stock-research-report-中船科技-600072-sh-无评级-e9bc8de5c63e.md#chunk:0df2e3edce7f", "sources/stock-research-report-中船科技-600072-2267995363a0.md#chunk:a1bc16b707b4", "sources/stock-research-report-船舶制造-936e1e6a1e27.md#chunk:92e14ac89387", "sources/stock-research-report-中船科技-600072-sh-无评级-cc7ee2011a0b.md#chunk:13923a76e44f" ] }, { "edge_id": "ba02ade103a2", "from": "company:600072", "to": "topic:业务转型", "other": "topic:业务转型", "other_name": "业务转型", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中船科技 研报中反复涉及 业务转型。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中船科技-600072-2267995363a0.md#chunk:a45f397a9df0" ] }, { "edge_id": "04808353b6b0", "from": "company:600072", "to": "topic:业绩超预期", "other": "topic:业绩超预期", "other_name": "业绩超预期", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中船科技 研报中反复涉及 业绩超预期。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-船舶制造-936e1e6a1e27.md#chunk:7b1a7f916b24" ] } ], "upstream_paths": [ { "edge_id": "040e97f09493", "to": "material:钢材", "material": "钢材", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-船舶制造-dceb31728812.md#chunk:88647660c68d", "sources/stock-research-report-中船科技-600072-sh-无评级-e9bc8de5c63e.md#chunk:0df2e3edce7f" ] }, { "edge_id": "ea17e326f8ad", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-船舶制造-dceb31728812.md#chunk:fc9a6359e18e" ] }, { "edge_id": "cd06ea90f8e9", "to": "material:电力", "material": "电力", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-船舶制造-dceb31728812.md#chunk:02bcd4fc05a6", "sources/stock-research-report-中船科技-600072-sh-无评级-e9bc8de5c63e.md#chunk:0df2e3edce7f", 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西安咸阳机场...", "confidence": 0.72, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-企业研究-海航控股吸引战投的核心价值是什么-117821a7117d.md#chunk:fe5dd66c4f20" ] }, { "edge_id": "a3e429fd35bd", "from": "company:600004", "to": "company:白云机场", "other": "company:白云机场", "other_name": "白云机场", "relation": "partner_of", "direction": "peer", "why_it_matters": "# 白云机场 (600004.SH) **买入（维持评级）** **公司点评** 证券研究报告 ## Q3 净利大增，T3 投产空间广阔 **交通运输组** ### 业绩 2025 年 10 月 30 日，白云机场发布 2025 年第三季度报告。2025 年前三季度公司营业收入为 57 亿元，同比增长 7.5%；归母净", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-白云机场-600004-sh-99dddce77676.md#chunk:2d7970332ec0", "sources/stock-research-report-白云机场-600004-sh-3de909ddbe97.md#chunk:16745ca840b4", "sources/stock-research-report-白云机场-600004-sh-c18270df6ef4.md#chunk:a8ef01bb8cf8", "sources/stock-research-report-白云机场-600004-sh-8a72463ac912.md#chunk:78ba956ca3c5", 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"sources/stock-research-report-2024-年-5-月-5-日-e04dfdf1b5df.md#chunk:9744ff760cc2" ] }, { "edge_id": "ceb4b925e661", "from": "company:600115", "to": "company:600004", "other": "company:600115", "other_name": "中国东航", "relation": "partner_of", "direction": "peer", "why_it_matters": "，我国拥有运输机场总数达到 263 个，通用机场达 475 个，已基本形成京津冀、长三角、粤港澳大湾区和成渝四大世界级机场群。京津冀机场群主要机场有首都机场、大兴机场、天津滨海国际机场等；长三角机场群主要机场有上海虹桥机场、上海浦东机场、南京禄口机场等；粤港澳大湾区主要机场有广州白云机场、深圳宝安机场、香港国际机场、澳门国际机场等；成渝地区机场主要有成都双...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-align-right-2025年10月29日-c80511234540.md#chunk:66927fdcf268" ] }, { "edge_id": "92b752228914", "from": "company:601111", "to": "company:600004", "other": "company:601111", "other_name": "中国国航", "relation": "partner_of", "direction": "peer", "why_it_matters": "，我国拥有运输机场总数达到 263 个，通用机场达 475 个，已基本形成京津冀、长三角、粤港澳大湾区和成渝四大世界级机场群。京津冀机场群主要机场有首都机场、大兴机场、天津滨海国际机场等；长三角机场群主要机场有上海虹桥机场、上海浦东机场、南京禄口机场等；粤港澳大湾区主要机场有广州白云机场、深圳宝安机场、香港国际机场、澳门国际机场等；成渝地区机场主要有成都双...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-601111-sh-9bea4445b90e.md#chunk:fceecd35173c" ] }, { "edge_id": "00e4916fc361", "from": "company:601156", "to": "company:600004", "other": "company:601156", "other_name": "东航物流", "relation": "risk_transmits_to", "direction": "risk", "why_it_matters": "2024 | 804 | 来源：wind，国金证券研究所 ## 图表25：2024年上海浦东机场货邮吞吐量为第一 | 机场 | 整体（万吨） | 国际（万吨） | | ------ | ------ | ------ | | 上海浦东机场 | 420 | 304 | | 广州白云机场 | 237 | 151 | | 深圳宝安机场 | 188 | 90 | ...", "confidence": 0.58, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-东航物流-601156-sh-2d1f8078de4d.md#chunk:8ae46138bd2a" ] }, { "edge_id": "43f49be2db22", "from": "company:600004", "to": "topic:t3航站楼投产", "other": "topic:t3航站楼投产", "other_name": "t3航站楼投产", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "白云机场 研报中反复涉及 T3航站楼投产。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-白云机场-600004-sh-99dddce77676.md#chunk:2d7970332ec0" ] }, { "edge_id": "550193c6dce7", "from": "company:600004", "to": "topic:三期扩建", "other": "topic:三期扩建", "other_name": "三期扩建", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "白云机场 研报中反复涉及 三期扩建。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-白云机场-600004-sh-9909663d3647.md#chunk:2ffabe9d246b" ] }, { "edge_id": "03b0354437f6", "from": "company:600004", "to": "topic:业绩修复", "other": "topic:业绩修复", "other_name": "业绩修复", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "白云机场 研报中反复涉及 业绩修复。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-白云机场-600004-sh-c18270df6ef4.md#chunk:a8ef01bb8cf8" ] }, { "edge_id": "b82a7d8cfd90", "from": "company:600004", "to": "topic:业绩复苏", "other": "topic:业绩复苏", "other_name": "业绩复苏", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "白云机场 研报中反复涉及 业绩复苏。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2025-年-08-月-28-日-8ec8707434a1.md#chunk:64b8a90a0b44" ] }, { "edge_id": "0d53bb951038", "from": "company:600004", "to": "topic:产能扩张", "other": "topic:产能扩张", "other_name": "产能扩张", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "白云机场 研报中反复涉及 产能扩张。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-白云机场-600004-sh-3de909ddbe97.md#chunk:16745ca840b4" ] }, { "edge_id": "a52caa2789a8", "from": "company:600004", "to": "topic:免税业务", "other": "topic:免税业务", "other_name": "免税业务", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "白云机场 研报中反复涉及 免税业务。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ 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"from": "company:688333", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "3D 打印原材料实现营收 0.47 亿元，同比增长 72.57%。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-上半年业绩高增-研发保持高强度投入-c075b1085579.md#chunk:4212eec54bf4", "sources/stock-research-report-铂力特-688333-sh-2024-年三季报点评-e22e29fbc3b3.md#chunk:3e9e71378b6f", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b71874a63741.md#chunk:663db3758dc7", "sources/stock-research-report-铂力特-688333-3faafb4d2902.md#chunk:2186de5b5404", "sources/stock-research-report-铂力特-688333-bc05dc995b54.md#chunk:d5ebf56d81b6", "sources/stock-research-report-证券研究报告-公司研究-公司点评-72292db9bba8.md#chunk:56402d14bea3", "sources/stock-research-report-证券研究报告-公司点评报告-通用设备-76b7663b712d.md#chunk:af13d4e43739", "sources/stock-research-report-铂力特-688333-sh-2025-年半年报点评-bd9d3c92277a.md#chunk:e232d98b5daa" ] }, { "edge_id": "cd2c3f6f8513", "from": "company:688333", "to": "material:钛", "other": "material:钛", "other_name": "钛", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "1）**投资目的**：项目旨在针对公司金属增材制造全产业链发展和规划需求，计划建设高品质增材制造原材料钛合金、高温合金粉末生产线等。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-铂力特-688333-sh-2024-年三季报点评-e22e29fbc3b3.md#chunk:3e9e71378b6f", "sources/stock-research-report-铂力特-688333-3faafb4d2902.md#chunk:2186de5b5404", "sources/stock-research-report-铂力特-688333-sh-2025-年半年报点评-bd9d3c92277a.md#chunk:e232d98b5daa" ] }, { "edge_id": "8f5433be41a6", "from": "company:688333", "to": "material:铝", "other": "material:铝", "other_name": "铝", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "研发投入 1.25 亿元，占营收 18.79%，重点布局耐高温钛合金、高强铝合金等新材料的工艺开发，投资建设了新的金属增材制造原材料产线，提升了原材料的自给能力和市场竞争力。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ 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SH | 铂力特 | 2.18 | 3.60 | 4.98 | 59.72 | 36.0...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md#chunk:f98995bd0920" ] }, { "edge_id": "01eb3908f544", "from": "company:688333", "to": "topic:3d打印", "other": "topic:3d打印", "other_name": "3D打印", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "铂力特 研报中反复涉及 3D打印。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b71874a63741.md#chunk:663db3758dc7" ] }, { "edge_id": "a300dd3e5eb5", "from": "company:688333", "to": "topic:ai芯片散热", "other": "topic:ai芯片散热", "other_name": "ai芯片散热", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "铂力特 研报中反复涉及 AI芯片散热。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-公司点评-72292db9bba8.md#chunk:893a4d6b8f6b" ] }, { "edge_id": "991eb17ce39a", "from": "company:688333", "to": 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公司的主要客户包括中国航天科技集团、中国航天科工集团、中国航空工业集团、中国兵器工业集团、中国电子科技集团、中国船舶重工集团等军工集团所属单位。这都成为了行业新进入者难以逾越的壁垒。 ##...", "confidence": 0.66, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-东海证券-d3cb3f6bdead.md#chunk:7bdfc22a308f" ] }, { "edge_id": "2c2ab24ee8ca", "from": "company:中国船舶", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "原材料价格波动、人民币汇率波动、新订单增速不及预期、碳减排政策执行力度低于预期风险。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-25年业绩高增-看好未来利润率持续提升-6e558bff8638.md#chunk:ede8351c213d", "sources/stock-research-report-业绩进入兑现期-逐步迈向新高-8df757032bf6.md#chunk:2d155ab19582" ] }, { "edge_id": "76d80204d156", "from": "company:中国船舶", "to": "material:天然气", "other": "material:天然气", "other_name": "天然气", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "第二阶段将从 2028 年 4 月开始，要求使用美国建造且运营的美国旗船舶运输一定比例的液化天然气（LNG）出口货物，到 2047 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"sources/stock-research-report-公司点评报告-f3e4d2cad667.md#chunk:2c6506573b5e" ] }, { "edge_id": "944b90f8d62f", "from": "company:688146", "to": "company:中国船舶", "other": "company:688146", "other_name": "中船特气", "relation": "same_group", "direction": "peer", "why_it_matters": "产业投资基金、国家集成电路基金（二期）等，上述机构投资者累计持股 7%。其中，国家集成电路投资产业基金是由国家出资设立的基金,旨在支持我国集成电路行业的发展和技术进步。 #### 图2：公司股权结构（截至 2023 年 7 月） ```mermaid graph TD A[中国船舶集团
（实际控制人）] -- 100% --> B[七一八所] B ...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中船特气-688146-567a6aeef795.md#chunk:ebdfbbafad75", "sources/stock-research-report-中船特气-688146-擎船驰电气驭科峰-电子特气龙头增产拓品加速国产化-00c4ad1088cd.md#chunk:273650261684" ] }, { "edge_id": "0930682c1fb6", "from": "company:600482", "to": "company:中国船舶", "other": "company:600482", "other_name": "中国动力", "relation": "same_group", "direction": "peer", "why_it_matters": "油机 242 台，同比+21.61%。同时，公司上半年顺利交付国内首台甲醇双燃料低速发动机，1H24 产出的船用双燃料低速机同比增长（按功率测算）119.34%。受益低速柴油机板块表现突出，公司 1H24 实现归母净利润 3.87 亿元，同比+53.09%，业绩高增。 **背靠中国船舶集团+双燃料技术提升，看好公司接单能力提升。**公司是全球船用低速柴油机...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中国动力-600482-sh-c67233866dbf.md#chunk:6cb821a9c8e2" ] }, { "edge_id": "0e5d8a60b4dc", "from": "company:中国动力", "to": "company:中国船舶", "other": "company:中国动力", "other_name": "中国动力", "relation": "same_group", "direction": "peer", "why_it_matters": "元，同比提升 60%-80%，业绩高增，主要系 1）船舶行业发展良好，柴油机板块销售规模扩大，订单大幅增长，且主要产品船用低速发动机的订单价格和毛利率增长，毛利较高的机型销售量同比增加；2）上半年公司船用机械销售规模有所扩大，且毛利率较高的产品订单增长，利润同比提升。 **背靠中国船舶集团+双燃料技术提升，看好公司接单能力提升。**公司是全球船用低速柴油机...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-柴油机量价齐升-公司-1h24-利润高增-0e6f0d3313ac.md#chunk:515f9b8ad22a" ] }, { "edge_id": "9cdf00e26149", "from": "company:600685", "to": "company:中国船舶", "other": "company:600685", "other_name": "中船防务", "relation": "competitor_of", "direction": "peer", "why_it_matters": "3 年第三季度报告。2023 年第三季度，公司实现营业收入 37.9 亿元，同比上涨 25.2%，前三季度共实现营业收入 97.7 亿元，较上年同期同比增长 33.9%；第三季度实现归属于母公司的净利润 0.1 亿元，前三季度共实现归母净利润 0.2 亿元。 * **中船防务是中国船舶集团有限公司属下的大型造船骨干企业之一，其前身是广州广船国际股份有限公司...", "confidence": 0.72, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中船防务-600685-国防军工-33f018e302c1.md#chunk:123b38133bf7" ] } ], "upstream_paths": [ { "edge_id": "2c2ab24ee8ca", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-25年业绩高增-看好未来利润率持续提升-6e558bff8638.md#chunk:ede8351c213d", "sources/stock-research-report-业绩进入兑现期-逐步迈向新高-8df757032bf6.md#chunk:2d155ab19582" ] }, { "edge_id": "76d80204d156", "to": "material:天然气", "material": "天然气", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-业绩进入兑现期-逐步迈向新高-8df757032bf6.md#chunk:54ab22337819" ] }, { "edge_id": "c88392e74585", "to": "material:钢材", "material": "钢材", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-业绩进入兑现期-逐步迈向新高-8df757032bf6.md#chunk:f21f4d86458c" ] } ] }, { "id": "company:688237", "name": "超卓航科", "ticker": "688237", "path": "companies/超卓航科-688237.md", "path_slug": "超卓航科-688237", "summary": "超卓航科（688237） 的研报主线集中在 航空、航空维修、净利润、军工：冷喷涂技术军民双轮驱动，军机实战化训练催生维修需求，公司向武器前市场制造突破。", "degree_total": 33, "high_confidence_neighbor_count": 5, "top_relations": [ { "edge_id": "123621dad156", "from": "company:688237", "to": "material:钛", "other": "material:钛", "other_name": "钛", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "首先，作为一种低温材料加工技术，冷喷涂过程中对材料的热影响小，喷涂粒子基本没有氧化、相变或晶粒长大的风险，适用于温度敏感材料、氧化敏感材料和相变敏感材料，例如铝、铜、钛以及它们的合金等；", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md#chunk:f4332f60a114", "sources/stock-research-report-新股专题覆盖-超卓航科-2022-年第-60-期-3c0c8e40c101.md#chunk:c38ecf586edd", "sources/stock-research-report-2023-年-10-月-25-日-0a42f9034f44.md#chunk:e89f65675b53" ] }, { "edge_id": "1418e44ed98f", "from": "company:688237", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "2023H1，公司定制化增材制造业务需求旺盛，实现营业收入 1.15 亿元，同比增长 56%，实现归母净利润 2748.15 万元，同比下降 24%，主要是由于公司持续加大研发及市场等投入，同时受股权激励费用计提、政府补助同比减少及主要原材料价格波动等因素影响。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-024354ecb643.md#chunk:d207fa090d7f", "sources/stock-research-report-2023-年-10-月-25-日-0a42f9034f44.md#chunk:e89f65675b53" ] }, { "edge_id": "489c38850835", "from": "company:688237", "to": "material:铜", "other": "material:铜", "other_name": "铜", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "首先，作为一种低温材料加工技术，冷喷涂过程中对材料的热影响小，喷涂粒子基本没有氧化、相变或晶粒长大的风险，适用于温度敏感材料、氧化敏感材料和相变敏感材料，例如铝、铜、钛以及它们的合金等；", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md#chunk:f4332f60a114" ] }, { "edge_id": "4b98306b948d", "from": "company:688237", "to": "material:铝", "other": "material:铝", "other_name": "铝", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "2023H1，公司向中国民用航空中南地区管理局适航审定处提交的《铝合金、镁合金材质零部件的冷喷涂修复工艺规程》正式获得批准，标志着冷喷涂固态增材制造技术进军国内民航维修的道路正式打开。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-024354ecb643.md#chunk:d207fa090d7f", "sources/stock-research-report-2023-08-16-657cc90d2ffe.md#chunk:8613f67d92c6", "sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md#chunk:8a97b5d89c03", "sources/stock-research-report-新股专题覆盖-超卓航科-2022-年第-60-期-3c0c8e40c101.md#chunk:c38ecf586edd" ] }, { "edge_id": "262536b433d2", "from": "company:688237", "to": "material:石油", "other": "material:石油", "other_name": "石油", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "公司设立初期专注于航空机载设备维修，主要从事军用及民用航空器气动附件、液压附件、燃油附件和电气附件的维修业务。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md#chunk:f0f742d6a6f1", "sources/stock-research-report-新股专题覆盖-超卓航科-2022-年第-60-期-3c0c8e40c101.md#chunk:088e3d4e85c7" ] }, { "edge_id": "264e5350841b", "from": "company:688237", "to": "material:天然气", "other": "material:天然气", "other_name": "天然气", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "在高温工作条件下具有较高的强度和良好的抗氧化、抗燃气腐蚀能力，因此 Inconel718 被广泛地用于航空航天中工作温度较高的零部件。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md#chunk:f241fe90044b" ] }, { "edge_id": "3a1a33cc6950", "from": "company:688237", "to": "material:电力", "other": "material:电力", "other_name": "电力", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "图表 18：多晶硅还原炉用电极冷喷涂银涂层 ...............................................", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md#chunk:8a97b5d89c03" ] }, { "edge_id": "ad65d3e2a289", "from": "company:688237", "to": "material:钢材", "other": "material:钢材", "other_name": "钢材", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "同时，ARL 将冷喷涂技术引入维修史崔克装甲车被腐蚀的装甲钢部件，并对修复后的部件", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md#chunk:bd08c963a580" ] }, { "edge_id": "0990f95d042e", "from": "company:688237", "to": "material:镍", "other": "material:镍", "other_name": "镍", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "**冷喷涂镍基高温合金 Inconel718 涂层**：Inconel718 是一种含有 Ni、Cr、Mo、Nb、Ti、Al 等合金元素的镍基超级合金，通过形成 γ' 和 γ'' 强化相以及细小而稳定的碳化物，从而使得其", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md#chunk:f241fe90044b" ] }, { "edge_id": "c4393b3f374a", "from": "company:688237", "to": "company:002023", "other": "company:002023", "other_name": "海特高新", "relation": "competitor_of", "direction": "peer", "why_it_matters": "同属机载设备维修领域可比上市公司。", "confidence": 0.85, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-新股专题覆盖-超卓航科-2022-年第-60-期-3c0c8e40c101.md#chunk:6f63851f25ad", "sources/stock-research-report-新股专题覆盖-超卓航科-2022-年第-60-期-3c0c8e40c101.md#chunk:e920b2dbcffb" ] }, { "edge_id": "5ec98d7ef972", "from": "company:688237", "to": "company:300719", "other": "company:300719", "other_name": "安达维尔", "relation": "competitor_of", "direction": "peer", "why_it_matters": "同属机载设备维修领域可比上市公司。", "confidence": 0.85, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-新股专题覆盖-超卓航科-2022-年第-60-期-3c0c8e40c101.md#chunk:6f63851f25ad", "sources/stock-research-report-新股专题覆盖-超卓航科-2022-年第-60-期-3c0c8e40c101.md#chunk:e920b2dbcffb" ] }, { "edge_id": "e1758df429e7", "from": "company:688237", "to": "company:688685", "other": "company:688685", "other_name": "迈信林", "relation": "competitor_of", "direction": "peer", "why_it_matters": "旋转溅射靶材正常溅射利用率可达到 70%以上，使得公司的毛利率优势显著。 35%到 40%左右，而公司旋转溅射靶材正常溅射利用率可达到 70%以上，使得公司的毛利率优势显著。 * 同行业上市公司对比：超卓航科的可比上市公司选取靶材领域的江丰电子、阿石创，航空紧固件领域的爱乐达、迈信林，以及机载设备维修领域的海特高新、安达维尔。从可比公司情况来看，平均收入规...", "confidence": 0.72, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-新股专题覆盖-超卓航科-2022-年第-60-期-3c0c8e40c101.md#chunk:e920b2dbcffb" ] } ], "upstream_paths": [ { "edge_id": "123621dad156", "to": "material:钛", "material": "钛", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md#chunk:f4332f60a114", "sources/stock-research-report-新股专题覆盖-超卓航科-2022-年第-60-期-3c0c8e40c101.md#chunk:c38ecf586edd", "sources/stock-research-report-2023-年-10-月-25-日-0a42f9034f44.md#chunk:e89f65675b53" ] }, { "edge_id": "1418e44ed98f", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-024354ecb643.md#chunk:d207fa090d7f", "sources/stock-research-report-2023-年-10-月-25-日-0a42f9034f44.md#chunk:e89f65675b53" ] }, { "edge_id": "489c38850835", "to": "material:铜", "material": "铜", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md#chunk:f4332f60a114" ] }, { "edge_id": "4b98306b948d", "to": "material:铝", "material": "铝", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-024354ecb643.md#chunk:d207fa090d7f", "sources/stock-research-report-2023-08-16-657cc90d2ffe.md#chunk:8613f67d92c6", "sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md#chunk:8a97b5d89c03", "sources/stock-research-report-新股专题覆盖-超卓航科-2022-年第-60-期-3c0c8e40c101.md#chunk:c38ecf586edd" ] }, { "edge_id": "262536b433d2", "to": "material:石油", "material": "石油", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md#chunk:f0f742d6a6f1", "sources/stock-research-report-新股专题覆盖-超卓航科-2022-年第-60-期-3c0c8e40c101.md#chunk:088e3d4e85c7" ] }, { "edge_id": "264e5350841b", "to": "material:天然气", "material": "天然气", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md#chunk:f241fe90044b" ] }, { "edge_id": "3a1a33cc6950", "to": "material:电力", "material": "电力", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md#chunk:8a97b5d89c03" ] }, { "edge_id": "ad65d3e2a289", "to": "material:钢材", "material": "钢材", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md#chunk:bd08c963a580" ] } ] }, { "id": "company:000738", "name": "航发控制", "ticker": "000738", "path": "companies/航发控制-000738.md", "path_slug": "航发控制-000738", "summary": "航发控制（000738） 的研报主线集中在 净利润、毛利率、同比、投资建议：军工行业整体承压背景下，公司业绩逆势增长，毛利率与净利率双升，盈利能力持续增强。", "degree_total": 33, "high_confidence_neighbor_count": 0, "top_relations": [ { "edge_id": "a25319d35587", "from": "company:000768", "to": "company:000738", "other": "company:000768", "other_name": "中航西飞", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "问题。 **CJ1000A 发动机正在适航取证期。**根据澎湃新闻，2025 年中国商飞交付了 15 架（东航 4 架、国航 6 架、南航 5 架），C919 对于进口发动机 LEAP-1C 发动机的依赖度较高，交付或受政治因素干扰。CJ1000A 发动机研制正处于适航取证期，航发控制等核心企业也将长江发动机配套研制任务列为“十五五”重点项目。未来如能有效...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-增持-首次覆盖-d12cf1eeb2cc.md#chunk:28ede6768a3b" ] }, { "edge_id": "c0fe27667cc9", "from": "company:600893", "to": "company:000738", "other": "company:600893", "other_name": "航发动力", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "8.55 | | 2022 | 6.81 | | 2023 | 6.50 | | 2024 | 6.95 | | 2025 | 7.15 | 资料来源：wind，国信证券经济研究所整理 # 同行业对比 航发动力隶属于航空领域，基于此原则选取对应行业典型公司进行对比。航发科技和航发控制均为航发集团下的上市平台，分别深耕航空发动机的零部件制造和 控制系统，与航...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md#chunk:ec7db31693fb" ] }, { "edge_id": "65deaf573a8b", "from": "company:000738", "to": "material:天然气", "other": "material:天然气", "other_name": "天然气", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "2024 年，公司实现营业收入 54.81 亿元，同比增长 2.95%，航空发动机及燃气轮机控制系统批产产品及国际合作订单及交付增加；", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-股票投资评级-c73f59215d42.md#chunk:766f46229b7d", "sources/stock-research-report-航发控制-000738-sz-2025-年半年报点评-375bfd412012.md#chunk:c3760ec65e20", "sources/stock-research-report-航发控制-000738-sz-2024-年三季报点评-e424f34444eb.md#chunk:3079c79a6b4f", "sources/stock-research-report-航发控制-000738-sz-2024-年中报点评-c63b20e32a69.md#chunk:de7e03589f7d", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63358ec50bed.md#chunk:8a2b4bd62be0", "sources/stock-research-report-航发控制-000738-sz-2024-年年报点评-5dc94f73d135.md#chunk:5cb5dce44021" ] }, { "edge_id": "0d09ce1d26d3", "from": "company:000738", "to": "material:石油", "other": "material:石油", "other_name": "石油", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "② 国际合作业务：主要是为国外知名航空企业提供民用航空精密零部件的转包生产，如航空发动机摇臂、燃油系统滑阀偶件、飞控系统和发动机泵壳体组件及其他精密零件的制造。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63358ec50bed.md#chunk:e2bf20090722" ] }, { "edge_id": "abbfd1a14f29", "from": "company:600893", "to": "company:000738", "other": "company:600893", "other_name": "航发动力", "relation": "partner_of", "direction": "peer", "why_it_matters": "3.8%至 50.9 亿元，利润总额 436 万元，23 年同期为-0.69 亿元。 > **新老型号过渡业绩阶段性承压**。2025 年公司经营计划预计实现收入 476.6 亿元，与 24 年收入基本持平；预计归母净利润 5.92 亿元，较 24 年同比下滑 31.2%。根据航发控制 2024 年报描述“持续多年量产的部分型号阶段性达峰，部分新研产品尚在...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航发动力-600893-sh-2024-年年报点评-859bd5fbb5b9.md#chunk:fa1d80a31335" ] }, { "edge_id": "caec59ecb80a", "from": "company:000738", "to": "topic:三季报", "other": "topic:三季报", "other_name": "三季报", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航发控制 研报中反复涉及 三季报。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航发控制-000738-sz-2024-年三季报点评-e424f34444eb.md#chunk:10103956d7a7" ] }, { "edge_id": "7738e43adc15", "from": "company:000738", "to": "topic:业绩增长", "other": "topic:业绩增长", "other_name": "业绩增长", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航发控制 研报中反复涉及 业绩增长。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63358ec50bed.md#chunk:0cf4859c23ab" ] }, { "edge_id": "aefc7fff993b", "from": "company:000738", "to": "topic:两机控制系统", "other": "topic:两机控制系统", "other_name": "两机控制系统", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航发控制 研报中反复涉及 两机控制系统。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航发控制-000738-sz-2024-年中报点评-c63b20e32a69.md#chunk:cd1ea20a53c5" ] }, { "edge_id": "60976428a103", "from": "company:000738", "to": "topic:产能扩张", "other": "topic:产能扩张", "other_name": "产能扩张", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航发控制 研报中反复涉及 产能扩张。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63358ec50bed.md#chunk:0cf4859c23ab" ] }, { "edge_id": "8da30819f26f", "from": "company:000738", "to": "topic:估值", "other": "topic:估值", "other_name": "估值", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航发控制 研报中反复涉及 估值。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天军工-d04fa08f4dcb.md#chunk:9fbdd7f90538" ] }, { "edge_id": "7750b70a6832", "from": "company:000738", "to": "topic:低空经济", "other": "topic:低空经济", "other_name": "低空经济", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航发控制 研报中反复涉及 低空经济。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63358ec50bed.md#chunk:0cf4859c23ab" ] }, { "edge_id": "651d96f80b15", "from": "company:000738", "to": "topic:军工", "other": "topic:军工", "other_name": "军工", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航发控制 研报中反复涉及 军工。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63358ec50bed.md#chunk:0cf4859c23ab" ] } ], "upstream_paths": [ { "edge_id": "65deaf573a8b", "to": "material:天然气", "material": "天然气", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-股票投资评级-c73f59215d42.md#chunk:766f46229b7d", "sources/stock-research-report-航发控制-000738-sz-2025-年半年报点评-375bfd412012.md#chunk:c3760ec65e20", "sources/stock-research-report-航发控制-000738-sz-2024-年三季报点评-e424f34444eb.md#chunk:3079c79a6b4f", "sources/stock-research-report-航发控制-000738-sz-2024-年中报点评-c63b20e32a69.md#chunk:de7e03589f7d", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63358ec50bed.md#chunk:8a2b4bd62be0", "sources/stock-research-report-航发控制-000738-sz-2024-年年报点评-5dc94f73d135.md#chunk:5cb5dce44021" ] }, { "edge_id": "0d09ce1d26d3", "to": "material:石油", "material": "石油", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63358ec50bed.md#chunk:e2bf20090722" ] } ] }, { "id": "company:300474", "name": "景嘉微", "ticker": "300474", "path": "companies/景嘉微-300474.md", "path_slug": "景嘉微-300474", "summary": "景嘉微（300474） 的研报主线集中在 金融、净利润、投资建议、证券：公司坚定推进GPU由“专用”向“专用+通用”转型，景宏GPU与JM11显卡双线布局，叠加内部管理变革（IPD/LTC流程、低成本战略），有望在AI与信创需求驱动下实现业绩逐步修复。", "degree_total": 33, "high_confidence_neighbor_count": 2, "top_relations": [ { "edge_id": "6a25bbee113e", "from": "company:300474", "to": "company:300719", "other": "company:300719", "other_name": "安达维尔", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "有望维持稳健增长，预计 2024-2026 年实现收入 1.3/1.4/1.5 亿元，毛利率 36.5%/36.4%/36.4%；其他业务预计保持稳健增长。 表 1：分产品预测表 资料来源：Wind，华金证券研究所 # 二、可比公司估值对比 我们选取业务结构相近的行业公司景嘉微（图形显控）、海特高新（航空维修）、华力创通（仿真测试）作为可比公司。随着防空工...", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2024-年-04-月-16-日-公司研究-证券研究报告-0942a568568f.md#chunk:1ddae639801d" ] }, { "edge_id": "b53145620a7d", "from": "company:300474", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "我们预计原材料销售业务 2024-2026 年营收为 0.19/0.22/0.26 亿元，同比增速 20%/18%/16%，毛利率预计为 45%/45%/45%。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-景嘉微-300474-sz-深度报告-e67d95f39e08.md#chunk:e71eb983f77e" ] }, { "edge_id": "9f6a9fe4a5d5", "from": "company:300474", "to": "material:电力", "other": "material:电力", "other_name": "电力", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "电子稳像处理板支持视频稳像和视频拼接，满足车辆在地面行驶时使用电子图像进行观察和瞄准的需求。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-景嘉微-300474-sz-深度报告-e67d95f39e08.md#chunk:1ea5873fd6b7" ] }, { "edge_id": "e6c7f30009c6", "from": "company:300474", "to": "material:石油", "other": "material:石油", "other_name": "石油", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "在国家提出信创产业的“2+8+N”三步走战略后，即党、政与金融、电力、电信、石油、交通、教育、医疗和航空航天八个关乎国计民生的重要行业，及 N 个消费市场，信创建设逐渐渗透至党政、金融、制造等行业，未来信创产品将全面推广应用至消费市场，打造更为完善的国产化数字生态，为国家数字经济稳固发展保驾护航。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-景嘉微-300474-sz-深度报告-e67d95f39e08.md#chunk:46f351ac5401" ] }, { "edge_id": "9856208c7544", "from": "company:300719", "to": "company:300474", "other": "company:300719", "other_name": "安达维尔", "relation": "competitor_of", "direction": "peer", "why_it_matters": "业务结构相近的可比公司，主营图形显控。", "confidence": 0.8, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-2024-年-04-月-16-日-公司研究-证券研究报告-0942a568568f.md#chunk:1e259aef9835" ] }, { "edge_id": "b6a6118c1614", "from": "company:哈尔滨新光光电科技股份有限公司", "to": "company:300474", "other": "company:哈尔滨新光光电科技股份有限公司", "other_name": "哈尔滨新光光电科技股份有限公司", "relation": "partner_of", "direction": "peer", "why_it_matters": "| 102.13 | 63.62 | 3.88 | 46.57 | | 002414.SZ | 高德红外 | 26.65 | 0.09 | 0.21 | 0.37 | 284.72 | 125.95 | 72.03 | 5.00 | 166.36 | | 300474.SZ | 景嘉微 | 46.04 | 0.44 | 0.53 | 0.65 | 104....", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-科创板高端装备系列之四-新光光电-55de1204d244.md#chunk:a0606d3a42c4" ] }, { "edge_id": "8af9c92b3981", "from": "company:新光光电", "to": "company:300474", "other": "company:新光光电", "other_name": "新光光电", "relation": "partner_of", "direction": "peer", "why_it_matters": "2 | 71.97 | 70.67 | 4.80 | 49.23 | | 002414.SZ | 高德红外 | 20.40 | 0.09 | 0.21 | 0.25 | 217.95 | 96.41 | 80.76 | 5.76 | 191.02 | | 300474.SZ | 景嘉微 | 40.05 | 0.44 | 0.53 | 0.64 | 91.0...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-科创板询价报告之新光光电-921c115963da.md#chunk:e6e4ef0a99b8" ] }, { "edge_id": "27d27f0949e5", "from": "company:300474", "to": "topic:ai算力", "other": "topic:ai算力", "other_name": "AI算力", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "景嘉微 研报中反复涉及 AI算力。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-景嘉微-300474-ab2124b1419b.md#chunk:7ee0b3d86406" ] }, { "edge_id": "c85e2328a8c5", "from": "company:300474", "to": "topic:ai芯片", "other": "topic:ai芯片", "other_name": "ai芯片", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "景嘉微 研报中反复涉及 AI芯片。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-推出-24-年股权激励-加速布局-ai-芯片-fc0519c79239.md#chunk:4e07c286d45e" ] }, { "edge_id": "a337d4c9b3dc", "from": "company:300474", "to": "topic:cpu", "other": "topic:cpu", "other_name": "CPU", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "景嘉微 研报中反复涉及 CPU。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-景嘉微-300474-sz-事件点评-f1f240187196.md#chunk:b794f117aef6" ] }, { "edge_id": "d7494e700610", "from": "company:300474", "to": "topic:gpgpu", "other": "topic:gpgpu", "other_name": "gpgpu", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "景嘉微 研报中反复涉及 GPGPU。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-景嘉微-300474-sz-深度报告-e67d95f39e08.md#chunk:6e5b7ceeb4df" ] }, { "edge_id": "4c75ba70cc52", "from": "company:300474", "to": "topic:gpu", "other": "topic:gpu", "other_name": "GPU", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "景嘉微 研报中反复涉及 GPU。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-显卡-通用-gpu-双线布局-管理变革推动创新-c50200672f57.md#chunk:b9f70b9659f0" ] } ], "upstream_paths": [ { "edge_id": "b53145620a7d", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-景嘉微-300474-sz-深度报告-e67d95f39e08.md#chunk:e71eb983f77e" ] }, { "edge_id": "9f6a9fe4a5d5", "to": "material:电力", "material": "电力", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-景嘉微-300474-sz-深度报告-e67d95f39e08.md#chunk:1ea5873fd6b7" ] }, { "edge_id": "e6c7f30009c6", "to": "material:石油", "material": "石油", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-景嘉微-300474-sz-深度报告-e67d95f39e08.md#chunk:46f351ac5401" ] } ] }, { "id": "company:688685", "name": "迈信林", "ticker": "688685", "path": "companies/迈信林-688685.md", "path_slug": "迈信林-688685", "summary": "迈信林（688685） 的研报主线集中在 净利润、算力、同比、证券：航空主业基本盘稳固，十四五军机加速放量及特种工艺处理业务兑现将带动零部件需求持续增长。", "degree_total": 33, "high_confidence_neighbor_count": 1, "top_relations": [ { "edge_id": "6f95d60d2a62", "from": "company:688685", "to": "material:钢材", "other": "material:钢材", "other_name": "钢材", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "二是公司增加了航空异型精密机构件、高强度合金钢等难加工材料的加工工艺研发费用，新增购买 CNC 加工设备等科研投入，本期比去年同期增加研发费用 0.05 亿元。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-迈信林-688685-9069495e938f.md#chunk:3b086da94865", "sources/stock-research-report-迈信林-688685-63d3058aa422.md#chunk:7ae21b39460e" ] }, { "edge_id": "61be1c1d6148", "from": "company:688685", "to": "material:电力", "other": "material:电力", "other_name": "电力", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "公司有望后续布局算力调度业务，算力调度类似于电力调度，是算力时代的国家电网。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-迈信林-688685-9069495e938f.md#chunk:c57b05796870" ] }, { "edge_id": "4b2968a3edd4", "from": "company:688685", "to": "material:石油", "other": "material:石油", "other_name": "石油", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "广泛应用于航空器环境控制、生命保障、燃油系统、液压系统、气动系统等。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-迈信林-688685-9069495e938f.md#chunk:68f7d7396fd6" ] }, { "edge_id": "e1758df429e7", "from": "company:688237", "to": "company:688685", "other": "company:688237", "other_name": "超卓航科", "relation": "competitor_of", "direction": "peer", "why_it_matters": "旋转溅射靶材正常溅射利用率可达到 70%以上，使得公司的毛利率优势显著。 35%到 40%左右，而公司旋转溅射靶材正常溅射利用率可达到 70%以上，使得公司的毛利率优势显著。 * 同行业上市公司对比：超卓航科的可比上市公司选取靶材领域的江丰电子、阿石创，航空紧固件领域的爱乐达、迈信林，以及机载设备维修领域的海特高新、安达维尔。从可比公司情况来看，平均收入规...", "confidence": 0.72, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-新股专题覆盖-超卓航科-2022-年第-60-期-3c0c8e40c101.md#chunk:e920b2dbcffb" ] }, { "edge_id": "eca8c0d242e1", "from": "company:688237", "to": "company:688685", "other": "company:688237", "other_name": "超卓航科", "relation": "partner_of", "direction": "peer", "why_it_matters": "3. SH | 铂力特 | 2.18 | 3.60 | 4.98 | 59.72 | 36.07 | 26.04 | | 300696. SZ | 爱乐达 | 1.23 | 1.67 | 1.92 | 19.71 | 14.48 | 12.61 | | 688685. SH | 迈信林 | 0.65 | 0.72 | 0.82 | 31.09 | 27.6...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md#chunk:f98995bd0920" ] }, { "edge_id": "a24d0f294c1d", "from": "company:688685", "to": "company:300900", "other": "company:300900", "other_name": "广联航空", "relation": "partner_of", "direction": "peer", "why_it_matters": "4 | 597.49 | 824.92 | | 同比增长率 | 1% | -5% | 90% | 50% | 38% | | 毛利率 | 32% | 29% | 33% | 35% | 37% | **数据来源**：Wind，东吴证券研究所 根据业务相似性原则，我们选取爱乐达和广联航空作为可比公司。截至 2024 年 10 月 24 日，可比公司 2024...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-迈信林-688685-9069495e938f.md#chunk:253c60523ce6" ] }, { "edge_id": "66a56d8addc5", "from": "company:688685", "to": "topic:gpu", "other": "topic:gpu", "other_name": "GPU", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "迈信林 研报中反复涉及 GPU。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-迈信林-688685-9069495e938f.md#chunk:6e127ad3683b" ] }, { "edge_id": "6696026f2f29", "from": "company:688685", "to": "topic:gpu服务器", "other": "topic:gpu服务器", "other_name": "gpu服务器", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "迈信林 研报中反复涉及 GPU服务器。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2024-年-11-月-11-日-d2767827e76a.md#chunk:592347bf07cb" ] }, { "edge_id": "3449e21fe38a", "from": "company:688685", "to": "topic:业绩高增", "other": "topic:业绩高增", "other_name": "业绩高增", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "迈信林 研报中反复涉及 业绩高增。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-迈信林-688685-5780265bc986.md#chunk:35bd205a88b4" ] }, { "edge_id": "881111759b09", "from": "company:688685", "to": "topic:中报业绩", "other": "topic:中报业绩", "other_name": "中报业绩", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "迈信林 研报中反复涉及 中报业绩。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-迈信林-688685-9ec93b709176.md#chunk:e4acb1e6fda3" ] }, { "edge_id": "106ca7a5e2fe", "from": "company:688685", "to": "topic:人工智能", "other": "topic:人工智能", "other_name": "人工智能", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "迈信林 研报中反复涉及 人工智能。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-迈信林-688685-9069495e938f.md#chunk:6e127ad3683b" ] }, { "edge_id": "5ab41cab1b73", "from": "company:688685", "to": "topic:估值", "other": "topic:估值", "other_name": "估值", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "迈信林 研报中反复涉及 估值。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-迈信林-688685-5780265bc986.md#chunk:35bd205a88b4" ] } ], "upstream_paths": [ { "edge_id": "6f95d60d2a62", "to": "material:钢材", "material": "钢材", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-迈信林-688685-9069495e938f.md#chunk:3b086da94865", "sources/stock-research-report-迈信林-688685-63d3058aa422.md#chunk:7ae21b39460e" ] }, { "edge_id": "61be1c1d6148", "to": "material:电力", "material": "电力", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-迈信林-688685-9069495e938f.md#chunk:c57b05796870" ] }, { "edge_id": "4b2968a3edd4", "to": "material:石油", "material": "石油", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-迈信林-688685-9069495e938f.md#chunk:68f7d7396fd6" ] } ] }, { "id": "company:300137", "name": "先河环保", "ticker": "300137", "path": "companies/先河环保-300137.md", "path_slug": "先河环保-300137", "summary": "先河环保（300137） 的研报主线集中在 环境监测、净利润、证券、风险：环保物联网解决方案龙头，数据运营服务成为新引擎，商业模式向“测管治联动”一站式第三方服务转型。", "degree_total": 33, "high_confidence_neighbor_count": 0, "top_relations": [ { "edge_id": "34d134348f74", "from": "company:300137", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "从成本费用端来看，公司营业成本包括：1) 仪器仪表的原材料，该部分的营业成本为 5.39 亿元，同比增长 29.50%，占总营业成本的 79.16%，该比例较上年下降了 3.26 个百分点。", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-先河环保-300137-2f29051f4e13.md#chunk:f001cf5d5185", "sources/stock-research-report-运营咨询业务收入翻番推动业绩增长-ad2ae0e67b8c.md#chunk:52de641f733c" ] }, { "edge_id": "700ddf0a6c88", "from": "company:300137", "to": "material:有色金属", "other": "material:有色金属", "other_name": "有色金属", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "**范海波**，信达证券研发中心执行总监，有色金属/钢铁行业首席研究员。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-运营咨询业务收入翻番推动业绩增长-ad2ae0e67b8c.md#chunk:52de641f733c" ] }, { "edge_id": "24afcaf3b77e", "from": "company:300137", "to": "material:钢材", "other": "material:钢材", "other_name": "钢材", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "**范海波**，信达证券研发中心执行总监，有色金属/钢铁行业首席研究员。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-运营咨询业务收入翻番推动业绩增长-ad2ae0e67b8c.md#chunk:52de641f733c" ] }, { "edge_id": "791f7710fbdc", "from": "company:300137", "to": "topic:vocs治理", "other": "topic:vocs治理", "other_name": "vocs治理", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "先河环保 研报中反复涉及 VOCs治理。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-运营咨询业务收入翻番推动业绩增长-ad2ae0e67b8c.md#chunk:90adaabe55c2" ] }, { "edge_id": "be728cd12f9b", "from": "company:300137", "to": "topic:业务转型", "other": "topic:业务转型", "other_name": "业务转型", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "先河环保 研报中反复涉及 业务转型。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-资源与环境研究中心-622bb55cef15.md#chunk:9b34cbbe2e4c" ] }, { "edge_id": "6d7629bbc24a", "from": "company:300137", "to": "topic:业绩增长", "other": "topic:业绩增长", "other_name": "业绩增长", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "先河环保 研报中反复涉及 业绩增长。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2019-08-28-43216487ce37.md#chunk:24dfb2084084" ] }, { "edge_id": "0a92855e8e5e", "from": "company:300137", "to": "topic:仪器仪表", "other": "topic:仪器仪表", "other_name": "仪器仪表", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "先河环保 研报中反复涉及 仪器仪表。