{"edge_id":"a25319d35587","from":"company:000768","from_name":"中航西飞","to":"company:000738","to_name":"航发控制","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-增持-首次覆盖-d12cf1eeb2cc.md","chunk_id":"chunk:28ede6768a3b","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000768","target":"company:000738","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"ebddbb60bf6f","from":"company:000768","from_name":"中航西飞","to":"company:302132","to_name":"中航成飞","relation":"supplier_to","direction":"supply_chain","summary":".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,"evidence":[{"source_path":"sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md","chunk_id":"chunk:54510744b741","chunk_index":0,"quote_summary":".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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000768","target":"company:302132","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"9de06007d771","from":"company:000768","from_name":"中航西飞","to":"company:600115","to_name":"中国东航","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-增持-首次覆盖-d12cf1eeb2cc.md","chunk_id":"chunk:28ede6768a3b","chunk_index":0,"quote_summary":"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）..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000768","target":"company:600115","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"cc90513f4157","from":"company:000768","from_name":"中航西飞","to":"company:600760","to_name":"中航沈飞","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md","chunk_id":"chunk:54510744b741","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000768","target":"company:600760","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"6698363a8ae7","from":"company:000768","from_name":"中航西飞","to":"company:600893","to_name":"航发动力","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md","chunk_id":"chunk:54510744b741","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000768","target":"company:600893","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"3a65012384b8","from":"company:002023","from_name":"海特高新","to":"company:300719","to_name":"安达维尔","relation":"supplier_to","direction":"supply_chain","summary":"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。随着防空工业、航空航天、低空经...","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-年-04-月-16-日-公司研究-证券研究报告-0942a568568f.md","chunk_id":"chunk:1ddae639801d","chunk_index":8,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","normalized_from_relation":"downstream_of","source":"company:002023","target":"company:300719","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"3d4b57cc4ff0","from":"company:002465","from_name":"海格通信","to":"company:603712","to_name":"七一二","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-海格通信-002465-cdce98b45cf2.md","chunk_id":"chunk:246046ae42d0","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002465","target":"company:603712","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"584bb41946cc","from":"company:002928","from_name":"华夏航空","to":"company:600029","to_name":"南方航空","relation":"supplier_to","direction":"supply_chain","summary":"..........................................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,"evidence":[{"source_path":"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_id":"chunk:0f04798e571f","chunk_index":6,"quote_summary":"..........................................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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002928","target":"company:600029","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"a63978d1f83d","from":"company:002928","from_name":"华夏航空","to":"company:南方航空","to_name":"南方航空","relation":"supplier_to","direction":"supply_chain","summary":"..........................................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,"evidence":[{"source_path":"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_id":"chunk:0f04798e571f","chunk_index":6,"quote_summary":"..........................................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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002928","target":"company:南方航空","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"25e33ebae4a0","from":"company:003009","from_name":"中天火箭","to":"company:600435","to_name":"北方导航","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md","chunk_id":"chunk:c59aa9ec655a","chunk_index":0,"quote_summary":"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：..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:003009","target":"company:600435","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"54b94965e248","from":"company:003009","from_name":"中天火箭","to":"company:688543","to_name":"国科军工","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md","chunk_id":"chunk:c59aa9ec655a","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:003009","target":"company:688543","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"6a25bbee113e","from":"company:300474","from_name":"景嘉微","to":"company:300719","to_name":"安达维尔","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-2024-年-04-月-16-日-公司研究-证券研究报告-0942a568568f.md","chunk_id":"chunk:1ddae639801d","chunk_index":8,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","normalized_from_relation":"downstream_of","source":"company:300474","target":"company:300719","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"4257f974297b","from":"company:300855","from_name":"图南股份","to":"company:300034","to_name":"钢研高纳","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-6df53779ac7a.md","chunk_id":"chunk:5800de03c4c0","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","normalized_from_relation":"customer_of","source":"company:300855","target":"company:300034","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"d96244e59dd2","from":"company:300900","from_name":"广联航空","to":"company:688287","to_name":"观典防务","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-观典防务-688287-7fa3823c7bbe.md","chunk_id":"chunk:57cc673a16fd","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","normalized_from_relation":"downstream_of","source":"company:300900","target":"company:688287","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"debd960bd8ac","from":"company:300900","from_name":"广联航空","to":"company:证-券-研-究-报-告","to_name":"证 券 研 究 报 告","relation":"supplier_to","direction":"supply_chain","summary":"年三季度报告，2024 年 1-9 月实现营业收入 6.63 亿元，较上年同期增长 21.65%；归属于上市公司股东的净利润 0.51 亿元，较上年同期下降 46.52%；基本每股收益 0.21 元，较上年同期下降 54.35%。 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 ■ 股票数据 * **总股本/流通(亿股)**: 2.97...","confidence":0.68,"evidence":[{"source_path":"sources/stock-research-report-2024-11-11-1ed3568e22f0.md","chunk_id":"chunk:e6a0be03c3dc","chunk_index":2,"quote_summary":"年三季度报告，2024 年 1-9 月实现营业收入 6.63 亿元，较上年同期增长 21.65%；归属于上市公司股东的净利润 0.51 亿元，较上年同期下降 46.52%；基本每股收益 0.21 元，较上年同期下降 54.35%。 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 ■ 股票数据 * ..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300900","target":"company:证-券-研-究-报-告","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"4c813640223a","from":"company:302132","from_name":"中航成飞","to":"company:000768","to_name":"中航西飞","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md","chunk_id":"chunk:448b03207028","chunk_index":0,"quote_summary":"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 | | |..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:302132","target":"company:000768","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"91393d91febf","from":"company:302132","from_name":"中航成飞","to":"company:600316","to_name":"洪都航空","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md","chunk_id":"chunk:448b03207028","chunk_index":0,"quote_summary":"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 | | ..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:302132","target":"company:600316","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"1276ebbec134","from":"company:302132","from_name":"中航成飞","to":"company:688297","to_name":"中无人机","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md","chunk_id":"chunk:448b03207028","chunk_index":0,"quote_summary":"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 | | #..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:302132","target":"company:688297","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"01991b53fa47","from":"company:600118","from_name":"中国卫星","to":"company:中国卫星","to_name":"中国卫星","relation":"supplier_to","direction":"supply_chain","summary":"# 中国卫星（600118.SH）2023 年年报点评 # 采购计划调整影响业绩；重视产品技术研发 2024 年 04 月 18 日 **谨慎推荐** **维持评级** **当前价格：** **24.16 元** * **事件：** 公司 2024 年 04 月 17 日发布了 2023 年年报，全年实现营收 68.8 亿元","confidence":0.68,"evidence":[{"source_path":"sources/stock-research-report-中国卫星-600118-sh-2023-年年报点评-945fb840df32.md","chunk_id":"chunk:32476ad18eb7","chunk_index":0,"quote_summary":"# 中国卫星（600118.SH）2023 年年报点评 # 采购计划调整影响业绩；重视产品技术研发 2024 年 04 月 18 日 **谨慎推荐** **维持评级** **当前价格：** **24.16 元** * **事件：** 公司 2024 年 04 月 17 日发布了 2023 年年报，全年实现营收 68...."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600118","target":"company:中国卫星","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"6472206a0034","from":"company:600150","from_name":"中国船舶","to":"company:688011","to_name":"新光光电","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-donghai-securities-d3cb3f6bdead.md","chunk_id":"chunk:7bdfc22a308f","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","normalized_from_relation":"customer_of","source":"company:600150","target":"company:688011","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"c6cc7532d4f6","from":"company:600271","from_name":"航天信息","to":"company:600029","to_name":"南方航空","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"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_id":"chunk:0062a186e129","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600271","target":"company:600029","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"b515adcbe2e8","from":"company:600271","from_name":"航天信息","to":"company:688562","to_name":"航天软件","relation":"supplier_to","direction":"supply_chain","summary":"、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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-c91b2144ca9f.md","chunk_id":"chunk:54a67cd07b90","chunk_index":0,"quote_summary":"、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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","normalized_from_relation":"customer_of","source":"company:600271","target":"company:688562","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"0b4a27219369","from":"company:600271","from_name":"航天信息","to":"company:南方航空","to_name":"南方航空","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"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_id":"chunk:0062a186e129","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600271","target":"company:南方航空","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"4d5037c64b2f","from":"company:600435","from_name":"北方导航","to":"company:600879","to_name":"航天电子","relation":"supplier_to","direction":"supply_chain","summary":"--> C subgraph C[控制仓<br/>（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<br/>（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,"evidence":[{"source_path":"sources/stock-research-report-2025-年-11-月-18-日-216252507999.md","chunk_id":"chunk:de6e176db17a","chunk_index":0,"quote_summary":"--> C subgraph C[控制仓<br/>（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<br/>（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、..."},{"source_path":"sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md","chunk_id":"chunk:a262e875cac8","chunk_index":0,"quote_summary":"部生产厂商，形成了平台式惯性导航、激光惯性导航、光纤惯性导航系列化的元器件及系统生产能力，主要应用在航天及制导武器领域。国内具备惯性传感器制造能力的企业主要有航天电子、航天三十三所、赛微电子等；具备惯导系统制造能力的企业主要有航天电子、航天三十三所、赛微电子、晨曦航空和星网宇达、北方导航、西安现代控制技术研究所、兵器..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600435","target":"company:600879","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":2,"normalized_from_relation":"customer_of"}
{"edge_id":"8001e527f700","from":"company:600435","from_name":"北方导航","to":"company:688282","to_name":"理工导航","relation":"supplier_to","direction":"supply_chain","summary":"其它分系统] end C --> D[弹药总装生产或研发单位<br/>（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<br/...","confidence":0.68,"evidence":[{"source_path":"sources/stock-research-report-2025-年-11-月-18-日-216252507999.md","chunk_id":"chunk:de6e176db17a","chunk_index":0,"quote_summary":"其它分系统] end C --> D[弹药总装生产或研发单位<br/>（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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600435","target":"company:688282","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"49b15565bb54","from":"company:600482","from_name":"中国动力","to":"company:600072","to_name":"中船科技","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md","chunk_id":"chunk:6c12c8547ee2","chunk_index":0,"quote_summary":"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[..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600482","target":"company:600072","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"202f5be4eded","from":"company:600685","from_name":"中船防务","to":"company:600150","to_name":"中国船舶","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"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_id":"chunk:55405b0da26f","chunk_index":7,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600685","target":"company:600150","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"1ca377d3d82c","from":"company:600685","from_name":"中船防务","to":"company:中国船舶","to_name":"中国船舶","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"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_id":"chunk:55405b0da26f","chunk_index":7,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600685","target":"company:中国船舶","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"694f26fd94cb","from":"company:600765","from_name":"中航重机","to":"company:601606","to_name":"长城军工","relation":"supplier_to","direction":"supply_chain","summary":"--------- | --------------- | | 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,"evidence":[{"source_path":"sources/stock-research-report-hengtaisecurities-e2fc888c7acf.md","chunk_id":"chunk:2c4817b40ef1","chunk_index":7,"quote_summary":"--------- | --------------- | | 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 ..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","normalized_from_relation":"customer_of","source":"company:600765","target":"company:601606","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"7bdc1a18db53","from":"company:600879","from_name":"航天电子","to":"company:002389","to_name":"航天彩虹","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md","chunk_id":"chunk:a262e875cac8","chunk_index":0,"quote_summary":"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，202..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600879","target":"company:002389","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"c0fe27667cc9","from":"company:600893","from_name":"航发动力","to":"company:000738","to_name":"航发控制","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md","chunk_id":"chunk:ec7db31693fb","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600893","target":"company:000738","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"102b0c1a2ce7","from":"company:600893","from_name":"航发动力","to":"company:000768","to_name":"中航西飞","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md","chunk_id":"chunk:ec7db31693fb","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600893","target":"company:000768","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"284b3b60bf8d","from":"company:600893","from_name":"航发动力","to":"company:600391","to_name":"航发科技","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md","chunk_id":"chunk:ec7db31693fb","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600893","target":"company:600391","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"29b2d3332a3c","from":"company:600893","from_name":"航发动力","to":"company:600760","to_name":"中航沈飞","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md","chunk_id":"chunk:ec7db31693fb","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600893","target":"company:600760","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"538d96afa66f","from":"company:600893","from_name":"航发动力","to":"company:688563","to_name":"航材股份","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md","chunk_id":"chunk:1dc86bbdad25","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","normalized_from_relation":"customer_of","source":"company:600893","target":"company:688563","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"68117557c0a5","from":"company:601606","from_name":"长城军工","to":"company:600184","to_name":"光电股份","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"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_id":"chunk:96a7d7319cbc","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601606","target":"company:600184","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"b23362520363","from":"company:601606","from_name":"长城军工","to":"company:600435","to_name":"北方导航","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"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_id":"chunk:96a7d7319cbc","chunk_index":0,"quote_summary":"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 ..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601606","target":"company:600435","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"04ca454daf02","from":"company:603308","from_name":"应流股份","to":"company:000777","to_name":"中核科技","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md","chunk_id":"chunk:5adcbf757c2a","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603308","target":"company:000777","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"538f057c0b1e","from":"company:603712","from_name":"七一二","to":"company:七一二","to_name":"七一二","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中航证券研究所-ecc40b489ef4.md","chunk_id":"chunk:781d49c63e58","chunk_index":0,"quote_summary":"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 ..."},{"source_path":"sources/stock-research-report-七一二-603712-f2c864cb8185.md","chunk_id":"chunk:40bb7fc58c0b","chunk_index":0,"quote_summary":"# 七一二（603712） 公司研究/公司点评 # 营收利润稳定增长，专网无线通信领域核心供应商 ## 投资评级：买入（首次） **报告日期：** 2022-11-01 | 收盘价（元） | 38.90 | | --------------- | ----------- | | 近 12 个月最高/最低（元） | 4..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603712","target":"company:七一二","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":2}
{"edge_id":"9b60de5d5d03","from":"company:688011","from_name":"新光光电","to":"company:600150","to_name":"中国船舶","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中航证券金融研究所-f00e0a20874f.md","chunk_id":"chunk:32b29603f9d1","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688011","target":"company:600150","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"6f1551708be3","from":"company:688011","from_name":"新光光电","to":"company:中国船舶","to_name":"中国船舶","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中航证券金融研究所-f00e0a20874f.md","chunk_id":"chunk:32b29603f9d1","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688011","target":"company:中国船舶","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"f7cd3c278aa2","from":"company:688011","from_name":"新光光电","to":"company:哈尔滨新光光电科技","to_name":"哈尔滨新光光电科技","relation":"supplier_to","direction":"supply_chain","summary":"航证券可发出其它与本报告所载资料不一致及有不同结论的报告。本报告在不同时期可有不同见解及分析方法。为免生疑，本报告所载的观点并不代表中航证券及关联公司的观点。 # 一、 聚焦高端军用光电设备，公司业绩稳定增长 ## 1.1 参与多项重点武器装备研制，公司成为合格军品供应商 哈尔滨新光光电科技股份有限公司（以下简称公司）成立于 2007 年，是一家专注于光学...","confidence":0.68,"evidence":[{"source_path":"sources/stock-research-report-中航证券金融研究所-f00e0a20874f.md","chunk_id":"chunk:32b29603f9d1","chunk_index":0,"quote_summary":"航证券可发出其它与本报告所载资料不一致及有不同结论的报告。本报告在不同时期可有不同见解及分析方法。为免生疑，本报告所载的观点并不代表中航证券及关联公司的观点。 # 一、 聚焦高端军用光电设备，公司业绩稳定增长 ## 1.1 参与多项重点武器装备研制，公司成为合格军品供应商 哈尔滨新光光电科技股份有限公司（以下简称公司..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688011","target":"company:哈尔滨新光光电科技","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"a918539691bf","from":"company:688066","from_name":"航天宏图","to":"company:002465","to_name":"海格通信","relation":"supplier_to","direction":"supply_chain","summary":"------------------------ | | 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<br/>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,"evidence":[{"source_path":"sources/stock-research-report-海格通信-002465-cdce98b45cf2.md","chunk_id":"chunk:246046ae42d0","chunk_index":0,"quote_summary":"------------------------ | | 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<br/>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 |..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","normalized_from_relation":"downstream_of","source":"company:688066","target":"company:002465","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"4412268e83d2","from":"company:688066","from_name":"航天宏图","to":"company:600118","to_name":"中国卫星","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-航天宏图-688066-173ad718b01d.md","chunk_id":"chunk:a29e230b94da","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","normalized_from_relation":"upstream_of","source":"company:688066","target":"company:600118","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"b77427ba4228","from":"company:688066","from_name":"航天宏图","to":"company:中国卫星","to_name":"中国卫星","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-航天宏图-688066-173ad718b01d.md","chunk_id":"chunk:a29e230b94da","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","normalized_from_relation":"upstream_of","source":"company:688066","target":"company:中国卫星","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"543bccedffa7","from":"company:688122","from_name":"西部超导","to":"company:002149","to_name":"西部材料","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md","chunk_id":"chunk:cacbaf01d62a","chunk_index":2,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688122","target":"company:002149","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"90517c194f90","from":"company:688122","from_name":"西部超导","to":"company:300034","to_name":"钢研高纳","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-6df53779ac7a.md","chunk_id":"chunk:5800de03c4c0","chunk_index":0,"quote_summary":"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，..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","normalized_from_relation":"customer_of","source":"company:688122","target":"company:300034","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"d1b931af3938","from":"company:688122","from_name":"西部超导","to":"company:300855","to_name":"图南股份","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md","chunk_id":"chunk:cacbaf01d62a","chunk_index":2,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688122","target":"company:300855","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"bebe1e31e5f3","from":"company:688122","from_name":"西部超导","to":"company:688563","to_name":"航材股份","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md","chunk_id":"chunk:cacbaf01d62a","chunk_index":2,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688122","target":"company:688563","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"8ffc30a4acf9","from":"company:688231","from_name":"隆达股份","to":"company:300034","to_name":"钢研高纳","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-隆达股份-688231-914015653efb.md","chunk_id":"chunk:7e8e331ba103","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688231","target":"company:300034","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"e752fe6d05aa","from":"company:688231","from_name":"隆达股份","to":"company:300855","to_name":"图南股份","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md","chunk_id":"chunk:f4b7a99c3ca2","chunk_index":0,"quote_summary":"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..."},{"source_path":"sources/stock-research-report-隆达股份-688231-914015653efb.md","chunk_id":"chunk:7e8e331ba103","chunk_index":0,"quote_summary":"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、西部超导）扩产投资为 18-..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688231","target":"company:300855","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":2}
{"edge_id":"e3bf2eb68247","from":"company:688231","from_name":"隆达股份","to":"company:688122","to_name":"西部超导","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-隆达股份-688231-914015653efb.md","chunk_id":"chunk:7e8e331ba103","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688231","target":"company:688122","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"96fc006205b0","from":"company:688287","from_name":"观典防务","to":"company:688297","to_name":"中无人机","relation":"supplier_to","direction":"supply_chain","summary":"| 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,"evidence":[{"source_path":"sources/stock-research-report-观典防务-688287-7fa3823c7bbe.md","chunk_id":"chunk:57cc673a16fd","chunk_index":0,"quote_summary":"| 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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688287","target":"company:688297","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"2496b46ef371","from":"company:688333","from_name":"铂力特","to":"company:哈尔滨新光光电科技","to_name":"哈尔滨新光光电科技","relation":"supplier_to","direction":"supply_chain","summary":"% | | EPS（元） | 0.89 | 0.54 | 0.97 | 科创板已受理企业名单中，高端装备占据10席。截止4月12日，科创板已受理企业达65家，其中高端装备公司占10席，分别为：利元亨、江苏北人、天准科技、华兴源创、交控科技、新光光电、博众精工、中微公司、瀚川智能、铂力特。本期我们主要介绍新光光电，公司专注于提供光学目标与场景仿真、光学制导、...","confidence":0.66,"evidence":[{"source_path":"sources/stock-research-report-科创板高端装备系列之四-新光光电-55de1204d244.md","chunk_id":"chunk:24e9dbe7ce13","chunk_index":2,"quote_summary":"% | | EPS（元） | 0.89 | 0.54 | 0.97 | 科创板已受理企业名单中，高端装备占据10席。截止4月12日，科创板已受理企业达65家，其中高端装备公司占10席，分别为：利元亨、江苏北人、天准科技、华兴源创、交控科技、新光光电、博众精工、中微公司、瀚川智能、铂力特。本期我们主要介绍新光光电，公司..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","normalized_from_relation":"customer_of","source":"company:688333","target":"company:哈尔滨新光光电科技","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"150e959f4658","from":"company:688375","from_name":"国博电子","to":"company:硅基","to_name":"硅基","relation":"supplier_to","direction":"supply_chain","summary":"5G 基站和智能手机等民用通信场景。我们看好国博电子三大高确定性成长方向：一是商业航天加速，2026 年可回收火箭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受益百亿级增量市场；二是“十五五”军品列装周期启动，公司军用 T/R 组件业务有望重回高点；三是公司硅基氮化镓手机射频芯片已量产超 100 万只，放量在即，并有望切入手机直连卫星新...","confidence":0.68,"evidence":[{"source_path":"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_id":"chunk:91a454d9b506","chunk_index":2,"quote_summary":"5G 基站和智能手机等民用通信场景。我们看好国博电子三大高确定性成长方向：一是商业航天加速，2026 年可回收火箭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受益百亿级增量市场；二是“十五五”军品列装周期启动，公司军用 T/R 组件业务有望重回高点；三是公司硅基氮化镓手机射频芯片已量产超 100 ..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688375","target":"company:硅基","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"62e2c6968a2a","from":"company:688543","from_name":"国科军工","to":"company:600343","to_name":"航天动力","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-bcb90e27f3ce.md","chunk_id":"chunk:2171e0443b49","chunk_index":7,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688543","target":"company:600343","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"e7193a8df4ac","from":"company:688563","from_name":"航材股份","to":"company:600862","to_name":"中航高科","relation":"supplier_to","direction":"supply_chain","summary":"**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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-633d8f901743.md","chunk_id":"chunk:3363043912d0","chunk_index":0,"quote_summary":"**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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","normalized_from_relation":"downstream_of","source":"company:688563","target":"company:600862","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"c163a8044f01","from":"company:688586","from_name":"江航装备","to":"company:600184","to_name":"光电股份","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-江航装备-688586-sh-d069c4c10c5a.md","chunk_id":"chunk:78cd225ff234","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688586","target":"company:600184","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"b4fde9623a30","from":"company:688586","from_name":"江航装备","to":"company:600893","to_name":"航发动力","relation":"supplier_to","direction":"supply_chain","summary":"，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,"evidence":[{"source_path":"sources/stock-research-report-江航装备-688586-sh-d069c4c10c5a.md","chunk_id":"chunk:78cd225ff234","chunk_index":0,"quote_summary":"，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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688586","target":"company:600893","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"14798e775ed8","from":"company:中国船舶","from_name":"中国船舶","to":"company:688011","to_name":"新光光电","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-donghai-securities-d3cb3f6bdead.md","chunk_id":"chunk:7bdfc22a308f","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","normalized_from_relation":"customer_of","source":"company:中国船舶","target":"company:688011","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"868367411489","from":"company:信维通信","from_name":"信维通信","to":"company:300136","to_name":"信维通信","relation":"supplier_to","direction":"supply_chain","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-2024-年-04-月-29-日-adf5fc095bc6.md","chunk_id":"chunk:d4ee12fe8ef9","chunk_index":0,"quote_summary":"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 ..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","normalized_from_relation":"downstream_of","source":"company:信维通信","target":"company:300136","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"b256926d808c","from":"company:硅基","from_name":"硅基","to":"company:688375","to_name":"国博电子","relation":"supplier_to","direction":"supply_chain","summary":"现营收 15.69 亿元，YOY -13.51%；归母净利润 2.47 亿元，YOY -19.35%；扣非净利润 2.43 亿元，YOY -18.93%。业绩表现符合预期。公司 T/R 组件和射频模块营收减少导致前三季度营收端及利润端均出现下滑，但公司与国内头部终端厂商共同研发的硅基氮化镓功放芯片在手机等终端中成功量产应用，我们综合点评如下： **推荐**...","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-国博电子-688375-sh-2025-年三季报点评-db9dc677f2e5.md","chunk_id":"chunk:55288d03198a","chunk_index":0,"quote_summary":"现营收 15.69 亿元，YOY -13.51%；归母净利润 2.47 亿元，YOY -19.35%；扣非净利润 2.43 亿元，YOY -18.93%。业绩表现符合预期。公司 T/R 组件和射频模块营收减少导致前三季度营收端及利润端均出现下滑，但公司与国内头部终端厂商共同研发的硅基氮化镓功放芯片在手机等终端中成功量..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","normalized_from_relation":"downstream_of","source":"company:硅基","target":"company:688375","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"3b14bf618878","from":"company:紫光国微","from_name":"紫光国微","to":"company:002049","to_name":"紫光国微","relation":"supplier_to","direction":"supply_chain","summary":"# 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,"evidence":[{"source_path":"sources/stock-research-report-紫光国微-002049-sz-6471c67d60fd.md","chunk_id":"chunk:985782e524f8","chunk_index":0,"quote_summary":"# 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 202..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","normalized_from_relation":"downstream_of","source":"company:紫光国微","target":"company:002049","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"2276ae7ff629","from":"company:证-券-研-究-报-告","from_name":"证 券 研 究 报 告","to":"company:688636","to_name":"智明达","relation":"supplier_to","direction":"supply_chain","summary":"# 公 司 研 究 # 智明达（688636） **目标价**：60.00 **昨收盘**：36.66 国防军工 # 产品订单大幅增长，充分受益下游高景气 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 ## ■ 走势比较 | Date | 智明达 | 沪深300 | | ------ | --- | ----- | | Oct/24 ...","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-公-司-研-究-26abc7b32c10.md","chunk_id":"chunk:90bc68bc31e6","chunk_index":0,"quote_summary":"# 公 司 研 究 # 智明达（688636） **目标价**：60.00 **昨收盘**：36.66 国防军工 # 产品订单大幅增长，充分受益下游高景气 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 ## ■ 走势比较 | Date | 智明达 | 沪深300 | | ------ | ---..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","normalized_from_relation":"downstream_of","source":"company:证-券-研-究-报-告","target":"company:688636","label":"supplier_to","category":"company","group":"supplier_to","evidence_count":1}
{"edge_id":"db5a1c6d3911","from":"company:000519","from_name":"中兵红箭","to":"material:碳纤维","to_name":"碳纤维","relation":"raw_material_dependency","direction":"upstream","summary":"公司超硬材料业务主要产品为人造金刚石和立方氮化硼单晶及聚晶系列产品、复合材料、培育钻石、高纯石墨及制品等。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-182d13714a53.md","chunk_id":"chunk:7041556f053f","chunk_index":4,"quote_summary":"公司超硬材料业务主要产品为人造金刚石和立方氮化硼单晶及聚晶系列产品、复合材料、培育钻石、高纯石墨及制品等。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000519","target":"material:碳纤维","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"d0e7cf27e697","from":"company:000733","from_name":"振华科技","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-振华科技-000733-46db8c9f6bba.md","chunk_id":"chunk:b1f6c71890ec","chunk_index":4,"quote_summary":"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%。"},{"source_path":"sources/stock-research-report-振华科技-000733-83b334bf0b0f.md","chunk_id":"chunk:0a87043b87e5","chunk_index":4,"quote_summary":"公司销售毛利率为 45.67%，同比下降 7.92 个百分点，主要受原材料成本波动及产品结构阶段性调整影响；"},{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-81ea11d2fa00.md","chunk_id":"chunk:df981c0bcf0e","chunk_index":5,"quote_summary":"核心竞争力风险，市场拓展不及预期，原材料采购风险，财务风险等。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000733","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":3}
