688818.SH · A-shares
688818.SH CETC Lantian: space & specialty power on STAR
CETC Lantian CETC STAR IPO 2026; space/specialty power. Thin float, theme-heavy pricing, short history.
Cite a section with a deep link, e.g. /en/r/cetc-lantian-688818-research#thesis
Snapshot
- Price (~)
- CNY 43.91
- Market cap (~)
- CNY 76.3B
- Revenue (latest FY/cum)
- CNY 3.3B
- Latest NI (attr.)
- CNY 71.8M
As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)
Thesis
CETC Lantian CETC STAR IPO 2026; space/specialty power. Thin float, theme-heavy pricing, short history. Price ~¥43.91, mkt ~¥763B; PE-TTM N/A.
Business
Model: space power, specialty power, some energy apps. Edge: CETC mission access. Strategy: commercial space & storage amid competition.
Value chain
Power mid-stack; upstream cells/components; downstream space/defense. Risks: cycle; Li prices; lock-up.
Corporate events
Events
| Date | Event | Detail | Note |
|---|---|---|---|
| 2026-02-10 | 科创板上市 | 688818 | 新股序列短 |
Valuation
New listing/thin float; multiples extreme — focus on orders/revenue quality.
Valuation snapshot
| Metric | Value | Note |
|---|---|---|
| 现价 | 43.91 | 东方财富行情 |
| 总市值 | 762.68 亿 | f116 |
| PE-TTM | N/A（亏损或不可用） | 亏损则为 null |
| PB | 13.86x | 行情字段 |
Valuation · ~3y QE
Interactive chart available in the reader.
Price · ~3y QE
Interactive chart available in the reader.
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.
Gross margin · reported
Interactive chart available in the reader.
Quarterly NI · 8Q
Interactive chart available in the reader.
Financial health
| Item | Value | Note |
|---|---|---|
| 经营现金流（约，每股×股本） | -5.57 亿 | MGJYXJJE×股本估算，非审计 |
| 资产负债率 | 38.9% | 最新报告期 |
| ROE（加权） | 1.81% | 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 |
Operations
Volume: space/specialty orders; price: custom ASP; cost: R&D/cells.
Operating snapshot
| Item | Value | YoY/note | Note |
|---|---|---|---|
| 最新报告期 | 2026-Q2 | — | 东方财富 MAINFINADATA |
| 单季营收 | 10.03 亿 | 见收入图 YoY | 累计拆单季 |
| 单季归母净利 | 0.57 亿 | 见利润图 | 累计拆单季 |
| 毛利率（报告期披露） | 23.0% | — | 销售毛利率字段 |
| 赛道 | 军工电子 | — | 申万国防军工二级语境 |
Competition
Defense market share is usually undisclosed; share charts use nulls.
Peers
| Name | Role | Note | Strength | Weakness |
|---|---|---|---|---|
| 电科蓝天 | 电源 | 新 | 宇航电源 | 序列短 |
| 国博电子 | T/R | 中 | 相控阵 | 订单周期 |
| 航天电子 | 航天电子 | 中 | 测控 | 波动 |
Management
Management / control
| Role | Name | Since | 24m change |
|---|---|---|---|
| 实控人 | 中国电科 | 上市时 | 央企 |
| 经营层 | 以招股书/年报为准 | 持续 | — |
Stability: CETC-controlled; early-listing governance per prospectus.
Outlook
Watch post-IPO prints, backlog, GM, unlocks.
Scenarios
| Scenario | Condition | Implication |
|---|---|---|
| Bull | Orders/deliveries beat | Earnings + multiple |
| Base | Steady production | Hold/watch recognition |
| Bear | Destock/budget slip | Theme + earnings drawdown |
Risks
Missed prints; competition; froth; liquidity.
Tracking
- Quarterly revenue/NI YoY and contract liabilities
- Gross margin, inventory, receivables
- OCF vs CapEx
- Material reorg/program disclosures
- Defense index relative performance / crowding
References
- CNINFO — https://www.cninfo.com.cn/new/disclosure/stock?stockCode=688818
- Eastmoney quotes & MAINFINADATA
- Other: http://static.cninfo.com.cn/finalpage/2026-02-09/1224972091.PDF
Not investment advice.
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