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-资源与环境研究中心-0f276708d209.md#chunk:63b2a24a6b62" ] }, { "edge_id": "067be6a8f86f", "from": "company:300137", "to": "topic:农村污水治理", "other": "topic:农村污水治理", "other_name": "农村污水治理", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "先河环保 研报中反复涉及 农村污水治理。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-监测-先河环保-300137-sz-维持评级-4133cc930107.md#chunk:38aafa71bef6" ] }, { "edge_id": "9587bc1732f2", "from": "company:300137", "to": "topic:净利润", "other": "topic:净利润", "other_name": "净利润", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "先河环保 研报中反复涉及 净利润。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-先河环保-300137-2f29051f4e13.md#chunk:f001cf5d5185" ] }, { "edge_id": "0adc46bd14a0", "from": "company:300137", "to": "topic:同比", "other": "topic:同比", "other_name": "同比", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "先河环保 研报中反复涉及 同比。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-资源与环境研究中心-0f276708d209.md#chunk:63b2a24a6b62" ] }, { "edge_id": "1283dc345950", "from": "company:300137", "to": "topic:投资建议", "other": "topic:投资建议", "other_name": "投资建议", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "先河环保 研报中反复涉及 投资建议。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-资源与环境研究中心-622bb55cef15.md#chunk:9b34cbbe2e4c" ] }, { "edge_id": "b09b22cddf12", "from": "company:300137", "to": "topic:政策", "other": "topic:政策", "other_name": "政策", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "先河环保 研报中反复涉及 政策。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2019-年-02-月-28-日-bbe051ff85a9.md#chunk:14dd5f262a27" ] } ], "upstream_paths": [ { "edge_id": "34d134348f74", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-先河环保-300137-2f29051f4e13.md#chunk:f001cf5d5185", "sources/stock-research-report-运营咨询业务收入翻番推动业绩增长-ad2ae0e67b8c.md#chunk:52de641f733c" ] }, { "edge_id": "700ddf0a6c88", "to": "material:有色金属", "material": "有色金属", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-运营咨询业务收入翻番推动业绩增长-ad2ae0e67b8c.md#chunk:52de641f733c" ] }, { "edge_id": "24afcaf3b77e", "to": "material:钢材", "material": "钢材", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-运营咨询业务收入翻番推动业绩增长-ad2ae0e67b8c.md#chunk:52de641f733c" ] } ] }, { "id": "company:600038", "name": "中直股份", "ticker": "600038", "path": "companies/中直股份-600038.md", "path_slug": "中直股份-600038", "summary": "中直股份（600038） 的研报主线集中在 航空、金融、净利润、毛利率：公司作为国内直升机制造业主力军，伴随航空装备与低空经济需求增长，四季度业绩有望显著提速。", "degree_total": 32, "high_confidence_neighbor_count": 2, "top_relations": [ { "edge_id": "19d14ea5e308", "from": "company:600038", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "销售毛利率由 2024 年上半年的 13.10%降至 2025 年上半年的 6.28%，主因成本端原材料及人工上涨。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中直股份-600038-76b24ab60f43.md#chunk:b562cf223c55" ] }, { "edge_id": "62829a63a289", "from": "company:600038", "to": "material:碳纤维", "other": "material:碳纤维", "other_name": "碳纤维", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "C919 大型客机复合材料自动制孔技术实现批产应用，工艺能力再上台阶。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中直股份-600038-76b24ab60f43.md#chunk:10c2a774af65" ] }, { "edge_id": "0e7d76b053a7", "from": "company:600685", "to": "company:600038", "other": "company:600685", "other_name": "中船防务", "relation": "same_group", "direction": "peer", "why_it_matters": "/183.64 **12个月最高/最低(元)**: 35.47/22.77 ### 相关研究报告： * **中航飞机（000768）年报点评**：运-20正式列装服役，业绩拐点渐行渐近 * **中航光电（002179）年报点评**：军民融合成效显著，新业务发展后劲十足 * **中直股份（600038）年报点评**：需求缺口保增长，资产注入存预期 **证券分...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-公司点评报告-f3e4d2cad667.md#chunk:8d81172dd590" ] }, { "edge_id": "d185434427aa", "from": "company:601606", "to": "company:600038", "other": "company:601606", "other_name": "长城军工", "relation": "partner_of", "direction": "peer", "why_it_matters": "-- | ----------- | ------------ | ------------ | ------------- | --------------- | | 601606 长城军工 | — | 0.16 摊薄 | — | 14.9 | 6.87 | | 600038 中直股份 | 40.61 | 0.77 | 243 | 120.48 | 6....", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-恒泰证券-e2fc888c7acf.md#chunk:2c4817b40ef1" ] }, { "edge_id": "a430390c2f4b", "from": "company:600038", "to": "topic:c919", "other": "topic:c919", "other_name": "C919", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中直股份 研报中反复涉及 C919。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中直股份-600038-sh-2024-年年报点评-acb34719d493.md#chunk:170cf85dcbce" ] }, { "edge_id": "c60b06ade4df", "from": "company:600038", "to": "topic:c919供应链", "other": "topic:c919供应链", "other_name": "c919供应链", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中直股份 研报中反复涉及 C919供应链。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中直股份-600038-76b24ab60f43.md#chunk:aa283b179867" ] }, { "edge_id": "83a401aaa0b8", "from": "company:600038", "to": "topic:evtol", "other": "topic:evtol", "other_name": "eVTOL", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中直股份 研报中反复涉及 eVTOL。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中直股份-600038-022d74dcf190.md#chunk:cea4bbb459f4" ] }, { "edge_id": "9917023fc9d7", "from": "company:600038", "to": "topic:h-evtol", "other": "topic:h-evtol", "other_name": "h-evtol", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中直股份 研报中反复涉及 H-eVTOL。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中直股份-600038-sh-2024-年三季报点评-5ffd64a84be7.md#chunk:97b51e479fdc" ] }, { "edge_id": "493e6f8c0f6a", "from": "company:600038", "to": "topic:三季报", "other": "topic:三季报", "other_name": "三季报", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中直股份 研报中反复涉及 三季报。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中直股份-600038-sh-2024-年三季报点评-5ffd64a84be7.md#chunk:97b51e479fdc" ] }, { "edge_id": "13bc03892016", "from": "company:600038", "to": "topic:三季报点评", "other": "topic:三季报点评", "other_name": "三季报点评", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中直股份 研报中反复涉及 三季报点评。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中直股份-600038-f30495daf23e.md#chunk:63cd8a57aba9" ] }, { "edge_id": "73cdf95fc0a5", "from": "company:600038", "to": "topic:产品交付", "other": "topic:产品交付", "other_name": "产品交付", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中直股份 研报中反复涉及 产品交付。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航空军工-193f6071d1f8.md#chunk:59645b60692d" ] }, { "edge_id": "d535b7bf3af5", "from": "company:600038", "to": "topic:低空经济", "other": "topic:低空经济", "other_name": "低空经济", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中直股份 研报中反复涉及 低空经济。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中直股份-600038-sh-2024-年三季报点评-5ffd64a84be7.md#chunk:97b51e479fdc" ] } ], "upstream_paths": [ { "edge_id": "19d14ea5e308", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中直股份-600038-76b24ab60f43.md#chunk:b562cf223c55" ] }, { "edge_id": "62829a63a289", "to": "material:碳纤维", "material": "碳纤维", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中直股份-600038-76b24ab60f43.md#chunk:10c2a774af65" ] } ] }, { "id": "company:002049", "name": "紫光国微", "ticker": "002049", "path": "companies/紫光国微-002049.md", "path_slug": "紫光国微-002049", "summary": "紫光国微（002049） 的研报主线集中在 金融、净利润、毛利率、特种集成电路：下游特种集成电路需求复苏不及预期叠加降价去库存压力，导致短期业绩显著承压，但Q2环比已现改善迹象。", "degree_total": 32, "high_confidence_neighbor_count": 1, "top_relations": [ { "edge_id": "3b14bf618878", "from": "company:紫光国微", "to": "company:002049", "other": "company:紫光国微", "other_name": "紫光国微", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "# 紫光国微 (002049.SZ) # 买入（维持评级） 公司点评 证券研究报告 # 下游需求承压，持续加大研发投入 **电子组** **分析师：樊志远（执业 S1130518070003）** **fanzhiyuan@gjzq.com.cn** ### 业绩简评 2024 年 8 月 22 日，公司发布 2024 年中", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-紫光国微-002049-sz-6471c67d60fd.md#chunk:985782e524f8" ] }, { "edge_id": "0770da552379", "from": "company:002049", "to": "company:紫光国微", "other": "company:紫光国微", "other_name": "紫光国微", "relation": "competitor_of", "direction": "peer", "why_it_matters": "# 紫光国微（002049） ## 2025 年中报点评：特种集成电路业务保持强劲增长，智能安全芯片市场竞争加剧 ### 买入（维持） **2025 年 08 月 20 日** **证券分析师 苏立赞** 执业证书：S0600521110001 sulz@dwzq.com.cn **证券分析师 许牧** 执业证书：S060", "confidence": 0.72, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-紫光国微-002049-b06181fa6602.md#chunk:f9068a186118" ] }, { "edge_id": "f61cf97328ea", "from": "company:002049", "to": "company:紫光国微", "other": "company:紫光国微", "other_name": "紫光国微", "relation": "partner_of", "direction": "peer", "why_it_matters": "公司研究|信息技术|半导体与半导体生产设备 证券研究报告 # 紫光国微(002049)公司点评报告 2024 年 05 月 04 日 # 产品谱系持续丰富，短期承压不改长期投资价值 **买入|上调** ## ——紫光国微 2023 一季报点评 **事件：**2024 年 4 月 26 日，公司发布 2024 年一季度报告，公司实现营业收入 11.41 亿元...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-公司研究-信息技术-半导体与半导体生产设备-ba52fd924b7a.md#chunk:67fc89050c57", "sources/stock-research-report-信达证券-d4e8d495dae0.md#chunk:52f91288d3ca", "sources/stock-research-report-证券研究报告-公司点评报告-半导体-439c5d226baf.md#chunk:b79ff2138719", "sources/stock-research-report-紫光国微-002049-sz-2024-年三季报点评-f575d224a412.md#chunk:16fe7717f2a3", "sources/stock-research-report-信达证券-a1ee7a5beacd.md#chunk:02af2df0ad64", "sources/stock-research-report-紫光国微-002049-2051a3ce8098.md#chunk:de1251397a9b", "sources/stock-research-report-紫光国微-002049-sz-事件点评-2b11f3d139e1.md#chunk:316584121582", "sources/stock-research-report-紫光国微-002049-a6180ff324d1.md#chunk:dcab358aacba" ] }, { "edge_id": "02fc974317b8", "from": "company:002049", "to": "topic:三季报", "other": "topic:三季报", "other_name": "三季报", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "紫光国微 研报中反复涉及 三季报。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司点评报告-半导体-439c5d226baf.md#chunk:b98f33f2797a" ] }, { "edge_id": "207daf32bb66", "from": "company:002049", "to": "topic:业绩复苏", "other": "topic:业绩复苏", "other_name": "业绩复苏", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "紫光国微 研报中反复涉及 业绩复苏。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-紫光国微-002049-a6180ff324d1.md#chunk:cbadea688dbb" ] }, { "edge_id": "6d662e4367ab", "from": "company:002049", "to": "topic:业绩承压", "other": "topic:业绩承压", "other_name": "业绩承压", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "紫光国微 研报中反复涉及 业绩承压。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-紫光国微-002049-sz-2024-年三季报点评-f575d224a412.md#chunk:5fb3ae0e3839" ] }, { "edge_id": "a9c39917901f", "from": "company:002049", "to": "topic:业绩预测", "other": "topic:业绩预测", "other_name": "业绩预测", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "紫光国微 研报中反复涉及 业绩预测。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-紫光国微-002049-sz-6471c67d60fd.md#chunk:985782e524f8" ] }, { "edge_id": "8b9ced77ce11", "from": "company:002049", "to": "topic:产能扩张", "other": "topic:产能扩张", "other_name": "产能扩张", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "紫光国微 研报中反复涉及 产能扩张。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司点评报告-半导体-439c5d226baf.md#chunk:b98f33f2797a" ] }, { "edge_id": "6f886e33f5db", "from": "company:002049", "to": "topic:估值", "other": "topic:估值", "other_name": "估值", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "紫光国微 研报中反复涉及 估值。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-紫光国微-002049-sz-6471c67d60fd.md#chunk:985782e524f8" ] }, { "edge_id": "ea1c04748183", "from": "company:002049", "to": "topic:估值下修", "other": "topic:估值下修", "other_name": "估值下修", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "紫光国微 研报中反复涉及 估值下修。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-紫光国微-002049-sz-2024-年三季报点评-f575d224a412.md#chunk:5fb3ae0e3839" ] }, { "edge_id": "05490e5eb505", "from": "company:002049", "to": "topic:净利润", "other": "topic:净利润", "other_name": "净利润", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "紫光国微 研报中反复涉及 净利润。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-紫光国微-002049-sz-6471c67d60fd.md#chunk:985782e524f8" ] }, { "edge_id": "eb4554a18901", "from": "company:002049", "to": "topic:半导体", "other": "topic:半导体", "other_name": "半导体", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "紫光国微 研报中反复涉及 半导体。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-公司研究-信息技术-半导体与半导体生产设备-ba52fd924b7a.md#chunk:67fc89050c57" ] } ], "upstream_paths": [] }, { "id": "company:688522", "name": "纳睿雷达", "ticker": "688522", "path": "companies/纳睿雷达-688522.md", "path_slug": "纳睿雷达-688522", "summary": "纳睿雷达（688522） 的研报主线集中在 低空经济、金融、净利润、同比：天气雷达与水利测雨雷达需求快速增长，2024年新增项目签署合同金额约8亿元，同比大幅增长，成为短期业绩核心驱动力。", "degree_total": 31, "high_confidence_neighbor_count": 1, "top_relations": [ { "edge_id": "f6211e23c100", "from": "company:688522", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "公司销售毛利率为 70.06%，虽较去年同期 76.08%略有回落，但仍维持在较高水平，主要受原材料成本阶段性上行影响；", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-纳睿雷达-688522-ec974ed1feb5.md#chunk:7d14dd4f7d41" ] }, { "edge_id": "7bb0507d4449", "from": "company:688522", "to": "topic:业绩增长", "other": "topic:业绩增长", "other_name": "业绩增长", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "纳睿雷达 研报中反复涉及 业绩增长。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-纳睿雷达-688522-4cc8c80e42a2.md#chunk:ad87b801ba98" ] }, { "edge_id": "b7a5f777d21b", "from": "company:688522", "to": "topic:业绩拐点", "other": "topic:业绩拐点", "other_name": "业绩拐点", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "纳睿雷达 研报中反复涉及 业绩拐点。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司点评报告-军工电子ii-114ee702cecf.md#chunk:bd612fb0be92" ] }, { "edge_id": "ff89b0d8ec6c", "from": "company:688522", "to": "topic:业绩高增", "other": "topic:业绩高增", "other_name": "业绩高增", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "纳睿雷达 研报中反复涉及 业绩高增。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2025-年-09-月-1-日-公司研究-证券研究报告-921a0a80a239.md#chunk:dbccfee77d5f" ] }, { "edge_id": "a5fee7e98649", "from": "company:688522", "to": "topic:产业链并购", "other": "topic:产业链并购", "other_name": "产业链并购", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "纳睿雷达 研报中反复涉及 产业链并购。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-公-司-研-究-7986aebe4336.md#chunk:a446e8d56303" ] }, { "edge_id": "a2472bbd4153", "from": "company:688522", "to": "topic:低空经济", "other": "topic:低空经济", "other_name": "低空经济", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "纳睿雷达 研报中反复涉及 低空经济。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-2c974a47cd1b.md#chunk:3a50652663a2" ] }, { "edge_id": "7bb9168489ba", "from": "company:688522", "to": "topic:军工电子", "other": "topic:军工电子", "other_name": "军工电子", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "纳睿雷达 研报中反复涉及 军工电子。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2025-年-09-月-1-日-公司研究-证券研究报告-921a0a80a239.md#chunk:dbccfee77d5f" ] }, { "edge_id": "002ae80fea14", "from": "company:688522", "to": "topic:净利润", "other": "topic:净利润", "other_name": "净利润", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "纳睿雷达 研报中反复涉及 净利润。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-2c974a47cd1b.md#chunk:3a50652663a2" ] }, { "edge_id": "6df678880080", "from": "company:688522", "to": "topic:同比", "other": "topic:同比", "other_name": "同比", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "纳睿雷达 研报中反复涉及 同比。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-发布时间-2025-07-01-83b839ef0255.md#chunk:24b4d152b214" ] }, { "edge_id": "278ba2da6fc7", "from": "company:688522", "to": "topic:国防军工", "other": "topic:国防军工", "other_name": "国防军工", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "纳睿雷达 研报中反复涉及 国防军工。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-da67bd8b8dc2.md#chunk:05966ccee57c" ] }, { "edge_id": "fa169f7b30d7", "from": "company:688522", "to": "topic:并购重组", "other": "topic:并购重组", "other_name": "并购重组", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "纳睿雷达 研报中反复涉及 并购重组。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-da67bd8b8dc2.md#chunk:05966ccee57c" ] }, { "edge_id": "b19536d3b98a", "from": "company:688522", "to": "topic:投资建议", "other": "topic:投资建议", "other_name": "投资建议", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "纳睿雷达 研报中反复涉及 投资建议。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-公-司-研-究-7986aebe4336.md#chunk:a446e8d56303" ] } ], "upstream_paths": [ { "edge_id": "f6211e23c100", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-纳睿雷达-688522-ec974ed1feb5.md#chunk:7d14dd4f7d41" ] } ] }, { "id": "company:300133", "name": "华策影视", "ticker": "300133", "path": "companies/华策影视-300133.md", "path_slug": "华策影视-300133", "summary": "华策影视（300133） 的研报主线集中在 风险、净利润、毛利率、投资建议：剧集储备与预售订单充足，短剧与出海赛道多元化布局保障长期业绩增长。", "degree_total": 30, "high_confidence_neighbor_count": 0, "top_relations": [ { "edge_id": "bd6fd731e436", "from": "company:300133", "to": "topic:aigc", "other": "topic:aigc", "other_name": "AIGC", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "华策影视 研报中反复涉及 AIGC。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-剧集储备充足-ai-驱动影视全链路环节-e88a0ccdd7a2.md#chunk:0fb3e75e5fb9" ] }, { "edge_id": "fc61351de07a", "from": "company:300133", "to": "topic:aigc应用", "other": "topic:aigc应用", "other_name": "aigc应用", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "华策影视 研报中反复涉及 AIGC应用。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-华策影视-300133-sz-优于大市-c2756f7c44b3.md#chunk:5c8df238517c" ] }, { "edge_id": "afb376db057c", "from": "company:300133", "to": "topic:ai大模型", "other": "topic:ai大模型", "other_name": "ai大模型", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "华策影视 研报中反复涉及 AI大模型。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-传媒-公司点评报告-8fb3e98470f6.md#chunk:3fe85ccf82e2" ] }, { "edge_id": "407ff209ba9a", "from": "company:300133", "to": "topic:ai算力", "other": "topic:ai算力", "other_name": "AI算力", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "华策影视 研报中反复涉及 AI算力。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2025-年-05-月-06-日-96b5281df9ea.md#chunk:23f63b66903c" ] }, { "edge_id": "b6e0963a4145", "from": "company:300133", "to": "topic:ai算力服务", "other": "topic:ai算力服务", "other_name": "ai算力服务", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "华策影视 研报中反复涉及 AI算力服务。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-发布时间-2025-09-28-363ece72c879.md#chunk:2aabd5f8ca28" ] }, { "edge_id": "2a3f5fcd519b", "from": "company:300133", "to": "topic:业绩预测", "other": "topic:业绩预测", "other_name": "业绩预测", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "华策影视 研报中反复涉及 业绩预测。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-发布时间-2025-09-28-363ece72c879.md#chunk:2aabd5f8ca28" ] }, { "edge_id": "c0bd1a3ef3f4", "from": "company:300133", "to": "topic:人工智能", "other": "topic:人工智能", "other_name": "人工智能", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "华策影视 研报中反复涉及 人工智能。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-华策影视-300133-sz-2023-年报点评-主营稳中向好-全产业链协同发展-2aeaee3ba7a7.md#chunk:6d510a6a8e22" ] }, { "edge_id": "c6dcfa4ed1dc", "from": "company:300133", "to": "topic:传媒", "other": "topic:传媒", "other_name": "传媒", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "华策影视 研报中反复涉及 传媒。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-华策影视-300133-sz-2023-年报点评-主营稳中向好-全产业链协同发展-2aeaee3ba7a7.md#chunk:6d510a6a8e22" ] }, { "edge_id": "9f1d7c61f2a8", "from": "company:300133", "to": "topic:内容出海", "other": "topic:内容出海", "other_name": "内容出海", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "华策影视 研报中反复涉及 内容出海。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-发布时间-2025-09-28-363ece72c879.md#chunk:2aabd5f8ca28" ] }, { "edge_id": "91e28859b976", "from": "company:300133", "to": "topic:内容制作", "other": "topic:内容制作", "other_name": "内容制作", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "华策影视 研报中反复涉及 内容制作。