{"edge_id":"ec49eb1a5dde","from":"company:000733","from_name":"振华科技","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-81ea11d2fa00.md","chunk_id":"chunk:df981c0bcf0e","chunk_index":5,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000733","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"65deaf573a8b","from":"company:000738","from_name":"航发控制","to":"material:天然气","to_name":"天然气","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-股票投资评级-c73f59215d42.md","chunk_id":"chunk:766f46229b7d","chunk_index":2,"quote_summary":"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；"},{"source_path":"sources/stock-research-report-航发控制-000738-sz-2025-年半年报点评-375bfd412012.md","chunk_id":"chunk:c3760ec65e20","chunk_index":1,"quote_summary":"** 1H25，分产品看，公司：1）航空发动机及燃气轮机控制系统：营收 24.4 亿元，YOY -3.1%，占总营收 89%；"},{"source_path":"sources/stock-research-report-航发控制-000738-sz-2024-年三季报点评-e424f34444eb.md","chunk_id":"chunk:3079c79a6b4f","chunk_index":0,"quote_summary":"航发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，公司业绩稳定增长，我们综合点评如下："},{"source_path":"sources/stock-research-report-航发控制-000738-sz-2024-年中报点评-c63b20e32a69.md","chunk_id":"chunk:de7e03589f7d","chunk_index":0,"quote_summary":"公司业绩稳定增长主要是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的交付增加。"},{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63358ec50bed.md","chunk_id":"chunk:8a2b4bd62be0","chunk_index":4,"quote_summary":"公司是国家航空动力控制系统及燃气轮机控制系统产品的研制、生产基地，是国内航空发动机控制系统领域的龙头企业，拥有较强的核心竞争力和领先的行业地位。"},{"source_path":"sources/stock-research-report-航发控制-000738-sz-2024-年年报点评-5dc94f73d135.md","chunk_id":"chunk:5cb5dce44021","chunk_index":0,"quote_summary":"公司业绩稳健增长，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有所增加。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000738","target":"material:天然气","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":6}
{"edge_id":"0d09ce1d26d3","from":"company:000738","from_name":"航发控制","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63358ec50bed.md","chunk_id":"chunk:e2bf20090722","chunk_index":5,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000738","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"e4b77cb5b443","from":"company:000768","from_name":"中航西飞","to":"material:天然气","to_name":"天然气","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md","chunk_id":"chunk:20558d6992ed","chunk_index":22,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000768","target":"material:天然气","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"7e71f4d5bde0","from":"company:000768","from_name":"中航西飞","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"* **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,"evidence":[{"source_path":"sources/stock-research-report-中航西飞-000768-74db948a135c.md","chunk_id":"chunk:97ace5f37f74","chunk_index":4,"quote_summary":"* **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；"},{"source_path":"sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md","chunk_id":"chunk:0150ab751126","chunk_index":39,"quote_summary":"随着国产大飞机产业的发展，公司作为产业链上游的原材料和零部件供应商，将率先享受行业发展红利，业绩预计迎来大幅增长。"},{"source_path":"sources/stock-research-report-增持-首次覆盖-d12cf1eeb2cc.md","chunk_id":"chunk:134d0b5a756a","chunk_index":56,"quote_summary":"全球武装冲突愈演愈烈，周边环境复杂敏感，给世界经济带来持续冲击，引发大宗商品价格上涨、原材料供应短缺，导致运输成本增大、采购配套的稳定性和产品交付的准时性存在不确定性，对公司宏观经济发展环境产生一定影响。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000768","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":3}
{"edge_id":"2048fc8a0da5","from":"company:000768","from_name":"中航西飞","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-增持-首次覆盖-d12cf1eeb2cc.md","chunk_id":"chunk:e696599c65a9","chunk_index":30,"quote_summary":"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。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000768","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"f6eb642cbf35","from":"company:000768","from_name":"中航西飞","to":"material:碳纤维","to_name":"碳纤维","relation":"raw_material_dependency","direction":"upstream","summary":"D -- 50% --> L[雅安复合材料有限公司]","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md","chunk_id":"chunk:a4c4306c3395","chunk_index":14,"quote_summary":"D -- 50% --> L[雅安复合材料有限公司]"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000768","target":"material:碳纤维","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"cfcec938b442","from":"company:000768","from_name":"中航西飞","to":"material:铝","to_name":"铝","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-增持-首次覆盖-d12cf1eeb2cc.md","chunk_id":"chunk:bb4cd851f589","chunk_index":12,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000768","target":"material:铝","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"b0fbff9bcf24","from":"company:000777","from_name":"中核科技","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-华发集团控股公司-4eafcc93318a.md","chunk_id":"chunk:c74fd0c201a2","chunk_index":7,"quote_summary":"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%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000777","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"54193ea8e736","from":"company:000777","from_name":"中核科技","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-c0a2eca6c861.md","chunk_id":"chunk:3bedfa98adee","chunk_index":4,"quote_summary":"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。"},{"source_path":"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_id":"chunk:adacc0b48f96","chunk_index":0,"quote_summary":"石油石化阀门收入 2.06 亿元，同比增长 13.92%，毛利占比 29.55%，但公用工程等其他阀门收入下滑 16.25%，反映传统工业阀门领域竞争加剧。"},{"source_path":"sources/stock-research-report-华发集团控股公司-4eafcc93318a.md","chunk_id":"chunk:9b48620fee5c","chunk_index":0,"quote_summary":"产品应用于核工程、石油石化、公用工程、火电等市场领域。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000777","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":3}
{"edge_id":"9d68f28d4e78","from":"company:000777","from_name":"中核科技","to":"material:钢材","to_name":"钢材","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"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_id":"chunk:4bbd53635139","chunk_index":1,"quote_summary":"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）。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000777","target":"material:钢材","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"923c419b3b53","from":"company:000969","from_name":"安泰科技","to":"material:天然气","to_name":"天然气","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-08930126384e.md","chunk_id":"chunk:d0bd99b5a439","chunk_index":2,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000969","target":"material:天然气","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"71c525fe1a66","from":"company:000969","from_name":"安泰科技","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-08930126384e.md","chunk_id":"chunk:d0bd99b5a439","chunk_index":2,"quote_summary":"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%；"},{"source_path":"sources/stock-research-report-安泰科技-000969-sz-721880a2efe2.md","chunk_id":"chunk:4b48f6024703","chunk_index":0,"quote_summary":"2023 年钨、钼精矿价格分别同比+4.97%/+37.34%，原材料价格上涨或为公司特种粉末冶金业务收入增而毛利率下降的原因。"},{"source_path":"sources/stock-research-report-安泰科技-000969-sz-78b242ea291c.md","chunk_id":"chunk:8d7546a703df","chunk_index":0,"quote_summary":"**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。"},{"source_path":"sources/stock-research-report-安泰科技-000969-公司点评报告-dbe9b839f3e9.md","chunk_id":"chunk:ba087ce5fe25","chunk_index":4,"quote_summary":"市场环境需求收缩的风险、大宗原材料价格大幅波动的风险、国际贸易环境与汇率波动的风险。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000969","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":4}
{"edge_id":"756b70329cdb","from":"company:000969","from_name":"安泰科技","to":"material:有色金属","to_name":"有色金属","relation":"raw_material_dependency","direction":"upstream","summary":"证券研究报告：有色金属 | 公司点评报告","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-有色金属-公司点评报告-128367a1304e.md","chunk_id":"chunk:d5a2e02d150c","chunk_index":0,"quote_summary":"证券研究报告：有色金属 | 公司点评报告"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000969","target":"material:有色金属","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"309711748f54","from":"company:000969","from_name":"安泰科技","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-433687664137.md","chunk_id":"chunk:520f73b1cad0","chunk_index":33,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000969","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"ebbeff4518f1","from":"company:000969","from_name":"安泰科技","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-433687664137.md","chunk_id":"chunk:46bbf28b1662","chunk_index":39,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000969","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"993a3257a026","from":"company:000969","from_name":"安泰科技","to":"material:碳纤维","to_name":"碳纤维","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-433687664137.md","chunk_id":"chunk:43b1fbb8e43d","chunk_index":1,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000969","target":"material:碳纤维","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"b889044e128a","from":"company:000969","from_name":"安泰科技","to":"material:稀土","to_name":"稀土","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-安泰科技-000969-sz-721880a2efe2.md","chunk_id":"chunk:4b48f6024703","chunk_index":0,"quote_summary":"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；"},{"source_path":"sources/stock-research-report-安泰科技-000969-sz-买入-维持评级-4023803ccf22.md","chunk_id":"chunk:d6ad8fa49b18","chunk_index":0,"quote_summary":"**钕铁硼价格下跌拖累扣非归母净利表现。"},{"source_path":"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_id":"chunk:f05d3bd084ea","chunk_index":0,"quote_summary":"公司作为我国先进金属新材料领域的领军企业，聚焦“难熔钨钼”和“稀土永磁”两大核心产业，同时积极布局特粉、可控核聚变等新兴业务，未来有望充分受益于下游需求的增长，维持“买入”评级。"},{"source_path":"sources/stock-research-report-证券研究报告-433687664137.md","chunk_id":"chunk:dff3e4fc61bc","chunk_index":0,"quote_summary":"基于当前子公司产值规模，公司形成了“2+3+4”的结构体系，即 2 个核心产业（难熔钨钼、稀土永磁）、3 个重点产业（非晶/纳米晶、高合金高速钢、超硬材料）、4 个孵育产业（特粉、注射成型、焊接材料、可控核聚变）。"},{"source_path":"sources/stock-research-report-安泰科技-000969-公司点评报告-dbe9b839f3e9.md","chunk_id":"chunk:f151604eef1f","chunk_index":2,"quote_summary":"**稀土永磁方面**，面对行业竞争加剧和市场需求偏弱等不利因素，安泰磁材聚焦核心应用领域加大协同营销，开发新客户新项目，上半年订单重量 1587 吨，与去年同期基本持平，实现净利润 5878 万元（同比-13.2%）。"},{"source_path":"sources/stock-research-report-证券研究报告-有色金属-公司点评报告-128367a1304e.md","chunk_id":"chunk:5bf11f393c52","chunk_index":4,"quote_summary":"磁材方面，安泰磁材依托稳定的稀土原料资源保障体系和京、鲁、蒙三地磁材协同生产优势，实现营业收入突破 22 亿元，净利润同比增长 12%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000969","target":"material:稀土","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":6}
{"edge_id":"e8c08b1c3229","from":"company:000969","from_name":"安泰科技","to":"material:钢材","to_name":"钢材","relation":"raw_material_dependency","direction":"upstream","summary":"** 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,"evidence":[{"source_path":"sources/stock-research-report-安泰科技-000969-sz-买入-维持评级-4023803ccf22.md","chunk_id":"chunk:d6ad8fa49b18","chunk_index":0,"quote_summary":"** 24H1 稀土价格和钢价持续弱势，其中钕铁硼价格同比-23%；"},{"source_path":"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_id":"chunk:482f694188a7","chunk_index":2,"quote_summary":"| 中国钢研科技集团有限公司 (%) | 34.68 |"},{"source_path":"sources/stock-research-report-证券研究报告-433687664137.md","chunk_id":"chunk:dff3e4fc61bc","chunk_index":0,"quote_summary":"* ⮚ **中国钢研集团金属新材料产业化平台，“2+3+4”体系构筑下多谱系业务共振发展。"},{"source_path":"sources/stock-research-report-证券研究报告-08930126384e.md","chunk_id":"chunk:d0bd99b5a439","chunk_index":2,"quote_summary":"> **高品质特钢及焊接材料：** 25H1 实现营业收入 9.18 亿元，占比 24.71%，同比增长 12.20%。"},{"source_path":"sources/stock-research-report-证券研究报告-有色金属-公司点评报告-128367a1304e.md","chunk_id":"chunk:6f46edab991d","chunk_index":3,"quote_summary":"| 第一大股东 | 中国钢研科技集团有限公司 |"},{"source_path":"sources/stock-research-report-安泰科技-000969-sz-721880a2efe2.md","chunk_id":"chunk:4b48f6024703","chunk_index":0,"quote_summary":"** 2023 年公司先进功能材料及器件、特种粉末冶金材料及制品、高品质特钢及焊接材料和环保与高端科技服务业收入分别同比 +7.14%/+12.09%/+4.44%/+44.00%，毛利率分别同比 +2.02pct/-0.68pct/-0.08pct/+5.63pct。"},{"source_path":"sources/stock-research-report-安泰科技-000969-公司点评报告-dbe9b839f3e9.md","chunk_id":"chunk:33c7901fdac0","chunk_index":0,"quote_summary":"高品质特钢及焊接材料实现营收 8.18 亿元（同比-3.29%），毛利率 10.97%（同比+0.02pct）；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000969","target":"material:钢材","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":7}
{"edge_id":"c2970719d12f","from":"company:000969","from_name":"安泰科技","to":"material:铜","to_name":"铜","relation":"raw_material_dependency","direction":"upstream","summary":"**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,"evidence":[{"source_path":"sources/stock-research-report-安泰科技-000969-sz-78b242ea291c.md","chunk_id":"chunk:8d7546a703df","chunk_index":0,"quote_summary":"**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。"},{"source_path":"sources/stock-research-report-证券研究报告-433687664137.md","chunk_id":"chunk:5cf09aee14d1","chunk_index":4,"quote_summary":"子公司安泰中科作为国际上第一家批量生产钨铜偏滤器、包层第一壁的公司，2008 年开始参与 ITER 项目，多年深耕下公司钨铜偏滤器与包层产品矩阵实现多元拓展，有望充分受益于此进程实现业绩增长。"},{"source_path":"sources/stock-research-report-安泰科技-000969-公司点评报告-dbe9b839f3e9.md","chunk_id":"chunk:67091df4d4e3","chunk_index":3,"quote_summary":"的核心供应商，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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000969","target":"material:铜","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":3}
{"edge_id":"ae492a1097e7","from":"company:000969","from_name":"安泰科技","to":"material:铝","to_name":"铝","relation":"raw_material_dependency","direction":"upstream","summary":"B5 --> B5c[铁硅铝磁粉芯]","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-433687664137.md","chunk_id":"chunk:520f73b1cad0","chunk_index":33,"quote_summary":"B5 --> B5c[铁硅铝磁粉芯]"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000969","target":"material:铝","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"fd01e2ce1a2d","from":"company:000969","from_name":"安泰科技","to":"material:镍","to_name":"镍","relation":"raw_material_dependency","direction":"upstream","summary":"B5 --> B5d[铁镍钼磁粉芯]","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-433687664137.md","chunk_id":"chunk:520f73b1cad0","chunk_index":33,"quote_summary":"B5 --> B5d[铁镍钼磁粉芯]"},{"source_path":"sources/stock-research-report-证券研究报告-08930126384e.md","chunk_id":"chunk:d0bd99b5a439","chunk_index":2,"quote_summary":"安泰特粉生产的芯片电感用超细铁镍和非晶纳米晶粉销量同比增加 25.9%，突破高端芯片电感应用瓶颈；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000969","target":"material:镍","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"23b417cb76cc","from":"company:000970","from_name":"中科三环","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"**3Q24 公司主要原材料镨钕合金、金属镝和金属铽价格环比分别+1.76%、-8.29%、-12.34%至 48.19 万元/吨、235.70 万元/吨和 673 万元/吨。","confidence":0.78,"evidence":[{"source_path":"sources/stock-research-report-中科三环-000970-sz-9f2026906015.md","chunk_id":"chunk:4255d788bd7e","chunk_index":0,"quote_summary":"**3Q24 公司主要原材料镨钕合金、金属镝和金属铽价格环比分别+1.76%、-8.29%、-12.34%至 48.19 万元/吨、235.70 万元/吨和 673 万元/吨。"},{"source_path":"sources/stock-research-report-中科三环-000970-sz-acbb7ca2c093.md","chunk_id":"chunk:0073e9804598","chunk_index":0,"quote_summary":"** Q2 公司主要原材料镨钕合金、金属镝和金属铽价格环比分别持平、+5%、+10%至 47.73 万元/吨、257.02 万元/吨和 0.77 万元/公斤。"},{"source_path":"sources/stock-research-report-中科三环-000970-sz-2b6fa0f7d98f.md","chunk_id":"chunk:ebb6cfae7b5f","chunk_index":0,"quote_summary":"考虑公司生产经营的季节性，1Q25 公司售价或环比下跌，但成本端考虑 1Q25 氧化镨钕、氧化镝、氧化铽价格环比分别+3.29%/-0.86%/+6.79%，成本端稀土原材料价格总体上行，因而公司 1Q25 毛利率环比显著下降。"},{"source_path":"sources/stock-research-report-中科三环-000970-sz-f1a1f739cc95.md","chunk_id":"chunk:67fb436d2b58","chunk_index":0,"quote_summary":"**原材料价格下跌计提大额存货减值拖累业绩。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000970","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":4}
{"edge_id":"7b8cd1b5915d","from":"company:000970","from_name":"中科三环","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"** 需求方面，“两新”行动提档升级，将购买（报废更新）新能源乘用车、燃油乘用车补贴分别提高到 2 万元和 1.5 万元；","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中科三环-000970-sz-acbb7ca2c093.md","chunk_id":"chunk:4d632a7edc45","chunk_index":1,"quote_summary":"** 需求方面，“两新”行动提档升级，将购买（报废更新）新能源乘用车、燃油乘用车补贴分别提高到 2 万元和 1.5 万元；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000970","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"c6492d4268e0","from":"company:000970","from_name":"中科三环","to":"material:稀土","to_name":"稀土","relation":"raw_material_dependency","direction":"upstream","summary":"** 2024Q1 公司钕铁硼主要原材料镨钕合金、金属镝、金属铽市场价分别环比-22%/-27%/-30%至 46 万元/吨、246 万元/吨、696 万元/吨。","confidence":0.78,"evidence":[{"source_path":"sources/stock-research-report-中科三环-000970-sz-f1a1f739cc95.md","chunk_id":"chunk:67fb436d2b58","chunk_index":0,"quote_summary":"** 2024Q1 公司钕铁硼主要原材料镨钕合金、金属镝、金属铽市场价分别环比-22%/-27%/-30%至 46 万元/吨、246 万元/吨、696 万元/吨。"},{"source_path":"sources/stock-research-report-中科三环-000970-sz-2b6fa0f7d98f.md","chunk_id":"chunk:ebb6cfae7b5f","chunk_index":0,"quote_summary":"考虑公司生产经营的季节性，1Q25 公司售价或环比下跌，但成本端考虑 1Q25 氧化镨钕、氧化镝、氧化铽价格环比分别+3.29%/-0.86%/+6.79%，成本端稀土原材料价格总体上行，因而公司 1Q25 毛利率环比显著下降。"},{"source_path":"sources/stock-research-report-中科三环-000970-sz-9f2026906015.md","chunk_id":"chunk:4ab10be460f3","chunk_index":1,"quote_summary":"**缅甸供给扰动，关注稀土价格整体回升。"},{"source_path":"sources/stock-research-report-中科三环-000970-sz-acbb7ca2c093.md","chunk_id":"chunk:4d632a7edc45","chunk_index":1,"quote_summary":"而汽车、家电作为稀土需求的重要板块，亦将有望受益于以旧换新政策加持。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000970","target":"material:稀土","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":4}
{"edge_id":"a3f0d2edff77","from":"company:002023","from_name":"海特高新","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"** 从资产负债表来看，2023 年公司合同负债（1.23 亿元，+56.80%）增长较快，存货（5.00 亿元，+41.70%）大幅增长，主要系公司在执行订单增加导致在产品（0.95 亿元，+222.49%）及合同履约成本（0.46 亿元，+104.78%）增长，以及原材料（3.40 亿元，+20.74%）备货增加所致，我们认为公司需求增加，随着订单交付...","confidence":0.78,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-73f8fa1d3359.md","chunk_id":"chunk:db8338e49d76","chunk_index":5,"quote_summary":"** 从资产负债表来看，2023 年公司合同负债（1.23 亿元，+56.80%）增长较快，存货（5.00 亿元，+41.70%）大幅增长，主要系公司在执行订单增加导致在产品（0.95 亿元，+222.49%）及合同履约成本（0.46 亿元，+104.78%）增长，以及原材料（3.40 亿元，+20.74%）备货增加..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002023","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"3a6d7bde90f9","from":"company:002025","from_name":"航天电器","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"**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,"evidence":[{"source_path":"sources/stock-research-report-航天电器-002025-sz-1ca8c2a8c4f4.md","chunk_id":"chunk:ca0625385c0d","chunk_index":0,"quote_summary":"**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)；"},{"source_path":"sources/stock-research-report-航天电器-002025-sz-2bc3aabe1db3.md","chunk_id":"chunk:7033c2b239bc","chunk_index":4,"quote_summary":"原材料价格和劳动力成本上升风险、新品研发不及预期。"},{"source_path":"sources/stock-research-report-航天电器-002025-7c86d05be172.md","chunk_id":"chunk:adde2a0cf404","chunk_index":4,"quote_summary":"* **毛利率同比下滑，费用端优化显著：**2025 年上半年公司毛利率同比下降至 31.94%，主要因原材料涨价及产品降价双重挤压。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002025","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":3}
{"edge_id":"e360c290e076","from":"company:002025","from_name":"航天电器","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-196916ea555a.md","chunk_id":"chunk:0469d25a1e6b","chunk_index":5,"quote_summary":"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，"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002025","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"44ac73b09d26","from":"company:002149","from_name":"西部材料","to":"material:有色金属","to_name":"有色金属","relation":"raw_material_dependency","direction":"upstream","summary":"公司是我国稀有金属新材料行业的领先者，依托控股股东西北有色金属研究院的科研实力，形成了钛及钛合金加工材、层状金属复合材料、稀贵金属材料、金属纤维及制品、稀有金属装备、钨钼材料及制品、钛材高端日用消费品及精密加工制品等八大业务领域，产品主要应用于军工、核电、环保、海洋工程、石化、电力等行业和众多国家大型项目。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-92b0f9680791.md","chunk_id":"chunk:f83e0dc838a5","chunk_index":0,"quote_summary":"公司是我国稀有金属新材料行业的领先者，依托控股股东西北有色金属研究院的科研实力，形成了钛及钛合金加工材、层状金属复合材料、稀贵金属材料、金属纤维及制品、稀有金属装备、钨钼材料及制品、钛材高端日用消费品及精密加工制品等八大业务领域，产品主要应用于军工、核电、环保、海洋工程、石化、电力等行业和众多国家大型项目。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002149","target":"material:有色金属","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"6791dff2fe8f","from":"company:002149","from_name":"西部材料","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"公司是我国稀有金属新材料行业的领先者，依托控股股东西北有色金属研究院的科研实力，形成了钛及钛合金加工材、层状金属复合材料、稀贵金属材料、金属纤维及制品、稀有金属装备、钨钼材料及制品、钛材高端日用消费品及精密加工制品等八大业务领域，产品主要应用于军工、核电、环保、海洋工程、石化、电力等行业和众多国家大型项目。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-92b0f9680791.md","chunk_id":"chunk:f83e0dc838a5","chunk_index":0,"quote_summary":"公司是我国稀有金属新材料行业的领先者，依托控股股东西北有色金属研究院的科研实力，形成了钛及钛合金加工材、层状金属复合材料、稀贵金属材料、金属纤维及制品、稀有金属装备、钨钼材料及制品、钛材高端日用消费品及精密加工制品等八大业务领域，产品主要应用于军工、核电、环保、海洋工程、石化、电力等行业和众多国家大型项目。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002149","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"e9c1b054b89c","from":"company:002149","from_name":"西部材料","to":"material:碳纤维","to_name":"碳纤维","relation":"raw_material_dependency","direction":"upstream","summary":"公司是我国稀有金属新材料行业的领先者，依托控股股东西北有色金属研究院的科研实力，形成了钛及钛合金加工材、层状金属复合材料、稀贵金属材料、金属纤维及制品、稀有金属装备、钨钼材料及制品、钛材高端日用消费品及精密加工制品等八大业务领域，产品主要应用于军工、核电、环保、海洋工程、石化、电力等行业和众多国家大型项目。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-92b0f9680791.md","chunk_id":"chunk:f83e0dc838a5","chunk_index":0,"quote_summary":"公司是我国稀有金属新材料行业的领先者，依托控股股东西北有色金属研究院的科研实力，形成了钛及钛合金加工材、层状金属复合材料、稀贵金属材料、金属纤维及制品、稀有金属装备、钨钼材料及制品、钛材高端日用消费品及精密加工制品等八大业务领域，产品主要应用于军工、核电、环保、海洋工程、石化、电力等行业和众多国家大型项目。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002149","target":"material:碳纤维","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"83d07acd3a3a","from":"company:002149","from_name":"西部材料","to":"material:钛","to_name":"钛","relation":"raw_material_dependency","direction":"upstream","summary":"公司是我国稀有金属新材料行业的领先者，依托控股股东西北有色金属研究院的科研实力，形成了钛及钛合金加工材、层状金属复合材料、稀贵金属材料、金属纤维及制品、稀有金属装备、钨钼材料及制品、钛材高端日用消费品及精密加工制品等八大业务领域，产品主要应用于军工、核电、环保、海洋工程、石化、电力等行业和众多国家大型项目。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-92b0f9680791.md","chunk_id":"chunk:f83e0dc838a5","chunk_index":0,"quote_summary":"公司是我国稀有金属新材料行业的领先者，依托控股股东西北有色金属研究院的科研实力，形成了钛及钛合金加工材、层状金属复合材料、稀贵金属材料、金属纤维及制品、稀有金属装备、钨钼材料及制品、钛材高端日用消费品及精密加工制品等八大业务领域，产品主要应用于军工、核电、环保、海洋工程、石化、电力等行业和众多国家大型项目。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002149","target":"material:钛","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"f3289d95c4a3","from":"company:002179","from_name":"中航光电","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中航光电-002179-5fad9f344c7d.md","chunk_id":"chunk:5190d560efb7","chunk_index":4,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-中航光电-002179-sz-2025-年半年报点评-f345ecbe2202.md","chunk_id":"chunk:67473a1481c8","chunk_index":0,"quote_summary":"原材料价格上涨、业务结构变化及部分产品降价为公司上半年毛利率同比下滑的主要原因。"},{"source_path":"sources/stock-research-report-买入-维持-e3420e3e6c50.md","chunk_id":"chunk:d61928235bce","chunk_index":4,"quote_summary":"** 原材料价格上涨风险、市场需求与订单交付风险、行业竞争加剧、技术更新迭代风险、合规与监管风险。"},{"source_path":"sources/stock-research-report-中航光电-002179-ccc8d2641408.md","chunk_id":"chunk:6505b6d951c4","chunk_index":6,"quote_summary":"利润下滑主要因原材料价格上涨、产品降价及业务结构变化导致营业成本增长 34.77%，毛利率由去年同期的 36.97%降至 30.31%。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002179","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":4}
{"edge_id":"cefc189ed42c","from":"company:002179","from_name":"中航光电","to":"material:有色金属","to_name":"有色金属","relation":"raw_material_dependency","direction":"upstream","summary":"（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,"evidence":[{"source_path":"sources/stock-research-report-买入-维持-e3420e3e6c50.md","chunk_id":"chunk:4569f9583c23","chunk_index":39,"quote_summary":"（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。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002179","target":"material:有色金属","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"788b4bbfaf4c","from":"company:002179","from_name":"中航光电","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-买入-维持-e3420e3e6c50.md","chunk_id":"chunk:b3973050bf1f","chunk_index":7,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002179","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"aed8ed6edfa1","from":"company:002179","from_name":"中航光电","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-买入-维持-e3420e3e6c50.md","chunk_id":"chunk:b3973050bf1f","chunk_index":7,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002179","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"161dd7b51bb7","from":"company:002179","from_name":"中航光电","to":"material:铜","to_name":"铜","relation":"raw_material_dependency","direction":"upstream","summary":"BBR 算力系列软铜排、OCP 铜排；","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-买入-维持-e3420e3e6c50.md","chunk_id":"chunk:2ffbe9af2c80","chunk_index":8,"quote_summary":"BBR 算力系列软铜排、OCP 铜排；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002179","target":"material:铜","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"020a8791f866","from":"company:002179","from_name":"中航光电","to":"material:铝","to_name":"铝","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-买入-维持-e3420e3e6c50.md","chunk_id":"chunk:b67e4f0186cb","chunk_index":36,"quote_summary":"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%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002179","target":"material:铝","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"b2a1d4207ed0","from":"company:002413","from_name":"雷科防务","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"➢ **风险提示：** 募投项目建设不及预期、原材料价格波动、订单低于预期等。","confidence":0.78,"evidence":[{"source_path":"sources/stock-research-report-雷科防务-002413-sz-2024-年中报点评-9aa8bffa4998.md","chunk_id":"chunk:83d043df96c1","chunk_index":2,"quote_summary":"➢ **风险提示：** 募投项目建设不及预期、原材料价格波动、订单低于预期等。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002413","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"d7133a5b3807","from":"company:002465","from_name":"海格通信","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-海格通信-002465-sz-2024-年三季报点评-3ded5fff3b34.md","chunk_id":"chunk:274bbbd570ee","chunk_index":1,"quote_summary":"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；"},{"source_path":"sources/stock-research-report-海格通信-002465-cdce98b45cf2.md","chunk_id":"chunk:49bc9936fa7c","chunk_index":39,"quote_summary":"| 中原电子 | 致力于用电信息采集系统终端、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 |"},{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8e84fd1c1bf5.md","chunk_id":"chunk:b6887f6d2a14","chunk_index":6,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002465","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":3}
{"edge_id":"2cf3a79bd3f0","from":"company:002465","from_name":"海格通信","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8e84fd1c1bf5.md","chunk_id":"chunk:b6887f6d2a14","chunk_index":6,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002465","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"db59bd27f83f","from":"company:002465","from_name":"海格通信","to":"material:碳纤维","to_name":"碳纤维","relation":"raw_material_dependency","direction":"upstream","summary":"A1[金属、有机、复合材料<br/>机械加工产品<br/>电子元器件]","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-海格通信-002465-cdce98b45cf2.md","chunk_id":"chunk:1bba574c4db6","chunk_index":38,"quote_summary":"A1[金属、有机、复合材料<br/>机械加工产品<br/>电子元器件]"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002465","target":"material:碳纤维","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"38585db4f924","from":"company:002465","from_name":"海格通信","to":"material:钛","to_name":"钛","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-海格通信-002465-cdce98b45cf2.md","chunk_id":"chunk:1b47b1b62972","chunk_index":52,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002465","target":"material:钛","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"8f820d8582f5","from":"company:002648","from_name":"卫星化学","to":"material:化工品","to_name":"化工品","relation":"raw_material_dependency","direction":"upstream","summary":"* **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,"evidence":[{"source_path":"sources/stock-research-report-卫星化学-002648-f8bb7ccb23e6.md","chunk_id":"chunk:15519c287b09","chunk_index":8,"quote_summary":"* **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。"},{"source_path":"sources/stock-research-report-2026-年-04-月-12-日-cd7e650a2b9f.md","chunk_id":"chunk:540384ac6924","chunk_index":3,"quote_summary":"同时，公司仍在积极推进年产 30 万吨高吸水性树脂（SAP）、年产 20 万吨精丙烯酸等高附加值项目的建设，未来将持续支撑公司稳定增长。"},{"source_path":"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_id":"chunk:a52326f6ae21","chunk_index":3,"quote_summary":"** 2025年，公司平湖基地年产8万吨新戊二醇装置，嘉兴基地年产9万吨丙烯酸项目成功投产，丙烯酸总产量实现“三年连增”，同时公司加快年产16万吨高分子乳液、年产30万吨高吸水性树脂、年产20万吨精丙烯酸、年产26万吨芳烃联合装置等项目的建设，促进轻烃综合利用高附加值产品的做精做深，实现上游产品向下游高端产品的拓展。"},{"source_path":"sources/stock-research-report-卫星化学-002648-47b60e98e593.md","chunk_id":"chunk:a811342ff252","chunk_index":5,"quote_summary":"* **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。"},{"source_path":"sources/stock-research-report-卫星化学-002648-1297cf03d9ca.md","chunk_id":"chunk:2d9194976835","chunk_index":4,"quote_summary":"公司抢抓机遇，加速拓展海外市场，目前丙烯酸及酯、高吸水性树脂、乙醇胺、聚醚大单体出口量居国内前列。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002648","target":"material:化工品","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":5}
{"edge_id":"d08b1dea907a","from":"company:002648","from_name":"卫星化学","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"* **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,"evidence":[{"source_path":"sources/stock-research-report-卫星化学-002648-f8bb7ccb23e6.md","chunk_id":"chunk:15519c287b09","chunk_index":8,"quote_summary":"* **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。"},{"source_path":"sources/stock-research-report-2026-年-04-月-12-日-cd7e650a2b9f.md","chunk_id":"chunk:540384ac6924","chunk_index":3,"quote_summary":"**风险提示**：原材料价格波动、产品价格波动、项目进展不及预期、行业产能过剩风险、需求下滑、行业竞争加剧等。"},{"source_path":"sources/stock-research-report-卫星化学-002648-47b60e98e593.md","chunk_id":"chunk:a811342ff252","chunk_index":5,"quote_summary":"* **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。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002648","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":3}
{"edge_id":"26d81ddd9d23","from":"company:002648","from_name":"卫星化学","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"**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,"evidence":[{"source_path":"sources/stock-research-report-扣非净利稳健增长-功能化学品表现亮眼-18e370b70179.md","chunk_id":"chunk:5fc3803ea033","chunk_index":12,"quote_summary":"**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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002648","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"08f0a71ce322","from":"company:002648","from_name":"卫星化学","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"* **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,"evidence":[{"source_path":"sources/stock-research-report-卫星化学-002648-f8bb7ccb23e6.md","chunk_id":"chunk:5e0d4bf55d1c","chunk_index":2,"quote_summary":"* **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。"},{"source_path":"sources/stock-research-report-证券研究报告-基础化工-公司点评报告-e23e4ee04a94.md","chunk_id":"chunk:f8d1884640d1","chunk_index":4,"quote_summary":"2026 年 3 月以来，中东局势急剧升温，美伊军事冲突导致霍尔木兹海峡通航受阻，国际原油期货价格大幅拉升，布伦特原油超越 100 美元/桶大关，气头路线的卫星化学可形成显著的成本优势。"},{"source_path":"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_id":"chunk:a52326f6ae21","chunk_index":3,"quote_summary":"全球乙烯原料多元化发展，轻烃路线的重要性提升，高油价和地缘扰动会快速抬升石脑油路线成本，不同原料路线之间的成本差异、能耗差异和碳排差异被进一步放大，公司是国内领先的乙烷裂解制乙烯企业，竞争优势进一步增强。"},{"source_path":"sources/stock-research-report-卫星化学-002648-47b60e98e593.md","chunk_id":"chunk:01abe02209f5","chunk_index":4,"quote_summary":"* **地缘冲突推涨油价，公司产品价格普遍上涨：** 受地缘冲突影响，国际油价上升，对产品成本端存在支撑，2026Q1，国内 HDPE/聚丙烯/丙烯酸/丙烯酸丁酯/正丁醇/辛醇均价分别 7767/7334/7322/8820/6891/7585 元/吨，环比+8%/+13%/+24%/+29%/+26%/+18%。"},{"source_path":"sources/stock-research-report-卫星化学-002648-sz-优于大市-9a4f777c174d.md","chunk_id":"chunk:c486537383a7","chunk_index":0,"quote_summary":"**第三季度成本端价格下降裂解价差走扩，受原油价格影响 C2、C3 下游产品价格有所回落。"},{"source_path":"sources/stock-research-report-卫星化学-002648-sz-优于大市-dafefb44f90d.md","chunk_id":"chunk:accc48eb2117","chunk_index":1,"quote_summary":"**投资建议：**考虑到油价上行，油-气价差扩大对公司产品利润的影响，上调 2026-2027 年归母净利润预测至 75.1/79.0 亿元（原值为 65.5/76.6 亿元），新增 2028 年归母净利润预测 85.8 亿元，对应摊薄 EPS 为 2.23/2.35/2.55 元，当前股价对应 PE 为 11.7/..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002648","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":6}
{"edge_id":"825dc307b505","from":"company:002928","from_name":"华夏航空","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"宏观经济下滑，油价汇率剧烈波动，安全事故。","confidence":0.78,"evidence":[{"source_path":"sources/stock-research-report-发布时间-2025-04-27-900407e0bcbd.md","chunk_id":"chunk:4e96e659481e","chunk_index":3,"quote_summary":"宏观经济下滑，油价汇率剧烈波动，安全事故。"},{"source_path":"sources/stock-research-report-华夏航空-002928-sz-2025-年三季报点评-ccf475abd697.md","chunk_id":"chunk:2a2cde9409ce","chunk_index":0,"quote_summary":"25Q3 公司盈利同比增长主要受益于单位成本下降，单位非油成本随着运力增长持续下降，油价下降亦带来成本下降，收益端客座率同比提升对冲了票价下降影响。"},{"source_path":"sources/stock-research-report-华夏航空-002928-sz-2025-年半年报点评-738489c5cf4b.md","chunk_id":"chunk:e760195f0054","chunk_index":0,"quote_summary":"➢ **利用率回升、油价下降改善单位成本，机队机型结构调整，单位成本或仍有改善空间。"},{"source_path":"sources/stock-research-report-证券研究报告-公司研究报告-531240c49c4c.md","chunk_id":"chunk:d48d7a7b6522","chunk_index":2,"quote_summary":"* **风险提示**：宏观经济周期波动风险、航空业政策变化风险、航油价格波动风险、汇率波动风险等。"},{"source_path":"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_id":"chunk:ec28740b4f78","chunk_index":0,"quote_summary":"**2024 年公司持续推进节油工作，通过航路优化、APU（辅助动力装置）使用措施优化、重心节油等措施，共节油 10164 吨，降低航油成本，实现节能减排，2024 年公司实现毛利率为 1.8%，同比增长 8.8pp。"},{"source_path":"sources/stock-research-report-股票投资评级-6f06d7949e64.md","chunk_id":"chunk:a12eaf08b13f","chunk_index":6,"quote_summary":"宏观经济下滑，油价汇率剧烈波动，安全事故"},{"source_path":"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_id":"chunk:b5ce18ce52bf","chunk_index":3,"quote_summary":"宏观经济周期扰动、航空需求季节性影响、突发事件风险、替代性交通运输工具竞争、票价修复及客座率提升不及预期风险、支线航空补贴政策变化风险、运力投放及机队引进不及预期风险、机构运力购买及地方合作落地不及预期风险、通程产品推广及次级枢纽复制不及预期风险、国产机型导入及机队切换风险、飞行员资源短缺、油价及汇率发生不利波动。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002928","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":7}
