【中航证券】商业航天产业11月月报：2025年三季度财报综述&商业航天发射年底展望-251110（39页）.pdf

1、 2 010-59219558 010-59562637 1 -30%-20%-10%0%10%20%30%24-1125-0125-0425-0625-0825-11300 1 5 2 /6G 15%+”30%.1 1 -60%-60%-30%-30%0%0%30%30%60%60%90%90%300300 2 2 3 3 4 4 5 5 6 6 2.05%2.05%15.26%15.26%-16.51%16.51%-25.06%25.06%85.28%85.28%-50%-50%0%0%50%50%100%100%(15)(15)5 52525454565658585-33.68%33.6

2、8%21.66%21.66%-44.77%44.77%-82.28%82.28%200.48%200.48%-100%-100%0%0%100%100%200%200%300%300%0 01 12 23 330.65%30.65%-26.93%26.93%-6.21%6.21%19.18%19.18%1.55%1.55%-40%-40%-20%-20%0%0%20%20%40%40%0 05 510101515202025253030130.71%130.71%-5.06%5.06%-7.19%7.19%9.42%9.42%0.05%0.05%-50%-50%0%0%50%50%100%10

3、0%150%150%0 05 510101515+7 7 8 8 9 9 10 10 -2.81%2.81%3.76%3.76%-4.30%4.30%-2.85%2.85%5.35%5.35%-5%-5%0%0%5%5%10%10%0 010102020303017.09%17.09%61.24%61.24%-62.21%62.21%30.31%30.31%-40.58%40.58%-100%-100%-50%-50%0%0%50%50%100%100%0 02 24 46 68 81010-32.65%32.65%95.89%95.89%79.48%79.48%-45.16%45.16%32

4、9.15%329.15%-200%-200%0%0%200%200%400%400%0.00.00.10.10.20.20.30.30.40.428.86%28.86%-25.41%25.41%-18.84%18.84%4.10%4.10%5.25%5.25%-40%-40%-20%-20%0%0%20%20%40%40%0 05 5101015152020+11 11 12 12 13 13 14 14 29.09%29.09%17.36%17.36%20.15%20.15%18.57%18.57%16.00%16.00%0%0%10%10%20%20%30%30%40%40%0 01010

5、20203030404043.68%43.68%22.87%22.87%23.52%23.52%12.10%12.10%23.05%23.05%0%0%10%10%20%20%30%30%40%40%50%50%0 02 24 46 655.19%55.19%20.77%20.77%5.48%5.48%-4.41%4.41%0.10%0.10%-20%-20%0%0%20%20%40%40%60%60%0 02 24 46 68 8115.37%115.37%43.08%43.08%-19.13%19.13%80.33%80.33%98.34%98.34%-50%-50%0%0%50%50%1

6、00%100%150%150%0 01 12 23 34 45 5+15 15 16 16 17 17 18 18 43.55%48.03%51.62%59.54%29.49%10.02%0%20%40%60%80%01020304043.31%43.31%49.41%49.41%10.20%10.20%41.10%41.10%2.67%2.67%0.54%0.54%0%0%20%20%40%40%60%60%0 01 12 23 34 458.95%58.95%68.52%68.52%132.48%132.48%0.55%0.55%77.88%77.8