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-华策影视-300133-sz-优于大市-94514e05d599.md#chunk:9eeaac545614" ] }, { "edge_id": "2a8dab0f723c", "from": "company:300133", "to": "topic:净利润", "other": "topic:净利润", "other_name": "净利润", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "华策影视 研报中反复涉及 净利润。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-华策影视-300133-sz-优于大市-c2756f7c44b3.md#chunk:5c8df238517c" ] }, { "edge_id": "b9f45c19b410", "from": "company:300133", "to": "topic:出海", "other": "topic:出海", "other_name": "出海", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "华策影视 研报中反复涉及 出海。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-华策影视-300133-sz-买入-ce9846411e4c.md#chunk:34cdfaf1921a" ] } ], "upstream_paths": [] }, { "id": "company:688311", "name": "盟升电子", "ticker": "688311", "path": "companies/盟升电子-688311.md", "path_slug": "盟升电子-688311", "summary": "盟升电子（688311） 的研报主线集中在 净利润、毛利率、同比、投资建议：深耕制导装备导航系统，受益于下游特种装备信息化需求放量及产品渗透率提升。", "degree_total": 30, "high_confidence_neighbor_count": 4, "top_relations": [ { "edge_id": "1e9756c410d8", "from": "company:600118", "to": "company:688311", "other": "company:600118", "other_name": "中国卫星", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "% | | | 系统集成 | 15.1% | 12.9% | 16.2% | 16.0% | 16.3% | | | | | | | 下游 | 运营服务 | 36.8% | 41.6% | 44.2% | 46.6% | 47.3% | | | | | | 资料来源：《2022 中国卫星导航与位置服务产业发展白皮书》，民生证券研究院 ## 2.1.2 受装...", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md#chunk:70f380128919" ] }, { "edge_id": "1c2be6a0ffc3", "from": "company:688311", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "**风险提示：** 募投项目建设不及预期、产品研发不及预期、原材料价格波动、市场需求变化导致订单低于预期等。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md#chunk:b8c3e7d2d3a9", "sources/stock-research-report-盟升电子-688311-sh-2022-年年报及-2023-年一季报点评-11ed1c66e60b.md#chunk:9e10bf25a6ac", "sources/stock-research-report-盟升电子-688311-sh-2023-年中报点评-dbb7ea8b28fe.md#chunk:fcca6587e927", "sources/stock-research-report-盟升电子-688311-sh-2023-年三季报点评-2ac89b0082b3.md#chunk:d7a5a2c92651", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-dae40cb03e89.md#chunk:a0f02d3f72e0" ] }, { "edge_id": "b01aafcb6973", "from": "company:688311", "to": "material:电力", "other": "material:电力", "other_name": "电力", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "公司电子对抗产品主要包括末端防御类产品、电子进攻类产品、训练及试验类产品，均属于军用电子对抗行业，主要运用于各个领域及平台的末端防御、欺骗干扰和模拟训练需求。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-dae40cb03e89.md#chunk:9469cd7e2815", "sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md#chunk:b0601c3602a3" ] }, { "edge_id": "6834d82b5288", "from": "company:688311", "to": "company:600879", "other": "company:600879", "other_name": "航天电子", "relation": "same_group", "direction": "peer", "why_it_matters": "---------------------------------------------------- | ---------------------- | | 中电科五十四所 | 1952 | 新中国成立的第一个电信技术研究所，主要从事军事通信、卫星导航定位、通信与信息对抗、航天电子信息系统与综合应用等前沿领域的技术研发、生产制造和系统集成 | 专用 ...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md#chunk:2c8cdb02d665" ] }, { "edge_id": "067967ab1d3c", "from": "company:688311", "to": "company:002413", "other": "company:002413", "other_name": "雷科防务", "relation": "competitor_of", "direction": "peer", "why_it_matters": "同业竞争者，主要在卫星导航组件、接收机等领域参与比选竞争。", "confidence": 0.85, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md#chunk:c4be3d4b8a64" ] }, { "edge_id": "ee4828e79da6", "from": "company:688311", "to": "company:002465", "other": "company:002465", "other_name": "海格通信", "relation": "competitor_of", "direction": "peer", "why_it_matters": "端设备制造和卫星运营服务 | 抗干扰接收机 | | 中电科二十所 | 1961 | 又名西安导航技术研究所，主要从事无线电导航、卫星导航、数据通信和信息协同等领域应用技术研究、产品研发与生产、电子信息系统工程设计与系统集成等业务 | 十五通道射频组件、卫通卫导一体化天线 | | 海格通信 | 2000 | 主要从事军事通信设备和导航设备的研发、生产和销售 ...", "confidence": 0.72, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md#chunk:70f380128919" ] }, { "edge_id": "b402bc67a6f4", "from": "company:688311", "to": "company:688636", "other": "company:688636", "other_name": "智明达", "relation": "partner_of", "direction": "peer", "why_it_matters": "030069 - **电话**: 010-85127668 - **邮箱**: zhaoboxuan@mszq.com ### 相关研究 1. 国博电子（688375.SH）首次覆盖报告：信息化系列#2：先进雷达 T/R 组件龙头；射频芯片领跑者-2022/12/25 2. 智明达（688636.SH）首次覆盖报告：信息化系列#1：多领域拓展成长性好；高研...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md#chunk:4db20f6359ac" ] }, { "edge_id": "6a43917a613d", "from": "company:688311", "to": "topic:业绩修复", "other": "topic:业绩修复", "other_name": "业绩修复", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "盟升电子 研报中反复涉及 业绩修复。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-盟升电子-688311-sh-2022-年年报及-2023-年一季报点评-11ed1c66e60b.md#chunk:baec7abeda68" ] }, { "edge_id": "44cd8064cf10", "from": "company:688311", "to": "topic:业绩恢复", "other": "topic:业绩恢复", "other_name": "业绩恢复", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "盟升电子 研报中反复涉及 业绩恢复。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-盟升电子-688311-beb38bfbc70f.md#chunk:d5fb69384cd0" ] }, { "edge_id": "6c966ba2e150", "from": "company:688311", "to": "topic:业绩拐点", "other": "topic:业绩拐点", "other_name": "业绩拐点", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "盟升电子 研报中反复涉及 业绩拐点。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-盟升电子-688311-sh-2024-年年报及-2025-年一季报点评-cd4844962c1e.md#chunk:ff941440978d" ] }, { "edge_id": "52f4ed3432cb", "from": "company:688311", "to": "topic:低轨卫星互联网", "other": "topic:低轨卫星互联网", "other_name": "低轨卫星互联网", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "盟升电子 研报中反复涉及 低轨卫星互联网。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-华发集团旗下企业-d952cba7c5d1.md#chunk:73e9c441c358" ] }, { "edge_id": "491dbf4a9f0e", "from": "company:688311", "to": "topic:军工信息化", "other": "topic:军工信息化", "other_name": "军工信息化", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "盟升电子 研报中反复涉及 军工信息化。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-华发集团旗下企业-d952cba7c5d1.md#chunk:73e9c441c358" ] } ], "upstream_paths": [ { "edge_id": "1c2be6a0ffc3", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md#chunk:b8c3e7d2d3a9", "sources/stock-research-report-盟升电子-688311-sh-2022-年年报及-2023-年一季报点评-11ed1c66e60b.md#chunk:9e10bf25a6ac", "sources/stock-research-report-盟升电子-688311-sh-2023-年中报点评-dbb7ea8b28fe.md#chunk:fcca6587e927", "sources/stock-research-report-盟升电子-688311-sh-2023-年三季报点评-2ac89b0082b3.md#chunk:d7a5a2c92651", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-dae40cb03e89.md#chunk:a0f02d3f72e0" ] }, { "edge_id": "b01aafcb6973", "to": "material:电力", "material": "电力", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-dae40cb03e89.md#chunk:9469cd7e2815", "sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md#chunk:b0601c3602a3" ] } ] }, { "id": "company:688523", "name": "航天环宇", "ticker": "688523", "path": "companies/航天环宇-688523.md", "path_slug": "航天环宇-688523", "summary": "航天环宇（688523） 的研报主线集中在 航空、航天、净利润、卫星：公司主营业务横跨卫星互联网、低空经济与民机三大高景气赛道，紧跟国家战略指引，有望持续创造盈利增长点。", "degree_total": 29, "high_confidence_neighbor_count": 1, "top_relations": [ { "edge_id": "08bed03906ba", "from": "company:688523", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "2）存货 1.7 亿元，较年初增长 32.2%，主要是原材料及在产品增加导致；", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-航天环宇-688523-sh-2024-年中报点评-af166b12db95.md#chunk:b9b9aa851e33", "sources/stock-research-report-航天环宇-688523-sh-2023-年年报及-2024-年一季报点评-58a5827e5125.md#chunk:37bd90eb457d", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-aef6e1b10b9d.md#chunk:fe667ae3a429" ] }, { "edge_id": "66e2da90b63e", "from": "company:688523", "to": "material:碳纤维", "other": "material:碳纤维", "other_name": "碳纤维", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "商业低轨卫星方面，公司成功完成超宽带车载侦收天线、集装箱测控数传天线、商业低轨卫星互联网测控与馈电天线、大型紧缩场反射面等项目的研制与交付，依托上市募集资金加快卫星通信、测控与测试装备产业化项目建设进度，环宇航空产业园在卫星通信及测控测试装备板块、复合材料产品板块的产业化能力提升已初见成效。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2024-年-05-月-07-日-公司研究-证券研究报告-0fd0e01b774d.md#chunk:525a9a46fb33", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-aef6e1b10b9d.md#chunk:942c666baf6b" ] }, { "edge_id": "4ec51acd0643", "from": "company:688523", "to": "topic:c919", "other": "topic:c919", "other_name": "C919", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天环宇 研报中反复涉及 C919。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-709c7f0325a9.md#chunk:317509d5f436" ] }, { "edge_id": "defcd2d61273", "from": "company:688523", "to": "topic:c929", "other": "topic:c929", "other_name": "C929", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天环宇 研报中反复涉及 C929。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-709c7f0325a9.md#chunk:317509d5f436" ] }, { "edge_id": "eccf7dc9fb7d", "from": "company:688523", "to": "topic:c929大飞机", "other": "topic:c929大飞机", "other_name": "c929大飞机", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天环宇 研报中反复涉及 C929大飞机。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2024-年-05-月-07-日-公司研究-证券研究报告-0fd0e01b774d.md#chunk:525a9a46fb33" ] }, { "edge_id": "2cafc15c3ef0", "from": "company:688523", "to": "topic:专精特新", "other": "topic:专精特新", "other_name": "专精特新", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天环宇 研报中反复涉及 专精特新。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天环宇-688523-sh-2024-年中报点评-af166b12db95.md#chunk:61b23cdac6c7" ] }, { "edge_id": "f4529e437c81", "from": "company:688523", "to": "topic:低空经济", "other": "topic:低空经济", "other_name": "低空经济", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天环宇 研报中反复涉及 低空经济。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-aef6e1b10b9d.md#chunk:792f50383555" ] }, { "edge_id": "877594d1e53e", "from": "company:688523", "to": "topic:军工", "other": "topic:军工", "other_name": "军工", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天环宇 研报中反复涉及 军工。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-709c7f0325a9.md#chunk:317509d5f436" ] }, { "edge_id": "f49975371064", "from": "company:688523", "to": "topic:军工电子", "other": "topic:军工电子", "other_name": "军工电子", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天环宇 研报中反复涉及 军工电子。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-aef6e1b10b9d.md#chunk:792f50383555" ] }, { "edge_id": "e6709cef7566", "from": "company:688523", "to": "topic:净利润", "other": "topic:净利润", "other_name": "净利润", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天环宇 研报中反复涉及 净利润。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天环宇-688523-sh-2024-年中报点评-af166b12db95.md#chunk:61b23cdac6c7" ] }, { "edge_id": "6ddea3ff9d9e", "from": "company:688523", "to": "topic:卫星互联网", "other": "topic:卫星互联网", "other_name": "卫星互联网", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天环宇 研报中反复涉及 卫星互联网。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-aef6e1b10b9d.md#chunk:792f50383555" ] }, { "edge_id": "4a8ff1642bcc", "from": "company:688523", "to": "topic:卫星通信", "other": "topic:卫星通信", "other_name": "卫星通信", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天环宇 研报中反复涉及 卫星通信。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2024-年-05-月-07-日-公司研究-证券研究报告-0fd0e01b774d.md#chunk:525a9a46fb33" ] } ], "upstream_paths": [ { "edge_id": "08bed03906ba", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-航天环宇-688523-sh-2024-年中报点评-af166b12db95.md#chunk:b9b9aa851e33", "sources/stock-research-report-航天环宇-688523-sh-2023-年年报及-2024-年一季报点评-58a5827e5125.md#chunk:37bd90eb457d", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-aef6e1b10b9d.md#chunk:fe667ae3a429" ] }, { "edge_id": "66e2da90b63e", "to": "material:碳纤维", "material": "碳纤维", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2024-年-05-月-07-日-公司研究-证券研究报告-0fd0e01b774d.md#chunk:525a9a46fb33", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-aef6e1b10b9d.md#chunk:942c666baf6b" ] } ] }, { "id": "company:600391", "name": "航发科技", "ticker": "600391", "path": "companies/航发科技-600391.md", "path_slug": "航发科技-600391", "summary": "航发科技（600391） 的研报主线集中在 航空、净利润、军工、燃气轮机：中报业绩实现近六年首次扭亏为盈，盈利能力显著改善，毛利率与净利率均创近五年新高。", "degree_total": 27, "high_confidence_neighbor_count": 2, "top_relations": [ { "edge_id": "284b3b60bf8d", "from": "company:600893", "to": "company:600391", "other": "company:600893", "other_name": "航发动力", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "21 | 8.55 | | 2022 | 6.81 | | 2023 | 6.50 | | 2024 | 6.95 | | 2025 | 7.15 | 资料来源：wind，国信证券经济研究所整理 # 同行业对比 航发动力隶属于航空领域，基于此原则选取对应行业典型公司进行对比。航发科技和航发控制均为航发集团下的上市平台，分别深耕航空发动机的零部件制造和 控制...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md#chunk:ec7db31693fb" ] }, { "edge_id": "b675f2df6f6c", "from": "company:600391", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "公司存货 26.95 亿元（+6.99%），其中原材料 14.44 亿元（+5.04 亿元），在产品 8.38 亿元（+9.30%）, 公司持续备货，存货规模进一步扩大。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-航发科技-600391-2021-年报点评-307ebf1dd40c.md#chunk:130f231600d5", "sources/stock-research-report-航发科技-600391-2020-年报点评-9c025e3a6e96.md#chunk:605ce9520dc7", "sources/stock-research-report-中航证券金融研究所-e1d3bbf36f9c.md#chunk:07bc691c8c79" ] }, { "edge_id": "cbfa696f1c9b", "from": "company:600391", "to": "material:天然气", "other": "material:天然气", "other_name": "天然气", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "公司作为中国航空发动机集团旗下零部件板块的上市平台，将是航空发动机和燃气轮机“两机”科技重大专项实施的直接受益者，未来发展前景十分广阔。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航发科技-600391-0cb4fc3d581c.md#chunk:085bb935df9d", "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-b57ba59d8b04.md#chunk:22d2b3a06066", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-695e420ac228.md#chunk:8f75b276acaf", "sources/stock-research-report-中航证券金融研究所-e1d3bbf36f9c.md#chunk:44eeb805a7e6", "sources/stock-research-report-航发科技-600391-2021-年报点评-307ebf1dd40c.md#chunk:69fd40ad7faf", "sources/stock-research-report-航发科技-600391-2020-年报点评-9c025e3a6e96.md#chunk:98dae9cc9b57" ] }, { "edge_id": "133d6ed95354", "from": "company:600391", "to": "material:石油", "other": "material:石油", "other_name": "石油", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "法斯特主要业务为石油钻探设备相关业务，此前经营成果不太理想，截至报告期末净资产为负。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航发科技-600391-2021-年报点评-307ebf1dd40c.md#chunk:130f231600d5" ] }, { "edge_id": "02bb041397bc", "from": "company:300855", "to": "company:600391", "other": "company:300855", "other_name": "图南股份", "relation": "competitor_of", "direction": "peer", "why_it_matters": "力度，进一步扩大公司主营业务产品市场份额。 公司积极参与的航空领域“小核心、大协作”配套，拓展产品品类，加强与战略客户合作，致力于完善公司产业链布局，夯实核心竞争力。公司通过参股合作，绑定战略客户，完成维修、特种工艺处理、陶瓷基复合材料等新业务布局。2022 年公司参股沈阳华秦航发科技有限责任公司，该公司主要开展航空发动机零部件加工、制造、维修、特种工艺处...", "confidence": 0.72, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-5cdf13c5f8be.md#chunk:ca0db37b5764" ] }, { "edge_id": "bee197446572", "from": "company:300855", "to": "company:600391", "other": "company:300855", "other_name": "图南股份", "relation": "partner_of", "direction": "peer", "why_it_matters": "参股合作开展航空发动机零部件加工、制造、维修及特种工艺处理，完善产业链布局。", "confidence": 0.9, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-5cdf13c5f8be.md#chunk:ca0db37b5764" ] }, { "edge_id": "c3a4d96cca52", "from": "company:600391", "to": "topic:业绩反转", "other": "topic:业绩反转", "other_name": "业绩反转", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航发科技 研报中反复涉及 业绩反转。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航发科技-600391-2021-年报点评-307ebf1dd40c.md#chunk:6f43acc8dd2d" ] }, { "edge_id": "c04c4c4a92e9", "from": "company:600391", "to": "topic:业绩扭亏", "other": "topic:业绩扭亏", "other_name": "业绩扭亏", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航发科技 研报中反复涉及 业绩扭亏。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航证券金融研究所-e1d3bbf36f9c.md#chunk:44eeb805a7e6" ] }, { "edge_id": "1923ec8e38d2", "from": "company:600391", "to": "topic:业绩拐点", "other": "topic:业绩拐点", "other_name": "业绩拐点", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航发科技 研报中反复涉及 业绩拐点。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-b57ba59d8b04.md#chunk:5808cc42729a" ] }, { "edge_id": "39b439360a8e", "from": "company:600391", "to": "topic:业绩点评", "other": "topic:业绩点评", "other_name": "业绩点评", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航发科技 研报中反复涉及 业绩点评。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航发科技-600391-2020-年报点评-9c025e3a6e96.md#chunk:40081e28208c" ] }, { "edge_id": "8140b1acbf82", "from": "company:600391", "to": "topic:两机专项", "other": "topic:两机专项", "other_name": "两机专项", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航发科技 研报中反复涉及 两机专项。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航发科技-600391-0cb4fc3d581c.md#chunk:085bb935df9d" ] }, { "edge_id": "43f822272867", "from": "company:600391", "to": "topic:估值预测", "other": "topic:估值预测", "other_name": "估值预测", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航发科技 研报中反复涉及 估值预测。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航发科技-600391-2021-年报点评-307ebf1dd40c.md#chunk:6f43acc8dd2d" ] } ], "upstream_paths": [ { "edge_id": "b675f2df6f6c", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-航发科技-600391-2021-年报点评-307ebf1dd40c.md#chunk:130f231600d5", "sources/stock-research-report-航发科技-600391-2020-年报点评-9c025e3a6e96.md#chunk:605ce9520dc7", "sources/stock-research-report-中航证券金融研究所-e1d3bbf36f9c.md#chunk:07bc691c8c79" ] }, { "edge_id": "cbfa696f1c9b", "to": "material:天然气", "material": "天然气", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航发科技-600391-0cb4fc3d581c.md#chunk:085bb935df9d", "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-b57ba59d8b04.md#chunk:22d2b3a06066", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-695e420ac228.md#chunk:8f75b276acaf", "sources/stock-research-report-中航证券金融研究所-e1d3bbf36f9c.md#chunk:44eeb805a7e6", "sources/stock-research-report-航发科技-600391-2021-年报点评-307ebf1dd40c.md#chunk:69fd40ad7faf", "sources/stock-research-report-航发科技-600391-2020-年报点评-9c025e3a6e96.md#chunk:98dae9cc9b57" ] }, { "edge_id": "133d6ed95354", "to": "material:石油", "material": "石油", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航发科技-600391-2021-年报点评-307ebf1dd40c.md#chunk:130f231600d5" ] } ] }, { "id": "company:300446", "name": "航天智造", "ticker": "300446", "path": "companies/航天智造-300446.md", "path_slug": "航天智造-300446", "summary": "航天智造（300446） 的研报主线集中在 航天、净利润、毛利率、汽车零部件：公司完成重大资产重组，注入航天能源与航天模塑，正式成为航天七院上市平台，军技民用产业化路径清晰。", "degree_total": 27, "high_confidence_neighbor_count": 4, "top_relations": [ { "edge_id": "de92bed9365f", "from": "company:300446", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "产业链上游为原材料供应，包括塑料、钢材、铝合金及螺丝、卡扣、密封件等零部件；", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-航天智造-300446-b8a512c003a6.md#chunk:b748f85c170e" ] }, { "edge_id": "fae942cf70ad", "from": "company:300446", "to": "material:钢材", "other": "material:钢材", "other_name": "钢材", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "产业链上游为原材料供应，包括塑料、钢材、铝合金及螺丝、卡扣、密封件等零部件；", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-航天智造-300446-b8a512c003a6.md#chunk:b748f85c170e" ] }, { "edge_id": "8aec812c26d7", "from": "company:300446", "to": "material:铝", "other": "material:铝", "other_name": "铝", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "产业链上游为原材料供应，包括塑料、钢材、铝合金及螺丝、卡扣、密封件等零部件；", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-航天智造-300446-b8a512c003a6.md#chunk:b748f85c170e" ] }, { "edge_id": "db985ce14151", "from": "company:300446", "to": "material:天然气", "other": "material:天然气", "other_name": "天然气", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "随着国家油气能源安全战略的推进及“七年行动计划”的实施，原油和天然气产量快速增长，以及非常规领域油气开发逐步实现突破，页岩气、致密气、煤层气得到大力开发，国内累计新增探明石油和天然气地质储量远超“七年行动计划”的同期目标。