{"edge_id":"c27138ff749e","from":"company:003009","from_name":"中天火箭","to":"material:化工品","to_name":"化工品","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md","chunk_id":"chunk:544dfd114297","chunk_index":52,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:003009","target":"material:化工品","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"c280f068a859","from":"company:003009","from_name":"中天火箭","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md","chunk_id":"chunk:b250b0c4d31f","chunk_index":11,"quote_summary":"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。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:003009","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"2924f19a89cc","from":"company:003009","from_name":"中天火箭","to":"material:硅材料","to_name":"硅材料","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md","chunk_id":"chunk:33bf038a42a5","chunk_index":5,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-73830bae5eed.md","chunk_id":"chunk:7d2a1184e094","chunk_index":4,"quote_summary":"</mark>此外，当前光伏热场处于喷井式增长后的低谷期，上游炭/炭热场材料竞争加剧、利润率持续走低，但随着热场系统大型化和 N 型硅片的加速渗透，落后产能有望逐步出清。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:003009","target":"material:硅材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"9479a898116a","from":"company:003009","from_name":"中天火箭","to":"material:碳纤维","to_name":"碳纤维","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md","chunk_id":"chunk:915d4586a7db","chunk_index":3,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-73830bae5eed.md","chunk_id":"chunk:ab6d33de60e7","chunk_index":3,"quote_summary":"以固体火箭高性能材料技术为基础，公司形成了炭/炭热场材料及固体火箭发动机耐烧蚀组件等炭/炭复合材料业务；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:003009","target":"material:碳纤维","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"b9fed8374402","from":"company:003009","from_name":"中天火箭","to":"material:钢材","to_name":"钢材","relation":"raw_material_dependency","direction":"upstream","summary":"A1[\"燃料：推进剂、催化剂<br/>电子元器件、钢铁\"] --- A","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md","chunk_id":"chunk:f752410fa391","chunk_index":31,"quote_summary":"A1[\"燃料：推进剂、催化剂<br/>电子元器件、钢铁\"] --- A"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:003009","target":"material:钢材","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"f9527e3f52b3","from":"company:300034","from_name":"钢研高纳","to":"material:天然气","to_name":"天然气","relation":"raw_material_dependency","direction":"upstream","summary":"* **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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司点评报告-航空装备ii-0d50f2d43634.md","chunk_id":"chunk:60ad7ea50fd4","chunk_index":8,"quote_summary":"* **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。"},{"source_path":"sources/stock-research-report-钢研高纳-300034-25ca2fc3587d.md","chunk_id":"chunk:8fb8760ad28e","chunk_index":2,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-证券研究报告-6df53779ac7a.md","chunk_id":"chunk:f5cbbe88ddd8","chunk_index":4,"quote_summary":"此外，低空经济、燃气轮机、以及海外一代一路等方向增长亮眼，公司发力国内国际两个市场，产品结构有望进一步优化，保障长期增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300034","target":"material:天然气","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":3}
{"edge_id":"4c0530f5460a","from":"company:300034","from_name":"钢研高纳","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-钢研高纳-300034-25ca2fc3587d.md","chunk_id":"chunk:b91c62d3f583","chunk_index":0,"quote_summary":"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；"},{"source_path":"sources/stock-research-report-证券研究报告-公司点评报告-航空装备ii-0d50f2d43634.md","chunk_id":"chunk:4ee1516e3941","chunk_index":4,"quote_summary":"* **业绩变化的主要原因是原材料价格波动导致成本增加，以及部分产品价格因市场需求变化而调整**：钢研高纳 2024 年营业收入为 35.24 亿元，同比增长 3.40%，归属于上市公司股东的净利润为 2.49 亿元，同比下降 22.08%。"},{"source_path":"sources/stock-research-report-2024-年-10-月-29-日-fb636955125b.md","chunk_id":"chunk:45c030be156d","chunk_index":5,"quote_summary":"原材料价格上涨及高温合金产品降价超出预期等。"},{"source_path":"sources/stock-research-report-钢研高纳-300034-fd991e900c78.md","chunk_id":"chunk:fe330ea22af4","chunk_index":2,"quote_summary":"* **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%。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300034","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":4}
{"edge_id":"1340ea19d5eb","from":"company:300034","from_name":"钢研高纳","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"** 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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-6df53779ac7a.md","chunk_id":"chunk:f5cbbe88ddd8","chunk_index":4,"quote_summary":"** 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%。"},{"source_path":"sources/stock-research-report-钢研高纳-300034-31e095c5b880.md","chunk_id":"chunk:b4819abd3bab","chunk_index":4,"quote_summary":"Q1-3 整体而言受益于公司经营规模的扩大，公司在高温合金领域的技术储备和市场拓展能力，尤其是在航空航天、电力、汽车、冶金等行业的需求增长支撑业绩保持稳健。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300034","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"4d1f688067bd","from":"company:300034","from_name":"钢研高纳","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-钢研高纳-300034-25ca2fc3587d.md","chunk_id":"chunk:e0a6a72f392e","chunk_index":3,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-2024-年-10-月-29-日-fb636955125b.md","chunk_id":"chunk:45c030be156d","chunk_index":5,"quote_summary":"公司针对燃机、玻璃制造、冶金、石油化工等领域积极推进高温合金跨领域应用技术研究、实现应用拓展，进一步打开航空航天以外市场规模。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300034","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"e526648940a7","from":"company:300034","from_name":"钢研高纳","to":"material:钛","to_name":"钛","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-钢研高纳-300034-25ca2fc3587d.md","chunk_id":"chunk:8fb8760ad28e","chunk_index":2,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-证券研究报告-公司点评报告-航空装备ii-0d50f2d43634.md","chunk_id":"chunk:32653392cacc","chunk_index":6,"quote_summary":"在产品系列上，涵盖铸造合金制品、变形合金制品、新型合金制品等，如面向航空航天的高温母合金、发动机精密铸件、航空发动机盘环锻件等，还拓展了铝、镁、钛铸锻件领域。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300034","target":"material:钛","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"8e1063aecec9","from":"company:300034","from_name":"钢研高纳","to":"material:钢材","to_name":"钢材","relation":"raw_material_dependency","direction":"upstream","summary":"* **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,"evidence":[{"source_path":"sources/stock-research-report-钢研高纳-300034-fd991e900c78.md","chunk_id":"chunk:fe330ea22af4","chunk_index":2,"quote_summary":"* **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%。"},{"source_path":"sources/stock-research-report-证券研究报告-6df53779ac7a.md","chunk_id":"chunk:2bf47b9ec064","chunk_index":1,"quote_summary":"| 日期 | 钢研高纳 | 沪深300 |"},{"source_path":"sources/stock-research-report-钢研高纳-300034-sz-2024-年中报点评-34aeb160983d.md","chunk_id":"chunk:136bc5cdb7ca","chunk_index":0,"quote_summary":"1H24 子公司新力通和西安钢研实现快速增长，是公司业绩增长的主要动能。"},{"source_path":"sources/stock-research-report-钢研高纳-300034-31e095c5b880.md","chunk_id":"chunk:7f6ecfe0c19e","chunk_index":3,"quote_summary":"| Date | 钢研高纳 | 沪深300 |"},{"source_path":"sources/stock-research-report-钢研高纳-300034-sz-2024-年三季报点评-bccf1e4ec03e.md","chunk_id":"chunk:4ea0fa543792","chunk_index":1,"quote_summary":"2024 年 6 月，公司公告拟定增募资 2.8 亿元用于补充流动资金，发行对象为公司的控股股东中国钢研。"},{"source_path":"sources/stock-research-report-钢研高纳-300034-25ca2fc3587d.md","chunk_id":"chunk:e0a6a72f392e","chunk_index":3,"quote_summary":"控股子公司西安钢研高纳主要研发和生产航空航天用叶片及小型结构件。"},{"source_path":"sources/stock-research-report-2024-年-6-月-30-日-240dda978b6b.md","chunk_id":"chunk:b1a8957ba317","chunk_index":1,"quote_summary":"| 日期 | 钢研高纳 | 国防军工 |"},{"source_path":"sources/stock-research-report-2024-年-10-月-29-日-fb636955125b.md","chunk_id":"chunk:93fb671ab433","chunk_index":1,"quote_summary":"| Date | 钢研高纳 | 国防军工 |"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300034","target":"material:钢材","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":8}
{"edge_id":"f9e894d3257e","from":"company:300034","from_name":"钢研高纳","to":"material:钴","to_name":"钴","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-钢研高纳-300034-032a54b3f0ed.md","chunk_id":"chunk:5d5a0c3713e8","chunk_index":4,"quote_summary":"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%。"},{"source_path":"sources/stock-research-report-钢研高纳-300034-fd991e900c78.md","chunk_id":"chunk:fe330ea22af4","chunk_index":2,"quote_summary":"2025 年上半年业绩下滑的主因是原材料镍、铬、钴价格剧烈波动，叠加部分批产产品阶梯降价，导致营业成本同比增 17.19%，压缩利润空间。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300034","target":"material:钴","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"a36cfba1bf1a","from":"company:300034","from_name":"钢研高纳","to":"material:铝","to_name":"铝","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-钢研高纳-300034-25ca2fc3587d.md","chunk_id":"chunk:8fb8760ad28e","chunk_index":2,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-证券研究报告-公司点评报告-航空装备ii-0d50f2d43634.md","chunk_id":"chunk:32653392cacc","chunk_index":6,"quote_summary":"在产品系列上，涵盖铸造合金制品、变形合金制品、新型合金制品等，如面向航空航天的高温母合金、发动机精密铸件、航空发动机盘环锻件等，还拓展了铝、镁、钛铸锻件领域。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300034","target":"material:铝","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"17db3edeb65c","from":"company:300034","from_name":"钢研高纳","to":"material:镍","to_name":"镍","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-钢研高纳-300034-032a54b3f0ed.md","chunk_id":"chunk:5d5a0c3713e8","chunk_index":4,"quote_summary":"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%。"},{"source_path":"sources/stock-research-report-钢研高纳-300034-25ca2fc3587d.md","chunk_id":"chunk:b91c62d3f583","chunk_index":0,"quote_summary":"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；"},{"source_path":"sources/stock-research-report-钢研高纳-300034-fd991e900c78.md","chunk_id":"chunk:fe330ea22af4","chunk_index":2,"quote_summary":"2025 年上半年业绩下滑的主因是原材料镍、铬、钴价格剧烈波动，叠加部分批产产品阶梯降价，导致营业成本同比增 17.19%，压缩利润空间。"},{"source_path":"sources/stock-research-report-证券研究报告-公司点评报告-航空装备ii-0d50f2d43634.md","chunk_id":"chunk:60ad7ea50fd4","chunk_index":8,"quote_summary":"* **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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300034","target":"material:镍","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":4}
{"edge_id":"8cde4df6a5e1","from":"company:300132","from_name":"青松股份","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"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_id":"chunk:b95780712bf4","chunk_index":1,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-青松股份-300132-sz-深度报告-3e57fee3e7a5.md","chunk_id":"chunk:dd98fcbbad95","chunk_index":1,"quote_summary":"在疫情反复以及国际贸易环境不稳定、原材料价格波动的环境下，一些以低价为核心竞争力的中小代工企业抗风险能力较弱；"},{"source_path":"sources/stock-research-report-公司研究-材料-材料ii-证券研究报告-8d3425a92bc4.md","chunk_id":"chunk:0496ac3d2072","chunk_index":0,"quote_summary":"（3）大宗商品价格上涨及供应链紧张；"},{"source_path":"sources/stock-research-report-q3-计提商誉减值-业绩端承压-48bad63271da.md","chunk_id":"chunk:5c93e34d8db5","chunk_index":0,"quote_summary":"21 年三季度以来受原材料价格波动、行业新规落地、用工及产能扩张等内外多重因素影响，收入与利润短期承压。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300132","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":4}
{"edge_id":"ab5342d637d2","from":"company:300136","from_name":"信维通信","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-信维通信-300136-16bc1e2ac19b.md","chunk_id":"chunk:0284a267d2c2","chunk_index":11,"quote_summary":"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。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300136","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"a59d7abcb2d4","from":"company:300136","from_name":"信维通信","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-信维通信-300136-16bc1e2ac19b.md","chunk_id":"chunk:95b1b2956788","chunk_index":19,"quote_summary":"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；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300136","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"34d134348f74","from":"company:300137","from_name":"先河环保","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-先河环保-300137-2f29051f4e13.md","chunk_id":"chunk:f001cf5d5185","chunk_index":3,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-证券研究报告-ad2ae0e67b8c.md","chunk_id":"chunk:52de641f733c","chunk_index":12,"quote_summary":"澳大利亚悉尼大学矿产、环境工程双硕士，矿产大宗商品行业 1 年工作经验，2013 年 4 月加盟信达证券研发中心，从事钢铁行业研究。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300137","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"700ddf0a6c88","from":"company:300137","from_name":"先河环保","to":"material:有色金属","to_name":"有色金属","relation":"raw_material_dependency","direction":"upstream","summary":"**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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-ad2ae0e67b8c.md","chunk_id":"chunk:52de641f733c","chunk_index":12,"quote_summary":"**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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300137","target":"material:有色金属","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"24afcaf3b77e","from":"company:300137","from_name":"先河环保","to":"material:钢材","to_name":"钢材","relation":"raw_material_dependency","direction":"upstream","summary":"**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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-ad2ae0e67b8c.md","chunk_id":"chunk:52de641f733c","chunk_index":12,"quote_summary":"**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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300137","target":"material:钢材","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"9b78ec21e026","from":"company:300138","from_name":"晨光生物","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-股票投资评级-6c79f34daabd.md","chunk_id":"chunk:21d82e5b3d2c","chunk_index":4,"quote_summary":"公司主要原材料仍处于去化周期，产品价格仍是低位。"},{"source_path":"sources/stock-research-report-2025-年-10-月-28-日-829b83593af3.md","chunk_id":"chunk:cf96bf76ac37","chunk_index":3,"quote_summary":"● **风险提示**：宏观经济波动风险，市场需求低迷风险，原材料价格波动风险，资产减值损失风险，投资收益波动风险。"},{"source_path":"sources/stock-research-report-2025-年-10-月-27-日-c2b82dca504d.md","chunk_id":"chunk:11c30f19d39f","chunk_index":2,"quote_summary":"食品级叶黄素销量同增 22%，公司积极推进缅甸万寿菊试种，进一步提升原材料成本优势，同时行业形成共识打破低价竞争状态，企业端普遍上调叶黄素价格，预计后续叶黄素利润端将迎来明显改善。"},{"source_path":"sources/stock-research-report-2026-年-01-月-15-日-6a0879566dd2.md","chunk_id":"chunk:e4c217ed8892","chunk_index":4,"quote_summary":"* **风险提示**：宏观经济波动风险，市场需求低迷风险，原材料价格波动风险，资产减值损失风险，投资收益波动风险。"},{"source_path":"sources/stock-research-report-证券研究报告-20ba5d8d9192.md","chunk_id":"chunk:d61fe33bbc87","chunk_index":7,"quote_summary":"* **原材料供应量及价格波动风险**：公司生产所需的原材料以辣椒、万寿菊、棉籽、甜叶菊等农副产品为主，这些原材料的供应量及市场价格易受气候条件、病虫害、市场供需关系等因素影响。"},{"source_path":"sources/stock-research-report-2025-年-09-月-02-日-c4ae9aec1613.md","chunk_id":"chunk:4b89b6a59ce7","chunk_index":2,"quote_summary":"受益于豆油、豆粕等大宗商品行情回暖，公司棉籽业务实现扭亏为盈，子公司新疆晨光上半年实现净利润 0.6 亿元，去年同期为-0.6 亿元，带动公司整体业绩显著改善。"},{"source_path":"sources/stock-research-report-2026-年-04-月-06-日-86a52867ebf5.md","chunk_id":"chunk:c6af5376e3bc","chunk_index":0,"quote_summary":"随着大宗商品行情回暖及公司严格执行采销对锁与期现结合的经营策略，产品毛利率提升 4.4 个百分点至 4.6%，全年加工棉籽近 100 万吨，实现净利润 6791 万元，成功扭亏为盈。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300138","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":7}
{"edge_id":"f7ba52012e7a","from":"company:300138","from_name":"晨光生物","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"⮚ **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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-20ba5d8d9192.md","chunk_id":"chunk:7b3a1e8263c9","chunk_index":6,"quote_summary":"⮚ **美国 FDA 新政有望推动天然色素加速替代石油基合成色素。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300138","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"db985ce14151","from":"company:300446","from_name":"航天智造","to":"material:天然气","to_name":"天然气","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-航天智造-300446-b8a512c003a6.md","chunk_id":"chunk:7686a766cd1b","chunk_index":40,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-2024-年-7-月-17-日-2ed5f2f589b1.md","chunk_id":"chunk:c9ba3ef3f213","chunk_index":8,"quote_summary":"图表 14： 我国天然气数据统计 15"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300446","target":"material:天然气","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"de92bed9365f","from":"company:300446","from_name":"航天智造","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-航天智造-300446-b8a512c003a6.md","chunk_id":"chunk:b748f85c170e","chunk_index":26,"quote_summary":"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；"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300446","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"02859d1640aa","from":"company:300446","from_name":"航天智造","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-航天智造-300446-b8a512c003a6.md","chunk_id":"chunk:6eeca60b0431","chunk_index":31,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-2024-年-7-月-17-日-2ed5f2f589b1.md","chunk_id":"chunk:009858b0b866","chunk_index":17,"quote_summary":"射孔器材主要包括油气井用电雷管及电子雷管、起爆器、延期起爆管、导爆索、聚能射孔弹、射孔枪、桥塞火药、坐封工具以及相配套的油管传输射孔工具、电缆传输射孔工具、连续油管传输射孔工具和多级选发射孔控制系统等；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300446","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"a2fde25e54e2","from":"company:300446","from_name":"航天智造","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-航天智造-300446-b8a512c003a6.md","chunk_id":"chunk:ff0d8ae721c0","chunk_index":2,"quote_summary":"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；"},{"source_path":"sources/stock-research-report-2024-年-7-月-17-日-2ed5f2f589b1.md","chunk_id":"chunk:9d31e8990574","chunk_index":13,"quote_summary":"民品方面，公司面向石油工业上游完井产业链，开发油气井射孔装备和高端完井装备超 30 年，实现了油气井射孔完井技术系统集成，客户涵盖了中石油、中石化、中海油各大油气田，产品出口俄罗斯、北美、东南亚等 20 多个国家和地区，是国内油气井射孔工程技术领先、集成配套能力最强的企业之一。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300446","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"fae942cf70ad","from":"company:300446","from_name":"航天智造","to":"material:钢材","to_name":"钢材","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-航天智造-300446-b8a512c003a6.md","chunk_id":"chunk:b748f85c170e","chunk_index":26,"quote_summary":"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；"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300446","target":"material:钢材","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"8aec812c26d7","from":"company:300446","from_name":"航天智造","to":"material:铝","to_name":"铝","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-航天智造-300446-b8a512c003a6.md","chunk_id":"chunk:b748f85c170e","chunk_index":26,"quote_summary":"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；"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300446","target":"material:铝","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"9ba180400e34","from":"company:300455","from_name":"航天智装","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-ad88e80585c3.md","chunk_id":"chunk:24105617ac95","chunk_index":6,"quote_summary":"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。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300455","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"b53145620a7d","from":"company:300474","from_name":"景嘉微","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-景嘉微-300474-sz-深度报告-e67d95f39e08.md","chunk_id":"chunk:e71eb983f77e","chunk_index":61,"quote_summary":"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%。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300474","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"9f6a9fe4a5d5","from":"company:300474","from_name":"景嘉微","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-景嘉微-300474-sz-深度报告-e67d95f39e08.md","chunk_id":"chunk:1ea5873fd6b7","chunk_index":4,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300474","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"e6c7f30009c6","from":"company:300474","from_name":"景嘉微","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-景嘉微-300474-sz-深度报告-e67d95f39e08.md","chunk_id":"chunk:46f351ac5401","chunk_index":26,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300474","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"c6921929afb6","from":"company:300719","from_name":"安达维尔","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"下游型号放量不及预期、上游原材料波动、高端人才流失、重点项目未中标、库存、资金等风险","confidence":0.78,"evidence":[{"source_path":"sources/stock-research-report-公司研究-国防军工-14fe10d4d4b3.md","chunk_id":"chunk:1ad0d10a5fb2","chunk_index":6,"quote_summary":"下游型号放量不及预期、上游原材料波动、高端人才流失、重点项目未中标、库存、资金等风险"},{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-94c85c44eb90.md","chunk_id":"chunk:3df8e17d1ee6","chunk_index":6,"quote_summary":"合同负债（0.26 亿元，+52.03%）大幅增加，存货（2.93 亿元，+3.37%）略增，其中原材料（1.22 亿元，+24.19%）增加，在产品和库存商品（总计为 0.87 亿元，-22.04%）减少，发出商品（0.72 亿元，+9.81%）增加，综合来看，表明公司订单充足，积极备货、交付，随着发出商品的确认，..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300719","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"6f36fd150d9a","from":"company:300719","from_name":"安达维尔","to":"material:碳纤维","to_name":"碳纤维","relation":"raw_material_dependency","direction":"upstream","summary":"毛利率（36.07%，-3.73pcts)，业务占比（21.51%，-14.69pcts）有所下降，公司飞机复合材料结构件维修能力建设已启动，将成为未来新的业务增长点；","confidence":0.78,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-94c85c44eb90.md","chunk_id":"chunk:6436d54ed2b2","chunk_index":4,"quote_summary":"毛利率（36.07%，-3.73pcts)，业务占比（21.51%，-14.69pcts）有所下降，公司飞机复合材料结构件维修能力建设已启动，将成为未来新的业务增长点；"},{"source_path":"sources/stock-research-report-公司研究-国防军工-14fe10d4d4b3.md","chunk_id":"chunk:b022ec5c3eb3","chunk_index":1,"quote_summary":"与此同时，公司于报告期内正式启动飞机复合材料结构件维修的能力建设，积极培育新的业务增长点。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300719","target":"material:碳纤维","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"85d48d19864e","from":"company:300855","from_name":"图南股份","to":"material:天然气","to_name":"天然气","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-5cdf13c5f8be.md","chunk_id":"chunk:928677b1a81f","chunk_index":6,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300855","target":"material:天然气","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"31feedf94272","from":"company:300855","from_name":"图南股份","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-2024-年-8-月-16-日-84b6bd68eda9.md","chunk_id":"chunk:145cb772e11f","chunk_index":4,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-图南股份-300855-sz-2025-年半年报点评-b88659790014.md","chunk_id":"chunk:8b42ca5df373","chunk_index":1,"quote_summary":"随着沈阳图南机械加工能力的建设和转产，公司产业链进一步延伸，实现从原材料至中小零部件销售的覆盖。"},{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-5cdf13c5f8be.md","chunk_id":"chunk:49ad8448d155","chunk_index":7,"quote_summary":"报告期末，存货4.97亿元，较年初增长7.58%，存货金额为近5年来新高，其中原材料、周转材料等较年初增长较多，这或表明公司对下游有信心并积极备货。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300855","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":3}
{"edge_id":"9a71e9b717b6","from":"company:300855","from_name":"图南股份","to":"material:有色金属","to_name":"有色金属","relation":"raw_material_dependency","direction":"upstream","summary":"| 日期 | 图南股份 | 有色金属 |","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-年-8-月-16-日-84b6bd68eda9.md","chunk_id":"chunk:9207dd33a1c4","chunk_index":1,"quote_summary":"| 日期 | 图南股份 | 有色金属 |"},{"source_path":"sources/stock-research-report-证券研究报告-有色金属-公司点评报告-801003733ad1.md","chunk_id":"chunk:029fcb04361f","chunk_index":0,"quote_summary":"证券研究报告：有色金属 | 公司点评报告"},{"source_path":"sources/stock-research-report-发布时间-2025-04-25-132b09eb5429.md","chunk_id":"chunk:bcdb1a42eb60","chunk_index":1,"quote_summary":"| Date | 图南股份 | 有色金属 |"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300855","target":"material:有色金属","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":3}
{"edge_id":"422b03253236","from":"company:300855","from_name":"图南股份","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-5cdf13c5f8be.md","chunk_id":"chunk:928677b1a81f","chunk_index":6,"quote_summary":"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；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300855","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"31464e2bd7d8","from":"company:300855","from_name":"图南股份","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-5cdf13c5f8be.md","chunk_id":"chunk:928677b1a81f","chunk_index":6,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300855","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"26a14106510a","from":"company:300855","from_name":"图南股份","to":"material:碳纤维","to_name":"碳纤维","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-2024-年-10-月-20-日-fd2ee13d71aa.md","chunk_id":"chunk:11e4e98a3f99","chunk_index":5,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-2024-年-8-月-16-日-84b6bd68eda9.md","chunk_id":"chunk:b759924f3d71","chunk_index":5,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-a498ba09ec09.md","chunk_id":"chunk:f384fa08ff10","chunk_index":4,"quote_summary":"此外，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有望成为公司的第二增长曲线。"},{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-5cdf13c5f8be.md","chunk_id":"chunk:ca0db37b5764","chunk_index":9,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300855","target":"material:碳纤维","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":4}
{"edge_id":"6fb675d16015","from":"company:300855","from_name":"图南股份","to":"material:钢材","to_name":"钢材","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-图南股份-300855-sz-2024-年中报点评-5dc0dae37445.md","chunk_id":"chunk:2d052dd7252a","chunk_index":0,"quote_summary":"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%；"},{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-5cdf13c5f8be.md","chunk_id":"chunk:928677b1a81f","chunk_index":6,"quote_summary":"公司产品可分为铸造高温合金、变形高温合金、其他合金制品和特种不锈钢四大类，2024H1各业务板块业绩情况为："},{"source_path":"sources/stock-research-report-2024-年-8-月-16-日-84b6bd68eda9.md","chunk_id":"chunk:145cb772e11f","chunk_index":4,"quote_summary":"2024H1，公司实现营收 7.31 亿元，同比增长 6%，其中，铸造高温合金收入 2.79 亿元，同比减少 19%，变形高温合金收入 2.77 亿元，同比增长 31%，特种不锈钢收入 0.39 亿元，同比减少 5%，其他合金制品收入 0.88 亿元，同比增长 21%。"},{"source_path":"sources/stock-research-report-发布时间-2025-04-25-132b09eb5429.md","chunk_id":"chunk:aa63e6d1f5d3","chunk_index":4,"quote_summary":"2、2024 年，铸造高温合金和特种不锈钢产品需求承压，变形高温合金产品收入同比增长 18%。"},{"source_path":"sources/stock-research-report-证券研究报告-有色金属-公司点评报告-801003733ad1.md","chunk_id":"chunk:d8ebc0927a56","chunk_index":4,"quote_summary":"2025H1，公司营收 5.99 亿元，同比减少 18%，其中，铸造高温合金收入 1.69 亿元，同比减少 39.62%，变形高温合金收入 2.77 亿元，同比减少 0.24%，特种不锈钢收入 0.31 亿元，同比减少 19.38%，其他合金制品收入 0.64 亿元，同比减少 27.28%。"},{"source_path":"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_id":"chunk:e0a7ee90b834","chunk_index":1,"quote_summary":"➢ **铸造高温合金&特种不锈钢承压；"},{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-a498ba09ec09.md","chunk_id":"chunk:aeca7d72f971","chunk_index":18,"quote_summary":"| 特种不锈钢 | 0.39 | 5 |"},{"source_path":"sources/stock-research-report-图南股份-300855-sz-2025-年半年报点评-b88659790014.md","chunk_id":"chunk:d59b2ade6bba","chunk_index":2,"quote_summary":"➢ **投资建议**：公司是国内航空发动机用大型复杂薄壁高温合金结构件的重要供应商，国内飞机、航空发动机用高温合金和特种不锈钢无缝管材的主要供应商。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300855","target":"material:钢材","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":8}
{"edge_id":"e0720fd233eb","from":"company:300900","from_name":"广联航空","to":"material:天然气","to_name":"天然气","relation":"raw_material_dependency","direction":"upstream","summary":"公司参与了国家批复的多个大型飞机研制项目，是 C919 大型客机的零部件、成型工装供应商和 C929 货仓门等零部件及中机身壁板组件装配生产线的供应商，设计制造了 AG600 水陆两栖飞机的总装配生产线，此外还为多种型号军用飞机、航空发动机、燃气轮机、航天器以及无人机研制航空航天配套产品。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e925c219449c.md","chunk_id":"chunk:d0afa56fe9b0","chunk_index":3,"quote_summary":"公司参与了国家批复的多个大型飞机研制项目，是 C919 大型客机的零部件、成型工装供应商和 C929 货仓门等零部件及中机身壁板组件装配生产线的供应商，设计制造了 AG600 水陆两栖飞机的总装配生产线，此外还为多种型号军用飞机、航空发动机、燃气轮机、航天器以及无人机研制航空航天配套产品。"},{"source_path":"sources/stock-research-report-2024-11-11-1ed3568e22f0.md","chunk_id":"chunk:e6a0be03c3dc","chunk_index":2,"quote_summary":"此外，公司还积极推进“两机专项”建设，加大对航空发动机工装及零部件、燃气轮机机匣成套制造装配的研制力度，通过绘制航空发动机专用工装图谱提升工装设计效率与模块化水平。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300900","target":"material:天然气","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"96c51ec97324","from":"company:300900","from_name":"广联航空","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"4）财务费用率 8.4%，同比增加 0.62ppt，主要是为满足在手订单的备货需求，公司加大了原材料采购力度导致。","confidence":0.78,"evidence":[{"source_path":"sources/stock-research-report-广联航空-300900-sz-2024-年三季报点评-819ca945b284.md","chunk_id":"chunk:62cd2f8d3706","chunk_index":0,"quote_summary":"4）财务费用率 8.4%，同比增加 0.62ppt，主要是为满足在手订单的备货需求，公司加大了原材料采购力度导致。"},{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e925c219449c.md","chunk_id":"chunk:175e20c867b2","chunk_index":2,"quote_summary":"财务费用（0.56亿元，+31.39%），主要系为满足在手订单的备货需求，公司加大了原材料采购力度。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300900","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"630f33587f25","from":"company:300900","from_name":"广联航空","to":"material:碳纤维","to_name":"碳纤维","relation":"raw_material_dependency","direction":"upstream","summary":"公司围绕两机专项、复材产品应用等领域精耕细作，不断夯实以航空工装业务为基础，航空、航天复合材料产品为核心，无人机整机结构研制为目标的全产业链布局。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-广联航空-300900-sz-2024-年中报点评-3f3a1fe37efa.md","chunk_id":"chunk:0ba6e3310320","chunk_index":0,"quote_summary":"公司围绕两机专项、复材产品应用等领域精耕细作，不断夯实以航空工装业务为基础，航空、航天复合材料产品为核心，无人机整机结构研制为目标的全产业链布局。"},{"source_path":"sources/stock-research-report-2024-11-11-1ed3568e22f0.md","chunk_id":"chunk:e6a0be03c3dc","chunk_index":2,"quote_summary":"本协议的签署有利于公司把握国产大飞机行业发展机遇，及时响应和满足下游客户日益增长的产品需求，充分利用产业集群优势，进一步丰富航空工装及复合材料零部件产品类别及应用领域，完善产品结构和产能区域布局，深化协同效应，增强公司核心竞争力，助力国产大飞机产业集群发展。"},{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e925c219449c.md","chunk_id":"chunk:d0afa56fe9b0","chunk_index":3,"quote_summary":"产品覆盖军用和民用领域，主要为航空工装、航空航天零部件与无人机产品，其中复合材料工艺装备、零部件和部段的加工制造技术处于行业先进水平。"},{"source_path":"sources/stock-research-report-广联航空-300900-sz-2024-年三季报点评-819ca945b284.md","chunk_id":"chunk:62cd2f8d3706","chunk_index":0,"quote_summary":"研发费用 0.5 亿元，同比增长 24.3%，主要是公司加大研发投入力度，不断夯实以航空工装业务为基础，航空、航天复合材料产品为核心，无人机整机结构研制为目标的全产业链布局；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300900","target":"material:碳纤维","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":4}
{"edge_id":"440436d5fd12","from":"company:301050","from_name":"雷电微力","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-雷电微力-301050-0f8c87aec0e4.md","chunk_id":"chunk:f08a5f0a1801","chunk_index":4,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:301050","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"4f55c61452dc","from":"company:302132","from_name":"中航成飞","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"* **“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,"evidence":[{"source_path":"sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md","chunk_id":"chunk:f650a25d99a7","chunk_index":109,"quote_summary":"* **“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。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:302132","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"3fb896f295cd","from":"company:302132","from_name":"中航成飞","to":"material:碳纤维","to_name":"碳纤维","relation":"raw_material_dependency","direction":"upstream","summary":"| 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,"evidence":[{"source_path":"sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md","chunk_id":"chunk:5535a34e7b27","chunk_index":112,"quote_summary":"| 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 |"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:302132","target":"material:碳纤维","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"4f2ae9254e6e","from":"company:302132","from_name":"中航成飞","to":"material:钛","to_name":"钛","relation":"raw_material_dependency","direction":"upstream","summary":"* 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,"evidence":[{"source_path":"sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md","chunk_id":"chunk:b53403b2ff9a","chunk_index":111,"quote_summary":"* 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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:302132","target":"material:钛","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"6c6dfa8e04b7","from":"company:600009","from_name":"上海机场","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-上海机场-600009-sh-bce986a5c78b.md","chunk_id":"chunk:f2cda552397e","chunk_index":1,"quote_summary":"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。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600009","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"922811aacaae","from":"company:600029","from_name":"南方航空","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-南方航空-600029-sh-2025-年半年报点评-fe0b974cf087.md","chunk_id":"chunk:845cbdd78ad0","chunk_index":0,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-南方航空-600029-sh-1a40ffca14f5.md","chunk_id":"chunk:c5c8823cb886","chunk_index":0,"quote_summary":"受油价下降影响，2025Q3 公司单位座公里营业成本为 0.41 元，同比下降 3.9%。"},{"source_path":"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_id":"chunk:4b20841442bb","chunk_index":0,"quote_summary":"**运力扩张部分对冲降价影响：** 我们测算 25Q3 公司整体客收同比-3.6%，其中国内同比-3.6%、国际同比-3.7%，暑期旺季价格表现较弱而 9 月淡季价格转为同比上涨，航班管家显示 7-9 月国内航线含燃油附加费价格同比-4.6%，而 9 月同比+1.0%，运力增速高于价格降幅，带动三季度收入小幅增长。"},{"source_path":"sources/stock-research-report-南方航空-600029-sh-优于大市-007bd90c5c59.md","chunk_id":"chunk:1fd2c0d0db67","chunk_index":2,"quote_summary":"**风险提示：**宏观经济下行，油价汇率剧烈波动，安全事故。"},{"source_path":"sources/stock-research-report-南方航空-600029-sh-d497f977e0ee.md","chunk_id":"chunk:1416531a3b86","chunk_index":0,"quote_summary":"价方面，2024H1 公司客公里收益为 0.46 元，同比下降 6%，主要系商务线承压及燃油附加费减少，座公里收益同比下降 3%；"},{"source_path":"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_id":"chunk:cd7524f49c04","chunk_index":0,"quote_summary":"其中单位燃油成本 0.137 元，同比-13.9%，与油价降幅大体一致；"},{"source_path":"sources/stock-research-report-cinda-securities-09b3014218b9.md","chunk_id":"chunk:600be45ad3bc","chunk_index":1,"quote_summary":"➢ **票价小幅下降，单位成本受益于油价仍有缩减。"},{"source_path":"sources/stock-research-report-交通运输-航空机场-7294e30e5656.md","chunk_id":"chunk:92118e652f04","chunk_index":1,"quote_summary":"**人民币汇率波动，油价上涨，出行需求不及预期，地缘政治风险。"},{"source_path":"sources/stock-research-report-证券研究报告-交通运输-公司点评报告-aafe13586df9.md","chunk_id":"chunk:ee24ea4f61c6","chunk_index":2,"quote_summary":"* **油价下跌助力成本节约，业绩符合预期**"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600029","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":9}
{"edge_id":"19d14ea5e308","from":"company:600038","from_name":"中直股份","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中直股份-600038-76b24ab60f43.md","chunk_id":"chunk:b562cf223c55","chunk_index":6,"quote_summary":"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。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600038","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"62829a63a289","from":"company:600038","from_name":"中直股份","to":"material:碳纤维","to_name":"碳纤维","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中直股份-600038-76b24ab60f43.md","chunk_id":"chunk:10c2a774af65","chunk_index":8,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600038","target":"material:碳纤维","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"ea17e326f8ad","from":"company:600072","from_name":"中船科技","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-dceb31728812.md","chunk_id":"chunk:fc9a6359e18e","chunk_index":6,"quote_summary":"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。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600072","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"c39ca4e56d76","from":"company:600072","from_name":"中船科技","to":"material:煤炭","to_name":"煤炭","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-dceb31728812.md","chunk_id":"chunk:c1d78885e6d4","chunk_index":44,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600072","target":"material:煤炭","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"cd06ea90f8e9","from":"company:600072","from_name":"中船科技","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-dceb31728812.md","chunk_id":"chunk:02bcd4fc05a6","chunk_index":7,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-中船科技-600072-sh-无评级-e9bc8de5c63e.md","chunk_id":"chunk:0df2e3edce7f","chunk_index":0,"quote_summary":"◆ 公司研究·公司快评 ◆ 电力设备·风电设备 ◆ 投资评级：无评级"},{"source_path":"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_id":"chunk:c87ed9007413","chunk_index":11,"quote_summary":"主要客户包括国内主要央企电力集团、部分地方国企及大型民企，同时公司经国家科技部授权组建“国家海上风力发电工程技术研究中心”，取得多项科研成果、荣誉，在海上风电技术的研发、海上风电运维管理等方面积累了丰富的技术储备，综合技术实力处于国内领先水平。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600072","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":3}
