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600118.SH · A-shares

600118.SH China Spacesat: smallsat manufacturing & apps

China Spacesat CAST-5 smallsat mfg/apps; commercial-space narrative often leads earnings.

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Snapshot

Price (~)
CNY 57.62
Market cap (~)
CNY 68.1B
Revenue (latest FY/cum)
CNY 6.1B
Latest NI (attr.)
CNY 34.6M
As of 2026-09-25

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

China Spacesat CAST-5 smallsat mfg/apps; commercial-space narrative often leads earnings. Price ~¥57.62, mkt ~¥681B; PE-TTM N/A.

Business

Model: satellite design/manufacture & ground apps. Flagships: smallsats. Edge: CAST-5. Strategy: constellations/commercial orders.

Value chain

Sat mfg mid-stack; upstream electronics/structures; downstream operators. Risks: launch slots; orders; receivables.

Corporate events

Events

Events
DateEventDetailNote
持续小卫星平台制造+应用航天主题核心
As of 2026-09-25

Valuation

Theme-rich; PE noisy when thin profits — watch orders/revenue.

Valuation snapshot

Valuation snapshot
MetricValueNote
现价57.62东方财富行情
总市值681.35 亿f116
PE-TTMN/A（亏损或不可用）亏损则为 null
PB10.64x行情字段
As of 2026-09-25

Valuation · ~3y QE

Interactive chart available in the reader.

QE close×shares/TTM NI; div yield null without source · As of 2026-09-25

Price · ~3y QE

Interactive chart available in the reader.

Eastmoney monthly K aligned to quarter-end · As of 2026-09-25

Financial trends (~24m)

Single-quarter revenue/NI from Eastmoney cumulative filings via differencing; gross margin is reported period GM. Null when missing.

Quarterly revenue · 8Q

Interactive chart available in the reader.

Eastmoney cumulative revenue differenced; null when missing · As of 2026-09-25

Gross margin · reported

Interactive chart available in the reader.

Eastmoney reported GM (period) · As of 2026-09-25

Quarterly NI · 8Q

Interactive chart available in the reader.

Eastmoney cumulative NI differenced; PE null if TTM≤0 · As of 2026-09-25

Financial health

Financial health
ItemValueNote
经营现金流（约，每股×股本）-2.81 亿MGJYXJJE×股本估算，非审计
资产负债率41.2%最新报告期
ROE（加权）0.54%报告期
审计/持续经营以最新年报审计意见为准未在本包重审
As of 2026-09-25

Operations

Volume: satellite deliveries; price: contract ASP; cost: R&D/outsourcing.

Operating snapshot

Operating snapshot
ItemValueYoY/noteNote
最新报告期2026-Q2—东方财富 MAINFINADATA
单季营收12.76 亿见收入图 YoY累计拆单季
单季归母净利0.77 亿见利润图累计拆单季
毛利率（报告期披露）18.8%—销售毛利率字段
赛道航天装备—申万国防军工二级语境
As of 2026-09-25

Competition

Defense market share is usually undisclosed; share charts use nulls.

Market share

Interactive chart available in the reader.

Usually undisclosed for defense — nulls · As of 2026-09-25

Peer share

Interactive chart available in the reader.

Null without named source · As of 2026-09-25

Peers

Peers
NameRoleNoteStrengthWeakness
中国卫星制造中五院利润波动
中国卫通运营中空间段不同环节
航天电子电子中测控配套
As of 2026-09-25

Management

Management / control

Management / control
RoleNameSince24m change
控股股东航天科技集团体系持续央企
经营层以最新年报披露为准持续—
As of 2026-09-25

Stability: CASC / CAST-5 system.

Outlook

Watch deliveries, GM, contract liabilities, OCF.

Scenarios

Scenario Condition Implication
Bull Orders/deliveries beat Earnings + multiple
Base Steady production Hold/watch recognition
Bear Destock/budget slip Theme + earnings drawdown

Risks

Orders; commercial competition; valuation; collections.

Tracking

  1. Quarterly revenue/NI YoY and contract liabilities
  2. Gross margin, inventory, receivables
  3. OCF vs CapEx
  4. Material reorg/program disclosures
  5. Defense index relative performance / crowding

References

  1. CNINFO — https://www.cninfo.com.cn/new/disclosure/stock?stockCode=600118
  2. Eastmoney quotes & MAINFINADATA
  3. Other: IR

Not investment advice.

Disclaimer: For research information only. Not investment advice or a recommendation to buy or sell.

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