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天智造-300446-b8a512c003a6.md#chunk:7686a766cd1b", "sources/stock-research-report-2024-年-7-月-17-日-2ed5f2f589b1.md#chunk:c9ba3ef3f213" ] }, { "edge_id": "02859d1640aa", "from": "company:300446", "to": "material:电力", "other": "material:电力", "other_name": "电力", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "公司的电子功能材料产品序列丰富，主要包括压力测试膜、FPC 用电磁波屏蔽膜、感光干膜等。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天智造-300446-b8a512c003a6.md#chunk:6eeca60b0431", "sources/stock-research-report-2024-年-7-月-17-日-2ed5f2f589b1.md#chunk:009858b0b866" ] }, { "edge_id": "a2fde25e54e2", "from": "company:300446", "to": "material:石油", "other": "material:石油", "other_name": "石油", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "公司下游客户主要是中石油、中石化等油气开采巨头，公司客户近几年实现了页岩油气等非常规资源开采的重大突破，增加油气装备的需求，后续随着海洋经济相关政策的陆续推出，以及下游客户资本开支的增加，公司有望深度受益；", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天智造-300446-b8a512c003a6.md#chunk:ff0d8ae721c0", "sources/stock-research-report-2024-年-7-月-17-日-2ed5f2f589b1.md#chunk:9d31e8990574" ] }, { "edge_id": "ab4162e3df49", "from": "company:300446", "to": "company:600879", "other": "company:600879", "other_name": "航天电子", "relation": "same_group", "direction": "peer", "why_it_matters": "证券 CHINA POST SECURITIES 航天七院下辖企事业单位 27 家，其中企业单位 6 家、事业单位 12 家、全资及控股公司 9 家，分布在四川省成都市、泸州市、万源市、彭山县以及重庆市，从业人员近 2 万人。下属单位包括七部、四川航天长征装备制造有限公司、四川航天电子设备研究所、四川航天烽火伺服控制技术有限公司、四川航天川南火工技术有限公...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-2024-年-7-月-17-日-2ed5f2f589b1.md#chunk:8f869c0be82b" ] }, { "edge_id": "1645eb63f1b2", "from": "company:300446", "to": "topic:业绩高增", "other": "topic:业绩高增", "other_name": "业绩高增", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天智造 研报中反复涉及 业绩高增。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b7437ada9d45.md#chunk:3afc67e36fb7" ] }, { "edge_id": "fc892c192951", "from": "company:300446", "to": "topic:军工火工品", "other": "topic:军工火工品", "other_name": "军工火工品", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天智造 研报中反复涉及 军工火工品。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天智造-300446-b8a512c003a6.md#chunk:ff0d8ae721c0" ] }, { "edge_id": "604738b7cb40", "from": "company:300446", "to": "topic:同比", "other": "topic:同比", "other_name": "同比", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天智造 研报中反复涉及 同比。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中邮证券-5555d6eda4f9.md#chunk:be47a8581d6e" ] }, { "edge_id": "4d1bddb816ba", "from": "company:300446", "to": "topic:射孔器材", "other": "topic:射孔器材", "other_name": "射孔器材", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天智造 研报中反复涉及 射孔器材。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2024-年-9-月-14-日-0f2e99291fa5.md#chunk:2c03f8e6bcbf" ] }, { "edge_id": "e9213ab7e4fc", "from": "company:300446", "to": "topic:市值管理", "other": "topic:市值管理", "other_name": "市值管理", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天智造 研报中反复涉及 市值管理。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b7437ada9d45.md#chunk:3afc67e36fb7" ] } ], "upstream_paths": [ { "edge_id": "de92bed9365f", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-航天智造-300446-b8a512c003a6.md#chunk:b748f85c170e" ] }, { "edge_id": "fae942cf70ad", "to": "material:钢材", "material": "钢材", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-航天智造-300446-b8a512c003a6.md#chunk:b748f85c170e" ] }, { "edge_id": "8aec812c26d7", "to": "material:铝", "material": "铝", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-航天智造-300446-b8a512c003a6.md#chunk:b748f85c170e" ] }, { "edge_id": "db985ce14151", "to": "material:天然气", "material": "天然气", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天智造-300446-b8a512c003a6.md#chunk:7686a766cd1b", "sources/stock-research-report-2024-年-7-月-17-日-2ed5f2f589b1.md#chunk:c9ba3ef3f213" ] }, { "edge_id": "02859d1640aa", "to": "material:电力", "material": "电力", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天智造-300446-b8a512c003a6.md#chunk:6eeca60b0431", "sources/stock-research-report-2024-年-7-月-17-日-2ed5f2f589b1.md#chunk:009858b0b866" ] }, { "edge_id": "a2fde25e54e2", "to": "material:石油", "material": "石油", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天智造-300446-b8a512c003a6.md#chunk:ff0d8ae721c0", "sources/stock-research-report-2024-年-7-月-17-日-2ed5f2f589b1.md#chunk:9d31e8990574" ] } ] }, { "id": "company:300132", "name": "青松股份", "ticker": "300132", "path": "companies/青松股份-300132.md", "path_slug": "青松股份-300132", "summary": "青松股份（300132） 的研报主线集中在 工业原材料、价格、净利润、毛利率：定增落地将结束三年无实控人状态，林世达成为实控人，战略全面聚焦化妆品ODM业务。", "degree_total": 27, "high_confidence_neighbor_count": 1, "top_relations": [ { "edge_id": "8cde4df6a5e1", "from": "company:300132", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "受大宗商品价格上涨、部分供应链紧张等影响，2022 年公司部分原材料的采购价格继续上涨，导致单位成本上涨。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-青松股份-300132-sz-2022-年年报及-2023-年一季报点评-643e3156ef91.md#chunk:b95780712bf4", "sources/stock-research-report-青松股份-300132-sz-深度报告-3e57fee3e7a5.md#chunk:dd98fcbbad95", "sources/stock-research-report-公司研究-材料-材料ii-证券研究报告-8d3425a92bc4.md#chunk:0496ac3d2072", "sources/stock-research-report-q3-计提商誉减值-业绩端承压-48bad63271da.md#chunk:5c93e34d8db5" ] }, { "edge_id": "671a5d96cfb7", "from": "company:300132", "to": "company:300132.SZ", "other": "company:300132.SZ", "other_name": "青松股份", "relation": "partner_of", "direction": "peer", "why_it_matters": "# Q3 计提商誉减值，业绩端承压 ## ——青松股份（300132）2022 年三季报点评 # 买入|维持 **事件：** 公司发布 2022 年三季度报告。 **报告要点：** ### ● Q3 业绩承压，商誉减值拉低利润 2022Q1-3，公司实现营业收入 21.42 亿元，同比下滑 19.61%；归母净亏损 6.57 亿元，同比下降 653.82%...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-q3-计提商誉减值-业绩端承压-48bad63271da.md#chunk:5c93e34d8db5", "sources/stock-research-report-公司研究-材料-材料ii-证券研究报告-8d3425a92bc4.md#chunk:0496ac3d2072", "sources/stock-research-report-青松股份-300132-sz-深度报告-3e57fee3e7a5.md#chunk:ee63c89301f1", "sources/stock-research-report-青松股份-300132-sz-2022-年年报及-2023-年一季报点评-643e3156ef91.md#chunk:a849d0c23132", "sources/stock-research-report-公司研究-a5290b01bd67.md#chunk:a930b85d710d", "sources/stock-research-report-信达证券-43af80fbdc58.md#chunk:e9ff51807554", "sources/stock-research-report-青松股份-300132-sz-2023-年中报点评-踏上复苏-扭亏之路-6efd3b55dc15.md#chunk:c06911dd8849", "sources/stock-research-report-定增预案落地-化妆品代工龙头再出发-6dc3f938d134.md#chunk:96486d974d99", "sources/stock-research-report-公司研究-7cedcbfc70a4.md#chunk:79c562e19fb5" ] }, { "edge_id": "8554d5fa645b", "from": "company:300132", "to": "topic:odm", "other": "topic:odm", "other_name": "odm", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "青松股份 研报中反复涉及 ODM。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-青松股份-300132-sz-深度报告-3e57fee3e7a5.md#chunk:ee63c89301f1" ] }, { "edge_id": "c77ed74320ce", "from": "company:300132", "to": "topic:业务剥离", "other": "topic:业务剥离", "other_name": "业务剥离", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "青松股份 研报中反复涉及 业务剥离。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-q3-计提商誉减值-业绩端承压-48bad63271da.md#chunk:5c93e34d8db5" ] }, { "edge_id": "13a1c671fbfd", "from": "company:300132", "to": "topic:业绩修复", "other": "topic:业绩修复", "other_name": "业绩修复", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "青松股份 研报中反复涉及 业绩修复。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-公司研究-材料-材料ii-证券研究报告-8d3425a92bc4.md#chunk:33f3e68f39f8" ] }, { "edge_id": "0136ac423d79", "from": "company:300132", "to": "topic:业绩承压", "other": "topic:业绩承压", "other_name": "业绩承压", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "青松股份 研报中反复涉及 业绩承压。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-q3-计提商誉减值-业绩端承压-48bad63271da.md#chunk:5c93e34d8db5" ] }, { "edge_id": "087706178dcd", "from": "company:300132", "to": "topic:业绩拐点", "other": "topic:业绩拐点", "other_name": "业绩拐点", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "青松股份 研报中反复涉及 业绩拐点。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-青松股份-300132-sz-2022-年年报及-2023-年一季报点评-643e3156ef91.md#chunk:b95780712bf4" ] }, { "edge_id": "99eefad6902b", "from": "company:300132", "to": "topic:产能利用率", "other": "topic:产能利用率", "other_name": "产能利用率", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "青松股份 研报中反复涉及 产能利用率。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-青松股份-300132-sz-2022-年年报及-2023-年一季报点评-643e3156ef91.md#chunk:b95780712bf4" ] }, { "edge_id": "0f3f4cc8e36d", "from": "company:300132", "to": "topic:产能释放", "other": "topic:产能释放", "other_name": "产能释放", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "青松股份 研报中反复涉及 产能释放。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-青松股份-300132-sz-深度报告-3e57fee3e7a5.md#chunk:ee63c89301f1" ] }, { "edge_id": "311bee56317f", "from": "company:300132", "to": "topic:净利润", "other": "topic:净利润", "other_name": "净利润", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "青松股份 研报中反复涉及 净利润。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-q3-计提商誉减值-业绩端承压-48bad63271da.md#chunk:5c93e34d8db5" ] }, { "edge_id": "4a103f1107f2", "from": "company:300132", "to": "topic:化妆品odm", "other": "topic:化妆品odm", "other_name": "化妆品odm", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "青松股份 研报中反复涉及 化妆品ODM。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-q3-计提商誉减值-业绩端承压-48bad63271da.md#chunk:5c93e34d8db5" ] }, { "edge_id": "cdae916e2569", "from": "company:300132", "to": "topic:化妆品代工", "other": "topic:化妆品代工", "other_name": "化妆品代工", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "青松股份 研报中反复涉及 化妆品代工。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-青松股份-300132-sz-深度报告-3e57fee3e7a5.md#chunk:ee63c89301f1" ] } ], "upstream_paths": [ { "edge_id": "8cde4df6a5e1", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-青松股份-300132-sz-2022-年年报及-2023-年一季报点评-643e3156ef91.md#chunk:b95780712bf4", "sources/stock-research-report-青松股份-300132-sz-深度报告-3e57fee3e7a5.md#chunk:dd98fcbbad95", "sources/stock-research-report-公司研究-材料-材料ii-证券研究报告-8d3425a92bc4.md#chunk:0496ac3d2072", "sources/stock-research-report-q3-计提商誉减值-业绩端承压-48bad63271da.md#chunk:5c93e34d8db5" ] } ] }, { "id": "company:003009", "name": "中天火箭", "ticker": "003009", "path": "companies/中天火箭-003009.md", "path_slug": "中天火箭-003009", "summary": "中天火箭（003009） 的研报主线集中在 航天、净利润、毛利率、同比：背靠航天科技四院整合核心资产，作为小型固体制导火箭总体单位具备强稀缺性。", "degree_total": 27, "high_confidence_neighbor_count": 1, "top_relations": [ { "edge_id": "25e33ebae4a0", "from": "company:003009", "to": "company:600435", "other": "company:600435", "other_name": "北方导航", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "司增雨防雹火箭和炭/炭热场材料的产能及市占率均处于细分行业领先水平，伴随可转债项目在 2024 年底投产，公司将延续行业龙头地位。 ### 相关研究 1. 国科军工（688543.SH）首次覆盖报告：悠久资产焕发新动力；弹药/制导装备核心配套商-2023/11/24 2. 北方导航（600435.SH）首次覆盖报告：信息化系列#5：制导装备核心配套；远火需...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md#chunk:c59aa9ec655a" ] }, { "edge_id": "54b94965e248", "from": "company:003009", "to": "company:688543", "other": "company:688543", "other_name": "国科军工", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "2 年可转债项目（募资 4.95 亿元）合计募资 10 亿元，用于全方位提升公司小型固体制导火箭及其衍生品的产研能力。公司增雨防雹火箭和炭/炭热场材料的产能及市占率均处于细分行业领先水平，伴随可转债项目在 2024 年底投产，公司将延续行业龙头地位。 ### 相关研究 1. 国科军工（688543.SH）首次覆盖报告：悠久资产焕发新动力；弹药/制导装备核心...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md#chunk:c59aa9ec655a" ] }, { "edge_id": "c280f068a859", "from": "company:003009", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "23 年公司增雨防雹火箭收入和销量基本持平，但原材料成本增加较多，导致毛利润出现下滑。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md#chunk:b250b0c4d31f" ] }, { "edge_id": "2924f19a89cc", "from": "company:003009", "to": "material:硅材料", "other": "material:硅材料", "other_name": "硅材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "在光伏方面，公司炭/炭复合材料是光伏产业晶体生长热场系统耗材，产品已经被隆基股份、中环股份等光伏硅片头部厂商广泛采用。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md#chunk:33bf038a42a5", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-73830bae5eed.md#chunk:7d2a1184e094" ] }, { "edge_id": "9479a898116a", "from": "company:003009", "to": "material:碳纤维", "other": "material:碳纤维", "other_name": "碳纤维", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "3）2014 年，公司成功研制了固体火箭发动机耐烧蚀组件复合材料，形成了以固体火箭发动机耐烧蚀组件为主要产品的特种产品生产能力。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md#chunk:915d4586a7db", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-73830bae5eed.md#chunk:ab6d33de60e7" ] }, { "edge_id": "c27138ff749e", "from": "company:003009", "to": "material:化工品", "other": "material:化工品", "other_name": "化工品", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "根据增强基体材料的不同，碳纤维复合材料主要分为树脂基、炭基、金属基、陶瓷基复合材料等。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md#chunk:544dfd114297" ] }, { "edge_id": "b9fed8374402", "from": "company:003009", "to": "material:钢材", "other": "material:钢材", "other_name": "钢材", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "A1[\"燃料：推进剂、催化剂
电子元器件、钢铁\"] --- A", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md#chunk:f752410fa391" ] }, { "edge_id": "7336cd994a23", "from": "company:003009", "to": "company:688297", "other": "company:688297", "other_name": "中无人机", "relation": "partner_of", "direction": "peer", "why_it_matters": "| ------ | ------ | | 翼龙-2 | 35 | | 翼龙-1 | 16 | | 彩虹-3 | 19 | | 彩虹-4 | 22 | | 其他彩虹型号 | 2 | | 其他型号 | 6 | 资料来源：SIPRI，民生证券研究院 图28：2019~2021 年中无人机收入拆分 | 年份 | 翼龙-1 | 翼龙-2 | 卫通地面站等 | 技术...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md#chunk:c59aa9ec655a" ] }, { "edge_id": "83f59139da01", "from": "company:003009", "to": "topic:业绩承压", "other": "topic:业绩承压", "other_name": "业绩承压", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中天火箭 研报中反复涉及 业绩承压。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中天火箭-003009-sz-2025-年三季报点评-d0ad6d777da3.md#chunk:76a9be3d1099" ] }, { "edge_id": "da64f1f0c2b8", "from": "company:003009", "to": "topic:产能扩张", "other": "topic:产能扩张", "other_name": "产能扩张", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中天火箭 研报中反复涉及 产能扩张。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-73830bae5eed.md#chunk:7d2a1184e094" ] }, { "edge_id": "8b0a6a4d3953", "from": "company:003009", "to": "topic:人工影响天气", "other": "topic:人工影响天气", "other_name": "人工影响天气", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中天火箭 研报中反复涉及 人工影响天气。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md#chunk:c59aa9ec655a" ] }, { "edge_id": "0adc88b4f8a1", "from": "company:003009", "to": "topic:光伏产业链", "other": "topic:光伏产业链", "other_name": "光伏产业链", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中天火箭 研报中反复涉及 光伏产业链。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-73830bae5eed.md#chunk:7d2a1184e094" ] } ], "upstream_paths": [ { "edge_id": "c280f068a859", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md#chunk:b250b0c4d31f" ] }, { "edge_id": "2924f19a89cc", "to": "material:硅材料", "material": "硅材料", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md#chunk:33bf038a42a5", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-73830bae5eed.md#chunk:7d2a1184e094" ] }, { "edge_id": "9479a898116a", "to": "material:碳纤维", "material": "碳纤维", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md#chunk:915d4586a7db", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-73830bae5eed.md#chunk:ab6d33de60e7" ] }, { "edge_id": "c27138ff749e", "to": "material:化工品", "material": "化工品", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md#chunk:544dfd114297" ] }, { "edge_id": "b9fed8374402", "to": "material:钢材", "material": "钢材", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md#chunk:f752410fa391" ] } ] }, { "id": "company:002389", "name": "航天彩虹", "ticker": "002389", "path": "companies/航天彩虹-002389.md", "path_slug": "航天彩虹-002389", "summary": "航天彩虹（002389） 的研报主线集中在 航天、金融、净利润、投资建议：军贸市场持续突破，出口业务成为核心增长引擎，差异化采购与战略备份需求推动军贸稳步增长。", "degree_total": 26, "high_confidence_neighbor_count": 1, "top_relations": [ { "edge_id": "7bdc1a18db53", "from": "company:600879", "to": "company:002389", "other": "company:600879", "other_name": "航天电子", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "毛利率为 22.5%/22.3%/22.2%。预计公司 2025-2027 年归母净利润分别为 5.86/8.15/10.75 亿元，同比+6.98%/+38.96%/+31.90%，当前股价对应 PE 为 65/47/36 倍。我们选取无人化智能化装备和卫星载荷供应商中无人机、航天彩虹、天奥电子作为可比公司，2026 年平均 PE 为 69 倍。公司作为...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md#chunk:a262e875cac8" ] }, { "edge_id": "58fa7ae21481", "from": "company:688287", "to": "company:002389", "other": "company:688287", "other_name": "观典防务", "relation": "competitor_of", "direction": "peer", "why_it_matters": "同为无人机系统领域上市公司，业务相近，作为估值可比公司。", "confidence": 0.9, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-观典防务-688287-sh-首次覆盖报告-f1a9c49a1ca6.md#chunk:ac99ffb5ba8f", "sources/stock-research-report-观典防务-688287-7fa3823c7bbe.md#chunk:8a4af4a90e47", "sources/stock-research-report-观典防务-688287-sh-首次覆盖报告-f1a9c49a1ca6.md#chunk:c2e917eb5b7d" ] }, { "edge_id": "ae8893e2bcef", "from": "company:600316", "to": "company:002389", "other": "company:600316", "other_name": "洪都航空", "relation": "partner_of", "direction": "peer", "why_it_matters": ".0/119.6/159.1 亿元，同比+46.6%/+55.4%/33.0%；实现归母净利润 1.2/2.0/2.7 亿元，同比+203.8%/+70.4%/+34.6%，对应 EPS 为 0.17/0.28/0.38 元。我们选取与公司业务相近的航空主机厂航发动力、中无人机、航天彩虹作为可比公司，2027 年 PE 中位数为 89 倍。考虑到公司新产品...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-洪都航空-600316-sh-d31eee31ff8e.md#chunk:52d99b5574b2" ] }, { "edge_id": "deafce2e7b49", "from": "company:688287", "to": "company:002389", "other": "company:688287", "other_name": "观典防务", "relation": "partner_of", "direction": "peer", "why_it_matters": "段，还没有形成规模化的市场，整体处于蓝海市场。随着无人机技术的不断发展和商业应用的不断成熟，每个行业和领域的潜在需求市场空间极大，无人机在工业领域的普遍应用将具有更大的商业价值和市场规模。目前中国无人机行业内的龙头企业除了观典防务外，主要有纵横股份、广联航空、航天宏图、中科星图、航天彩虹、中航无人机、科比特、大疆创新等，且各龙头企业的市场定位也各不相同。 ...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-观典防务-688287-7fa3823c7bbe.md#chunk:57cc673a16fd" ] }, { "edge_id": "a85c3234daff", "from": "company:002389", "to": "topic:一季报", "other": "topic:一季报", "other_name": "一季报", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天彩虹 研报中反复涉及 一季报。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天彩虹-002389-sz-2024-年一季报点评-3e9a7c4bd35e.md#chunk:f521749d72f6" ] }, { "edge_id": "0d9b97fa8339", "from": "company:002389", "to": "topic:业绩复苏", "other": "topic:业绩复苏", "other_name": "业绩复苏", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天彩虹 研报中反复涉及 业绩复苏。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-f85f69972166.md#chunk:43861c8303e2" ] }, { "edge_id": "4ce6d0b0d6ec", "from": "company:002389", "to": "topic:业绩承压", "other": "topic:业绩承压", "other_name": "业绩承压", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天彩虹 研报中反复涉及 业绩承压。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天彩虹-002389-sz-2024-年一季报点评-3e9a7c4bd35e.md#chunk:f521749d72f6" ] }, { "edge_id": "0f8149508b67", "from": "company:002389", "to": "topic:业绩拐点", "other": "topic:业绩拐点", "other_name": "业绩拐点", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天彩虹 研报中反复涉及 业绩拐点。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2025-03-30-840a2acf7eaa.md#chunk:e833d0e9e4bb" ] }, { "edge_id": "b8d54873d91c", "from": "company:002389", "to": "topic:业绩点评", "other": "topic:业绩点评", "other_name": "业绩点评", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天彩虹 研报中反复涉及 业绩点评。