{"edge_id":"040e97f09493","from":"company:600072","from_name":"中船科技","to":"material:钢材","to_name":"钢材","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-dceb31728812.md","chunk_id":"chunk:88647660c68d","chunk_index":10,"quote_summary":"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"},{"source_path":"sources/stock-research-report-中船科技-600072-sh-无评级-e9bc8de5c63e.md","chunk_id":"chunk:0df2e3edce7f","chunk_index":0,"quote_summary":"◆ 中船科技：公司以大型钢结构工程业务起家，现定位为高科技、新产业的多元上市平台"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600072","target":"material:钢材","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"a76290a04ab6","from":"company:600115","from_name":"中国东航","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"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_id":"chunk:f1a85e60d756","chunk_index":0,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-中国东航-600115-sh-2025-年三季报点评-1ee76431cb6c.md","chunk_id":"chunk:8ea017e1b5c9","chunk_index":0,"quote_summary":"➢ **25Q3 座收同比降幅有限，油价回落、成本费用控制出色带动盈利增长，汇率升值对单季度盈利贡献有限。"},{"source_path":"sources/stock-research-report-中国东航-600115-sh-2025-年半年报点评-d68910cf4939.md","chunk_id":"chunk:ff81499801db","chunk_index":0,"quote_summary":"* **25Q2 座收同比降幅有限，油价回落、成本费用控制出色推动半年减亏，汇率升值对半年度盈利影响有限。"},{"source_path":"sources/stock-research-report-中国东航-600115-sh-买-入-ceb3ce71422c.md","chunk_id":"chunk:0f2681b7ee6e","chunk_index":0,"quote_summary":"**因供需快速修复，2023 年公司营业成本实现 1124.6 亿元，同比增长 50.8%，其中航油成本 411.0 亿元，同比增长 84.9%，非油成本 713.6 亿元，同比增长 36.3%。"},{"source_path":"sources/stock-research-report-中国东航-600115-sh-优于大市-c9e9f06f3d82.md","chunk_id":"chunk:b2cea14da419","chunk_index":0,"quote_summary":"**得益于经营效率提升以及油价下跌，公司单位成本同比下降。"},{"source_path":"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_id":"chunk:4e3b12780242","chunk_index":2,"quote_summary":"③油价和汇率因素：油价和汇率是影响航司盈利能力的两个重要因素，2025 年前 9 月，航空煤油均价为 85.85 美元/桶，较去年同期下降 11.93%。"},{"source_path":"sources/stock-research-report-2024-年-3-月-31-日-e2028a93e24d.md","chunk_id":"chunk:0f738ccf6e3b","chunk_index":4,"quote_summary":"因业务量恢复，公司 2023 年营业成本 1124.6 亿元，同比增长 50.8%，其中航油成本因用油量上升及航油价格下降的综合影响，成本达到 411.0 亿元，升幅为 84.9%，单位 ASK 航油成本 0.1678 元，同比下降 27.4%。"},{"source_path":"sources/stock-research-report-中国东航-600115-sh-2024-年报点评-15c44a06a787.md","chunk_id":"chunk:7426855fdc7a","chunk_index":0,"quote_summary":"* **油价同比回落但座收同比降幅有限、单位扣油成本控制出色推动全年减亏，汇率贬值拖累盈利。"},{"source_path":"sources/stock-research-report-中国东航-600115-sh-b7fd69cbe01a.md","chunk_id":"chunk:5be1291b1118","chunk_index":4,"quote_summary":"若考虑单位净利润，3Q23 东航实现单机归母净利润 466.0 万元，在油价高企的背景下仍较 19 年同期的 345.1 万元有较为明显的提升。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600115","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":9}
{"edge_id":"02b339121f96","from":"company:600118","from_name":"中国卫星","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-ca91b43692d5.md","chunk_id":"chunk:26d3a1ca726c","chunk_index":6,"quote_summary":"中标中石油北斗导航能源安全生产综合监管系统项"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600118","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"3aa3448723fc","from":"company:600118","from_name":"中国卫星","to":"material:钛","to_name":"钛","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中国卫星-600118-sh-2023-年中报点评-a78f4760fe85.md","chunk_id":"chunk:6aa4d22d8519","chunk_index":0,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-bb3e8f1f3e58.md","chunk_id":"chunk:67f6774624b7","chunk_index":0,"quote_summary":"2022年前三季度，公司收入（52.87亿元，+21.13%）快速增长，特别是三季度收入（20.42亿元，+66.44%）同比实现高速增长，但单季度毛利率（10.46%，-1.35pcts）环比出现下降，促使公司前三季度整体毛利率有所下降（11.78%，-3.15pcts），公司前三季度归母净利润（2.83亿元，+3..."},{"source_path":"sources/stock-research-report-中国卫星-600118-sh-2023-年三季报点评-e7d921db1a75.md","chunk_id":"chunk:43109c05fd8d","chunk_index":0,"quote_summary":"归母净利润下降主要是收入下降，以及上年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。"},{"source_path":"sources/stock-research-report-中国卫星-600118-sh-2023-年年报点评-945fb840df32.md","chunk_id":"chunk:32476ad18eb7","chunk_index":0,"quote_summary":"公司业绩下降主要有 2 点原因：1）上年同期公司合并财务报表范围发生变化，对钛金科技由控制变为实施重大影响，产生投资收益 0.7 亿元，而 23 年无此项收益；"},{"source_path":"sources/stock-research-report-谨慎推荐-维持评级-a1f8b26d7487.md","chunk_id":"chunk:b9f911b3cace","chunk_index":0,"quote_summary":"2）2022 年 9 月 28 日，中国卫星参股公司钛金科技完成收购中国航发山西航空发动机维修有限责任公司 51%股权在产权交易所摘牌，并于 9 月 30 日取得产权交易凭证。"},{"source_path":"sources/stock-research-report-中国卫星-600118-sh-2023-年一季报点评-9b91560312ed.md","chunk_id":"chunk:0cae10a35693","chunk_index":0,"quote_summary":"公司联营企业东方蓝天钛金科技于 2022 年 6 月起不再并表，上年同期取得借款收到的现金主要为东方蓝天钛金科技为满足日常资金需求而取得的短期借款。"},{"source_path":"sources/stock-research-report-中国卫星-600118-sh-2022-年中报点评-35a28c3671ef.md","chunk_id":"chunk:c51047256189","chunk_index":0,"quote_summary":"**上半年业绩增加较多主要是公司对钛金科技持股比例减少且不再并表，投资收益同比增加 7358 万元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600118","target":"material:钛","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":7}
{"edge_id":"823fc63c6677","from":"company:600150","from_name":"中国船舶","to":"material:天然气","to_name":"天然气","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中国船舶-600150-sh-2420409b114c.md","chunk_id":"chunk:67a97f649d8d","chunk_index":0,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600150","target":"material:天然气","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"42bc8c6555b6","from":"company:600150","from_name":"中国船舶","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中国船舶-600150-sh-买入-维持评级-8a986f95f854.md","chunk_id":"chunk:bee11cf3b3d7","chunk_index":4,"quote_summary":"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。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600150","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"20b6cff3c219","from":"company:600150","from_name":"中国船舶","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"* ◼ **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,"evidence":[{"source_path":"sources/stock-research-report-中国船舶-600150-b95ae1e4e4d3.md","chunk_id":"chunk:d9d0cea6e1c9","chunk_index":8,"quote_summary":"* ◼ **风险提示：宏观经济波动、地缘政治风险、原油价格波动等。"},{"source_path":"sources/stock-research-report-中国船舶-600150-c53c0462f757.md","chunk_id":"chunk:40eaa96e5768","chunk_index":5,"quote_summary":"◼ **风险提示**：宏观经济波动、地缘政治风险、原油价格波动等。"},{"source_path":"sources/stock-research-report-中国船舶-600150-af27eafae237.md","chunk_id":"chunk:eef752351773","chunk_index":10,"quote_summary":"■ **风险提示**：宏观经济波动、地缘政治风险、原油价格波动等。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600150","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":3}
{"edge_id":"b7e82beaae48","from":"company:600151","from_name":"航天机电","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"清华大学工学硕士，电力设备与新能源行业研究员，2016年加入东兴证券，目前研究重点主要覆盖光伏、储能、新能源汽车等板块。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-外延打造新增长-协同彰显布局智慧-0a03527afc14.md","chunk_id":"chunk:538b20fbd2b2","chunk_index":10,"quote_summary":"清华大学工学硕士，电力设备与新能源行业研究员，2016年加入东兴证券，目前研究重点主要覆盖光伏、储能、新能源汽车等板块。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600151","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"e34f1efdb6a3","from":"company:600184","from_name":"光电股份","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-光电股份-600184-sh-首次覆盖报告-3f91ac62fe2f.md","chunk_id":"chunk:e55f64058f8e","chunk_index":41,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-中航证券金融研究所-dd3e3a7f96de.md","chunk_id":"chunk:e748e4b9e151","chunk_index":5,"quote_summary":"由于2018年原材料价格上涨，但公司并未提高产品售价，导致产品毛利率有所下降。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600184","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"c9eee1a46060","from":"company:600184","from_name":"光电股份","to":"material:稀土","to_name":"稀土","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-光电股份-600184-sh-首次覆盖报告-3f91ac62fe2f.md","chunk_id":"chunk:e55f64058f8e","chunk_index":41,"quote_summary":"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。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600184","target":"material:稀土","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"fa8b73cbd5fc","from":"company:600184","from_name":"光电股份","to":"material:铜","to_name":"铜","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-光电股份-600184-sh-首次覆盖报告-3f91ac62fe2f.md","chunk_id":"chunk:9461fb83df40","chunk_index":30,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600184","target":"material:铜","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"e03b71147558","from":"company:600221","from_name":"海航控股","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"**人民币汇率波动，油价上涨，出行需求不及预期，债务扩大。","confidence":0.78,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-60bf9d1768ac.md","chunk_id":"chunk:e9ea28b754ce","chunk_index":1,"quote_summary":"**人民币汇率波动，油价上涨，出行需求不及预期，债务扩大。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600221","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"5b0c201396a1","from":"company:600316","from_name":"洪都航空","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"在存货端，公司上半年存货金额期末金额为 41.57 亿元，同比增加 38.42%，主要为公司本期原材料增加。","confidence":0.78,"evidence":[{"source_path":"sources/stock-research-report-华发集团旗下企业-73cf8ffba7c5.md","chunk_id":"chunk:0b8a8fcfd477","chunk_index":0,"quote_summary":"在存货端，公司上半年存货金额期末金额为 41.57 亿元，同比增加 38.42%，主要为公司本期原材料增加。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600316","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"85748b15af92","from":"company:600372","from_name":"中航机载","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中航机载-600372-f3e0e22db897.md","chunk_id":"chunk:cf726dee7a6a","chunk_index":4,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-中航机载-600372-sh-2025-年半年报点评-0e8bdc3b381e.md","chunk_id":"chunk:3e55208def80","chunk_index":0,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600372","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"3fe8156a1e26","from":"company:600372","from_name":"中航机载","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中航机载-600372-sh-2025-年半年报点评-0e8bdc3b381e.md","chunk_id":"chunk:3e55208def80","chunk_index":0,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600372","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"cbfa696f1c9b","from":"company:600391","from_name":"航发科技","to":"material:天然气","to_name":"天然气","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-航发科技-600391-0cb4fc3d581c.md","chunk_id":"chunk:085bb935df9d","chunk_index":2,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-b57ba59d8b04.md","chunk_id":"chunk:22d2b3a06066","chunk_index":4,"quote_summary":"从业务构成上看，公司主要业务为航空发动机及燃气轮机零部件的研发、制造、销售、服务，主要分为内贸航空及衍生产品、外贸转包产品两个业务板块。"},{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-695e420ac228.md","chunk_id":"chunk:8f75b276acaf","chunk_index":4,"quote_summary":"公司主要业务为航空发动机及燃气轮机零部件的研发、制造、销售、服务，主要分为内贸航空及衍生产品、外贸转包产品两个业务板块。"},{"source_path":"sources/stock-research-report-中航证券金融研究所-e1d3bbf36f9c.md","chunk_id":"chunk:44eeb805a7e6","chunk_index":4,"quote_summary":"外贸产品方面，主要为承接国际知名企业的民用航空发动机和燃气轮机零部件产品委托加工业务，目前已和包括 GE、RR、HON 在内的多家头部企业客户建立了稳定的合作关系。"},{"source_path":"sources/stock-research-report-航发科技-600391-2021-年报点评-307ebf1dd40c.md","chunk_id":"chunk:69fd40ad7faf","chunk_index":8,"quote_summary":"③外贸产品：公司的民用航空发动机和燃气轮机零部件产品主要向部分国际知名发动机公司提供，且双方基本都处于战略协作关系。"},{"source_path":"sources/stock-research-report-航发科技-600391-2020-年报点评-9c025e3a6e96.md","chunk_id":"chunk:98dae9cc9b57","chunk_index":6,"quote_summary":"**业务方面**：公司主要业务为航空发动机及燃气轮机零部件的研发、制造、销售、服务，包含内贸航空及衍生产品、外贸转包产品两个业务板块，内贸航空、外贸产品、航空轴承三大产品。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600391","target":"material:天然气","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":6}
{"edge_id":"b675f2df6f6c","from":"company:600391","from_name":"航发科技","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-航发科技-600391-2021-年报点评-307ebf1dd40c.md","chunk_id":"chunk:130f231600d5","chunk_index":7,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-航发科技-600391-2020-年报点评-9c025e3a6e96.md","chunk_id":"chunk:605ce9520dc7","chunk_index":8,"quote_summary":"受国内原材料价格和人工成本上涨影响，叠加市场激烈竞争等因素，为应对未来外贸转包持续盈利能力将逐步下滑的可能，公司正积极转型升级，将巩固传统优势，推动重点产品系列化和产品价值高端化。"},{"source_path":"sources/stock-research-report-中航证券金融研究所-e1d3bbf36f9c.md","chunk_id":"chunk:07bc691c8c79","chunk_index":6,"quote_summary":"* **风险提示：** 外贸航空产品需求下滑、新品研制进度不及预期、原材料采购进度受疫情影响有所推迟。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600391","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":3}
{"edge_id":"133d6ed95354","from":"company:600391","from_name":"航发科技","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-航发科技-600391-2021-年报点评-307ebf1dd40c.md","chunk_id":"chunk:130f231600d5","chunk_index":7,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600391","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"301aa6264700","from":"company:600435","from_name":"北方导航","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"A[元器件等其它原材料供应商<br/>（四级配套单位）] --> B","confidence":0.78,"evidence":[{"source_path":"sources/stock-research-report-2025-年-11-月-18-日-216252507999.md","chunk_id":"chunk:41ffec517860","chunk_index":29,"quote_summary":"A[元器件等其它原材料供应商<br/>（四级配套单位）] --> B"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600435","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"fa54a51b364b","from":"company:600435","from_name":"北方导航","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-2025-年-11-月-18-日-216252507999.md","chunk_id":"chunk:fae540d2eea2","chunk_index":6,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-北方导航-600435-178f8fb69c06.md","chunk_id":"chunk:8f98c872e122","chunk_index":3,"quote_summary":"主要产品涵盖导航控制、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、核心部件等。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600435","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"0eb8587a21d4","from":"company:600435","from_name":"北方导航","to":"material:碳纤维","to_name":"碳纤维","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-北方导航-600435-178f8fb69c06.md","chunk_id":"chunk:b03acae73df6","chunk_index":4,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600435","target":"material:碳纤维","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"4bb1fabbf57f","from":"company:600435","from_name":"北方导航","to":"material:钢材","to_name":"钢材","relation":"raw_material_dependency","direction":"upstream","summary":"一方面，“量大”是“钢铁暴雨”作战方式的必然结果。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-年-11-月-18-日-216252507999.md","chunk_id":"chunk:e78e22b054b3","chunk_index":27,"quote_summary":"一方面，“量大”是“钢铁暴雨”作战方式的必然结果。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600435","target":"material:钢材","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"1c7ec7200dba","from":"company:600482","from_name":"中国动力","to":"material:天然气","to_name":"天然气","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中国动力-600482-sh-d20f4f2376c1.md","chunk_id":"chunk:cd5946152e46","chunk_index":0,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-中国动力-600482-sh-49cd1aa67d03.md","chunk_id":"chunk:c4ff4d30addd","chunk_index":1,"quote_summary":"**根据公司子公司中船发动机官微，9 月 30 日，中船发动机建造的大缸径 LNG 双燃料船用低速发动机成功交付，标志着公司具备大缸径 LNG 双燃料船用低速发动机的制造和试验能力，公司在绿色船舶发动机建造领域实现新突破。"},{"source_path":"sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md","chunk_id":"chunk:b520c7cdc106","chunk_index":5,"quote_summary":"* 图表 1： 公司业务涵盖柴油机动力、燃气动力等七类动力业务及机电配套业务 5"},{"source_path":"sources/stock-research-report-中国动力-600482-bfa4317a66b8.md","chunk_id":"chunk:a5481cde6886","chunk_index":4,"quote_summary":"◼ **中国动力：中船旗下核心动力装备上市平台，利润迎向上拐点**：中国动力为中船集团旗下核心动力装备上市公司，已形成覆盖柴油动力、化学动力、燃气蒸汽动力等七类动力业务及机电配套业务，产品包括柴油机、蓄电池、燃汽轮机、电机、齿轮箱等，下游覆盖国防动力、船舶海工和其他（工业、汽车、风光储等）。"},{"source_path":"sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md","chunk_id":"chunk:6c12c8547ee2","chunk_index":0,"quote_summary":"3、随着海运排放要求日益严格，LNG、甲醇燃料动力船舶比重明显提高，氨燃料、氢燃料动力船舶技术研发呈加速趋势。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600482","target":"material:天然气","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":5}
{"edge_id":"83037b26ef4d","from":"company:600482","from_name":"中国动力","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中国动力-600482-sh-c67233866dbf.md","chunk_id":"chunk:14e46d77eae7","chunk_index":1,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md","chunk_id":"chunk:2c3867098256","chunk_index":1,"quote_summary":"**发动机价格提升+原材料价格维持低位，看好公司盈利提升。"},{"source_path":"sources/stock-research-report-中国动力-600482-sh-00127f0cc0d5.md","chunk_id":"chunk:a3e1aef595a5","chunk_index":5,"quote_summary":"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"},{"source_path":"sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md","chunk_id":"chunk:6c12c8547ee2","chunk_index":0,"quote_summary":"* 全球航运产业链从上游原材料供应开始，由中游船厂制造，延伸到下游航运公司应用。"},{"source_path":"sources/stock-research-report-中国动力-600482-bfa4317a66b8.md","chunk_id":"chunk:2748676720a1","chunk_index":8,"quote_summary":"◼ **风险提示**：国际贸易政策变化风险、原材料价格波动风险、汇率波动风险"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600482","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":5}
{"edge_id":"b33d34dd49c2","from":"company:600482","from_name":"中国动力","to":"material:有色金属","to_name":"有色金属","relation":"raw_material_dependency","direction":"upstream","summary":"（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,"evidence":[{"source_path":"sources/stock-research-report-中国动力-600482-bfa4317a66b8.md","chunk_id":"chunk:e12ee4663f12","chunk_index":121,"quote_summary":"（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。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600482","target":"material:有色金属","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"5efae3103345","from":"company:600482","from_name":"中国动力","to":"material:煤炭","to_name":"煤炭","relation":"raw_material_dependency","direction":"upstream","summary":"| 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,"evidence":[{"source_path":"sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md","chunk_id":"chunk:854484c80721","chunk_index":16,"quote_summary":"| 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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600482","target":"material:煤炭","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"50d8f477f022","from":"company:600482","from_name":"中国动力","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"**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,"evidence":[{"source_path":"sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md","chunk_id":"chunk:2cb71d66eb66","chunk_index":8,"quote_summary":"**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。"},{"source_path":"sources/stock-research-report-中国动力-600482-bfa4317a66b8.md","chunk_id":"chunk:2748676720a1","chunk_index":8,"quote_summary":"◼ **AIDC 缺电带动“船改燃”技术渗透，有望打造新增长曲线**：AI 电力需求的非线性增长和电网基建老化之间的矛盾导致北美缺电。"},{"source_path":"sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md","chunk_id":"chunk:44c09a1afe92","chunk_index":7,"quote_summary":"| 柴油机动力 | 主要应用于船舶海工、汽车机车和电力等多领域具有较好的应用。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600482","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":3}
{"edge_id":"f8c499e30d29","from":"company:600482","from_name":"中国动力","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md","chunk_id":"chunk:ab75124456b4","chunk_index":7,"quote_summary":"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"},{"source_path":"sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md","chunk_id":"chunk:3775cd306cae","chunk_index":16,"quote_summary":"2022 年 2 月，俄乌战争爆发，引发的原油贸易流向迅速改变，导致阿芙拉型和苏伊士型油轮运价大幅上涨。"},{"source_path":"sources/stock-research-report-中国动力-600482-bfa4317a66b8.md","chunk_id":"chunk:eef64e452c5b","chunk_index":17,"quote_summary":"期间，化学动力仍为第一大业务，2016-2019 年随燃油车铅酸蓄电池寿命更新、军品订单增加稳步增长；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600482","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":3}
{"edge_id":"66d1b7bcde0b","from":"company:600482","from_name":"中国动力","to":"material:钛","to_name":"钛","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md","chunk_id":"chunk:2d31900f5a4a","chunk_index":14,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600482","target":"material:钛","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"1c340e1fd433","from":"company:600482","from_name":"中国动力","to":"material:钢材","to_name":"钢材","relation":"raw_material_dependency","direction":"upstream","summary":"**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,"evidence":[{"source_path":"sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md","chunk_id":"chunk:acef45dc9990","chunk_index":47,"quote_summary":"**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。"},{"source_path":"sources/stock-research-report-中国动力-600482-bfa4317a66b8.md","chunk_id":"chunk:77ff54869f73","chunk_index":34,"quote_summary":"**展望后续，公司盈利能力仍有提升空间：** 1）新造船市场结构性供需缺口中期存在，柴油发动机作为核心零部件，需求、价格有望维持高位，2）钢材等原材料价格仍呈下降趋势，产品售价与成本端形成剪刀差，3）公司贯彻“成本工程”，将聚焦三项费用压控，期间费用率稳中有降。"},{"source_path":"sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md","chunk_id":"chunk:2c3867098256","chunk_index":1,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-中国动力-600482-sh-c67233866dbf.md","chunk_id":"chunk:14e46d77eae7","chunk_index":1,"quote_summary":"**发动机价格提升+钢价维持低位，看好公司盈利能力持续提升。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600482","target":"material:钢材","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":4}
{"edge_id":"60c82c536d2b","from":"company:600482","from_name":"中国动力","to":"material:锂","to_name":"锂","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中国动力-600482-bfa4317a66b8.md","chunk_id":"chunk:eef64e452c5b","chunk_index":17,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-中国动力-600482-sh-d20f4f2376c1.md","chunk_id":"chunk:cd5946152e46","chunk_index":0,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md","chunk_id":"chunk:5a3958e9ad16","chunk_index":14,"quote_summary":"| 风帆有限责任公司 | 河北省 保定市 | 主营业务为起动用、牵引用、工业用铅酸蓄电池、特种材料制品以及消费型、动力型锂离子电池。"},{"source_path":"sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md","chunk_id":"chunk:7220714b5cde","chunk_index":13,"quote_summary":"⮚ 化学动力业务：汽车低压电池为公司化学动力业务的主打产品，储能锂电池产品处于迅速发展阶段。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600482","target":"material:锂","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":4}
{"edge_id":"7fca54ef0ec1","from":"company:600685","from_name":"中船防务","to":"material:天然气","to_name":"天然气","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中船防务-600685-国防军工-33f018e302c1.md","chunk_id":"chunk:00cef936aa86","chunk_index":25,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600685","target":"material:天然气","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"412f1c0e2154","from":"company:600685","from_name":"中船防务","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"* **风险提示**：汇率波动风险、造船需求不及预期风险、原材料价格人工成本波动风险。","confidence":0.78,"evidence":[{"source_path":"sources/stock-research-report-2024-年-04-月-26-日-128fc9fe809c.md","chunk_id":"chunk:850050674602","chunk_index":1,"quote_summary":"* **风险提示**：汇率波动风险、造船需求不及预期风险、原材料价格人工成本波动风险。"},{"source_path":"sources/stock-research-report-中船防务-600685-国防军工-33f018e302c1.md","chunk_id":"chunk:3ae92aff5b06","chunk_index":1,"quote_summary":"**船舶制造中原材料成本占到约 6 成，其中以钢板为主要原材料，回顾中国新造船价格，船价在很大程度上受船用钢板价格影响，然而随着钢价下降，新造船价仍处于高位，并没有受影响下跌，我们认为这是由于全球船厂产能收紧，小于需求，使得现在的船价主要由需求主导而非供给原料钢板主导。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600685","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"2fc4f040f03c","from":"company:600685","from_name":"中船防务","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-a517f162d983.md","chunk_id":"chunk:a1c5b6229cf8","chunk_index":17,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600685","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"edf05410d08e","from":"company:600685","from_name":"中船防务","to":"material:钢材","to_name":"钢材","relation":"raw_material_dependency","direction":"upstream","summary":"⚫ **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,"evidence":[{"source_path":"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_id":"chunk:6641f0544c2b","chunk_index":4,"quote_summary":"⚫ **公司船海业务营收占比下降，钢结构工程业务表现突出。"},{"source_path":"sources/stock-research-report-2024-年-04-月-26-日-128fc9fe809c.md","chunk_id":"chunk:130857fe9306","chunk_index":7,"quote_summary":"2）考虑到造船企业中原材料占成本的比重较大，我们根据造船完工量以及钢材价格预测公司 2024/25/26 年造船业务成本分别增长 12.4%/18.6%/5.4%。"},{"source_path":"sources/stock-research-report-中船防务-600685-国防军工-33f018e302c1.md","chunk_id":"chunk:3ae92aff5b06","chunk_index":1,"quote_summary":"**船舶制造中原材料成本占到约 6 成，其中以钢板为主要原材料，回顾中国新造船价格，船价在很大程度上受船用钢板价格影响，然而随着钢价下降，新造船价仍处于高位，并没有受影响下跌，我们认为这是由于全球船厂产能收紧，小于需求，使得现在的船价主要由需求主导而非供给原料钢板主导。"},{"source_path":"sources/stock-research-report-公司点评报告-f3e4d2cad667.md","chunk_id":"chunk:8d81172dd590","chunk_index":2,"quote_summary":"修船、钢结构工程、机电产品及其他业务板块占总营收比重与去年基本持平。"},{"source_path":"sources/stock-research-report-中航证券研究所-1ea6a2cd43cd.md","chunk_id":"chunk:df6e3ace65d5","chunk_index":1,"quote_summary":"钢结构工程实现营收 9.04 亿元（+49.17%）；"},{"source_path":"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_id":"chunk:7fa929fd8a91","chunk_index":4,"quote_summary":"分业务来看，公司主要业务可分为造船业务、钢结构工程业务、海工业务、修船业务、机电产品及其他业务。"},{"source_path":"sources/stock-research-report-中航证券研究所-ad905009f20f.md","chunk_id":"chunk:77f3a0a0be4f","chunk_index":6,"quote_summary":"* **钢结构工程业务发展势头强劲，业务占比提升。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600685","target":"material:钢材","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":7}
{"edge_id":"939d6bc83616","from":"company:600760","from_name":"中航沈飞","to":"material:钛","to_name":"钛","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中航沈飞-600760-sh-2025-年三季报点评-34d22a648184.md","chunk_id":"chunk:898cbf01224d","chunk_index":1,"quote_summary":"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；"},{"source_path":"sources/stock-research-report-中航沈飞-600760-sh-f477ce31494a.md","chunk_id":"chunk:82d95ce7198a","chunk_index":2,"quote_summary":"同时公司持续推进复材、钛合金产业化发展，复材与钛合金生产能力得到扩充，产业布局持续优化。"},{"source_path":"sources/stock-research-report-中航沈飞-600760-db99473a0847.md","chunk_id":"chunk:b1a9c422c8f7","chunk_index":4,"quote_summary":"* **2025 年上半年公司加速新质生产力布局：**新一代隐身战斗机歼-35A 亮相巴黎航展，复材及钛合金生产线能力建设项目持续推进，高商载无人机货运项目落地。"},{"source_path":"sources/stock-research-report-证券研究报告-ceecd743f594.md","chunk_id":"chunk:2b6304b118c0","chunk_index":2,"quote_summary":"随着复材、钛合金产业化发展持续推进，公司复材与钛合金生产能力得到扩充，产业布局持续优化。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600760","target":"material:钛","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":4}
{"edge_id":"2dadea62fb20","from":"company:600764","from_name":"中国海防","to":"material:天然气","to_name":"天然气","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中国海防-600764-5fb259699aad.md","chunk_id":"chunk:8e43a2f1d172","chunk_index":8,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600764","target":"material:天然气","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"315cbe8c5411","from":"company:600764","from_name":"中国海防","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中国海防-600764-2510805f74af.md","chunk_id":"chunk:949b0cdceda1","chunk_index":4,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-证券研究报告-公司点评报告-航海装备ii-469fe61d111c.md","chunk_id":"chunk:813435228692","chunk_index":4,"quote_summary":"利润表方面，2025 年上半年销售毛利率由 36.46%降至 35.32%，因防务产品成本上升及原材料价格波动；"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600764","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"3817ba1efdd3","from":"company:600764","from_name":"中国海防","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中国海防-600764-c04f645618d0.md","chunk_id":"chunk:7e71831b11c4","chunk_index":8,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600764","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"9e5ac61664d2","from":"company:600764","from_name":"中国海防","to":"material:铝","to_name":"铝","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司点评报告-航海装备ii-469fe61d111c.md","chunk_id":"chunk:813435228692","chunk_index":4,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600764","target":"material:铝","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"5f474b4c4257","from":"company:600765","from_name":"中航重机","to":"material:天然气","to_name":"天然气","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md","chunk_id":"chunk:659d425d66a2","chunk_index":1,"quote_summary":"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；"},{"source_path":"sources/stock-research-report-中航重机-600765-sh-5bab6a426235.md","chunk_id":"chunk:2e31b396ea7e","chunk_index":2,"quote_summary":"2）宏山公司累计获得包括商飞、商发、赛峰、罗罗、东汽等 46 家客户的供应商准入资格，并具备 3 家重点型号客户订货资格，未来将进一步加大航空锻件、燃气轮机市场的开拓力度，尽快实现扭亏为盈。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600765","target":"material:天然气","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"6143f73d284d","from":"company:600765","from_name":"中航重机","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"* **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,"evidence":[{"source_path":"sources/stock-research-report-中航重机-600765-a8f22a50abee.md","chunk_id":"chunk:93564f8c76b8","chunk_index":4,"quote_summary":"* **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。"},{"source_path":"sources/stock-research-report-中航重机-600765-sh-a81871f35f52.md","chunk_id":"chunk:919f13c9af76","chunk_index":1,"quote_summary":"**公司持续推进产业链一体化，逐步完成从锻造龙头到基础结构主力军的蜕变：**建立“材料研发及再生-锻铸件成形-精加工及整体功能部件”的新生态配套环境，向上游增资中航特材打造原材料集中采购平台，参股中航上大、托管聚能钛、安立公司打通返回料循环体系；"},{"source_path":"sources/stock-research-report-中航重机-600765-sh-8580f64a62b0.md","chunk_id":"chunk:3b755678a93e","chunk_index":0,"quote_summary":"**青海安立公司收购青海聚能钛，公司在钛合金材料回收利用领域布局向前迈出了坚实一步：**青海聚能钛业具有世界领先的核心钛合金熔炉进口设备，本次通过资产收购形式进入青海安立公司，有望进一步增强中航重机钛合金等原材料研发生产能力，对中航重机构建材料循环再生体系具有里程碑式的重要意义。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600765","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":3}
{"edge_id":"afa2bb239ba1","from":"company:600765","from_name":"中航重机","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"* **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,"evidence":[{"source_path":"sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md","chunk_id":"chunk:c8969f498059","chunk_index":10,"quote_summary":"* **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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600765","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"a32667a829fe","from":"company:600765","from_name":"中航重机","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"* **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,"evidence":[{"source_path":"sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md","chunk_id":"chunk:c8969f498059","chunk_index":10,"quote_summary":"* **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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600765","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"33a247cd3916","from":"company:600765","from_name":"中航重机","to":"material:碳纤维","to_name":"碳纤维","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中航重机-600765-sh-8580f64a62b0.md","chunk_id":"chunk:3b755678a93e","chunk_index":0,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600765","target":"material:碳纤维","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"237889b7f0d1","from":"company:600765","from_name":"中航重机","to":"material:钛","to_name":"钛","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中航重机-600765-sh-买入-维持评级-d71b158bc1b1.md","chunk_id":"chunk:5c547bc58c89","chunk_index":1,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-中航重机-600765-sh-a81871f35f52.md","chunk_id":"chunk:919f13c9af76","chunk_index":1,"quote_summary":"**公司持续推进产业链一体化，逐步完成从锻造龙头到基础结构主力军的蜕变：**建立“材料研发及再生-锻铸件成形-精加工及整体功能部件”的新生态配套环境，向上游增资中航特材打造原材料集中采购平台，参股中航上大、托管聚能钛、安立公司打通返回料循环体系；"},{"source_path":"sources/stock-research-report-中航重机-600765-a8f22a50abee.md","chunk_id":"chunk:5c5a922aae96","chunk_index":5,"quote_summary":"* **2025 上半年，中航重机核心竞争力继续强化**：250MN 等温锻压机、1500T 辗环机等旗舰设备满负荷运转，宏远公司钛合金整体框锻件通过装机评审，安大 4T 级高筒、6T 级厚壁超大锻件研制成功，填补国内空白。"},{"source_path":"sources/stock-research-report-中航重机-600765-sh-bdcacdfeffd9.md","chunk_id":"chunk:ccd4137f002d","chunk_index":1,"quote_summary":"核心能力持续突破，科创竞争力持续增强：1）加速研发框、梁、轴、环、机匣等新工艺新产品加速研发，宏远公司钛合金整体框锻件顺利通过装机评审，具备了承制超大型整体框锻件的能力。"},{"source_path":"sources/stock-research-report-中航重机-600765-sh-8580f64a62b0.md","chunk_id":"chunk:3b755678a93e","chunk_index":0,"quote_summary":"据“中航重机”微信公众号消息，12 月 11 日，青海聚能钛业与青海安立公司（中航重机托管的贵州安立公司全资子公司）在贵州省安顺市签署资产转让协议。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600765","target":"material:钛","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":5}
