Research Report Goldmine | Shenwan Hongyuan Research: First assigns a "Buy" rating to Electric Science Blue Sky, with constellation networking accelerating to drive high performance

Gelonghui, February 26 — Shenwan Hongyuan Research points out that Electric Science and Technology Lantian is a supplier of advanced electrical energy system solutions and core products in China. Its predecessor was the private company Lantian Power, which was later transformed into a core platform for electric energy business under China Electronics Group through asset injection. The company’s business covers three major sectors: aerospace, special, and new energy, with aerospace power being the core main business. In recent years, the gross profit margin has remained above 65%. Its specific products include space solar cell arrays, space lithium-ion battery packs, power control equipment, and power systems. By 2025, the increasing demand for aerospace power is expected to drive revenue growth back to positive. Considering that the company’s satellite payload products are still in the early stages of volume expansion, the acceleration of constellation networking is likely to significantly enhance the company’s product scale effects, with considerable room for profit improvement. Additionally, the company’s further expansion of aerospace power capacity through fundraising is expected to accelerate performance recovery. Since aerospace power is a key contributor to the company’s performance, comparable companies in the aerospace sector include China Satellite, Sreer New Materials, Qianzhao Optoelectronics, Guobo Electronics, Aerospace Electrical Appliances, Aerospace Electronics, Tianao Electronics, and New Le Energy. The average PEG for these comparable companies in 2026 is 3.3, while the company’s 2026 PEG is 3.1, below the average. Given the continuous enrichment of satellite payload applications and the rapid volume growth potential of aerospace power business, this is the first coverage, and a “Buy” rating is assigned.