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天彩虹-002389-sz-2024-年中报点评-2c8e2b25583b.md#chunk:ae79c9c2c765" ] }, { "edge_id": "24f962d2d5c2", "from": "company:002389", "to": "topic:低空经济", "other": "topic:低空经济", "other_name": "低空经济", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天彩虹 研报中反复涉及 低空经济。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天彩虹-002389-sz-2024-年一季报点评-3e9a7c4bd35e.md#chunk:f521749d72f6" ] }, { "edge_id": "95a88b70d412", "from": "company:002389", "to": "topic:军工", "other": "topic:军工", "other_name": "军工", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天彩虹 研报中反复涉及 军工。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天彩虹-002389-sz-2024-年中报点评-2c8e2b25583b.md#chunk:ae79c9c2c765" ] }, { "edge_id": "6ac5031cfb2b", "from": "company:002389", "to": "topic:军工装备", "other": "topic:军工装备", "other_name": "军工装备", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天彩虹 研报中反复涉及 军工装备。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2025-年-10-月-31-日-93cb794cdc54.md#chunk:27057f9c1262" ] } ], "upstream_paths": [] }, { "id": "company:688586", "name": "江航装备", "ticker": "688586", "path": "companies/江航装备-688586.md", "path_slug": "江航装备-688586", "summary": "江航装备（688586） 的研报主线集中在 航空、净利润、军工、毛利率：军机迭代与战略空军建设加速，航空氧气、油箱惰化及副油箱作为核心生命保障与航程延伸系统，需求有望持续放量。", "degree_total": 26, "high_confidence_neighbor_count": 1, "top_relations": [ { "edge_id": "c163a8044f01", "from": "company:688586", "to": "company:600184", "other": "company:600184", "other_name": "光电股份", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "61%/26.80%，毛利率为 32.2%/31.5%/31.1%。预计公司 2025-2027 年归母净利润分别为 1.16/1.56/2.13 亿元，同比-7.31%/+34.44%/+36.19%，当前股价对应 PE 为 84/62/46 倍。我们选取军工行业中游系统供应商光电股份、新兴装备、航发动力作为可比公司，2026 年平均 PE 为 81 倍...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-江航装备-688586-sh-d069c4c10c5a.md#chunk:78cd225ff234" ] }, { "edge_id": "b4fde9623a30", "from": "company:688586", "to": "company:600893", "other": "company:600893", "other_name": "航发动力", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "，毛利率为 32.2%/31.5%/31.1%。预计公司 2025-2027 年归母净利润分别为 1.16/1.56/2.13 亿元，同比-7.31%/+34.44%/+36.19%，当前股价对应 PE 为 84/62/46 倍。我们选取军工行业中游系统供应商光电股份、新兴装备、航发动力作为可比公司，2026 年平均 PE 为 81 倍。公司作为机载系统和...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-江航装备-688586-sh-d069c4c10c5a.md#chunk:78cd225ff234" ] }, { "edge_id": "74acff8764e7", "from": "company:688586", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "图表 9： 2022 年以来，受税收政策变化、原材料价格上涨、部分军品订单延期等影响，公司毛利率下降 7", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-江航装备-688586-sh-d069c4c10c5a.md#chunk:2f822140e379" ] }, { "edge_id": "0132685997f9", "from": "company:688586", "to": "material:石油", "other": "material:石油", "other_name": "石油", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "2）机载油箱惰性化防护系统可以提高飞机运行的安全性：通过从发动机引入空气，利用中空纤维膜对空气中氮气和氧气的选择透过性，在压差作用下实现氧氮分离以制出富氮气体，并用之替代燃油箱上部空间的可燃油气混合物，为飞机燃油箱在起飞、爬升、巡航和降落阶段提供富氮气体，降低燃油箱可燃性。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-江航装备-688586-sh-d069c4c10c5a.md#chunk:ee69cca9ba4f" ] }, { "edge_id": "c97ea7772869", "from": "company:688586", "to": "company:600115", "other": "company:600115", "other_name": "中国东航", "relation": "partner_of", "direction": "peer", "why_it_matters": "| 4165 | 3944 | 3.0 | | 2023 | 4270 | 4020 | 2.5 | | 2024 | 4394 | 3232 | 3.0 | 来源：iFinD，国家统计局，国金证券研究所 图表26：2021-2024三大航维修成本及平均维修成本 | 年份 | 中国东航总维护成本（亿元） | 南方航空总维护成本（亿元） | 中国国航总维护成...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-江航装备-688586-sh-d069c4c10c5a.md#chunk:78cd225ff234" ] }, { "edge_id": "f26ca9854697", "from": "company:688586", "to": "company:600372", "other": "company:600372", "other_name": "中航机载", "relation": "partner_of", "direction": "peer", "why_it_matters": "- | | 总股本/流通股本（亿股） | 7.91 / 7.91 | | 总市值/流通市值（亿元） | 90 / 90 | | 52 周内最高/最低价 | 11.43 / 7.42 | | 资产负债率(%) | 31.1% | | 市盈率 | 71.19 | | 第一大股东 | 中航机载系统有限公司 | # 研究所 **分析师**: 鲍学博 **SAC 登...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-发布时间-2025-07-25-bd931579faf9.md#chunk:5368b90d6209" ] }, { "edge_id": "c327aeff431d", "from": "company:688586", "to": "company:601111", "other": "company:601111", "other_name": "中国国航", "relation": "partner_of", "direction": "peer", "why_it_matters": "270 | 4020 | 2.5 | | 2024 | 4394 | 3232 | 3.0 | 来源：iFinD，国家统计局，国金证券研究所 图表26：2021-2024三大航维修成本及平均维修成本 | 年份 | 中国东航总维护成本（亿元） | 南方航空总维护成本（亿元） | 中国国航总维护成本（亿元） | 中国东航平均维护成本（百万元） | 南方航空平均...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-江航装备-688586-sh-d069c4c10c5a.md#chunk:78cd225ff234" ] }, { "edge_id": "db807834086e", "from": "company:688586", "to": "topic:业绩修复", "other": "topic:业绩修复", "other_name": "业绩修复", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "江航装备 研报中反复涉及 业绩修复。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-发布时间-2025-07-25-bd931579faf9.md#chunk:48df1f29c0a5" ] }, { "edge_id": "ae3b366d266d", "from": "company:688586", "to": "topic:估值", "other": "topic:估值", "other_name": "估值", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "江航装备 研报中反复涉及 估值。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-发布时间-2025-07-25-bd931579faf9.md#chunk:48df1f29c0a5" ] }, { "edge_id": "4b9209518017", "from": "company:688586", "to": "topic:军工", "other": "topic:军工", "other_name": "军工", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "江航装备 研报中反复涉及 军工。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-江航装备-688586-sh-d069c4c10c5a.md#chunk:b8e01623d24e" ] }, { "edge_id": "0937cdbcc63e", "from": "company:688586", "to": "topic:净利润", "other": "topic:净利润", "other_name": "净利润", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "江航装备 研报中反复涉及 净利润。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-江航装备-688586-sh-bdfa782b1241.md#chunk:3612acc061f3" ] }, { "edge_id": "a5d3fe29af96", "from": "company:688586", "to": "topic:反无装备", "other": "topic:反无装备", "other_name": "反无装备", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "江航装备 研报中反复涉及 反无装备。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-江航装备-688586-sh-d069c4c10c5a.md#chunk:b8e01623d24e" ] } ], "upstream_paths": [ { "edge_id": "74acff8764e7", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-江航装备-688586-sh-d069c4c10c5a.md#chunk:2f822140e379" ] }, { "edge_id": "0132685997f9", "to": "material:石油", "material": "石油", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-江航装备-688586-sh-d069c4c10c5a.md#chunk:ee69cca9ba4f" ] } ] }, { "id": "company:000777", "name": "中核科技", "ticker": "000777", "path": "companies/中核科技-000777.md", "path_slug": "中核科技-000777", "summary": "中核科技（000777） 的研报主线集中在 产业链、风险、估值、国产替代：业绩稳健增长，经营性现金流大幅改善，核工程阀门产品营收占比及增速显著提升。", "degree_total": 26, "high_confidence_neighbor_count": 1, "top_relations": [ { "edge_id": "04ca454daf02", "from": "company:603308", "to": "company:000777", "other": "company:603308", "other_name": "应流股份", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "公司客户包括西门子、贝克休斯、安萨尔多、曼恩、中国重燃、上海电气、东方电气、航发燃机、龙江广瀚、哈尔滨汽轮机、南京汽轮机等知名企业。航发领域客户包括 GE 航空、赛峰、罗罗、中国商发、航天科工等行业龙头。此外，在传统业务方面，公司也已成功供货卡特彼勒、艾默生、斯伦贝谢、沈鼓集团、中核科技等国内外头部客户。 图表2：公司主要客户 来源：公司公告，公司官微，国...", "confidence": 0.68, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md#chunk:5adcbf757c2a" ] }, { "edge_id": "54193ea8e736", "from": "company:000777", "to": "material:石油", "other": "material:石油", "other_name": "石油", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "石油石化行业受益我国石化燃料保供上产支撑，有望维持增长，其他阀门业务公司积淀较深，有望保持稳健。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-机械设备-c0a2eca6c861.md#chunk:3bedfa98adee", "sources/stock-research-report-核电阀门驱动业绩稳增-国产化加速-海外突破-f4b66e14729a.md#chunk:adacc0b48f96", "sources/stock-research-report-华发集团控股公司-4eafcc93318a.md#chunk:9b48620fee5c" ] }, { "edge_id": "b0fbff9bcf24", "from": "company:000777", "to": "material:电力", "other": "material:电力", "other_name": "电力", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "其他阀门如电力（火电、水电等）、市政供水排水、通用工业设备等，应用场景广泛，市场需求规模大，预计 2025-2027 年实现收入 5.49/6.04/6.10 亿元，毛利率 15.00%/15.00%/15.00%；", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-华发集团控股公司-4eafcc93318a.md#chunk:c74fd0c201a2" ] }, { "edge_id": "9d68f28d4e78", "from": "company:000777", "to": "material:钢材", "other": "material:钢材", "other_name": "钢材", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "战略上，公司坚持创新与回报并重，依托四大研发平台攻坚极端工况阀门技术，同时推进智能制造产能升级（如锻钢阀体智能产线）。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-核电阀门驱动业绩稳增-国产化加速-海外突破-f4b66e14729a.md#chunk:4bbd53635139" ] }, { "edge_id": "7ef72159956d", "from": "company:000777", "to": "company:603308", "other": "company:603308", "other_name": "应流股份", "relation": "same_group", "direction": "peer", "why_it_matters": "33% | 5.89% | | | 毛利率 (%) | 21.01% | 23.74% | 23.99% | 24.13% | 资料来源：Wind，华金证券研究所 # 二、可比公司估值对比 我们选取业务结构相近的行业公司江苏神通（石化、冶金与核电阀门）、纽威股份（工业阀门）、应流股份（精密铸件、核级材料）作为可比公司。公司已形成阀门生产制造加服务的全产业链...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-华发集团控股公司-4eafcc93318a.md#chunk:252b9d4fc3d8" ] }, { "edge_id": "0cb1c88593fb", "from": "company:000777", "to": "company:603308", "other": "company:603308", "other_name": "应流股份", "relation": "competitor_of", "direction": "peer", "why_it_matters": "业务相近的可比公司，用于估值对比。", "confidence": 0.9, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-机械设备-c0a2eca6c861.md#chunk:3bedfa98adee", "sources/stock-research-report-机械设备-报告日期-2025-年-08-月-13-日-92ff84317c47.md#chunk:290ac5bc5877", "sources/stock-research-report-华发集团控股公司-4eafcc93318a.md#chunk:252b9d4fc3d8" ] }, { "edge_id": "3e4dbe8cce1e", "from": "company:000777", "to": "company:603308", "other": "company:603308", "other_name": "应流股份", "relation": "risk_transmits_to", "direction": "risk", "why_it_matters": "。石油石化行业受益我国石化燃料保供上产支撑，有望维持增长，其他阀门业务公司积淀较深，有望保持稳健。我们预计公司 2025-2027 年实现归母净利润分别为 3.12/3.71/4.17 亿元，对应 PE 分别为 20.0/16.9/15.0 倍。我们选取与公司业务相近的纽威股份、应流股份、江苏神通作为可比公司，公司当前估值合理。首次覆盖，给予“增持”评级。...", "confidence": 0.58, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-机械设备-c0a2eca6c861.md#chunk:4a4638d6483d" ] }, { "edge_id": "52d7c1d297e2", "from": "company:603308", "to": "company:000777", "other": "company:603308", "other_name": "应流股份", "relation": "risk_transmits_to", "direction": "risk", "why_it_matters": "手订单再创新高，有望维持稳健增长。出于谨慎性考虑，我们维持前次盈利测算，预计 2025-2027 年公司归母净利润分别为 3.92/4.74/5.65 亿元，EPS 分别为 0.58/0.70/0.83 元，对应 PE 分别为 47.7/39.4/33.1 倍。我们选取纽威股份、中核科技、江苏神通作为可比公司，公司当前估值水平较可比公司高估，考虑到公司航空...", "confidence": 0.58, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-机械设备-报告日期-2025-年-08-月-13-日-92ff84317c47.md#chunk:290ac5bc5877" ] }, { "edge_id": "3ae8bb271026", "from": "company:000777", "to": "topic:业绩增长", "other": "topic:业绩增长", "other_name": "业绩增长", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中核科技 研报中反复涉及 业绩增长。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-机械设备-c0a2eca6c861.md#chunk:3bedfa98adee" ] }, { "edge_id": "add3cd8f3454", "from": "company:000777", "to": "topic:业绩预测", "other": "topic:业绩预测", "other_name": "业绩预测", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中核科技 研报中反复涉及 业绩预测。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-华发集团控股公司-4eafcc93318a.md#chunk:200bb4749f59" ] }, { "edge_id": "dac177210141", "from": "company:000777", "to": "topic:价格", "other": "topic:价格", "other_name": "价格", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中核科技 研报中反复涉及 价格。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-机械设备-c0a2eca6c861.md#chunk:3bedfa98adee" ] }, { "edge_id": "849ddb7d1c18", "from": "company:000777", "to": "topic:估值", "other": "topic:估值", "other_name": "估值", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中核科技 研报中反复涉及 估值。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-华发集团控股公司-4eafcc93318a.md#chunk:200bb4749f59" ] } ], "upstream_paths": [ { "edge_id": "54193ea8e736", "to": "material:石油", "material": "石油", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-机械设备-c0a2eca6c861.md#chunk:3bedfa98adee", "sources/stock-research-report-核电阀门驱动业绩稳增-国产化加速-海外突破-f4b66e14729a.md#chunk:adacc0b48f96", "sources/stock-research-report-华发集团控股公司-4eafcc93318a.md#chunk:9b48620fee5c" ] }, { "edge_id": "b0fbff9bcf24", "to": "material:电力", "material": "电力", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-华发集团控股公司-4eafcc93318a.md#chunk:c74fd0c201a2" ] }, { "edge_id": "9d68f28d4e78", "to": "material:钢材", "material": "钢材", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-核电阀门驱动业绩稳增-国产化加速-海外突破-f4b66e14729a.md#chunk:4bbd53635139" ] } ] }, { "id": "company:688027", "name": "国盾量子", "ticker": "688027", "path": "companies/国盾量子-688027.md", "path_slug": "国盾量子-688027", "summary": "国盾量子（688027） 的研报主线集中在 估值、金融、净利润、量子：量子计算业务成为核心增长引擎，叠加中国电信战略入股带来的渠道与基建协同，推动公司从技术研发向规模化商业落地转型。", "degree_total": 25, "high_confidence_neighbor_count": 1, "top_relations": [ { "edge_id": "7739d77bbda8", "from": "company:688027", "to": "material:电力", "other": "material:电力", "other_name": "电力", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "公司在移动通信、电力、金融、工业互联网、大数据等领域开展了广泛合作，携手生态伙伴为各行业和领域提供“量子+”安全服务。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-华发集团旗下企业-cdbb867dba67.md#chunk:df12f4819d31", "sources/stock-research-report-2026-年-04-月-01-日-3a755bdf7552.md#chunk:c91a006b911f", "sources/stock-research-report-国盾量子-688027-sh-1ee8c69d5023.md#chunk:58dc3d3d5f75", "sources/stock-research-report-2024-年-04-月-08-日-8da78ebd44bf.md#chunk:f175266e3df7" ] }, { "edge_id": "14e1c38ed8e7", "from": "company:688027", "to": "material:石油", "other": "material:石油", "other_name": "石油", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "与此同时，量子重力仪在矿产、石油及地下结构探测中具备巨大应用潜力，预计 2035 年量子重力测量市场规模将达 10.9 亿美元，年复合增长 17.21%。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国盾量子-688027-sh-1ee8c69d5023.md#chunk:685bd703b1ef" ] }, { "edge_id": "bddab31bcb60", "from": "company:688027", "to": "company:国盾量子", "other": "company:国盾量子", "other_name": "国盾量子", "relation": "same_group", "direction": "peer", "why_it_matters": "华发集团旗下企业 2024 年 03 月 14 日 公司研究●证券研究报告 # 国盾量子（688027.SH） # 公司快报 # 中电信量子集团入股，量子通信产业化验证提速 通信 | 通信终端及配件Ⅲ **投资评级**: 增持-B(首次) **股价(2024-03-13)**: 132.79 元 投资要点 ### 交易数据 **总市值（百万元）**: 10...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-华发集团旗下企业-cdbb867dba67.md#chunk:379fe59df654" ] }, { "edge_id": "7399f4d19561", "from": "company:688027", "to": "company:国盾量子", "other": "company:国盾量子", "other_name": "国盾量子", "relation": "partner_of", "direction": "peer", "why_it_matters": "股票研究 | 2025-09-29 # 量子计算驱动业绩高增，与中电信协同效应显著 ## 国盾量子(688027) 电信运营/信息技术 ■ 公司跟踪报告 **688027 CH** **Quantumctek** **Rating: OUTPERFORM** **Target Price: Rmb336.17** **Lin Yang** （实际控制人）] -- 100% --> B[七一八所] B ...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中船特气-688146-567a6aeef795.md#chunk:ebdfbbafad75", "sources/stock-research-report-中船特气-688146-擎船驰电气驭科峰-电子特气龙头增产拓品加速国产化-00c4ad1088cd.md#chunk:273650261684" ] }, { "edge_id": "cec3f2a8646c", "from": "company:600482", "to": "company:600150.SH", "other": "company:600482", "other_name": "中国动力", "relation": "same_group", "direction": "peer", "why_it_matters": "油机 242 台，同比+21.61%。同时，公司上半年顺利交付国内首台甲醇双燃料低速发动机，1H24 产出的船用双燃料低速机同比增长（按功率测算）119.34%。受益低速柴油机板块表现突出，公司 1H24 实现归母净利润 3.87 亿元，同比+53.09%，业绩高增。 **背靠中国船舶集团+双燃料技术提升，看好公司接单能力提升。**公司是全球船用低速柴油机...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中国动力-600482-sh-c67233866dbf.md#chunk:6cb821a9c8e2" ] }, { "edge_id": "3a2cb1aa061d", "from": "company:600685", "to": "company:600150.SH", "other": "company:600685", "other_name": "中船防务", "relation": "same_group", "direction": "peer", "why_it_matters": "24060003 daimingyu@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com ### 联系人 ### 投资要点： * **专注综合海洋装备制造，聚焦主业盈利跃升。**中船防务是中国船舶集团旗下核心造船企业之一，于 1993 年分别在上海和香港上市，控股股东为中国...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-国防军工-航海装备ii-a517f162d983.md#chunk:0071da4bdc10" ] }, { "edge_id": "75280366d084", "from": "company:中国动力", "to": "company:600150.SH", "other": "company:中国动力", "other_name": "中国动力", "relation": "same_group", "direction": "peer", "why_it_matters": "元，同比提升 60%-80%，业绩高增，主要系 1）船舶行业发展良好，柴油机板块销售规模扩大，订单大幅增长，且主要产品船用低速发动机的订单价格和毛利率增长，毛利较高的机型销售量同比增加；2）上半年公司船用机械销售规模有所扩大，且毛利率较高的产品订单增长，利润同比提升。 **背靠中国船舶集团+双燃料技术提升，看好公司接单能力提升。**公司是全球船用低速柴油机...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-柴油机量价齐升-公司-1h24-利润高增-0e6f0d3313ac.md#chunk:515f9b8ad22a" ] }, { "edge_id": "99cabc5e9133", "from": "company:600685", "to": "company:600150.SH", "other": "company:600685", "other_name": "中船防务", "relation": "competitor_of", "direction": "peer", "why_it_matters": "3 年第三季度报告。2023 年第三季度，公司实现营业收入 37.9 亿元，同比上涨 25.2%，前三季度共实现营业收入 97.7 亿元，较上年同期同比增长 33.9%；第三季度实现归属于母公司的净利润 0.1 亿元，前三季度共实现归母净利润 0.2 亿元。 * **中船防务是中国船舶集团有限公司属下的大型造船骨干企业之一，其前身是广州广船国际股份有限公司...", "confidence": 0.72, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中船防务-600685-国防军工-33f018e302c1.md#chunk:123b38133bf7" ] }, { "edge_id": "da9257df2df3", "from": "company:600764", "to": "company:600150.SH", "other": "company:600764", "other_name": "中国海防", "relation": "competitor_of", "direction": "peer", "why_it_matters": "，我们下调先前的预测，预计公司 2025-2026 年归母净利润预测值分别为 2.95/3.67 亿元，前值 4.37/5.36 亿元，新增 2027 年预测 4.63 亿元，对应 PE 分别为 67/54/43 倍，考虑到公司水声电子防务及特装产品受益于我国海军信息化建设，以及中国船舶优质资产整合预期，维持“增持”评级。 * **风险提示：**1）行业竞...", "confidence": 0.72, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-中国海防-600764-2510805f74af.md#chunk:5abbb1ae9d18" ] }, { "edge_id": "c67b3e6c55e7", "from": "company:中国船舶", "to": "company:600150.SH", "other": "company:中国船舶", "other_name": "中国船舶", "relation": "competitor_of", "direction": "peer", "why_it_matters": "年 7 月份以来首次实现月度环比提升。此外，从订单量上看，25 年 12 月全球新接订单 2488.5 万 DWT，中国新接订单 2153.3 万 DWT，新接订单全球份额达 86.5%，环比 11 月提升 20.1pcts，中国造船竞争力提升。 **相关报告：** 1. 《中国船舶公司点评：“南北船”合并收官，全球龙头扬帆起航》，2025.9.18 2....", "confidence": 0.72, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-25年业绩高增-看好未来利润率持续提升-6e558bff8638.md#chunk:5ab8c28090d8" ] }, { "edge_id": "df00d4f62af0", "from": "company:600150", "to": "company:600150.SH", "other": "company:600150", "other_name": "中国船舶", "relation": "partner_of", "direction": "peer", "why_it_matters": "# 中国船舶 (600150.SH) # 买入 （维持评级） 公司点评 证券研究报告 ## “南北船”合并收官，全球龙头扬帆起航 ### 机械组 **分析师**：满在朋(执业S1130522030002) manzaipeng@gjzq.com.cn **分析师**：房灵聪（执业S1130525070003） fan", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中国船舶-600150-sh-2420409b114c.md#chunk:67a97f649d8d", "sources/stock-research-report-中国船舶-600150-b95ae1e4e4d3.md#chunk:88012ec981ca", "sources/stock-research-report-中国船舶-600150-af27eafae237.md#chunk:26499998281b", "sources/stock-research-report-国防军工-航海装备ii-81067ebdf534.md#chunk:9ba1ab66f6a7", "sources/stock-research-report-中国船舶-600150-c53c0462f757.md#chunk:90a8fa8a164a", "sources/stock-research-report-2025-年-10-月-30-日-3075ff420f1a.md#chunk:a59c9577db23", "sources/stock-research-report-中国船舶-600150-sh-买入-维持评级-8a986f95f854.md#chunk:483b57dffe55" ] }, { "edge_id": "544665216120", "from": "company:中国船舶", "to": "company:600150.SH", "other": "company:中国船舶", "other_name": "中国船舶", "relation": "partner_of", "direction": "peer", "why_it_matters": "0%，环比+1.55%；销售毛利率为 12.84%，同比+5.62pct，环比+0.64pct；销售净利率为 8.05%，同比+5.40pct，环比+1.36pct；期间费用率为 5.84%，同比+0.72pct，环比-1.43pct。 **股价一年走势** | Date | 中国船舶 | 沪深300 | | ------- | ---- | ----- ...