{"edge_id":"bcc5685522aa","from":"company:600765","from_name":"中航重机","to":"material:钢材","to_name":"钢材","relation":"raw_material_dependency","direction":"upstream","summary":"| 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,"evidence":[{"source_path":"sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md","chunk_id":"chunk:573f16e84d65","chunk_index":9,"quote_summary":"| 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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600765","target":"material:钢材","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"4385427ad35b","from":"company:600765","from_name":"中航重机","to":"material:钴","to_name":"钴","relation":"raw_material_dependency","direction":"upstream","summary":"M2[镍钴合金: 镍钴合金锭、板等]","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md","chunk_id":"chunk:0b248ebdb377","chunk_index":28,"quote_summary":"M2[镍钴合金: 镍钴合金锭、板等]"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600765","target":"material:钴","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"c52ac28c0bd8","from":"company:600765","from_name":"中航重机","to":"material:铜","to_name":"铜","relation":"raw_material_dependency","direction":"upstream","summary":"| 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,"evidence":[{"source_path":"sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md","chunk_id":"chunk:573f16e84d65","chunk_index":9,"quote_summary":"| 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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600765","target":"material:铜","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"3af6a8d003f5","from":"company:600765","from_name":"中航重机","to":"material:铝","to_name":"铝","relation":"raw_material_dependency","direction":"upstream","summary":"| 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,"evidence":[{"source_path":"sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md","chunk_id":"chunk:573f16e84d65","chunk_index":9,"quote_summary":"| 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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600765","target":"material:铝","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"6861d3faa0b7","from":"company:600765","from_name":"中航重机","to":"material:镍","to_name":"镍","relation":"raw_material_dependency","direction":"upstream","summary":"M2[镍钴合金: 镍钴合金锭、板等]","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md","chunk_id":"chunk:0b248ebdb377","chunk_index":28,"quote_summary":"M2[镍钴合金: 镍钴合金锭、板等]"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600765","target":"material:镍","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"19ed4fda737a","from":"company:600855","from_name":"航天长峰","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中航证券金融研究所-b9fa3da834e8.md","chunk_id":"chunk:a147d89e1381","chunk_index":11,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-航天长峰-600855-e9f7869612c1.md","chunk_id":"chunk:0c66ba0eee0f","chunk_index":12,"quote_summary":"公司电源产业主要围绕军工级、工业级电源、定制化电源等方面开展经营，具体业务包括稳压电源、恒流电源、UPS/EPS 电源、脉冲电源、专用特种电源、网络能源与新能源、行业专用电源及电能质量管理，覆盖航空航天、船舶、机车、通信、工控、轻工、重工及科研等各种领域，尤其是在需要电源系统高可靠性的科研领域发挥着重要的作用，同时也..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600855","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"da71c38816dd","from":"company:600855","from_name":"航天长峰","to":"material:锂","to_name":"锂","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-航天长峰-600855-e9f7869612c1.md","chunk_id":"chunk:a1bb90fad307","chunk_index":8,"quote_summary":"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..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600855","target":"material:锂","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"929c90e0825c","from":"company:600862","from_name":"中航高科","to":"material:化工品","to_name":"化工品","relation":"raw_material_dependency","direction":"upstream","summary":"**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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-633d8f901743.md","chunk_id":"chunk:8c3605075bf3","chunk_index":3,"quote_summary":"**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。"},{"source_path":"sources/stock-research-report-2026-年-03-月-25-日-0ca83dc998ac.md","chunk_id":"chunk:a86d472739a1","chunk_index":3,"quote_summary":"树脂及构件生产能力提升项目建设工程顺利完工，显著提升了树脂、预浸料等航空复合材料生产能力。"},{"source_path":"sources/stock-research-report-中航高科-600862-sh-2025-年半年报点评-8e865a6595b5.md","chunk_id":"chunk:f4f858a7a989","chunk_index":1,"quote_summary":"**项目建设方面，** 公司持续推进民航复材构件能力提升、先进航空预浸料产能提升、树脂及构件产能提升、炭材料制品产线建设、航发用树脂基复材零组件产能建设等项目，加速民机和非航空复材产业布局，围绕无人机、eVTOL 等新赛道抢抓低空经济发展机遇。"},{"source_path":"sources/stock-research-report-公-司-研-究-6e41046c3f20.md","chunk_id":"chunk:fdec0befbcd4","chunk_index":2,"quote_summary":"报告期内，中航工业复材完成某型号预浸料研制，实现碳纤维与树脂界面的匹配，形成预浸料批量稳定制备技术。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600862","target":"material:化工品","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":4}
{"edge_id":"61697234d8df","from":"company:600862","from_name":"中航高科","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"**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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-633d8f901743.md","chunk_id":"chunk:8c3605075bf3","chunk_index":3,"quote_summary":"**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。"},{"source_path":"sources/stock-research-report-中航高科-600862-0c4cc41a4dc5.md","chunk_id":"chunk:a96d79272f0d","chunk_index":4,"quote_summary":"存货 127.86 亿元，与年初基本持平，其中原材料与在产品略有增加，库存商品小幅下降，整体库存管理稳健。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600862","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"31fca3a160ce","from":"company:600862","from_name":"中航高科","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"| 低密度 | 减轻航空器重量，显著提升其运载能力和燃油效率，<br/>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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-633d8f901743.md","chunk_id":"chunk:1216440d942a","chunk_index":44,"quote_summary":"| 低密度 | 减轻航空器重量，显著提升其运载能力和燃油效率，<br/>降低运行成本，减少有害气体排放进而实现环保飞行 |"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600862","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"46507851db01","from":"company:600862","from_name":"中航高科","to":"material:碳纤维","to_name":"碳纤维","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中航高科-600862-sh-2025-年三季报点评-1af5bfba41eb.md","chunk_id":"chunk:3895160d6551","chunk_index":0,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-公-司-研-究-6e41046c3f20.md","chunk_id":"chunk:fdec0befbcd4","chunk_index":2,"quote_summary":"报告期内，中航工业复材完成某型号预浸料研制，实现碳纤维与树脂界面的匹配，形成预浸料批量稳定制备技术。"},{"source_path":"sources/stock-research-report-中航高科-600862-sh-2025-年半年报点评-8e865a6595b5.md","chunk_id":"chunk:f4f858a7a989","chunk_index":1,"quote_summary":"实现归母净利润 6.4 亿元，YOY +1.75%（其中，中航工业复材同比增长 2.08%），主要系航空复合材料交付增长所致。"},{"source_path":"sources/stock-research-report-2026-年-03-月-25-日-0ca83dc998ac.md","chunk_id":"chunk:c807d051d9f9","chunk_index":2,"quote_summary":"报告期内，航空工业复材实现新一代 T800 级及以上碳纤维预浸料及预浸丝束产品产量的突破性增长，显著提升先进材料供给能力，为下一代主力产品的规模化量产奠定了坚实基础；"},{"source_path":"sources/stock-research-report-证券研究报告-633d8f901743.md","chunk_id":"chunk:8c3605075bf3","chunk_index":3,"quote_summary":"* **中航工业集团旗下航空高性能复合材料龙头。"},{"source_path":"sources/stock-research-report-中航高科-600862-877362ab8a29.md","chunk_id":"chunk:6920f611c8c7","chunk_index":2,"quote_summary":"作为我国航空复合材料领域的龙头企业，公司在立足军品业务的基础上，积极拓展民用航空和低空经济等市场领域，未来成长空间十分广阔。"},{"source_path":"sources/stock-research-report-中航高科-600862-0c4cc41a4dc5.md","chunk_id":"chunk:afa118f27caa","chunk_index":5,"quote_summary":"* **2025 年上半年，公司核心竞争力持续巩固：**中航复材新增授权专利 8 项，累计有效专利达 330 项，巩固航空复合材料领域技术领先地位；"},{"source_path":"sources/stock-research-report-证券研究报告-a155ac175e30.md","chunk_id":"chunk:b95939776cc4","chunk_index":2,"quote_summary":"⮚ **持续受益于复合材料市场的蓬勃发展。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600862","target":"material:碳纤维","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":8}
{"edge_id":"ae209da72169","from":"company:600862","from_name":"中航高科","to":"material:钛","to_name":"钛","relation":"raw_material_dependency","direction":"upstream","summary":"**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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-633d8f901743.md","chunk_id":"chunk:f32201bbaeb0","chunk_index":62,"quote_summary":"**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%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600862","target":"material:钛","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"99577291b02e","from":"company:600862","from_name":"中航高科","to":"material:铝","to_name":"铝","relation":"raw_material_dependency","direction":"upstream","summary":"* **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，<u>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%</u>。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-633d8f901743.md","chunk_id":"chunk:d64c9455f782","chunk_index":55,"quote_summary":"* **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，<u>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%</u>。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600862","target":"material:铝","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"a613d481bfc8","from":"company:600879","from_name":"航天电子","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"* **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,"evidence":[{"source_path":"sources/stock-research-report-航天电子-600879-bfbae6698397.md","chunk_id":"chunk:7fe0e69620aa","chunk_index":6,"quote_summary":"* **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。"},{"source_path":"sources/stock-research-report-航天电子-600879-fb492d85a669.md","chunk_id":"chunk:2272c363f962","chunk_index":2,"quote_summary":"销售毛利率为 19.01%，较去年同期的 22.80%有所下降，主因原材料成本波动及产品结构变化；"},{"source_path":"sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md","chunk_id":"chunk:950c59070f45","chunk_index":25,"quote_summary":"2）航天电工主要从事电线电缆产品研发工作，受原材料价格波动、外部环境变化等因素影响，以及房地产行业不景气不断出现集中违约情形，2023 年航天电工对涉及房地产行业领域的相关资产进行了集中清理，计提 2693 万资产减值准备，以及 1.52 亿信用减值损失，导致航天电工亏损 1.97 亿元。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600879","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":3}
{"edge_id":"a8a2cd178ba6","from":"company:600879","from_name":"航天电子","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md","chunk_id":"chunk:125c98e746b6","chunk_index":29,"quote_summary":"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"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600879","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"91e11c44f237","from":"company:600879","from_name":"航天电子","to":"material:锂","to_name":"锂","relation":"raw_material_dependency","direction":"upstream","summary":"| 推进装置 | 锂电子电池、电动螺旋桨 | |","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md","chunk_id":"chunk:6a9b2ac57d30","chunk_index":58,"quote_summary":"| 推进装置 | 锂电子电池、电动螺旋桨 | |"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600879","target":"material:锂","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"e2e1c99b8757","from":"company:600893","from_name":"航发动力","to":"material:天然气","to_name":"天然气","relation":"raw_material_dependency","direction":"upstream","summary":"* **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,"evidence":[{"source_path":"sources/stock-research-report-航发动力-600893-ff9e17369c08.md","chunk_id":"chunk:1b9cf15dfcb2","chunk_index":4,"quote_summary":"* **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。"},{"source_path":"sources/stock-research-report-航发动力-600893-sh-2024-年三季报点评-312cd14bd10a.md","chunk_id":"chunk:a8584bbb5455","chunk_index":2,"quote_summary":"未来公司将继续立足核心技术，围绕发展新质生产力布局产业链，发挥自身“链长”的拉动作用，提供高质量、高性能、低耗能的航空发动机和燃气轮机产品。"},{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-0a879a618e00.md","chunk_id":"chunk:dd46a405e49c","chunk_index":7,"quote_summary":"主要产品和服务有航空发动机及燃气轮机整机、部件，维修保障服务以及航空发动机零部件出口转包等。"},{"source_path":"sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md","chunk_id":"chunk:ec7db31693fb","chunk_index":0,"quote_summary":"** 根据 Precedence Research，2025 年全球燃气轮机市场规模已达 302.4 亿美元，未来 10 年将以 7.29%的复合年增长率高速增长，2035 年预计市场规模将达到 611.3 亿美元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600893","target":"material:天然气","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":4}
{"edge_id":"812619281ab2","from":"company:600893","from_name":"航发动力","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-航发动力-600893-ff9e17369c08.md","chunk_id":"chunk:1b9cf15dfcb2","chunk_index":4,"quote_summary":"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；"},{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-0a879a618e00.md","chunk_id":"chunk:b978e5096ede","chunk_index":13,"quote_summary":"风险提示：原材料波动导致毛利率下滑的风险；"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600893","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"3fcd075ad8f2","from":"company:600893","from_name":"航发动力","to":"material:煤炭","to_name":"煤炭","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md","chunk_id":"chunk:e35905dd6ef9","chunk_index":36,"quote_summary":"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%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600893","target":"material:煤炭","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"aec032462019","from":"company:600893","from_name":"航发动力","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"**全球电力需求激增，航改燃成公司未来新增长极。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md","chunk_id":"chunk:ec7db31693fb","chunk_index":0,"quote_summary":"**全球电力需求激增，航改燃成公司未来新增长极。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600893","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"d059b09ed3a7","from":"company:600893","from_name":"航发动力","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"**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,"evidence":[{"source_path":"sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md","chunk_id":"chunk:bf53d5872f9a","chunk_index":58,"quote_summary":"**上游产业：** 材料产业、机械制造、电子信息、石油化工、钢铁冶金"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600893","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"8b94c9f7e238","from":"company:600893","from_name":"航发动力","to":"material:碳纤维","to_name":"碳纤维","relation":"raw_material_dependency","direction":"upstream","summary":"完成验证机研制、英国发布了航空零排放战略，无人化、数字化、电气化、氢能、增材制造、复合材料等新理念、新技术、新材料的应用都在快速积累量变。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-0a879a618e00.md","chunk_id":"chunk:28bfb146b48f","chunk_index":12,"quote_summary":"完成验证机研制、英国发布了航空零排放战略，无人化、数字化、电气化、氢能、增材制造、复合材料等新理念、新技术、新材料的应用都在快速积累量变。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600893","target":"material:碳纤维","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"a175475a2307","from":"company:600893","from_name":"航发动力","to":"material:钢材","to_name":"钢材","relation":"raw_material_dependency","direction":"upstream","summary":"**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,"evidence":[{"source_path":"sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md","chunk_id":"chunk:bf53d5872f9a","chunk_index":58,"quote_summary":"**上游产业：** 材料产业、机械制造、电子信息、石油化工、钢铁冶金"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600893","target":"material:钢材","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"2c47aa62e967","from":"company:600893","from_name":"航发动力","to":"material:铝","to_name":"铝","relation":"raw_material_dependency","direction":"upstream","summary":"其余业务中，外贸出口转包（主要为航空发动机零部件海外代工）占比 4.21%，非航空产品及其他（如铝型材、发电设备等）占比 0.50%。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md","chunk_id":"chunk:9a51a1adc016","chunk_index":10,"quote_summary":"其余业务中，外贸出口转包（主要为航空发动机零部件海外代工）占比 4.21%，非航空产品及其他（如铝型材、发电设备等）占比 0.50%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600893","target":"material:铝","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"d75892ed2076","from":"company:601021","from_name":"春秋航空","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"** 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,"evidence":[{"source_path":"sources/stock-research-report-春秋航空-601021-sh-5766424ee916.md","chunk_id":"chunk:4540edb5529a","chunk_index":1,"quote_summary":"** 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；"},{"source_path":"sources/stock-research-report-春秋航空-601021-sh-2025-年半年报点评-ca95860047d8.md","chunk_id":"chunk:9364e2d37df5","chunk_index":1,"quote_summary":"➢ **油价回落带动单位成本下降，飞机利用率恢复缓解单位扣油成本上涨压力。"},{"source_path":"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_id":"chunk:d4376ab73e5c","chunk_index":1,"quote_summary":"其中单位燃油成本 0.102 元，同比-12.6%；"},{"source_path":"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_id":"chunk:1a06dd6656fb","chunk_index":0,"quote_summary":"➢ **票价降幅较大，成本端受益于油价有所下降。"},{"source_path":"sources/stock-research-report-春秋航空-601021-sh-2025-年三季报点评-101b70567709.md","chunk_id":"chunk:7487d3c5b2b5","chunk_index":0,"quote_summary":"➢ **油价回落和飞机利用率恢复带动单位成本下降，但客公里收益阶段性承压导致利润率同比下滑。"},{"source_path":"sources/stock-research-report-春秋航空-601021-sh-7903c43d959f.md","chunk_id":"chunk:a9eb44ec681d","chunk_index":0,"quote_summary":"**2025Q3 公司单位座公里营业成本为 0.29 元，同比下降 4.7%，主要系油价下跌以及利用率提升影响。"},{"source_path":"sources/stock-research-report-证券研究报告-交通运输-公司点评报告-bc08fa838fa8.md","chunk_id":"chunk:4fd5a57cf3f8","chunk_index":4,"quote_summary":"2024 年公司成本费用表现基本稳定，尽管油价有所降低，但公司航油成本因用油量上升仍有所增长；"},{"source_path":"sources/stock-research-report-春秋航空-601021-sh-优于大市-fef2e35fb07c.md","chunk_id":"chunk:534745c7e5be","chunk_index":0,"quote_summary":"** 公司持续提升国际市场运力投放，叠加国际油价影响，2024 年全年营业成本达到 174.1 亿，同比增长 12.2%，其中航油成本 61.4 亿，同比增长 8.9%，非油成本 112.7 亿，同比增长 14.1%。"},{"source_path":"sources/stock-research-report-春秋航空-601021-sh-优于大市-dd542bd9001b.md","chunk_id":"chunk:b61bbb573015","chunk_index":0,"quote_summary":"公司单位成本同比下降的主要原因是国际油价全年呈现宽幅震荡下行趋势，使得公司单位航油成本同比下降 9.6%，以及日利用率小时同比提升摊薄了公司固定成本，公司 2025 年飞机日利用率为 9.97 小时，同比提升 7.2%，恢复至 2019 年同期的 88.7%。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601021","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":9}
{"edge_id":"a3083eca6f88","from":"company:601111","from_name":"中国国航","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中国国航-601111-sh-8d1d7fbbd773.md","chunk_id":"chunk:2fc153c26b01","chunk_index":0,"quote_summary":"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；"},{"source_path":"sources/stock-research-report-cinda-securities-37c6f7288787.md","chunk_id":"chunk:e2f6fbc80fe5","chunk_index":0,"quote_summary":"➢ **票价跌幅好于行业，油价下行带动单位成本下降。"},{"source_path":"sources/stock-research-report-中国国航-601111-sh-b34da45b74ec.md","chunk_id":"chunk:232fda228790","chunk_index":0,"quote_summary":"1.《中国国航公司点评：裸票提升油价下降，Q2实现扭亏为盈》，2025.8.30"},{"source_path":"sources/stock-research-report-cinda-securities-b271a7b83bd8.md","chunk_id":"chunk:4737d0975d0d","chunk_index":0,"quote_summary":"➢ **票价拖累盈利，油价下行带动单位成本下降。"},{"source_path":"sources/stock-research-report-中国国航-601111-sh-2025-年三季报点评-8f6e831b93fc.md","chunk_id":"chunk:638abf0846bd","chunk_index":0,"quote_summary":"25Q3 公司盈利同比回落主要受到非油成本持续高位拖累，公司座公里收益同比基本持平，油价下降部分缓解了成本压力。"},{"source_path":"sources/stock-research-report-东-兴-证-券-股-份-有-限-公-司-证-券-研-究-报-告-7ac596104f13.md","chunk_id":"chunk:a48c3675048f","chunk_index":2,"quote_summary":"**25 年客座率同比提升约 2pct，燃油成本同比下降抵消大部分客公里收益降幅：** 25 年公司实现客运收入 1548.56 亿元，同比增加 30.67 亿元，其中因运力投入上升而增加收入 49.18 亿元，因客座率上升而增加收入 39.78 亿元，因收益水平下降而减少收入 58.29 亿元。"},{"source_path":"sources/stock-research-report-东兴证券股份有限公司证券研究报告-c02789740bbe.md","chunk_id":"chunk:66a54e23096c","chunk_index":2,"quote_summary":"**客收降幅在预期内，油价下降带动盈利回升：** 上半年公司实现客运收入 731.96 亿元，同比增加 0.59 亿元，拆分来看，其中因运力投放上升而增加收入 24.63 亿元，因客座率上升增加收入 13.61 亿元，因收益水平下降减少收入 37.65 亿元。"},{"source_path":"sources/stock-research-report-中国国航-601111-sh-2025-年半年报点评-da42e1d3270a.md","chunk_id":"chunk:d73eb3523a73","chunk_index":0,"quote_summary":"上半年看，尽管全行业国内航线价格同比承压、成本刚性，但油价和财务费用下降以及汇率升值共同推动利润同比改善。"},{"source_path":"sources/stock-research-report-601111-sh-9bea4445b90e.md","chunk_id":"chunk:c2937851a492","chunk_index":1,"quote_summary":"**③油价和汇率因素：**油价和汇率是影响航司盈利能力的两个重要因素，2025年前10月，航空煤油均价为86.01美元/桶，较去年同期下降10.90%。"},{"source_path":"sources/stock-research-report-东兴证券股份有限公司证券研究报告-c247265ae62b.md","chunk_id":"chunk:993a5c1a4c5e","chunk_index":4,"quote_summary":"国内航线 24 年客座率已经基本恢复疫情前水平，甚至部分月份高于疫情前，但在油价高于 19 年同期的情况下，客公里收益水平（0.537 元/客公里）依旧低于 19 年同期（0.590 元/客公里），体现出目前国内公商务需求的恢复程度依旧存在不足。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601111","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":10}
{"edge_id":"3555468dbd46","from":"company:601156","from_name":"东航物流","to":"material:化工品","to_name":"化工品","relation":"raw_material_dependency","direction":"upstream","summary":"| 化工原料及产品 | 23 | |","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-东航物流-601156-sh-2d1f8078de4d.md","chunk_id":"chunk:327f07543637","chunk_index":91,"quote_summary":"| 化工原料及产品 | 23 | |"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601156","target":"material:化工品","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"3247c826f3df","from":"company:601156","from_name":"东航物流","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-东航物流-601156-sh-2025-年半年报点评-e8d729eac717.md","chunk_id":"chunk:79268b409dee","chunk_index":0,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-东航物流-601156-sh-2d1f8078de4d.md","chunk_id":"chunk:973fb7909a4b","chunk_index":5,"quote_summary":"海外经济和国际关系波动风险、竞争加剧风险、油价大幅上涨风险、安全运行风险。"},{"source_path":"sources/stock-research-report-2025-年-5-月-7-日-6f05c2fad788.md","chunk_id":"chunk:fadaf6201c73","chunk_index":4,"quote_summary":"**风险提示：** 运价下跌幅度超预期、关税政策变化影响超预期、油价大幅波动、宏观经济下行、安全风险。"},{"source_path":"sources/stock-research-report-交通运输-物流-2acff3e1a03a.md","chunk_id":"chunk:36233fbc0072","chunk_index":1,"quote_summary":"**关税风险，航空货运需求增长不及预期，汇率波动，油价波动，地缘风险。"},{"source_path":"sources/stock-research-report-东航物流-601156-sh-2025-年三季报点评-358872701f9f.md","chunk_id":"chunk:5c56d30e43ad","chunk_index":2,"quote_summary":"➢ **风险提示：** 油价大幅上涨、贸易摩擦和关税反复、地缘冲突升级。"},{"source_path":"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_id":"chunk:bd33aada9ce4","chunk_index":1,"quote_summary":"风险提示：运价下跌、关税政策变化、油价大幅波动、安全风险。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601156","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":6}
{"edge_id":"9fa1c0bbe799","from":"company:601606","from_name":"长城军工","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-长城军工-601606-2021-年年报点评-16fb772fa1e3.md","chunk_id":"chunk:2d0fa48bb50c","chunk_index":3,"quote_summary":"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；"},{"source_path":"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_id":"chunk:bdfeed47c471","chunk_index":76,"quote_summary":"3、受宏观环境及大宗商品价格变化的影响。"},{"source_path":"sources/stock-research-report-长城军工-601606-610931a94901.md","chunk_id":"chunk:cdea252b1bf9","chunk_index":57,"quote_summary":"民品业务毛利率近三年分别为 21.56%、18.89% 和 15.36%，有所下降，主要是由于预应力锚具原材料价格上涨及产品单价下跌。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601606","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":3}
{"edge_id":"68e5459a3c39","from":"company:601606","from_name":"长城军工","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"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_id":"chunk:53be29a331d8","chunk_index":60,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-长城军工-601606-610931a94901.md","chunk_id":"chunk:7257e98ebd3c","chunk_index":40,"quote_summary":"| 441 航空导电纤维子弹 | 立项研制 | 该子弹可装配于武装直升机，攻击敌方高压变电站、输配电线路等电力设施，造成供电中断、用电系统瘫痪。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601606","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"54d9daffc1e9","from":"company:601606","from_name":"长城军工","to":"material:碳纤维","to_name":"碳纤维","relation":"raw_material_dependency","direction":"upstream","summary":"研制碳纤维子弹组件，配用于导弹等系统中 19","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-长城军工-601606-610931a94901.md","chunk_id":"chunk:34c0b7d91706","chunk_index":6,"quote_summary":"研制碳纤维子弹组件，配用于导弹等系统中 19"},{"source_path":"sources/stock-research-report-长城军工-601606-2021-年年报点评-16fb772fa1e3.md","chunk_id":"chunk:875cdf1b1e6c","chunk_index":7,"quote_summary":"报告期内，公司通过应用增程技术、减阻技术和复合材料技术增加弹药射程，如公司研制的 950 远程弹药射程增加近一倍；"},{"source_path":"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_id":"chunk:53be29a331d8","chunk_index":60,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601606","target":"material:碳纤维","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":3}
{"edge_id":"2b0fffa93908","from":"company:601606","from_name":"长城军工","to":"material:钢材","to_name":"钢材","relation":"raw_material_dependency","direction":"upstream","summary":"| 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,"evidence":[{"source_path":"sources/stock-research-report-长城军工-601606-610931a94901.md","chunk_id":"chunk:f0c9bb72f746","chunk_index":27,"quote_summary":"| 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。"},{"source_path":"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_id":"chunk:916374609738","chunk_index":64,"quote_summary":"金星预应力已经成功自主研发了高强度、大规格锚固组件，其中 YJM29 锚固体系是目前国内规格最大的预应力钢绞线锚固产品之一，2400MPa 超高强度锚具是目前国内强度最大的预应力钢绞线锚固产品之一；"},{"source_path":"sources/stock-research-report-长城军工-601606-2021-年年报点评-16fb772fa1e3.md","chunk_id":"chunk:875cdf1b1e6c","chunk_index":7,"quote_summary":"通过使用新型弹体材料和新型高能炸药，研究最佳的装填结构和装填配比，增强弹药的毁伤能力，如公司研制的 D053C 破片弹药通过使用高能炸药，提高爆破威力，通过装填预制破片环，形成钨、钢和自然破片，大大提高了杀伤和穿甲效能。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601606","target":"material:钢材","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":3}
{"edge_id":"aee8bab07496","from":"company:601606","from_name":"长城军工","to":"material:铜","to_name":"铜","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"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_id":"chunk:bdfeed47c471","chunk_index":76,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-长城军工-601606-610931a94901.md","chunk_id":"chunk:0e8ddb0e4c66","chunk_index":24,"quote_summary":"| 制导炮弹 | M712 式“铜斑蛇”制导炮弹 | 美国 | 采用激光半主动寻的制导，主要用于攻击集群坦克或装甲目标。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601606","target":"material:铜","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"06da84bc05af","from":"company:603261","from_name":"立航科技","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"报告期末，公司存货为 1.02 亿元（+86.91%），受下游客户结算进度影响，发出商品（0.48 亿元，+71.56%）明显增加，另外，占比较大的在产品（0.37 亿元，+116.43%）、原材料（0.15 亿元，+96.29%）均大幅提升，原材料及在产品的增加也表明公司积极备货，组织生产，以应对下游需求的快速增长。","confidence":0.78,"evidence":[{"source_path":"sources/stock-research-report-立航科技-603261-2021-年报及-2022-年一季报点评-cf4ccbf55845.md","chunk_id":"chunk:31ac7cfb5a71","chunk_index":6,"quote_summary":"报告期末，公司存货为 1.02 亿元（+86.91%），受下游客户结算进度影响，发出商品（0.48 亿元，+71.56%）明显增加，另外，占比较大的在产品（0.37 亿元，+116.43%）、原材料（0.15 亿元，+96.29%）均大幅提升，原材料及在产品的增加也表明公司积极备货，组织生产，以应对下游需求的快速增长。"},{"source_path":"sources/stock-research-report-2022-年-07-月-29-日-c49c9979b9c1.md","chunk_id":"chunk:a4e24a87d8bd","chunk_index":2,"quote_summary":"① 疫情影响部分原材料可能无法按期到厂，影响生产、交付正常推进；"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603261","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"2cb95b95e731","from":"company:603261","from_name":"立航科技","to":"material:碳纤维","to_name":"碳纤维","relation":"raw_material_dependency","direction":"upstream","summary":"飞机部件装配业务门槛较高，对操作人员的装配技能、工艺编制及质量检验能力均有较高要求，公司 2013 年起便逐步切入部装业务，目前已建立共计一百余人的业务团队，基于自身在航空工装及零部件加工等领域多年研发优势，已掌握了包括复合材料结构装配、大部件对合精加工在内的多项关键技术，在部装领域处于行业领先地位。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-立航科技-603261-2021-年报及-2022-年一季报点评-cf4ccbf55845.md","chunk_id":"chunk:76fd2f5f835b","chunk_index":8,"quote_summary":"飞机部件装配业务门槛较高，对操作人员的装配技能、工艺编制及质量检验能力均有较高要求，公司 2013 年起便逐步切入部装业务，目前已建立共计一百余人的业务团队，基于自身在航空工装及零部件加工等领域多年研发优势，已掌握了包括复合材料结构装配、大部件对合精加工在内的多项关键技术，在部装领域处于行业领先地位。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603261","target":"material:碳纤维","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"c8a3fb88d2a4","from":"company:603308","from_name":"应流股份","to":"material:天然气","to_name":"天然气","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md","chunk_id":"chunk:0888af10c5da","chunk_index":5,"quote_summary":"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 .................................."},{"source_path":"sources/stock-research-report-证券研究报告-公司点评报告-通用设备-cb8360cb1477.md","chunk_id":"chunk:4dd401394491","chunk_index":4,"quote_summary":"公司作为燃气轮机的叶片铸件供应商，充分受益于 AI 驱动下燃机需求增长。"},{"source_path":"sources/stock-research-report-股票投资评级-00faef49b0c4.md","chunk_id":"chunk:6aa5976699e9","chunk_index":5,"quote_summary":"**燃气轮机方面，2025H1，公司燃气轮机叶片在国内外主流燃气轮机厂商的渗透率进一步提升。"},{"source_path":"sources/stock-research-report-应流股份-603308-sh-a8e6785e0de2.md","chunk_id":"chunk:e746d09a44df","chunk_index":0,"quote_summary":"全球算力投资持续超预期，催化燃气轮机需求增长提速。"},{"source_path":"sources/stock-research-report-华发集团控股公司-a852f437c4e3.md","chunk_id":"chunk:136bf816429d","chunk_index":0,"quote_summary":"下游客户订单放量带动了燃气轮机高温合金叶片的需求增长，公司燃气轮机叶片在国内外主流燃气轮机厂商的渗透率进一步提升，已为西门子能源 F 级燃气轮机稳定供应叶片，H 级叶片持续开发，为 GE 航改燃机业务开发 LM2500、LM6000 系列产品，与贝克休斯紧密合作，在工业燃气轮机领域继续保持优势。"},{"source_path":"sources/stock-research-report-证券研究报告-92ff84317c47.md","chunk_id":"chunk:ae82b9c14c1e","chunk_index":4,"quote_summary":"燃气轮机多款型号取得突破，通过国家“两机专项”大 F 级重型燃机一二三级定向空心透平叶片新产品验收并批量交付，取得西门子 9000HL 行燃气轮机透平叶片开发订单；"},{"source_path":"sources/stock-research-report-应流股份-603308-sh-优于大市-8ffdd48fb725.md","chunk_id":"chunk:82412b5da3f9","chunk_index":1,"quote_summary":"**投资建议：**公司作为国内航空发动机及燃气轮机精密铸件领先企业，燃机业务核心卡位、绑定海内外龙头受益行业景气上行；"},{"source_path":"sources/stock-research-report-应流股份-603308-3676d6e94836.md","chunk_id":"chunk:30fe7d4ae8b5","chunk_index":4,"quote_summary":"公司为各大燃气轮机龙头公司叶片铸件供应商，充分受益于 AI 驱动下燃气轮机需求增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603308","target":"material:天然气","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":8}
{"edge_id":"a237256cb55f","from":"company:603308","from_name":"应流股份","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"**风险提示：**原材料价格波动风险；","confidence":0.78,"evidence":[{"source_path":"sources/stock-research-report-应流股份-603308-sh-优于大市-8ffdd48fb725.md","chunk_id":"chunk:82412b5da3f9","chunk_index":1,"quote_summary":"**风险提示：**原材料价格波动风险；"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603308","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"247f520b4f8f","from":"company:603308","from_name":"应流股份","to":"material:煤炭","to_name":"煤炭","relation":"raw_material_dependency","direction":"upstream","summary":"无缝管等燃气轮机、煤炭、核电等电厂用的结构件；","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md","chunk_id":"chunk:274473eb245b","chunk_index":75,"quote_summary":"无缝管等燃气轮机、煤炭、核电等电厂用的结构件；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603308","target":"material:煤炭","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"a8d9d4134a51","from":"company:603308","from_name":"应流股份","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md","chunk_id":"chunk:49283eddcdb1","chunk_index":34,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603308","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"e6c0cc46df97","from":"company:603308","from_name":"应流股份","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md","chunk_id":"chunk:844a90bab900","chunk_index":11,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603308","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"a2492d7af5bc","from":"company:603308","from_name":"应流股份","to":"material:钢材","to_name":"钢材","relation":"raw_material_dependency","direction":"upstream","summary":"**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,"evidence":[{"source_path":"sources/stock-research-report-股票投资评级-00faef49b0c4.md","chunk_id":"chunk:671a8e6c01a7","chunk_index":4,"quote_summary":"**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%。"},{"source_path":"sources/stock-research-report-证券研究报告-公司点评报告-通用设备-cb8360cb1477.md","chunk_id":"chunk:4dd401394491","chunk_index":4,"quote_summary":"分产品看，①高温合金产品及精密铸钢件产品：2025 年上半年实现收入 8.4 亿元，同比+6.4%，该业务核心为两机叶片，根据两机订单及交付周期推测，该板块有望于下半年实现较快收入环比增速；"},{"source_path":"sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md","chunk_id":"chunk:9883a5c0c6c9","chunk_index":74,"quote_summary":"（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；"},{"source_path":"sources/stock-research-report-证券研究报告-d747a6cb716a.md","chunk_id":"chunk:f4c7eaf5dab0","chunk_index":2,"quote_summary":"**从细分业务表现来看，（1）高温合金产品及精密铸钢件产品收入 8.4 亿元，yoy+6.4%，收入贡献 60.8%；"},{"source_path":"sources/stock-research-report-应流股份-603308-sh-优于大市-8ffdd48fb725.md","chunk_id":"chunk:b0ab2566a795","chunk_index":0,"quote_summary":"分业务看，2025 年上半年高温合金及精密铸钢件收入 8.42 亿元，同比增长 6.41%，毛利率 38.42%，同比提升 1.65pct；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603308","target":"material:钢材","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":5}
{"edge_id":"d4228529f5c1","from":"company:603308","from_name":"应流股份","to":"material:钴","to_name":"钴","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md","chunk_id":"chunk:9883a5c0c6c9","chunk_index":74,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603308","target":"material:钴","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"7af6f6794ee1","from":"company:603308","from_name":"应流股份","to":"material:锂","to_name":"锂","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md","chunk_id":"chunk:b0582e6a8c78","chunk_index":114,"quote_summary":"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%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603308","target":"material:锂","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"6195c64473bc","from":"company:603308","from_name":"应流股份","to":"material:镍","to_name":"镍","relation":"raw_material_dependency","direction":"upstream","summary":"（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,"evidence":[{"source_path":"sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md","chunk_id":"chunk:9883a5c0c6c9","chunk_index":74,"quote_summary":"（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；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603308","target":"material:镍","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"64451d674490","from":"company:603678","from_name":"火炬电子","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"* **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,"evidence":[{"source_path":"sources/stock-research-report-火炬电子-603678-e51bb5f736bd.md","chunk_id":"chunk:e9919d5df71a","chunk_index":4,"quote_summary":"* **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%；"},{"source_path":"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_id":"chunk:ae599c8252ce","chunk_index":2,"quote_summary":"受上游关键原材料价格高位运行的影响，直接材料成本同比增长 47.27%，导致毛利率同比小幅收窄。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603678","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"a1e226671a05","from":"company:603678","from_name":"火炬电子","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-火炬电子-603678-e51bb5f736bd.md","chunk_id":"chunk:e9919d5df71a","chunk_index":4,"quote_summary":"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。"},{"source_path":"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_id":"chunk:6f7820d5570f","chunk_index":1,"quote_summary":"根据中国电子元件行业协会相关报告显示，2024 年全球消费品需求相较于上年度有所回升，家用电器增长态势较好；"},{"source_path":"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_id":"chunk:ae599c8252ce","chunk_index":2,"quote_summary":"同时，天极科技微波芯片电容器、薄膜电路订单同比明显增长，福建毫米通过聚焦核心项目、优化团队结构及加强协同管理实现扭亏为盈，叠加并购四川中星切入薄膜电容赛道、厦门芯一代推动民品及电力产品业务协同发展，共同支撑板块增长。"},{"source_path":"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_id":"chunk:89a5ae6fc449","chunk_index":4,"quote_summary":"在民用市场方面，重点围绕电力电网、轨道交通、工控及新能源等领域积极开拓新市场、发掘新的应用场景。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603678","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":4}
{"edge_id":"a46ee5bea19a","from":"company:603678","from_name":"火炬电子","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"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_id":"chunk:6f7820d5570f","chunk_index":1,"quote_summary":"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。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603678","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"8a2bb234b1c3","from":"company:603678","from_name":"火炬电子","to":"material:碳纤维","to_name":"碳纤维","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"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_id":"chunk:89a5ae6fc449","chunk_index":4,"quote_summary":"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）。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603678","target":"material:碳纤维","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"93bf150f8c52","from":"company:603712","from_name":"七一二","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"** 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,"evidence":[{"source_path":"sources/stock-research-report-七一二-603712-409c8b76d7d1.md","chunk_id":"chunk:617ea55c6644","chunk_index":8,"quote_summary":"** 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。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603712","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"f055f9afe711","from":"company:603712","from_name":"七一二","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-七一二-603712-军用无线通信领军企业-研发驱动新增长-4273816e06fb.md","chunk_id":"chunk:934e55c98169","chunk_index":28,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603712","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"88da56ce1828","from":"company:603712","from_name":"七一二","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-公-司-研-究-16b3cc4f8ca2.md","chunk_id":"chunk:af7b10a72a06","chunk_index":51,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-七一二-603712-军用无线通信领军企业-研发驱动新增长-4273816e06fb.md","chunk_id":"chunk:f25cea1759df","chunk_index":29,"quote_summary":"| 用户范围 | 军队、公共安全部门、公共事业部门（市政、供水、公交等），特殊行业（铁路运输、石油开采、航空航天等） | 个人用户和公司 |"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603712","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"10ffde699670","from":"company:603885","from_name":"吉祥航空","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-交通运输-公司点评报告-b1af9b0cedea.md","chunk_id":"chunk:81f6bcde7c9a","chunk_index":2,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-吉祥航空-603885-sh-66cf1ab710a6.md","chunk_id":"chunk:485214ae2a4d","chunk_index":0,"quote_summary":"（2）价：2025H1 公司客公里收益为 0.45 元，同比-4%，其中估算国内国际线均同比回落，国内线下降或源于燃油附加费下降，国际线下降或源于航网结构改变及航线竞争等。"},{"source_path":"sources/stock-research-report-吉祥航空-603885-sh-2025-年三季报点评-b98515d97bf1.md","chunk_id":"chunk:7bfb3cbc571d","chunk_index":0,"quote_summary":"* **单位盈利方面，25Q3 油价下降抵冲飞机停场带来的非油成本上涨，运力向高收益航线集中有助于公司客收跑出相对涨幅。"},{"source_path":"sources/stock-research-report-吉祥航空-603885-sh-2025-年中报点评-f3cbfbf4851c.md","chunk_id":"chunk:0e18b2ae202c","chunk_index":0,"quote_summary":"2025Q2 国内线价格同比降幅收窄，我们测算公司整体客收同比下降 2.9%、座收同比基本持平，ASK 同比+2%带动客运收入同比+2%，油价下降对冲因飞机停场造成的单位非油成本上涨，净利率同比+0.7pct。"},{"source_path":"sources/stock-research-report-吉祥航空-603885-sh-优于大市-f1a64f7b5f39.md","chunk_id":"chunk:789d26ce51c7","chunk_index":2,"quote_summary":"**风险提示：**宏观经济下行，油价汇率剧烈波动，安全事故。"},{"source_path":"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_id":"chunk:925ab143a406","chunk_index":0,"quote_summary":"单位 ASK 成本看，25H1 公司单位 ASK 营业成本为 0.341 元，同比+1.4%，其中单位燃油成本 0.114 元，同比-11.1%；"},{"source_path":"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_id":"chunk:0caff6a659cc","chunk_index":0,"quote_summary":"<u>单位 ASK 成本</u>看，25Q3 公司单位 ASK 营业成本为 0.350 元，同比+1.0%，一方面，受益于油价下跌影响，公司单位燃油成本或有下降；"},{"source_path":"sources/stock-research-report-吉祥航空-603885-sh-2024-年年报点评-a7f72d68bd90.md","chunk_id":"chunk:cd85db93e716","chunk_index":0,"quote_summary":"2024 年公司运力投放增长大于价格降幅，ASK 同比+17%、座公里收益同比-8%、客运收入同比+8%，油价下降对冲降价影响，净利率同比+0.4pct。"},{"source_path":"sources/stock-research-report-发布时间-2025-11-03-826b798f0bcf.md","chunk_id":"chunk:6901079ca7ab","chunk_index":2,"quote_summary":"三季度国际油价同比有所降低，公司航油成本同步下降，但因机队利用效率问题，公司单位非油成本有所上升，三季度公司营业成本 51.6 亿元，同比下降 0.5%。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603885","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":9}
{"edge_id":"9234337e1a74","from":"company:688011","from_name":"新光光电","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"上游来看，公司采购的原材料主要为光学原材料、金属原材料、电气元件和结构件，其竞争较为充分、技术较为成熟、产品供给充足，公司每种原材料均有多家合作稳定的供应商。","confidence":0.78,"evidence":[{"source_path":"sources/stock-research-report-donghai-securities-d3cb3f6bdead.md","chunk_id":"chunk:f43152bb81bd","chunk_index":19,"quote_summary":"上游来看，公司采购的原材料主要为光学原材料、金属原材料、电气元件和结构件，其竞争较为充分、技术较为成熟、产品供给充足，公司每种原材料均有多家合作稳定的供应商。"},{"source_path":"sources/stock-research-report-中航证券研究所-8ebbbd9f4850.md","chunk_id":"chunk:bca4065139f2","chunk_index":6,"quote_summary":"我们注意到，公司的存货各项均在上期高增长的基础上继续保持增长：公司本期存货为 8987.30 万元，较期初增加 29.06%，其中，原材料、在产品和库存商品较期初分别增加 13.88%、33.30%和 20.49%，合同负债 1762.73 万元，较期初增长 70.94%，我们认为，存货保持增加表明公司为在手订单做充..."},{"source_path":"sources/stock-research-report-新光光电-688011-2020-年报点评-6b8aa2118b14.md","chunk_id":"chunk:6c86e0526bc7","chunk_index":7,"quote_summary":"同时我们注意到，公司本期存货为 0.69 亿元，较上年同期增加 43.77%，其中，原材料、在产品和库存商品较期初分别增加 27.56%、38.16%和 204.16%，预付款项 0.16 亿元，较上年同期增加 122.90%，我们认为，存货和预付款项的增加表明公司为在手订单做充足准备，公司 2020 年业绩或存在跨..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688011","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":3}
{"edge_id":"e93314f0de87","from":"company:688011","from_name":"新光光电","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"报告期内，公司民品业务收入 5631.05 万元（+408.34%）毛利率 38.49%（-5.93pcts），民品主要应用于电力系统领域、森林防火及人体测温等。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-新光光电-688011-2020-年报点评-6b8aa2118b14.md","chunk_id":"chunk:5ee1d0d90636","chunk_index":9,"quote_summary":"报告期内，公司民品业务收入 5631.05 万元（+408.34%）毛利率 38.49%（-5.93pcts），民品主要应用于电力系统领域、森林防火及人体测温等。"},{"source_path":"sources/stock-research-report-中航证券金融研究所-f00e0a20874f.md","chunk_id":"chunk:464d1e1ef34e","chunk_index":19,"quote_summary":"同时公司基于自身公司结合自身光电领域研发优势及市场需求，针对森林防火、电力、铁路、安防等民用领域进行了探索，部分产品已完成试点应用，预计也能"},{"source_path":"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_id":"chunk:dcf5a8945f05","chunk_index":6,"quote_summary":"民品业务是公司 2019 年新拓展的领域，报告期内实现收入 0.11 亿元，主要用于电力系统，尚处于市场开发和推广阶段，预计未来将不断深化该领域与公司自身光电方面优势，广泛应用于民用领域。"},{"source_path":"sources/stock-research-report-中航证券研究所-8ebbbd9f4850.md","chunk_id":"chunk:bca4065139f2","chunk_index":6,"quote_summary":"**其他业务收入 1101.37 万元**（+455.81%，相较 2019 年同期增长 342.58%），主要系电力检测产品通过试点验收后，已实现了在电力系统一定规模的销售，销售额同比增加 903.22 万元。"},{"source_path":"sources/stock-research-report-公司研究-证券研究报告-c09c1d1e1d64.md","chunk_id":"chunk:a4402cd4f254","chunk_index":12,"quote_summary":"公司在民品领域主要是光电相关系统在森林防火、电力、铁路巡检及安防方面应用。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688011","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":5}
{"edge_id":"7739d77bbda8","from":"company:688027","from_name":"国盾量子","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-华发集团旗下企业-cdbb867dba67.md","chunk_id":"chunk:df12f4819d31","chunk_index":5,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-2026-年-04-月-01-日-3a755bdf7552.md","chunk_id":"chunk:c91a006b911f","chunk_index":1,"quote_summary":"与此同时，公司量子通信业务作为收入基本盘，持续在运营商、电力、金融等重点行业推进应用落地，量子密话密信等应用平台用户规模不断扩大，行业应用正由试点示范向规模化推广过渡。"},{"source_path":"sources/stock-research-report-国盾量子-688027-sh-1ee8c69d5023.md","chunk_id":"chunk:58dc3d3d5f75","chunk_index":6,"quote_summary":"图表 21： 量子安全电力调度自动化系统 14"},{"source_path":"sources/stock-research-report-2024-年-04-月-08-日-8da78ebd44bf.md","chunk_id":"chunk:f175266e3df7","chunk_index":4,"quote_summary":"同时公司利用量子通信的保密特性，在金融、政务、电力等注重信息安全的行业和领域中，有针对性地设计量子保密通信解决方案并投入使用。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688027","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":4}
{"edge_id":"14e1c38ed8e7","from":"company:688027","from_name":"国盾量子","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-国盾量子-688027-sh-1ee8c69d5023.md","chunk_id":"chunk:685bd703b1ef","chunk_index":61,"quote_summary":"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%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688027","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"562e3985c144","from":"company:688122","from_name":"西部超导","to":"material:天然气","to_name":"天然气","relation":"raw_material_dependency","direction":"upstream","summary":"| 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,"evidence":[{"source_path":"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_id":"chunk:0b00ac976ca3","chunk_index":20,"quote_summary":"| 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 |"},{"source_path":"sources/stock-research-report-发布时间-2025-05-15-baf435e95e63.md","chunk_id":"chunk:01da38591e40","chunk_index":5,"quote_summary":"升机、无人机、商用飞机、商用航空发动机、燃气轮机、兵器等方面的推广应用取得了显著进展，获得了多个型号的供货资格，为公司扩大产品应用领域和新市场奠定了良好基础。"},{"source_path":"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_id":"chunk:3c33b920377a","chunk_index":2,"quote_summary":"高端钛材在直升机、商用飞机、商用航空发动机、燃气轮机等方面的推广应用取得了显著进展，获得了多个型号的供货资格，为公司扩大产品应用领域和新市场奠定了良好基础。"},{"source_path":"sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md","chunk_id":"chunk:308997c747c4","chunk_index":13,"quote_summary":"| 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 | |"},{"source_path":"sources/stock-research-report-西部超导-688122-sh-2025-年半年报点评-45ea58343220.md","chunk_id":"chunk:a5d81ac383d3","chunk_index":1,"quote_summary":"2）公司已获得多个重点型号航空发动机以及燃气轮机高温合金材料供货资质并开始批量供货，随着未来逐步释放产能，高温合金业绩贡献有望逐步抬升。"},{"source_path":"sources/stock-research-report-国防军工-航空装备ii-384b51a07a83.md","chunk_id":"chunk:f072c255c42a","chunk_index":0,"quote_summary":"年内销售持续向好，在直升机、无人机、商用飞机、商用航空发动机、燃气轮机、兵器等方面的推广应用取得了显著进展，获得了多个型号的供货资格。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688122","target":"material:天然气","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":6}
{"edge_id":"7c77a98e7f0c","from":"company:688122","from_name":"西部超导","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-西部超导-688122-sh-2025-年半年报点评-45ea58343220.md","chunk_id":"chunk:5e2a82243275","chunk_index":0,"quote_summary":"看原材料金属价格，25H1，铌均价约 655.6 元/千克，同比持平；"},{"source_path":"sources/stock-research-report-国防军工-航空装备ii-384b51a07a83.md","chunk_id":"chunk:eebf4aabe5c5","chunk_index":5,"quote_summary":"⮚ **风险提示：**下游需求不及预期的风险、客户集中度较高的风险、主要原材料价格波动的风险。"},{"source_path":"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_id":"chunk:f6f3b2520953","chunk_index":1,"quote_summary":"➢ **价：海绵钛等原材料价格同比下行，公司毛利率同比提升。"},{"source_path":"sources/stock-research-report-证券研究报告公司研究军工公司点评-be5471231ede.md","chunk_id":"chunk:b084a5685f12","chunk_index":3,"quote_summary":"**钛合金需求回暖带动盈利性向好**：2024年公司毛利率/净利率分别为33.55%/18.99%，分别同比+1.68pcts/+0.61pcts，盈利性改善主要系具备高附加值的钛合金产品毛利占比提升优化了产品结构，2024年公司钛合金产品毛利率为38.67%（+4.26pcts），盈利性改善较多主要得益于产销量回升..."},{"source_path":"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_id":"chunk:441ae6a88bb5","chunk_index":18,"quote_summary":"作为国内高端材料领域的顶尖科研机构，西北有色金属研究所的持股既为公司筑牢了军工材料所需的技术积淀与资质壁垒，陕西省财政厅的实际控制也进一步串联起原材料供应、区域产业政策等资源。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688122","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":5}
{"edge_id":"bc0eab04f5dd","from":"company:688122","from_name":"西部超导","to":"material:有色金属","to_name":"有色金属","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-2025-08-31-7a01611a2c1d.md","chunk_id":"chunk:3e2009c78a19","chunk_index":6,"quote_summary":"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。"},{"source_path":"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_id":"chunk:231200dacedd","chunk_index":7,"quote_summary":"公司核心团队源自西北有色金属研究院，继承了在稀有金属复合材料及超导技术方面的深厚基因。"},{"source_path":"sources/stock-research-report-发布时间-2025-05-15-baf435e95e63.md","chunk_id":"chunk:c8aaa789fb54","chunk_index":3,"quote_summary":"| 第一大股东 | 西北有色金属研究院 |"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688122","target":"material:有色金属","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":3}
{"edge_id":"87ef4df8e24a","from":"company:688122","from_name":"西部超导","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"**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,"evidence":[{"source_path":"sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md","chunk_id":"chunk:894b008b0050","chunk_index":0,"quote_summary":"**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。"},{"source_path":"sources/stock-research-report-国防军工-航空装备ii-384b51a07a83.md","chunk_id":"chunk:719fe1a85cfe","chunk_index":1,"quote_summary":"**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。"},{"source_path":"sources/stock-research-report-西部超导-688122-sh-2025-年半年报点评-45ea58343220.md","chunk_id":"chunk:a5d81ac383d3","chunk_index":1,"quote_summary":"➢ **核心看点：**1）超导产品市场开拓顺利，公司持续开发超导材料和磁体技术在半导体、光伏、医疗及电力等领域的应用，有望持续放量；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688122","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":3}
{"edge_id":"7c888dac1fbb","from":"company:688122","from_name":"西部超导","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"| 舰船及海洋工程 | 潜艇耐压壳体，螺旋桨，舰船泵，海洋石油钻探用泵、阀、管件等 |","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md","chunk_id":"chunk:c389cca702ba","chunk_index":56,"quote_summary":"| 舰船及海洋工程 | 潜艇耐压壳体，螺旋桨，舰船泵，海洋石油钻探用泵、阀、管件等 |"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688122","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"4f34a6ea791e","from":"company:688122","from_name":"西部超导","to":"material:碳纤维","to_name":"碳纤维","relation":"raw_material_dependency","direction":"upstream","summary":"公司核心团队源自西北有色金属研究院，继承了在稀有金属复合材料及超导技术方面的深厚基因。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:231200dacedd","chunk_index":7,"quote_summary":"公司核心团队源自西北有色金属研究院，继承了在稀有金属复合材料及超导技术方面的深厚基因。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688122","target":"material:碳纤维","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"d32affc82cd2","from":"company:688122","from_name":"西部超导","to":"material:钛","to_name":"钛","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-公司点评-f2ff2627d5ac.md","chunk_id":"chunk:aaaf6e1adfac","chunk_index":2,"quote_summary":"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；"},{"source_path":"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_id":"chunk:c22a7d0deba7","chunk_index":0,"quote_summary":"➢ **超导产品持续快速增长，钛合金业务修复态势显著。"},{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-23af555b73c8.md","chunk_id":"chunk:33ff8317770f","chunk_index":0,"quote_summary":"**三大业务规模均实现较快增长**：2025H1公司在超导产品、高端钛合金及高性能高温合金三大业务领域均取得优异成绩。"},{"source_path":"sources/stock-research-report-西部超导-688122-sh-2025-年半年报点评-45ea58343220.md","chunk_id":"chunk:5e2a82243275","chunk_index":0,"quote_summary":"➢ **经营分析：超导产品持续高速增长，高温合金业务放量加速，钛合金业务恢复增长。"},{"source_path":"sources/stock-research-report-发布时间-2025-05-15-baf435e95e63.md","chunk_id":"chunk:54f67bac5844","chunk_index":4,"quote_summary":"1、超导产品需求持续放量、钛合金需求同比向好，2024 年公司业绩稳步增长。"},{"source_path":"sources/stock-research-report-证券研究报告公司研究军工公司点评-be5471231ede.md","chunk_id":"chunk:cdd18532579a","chunk_index":1,"quote_summary":"分产品来看，①高端钛合金材料实现营收27.52亿元（+9.87%），实现销量7910吨（+8.95%），产品均价为34.8万元/吨（+0.84%），钛合金订单需求自2024Q2恢复以来持续向好，带动销量提升，同时公司的高端钛材产品在海洋、兵器、核工业等领域钛合金研制任务进展顺利，且在“两机”领域获得了多个型号的供货资..."},{"source_path":"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_id":"chunk:a5ad6b674a38","chunk_index":2,"quote_summary":"西部超导深耕高端钛合金与超导材料领域二十余载，已完成从科研院所技术储备到规模化产业应用的跨越。"},{"source_path":"sources/stock-research-report-国防军工-航空装备ii-384b51a07a83.md","chunk_id":"chunk:f072c255c42a","chunk_index":0,"quote_summary":"**高端钛合金：** 24 年实现营收 27.52 亿元，同比+9.87%；"},{"source_path":"sources/stock-research-report-2025-08-31-7a01611a2c1d.md","chunk_id":"chunk:920439f66299","chunk_index":4,"quote_summary":"报告期内，公司在超导产品、高端钛合金及高性能高温合金三大业务领域均取得优异成绩。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688122","target":"material:钛","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":9}
{"edge_id":"bcf1f6c59f88","from":"company:688122","from_name":"西部超导","to":"material:钢材","to_name":"钢材","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"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_id":"chunk:55093b32ec36","chunk_index":34,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md","chunk_id":"chunk:0ad5ad2a1297","chunk_index":53,"quote_summary":"钛具有密度小、比强度大、抗腐蚀性好、温度适应范围广、无磁性、高韧性、可焊接等突出特性，是被公认的替代钢、不锈钢、铜及其合金、铅、镍、锌、石墨、岩石等金属与非金属材料从而有效解决设备腐蚀问题的理想的金属结构材料，拥有“太空金属”、“海洋金属”等美誉。"},{"source_path":"sources/stock-research-report-2025-08-31-7a01611a2c1d.md","chunk_id":"chunk:920439f66299","chunk_index":4,"quote_summary":"突破了航空结构件和紧固件用某高强钢各尺寸规格棒材稳定性控制技术，性能匹配良好、实现供货；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688122","target":"material:钢材","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":3}
{"edge_id":"b4572b023cd6","from":"company:688122","from_name":"西部超导","to":"material:钴","to_name":"钴","relation":"raw_material_dependency","direction":"upstream","summary":"**高温合金是指以铁、镍或钴为基体，加入多种合金元素进行强化，在 650℃以上的高温环境里能够承受极端的应力并且长期服役的一类合金，又被称为“超合金”，具有优异的高温强度、良好的抗氧化和抗热腐蚀性能、良好的疲劳性能和断裂韧性，被广泛应用于航空航天、核电、汽车工业、燃气轮机、石油化工等领域。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md","chunk_id":"chunk:a0a62eef8cae","chunk_index":63,"quote_summary":"**高温合金是指以铁、镍或钴为基体，加入多种合金元素进行强化，在 650℃以上的高温环境里能够承受极端的应力并且长期服役的一类合金，又被称为“超合金”，具有优异的高温强度、良好的抗氧化和抗热腐蚀性能、良好的疲劳性能和断裂韧性，被广泛应用于航空航天、核电、汽车工业、燃气轮机、石油化工等领域。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688122","target":"material:钴","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"73a00e2d809b","from":"company:688122","from_name":"西部超导","to":"material:铜","to_name":"铜","relation":"raw_material_dependency","direction":"upstream","summary":"青铜法 Nb3Sn 超导线材取得进展，损耗(4.2K,±3T)降低至 200mJ/cm3 以下。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-08-31-7a01611a2c1d.md","chunk_id":"chunk:5d5d64962428","chunk_index":5,"quote_summary":"青铜法 Nb3Sn 超导线材取得进展，损耗(4.2K,±3T)降低至 200mJ/cm3 以下。"},{"source_path":"sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md","chunk_id":"chunk:50a845dee2a6","chunk_index":15,"quote_summary":"| | Nb₃Sn 超导线材<br/>工程化生产技术 | 实现了 ITER 用青铜法 Nb₃Sn 超导线材长线连续加工<br/>各项性能指标满足核聚变和高场核磁共振谱仪技术要求，成功应用于中国首台 600MHZ NMR 制造 |"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688122","target":"material:铜","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"aa2d1221b369","from":"company:688122","from_name":"西部超导","to":"material:铝","to_name":"铝","relation":"raw_material_dependency","direction":"upstream","summary":"| 高韧性 | 在-60～20℃范围内进行冲击韧性试验，本身不存在脆性转变点，<br/>韧性强于铝合金和钢铁 |","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md","chunk_id":"chunk:0e82ecd6f152","chunk_index":54,"quote_summary":"| 高韧性 | 在-60～20℃范围内进行冲击韧性试验，本身不存在脆性转变点，<br/>韧性强于铝合金和钢铁 |"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688122","target":"material:铝","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"230ddb0f9dc6","from":"company:688122","from_name":"西部超导","to":"material:镍","to_name":"镍","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-公司点评-f2ff2627d5ac.md","chunk_id":"chunk:07ac93091fd5","chunk_index":4,"quote_summary":"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；"},{"source_path":"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_id":"chunk:f6f3b2520953","chunk_index":1,"quote_summary":"镍均价约 13.34 万元/吨，同比-23.34%。"},{"source_path":"sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md","chunk_id":"chunk:0ad5ad2a1297","chunk_index":53,"quote_summary":"钛具有密度小、比强度大、抗腐蚀性好、温度适应范围广、无磁性、高韧性、可焊接等突出特性，是被公认的替代钢、不锈钢、铜及其合金、铅、镍、锌、石墨、岩石等金属与非金属材料从而有效解决设备腐蚀问题的理想的金属结构材料，拥有“太空金属”、“海洋金属”等美誉。"},{"source_path":"sources/stock-research-report-西部超导-688122-sh-2025-年半年报点评-45ea58343220.md","chunk_id":"chunk:5e2a82243275","chunk_index":0,"quote_summary":"镍均价约 12.6 万元/吨，同比-8.5%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688122","target":"material:镍","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":4}
{"edge_id":"88b19172594c","from":"company:688132","from_name":"邦彦技术","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"舰船通信产品的交付数量下降的风险，融合通信产品在军工用户推进不如预期的风险，型号装备产品未能列装批量销售的风险，行业及客户集中度较高的风险，子公司特立信被美国商务部列入实体清单及其他政治、社会、经济环境变化导致国外品牌原材料采购受限的风险，军品审价导致最终审定价格大幅低于暂定价格的风险，收入存在季节性波动的风险，诉讼风险，资质证书到期未能及时续办的风险等风...","confidence":0.78,"evidence":[{"source_path":"sources/stock-research-report-2022-年-09-月-05-日-公司研究-证券研究报告-a0d057dc4f70.md","chunk_id":"chunk:5fce2fe62f89","chunk_index":26,"quote_summary":"舰船通信产品的交付数量下降的风险，融合通信产品在军工用户推进不如预期的风险，型号装备产品未能列装批量销售的风险，行业及客户集中度较高的风险，子公司特立信被美国商务部列入实体清单及其他政治、社会、经济环境变化导致国外品牌原材料采购受限的风险，军品审价导致最终审定价格大幅低于暂定价格的风险，收入存在季节性波动的风险，诉讼..."},{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-f05c2c77e059.md","chunk_id":"chunk:3210631326b2","chunk_index":4,"quote_summary":"同时，公司主营业务为舰船通信产品研发和销售的子公司特立信被美国商务部列入实体清单，根据公司招股说明书，公司不存在直接采购境外原材料的情况，但存在通过部分供应商采购境外原材料的情况，近三年占原材料采购金额比例 12.78%、13.51%及 15.93%，且还需一定周期实现境外原材料国产化完全替代。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688132","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"811db0d5ab8c","from":"company:688146","from_name":"中船特气","to":"material:天然气","to_name":"天然气","relation":"raw_material_dependency","direction":"upstream","summary":"| | 金宏气体 | 主营业务特种气体、大宗气体和天然气。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中船特气-688146-567a6aeef795.md","chunk_id":"chunk:b09e2f0e358c","chunk_index":59,"quote_summary":"| | 金宏气体 | 主营业务特种气体、大宗气体和天然气。"},{"source_path":"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_id":"chunk:cc734935002c","chunk_index":63,"quote_summary":"| | | 金宏气体 | 主营业务特种气体、大宗气体和天然气。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688146","target":"material:天然气","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"f35f8f81ff82","from":"company:688146","from_name":"中船特气","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-电子-公司点评报告-9058c22089bc.md","chunk_id":"chunk:13eb8c6a4444","chunk_index":6,"quote_summary":"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；"},{"source_path":"sources/stock-research-report-证券研究报告-电子-公司点评报告-2b01e64ab606.md","chunk_id":"chunk:ebd13313d7fd","chunk_index":4,"quote_summary":"** 原材料钨粉价格上涨对六氟化钨生产成本带来一定压力，公司作为全球六氟化钨主要供应商之一（产能 2000 吨/年），依托规模优势、技术壁垒和成本优势，已与客户就产品价格达成一致，并约定了定期调整机制，以有效传导成本压力。"},{"source_path":"sources/stock-research-report-中船特气-688146-sh-2024-年三季报点评-f11af7a42fc1.md","chunk_id":"chunk:b35a4a839ecc","chunk_index":1,"quote_summary":"➢ **风险提示**：终端需求不及预期，产能建设不及预期，主要原材料价格波动。"},{"source_path":"sources/stock-research-report-买入-维持-dc3d1f3bfbf7.md","chunk_id":"chunk:9aaa11519af2","chunk_index":1,"quote_summary":"* **风险提示：** 原材料价格变动风险，市场竞争加剧风险，产能消化风险。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688146","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":4}
{"edge_id":"4360946b79ee","from":"company:688146","from_name":"中船特气","to":"material:有色金属","to_name":"有色金属","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"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_id":"chunk:770ac9e8a830","chunk_index":32,"quote_summary":"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；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688146","target":"material:有色金属","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"7fc91753d3e2","from":"company:688146","from_name":"中船特气","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中船特气-688146-567a6aeef795.md","chunk_id":"chunk:1d87ca5758b0","chunk_index":29,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-证券研究报告-电子-公司点评报告-167a582425b3.md","chunk_id":"chunk:67b809c0b6e8","chunk_index":6,"quote_summary":"**作为国内电子特气产业龙头，公司研发、生产选品过程中一方面关注该产品的经济价值，另一方面注重集成电路用电子特气产业链安全自主可控。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688146","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"17b0d72d0be6","from":"company:688146","from_name":"中船特气","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"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_id":"chunk:770ac9e8a830","chunk_index":32,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-中船特气-688146-567a6aeef795.md","chunk_id":"chunk:fd689f2e1d9a","chunk_index":50,"quote_summary":"此外，还可应用于有机硅、石油化工、橡胶、香精香料、农药等行业。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688146","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"e565c647cfe5","from":"company:688146","from_name":"中船特气","to":"material:硅材料","to_name":"硅材料","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-equity-research-company-research-semiconductor-8c90db321421.md","chunk_id":"chunk:92900778aa6f","chunk_index":14,"quote_summary":"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%。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688146","target":"material:硅材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"59d027981d4a","from":"company:688146","from_name":"中船特气","to":"material:钛","to_name":"钛","relation":"raw_material_dependency","direction":"upstream","summary":"| 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,"evidence":[{"source_path":"sources/stock-research-report-equity-research-company-research-semiconductor-8c90db321421.md","chunk_id":"chunk:b37739674b03","chunk_index":11,"quote_summary":"| 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 | |"},{"source_path":"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_id":"chunk:d562023a7baa","chunk_index":34,"quote_summary":"| 电子特种气体 | 化学气相沉积（CVD） | 氨气、氮气、氧化亚氮、TEOS（正硅酸乙酯）、TEB（硼酸三乙酯）、TEPO（磷酸三乙酯）、磷化氢、三氟化氯、二氯硅烷、氟化氮、硅烷、六氟化钨、六氟乙烷、四氯化钛、甲烷等 |"},{"source_path":"sources/stock-research-report-中船特气-688146-567a6aeef795.md","chunk_id":"chunk:6ec785a3c412","chunk_index":24,"quote_summary":"| | 其他 | 六氯乙硅烷(Si2Cl6)、六氯化钨(WCl6)、四氯化钛(TiCl4)、四氯<br/>化铪(HfCl4)、四乙氧基硅(Si(OC2H5)4)等 |"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688146","target":"material:钛","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":3}
{"edge_id":"da4ff644a292","from":"company:688146","from_name":"中船特气","to":"material:钢材","to_name":"钢材","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-电子-公司点评报告-167a582425b3.md","chunk_id":"chunk:e30cbaae98c0","chunk_index":5,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-中船特气-688146-567a6aeef795.md","chunk_id":"chunk:a871bca22f2d","chunk_index":58,"quote_summary":"| | 大阳日酸 | 在亚洲、欧洲、北美等地有 30 多家子公司，业务覆盖钢铁、化工、电子、汽车、建筑、造船、食品和医药等多个领域。"},{"source_path":"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_id":"chunk:770ac9e8a830","chunk_index":32,"quote_summary":"气体生产设备主要有空分设备和气体提纯设备，气体储存设备主要有钢瓶和储槽，气体运输设备主要有用液化气槽车和管道。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688146","target":"material:钢材","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":3}
{"edge_id":"a643ef753d6e","from":"company:688146","from_name":"中船特气","to":"material:铝","to_name":"铝","relation":"raw_material_dependency","direction":"upstream","summary":"| | 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,"evidence":[{"source_path":"sources/stock-research-report-中船特气-688146-567a6aeef795.md","chunk_id":"chunk:a871bca22f2d","chunk_index":58,"quote_summary":"| | 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。"},{"source_path":"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_id":"chunk:4559ceb88fdb","chunk_index":62,"quote_summary":"| | 日本昭和电工 | 主营业务涉及石油、化学、无机、铝金属、电子信息等多种领域。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688146","target":"material:铝","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"7231fc828b0d","from":"company:688146","from_name":"中船特气","to":"material:锂","to_name":"锂","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中船特气-688146-sh-2023-年业绩快报点评-ab36aaa2b129.md","chunk_id":"chunk:23c04145addb","chunk_index":1,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-证券研究报告-电子-公司点评报告-167a582425b3.md","chunk_id":"chunk:089a6102bb52","chunk_index":7,"quote_summary":"**公司目前三氟甲磺酸年产能 660 吨，居世界前列，同时年产 500 吨双（三氟甲磺酰）亚胺锂项目于 2023 年 12 月份达到预定可使用状态。"},{"source_path":"sources/stock-research-report-中船特气-688146-567a6aeef795.md","chunk_id":"chunk:1d25978db3c8","chunk_index":7,"quote_summary":"公司主要从事电子特种气体及三氟甲磺酸系列产品的研发、生产和销售，主要产品包括高纯三氟化氮、高纯六氟化钨、高纯氯化氢、高纯氟化氢、高纯四氟化硅、高纯氘气、高纯六氟丁二烯、高纯八氟环丁烷、高纯电子混合气等电子特种气体，以及三氟甲磺酸、三氟甲磺酸酐、双（三氟甲磺酰）亚胺锂等含氟新材料。"},{"source_path":"sources/stock-research-report-证券研究报告-电子-公司点评报告-9058c22089bc.md","chunk_id":"chunk:1fdff1697244","chunk_index":5,"quote_summary":"**公司三氟甲磺酸系列产品包括三氟甲磺酸、三氟甲磺酸酐、三氟甲磺酸三甲基硅酯、双（三氟甲磺酰）亚胺锂、三氟甲磺酸锂等产品。"},{"source_path":"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_id":"chunk:6510362266b5","chunk_index":1,"quote_summary":"在新能源领域，双（三氟甲磺酰）亚胺锂用作电解液添加剂，可以提高电解液的电化学稳定性，改善高低温和循环性能。"},{"source_path":"sources/stock-research-report-证券研究报告-电子-公司点评报告-2b01e64ab606.md","chunk_id":"chunk:fcc6da570b1b","chunk_index":5,"quote_summary":"** 公司三氟甲磺酸系列产品主要包括三氟甲磺酸、三氟甲磺酸酐、硅酯及双（三氟甲磺酰）亚胺锂等。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688146","target":"material:锂","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":6}
{"edge_id":"14d7f70a0b32","from":"company:688146","from_name":"中船特气","to":"material:镍","to_name":"镍","relation":"raw_material_dependency","direction":"upstream","summary":"| 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,"evidence":[{"source_path":"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_id":"chunk:08bd570d2ee7","chunk_index":75,"quote_summary":"| 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。"},{"source_path":"sources/stock-research-report-中船特气-688146-567a6aeef795.md","chunk_id":"chunk:854c1ba45bbd","chunk_index":67,"quote_summary":"其中，年产 3250 吨三氟化氮项目拟投资 4.60 亿元，项目达产后每年将增加 3250 吨高纯三氟化氮产能，并回收副产品 50%氢氟酸 1600 吨、粗镍盐 75 吨。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688146","target":"material:镍","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"f33671f5122e","from":"company:688231","from_name":"隆达股份","to":"material:天然气","to_name":"天然气","relation":"raw_material_dependency","direction":"upstream","summary":"图 19： 高温合金用于燃气发电的燃气轮机 15","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-隆达股份-688231-914015653efb.md","chunk_id":"chunk:a7fb99b9733c","chunk_index":10,"quote_summary":"图 19： 高温合金用于燃气发电的燃气轮机 15"},{"source_path":"sources/stock-research-report-2024-年-3-月-21-日-a6d9d407397c.md","chunk_id":"chunk:44a4238375d7","chunk_index":6,"quote_summary":"**公司紧抓全球先进航空发动机和燃气轮机市场持续增长、国内市场稳定增长的机遇，多点发力开拓市场，新牌号的持续导入大力提升高温合金产品的产量和销量，尤其是变形高温合金自项目投产以来三年时间取得了良好业绩。"},{"source_path":"sources/stock-research-report-证券研究报告-公司研究公司深度报告-ecaa858f1b6b.md","chunk_id":"chunk:d7d6f49af5ac","chunk_index":1,"quote_summary":"同时燃气轮机、汽车等下游行业的高温合金需求也有望保持稳步增长。"},{"source_path":"sources/stock-research-report-证券研究报告-有色金属-公司点评报告-ab138f95b0d4.md","chunk_id":"chunk:7809b9485efb","chunk_index":4,"quote_summary":"燃气轮机领域实现收入 0.75 亿元，同比减少 25%；"},{"source_path":"sources/stock-research-report-证券研究报告-公司研究-公司点评-bd1031e3469d.md","chunk_id":"chunk:788646abd400","chunk_index":2,"quote_summary":"④燃气轮机：若干牌号的铸造高温合金已通过客户间接供应东方电气F级50MW重型燃气轮机等多个项目；"},{"source_path":"sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md","chunk_id":"chunk:8d4506b13c21","chunk_index":1,"quote_summary":"➢ **航空航天、燃气轮机、核电等下游需求多重共振，叠加国家战略及政策支持，高温合金发展前景广阔。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688231","target":"material:天然气","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":6}
{"edge_id":"65e396b06e1e","from":"company:688231","from_name":"隆达股份","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"**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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-公司点评-bd1031e3469d.md","chunk_id":"chunk:b407a5108a0e","chunk_index":5,"quote_summary":"**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。"},{"source_path":"sources/stock-research-report-2024-年-3-月-21-日-a6d9d407397c.md","chunk_id":"chunk:44a4238375d7","chunk_index":6,"quote_summary":"由于大宗商品价格下滑，公司计提存货跌价损失 2800 万元左右；"},{"source_path":"sources/stock-research-report-证券研究报告-公司研究-公司点评-34e802ad3c3b.md","chunk_id":"chunk:90eca8a9d324","chunk_index":0,"quote_summary":"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%；"},{"source_path":"sources/stock-research-report-证券研究报告-有色金属-公司点评报告-ab138f95b0d4.md","chunk_id":"chunk:7809b9485efb","chunk_index":4,"quote_summary":"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%。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688231","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":4}
{"edge_id":"0022e72267e4","from":"company:688231","from_name":"隆达股份","to":"material:有色金属","to_name":"有色金属","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究公司深度报告-ecaa858f1b6b.md","chunk_id":"chunk:3d1c0254a0b9","chunk_index":5,"quote_summary":"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；"},{"source_path":"sources/stock-research-report-证券研究报告-有色金属-公司点评报告-ab138f95b0d4.md","chunk_id":"chunk:d2e8301f4a22","chunk_index":0,"quote_summary":"证券研究报告：有色金属 | 公司点评报告"},{"source_path":"sources/stock-research-report-2024-年-3-月-21-日-a6d9d407397c.md","chunk_id":"chunk:9bfc5e15ef0a","chunk_index":1,"quote_summary":"| 日期 | 隆达股份 | 有色金属 |"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688231","target":"material:有色金属","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":3}
{"edge_id":"aee4215a7df1","from":"company:688231","from_name":"隆达股份","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"20 世纪 90 年代，国外开发“真空感应+真空自耗+电渣重熔”的正三联变形合金冶炼工艺，美国通用电气（GE）、美国惠普、英国罗罗等外国航发制造企业已经认证，熔炼工艺是变形高温合金零部件长寿命、高可靠性的基础，三联冶炼工艺除杂效果更好，用于涡轮发动机的变形高温合金转动部件必须通过三联熔炼工艺制备。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-隆达股份-688231-914015653efb.md","chunk_id":"chunk:452c85603b88","chunk_index":32,"quote_summary":"20 世纪 90 年代，国外开发“真空感应+真空自耗+电渣重熔”的正三联变形合金冶炼工艺，美国通用电气（GE）、美国惠普、英国罗罗等外国航发制造企业已经认证，熔炼工艺是变形高温合金零部件长寿命、高可靠性的基础，三联冶炼工艺除杂效果更好，用于涡轮发动机的变形高温合金转动部件必须通过三联熔炼工艺制备。"},{"source_path":"sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md","chunk_id":"chunk:66be36c633b2","chunk_index":14,"quote_summary":"**高温合金是应用于航空发动机和燃气轮机热端部件的关键基础材料，航空发动机和燃气轮机是我国亟需进一步提升自主创新能力的战略性高技术产业，是我国航空、能源、电力工业等产业对高性能动力装备的重要支撑。"},{"source_path":"sources/stock-research-report-证券研究报告-公司研究公司深度报告-ecaa858f1b6b.md","chunk_id":"chunk:606494deaeb2","chunk_index":7,"quote_summary":"公司的合金管材业务产品主要包括铜镍合金管、高铁地线合金管、高效管、黄铜管、紫铜管，下游应用领域包括船舶、石油化工、电力、轨道交通和制冷等民用领域。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688231","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":3}
{"edge_id":"a8dfd245a252","from":"company:688231","from_name":"隆达股份","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"公司的合金管材业务产品主要包括铜镍合金管、高铁地线合金管、高效管、黄铜管、紫铜管，下游应用领域包括船舶、石油化工、电力、轨道交通和制冷等民用领域。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究公司深度报告-ecaa858f1b6b.md","chunk_id":"chunk:606494deaeb2","chunk_index":7,"quote_summary":"公司的合金管材业务产品主要包括铜镍合金管、高铁地线合金管、高效管、黄铜管、紫铜管，下游应用领域包括船舶、石油化工、电力、轨道交通和制冷等民用领域。"},{"source_path":"sources/stock-research-report-隆达股份-688231-914015653efb.md","chunk_id":"chunk:492e6ad88313","chunk_index":12,"quote_summary":"公司专注合金及高温合金的研发与生产，合金管材业务保持稳步发展，主要应用于船舶、石油化工等下游，还生产少量镍基耐蚀合金；"},{"source_path":"sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md","chunk_id":"chunk:0b7ad76f4a25","chunk_index":17,"quote_summary":"在高温合金焊粉、焊丝、石油钻采、高端石化装备用高温合金阀门等细分市场占有率上居国内行业领先水平。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688231","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":3}