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-业绩进入兑现期-逐步迈向新高-8df757032bf6.md#chunk:2950c6b02f57", "sources/stock-research-report-国防军工-航海装备ii-81067ebdf534.md#chunk:9ba1ab66f6a7", "sources/stock-research-report-船价景气-份额提升-盈利能力显著改善-0b20e2ffded8.md#chunk:26d144d1573b" ] }, { "edge_id": "9cdae2c4e1a9", "from": "company:600685", "to": "company:600150.SH", "other": "company:600685", "other_name": "中船防务", "relation": "risk_transmits_to", "direction": "risk", "why_it_matters": "亿元，以及确认资产减值损失同比减少 4.35 亿元。报告期内，两船合并战略性重组，公 **股市有风险 入市须谨慎** 请务必阅读正文后的免责条款部分 联系地址：北京市朝阳区望京街道望京东园四区2号楼中航资本大厦中航证券有限公司 [中船防务（600685）点评报告] 司向中国船舶出售广船国际 27.42%股权，同时，放弃公司市场化债转股投资者拟转让所持有的广...", "confidence": 0.58, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中船防务-600685-2019-年报点评-经营业绩持续改善-盈利能力提升未来可期-f39b2482e3b1.md#chunk:e7bce75ff6a0" ] } ], "upstream_paths": [] }, { "id": "company:301050", "name": "雷电微力", "ticker": "301050", "path": "companies/雷电微力-301050.md", "path_slug": "雷电微力-301050", "summary": "雷电微力（301050） 的研报主线集中在 毫米波微系统、金融、净利润、毛利率：军工导弹装备下游需求旺盛，公司作为精确制导核心配套商，交付验收量大幅增加带动业绩创历史新高，全年高增态势明确。", "degree_total": 19, "high_confidence_neighbor_count": 1, "top_relations": [ { "edge_id": "440436d5fd12", "from": "company:301050", "to": "material:电力", "other": "material:电力", "other_name": "电力", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "在专用电子产品行业增速放缓的情况下，公司总体业绩表现良好，主要由于公司重视自主研发和人才管理计划的实施。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-雷电微力-301050-0f8c87aec0e4.md#chunk:f08a5f0a1801" ] }, { "edge_id": "f9e8e98177cf", "from": "company:688375", "to": "company:301050", "other": "company:688375", "other_name": "国博电子", "relation": "competitor_of", "direction": "peer", "why_it_matters": "X 频段存在少量交叉。其他单位如二十四所、重庆声光电等侧重硅基模拟芯片，整机研究所（如十所、十四所）自产组件仅用于内部整机，不对外销售。中国电科已明确将国博电子作为 T/R 组件对外市场化销售的核心上市平台，有效实现体系内业务协同与竞争隔离。此外，市场化竞争对手亦呈现差异化特征：雷电微力专注于毫米波有源相控阵微系统，侧重系统级集成；天箭科技则以高波段大功率...", "confidence": 0.72, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-国博电子-688375-sh-t-r-组件龙头-商业航天及军品订单共同驱动增长-fa7240c95fdc.md#chunk:3c3f06a90a7f" ] }, { "edge_id": "a66aab7bda27", "from": "company:301050", "to": "topic:产能扩张", "other": "topic:产能扩张", "other_name": "产能扩张", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "雷电微力 研报中反复涉及 产能扩张。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8b835a14231a.md#chunk:ee6decb2de01" ] }, { "edge_id": "9316e9cde636", "from": "company:301050", "to": "topic:低空经济", "other": "topic:低空经济", "other_name": "低空经济", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "雷电微力 研报中反复涉及 低空经济。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8b835a14231a.md#chunk:ee6decb2de01" ] }, { "edge_id": "80cc32a2adc7", "from": "company:301050", "to": "topic:军工电子", "other": "topic:军工电子", "other_name": "军工电子", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "雷电微力 研报中反复涉及 军工电子。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8b835a14231a.md#chunk:ee6decb2de01" ] }, { "edge_id": "e4a23cfa01f3", "from": "company:301050", "to": "topic:净利润", "other": "topic:净利润", "other_name": "净利润", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "雷电微力 研报中反复涉及 净利润。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-雷电微力-301050-0f8c87aec0e4.md#chunk:f08a5f0a1801" ] }, { "edge_id": "4157cde2e5be", "from": "company:301050", "to": "topic:卫星互联网", "other": "topic:卫星互联网", "other_name": "卫星互联网", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "雷电微力 研报中反复涉及 卫星互联网。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-雷电微力-301050-0f8c87aec0e4.md#chunk:f08a5f0a1801" ] }, { "edge_id": "279eca361195", "from": "company:301050", "to": "topic:卫星通信", "other": "topic:卫星通信", "other_name": "卫星通信", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "雷电微力 研报中反复涉及 卫星通信。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8b835a14231a.md#chunk:ee6decb2de01" ] }, { "edge_id": "7b96f9fa5758", "from": "company:301050", "to": "topic:合同负债", "other": "topic:合同负债", "other_name": "合同负债", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "雷电微力 研报中反复涉及 合同负债。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-雷电微力-301050-sz-2023-年年报及-2024-年一季报点评-d7241388646f.md#chunk:c21b2b41c616" ] }, { "edge_id": "6ea26aa8a2e2", "from": "company:301050", "to": "topic:同比", "other": "topic:同比", "other_name": "同比", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "雷电微力 研报中反复涉及 同比。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-雷电微力-301050-0f8c87aec0e4.md#chunk:f08a5f0a1801" ] }, { "edge_id": "919baa5a228c", "from": "company:301050", "to": "topic:员工持股", "other": "topic:员工持股", "other_name": "员工持股", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "雷电微力 研报中反复涉及 员工持股。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-雷电微力-301050-0f8c87aec0e4.md#chunk:f08a5f0a1801" ] }, { "edge_id": "3547f05dda56", "from": "company:301050", "to": "topic:无人机", "other": "topic:无人机", "other_name": "无人机", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "雷电微力 研报中反复涉及 无人机。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-雷电微力-301050-sz-2024-年半年报点评-a0a2e6de5025.md#chunk:38a33657c01c" ] } ], "upstream_paths": [ { "edge_id": "440436d5fd12", "to": "material:电力", "material": "电力", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-雷电微力-301050-0f8c87aec0e4.md#chunk:f08a5f0a1801" ] } ] }, { "id": "company:300455", "name": "航天智装", "ticker": "300455", "path": "companies/航天智装-300455.md", "path_slug": "航天智装-300455", "summary": "航天智装（300455） 的研报主线集中在 轨道交通、航空、航天、核工业：毛利率与净利率终结多年下滑趋势，2023年及2024Q1企稳回升，盈利质量改善。", "degree_total": 17, "high_confidence_neighbor_count": 2, "top_relations": [ { "edge_id": "9ba180400e34", "from": "company:300455", "to": "material:工业原材料", "other": "material:工业原材料", "other_name": "工业原材料", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "其他财务数据方面，2023 年底，公司存货（15.75 亿元，-7.18%）有所下降，但依旧较高，其中库存商品（1.33 亿元，+46.34%）快速增长，原材料（0.33 亿元，+225.44%）大幅增长。", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-ad88e80585c3.md#chunk:24105617ac95" ] }, { "edge_id": "9c282484a403", "from": "company:300455", "to": "company:688270", "other": "company:688270", "other_name": "臻镭科技", "relation": "competitor_of", "direction": "peer", "why_it_matters": "作为可比公司进行估值对比，航天智装PE低于行业平均。", "confidence": 0.9, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-报告日期-2024-年-08-月-13-日-5c65be74533f.md#chunk:6ecc2ad8a3c7" ] }, { "edge_id": "7b6a3342a812", "from": "company:300455", "to": "company:601698", "other": "company:601698", "other_name": "中国卫通", "relation": "risk_transmits_to", "direction": "risk", "why_it_matters": "装备、机器人赛道有望随着我国核工业的发展迎来新的增长阶段。综上所述，我们预计公司 2024-2026 年归母净利润分别为 1.04/1.25/1.54 亿元，对应 2024-2026 年 PE 分别为 78.8/65.4/53.2 倍。与可比公司臻镭科技 (688270.SH)、中国卫通 (601698.SH)、天银机电 (300342.SZ)、华力创通 ...", "confidence": 0.58, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-报告日期-2024-年-08-月-13-日-5c65be74533f.md#chunk:2a55fdf49eb7" ] }, { "edge_id": "57f705b0ee22", "from": "company:300455", "to": "company:688270", "other": "company:688270", "other_name": "臻镭科技", "relation": "risk_transmits_to", "direction": "risk", "why_it_matters": "密度实现翻番。公司所处的核工业智能装备、机器人赛道有望随着我国核工业的发展迎来新的增长阶段。综上所述，我们预计公司 2024-2026 年归母净利润分别为 1.04/1.25/1.54 亿元，对应 2024-2026 年 PE 分别为 78.8/65.4/53.2 倍。与可比公司臻镭科技 (688270.SH)、中国卫通 (601698.SH)、天银机电 ...", "confidence": 0.58, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-报告日期-2024-年-08-月-13-日-5c65be74533f.md#chunk:2a55fdf49eb7" ] }, { "edge_id": "2f3222ae3452", "from": "company:300455", "to": "company:臻镭科技", "other": "company:臻镭科技", "other_name": "臻镭科技", "relation": "risk_transmits_to", "direction": "risk", "why_it_matters": "密度实现翻番。公司所处的核工业智能装备、机器人赛道有望随着我国核工业的发展迎来新的增长阶段。综上所述，我们预计公司 2024-2026 年归母净利润分别为 1.04/1.25/1.54 亿元，对应 2024-2026 年 PE 分别为 78.8/65.4/53.2 倍。与可比公司臻镭科技 (688270.SH)、中国卫通 (601698.SH)、天银机电 ...", "confidence": 0.58, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-报告日期-2024-年-08-月-13-日-5c65be74533f.md#chunk:2a55fdf49eb7" ] }, { "edge_id": "045a8ed35472", "from": "company:300455", "to": "topic:中报点评", "other": "topic:中报点评", "other_name": "中报点评", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天智装 研报中反复涉及 中报点评。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-报告日期-2024-年-08-月-13-日-5c65be74533f.md#chunk:761d2ba3958a" ] }, { "edge_id": "f7d3d0c7e24e", "from": "company:300455", "to": "topic:低空经济", "other": "topic:低空经济", "other_name": "低空经济", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天智装 研报中反复涉及 低空经济。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-ad88e80585c3.md#chunk:0bcb50205ced" ] }, { "edge_id": "1f18a3b86cc1", "from": "company:300455", "to": "topic:军工", "other": "topic:军工", "other_name": "军工", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天智装 研报中反复涉及 军工。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-ad88e80585c3.md#chunk:0bcb50205ced" ] }, { "edge_id": "29684a8ca1e0", "from": "company:300455", "to": "topic:商业航天", "other": "topic:商业航天", "other_name": "商业航天", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天智装 研报中反复涉及 商业航天。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-ad88e80585c3.md#chunk:0bcb50205ced" ] }, { "edge_id": "63de7810e527", "from": "company:300455", "to": "topic:智能制造", "other": "topic:智能制造", "other_name": "智能制造", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天智装 研报中反复涉及 智能制造。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-ad88e80585c3.md#chunk:0bcb50205ced" ] }, { "edge_id": "71910f6e6c32", "from": "company:300455", "to": "topic:智能装备", "other": "topic:智能装备", "other_name": "智能装备", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天智装 研报中反复涉及 智能装备。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-报告日期-2024-年-08-月-13-日-5c65be74533f.md#chunk:761d2ba3958a" ] }, { "edge_id": "469cb8ee04d3", "from": "company:300455", "to": "topic:机器人", "other": "topic:机器人", "other_name": "机器人", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天智装 研报中反复涉及 机器人。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-报告日期-2024-年-08-月-13-日-5c65be74533f.md#chunk:761d2ba3958a" ] } ], "upstream_paths": [ { "edge_id": "9ba180400e34", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-ad88e80585c3.md#chunk:24105617ac95" ] } ] }, { "id": "company:国盾量子", "name": "国盾量子", "ticker": "", "path": "companies/国盾量子.md", "path_slug": "国盾量子", "summary": "国盾量子 的研报主线集中在 金融、量子、量子通信、数据中心：量子通信是应对传统密码挑战及未来信息安全威胁的重要手段，随着各国重视程度和投入加大，行业发展前景广阔。", "degree_total": 15, "high_confidence_neighbor_count": 1, "top_relations": [ { "edge_id": "dfff761ce50e", "from": "company:国盾量子", "to": "material:电力", "other": "material:电力", "other_name": "电力", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "**公司主要从事量子通信产品的研发、生产、销售及技术服务，为各类光纤量子保密通信网络以及星地一体广域量子保密通信地面站的建设系统地提供软硬件产品，为政务、金融、电力、国防等行业和领域提供组网及量子安全应用解决方案，公司是我国率先从事量子通信技术产业化的企业。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-科创板重点标的解析之二-国盾量子-a571f95f0cf7.md#chunk:f48f686410c4", "sources/stock-research-report-华鑫证券-华鑫证券-科创板报告-829241e7bda5.md#chunk:98e33d7083c2" ] }, { "edge_id": "bddab31bcb60", "from": "company:688027", "to": "company:国盾量子", "other": "company:688027", "other_name": "国盾量子", "relation": "same_group", "direction": "peer", "why_it_matters": "华发集团旗下企业 2024 年 03 月 14 日 公司研究●证券研究报告 # 国盾量子（688027.SH） # 公司快报 # 中电信量子集团入股，量子通信产业化验证提速 通信 | 通信终端及配件Ⅲ **投资评级**: 增持-B(首次) **股价(2024-03-13)**: 132.79 元 投资要点 ### 交易数据 **总市值（百万元）**: 10...", "confidence": 0.74, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-华发集团旗下企业-cdbb867dba67.md#chunk:379fe59df654" ] }, { "edge_id": "7399f4d19561", "from": "company:688027", "to": "company:国盾量子", "other": "company:688027", "other_name": "国盾量子", "relation": "partner_of", "direction": "peer", "why_it_matters": "股票研究 | 2025-09-29 # 量子计算驱动业绩高增，与中电信协同效应显著 ## 国盾量子(688027) 电信运营/信息技术 ■ 公司跟踪报告 **688027 CH** **Quantumctek** **Rating: OUTPERFORM** **Target Price: Rmb336.17** **Lin Yang** HQ K[哈博永新] -- 1.38% --> HQ L[朗江汇鑫] -- 1.15% --> HQ M[朗江创新] -- 0.84% --> HQ N[哈创新投资] -- 0.20% --> HQ O[凯致天使] -- 0.17% --> HQ end HQ[哈尔滨新光光电科技股份有限公司] HQ -- 100.00% --> S1[永鑫科技] HQ...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-公司研究-证券研究报告-c09c1d1e1d64.md#chunk:0856c37f135f", "sources/stock-research-report-科创板高端装备系列之四-新光光电-55de1204d244.md#chunk:a0606d3a42c4", "sources/stock-research-report-东海证券-d3cb3f6bdead.md#chunk:7bdfc22a308f" ] }, { "edge_id": "b6a6118c1614", "from": "company:哈尔滨新光光电科技股份有限公司", "to": "company:300474", "other": "company:300474", "other_name": "景嘉微", "relation": "partner_of", "direction": "peer", "why_it_matters": "| 102.13 | 63.62 | 3.88 | 46.57 | | 002414.SZ | 高德红外 | 26.65 | 0.09 | 0.21 | 0.37 | 284.72 | 125.95 | 72.03 | 5.00 | 166.36 | | 300474.SZ | 景嘉微 | 46.04 | 0.44 | 0.53 | 0.65 | 104....", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-科创板高端装备系列之四-新光光电-55de1204d244.md#chunk:a0606d3a42c4" ] }, { "edge_id": "ec7737c6176d", "from": "company:哈尔滨新光光电科技股份有限公司", "to": "company:新光光电", "other": "company:新光光电", "other_name": "新光光电", "relation": "partner_of", "direction": "peer", "why_it_matters": "2019年4月15日 # 科创板高端装备系列之四：新光光电 机械 ## 主要财务指标（单位：百万元） | | 2016A | 2017A | 2018A | | -------- | ----- | ------- | ------ | | 营业收入 | 159 | 182 | 208 | | (+/-) | - | 14.81% | 14.48% | |...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-科创板高端装备系列之四-新光光电-55de1204d244.md#chunk:a0606d3a42c4" ] }, { "edge_id": "b95769d1199a", "from": "company:哈尔滨新光光电科技股份有限公司", "to": "topic:光电制导", "other": "topic:光电制导", "other_name": "光电制导", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "哈尔滨新光光电科技股份有限公司 研报中反复涉及 光电制导。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-科创板高端装备系列之四-新光光电-55de1204d244.md#chunk:24e9dbe7ce13" ] }, { "edge_id": "6c1e11919cd7", "from": "company:哈尔滨新光光电科技股份有限公司", "to": "topic:军工", "other": "topic:军工", "other_name": "军工", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "哈尔滨新光光电科技股份有限公司 研报中反复涉及 军工。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-科创板高端装备系列之四-新光光电-55de1204d244.md#chunk:24e9dbe7ce13" ] }, { "edge_id": "deedb84031e4", "from": "company:哈尔滨新光光电科技股份有限公司", "to": "topic:军工电子", "other": "topic:军工电子", "other_name": "军工电子", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "哈尔滨新光光电科技股份有限公司 研报中反复涉及 军工电子。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-科创板高端装备系列之四-新光光电-55de1204d244.md#chunk:24e9dbe7ce13" ] }, { "edge_id": "3aff06391659", "from": "company:哈尔滨新光光电科技股份有限公司", "to": "topic:军民融合", "other": "topic:军民融合", "other_name": "军民融合", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "哈尔滨新光光电科技股份有限公司 研报中反复涉及 军民融合。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-科创板高端装备系列之四-新光光电-55de1204d244.md#chunk:24e9dbe7ce13" ] }, { "edge_id": "a360298e774a", "from": "company:哈尔滨新光光电科技股份有限公司", "to": "topic:激光设备", "other": "topic:激光设备", "other_name": "激光设备", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "哈尔滨新光光电科技股份有限公司 研报中反复涉及 激光设备。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-科创板高端装备系列之四-新光光电-55de1204d244.md#chunk:24e9dbe7ce13" ] } ], "upstream_paths": [ { "edge_id": "a84b0ff973ad", "to": "material:工业原材料", "material": "工业原材料", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-科创板高端装备系列之四-新光光电-55de1204d244.md#chunk:5a247e8b11c2" ] }, { "edge_id": "d03764c18315", "to": "material:电力", "material": "电力", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-科创板高端装备系列之四-新光光电-55de1204d244.md#chunk:cd991a6f45ab" ] } ] }, { "id": "company:600855", "name": "航天长峰", "ticker": "600855", "path": "companies/航天长峰-600855.md", "path_slug": "航天长峰-600855", "summary": "航天长峰（600855） 的研报主线集中在 安保科技、电子信息、风险、航天：剥离亏损资产聚焦主业，安保科技业务有望通过放弃低毛利项目及拓展信创领域实现毛利率修复与中长期收入稳定增长。", "degree_total": 15, "high_confidence_neighbor_count": 1, "top_relations": [ { "edge_id": "da71c38816dd", "from": "company:600855", "to": "material:锂", "other": "material:锂", "other_name": "锂", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "电源业务方面，2020 年公司收入（5.27 亿元，-17.39%）有所下降，主要系公司民品电源业务子公司航天柏克受疫情影响，传统的 UPS、EPS 电源业务以及梯次锂电池等产品销量减少，进而导致航天柏克 2020 年上半年收入（0.83 亿元，-43.80%）下滑，而从航天柏克全年收入（2.21 亿元，-39.15%）来看，航天柏克下半年疫情企稳后业绩有...", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-航天长峰-600855-e9f7869612c1.md#chunk:a1bb90fad307" ] }, { "edge_id": "19ed4fda737a", "from": "company:600855", "to": "material:电力", "other": "material:电力", "other_name": "电力", "relation": "raw_material_dependency", "direction": "upstream", "why_it_matters": "防军工、通信等市场需求快速增长的背景下拓展更大的市场份额，另一方面航空航天及军用电源的高毛利率，将有助于改善公司因安保科技竞争激烈导致的公司整体盈利能力下滑的问题，电源业务或将成为公司未来重要的利润增长点。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航证券金融研究所-b9fa3da834e8.md#chunk:a147d89e1381", "sources/stock-research-report-航天长峰-600855-e9f7869612c1.md#chunk:0c66ba0eee0f" ] }, { "edge_id": "fab13fd436d7", "from": "company:600855", "to": "topic:信创", "other": "topic:信创", "other_name": "信创", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天长峰 研报中反复涉及 信创。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天长峰-600855-e9f7869612c1.md#chunk:2b8439ac26eb" ] }, { "edge_id": "6d5dbe71ff8e", "from": "company:600855", "to": "topic:军工", "other": "topic:军工", "other_name": "军工", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天长峰 研报中反复涉及 军工。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天长峰-600855-e9f7869612c1.md#chunk:2b8439ac26eb" ] }, { "edge_id": "e441373b5930", "from": "company:600855", "to": "topic:医疗器械", "other": "topic:医疗器械", "other_name": "医疗器械", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天长峰 研报中反复涉及 医疗器械。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天长峰-600855-e9f7869612c1.md#chunk:2b8439ac26eb" ] }, { "edge_id": "540011802518", "from": "company:600855", "to": "topic:国防军工", "other": "topic:国防军工", "other_name": "国防军工", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天长峰 研报中反复涉及 国防军工。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航证券金融研究所-b9fa3da834e8.md#chunk:23e8f8032aa4" ] }, { "edge_id": "08f1e937705d", "from": "company:600855", "to": "topic:安保科技", "other": "topic:安保科技", "other_name": "安保科技", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天长峰 研报中反复涉及 安保科技。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天长峰-600855-e9f7869612c1.md#chunk:2b8439ac26eb" ] }, { "edge_id": "44be3d2ebc7d", "from": "company:600855", "to": "topic:电子信息", "other": "topic:电子信息", "other_name": "电子信息", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天长峰 研报中反复涉及 电子信息。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天长峰-600855-e9f7869612c1.md#chunk:2b8439ac26eb" ] }, { "edge_id": "f4aa84bfbc98", "from": "company:600855", "to": "topic:电源", "other": "topic:电源", "other_name": "电源", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天长峰 研报中反复涉及 电源。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天长峰-600855-e9f7869612c1.md#chunk:2b8439ac26eb" ] }, { "edge_id": "db07d4c8c97c", "from": "company:600855", "to": "topic:电源业务", "other": "topic:电源业务", "other_name": "电源业务", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天长峰 研报中反复涉及 电源业务。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航证券金融研究所-b9fa3da834e8.md#chunk:23e8f8032aa4" ] }, { "edge_id": "2e5a91fde6f7", "from": "company:600855", "to": "topic:股权激励", "other": "topic:股权激励", "other_name": "股权激励", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天长峰 研报中反复涉及 股权激励。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天长峰-600855-e9f7869612c1.md#chunk:2b8439ac26eb" ] }, { "edge_id": "1dc4b071be1e", "from": "company:600855", "to": "topic:航天", "other": "topic:航天", "other_name": "航天", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天长峰 研报中反复涉及 航天。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航证券金融研究所-b9fa3da834e8.md#chunk:23e8f8032aa4" ] } ], "upstream_paths": [ { "edge_id": "da71c38816dd", "to": "material:锂", "material": "锂", "confidence": 0.78, "needs_review": false, "evidence_refs": [ "sources/stock-research-report-航天长峰-600855-e9f7869612c1.md#chunk:a1bb90fad307" ] }, { "edge_id": "19ed4fda737a", "to": "material:电力", "material": "电力", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-中航证券金融研究所-b9fa3da834e8.md#chunk:a147d89e1381", "sources/stock-research-report-航天长峰-600855-e9f7869612c1.md#chunk:0c66ba0eee0f" ] } ] }, { "id": "company:688282", "name": "理工导航", "ticker": "688282", "path": "companies/理工导航-688282.md", "path_slug": "理工导航-688282", "summary": "理工导航（688282） 的研报主线集中在 风险、惯性导航、航空、金融：传统型号项目持续落地，公司作为**51系列惯导系统唯一供应商，订单自2023年上游产能瓶颈后大幅恢复。", "degree_total": 15, "high_confidence_neighbor_count": 0, "top_relations": [ { "edge_id": "8001e527f700", "from": "company:600435", "to": "company:688282", "other": "company:600435", "other_name": "北方导航", "relation": "supplier_to", "direction": "supply_chain", "why_it_matters": "其它分系统] end C --> D[弹药总装生产或研发单位