{"edge_id":"e9b27b205a27","from":"company:688231","from_name":"隆达股份","to":"material:钢材","to_name":"钢材","relation":"raw_material_dependency","direction":"upstream","summary":"公司技术团队由曾效力宝钢特钢、沈阳黎明等国内顶尖高温合金专家组成，实现正三联变形合金冶炼工艺贯通投产，部分单晶合金进入军机航发客户验证，突出的产品性能使得公司能够切入高毛利的军备材料市场，目前具备 26 个可供军品的牌号，订单上量后公司综合毛利将显著提升。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-隆达股份-688231-914015653efb.md","chunk_id":"chunk:6f7445aa735d","chunk_index":4,"quote_summary":"公司技术团队由曾效力宝钢特钢、沈阳黎明等国内顶尖高温合金专家组成，实现正三联变形合金冶炼工艺贯通投产，部分单晶合金进入军机航发客户验证，突出的产品性能使得公司能够切入高毛利的军备材料市场，目前具备 26 个可供军品的牌号，订单上量后公司综合毛利将显著提升。"},{"source_path":"sources/stock-research-report-证券研究报告-公司研究公司深度报告-ecaa858f1b6b.md","chunk_id":"chunk:4318d804f05e","chunk_index":24,"quote_summary":"隆达股份作为民营企业，在2015年切入高温合金市场，相较钢研高纳、抚顺特钢等老牌企业，起步较晚。"},{"source_path":"sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md","chunk_id":"chunk:beea899ce0ad","chunk_index":16,"quote_summary":"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；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688231","target":"material:钢材","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":3}
{"edge_id":"b48a8c5ad791","from":"company:688231","from_name":"隆达股份","to":"material:钴","to_name":"钴","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-公司点评-34e802ad3c3b.md","chunk_id":"chunk:90eca8a9d324","chunk_index":0,"quote_summary":"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%；"},{"source_path":"sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md","chunk_id":"chunk:66be36c633b2","chunk_index":14,"quote_summary":"高温合金产业链包括上游原材料的采购（如镍、钴、铁等基体金属及钼、钨、铬等添加金属）、中游冶炼制成各种高温合金以及下游应用于终端消费。"},{"source_path":"sources/stock-research-report-隆达股份-688231-914015653efb.md","chunk_id":"chunk:225f7d251281","chunk_index":30,"quote_summary":"高温合金，又称超合金，是指以铁、镍、钴为基体元素，能在 600℃以上的高温环境下抗氧化或耐腐蚀，并能在一定应力作用下长期工作的一类金属材料，具有良好的蠕变性能、疲劳性能、断裂韧性、组织稳定性、工艺性能等。"},{"source_path":"sources/stock-research-report-证券研究报告-公司研究公司深度报告-ecaa858f1b6b.md","chunk_id":"chunk:4ed45200c01c","chunk_index":23,"quote_summary":"高温合金一般以铁、镍、钴等为基，是能在600℃以上的高温及一定应力条件下长期工作的金属材料，具有良好的热疲劳性能、抗热腐蚀性能、较好的抗氧化性、良好的塑性和断裂韧性等综合性能。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688231","target":"material:钴","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":4}
{"edge_id":"efb37ce06d4a","from":"company:688231","from_name":"隆达股份","to":"material:铜","to_name":"铜","relation":"raw_material_dependency","direction":"upstream","summary":"**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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-公司点评-34e802ad3c3b.md","chunk_id":"chunk:90eca8a9d324","chunk_index":0,"quote_summary":"**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。"},{"source_path":"sources/stock-research-report-证券研究报告-公司研究公司深度报告-ecaa858f1b6b.md","chunk_id":"chunk:606494deaeb2","chunk_index":7,"quote_summary":"公司自成立以来始终专注于合金材料的研发、生产和销售，公司的主营业务由合金管材（铜基合金）逐步向高温合金、镍基耐蚀合金等高端产品类别拓展。"},{"source_path":"sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md","chunk_id":"chunk:e2caf7d09b5c","chunk_index":3,"quote_summary":"2.2 铜管材行业：合金管材位于产业链下游，制冷、海洋领域应用前景向好 13"},{"source_path":"sources/stock-research-report-隆达股份-688231-914015653efb.md","chunk_id":"chunk:6f7445aa735d","chunk_index":4,"quote_summary":"隆达股份从铜基合金管材起家，2015 年战略部署两机领域核心材料高温合金，先后建成铸造、变形高温合金产线，2022 年上半年形成 6000 吨产能，预计 2025 年达 8000 吨。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688231","target":"material:铜","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":4}
{"edge_id":"07ae2f1518dc","from":"company:688231","from_name":"隆达股份","to":"material:铝","to_name":"铝","relation":"raw_material_dependency","direction":"upstream","summary":"公司 GH4169 产品通过中国航发商发 CJ-1000 系列发动机盘合格认证，批量供给给航宇科技、派克新材、南山铝业等用于燃气轮机热端部件制造。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-隆达股份-688231-914015653efb.md","chunk_id":"chunk:89c1dfe9c81b","chunk_index":70,"quote_summary":"公司 GH4169 产品通过中国航发商发 CJ-1000 系列发动机盘合格认证，批量供给给航宇科技、派克新材、南山铝业等用于燃气轮机热端部件制造。"},{"source_path":"sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md","chunk_id":"chunk:47d106360ca2","chunk_index":46,"quote_summary":"| 海亮股份 | 铜管、铜棒、铜管接件、铜铝复合导体、铝型材等产品的研发、生产制造和销售 | 2021 年度海亮股份铜加工产品生产量为 931339.65 吨，销量为 913665.64 吨。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688231","target":"material:铝","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"6214b384b976","from":"company:688231","from_name":"隆达股份","to":"material:镍","to_name":"镍","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-有色金属-公司点评报告-ab138f95b0d4.md","chunk_id":"chunk:7809b9485efb","chunk_index":4,"quote_summary":"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%。"},{"source_path":"sources/stock-research-report-证券研究报告-公司研究-公司点评-34e802ad3c3b.md","chunk_id":"chunk:90eca8a9d324","chunk_index":0,"quote_summary":"**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。"},{"source_path":"sources/stock-research-report-隆达股份-688231-914015653efb.md","chunk_id":"chunk:492e6ad88313","chunk_index":12,"quote_summary":"公司从合金管材起家，2009 年起涉足镍基耐蚀合金业务，2015 年设立子公司江苏隆达超合金航材有限公司（简称：航材公司），战略重心锚定高品质航空级高温合金，业务迅速发展并取得丰硕成果，2021 年航材公司被选为我国工业强基工程之航空发动机和燃气轮机耐高温叶片“一条龙”应用计划的示范企业，获评 2021 年度江苏省专..."},{"source_path":"sources/stock-research-report-证券研究报告-公司研究公司深度报告-ecaa858f1b6b.md","chunk_id":"chunk:284df31729b3","chunk_index":0,"quote_summary":"目前主营业务包括合金管材、高温合金、镍基耐蚀合金三类产品。"},{"source_path":"sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md","chunk_id":"chunk:f4b7a99c3ca2","chunk_index":0,"quote_summary":"➢ **隆达股份专注于合金材料的研发、生产和销售，业务逐步由合金管材向镍基耐蚀合金、高温合金战略转型。"},{"source_path":"sources/stock-research-report-证券研究报告-公司研究-公司点评-bd1031e3469d.md","chunk_id":"chunk:5286ff1eb412","chunk_index":4,"quote_summary":"单季度来看，2023Q2销售毛利率为16.0%（环比+0.98pcts），主要得益于二季度电解镍原料均价环比下行，净利率为9.10%（环比-1.54pcts），与毛利率"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688231","target":"material:镍","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":6}
{"edge_id":"264e5350841b","from":"company:688237","from_name":"超卓航科","to":"material:天然气","to_name":"天然气","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md","chunk_id":"chunk:f241fe90044b","chunk_index":32,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688237","target":"material:天然气","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"1418e44ed98f","from":"company:688237","from_name":"超卓航科","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-024354ecb643.md","chunk_id":"chunk:d207fa090d7f","chunk_index":4,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-2023-年-10-月-25-日-0a42f9034f44.md","chunk_id":"chunk:e89f65675b53","chunk_index":4,"quote_summary":"2023Q1-Q3，公司实现整体毛利率 37.28%，同比下降 17.52pcts，主要系产品结构变化以及主要原材料价格波动所致。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688237","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"3a1a33cc6950","from":"company:688237","from_name":"超卓航科","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"图表 18：多晶硅还原炉用电极冷喷涂银涂层 ...............................................","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md","chunk_id":"chunk:8a97b5d89c03","chunk_index":9,"quote_summary":"图表 18：多晶硅还原炉用电极冷喷涂银涂层 ..............................................."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688237","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"262536b433d2","from":"company:688237","from_name":"超卓航科","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md","chunk_id":"chunk:f0f742d6a6f1","chunk_index":10,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-新股专题覆盖-超卓航科-2022-年第-60-期-3c0c8e40c101.md","chunk_id":"chunk:088e3d4e85c7","chunk_index":0,"quote_summary":"* **超卓航科（688237）**：公司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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688237","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"123621dad156","from":"company:688237","from_name":"超卓航科","to":"material:钛","to_name":"钛","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md","chunk_id":"chunk:f4332f60a114","chunk_index":29,"quote_summary":"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；"},{"source_path":"sources/stock-research-report-新股专题覆盖-超卓航科-2022-年第-60-期-3c0c8e40c101.md","chunk_id":"chunk:c38ecf586edd","chunk_index":16,"quote_summary":"2、钛合金粉末的冷喷涂工艺开发项目：拟通过钛合金粉末的冷喷涂工艺开发项目，系统地研究冷喷涂钛基材料的沉积特性及其工艺影响因素。"},{"source_path":"sources/stock-research-report-2023-年-10-月-25-日-0a42f9034f44.md","chunk_id":"chunk:e89f65675b53","chunk_index":4,"quote_summary":"“钛合金粉末的冷喷涂工艺开发项目”投资进度 37.23%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688237","target":"material:钛","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":3}
{"edge_id":"ad65d3e2a289","from":"company:688237","from_name":"超卓航科","to":"material:钢材","to_name":"钢材","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md","chunk_id":"chunk:bd08c963a580","chunk_index":36,"quote_summary":"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"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688237","target":"material:钢材","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"489c38850835","from":"company:688237","from_name":"超卓航科","to":"material:铜","to_name":"铜","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md","chunk_id":"chunk:f4332f60a114","chunk_index":29,"quote_summary":"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；"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688237","target":"material:铜","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"4b98306b948d","from":"company:688237","from_name":"超卓航科","to":"material:铝","to_name":"铝","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-024354ecb643.md","chunk_id":"chunk:d207fa090d7f","chunk_index":4,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-2023-08-16-657cc90d2ffe.md","chunk_id":"chunk:8613f67d92c6","chunk_index":2,"quote_summary":"此外，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，这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。"},{"source_path":"sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md","chunk_id":"chunk:8a97b5d89c03","chunk_index":9,"quote_summary":"图表 15：F/A-18E/F 战斗机 A357 铸铝工件表面的微动损伤冷喷涂技术修复前（左）后（右）......"},{"source_path":"sources/stock-research-report-新股专题覆盖-超卓航科-2022-年第-60-期-3c0c8e40c101.md","chunk_id":"chunk:c38ecf586edd","chunk_index":16,"quote_summary":"具体的研究项目将包括“钛粉冷喷涂成形工艺研究”、“多相混合粉冷喷涂成形工艺研究”、“基于冷喷涂的钛铝基材料制备及性能研究”、“双相钛合金冷喷涂增材体强韧化处理工艺研究”等。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688237","target":"material:铝","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":4}
{"edge_id":"0990f95d042e","from":"company:688237","from_name":"超卓航科","to":"material:镍","to_name":"镍","relation":"raw_material_dependency","direction":"upstream","summary":"**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,"evidence":[{"source_path":"sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md","chunk_id":"chunk:f241fe90044b","chunk_index":32,"quote_summary":"**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"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688237","target":"material:镍","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"70f79da4f6a7","from":"company:688270","from_name":"臻镭科技","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-9708c7d7af37.md","chunk_id":"chunk:211042a57f03","chunk_index":19,"quote_summary":"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..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688270","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"09d58d5801b0","from":"company:688270","from_name":"臻镭科技","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-6a05130610bb.md","chunk_id":"chunk:c564605017ce","chunk_index":5,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-2023-年-8-月-22-日-11676cd4aee3.md","chunk_id":"chunk:ce2b2c5ea1f5","chunk_index":4,"quote_summary":"3、公司产品符合军用电子行业发展大趋势，多款产品获得实质性应用，未来业绩有望保持较快增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688270","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"07086c748925","from":"company:688287","from_name":"观典防务","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-业绩稳健增长-看好智能防务装备成长性-25e26c0bdd9b.md","chunk_id":"chunk:b995878815c7","chunk_index":5,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-观典防务-688287-7fa3823c7bbe.md","chunk_id":"chunk:26540c943547","chunk_index":4,"quote_summary":"民用领域，无人机在警用侦察、地理测绘、应急管理、环境保护、森林防火、资源普查、电力巡检等领域的需求体系已较为成熟，未来民用无人机市场规模将会进一步扩大，工业级无人机市场空间广阔，已超过消费级市场。"},{"source_path":"sources/stock-research-report-观典防务-688287-346c2ea92e32.md","chunk_id":"chunk:55cd77646eb6","chunk_index":6,"quote_summary":"2022 年 6 月 9 日，公司发布“关于自愿披露公司非致命性防务装备产品通过权威机构检测的公告”，披露中国兵器装备集团兵器装备研究所测试试验中心、中国兵器装备特种产品质量监督检测中心、中国人民解放军新武器生物效应和军事病理学重点实验室、公安部警用装备技术重点实验室、公安部安全与警用电子产品质量检测中心、国家安全防..."},{"source_path":"sources/stock-research-report-观典防务-688287-sh-首次覆盖报告-f1a9c49a1ca6.md","chunk_id":"chunk:eb65e1155773","chunk_index":51,"quote_summary":"**据中电联发布的《中国电力行业年度发展报告 2021》，我国 110 千伏及以上的输电线路目前已接近 130 万千米，且每年以将近 10%的速度增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688287","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":4}
{"edge_id":"580f1a31280d","from":"company:688297","from_name":"中无人机","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"**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,"evidence":[{"source_path":"sources/stock-research-report-中无人机-688297-sh-2023-年年报点评-5959f336af86.md","chunk_id":"chunk:a31a2d8298e0","chunk_index":1,"quote_summary":"**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。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688297","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"1c2be6a0ffc3","from":"company:688311","from_name":"盟升电子","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"**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,"evidence":[{"source_path":"sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md","chunk_id":"chunk:b8c3e7d2d3a9","chunk_index":1,"quote_summary":"**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。"},{"source_path":"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_id":"chunk:9e10bf25a6ac","chunk_index":0,"quote_summary":"2022 年，分产品：1）卫星导航：营收 3.7 亿元，YoY+0.8%，占总营收 78%，毛利率同比下滑 12.88ppt 至 54.0%，产品结构变化、国产替代致原材料涨价系下滑主因；"},{"source_path":"sources/stock-research-report-盟升电子-688311-sh-2023-年中报点评-dbb7ea8b28fe.md","chunk_id":"chunk:fcca6587e927","chunk_index":1,"quote_summary":"➢ **风险提示**：募投项目建设不及预期、原材料价格波动、订单低于预期等。"},{"source_path":"sources/stock-research-report-盟升电子-688311-sh-2023-年三季报点评-2ac89b0082b3.md","chunk_id":"chunk:d7a5a2c92651","chunk_index":2,"quote_summary":"* **风险提示：** 募投项目建设不及预期、原材料价格波动、订单低于预期等。"},{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-dae40cb03e89.md","chunk_id":"chunk:a0f02d3f72e0","chunk_index":17,"quote_summary":"其他财务数据方面，2023年上半年，公司应收账款（6.82亿元，+14.72%）稳定增长，存货（2.41亿元，+3.94%）有所增长，其中，发出商品达0.33亿元（-2.37%），2023下半年有望较快兑现至利润表，同时，存货中的原材料（1.25亿元，+8.42%），库存商品（0.32亿元，+7.88%）稳定增长，结..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688311","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":5}
{"edge_id":"b01aafcb6973","from":"company:688311","from_name":"盟升电子","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-dae40cb03e89.md","chunk_id":"chunk:9469cd7e2815","chunk_index":21,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md","chunk_id":"chunk:b0601c3602a3","chunk_index":69,"quote_summary":"电子对抗（也称电子战）是利用电磁能和定向能以控制电磁频谱，削弱和破坏敌方电子设备的使用效能，同时保护己方电子设备正常发挥效能而采取的措施和行动。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688311","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"1034c0aec91c","from":"company:688333","from_name":"铂力特","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"3D 打印原材料实现营收 0.47 亿元，同比增长 72.57%。","confidence":0.78,"evidence":[{"source_path":"sources/stock-research-report-上半年业绩高增-研发保持高强度投入-c075b1085579.md","chunk_id":"chunk:4212eec54bf4","chunk_index":0,"quote_summary":"3D 打印原材料实现营收 0.47 亿元，同比增长 72.57%。"},{"source_path":"sources/stock-research-report-铂力特-688333-sh-2024-年三季报点评-e22e29fbc3b3.md","chunk_id":"chunk:3e9e71378b6f","chunk_index":1,"quote_summary":"➢ **拟建设粉末原材料产业化基地；"},{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b71874a63741.md","chunk_id":"chunk:663db3758dc7","chunk_index":2,"quote_summary":"**公司业绩保持高增**：在需求阶段性下降，竞争加剧的背景下，公司上半年业绩保持稳健增长，分产品来看，公司打印服务业务/打印设备/打印原材料业务分别实现收入3.2/2.3/0.5亿元（+37.0%/+33.8%/+72.5%），我们推测主要系公司通过多元化经营，实现了设备及服务收入的高增。"},{"source_path":"sources/stock-research-report-铂力特-688333-3faafb4d2902.md","chunk_id":"chunk:2186de5b5404","chunk_index":4,"quote_summary":"* **3D 打印定制化产品和 3D 打印原材料的营业收入均实现增长，成为推动公司业绩提升的主要动力：**公司 2025 年上半年实现营业收入 6.67 亿元，同比增长 17.22%；"},{"source_path":"sources/stock-research-report-铂力特-688333-bc05dc995b54.md","chunk_id":"chunk:d5ebf56d81b6","chunk_index":5,"quote_summary":"《铂力特(688333)：2024 年三季报点评：拟投资 10 亿元建设原材料产线，产能有望翻约 4 倍》 2024-10-30"},{"source_path":"sources/stock-research-report-证券研究报告-公司研究-公司点评-72292db9bba8.md","chunk_id":"chunk:56402d14bea3","chunk_index":2,"quote_summary":"**公司主业逐步恢复，盈利能力保持良好**：上半年公司营收分产品结构来看，3D打印服务、3D打印设备及3D打印原材料分别为4.22亿元（+30.52%）、1.86亿元（-6.34%）及0.59亿元（+25.3%)，服务需求仍然保持了较快的增长，我们分析认为主要系3C领域需求增加较多，同时带动了原材料的销售，而打印设备..."},{"source_path":"sources/stock-research-report-证券研究报告-公司点评报告-通用设备-76b7663b712d.md","chunk_id":"chunk:af13d4e43739","chunk_index":8,"quote_summary":"* **拟投资 10 亿元建设金属增材制造专用粉末材料产线建设项目，产能有望增加约 4 倍至 3000 吨/年：**公司 9 月 23 日公告，拟设立全资子公司，预计在陕西省西咸新区沣西新城装备制造产业园，投资 10 亿元建设增材制造专用粉末材料产线建设项目，在金属增材制造大规模智能生产基地项目建设的基础上，进一步扩..."},{"source_path":"sources/stock-research-report-铂力特-688333-sh-2025-年半年报点评-bd9d3c92277a.md","chunk_id":"chunk:e232d98b5daa","chunk_index":0,"quote_summary":"公司生产经营规模扩大，持续开拓新市场和应用领域，3D 打印定制化产品和原材料营收均实现增长。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688333","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":8}
{"edge_id":"cd2c3f6f8513","from":"company:688333","from_name":"铂力特","to":"material:钛","to_name":"钛","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-铂力特-688333-sh-2024-年三季报点评-e22e29fbc3b3.md","chunk_id":"chunk:3e9e71378b6f","chunk_index":1,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-铂力特-688333-3faafb4d2902.md","chunk_id":"chunk:2186de5b5404","chunk_index":4,"quote_summary":"三是 3D 打印原材料收入 0.59 亿元，占比 8.78%，因钛合金粉末产能提升及新客户导入。"},{"source_path":"sources/stock-research-report-铂力特-688333-sh-2025-年半年报点评-bd9d3c92277a.md","chunk_id":"chunk:e232d98b5daa","chunk_index":0,"quote_summary":"产能方面，公司投资的增材制造专用粉末材料产线建设项目拟建设高品质增材制造原材料钛合金、高温合金粉末产线，预计本次投资后产能增至 3000 吨/年，以满足增材制造产业快速增长的市场需求，建成铂力特金属增材制造粉末原材料产业化基地。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688333","target":"material:钛","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":3}
{"edge_id":"8f5433be41a6","from":"company:688333","from_name":"铂力特","to":"material:铝","to_name":"铝","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-铂力特-688333-3faafb4d2902.md","chunk_id":"chunk:067ee4867b1b","chunk_index":5,"quote_summary":"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。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688333","target":"material:铝","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"67fa448e469e","from":"company:688375","from_name":"国博电子","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-国博电子-688375-f67130a46df0.md","chunk_id":"chunk:545ca2dbb5f8","chunk_index":4,"quote_summary":"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；"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688375","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"f6211e23c100","from":"company:688522","from_name":"纳睿雷达","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-纳睿雷达-688522-ec974ed1feb5.md","chunk_id":"chunk:7d14dd4f7d41","chunk_index":4,"quote_summary":"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；"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688522","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"08bed03906ba","from":"company:688523","from_name":"航天环宇","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-航天环宇-688523-sh-2024-年中报点评-af166b12db95.md","chunk_id":"chunk:b9b9aa851e33","chunk_index":1,"quote_summary":"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；"},{"source_path":"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_id":"chunk:37bd90eb457d","chunk_index":1,"quote_summary":"2）存货 1.3 亿元，较年初增长 48.4%，主要是原材料及在产品增加；"},{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-aef6e1b10b9d.md","chunk_id":"chunk:fe667ae3a429","chunk_index":7,"quote_summary":"现金流方面，2023 年，公司经营活动现金流净额 (0.39 亿元，-62.97%) 明显减少，主要系购买商品、接受劳务支付的现金较上年同期增加 83.77%，由于材料成本较高的通信产品及航空航天工艺装备任务增长，预付材料款及存货增加，采购端资金占用增加等原因所致；"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688523","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":3}
{"edge_id":"66e2da90b63e","from":"company:688523","from_name":"航天环宇","to":"material:碳纤维","to_name":"碳纤维","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-2024-年-05-月-07-日-公司研究-证券研究报告-0fd0e01b774d.md","chunk_id":"chunk:525a9a46fb33","chunk_index":4,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-aef6e1b10b9d.md","chunk_id":"chunk:942c666baf6b","chunk_index":5,"quote_summary":"产品主要包括金属及复合材料零部件成型工艺装备、装配型架、复合材料零件自动化生产线、部段和整机装配生产线、非标装备等产品的研制、维修及服务。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688523","target":"material:碳纤维","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"4e18e59042f0","from":"company:688543","from_name":"国科军工","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"* **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,"evidence":[{"source_path":"sources/stock-research-report-国科军工-688543-b2073a9531bb.md","chunk_id":"chunk:4b7649ce4274","chunk_index":4,"quote_summary":"* **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**"},{"source_path":"sources/stock-research-report-国科军工-688543-4bb3af6c55a8.md","chunk_id":"chunk:2cfa967ec44f","chunk_index":4,"quote_summary":"受上游专用原材料供给不及预期影响下，公司营业收入出现下滑，此外，2025 年上半年增加股份支付费用 1,852.26 万元，剔除该因素影响，实现归属于上市公司股东的净利润 9,528.30 万元，较上年同期增加 19.64%。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688543","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"ac742eb20f94","from":"company:688543","from_name":"国科军工","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-2025-12-27-957b96d5b5fc.md","chunk_id":"chunk:16c0493a764a","chunk_index":41,"quote_summary":"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。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688543","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"3c0c9937ac95","from":"company:688543","from_name":"国科军工","to":"material:碳纤维","to_name":"碳纤维","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-2025-12-27-957b96d5b5fc.md","chunk_id":"chunk:c801e5209107","chunk_index":24,"quote_summary":"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；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688543","target":"material:碳纤维","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"3ea1017714ec","from":"company:688562","from_name":"航天软件","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"宏观政策变化、海外市场疲软、技术研发不及预期、原材料价格波动风险、汇率波动风险。","confidence":0.78,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-c91b2144ca9f.md","chunk_id":"chunk:7bd585d95ed1","chunk_index":7,"quote_summary":"宏观政策变化、海外市场疲软、技术研发不及预期、原材料价格波动风险、汇率波动风险。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688562","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"be92fac60992","from":"company:688563","from_name":"航材股份","to":"material:天然气","to_name":"天然气","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md","chunk_id":"chunk:cf33b97c8017","chunk_index":2,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688563","target":"material:天然气","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"c023c0a9ffa2","from":"company:688563","from_name":"航材股份","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-航材股份-688563-sh-2024-年年报点评-79bec9ee3af6.md","chunk_id":"chunk:c8e1f4dfe000","chunk_index":1,"quote_summary":"成本方面，公司直接材料成本占比同比下降 4.9ppt 至 56.8%；"},{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e126a2a280fc.md","chunk_id":"chunk:c2169c4db985","chunk_index":5,"quote_summary":"另外，公司2024年上半年存货（12.21亿元，较上年末期-1.87%）虽有所下降，但原材料（2.55亿元，较上年末期+34.22%）大幅增加，公司对原材料所进行的战略储备，也进一步证明下游需求的较高确定性。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688563","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"0ebf39050b4f","from":"company:688563","from_name":"航材股份","to":"material:煤炭","to_name":"煤炭","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md","chunk_id":"chunk:5feeb23857bf","chunk_index":94,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688563","target":"material:煤炭","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"31d5f1cbc6c7","from":"company:688563","from_name":"航材股份","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md","chunk_id":"chunk:8d32a0ce39ec","chunk_index":53,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688563","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"97dcdf1dad47","from":"company:688563","from_name":"航材股份","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"| 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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-06f53632bbcb.md","chunk_id":"chunk:c69378f80d5d","chunk_index":6,"quote_summary":"| 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 |"},{"source_path":"sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md","chunk_id":"chunk:f4203d216eaa","chunk_index":66,"quote_summary":"| 化学工业 | 氯碱、纯碱、塑料、冶金、石油化工、制盐等工业的电解槽、反应器、蒸馏塔、浓缩器、分离器、热交换电极等。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688563","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"68d7869a4e93","from":"company:688563","from_name":"航材股份","to":"material:钛","to_name":"钛","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-6ef7a7c43abf.md","chunk_id":"chunk:78424781259e","chunk_index":4,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-航材股份-688563-sh-2024-年年报点评-79bec9ee3af6.md","chunk_id":"chunk:c8e1f4dfe000","chunk_index":1,"quote_summary":"➢ **投资建议：** 公司是我国航空特材龙头企业，依托北京航材院打造航空特材“航母”平台，钛合金精密铸造、高温合金熔铸、橡胶与密封材料、飞机座舱透明件四大主业壁垒较高，赋予公司高稀缺性，未来发展潜力较大。"},{"source_path":"sources/stock-research-report-航材股份-688563-sh-2024-年三季报点评-581e37beb658.md","chunk_id":"chunk:089ce8029acb","chunk_index":1,"quote_summary":"** 1）公司主营航空、航天用部件及材料，下设钛合金精密铸造、橡胶与密封材料、飞机座舱透明件、高温合金熔铸四大事业部。"},{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-06f53632bbcb.md","chunk_id":"chunk:415b4c23cd9e","chunk_index":5,"quote_summary":"公司是中国航发集团下属航空材料的龙头上市公司，主要从事航空航天用部件及材料研发、生产和销售，下设钛合金精密铸造事业部、橡胶与密封材料事业部、飞机座舱透明件事业部、高温合金熔铸事业部，主要应用于航空航天领域，同时广泛应用于船舶、兵器、电子、核工业、铁路、桥梁、化工、汽车、生物工程等领域。"},{"source_path":"sources/stock-research-report-推荐-维持评级-ae6a0a06cf9a.md","chunk_id":"chunk:2729a176b611","chunk_index":1,"quote_summary":"**2023 年**：**1）钛合金精密铸造事业部**新产品开拓全面开花，公司是国内唯一能够承制新一代 LEAP 发动机中介机匣的单位，还承担了国内外各类发动机 20 余种机匣和千余种飞机、发动机各类中小结构件技术攻关和产品研发任务。"},{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e126a2a280fc.md","chunk_id":"chunk:2ea47d3a2bfb","chunk_index":2,"quote_summary":"公司是中国航发目前唯一的航空新材料综合性上市公司，下设钛合金精密铸造事业部、橡胶与密封材料事业部、飞机座舱透明件事业部、高温合金熔铸事业部，主要产品主要应用于航空、航天领域，同时广泛应用于船舶、兵器、电子、核工业、铁路、桥梁、化工、生物工程等领域。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688563","target":"material:钛","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":6}
{"edge_id":"a367dee26959","from":"company:688563","from_name":"航材股份","to":"material:钢材","to_name":"钢材","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md","chunk_id":"chunk:8d32a0ce39ec","chunk_index":53,"quote_summary":"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。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688563","target":"material:钢材","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"acd1f7cdd156","from":"company:688563","from_name":"航材股份","to":"material:钴","to_name":"钴","relation":"raw_material_dependency","direction":"upstream","summary":"根据主要元素来划分，有铁基、镍基、铁镍基和钴基高温合金，其中镍基高温合金在当今生产中所占的比例已经高达 80%。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md","chunk_id":"chunk:541ba77bc94b","chunk_index":118,"quote_summary":"根据主要元素来划分，有铁基、镍基、铁镍基和钴基高温合金，其中镍基高温合金在当今生产中所占的比例已经高达 80%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688563","target":"material:钴","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"aa5870c2de91","from":"company:688563","from_name":"航材股份","to":"material:铝","to_name":"铝","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md","chunk_id":"chunk:8d32a0ce39ec","chunk_index":53,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-06f53632bbcb.md","chunk_id":"chunk:cf7bb484f04b","chunk_index":7,"quote_summary":"公司当前产品主要包括钛合金精密铸造、橡胶与密封材料、飞机座舱透明件、高温合金等，为打造航空新材料综合性布局，公司推进先进铝合金制品多元布局，利用自有资金 6000 万元对核兴航材进行增资，成为其第二大股东。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688563","target":"material:铝","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"62357e028785","from":"company:688563","from_name":"航材股份","to":"material:镍","to_name":"镍","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e126a2a280fc.md","chunk_id":"chunk:22882ff57852","chunk_index":6,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md","chunk_id":"chunk:541ba77bc94b","chunk_index":118,"quote_summary":"根据主要元素来划分，有铁基、镍基、铁镍基和钴基高温合金，其中镍基高温合金在当今生产中所占的比例已经高达 80%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688563","target":"material:镍","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"74acff8764e7","from":"company:688586","from_name":"江航装备","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-江航装备-688586-sh-d069c4c10c5a.md","chunk_id":"chunk:2f822140e379","chunk_index":6,"quote_summary":"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"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688586","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"0132685997f9","from":"company:688586","from_name":"江航装备","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-江航装备-688586-sh-d069c4c10c5a.md","chunk_id":"chunk:ee69cca9ba4f","chunk_index":26,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688586","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"ae023a81daa8","from":"company:688636","from_name":"智明达","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"二是原材料价格上涨，增加了生产成本；","confidence":0.78,"evidence":[{"source_path":"sources/stock-research-report-智明达-688636-12a1ceeea1aa.md","chunk_id":"chunk:46314a7b3c35","chunk_index":4,"quote_summary":"二是原材料价格上涨，增加了生产成本；"},{"source_path":"sources/stock-research-report-2025-03-28-c3f8772b1916.md","chunk_id":"chunk:1de388bac0dd","chunk_index":21,"quote_summary":"我们认为，这些募投项目建成后，公司经营规模、原材料保障能力、研发能力和资金实力将显著提高，尤其是嵌入式计算机模块生产能力得到大幅提升，生产流程和工艺进一步完善，产业布局更趋完善，有利于巩固和加强公司在嵌入式计算机行业中的竞争优势，公司整体盈利能力有望迈上新台阶。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688636","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"61be1c1d6148","from":"company:688685","from_name":"迈信林","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-迈信林-688685-9069495e938f.md","chunk_id":"chunk:c57b05796870","chunk_index":4,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688685","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"4b2968a3edd4","from":"company:688685","from_name":"迈信林","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-迈信林-688685-9069495e938f.md","chunk_id":"chunk:68f7d7396fd6","chunk_index":9,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688685","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"6f95d60d2a62","from":"company:688685","from_name":"迈信林","to":"material:钢材","to_name":"钢材","relation":"raw_material_dependency","direction":"upstream","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-迈信林-688685-9069495e938f.md","chunk_id":"chunk:3b086da94865","chunk_index":10,"quote_summary":"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。"},{"source_path":"sources/stock-research-report-迈信林-688685-63d3058aa422.md","chunk_id":"chunk:7ae21b39460e","chunk_index":8,"quote_summary":"此外，公司增加航空异型精密机构件、高强度合金钢等研发费用增大，新增购买 CNC 加工设备等科研投入。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688685","target":"material:钢材","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":2}