（一级配套单位）] end subgraph 企事业单位 E[兵器集团下属企业、航天电子、长盈通、中航六一八所、北京自动化控制设备研究所、保定开拓精密仪器制造有限责任公司等] F[兵器集团下属企业、理工导航、晨曦航空、星网宇达、航天电子、中航六一八所等] G[兵器集团及其下属单位
东兴证券股份有限公司证券研究报告 ### 事件： 2025 年 3 月 22 日，火炬电子发布 202", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-火炬电子-603678-sh-产业拐点将至-员工持股计划业绩目标彰显信心-69ae1c892cd7.md#chunk:463771787617", "sources/stock-research-report-电容销售逆势增长-特种高性能新材料空间广阔-1b79fcf832b2.md#chunk:8f012cc58807", "sources/stock-research-report-火炬电子-603678-sh-行业景气度逐步改善-三大业务持续向好-752014ec5cae.md#chunk:d114ea7d0b4a", "sources/stock-research-report-火炬电子-603678-e51bb5f736bd.md#chunk:c94222e76649", "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63f88d94e8dc.md#chunk:99ef0a27a8d5", "sources/stock-research-report-火炬电子-603678-sh-行业景气度逐步改善-三大业务持续向好-81a6b52909b7.md#chunk:8a42c601a6a7", "sources/stock-research-report-火炬电子-603678-b9bbbc31466e.md#chunk:adc425992836", "sources/stock-research-report-证券研究报告-公司研究-公司点评-9f3094998ec2.md#chunk:1d83c7f4a214", "sources/stock-research-report-火炬电子-603678-4ebf2b2e79b1.md#chunk:0a9f2e401f09", "sources/stock-research-report-国防军工-b797e3309d85.md#chunk:62a936d3987f" ] }, { "edge_id": "32d1415522c4", "from": "company:火炬电子", "to": "topic:业绩增长", "other": "topic:业绩增长", "other_name": "业绩增长", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "火炬电子 研报中反复涉及 业绩增长。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-b797e3309d85.md#chunk:6a92f33060b5" ] }, { "edge_id": "2696ba78b643", "from": "company:火炬电子", "to": "topic:净利润", "other": "topic:净利润", "other_name": "净利润", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "火炬电子 研报中反复涉及 净利润。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-b797e3309d85.md#chunk:6a92f33060b5" ] }, { "edge_id": "367ac19251e6", "from": "company:火炬电子", "to": "topic:国防军工", "other": "topic:国防军工", "other_name": "国防军工", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "火炬电子 研报中反复涉及 国防军工。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-b797e3309d85.md#chunk:6a92f33060b5" ] }, { "edge_id": "eeaab4d4ac6c", "from": "company:火炬电子", "to": "topic:新材料", "other": "topic:新材料", "other_name": "新材料", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "火炬电子 研报中反复涉及 新材料。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-b797e3309d85.md#chunk:6a92f33060b5" ] }, { "edge_id": "817b56cf3aef", "from": "company:火炬电子", "to": "topic:电子元器件", "other": "topic:电子元器件", "other_name": "电子元器件", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "火炬电子 研报中反复涉及 电子元器件。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-b797e3309d85.md#chunk:6a92f33060b5" ] }, { "edge_id": "7e8ee8e4ab96", "from": "company:火炬电子", "to": "topic:证券", "other": "topic:证券", "other_name": "证券", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "火炬电子 研报中反复涉及 证券。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-b797e3309d85.md#chunk:6a92f33060b5" ] }, { "edge_id": "ec83ce08ac3f", "from": "company:火炬电子", "to": "topic:陶瓷电容器", "other": "topic:陶瓷电容器", "other_name": "陶瓷电容器", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "火炬电子 研报中反复涉及 陶瓷电容器。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-b797e3309d85.md#chunk:6a92f33060b5" ] }, { "edge_id": "b0fe05ed453f", "from": "company:火炬电子", "to": "topic:风险", "other": "topic:风险", "other_name": "风险", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "火炬电子 研报中反复涉及 风险。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-b797e3309d85.md#chunk:6a92f33060b5" ] } ], "upstream_paths": [] }, { "id": "company:振华科技", "name": "振华科技", "ticker": "", "path": "companies/振华科技.md", "path_slug": "振华科技", "summary": "振华科技 的研报主线集中在 风险、估值、估值修复、规模效应：Q3单季度业绩同环比双增，叠加合同负债连续三季攀升，验证下游需求回暖与订单充足，后续业绩有望持续加速。", "degree_total": 9, "high_confidence_neighbor_count": 0, "top_relations": [ { "edge_id": "b1e76b6eb2da", "from": "company:000733", "to": "company:振华科技", "other": "company:000733", "other_name": "振华科技", "relation": "partner_of", "direction": "peer", "why_it_matters": "# 振华科技（000733.SZ）2025 年三季报点评 ## 前三季度业绩逐季增长；资产重组实现产业协同发展 2025 年 10 月 25 日 ➢ **事件**：10 月 24 日，公司发布 2025 年三季报，1~3Q25 实现营收 39.26 亿元，YOY +4.98%；归母净利润 6.23 亿元，YOY -3.31%。毛", "confidence": 0.66, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-振华科技-000733-sz-2025-年三季报点评-050f1c3d9de0.md#chunk:6336dbb6f9eb", "sources/stock-research-report-振华科技-000733-a8200142e6ad.md#chunk:24cfd190f353", "sources/stock-research-report-振华科技-000733-sz-2024-年年报及-2025-年一季报点评-7e1d52d5837b.md#chunk:2f14b603cbab", "sources/stock-research-report-振华科技-000733-sz-fd745e89d727.md#chunk:ee38a7980bf7", 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"relation": "involves_topic", "direction": "semantic", "why_it_matters": "振华科技 研报中反复涉及 估值修复。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-q3-实现同环比增长-订单充足业绩有望持续-ca955404f058.md#chunk:3802d77f376c" ] }, { "edge_id": "fe55573a5cd0", "from": "company:振华科技", "to": "topic:军工电子", "other": "topic:军工电子", "other_name": "军工电子", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "振华科技 研报中反复涉及 军工电子。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-q3-实现同环比增长-订单充足业绩有望持续-ca955404f058.md#chunk:3802d77f376c" ] }, { "edge_id": "fd0ed03f2075", "from": "company:振华科技", "to": "topic:合同负债", "other": "topic:合同负债", "other_name": "合同负债", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "振华科技 研报中反复涉及 合同负债。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-q3-实现同环比增长-订单充足业绩有望持续-ca955404f058.md#chunk:3802d77f376c" ] }, { "edge_id": "a0b34fdfd575", "from": "company:振华科技", "to": "topic:同比", "other": "topic:同比", "other_name": "同比", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "振华科技 研报中反复涉及 同比。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-q3-实现同环比增长-订单充足业绩有望持续-ca955404f058.md#chunk:3802d77f376c" ] }, { "edge_id": "2c36558f9e37", "from": "company:振华科技", "to": "topic:营收", "other": "topic:营收", "other_name": "营收", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "振华科技 研报中反复涉及 营收。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-q3-实现同环比增长-订单充足业绩有望持续-ca955404f058.md#chunk:3802d77f376c" ] }, { "edge_id": "b5ab40d6efdb", "from": "company:振华科技", "to": "topic:规模效应", "other": "topic:规模效应", "other_name": "规模效应", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "振华科技 研报中反复涉及 规模效应。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-q3-实现同环比增长-订单充足业绩有望持续-ca955404f058.md#chunk:3802d77f376c" ] }, { "edge_id": "6c55bfa1882c", "from": "company:振华科技", "to": "topic:证券", "other": "topic:证券", "other_name": "证券", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "振华科技 研报中反复涉及 证券。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-q3-实现同环比增长-订单充足业绩有望持续-ca955404f058.md#chunk:3802d77f376c" ] } ], "upstream_paths": [] }, { "id": "company:中航光电", "name": "中航光电", "ticker": "", "path": "companies/中航光电.md", "path_slug": "中航光电", "summary": "中航光电 的研报主线集中在 储能、防务军工、房地产、风险：公司依托专业互连技术优势，在防务领域巩固首选供应商地位，同时全面拓展新能源汽车、数据中心及工业装备等新兴赛道，多业务共振驱动长期成长。", "degree_total": 9, "high_confidence_neighbor_count": 0, "top_relations": [ { "edge_id": "007c911799c5", "from": "company:002179", "to": "company:中航光电", "other": "company:002179", "other_name": "中航光电", "relation": "partner_of", "direction": "peer", "why_it_matters": "# 深度研究 # 买入（维持） # 高端互连技术平台，多赛道布局打开成长空间 中航光电（002179）深度报告 ## 2026 年 3 月 31 日 ### 投资要点： **分析师：陈湛谦** SAC 执业证书编号：S0340524070002 电话：0769-22119302 邮箱：chenzhanqian@dgzq.com.cn **分析师：罗炜斌**...", "confidence": 0.44, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-深度研究-e3420e3e6c50.md#chunk:3bc5782715f8", "sources/stock-research-report-中航光电-002179-sz-2025-年三季报点评-9e872cb8c3c7.md#chunk:08e126351a16", "sources/stock-research-report-国防军工-9e4b4aaf499e.md#chunk:a152b75e641a", "sources/stock-research-report-中航光电-002179-448d59faa827.md#chunk:f8416f4ae3e3", "sources/stock-research-report-公-司-研-究-7b5cadfb6be8.md#chunk:947ae1883431", "sources/stock-research-report-中航光电-002179-sz-2025-年半年报点评-f345ecbe2202.md#chunk:67473a1481c8", "sources/stock-research-report-中航光电-002179-5fad9f344c7d.md#chunk:f63b5edf457e", "sources/stock-research-report-中航光电-002179-sz-2024-年三季报点评-2f3f0aa07a82.md#chunk:b37ba58b9e37", "sources/stock-research-report-中航光电-002179-ccc8d2641408.md#chunk:f65c9eba9187", "sources/stock-research-report-中航光电-002179-sz-2024-年年报点评-82761672eef4.md#chunk:facb88866203" ] }, { "edge_id": "475ac397d099", "from": "company:中航光电", "to": "topic:ai算力", "other": "topic:ai算力", "other_name": "AI算力", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中航光电 研报中反复涉及 AI算力。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-9e4b4aaf499e.md#chunk:3e86a1a21df2" ] }, { "edge_id": "909b631a09bd", "from": "company:中航光电", "to": "topic:互连技术", "other": "topic:互连技术", "other_name": "互连技术", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中航光电 研报中反复涉及 互连技术。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-9e4b4aaf499e.md#chunk:3e86a1a21df2" ] }, { "edge_id": "2915f1eb7955", "from": "company:中航光电", "to": "topic:净利润", "other": "topic:净利润", "other_name": "净利润", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中航光电 研报中反复涉及 净利润。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-9e4b4aaf499e.md#chunk:3e86a1a21df2" ] }, { "edge_id": "7e519afe1241", "from": "company:中航光电", "to": "topic:工业装备", "other": "topic:工业装备", "other_name": "工业装备", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中航光电 研报中反复涉及 工业装备。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-9e4b4aaf499e.md#chunk:3e86a1a21df2" ] }, { "edge_id": "b8a6fd13fe29", "from": "company:中航光电", "to": "topic:数据中心", "other": "topic:数据中心", "other_name": "数据中心", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中航光电 研报中反复涉及 数据中心。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-9e4b4aaf499e.md#chunk:3e86a1a21df2" ] }, { "edge_id": "dd26b836baf2", "from": "company:中航光电", "to": "topic:新能源汽车", "other": "topic:新能源汽车", "other_name": "新能源汽车", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中航光电 研报中反复涉及 新能源汽车。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-9e4b4aaf499e.md#chunk:3e86a1a21df2" ] }, { "edge_id": "f0c98a39296f", "from": "company:中航光电", "to": "topic:证券", "other": "topic:证券", "other_name": "证券", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中航光电 研报中反复涉及 证券。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-9e4b4aaf499e.md#chunk:3e86a1a21df2" ] }, { "edge_id": "778647a4a256", "from": "company:中航光电", "to": "topic:防务军工", "other": "topic:防务军工", "other_name": "防务军工", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "中航光电 研报中反复涉及 防务军工。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-国防军工-9e4b4aaf499e.md#chunk:3e86a1a21df2" ] } ], "upstream_paths": [] }, { "id": "company:600501", "name": "航天晨光", "ticker": "600501", "path": "companies/航天晨光-600501.md", "path_slug": "航天晨光-600501", "summary": "航天晨光（600501） 的研报主线集中在 订单增长、风险、估值、国产化替代：公司推进“智能制造+核工装备”转型，传统优势业务附加值提升，新签订单全面高增。", "degree_total": 8, "high_confidence_neighbor_count": 0, "top_relations": [ { "edge_id": "db05aee6dcd2", "from": "company:600501", "to": "topic:业绩改善", "other": "topic:业绩改善", "other_name": "业绩改善", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天晨光 研报中反复涉及 业绩改善。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天晨光-600501-sh-109e83cb7526.md#chunk:7afff0aae605" ] }, { "edge_id": "1c47df946af2", "from": "company:600501", "to": "topic:军工", "other": "topic:军工", "other_name": "军工", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天晨光 研报中反复涉及 军工。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天晨光-600501-sh-109e83cb7526.md#chunk:7afff0aae605" ] }, { "edge_id": "7c71d6000a83", "from": "company:600501", "to": "topic:净利润", "other": "topic:净利润", "other_name": "净利润", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天晨光 研报中反复涉及 净利润。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天晨光-600501-sh-109e83cb7526.md#chunk:7afff0aae605" ] }, { "edge_id": "ca7a1ee6b48d", "from": "company:600501", "to": "topic:国产化替代", "other": "topic:国产化替代", "other_name": "国产化替代", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天晨光 研报中反复涉及 国产化替代。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天晨光-600501-sh-109e83cb7526.md#chunk:7afff0aae605" ] }, { "edge_id": "8f88767cf605", "from": "company:600501", "to": "topic:智能制造", "other": "topic:智能制造", "other_name": "智能制造", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天晨光 研报中反复涉及 智能制造。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天晨光-600501-sh-109e83cb7526.md#chunk:7afff0aae605" ] }, { "edge_id": "a6278c28c8fb", "from": "company:600501", "to": "topic:核工装备", "other": "topic:核工装备", "other_name": "核工装备", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天晨光 研报中反复涉及 核工装备。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天晨光-600501-sh-109e83cb7526.md#chunk:7afff0aae605" ] }, { "edge_id": "d04677871118", "from": "company:600501", "to": "topic:订单增长", "other": "topic:订单增长", "other_name": "订单增长", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天晨光 研报中反复涉及 订单增长。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天晨光-600501-sh-109e83cb7526.md#chunk:7afff0aae605" ] }, { "edge_id": "bbc12439935e", "from": "company:600501", "to": "topic:证券", "other": "topic:证券", "other_name": "证券", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "航天晨光 研报中反复涉及 证券。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-航天晨光-600501-sh-109e83cb7526.md#chunk:7afff0aae605" ] } ], "upstream_paths": [] }, { "id": "company:300726", "name": "宏达电子", "ticker": "300726", "path": "companies/宏达电子-300726.md", "path_slug": "宏达电子-300726", "summary": "宏达电子（300726） 的研报主线集中在 风险、航空、航天、金融：公司作为国内高可靠钽电容器龙头，技术积累深厚，将直接受益于武器装备信息化与智能化迭代带来的高可靠性元器件需求提升。", "degree_total": 8, "high_confidence_neighbor_count": 0, "top_relations": [ { "edge_id": "2c9c2f452777", "from": "company:300726", "to": "topic:业绩点评", "other": "topic:业绩点评", "other_name": "业绩点评", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "宏达电子 研报中反复涉及 业绩点评。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-bfcb19401490.md#chunk:488a5e6345a9" ] }, { "edge_id": "68796145d68b", "from": "company:300726", "to": "topic:军工", "other": "topic:军工", "other_name": "军工", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "宏达电子 研报中反复涉及 军工。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-bfcb19401490.md#chunk:488a5e6345a9" ] }, { "edge_id": "ad233b6d9d58", "from": "company:300726", "to": "topic:军工电子", "other": "topic:军工电子", "other_name": "军工电子", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "宏达电子 研报中反复涉及 军工电子。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-bfcb19401490.md#chunk:488a5e6345a9" ] }, { "edge_id": "cb6c4a561b56", "from": "company:300726", "to": "topic:净利润", "other": "topic:净利润", "other_name": "净利润", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "宏达电子 研报中反复涉及 净利润。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-bfcb19401490.md#chunk:488a5e6345a9" ] }, { "edge_id": "874fedd1d3b2", "from": "company:300726", "to": "topic:微电路模块", "other": "topic:微电路模块", "other_name": "微电路模块", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "宏达电子 研报中反复涉及 微电路模块。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-bfcb19401490.md#chunk:488a5e6345a9" ] }, { "edge_id": "330f4685b143", "from": "company:300726", "to": "topic:证券", "other": "topic:证券", "other_name": "证券", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "宏达电子 研报中反复涉及 证券。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-bfcb19401490.md#chunk:488a5e6345a9" ] }, { "edge_id": "3bd66638f184", "from": "company:300726", "to": "topic:钽电容器", "other": "topic:钽电容器", "other_name": "钽电容器", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "宏达电子 研报中反复涉及 钽电容器。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-bfcb19401490.md#chunk:488a5e6345a9" ] }, { "edge_id": "8788aa058e1d", "from": "company:300726", "to": "topic:需求复苏", "other": "topic:需求复苏", "other_name": "需求复苏", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "宏达电子 研报中反复涉及 需求复苏。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-bfcb19401490.md#chunk:488a5e6345a9" ] } ], "upstream_paths": [] }, { "id": "company:600897", "name": "厦门空港", "ticker": "600897", "path": "companies/厦门空港-600897.md", "path_slug": "厦门空港-600897", "summary": "厦门空港（600897） 的研报主线集中在 房地产、风险、股东回报、航空：公司当前业务量与利润均呈增长势头，且2025年4月披露的股东回报规划已覆盖新旧机场过渡期，市场信心充足，看好未来新旧资产的融合式发展。", "degree_total": 8, "high_confidence_neighbor_count": 0, "top_relations": [ { "edge_id": "5e07b3ebb2ef", "from": "company:600897", "to": "topic:业绩增长", "other": "topic:业绩增长", "other_name": "业绩增长", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "厦门空港 研报中反复涉及 业绩增长。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2025-年-08-月-15-日-9687db2b867c.md#chunk:d11d635681ec" ] }, { "edge_id": "b0258b08464b", "from": "company:600897", "to": "topic:同比", "other": "topic:同比", "other_name": "同比", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "厦门空港 研报中反复涉及 同比。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2025-年-08-月-15-日-9687db2b867c.md#chunk:d11d635681ec" ] }, { "edge_id": "89cba6d02fc9", "from": "company:600897", "to": "topic:新旧机场搬迁", "other": "topic:新旧机场搬迁", "other_name": "新旧机场搬迁", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "厦门空港 研报中反复涉及 新旧机场搬迁。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2025-年-08-月-15-日-9687db2b867c.md#chunk:d11d635681ec" ] }, { "edge_id": "2e25981c9dec", "from": "company:600897", "to": "topic:机场运营", "other": "topic:机场运营", "other_name": "机场运营", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "厦门空港 研报中反复涉及 机场运营。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2025-年-08-月-15-日-9687db2b867c.md#chunk:d11d635681ec" ] }, { "edge_id": "e4a1d8afb262", "from": "company:600897", "to": "topic:股东回报", "other": "topic:股东回报", "other_name": "股东回报", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "厦门空港 研报中反复涉及 股东回报。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2025-年-08-月-15-日-9687db2b867c.md#chunk:d11d635681ec" ] }, { "edge_id": "d4cb84f356be", "from": "company:600897", "to": "topic:航空", "other": "topic:航空", "other_name": "航空", "relation": "involves_topic", "direction": "semantic", "why_it_matters": "厦门空港 研报中反复涉及 航空。", "confidence": 0.62, "needs_review": true, "evidence_refs": [ "sources/stock-research-report-2025-年-08-月-15-日-9687db2b867c.md#chunk:d11d635681ec" ] }, { 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