{"edge_id":"76d80204d156","from":"company:中国船舶","from_name":"中国船舶","to":"material:天然气","to_name":"天然气","relation":"raw_material_dependency","direction":"upstream","summary":"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 年 4 月将提高到 15%，为行业留出适应时间。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-业绩进入兑现期-逐步迈向新高-8df757032bf6.md","chunk_id":"chunk:54ab22337819","chunk_index":74,"quote_summary":"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 年 4 月将提高到 15%，为行业留出适应时间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中国船舶","target":"material:天然气","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"2c2ab24ee8ca","from":"company:中国船舶","from_name":"中国船舶","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"但从长期来看，在韩国产能扩张受限、劳动力和原材料成本高昂的情况下，随着韩国船企保障倍数逐步上升，其吸引订单的能力将再度弱化。","confidence":0.78,"evidence":[{"source_path":"sources/stock-research-report-业绩进入兑现期-逐步迈向新高-8df757032bf6.md","chunk_id":"chunk:2d155ab19582","chunk_index":57,"quote_summary":"但从长期来看，在韩国产能扩张受限、劳动力和原材料成本高昂的情况下，随着韩国船企保障倍数逐步上升，其吸引订单的能力将再度弱化。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中国船舶","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"c88392e74585","from":"company:中国船舶","from_name":"中国船舶","to":"material:钢材","to_name":"钢材","relation":"raw_material_dependency","direction":"upstream","summary":"2024 年 3 月 12 日，包含美国钢铁工人联合会在内的五个美国全国性工会提交了一份请愿书，指控中国通过“非市场政策”主导全球海事、物流及造船业，威胁美国国家安全与商业利益，要求针对中国在海运、物流和造船行业寻求支配地位的行为、政策和做法进行调查。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-业绩进入兑现期-逐步迈向新高-8df757032bf6.md","chunk_id":"chunk:f21f4d86458c","chunk_index":73,"quote_summary":"2024 年 3 月 12 日，包含美国钢铁工人联合会在内的五个美国全国性工会提交了一份请愿书，指控中国通过“非市场政策”主导全球海事、物流及造船业，威胁美国国家安全与商业利益，要求针对中国在海运、物流和造船行业寻求支配地位的行为、政策和做法进行调查。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中国船舶","target":"material:钢材","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"ae12d62f87bb","from":"company:中航沈飞","from_name":"中航沈飞","to":"material:碳纤维","to_name":"碳纤维","relation":"raw_material_dependency","direction":"upstream","summary":"复合材料和钛合金生产线能力建设加速推进，为未来隐身战机批量化交付奠定产能基础。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:92e7bc97744d","chunk_index":2,"quote_summary":"复合材料和钛合金生产线能力建设加速推进，为未来隐身战机批量化交付奠定产能基础。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中航沈飞","target":"material:碳纤维","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"fc9139243642","from":"company:中航沈飞","from_name":"中航沈飞","to":"material:钛","to_name":"钛","relation":"raw_material_dependency","direction":"upstream","summary":"复合材料和钛合金生产线能力建设加速推进，为未来隐身战机批量化交付奠定产能基础。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:92e7bc97744d","chunk_index":2,"quote_summary":"复合材料和钛合金生产线能力建设加速推进，为未来隐身战机批量化交付奠定产能基础。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中航沈飞","target":"material:钛","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"c884cfb940a7","from":"company:中航高科","from_name":"中航高科","to":"material:化工品","to_name":"化工品","relation":"raw_material_dependency","direction":"upstream","summary":"创新科技成果转化管理模式，推动先进民用树脂、预浸料技术快速孵化与转化，提升预浸料在低空等领域的广泛应用；","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-核心主业保持增长-产能布局持续优化-1aec251ca65b.md","chunk_id":"chunk:7ac1be99dd70","chunk_index":3,"quote_summary":"创新科技成果转化管理模式，推动先进民用树脂、预浸料技术快速孵化与转化，提升预浸料在低空等领域的广泛应用；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中航高科","target":"material:化工品","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"c8d20cd4fb89","from":"company:中航高科","from_name":"中航高科","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"报告期内，中航工业复材聚焦未来复合材料技术创新方向和工程实践中的关键技术问题，构建复合材料原材料、民机复合材料结构件、低空经济复合材料的技术平台与产品平台，形成差异化产品谱系、关键与核心技术图谱；","confidence":0.78,"evidence":[{"source_path":"sources/stock-research-report-核心主业保持增长-产能布局持续优化-1aec251ca65b.md","chunk_id":"chunk:7ac1be99dd70","chunk_index":3,"quote_summary":"报告期内，中航工业复材聚焦未来复合材料技术创新方向和工程实践中的关键技术问题，构建复合材料原材料、民机复合材料结构件、低空经济复合材料的技术平台与产品平台，形成差异化产品谱系、关键与核心技术图谱；"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中航高科","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"b5441dd81158","from":"company:中航高科","from_name":"中航高科","to":"material:碳纤维","to_name":"碳纤维","relation":"raw_material_dependency","direction":"upstream","summary":"报告期内，中航工业复材聚焦未来复合材料技术创新方向和工程实践中的关键技术问题，构建复合材料原材料、民机复合材料结构件、低空经济复合材料的技术平台与产品平台，形成差异化产品谱系、关键与核心技术图谱；","confidence":0.78,"evidence":[{"source_path":"sources/stock-research-report-核心主业保持增长-产能布局持续优化-1aec251ca65b.md","chunk_id":"chunk:7ac1be99dd70","chunk_index":3,"quote_summary":"报告期内，中航工业复材聚焦未来复合材料技术创新方向和工程实践中的关键技术问题，构建复合材料原材料、民机复合材料结构件、低空经济复合材料的技术平台与产品平台，形成差异化产品谱系、关键与核心技术图谱；"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中航高科","target":"material:碳纤维","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"547ac718eeb8","from":"company:中船科技","from_name":"中船科技","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"**随着俄乌战争、原材料价格大幅上涨、疫情等不利因素消除，根据全球风能理事会预测，2023 年起全球海上风电装机逐渐迎来复苏。","confidence":0.78,"evidence":[{"source_path":"sources/stock-research-report-中船科技-600072-sh-无评级-cc7ee2011a0b.md","chunk_id":"chunk:438c6bed4242","chunk_index":1,"quote_summary":"**随着俄乌战争、原材料价格大幅上涨、疫情等不利因素消除，根据全球风能理事会预测，2023 年起全球海上风电装机逐渐迎来复苏。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中船科技","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"0f695dc53f10","from":"company:南方航空","from_name":"南方航空","to":"material:石油","to_name":"石油","relation":"raw_material_dependency","direction":"upstream","summary":"得益于 2025 油价降低，航油成本同比-4.48%，致营业成本扩张有限，同比+2.64%、小于收入增幅，带动盈利大幅改善。","confidence":0.78,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-b04dbbd1e4ea.md","chunk_id":"chunk:541daa0b4847","chunk_index":0,"quote_summary":"得益于 2025 油价降低，航油成本同比-4.48%，致营业成本扩张有限，同比+2.64%、小于收入增幅，带动盈利大幅改善。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:南方航空","target":"material:石油","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"1f87474ce0c7","from":"company:哈尔滨新光光电科技","from_name":"哈尔滨新光光电科技","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"从原材料供应来看，公司原材料主要包括光学原材料、金属原材料、电子元器件和结构件等，总体来看竞争较为充分、技术较为成熟、产品供应渠道较为充足，具备可替代性，报告期内价格变动较为稳定，未对本行业产生不利影响。","confidence":0.78,"evidence":[{"source_path":"sources/stock-research-report-科创板高端装备系列之四-新光光电-55de1204d244.md","chunk_id":"chunk:5a247e8b11c2","chunk_index":23,"quote_summary":"从原材料供应来看，公司原材料主要包括光学原材料、金属原材料、电子元器件和结构件等，总体来看竞争较为充分、技术较为成熟、产品供应渠道较为充足，具备可替代性，报告期内价格变动较为稳定，未对本行业产生不利影响。"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:哈尔滨新光光电科技","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"af867c216231","from":"company:哈尔滨新光光电科技","from_name":"哈尔滨新光光电科技","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"公司结合自身光电领域研发优势及市场需求，针对森林防火、电力、铁路、安防等民用领域进行了探索，部分产品已完成试点应用，可提升国民经济相关行业信息化、智能化水平。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-科创板高端装备系列之四-新光光电-55de1204d244.md","chunk_id":"chunk:cd991a6f45ab","chunk_index":6,"quote_summary":"公司结合自身光电领域研发优势及市场需求，针对森林防火、电力、铁路、安防等民用领域进行了探索，部分产品已完成试点应用，可提升国民经济相关行业信息化、智能化水平。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:哈尔滨新光光电科技","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"b84ab83e2e3d","from":"company:安徽四创电子","from_name":"安徽四创电子","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"**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,"evidence":[{"source_path":"sources/stock-research-report-科创板重点标的解析之二-国盾量子-a571f95f0cf7.md","chunk_id":"chunk:f48f686410c4","chunk_index":0,"quote_summary":"**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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:安徽四创电子","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"d32a500def2c","from":"company:安泰科技","from_name":"安泰科技","to":"material:工业原材料","to_name":"工业原材料","relation":"raw_material_dependency","direction":"upstream","summary":"* **风险提示：**市场需求不及预期风险、原材料价格波动风险、汇率波动风险","confidence":0.78,"evidence":[{"source_path":"sources/stock-research-report-有色金属-金属新材料-9b2d522818f2.md","chunk_id":"chunk:980370897084","chunk_index":1,"quote_summary":"* **风险提示：**市场需求不及预期风险、原材料价格波动风险、汇率波动风险"}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:安泰科技","target":"material:工业原材料","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"79b33a19a92e","from":"company:安泰科技","from_name":"安泰科技","to":"material:稀土","to_name":"稀土","relation":"raw_material_dependency","direction":"upstream","summary":"安泰磁材与多家机器人核心部件厂商进行了接洽和技术交流，高性能钕铁硼磁材相关业务处于市场拓展和样品验证阶段，此外安泰北方 5000 吨高端稀土永磁制品项目处于达产爬坡期，市场份额稳中有升。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-有色金属-金属新材料-9b2d522818f2.md","chunk_id":"chunk:f99177a9523c","chunk_index":0,"quote_summary":"安泰磁材与多家机器人核心部件厂商进行了接洽和技术交流，高性能钕铁硼磁材相关业务处于市场拓展和样品验证阶段，此外安泰北方 5000 吨高端稀土永磁制品项目处于达产爬坡期，市场份额稳中有升。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:安泰科技","target":"material:稀土","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"4b37caa28c45","from":"company:安泰科技","from_name":"安泰科技","to":"material:钢材","to_name":"钢材","relation":"raw_material_dependency","direction":"upstream","summary":"钢铁粉末及制品板块全年实现营收 29.77 亿元，同比+0.51%；","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-有色金属-金属新材料-9b2d522818f2.md","chunk_id":"chunk:f99177a9523c","chunk_index":0,"quote_summary":"钢铁粉末及制品板块全年实现营收 29.77 亿元，同比+0.51%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:安泰科技","target":"material:钢材","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"4bf7ea0cd40c","from":"company:紫光国微","from_name":"紫光国微","to":"material:电力","to_name":"电力","relation":"raw_material_dependency","direction":"upstream","summary":"杨宇轩，电子行业分析师，华北电力大学本科，清华大学硕士，曾就职于东方证券、首创证券、赛迪智库，2025 年 1 月加入信达证券电子组，研究方向为半导体等。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-cinda-securities-a1ee7a5beacd.md","chunk_id":"chunk:b4eac2a399df","chunk_index":11,"quote_summary":"杨宇轩，电子行业分析师，华北电力大学本科，清华大学硕士，曾就职于东方证券、首创证券、赛迪智库，2025 年 1 月加入信达证券电子组，研究方向为半导体等。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:紫光国微","target":"material:电力","label":"raw_material_dependency","category":"material","group":"raw_material_dependency","evidence_count":1}
{"edge_id":"7ef72159956d","from":"company:000777","from_name":"中核科技","to":"company:603308","to_name":"应流股份","relation":"same_group","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-华发集团控股公司-4eafcc93318a.md","chunk_id":"chunk:252b9d4fc3d8","chunk_index":9,"quote_summary":"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..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000777","target":"company:603308","label":"same_group","category":"company","group":"same_group","evidence_count":1}
{"edge_id":"fd210532c4ae","from":"company:002179","from_name":"中航光电","to":"company:600372","to_name":"中航机载","relation":"same_group","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-买入-维持-e3420e3e6c50.md","chunk_id":"chunk:3bc5782715f8","chunk_index":0,"quote_summary":"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..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002179","target":"company:600372","label":"same_group","category":"company","group":"same_group","evidence_count":1}
{"edge_id":"f9c0ed49dec3","from":"company:300034","from_name":"钢研高纳","to":"company:600893","to_name":"航发动力","relation":"same_group","direction":"peer","summary":"马强 **SAC 登记编号**: S1340523080002 **Email**: maqiang@cnpsec.com **3、航空航天领域业务多元化发展以及高温合金跨领域应用拓展成效显著。**航空航天领域，公司业务多元化发展，2022 年，公司成立全资子公司四川高纳，与航发动力成立控股子公司西安钢研，2023 年成立辽宁高纳。2023 年，西安钢研实...","confidence":0.74,"evidence":[{"source_path":"sources/stock-research-report-2024-年-6-月-30-日-240dda978b6b.md","chunk_id":"chunk:541c6a192fe7","chunk_index":0,"quote_summary":"马强 **SAC 登记编号**: S1340523080002 **Email**: maqiang@cnpsec.com **3、航空航天领域业务多元化发展以及高温合金跨领域应用拓展成效显著。**航空航天领域，公司业务多元化发展，2022 年，公司成立全资子公司四川高纳，与航发动力成立控股子公司西安钢研，2023 ..."},{"source_path":"sources/stock-research-report-2024-年-10-月-29-日-fb636955125b.md","chunk_id":"chunk:2d96f1764ed8","chunk_index":0,"quote_summary":"领域应用拓展成效显著。** 公司判断未来 3-5 年为行业发展的关键时期，公司将致力于在这 3-5 年内实现转型：市场从国内转型到国内国际。 际两个市场、产品逐步实现由坯到件的转变、部分产品从航空发动机拓展到航空领域、能源、石化领域。2022 年，公司成立全资子公司四川高纳，与航发动力成立控股子公司西安钢研，2023..."},{"source_path":"sources/stock-research-report-钢研高纳-300034-25ca2fc3587d.md","chunk_id":"chunk:c4e333c0efa7","chunk_index":6,"quote_summary":"省七市十厂的产业布局，完成青岛产业基地建设投产，实现铸造和德凯两个业务单元的整合调整，通过多种形式拓展延伸产业链。 2023年10月21日，四川钢研高纳如期建成投产，锻轧产线以3万吨模锻以及500吨环轧设备为主，标志着高端金属盘环锻件科研与产业基地正式启航。西安钢研由钢研高纳与航发动力共同设立，其中钢研高纳持股比例6..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300034","target":"company:600893","label":"same_group","category":"company","group":"same_group","evidence_count":3}
{"edge_id":"ab4162e3df49","from":"company:300446","from_name":"航天智造","to":"company:600879","to_name":"航天电子","relation":"same_group","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-2024-年-7-月-17-日-2ed5f2f589b1.md","chunk_id":"chunk:8f869c0be82b","chunk_index":0,"quote_summary":"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..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300446","target":"company:600879","label":"same_group","category":"company","group":"same_group","evidence_count":1}
{"edge_id":"4ffb59e7034c","from":"company:600072","from_name":"中船科技","to":"company:600150","to_name":"中国船舶","relation":"same_group","direction":"peer","summary":"分析师： 李孔逸 **执业登记编码**：S0760522030007 **邮箱**：likongyi@sxzq.com 投资要点： **核心逻辑：转型新能源、海风高景气、深远海技术领先、风电资源储备丰富** * **并购整合中船系风电业务，募集资金助推发展。**公司将对中国船舶集团旗下的风电资产进行整合，拟通过发行股份与支付现金的方式购买中国海装 100%...","confidence":0.74,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-dceb31728812.md","chunk_id":"chunk:fc9a6359e18e","chunk_index":6,"quote_summary":"分析师： 李孔逸 **执业登记编码**：S0760522030007 **邮箱**：likongyi@sxzq.com 投资要点： **核心逻辑：转型新能源、海风高景气、深远海技术领先、风电资源储备丰富** * **并购整合中船系风电业务，募集资金助推发展。**公司将对中国船舶集团旗下的风电资产进行整合，拟通过发行股..."},{"source_path":"sources/stock-research-report-信义山证-汇通天下-2872993ceb45.md","chunk_id":"chunk:bf7e47a26e1f","chunk_index":6,"quote_summary":"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。..."},{"source_path":"sources/stock-research-report-中船科技-600072-sh-无评级-e9bc8de5c63e.md","chunk_id":"chunk:0df2e3edce7f","chunk_index":0,"quote_summary":"eiqi2@guosen.com.cn 执证编码：S0980520080003 **联系人**： 陈抒扬 0755-81982965 chenshuyang@guosen.com.cn ### 事项 2022 年 10 月 10 日，公司公告拟通过发行股份和支付现金的方式收购中国船舶集团旗下中国海装（风电制造业务）、..."},{"source_path":"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_id":"chunk:73122650dc4c","chunk_index":0,"quote_summary":"工程业务有望迎来突破** 当前工程勘察设计类业务为公司主要业绩来源，占公司营业收入的 96.22%，主要由全资子公司中船九院作为经营主体。根据中船九院公司官网显示，公司在国家海洋强国建设中，承担着践行环渤海地区、长 三角地区、珠三角地区的船舶工业规划设计“国家队”的角色。作为中国船舶集团间接控股、中船工业集团直接控股..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600072","target":"company:600150","label":"same_group","category":"company","group":"same_group","evidence_count":4}
{"edge_id":"d2c4387a7442","from":"company:600072","from_name":"中船科技","to":"company:中国船舶","to_name":"中国船舶","relation":"same_group","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-信义山证-汇通天下-2872993ceb45.md","chunk_id":"chunk:bf7e47a26e1f","chunk_index":6,"quote_summary":"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。..."},{"source_path":"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_id":"chunk:73122650dc4c","chunk_index":0,"quote_summary":"工程业务有望迎来突破** 当前工程勘察设计类业务为公司主要业绩来源，占公司营业收入的 96.22%，主要由全资子公司中船九院作为经营主体。根据中船九院公司官网显示，公司在国家海洋强国建设中，承担着践行环渤海地区、长 三角地区、珠三角地区的船舶工业规划设计“国家队”的角色。作为中国船舶集团间接控股、中船工业集团直接控股..."},{"source_path":"sources/stock-research-report-证券研究报告-dceb31728812.md","chunk_id":"chunk:fc9a6359e18e","chunk_index":6,"quote_summary":"分析师： 李孔逸 **执业登记编码**：S0760522030007 **邮箱**：likongyi@sxzq.com 投资要点： **核心逻辑：转型新能源、海风高景气、深远海技术领先、风电资源储备丰富** * **并购整合中船系风电业务，募集资金助推发展。**公司将对中国船舶集团旗下的风电资产进行整合，拟通过发行股..."},{"source_path":"sources/stock-research-report-中船科技-600072-sh-无评级-e9bc8de5c63e.md","chunk_id":"chunk:0df2e3edce7f","chunk_index":0,"quote_summary":"eiqi2@guosen.com.cn 执证编码：S0980520080003 **联系人**： 陈抒扬 0755-81982965 chenshuyang@guosen.com.cn ### 事项 2022 年 10 月 10 日，公司公告拟通过发行股份和支付现金的方式收购中国船舶集团旗下中国海装（风电制造业务）、..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600072","target":"company:中国船舶","label":"same_group","category":"company","group":"same_group","evidence_count":4}
{"edge_id":"fbe8dd1c2b32","from":"company:600115","from_name":"中国东航","to":"company:002928","to_name":"华夏航空","relation":"same_group","direction":"peer","summary":"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,"evidence":[{"source_path":"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_id":"chunk:6d914a147218","chunk_index":1,"quote_summary":"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..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600115","target":"company:002928","label":"same_group","category":"company","group":"same_group","evidence_count":1}
{"edge_id":"76d186751641","from":"company:600115","from_name":"中国东航","to":"company:601021","to_name":"春秋航空","relation":"same_group","direction":"peer","summary":"、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,"evidence":[{"source_path":"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_id":"chunk:6d914a147218","chunk_index":1,"quote_summary":"、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..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600115","target":"company:601021","label":"same_group","category":"company","group":"same_group","evidence_count":1}
{"edge_id":"54c7fb7fe935","from":"company:600115","from_name":"中国东航","to":"company:601111","to_name":"中国国航","relation":"same_group","direction":"peer","summary":"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,"evidence":[{"source_path":"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_id":"chunk:4ed35cb512c9","chunk_index":7,"quote_summary":"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..."},{"source_path":"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_id":"chunk:66927fdcf268","chunk_index":0,"quote_summary":"9年的均值分别下降45.0%和13.0%。 图表 30. 2016-2024 年波音和空客交付飞机 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..."},{"source_path":"sources/stock-research-report-601111-sh-9bea4445b90e.md","chunk_id":"chunk:fceecd35173c","chunk_index":0,"quote_summary":"-2024 年波音和空客交付飞机 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..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600115","target":"company:601111","label":"same_group","category":"company","group":"same_group","evidence_count":3}
{"edge_id":"a7aba5aaa908","from":"company:600115","from_name":"中国东航","to":"company:601156","to_name":"东航物流","relation":"same_group","direction":"peer","summary":"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,"evidence":[{"source_path":"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_id":"chunk:d6796418b31d","chunk_index":9,"quote_summary":"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..."},{"source_path":"sources/stock-research-report-东航物流-601156-sh-2d1f8078de4d.md","chunk_id":"chunk:8ae46138bd2a","chunk_index":0,"quote_summary":"远等向公司增资；联想控股将其所持4.9%的股权转让给北京君联 2018 : 东航物流有限于2018年12月整体变更为股份有限公司，完成股份制改革 2021 : 公司在上海证券交易所主板挂牌上市，成为“航空混改第一股” 2023 : 东航产投持有的公司40.5%股份无偿划转至中国东航集团 ``` 来源：公司公告，国金证..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600115","target":"company:601156","label":"same_group","category":"company","group":"same_group","evidence_count":2}
{"edge_id":"70c54e3fd084","from":"company:600115","from_name":"中国东航","to":"company:603885","to_name":"吉祥航空","relation":"same_group","direction":"peer","summary":"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,"evidence":[{"source_path":"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_id":"chunk:4ed35cb512c9","chunk_index":7,"quote_summary":"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..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600115","target":"company:603885","label":"same_group","category":"company","group":"same_group","evidence_count":1}
{"edge_id":"c82d7e9062b5","from":"company:600118","from_name":"中国卫星","to":"company:中国卫星","to_name":"中国卫星","relation":"same_group","direction":"peer","summary":"# 中国卫星（600118.SH）2022 年中报点评 # 航天业务有序开展；1H22 子公司出表投资收益增加 [2022 年 09 月 04 日] * **事件：**公司 8 月 26 日发布了 2022 年中报，1H22 实现营收 32.4 亿元，YoY +3.4%；归母净利润 2.3 亿元，YoY+46.8%；扣非归母净","confidence":0.74,"evidence":[{"source_path":"sources/stock-research-report-中国卫星-600118-sh-2022-年中报点评-35a28c3671ef.md","chunk_id":"chunk:c51047256189","chunk_index":0,"quote_summary":"# 中国卫星（600118.SH）2022 年中报点评 # 航天业务有序开展；1H22 子公司出表投资收益增加 [2022 年 09 月 04 日] * **事件：**公司 8 月 26 日发布了 2022 年中报，1H22 实现营收 32.4 亿元，YoY +3.4%；归母净利润 2.3 亿元，YoY+46.8%；..."},{"source_path":"sources/stock-research-report-谨慎推荐-维持评级-a1f8b26d7487.md","chunk_id":"chunk:b9f911b3cace","chunk_index":0,"quote_summary":"同比减少 0.37ppt；3）研发费用率 2.6%，同比减少 0.48ppt，研发费用 1.4 亿元，同比减少 0.22%；4）财务费用率-0.5%，去年同期为-0.13%，主要是日均存款较上年同期大幅增加，相应利息收入增加导致。**子公司布局方面**，1）2022 年 8 月，中国卫星与受让方华润双鹤药业股份有限公..."},{"source_path":"sources/stock-research-report-中国卫星-600118-sh-2023-年一季报点评-9b91560312ed.md","chunk_id":"chunk:0cae10a35693","chunk_index":0,"quote_summary":"# 中国卫星（600118.SH）2023 年一季报点评 # 业绩表现稳健；关注集团改革和卫星星座建设进展 2023 年 05 月 05 日 **谨慎推荐** **维持评级** **当前价格：** **26.76 元** ➢ **事件：**公司 4 月 27 日发布 2023 年一季报，1Q23 实现营收 13.4 ..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600118","target":"company:中国卫星","label":"same_group","category":"company","group":"same_group","evidence_count":3}
{"edge_id":"53920a6deb3c","from":"company:600184","from_name":"光电股份","to":"company:000519","to_name":"中兵红箭","relation":"same_group","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-光电股份-600184-sh-首次覆盖报告-3f91ac62fe2f.md","chunk_id":"chunk:5930f48ef744","chunk_index":0,"quote_summary":"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..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600184","target":"company:000519","label":"same_group","category":"company","group":"same_group","evidence_count":1}
{"edge_id":"3bfcf2561ebd","from":"company:600184","from_name":"光电股份","to":"company:600435","to_name":"北方导航","relation":"same_group","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-光电股份-600184-sh-首次覆盖报告-3f91ac62fe2f.md","chunk_id":"chunk:5930f48ef744","chunk_index":0,"quote_summary":"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..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600184","target":"company:600435","label":"same_group","category":"company","group":"same_group","evidence_count":1}
{"edge_id":"25cc34dd993e","from":"company:600221","from_name":"海航控股","to":"company:002928","to_name":"华夏航空","relation":"same_group","direction":"peer","summary":"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,"evidence":[{"source_path":"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_id":"chunk:fe5dd66c4f20","chunk_index":0,"quote_summary":"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 |..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600221","target":"company:002928","label":"same_group","category":"company","group":"same_group","evidence_count":1}
{"edge_id":"9acf4f7966ca","from":"company:600221","from_name":"海航控股","to":"company:601021","to_name":"春秋航空","relation":"same_group","direction":"peer","summary":"| 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,"evidence":[{"source_path":"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_id":"chunk:fe5dd66c4f20","chunk_index":0,"quote_summary":"| 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 | ..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600221","target":"company:601021","label":"same_group","category":"company","group":"same_group","evidence_count":1}
{"edge_id":"816a80a56cee","from":"company:600221","from_name":"海航控股","to":"company:601111","to_name":"中国国航","relation":"same_group","direction":"peer","summary":"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,"evidence":[{"source_path":"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_id":"chunk:fe5dd66c4f20","chunk_index":0,"quote_summary":"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 ..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600221","target":"company:601111","label":"same_group","category":"company","group":"same_group","evidence_count":1}
{"edge_id":"c58de103308a","from":"company:600316","from_name":"洪都航空","to":"company:002179","to_name":"中航光电","relation":"same_group","direction":"peer","summary":"工业<br/>股份有限公司] -- 43.77% --> B[江西洪都航空工业股份<br/>有限公司] A2[江西洪都航空工业<br/>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<br/>（南昌）有限公司] B -- 35.00% --> C2[...","confidence":0.74,"evidence":[{"source_path":"sources/stock-research-report-洪都航空-600316-sh-d31eee31ff8e.md","chunk_id":"chunk:25206086d5ab","chunk_index":0,"quote_summary":"工业<br/>股份有限公司] -- 43.77% --> B[江西洪都航空工业股份<br/>有限公司] A2[江西洪都航空工业<br/>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<br/>（南昌）有限公司]..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600316","target":"company:002179","label":"same_group","category":"company","group":"same_group","evidence_count":1}
{"edge_id":"3979c6b80568","from":"company:600435","from_name":"北方导航","to":"company:688543","to_name":"国科军工","relation":"same_group","direction":"peer","summary":"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<br/>（包括北方导航）、<br/>航天科工集团及其下属单位、<br/>航天科技集团及其下属单位、<br/>国科军工等] H[兵器集团及其其下属单位、<br/>航天科工集团及其下属单位、<b...","confidence":0.74,"evidence":[{"source_path":"sources/stock-research-report-2025-年-11-月-18-日-216252507999.md","chunk_id":"chunk:de6e176db17a","chunk_index":0,"quote_summary":"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<br/>（包括北方导航）、<br/>航天科工集团及其下属单位、<br/>航天科技集团及其下属单位、<br/>国科军工等] H[兵器集团及其其下属单位、..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600435","target":"company:688543","label":"same_group","category":"company","group":"same_group","evidence_count":1}
{"edge_id":"600a5cf4f22d","from":"company:600482","from_name":"中国动力","to":"company:600072","to_name":"中船科技","relation":"same_group","direction":"peer","summary":"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<br/>防务] -- 1.38% ...","confidence":0.74,"evidence":[{"source_path":"sources/stock-research-report-中国动力-600482-bfa4317a66b8.md","chunk_id":"chunk:d52162c1637b","chunk_index":0,"quote_summary":"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..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600482","target":"company:600072","label":"same_group","category":"company","group":"same_group","evidence_count":1}
{"edge_id":"d584e2a34466","from":"company:600482","from_name":"中国动力","to":"company:600150","to_name":"中国船舶","relation":"same_group","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中国动力-600482-sh-c67233866dbf.md","chunk_id":"chunk:6cb821a9c8e2","chunk_index":0,"quote_summary":"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..."},{"source_path":"sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md","chunk_id":"chunk:e6c99a1d5108","chunk_index":0,"quote_summary":"周期持续上行。动力系统是船舶运行的核心设备，在全船设备总成本中占比约30%以上，占整体造价的20%以上，造船景气上行推动动力系统需求提升。同时，伴随着航运业环保政策趋严，双燃料船替代传统燃料船为大势所趋，利好双燃料发动机需求释放。公司是全球船用低速柴油机龙头，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..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600482","target":"company:600150","label":"same_group","category":"company","group":"same_group","evidence_count":2}
{"edge_id":"b29d317f2277","from":"company:600482","from_name":"中国动力","to":"company:603712","to_name":"七一二","relation":"same_group","direction":"peer","summary":"- 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<br/>产业投资基金] C -...","confidence":0.74,"evidence":[{"source_path":"sources/stock-research-report-中国动力-600482-bfa4317a66b8.md","chunk_id":"chunk:d52162c1637b","chunk_index":0,"quote_summary":"- 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..."},{"source_path":"sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md","chunk_id":"chunk:e6c99a1d5108","chunk_index":0,"quote_summary":"---------------------------- | | 2016 | 综合电力 | 上海推进 | 100.00% | 中船重工集团、七〇四所 | 整合动力推进系统集成（常规、电推）、汽轮辅机、供电系统及减振降噪等 | | 长海电推 | 100.00% | 中船重工集团、七一二所 | 整合水下电力推进相关设备..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600482","target":"company:603712","label":"same_group","category":"company","group":"same_group","evidence_count":2}
{"edge_id":"0930682c1fb6","from":"company:600482","from_name":"中国动力","to":"company:中国船舶","to_name":"中国船舶","relation":"same_group","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中国动力-600482-sh-c67233866dbf.md","chunk_id":"chunk:6cb821a9c8e2","chunk_index":0,"quote_summary":"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..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600482","target":"company:中国船舶","label":"same_group","category":"company","group":"same_group","evidence_count":1}
{"edge_id":"5f21d22e179d","from":"company:600685","from_name":"中船防务","to":"company:002179","to_name":"中航光电","relation":"same_group","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-公司点评报告-f3e4d2cad667.md","chunk_id":"chunk:8d81172dd590","chunk_index":2,"quote_summary":"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..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600685","target":"company:002179","label":"same_group","category":"company","group":"same_group","evidence_count":1}
{"edge_id":"0e7d76b053a7","from":"company:600685","from_name":"中船防务","to":"company:600038","to_name":"中直股份","relation":"same_group","direction":"peer","summary":"/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,"evidence":[{"source_path":"sources/stock-research-report-公司点评报告-f3e4d2cad667.md","chunk_id":"chunk:8d81172dd590","chunk_index":2,"quote_summary":"/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..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600685","target":"company:600038","label":"same_group","category":"company","group":"same_group","evidence_count":1}
{"edge_id":"8fec092749f1","from":"company:600685","from_name":"中船防务","to":"company:600150","to_name":"中国船舶","relation":"same_group","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-a517f162d983.md","chunk_id":"chunk:0071da4bdc10","chunk_index":0,"quote_summary":"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..."},{"source_path":"sources/stock-research-report-公司点评报告-f3e4d2cad667.md","chunk_id":"chunk:2c6506573b5e","chunk_index":3,"quote_summary":"加10.5个百分点；海工业务实现收入25.78亿元，同比下降53.88%，占总营收比重为11.17%，较去年同期减少10.97个百分点；修船、钢结构工程、机电产品及其他业务板块占总营收比重与去年基本持平。 **中船工业集团领衔央企混改，海军装备建设加速升级换代**。2016年，中国船舶工业集团被列为第一批央企混改试点..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600685","target":"company:600150","label":"same_group","category":"company","group":"same_group","evidence_count":2}
{"edge_id":"b477539f91b3","from":"company:600685","from_name":"中船防务","to":"company:中国船舶","to_name":"中国船舶","relation":"same_group","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-a517f162d983.md","chunk_id":"chunk:0071da4bdc10","chunk_index":0,"quote_summary":"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..."},{"source_path":"sources/stock-research-report-公司点评报告-f3e4d2cad667.md","chunk_id":"chunk:2c6506573b5e","chunk_index":3,"quote_summary":"加10.5个百分点；海工业务实现收入25.78亿元，同比下降53.88%，占总营收比重为11.17%，较去年同期减少10.97个百分点；修船、钢结构工程、机电产品及其他业务板块占总营收比重与去年基本持平。 **中船工业集团领衔央企混改，海军装备建设加速升级换代**。2016年，中国船舶工业集团被列为第一批央企混改试点..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600685","target":"company:中国船舶","label":"same_group","category":"company","group":"same_group","evidence_count":2}
{"edge_id":"48e5fa38104f","from":"company:600879","from_name":"航天电子","to":"company:002025","to_name":"航天电器","relation":"same_group","direction":"peer","summary":"：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,"evidence":[{"source_path":"sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md","chunk_id":"chunk:a262e875cac8","chunk_index":0,"quote_summary":"：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..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600879","target":"company:002025","label":"same_group","category":"company","group":"same_group","evidence_count":1}
{"edge_id":"88e2633999aa","from":"company:601111","from_name":"中国国航","to":"company:603885","to_name":"吉祥航空","relation":"same_group","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-601111-sh-9bea4445b90e.md","chunk_id":"chunk:fceecd35173c","chunk_index":0,"quote_summary":"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、..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601111","target":"company:603885","label":"same_group","category":"company","group":"same_group","evidence_count":1}
{"edge_id":"20fbb40fd64d","from":"company:601606","from_name":"长城军工","to":"company:601816","to_name":"京沪高铁","relation":"same_group","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-长城军工-601606-fb27c26d2b3f.md","chunk_id":"chunk:b238af36e13c","chunk_index":0,"quote_summary":"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..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601606","target":"company:601816","label":"same_group","category":"company","group":"same_group","evidence_count":1}
{"edge_id":"0e3873d26edb","from":"company:688146","from_name":"中船特气","to":"company:600150","to_name":"中国船舶","relation":"same_group","direction":"peer","summary":"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<br/>（实际控制人）] -- 100% --> B[七一八所] B ...","confidence":0.74,"evidence":[{"source_path":"sources/stock-research-report-中船特气-688146-567a6aeef795.md","chunk_id":"chunk:ebdfbbafad75","chunk_index":0,"quote_summary":"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<br/>（实际控制人）] --..."},{"source_path":"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_id":"chunk:273650261684","chunk_index":0,"quote_summary":"余种 | | 2023 | 公司在科创板上市，证券代码：688146.SH | 资料来源：公司招股说明书，公司官网，东海证券研究所 ## 1.2.股权结构稳定，新设上海子公司完善战略布局 截至 2023 年 10 月 20 日，公司前十大股东合计持有公司 87.03%的股权。中国船舶集团通过七一八所和中国船舶集团投资..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688146","target":"company:600150","label":"same_group","category":"company","group":"same_group","evidence_count":2}
{"edge_id":"944b90f8d62f","from":"company:688146","from_name":"中船特气","to":"company:中国船舶","to_name":"中国船舶","relation":"same_group","direction":"peer","summary":"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<br/>（实际控制人）] -- 100% --> B[七一八所] B ...","confidence":0.74,"evidence":[{"source_path":"sources/stock-research-report-中船特气-688146-567a6aeef795.md","chunk_id":"chunk:ebdfbbafad75","chunk_index":0,"quote_summary":"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<br/>（实际控制人）] --..."},{"source_path":"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_id":"chunk:273650261684","chunk_index":0,"quote_summary":"余种 | | 2023 | 公司在科创板上市，证券代码：688146.SH | 资料来源：公司招股说明书，公司官网，东海证券研究所 ## 1.2.股权结构稳定，新设上海子公司完善战略布局 截至 2023 年 10 月 20 日，公司前十大股东合计持有公司 87.03%的股权。中国船舶集团通过七一八所和中国船舶集团投资..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688146","target":"company:中国船舶","label":"same_group","category":"company","group":"same_group","evidence_count":2}
{"edge_id":"6834d82b5288","from":"company:688311","from_name":"盟升电子","to":"company:600879","to_name":"航天电子","relation":"same_group","direction":"peer","summary":"---------------------------------------------------- | ---------------------- | | 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,"evidence":[{"source_path":"sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md","chunk_id":"chunk:2c8cdb02d665","chunk_index":6,"quote_summary":"---------------------------------------------------- | ---------------------- | | 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..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688311","target":"company:600879","label":"same_group","category":"company","group":"same_group","evidence_count":1}
{"edge_id":"5df095cb2cbd","from":"company:688563","from_name":"航材股份","to":"company:300034","to_name":"钢研高纳","relation":"same_group","direction":"peer","summary":"高温合金、铝合金、钢等。钛合金主要用在发动机冷端部件，高温合金主要用在热端部件及压气机后面级温度较高的部分，两者价值量占比分别在 30%和 35%左右。 # 图 20：先进航空发动机中关键的热端承力部件（红色部分）为高温合金 资料来源：《航空发动机叶片关键制造技术研究》郑娟，钢研高纳招股说明书，国元证券研究所 全球商用航空发动机市场主要处于国外寡头企业的垄...","confidence":0.74,"evidence":[{"source_path":"sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md","chunk_id":"chunk:1dc86bbdad25","chunk_index":0,"quote_summary":"高温合金、铝合金、钢等。钛合金主要用在发动机冷端部件，高温合金主要用在热端部件及压气机后面级温度较高的部分，两者价值量占比分别在 30%和 35%左右。 # 图 20：先进航空发动机中关键的热端承力部件（红色部分）为高温合金 资料来源：《航空发动机叶片关键制造技术研究》郑娟，钢研高纳招股说明书，国元证券研究所 全球商..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688563","target":"company:300034","label":"same_group","category":"company","group":"same_group","evidence_count":1}
{"edge_id":"5d3a813f228c","from":"company:688636","from_name":"智明达","to":"company:硅基","to_name":"硅基","relation":"same_group","direction":"peer","summary":"跃夫妻二人合计持有上市公司 34%多股份，为公司共同实际控制人。目前，智明达旗下有一家子公司——成都铭科思微电子技术有限责任公司（简称“铭科思微”）。铭科思微是一家专注于信号链核心芯片设计和解决方案提供的企业，主要产品有高精度 ADC 产品线、高速 ADC 产品线、X 波段高性能硅基射频芯片等。 图表3：子公司情况 | 公司名称 | 成立时间 | 持股比例...","confidence":0.74,"evidence":[{"source_path":"sources/stock-research-report-2025-03-28-c3f8772b1916.md","chunk_id":"chunk:cc952e3620a2","chunk_index":7,"quote_summary":"跃夫妻二人合计持有上市公司 34%多股份，为公司共同实际控制人。目前，智明达旗下有一家子公司——成都铭科思微电子技术有限责任公司（简称“铭科思微”）。铭科思微是一家专注于信号链核心芯片设计和解决方案提供的企业，主要产品有高精度 ADC 产品线、高速 ADC 产品线、X 波段高性能硅基射频芯片等。 图表3：子公司情况 ..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688636","target":"company:硅基","label":"same_group","category":"company","group":"same_group","evidence_count":1}
{"edge_id":"5d512ccf9822","from":"company:硅基","from_name":"硅基","to":"company:688375","to_name":"国博电子","relation":"same_group","direction":"peer","summary":"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,"evidence":[{"source_path":"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_id":"chunk:586c73b59395","chunk_index":1,"quote_summary":"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..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:硅基","target":"company:688375","label":"same_group","category":"company","group":"same_group","evidence_count":1}
{"edge_id":"0770da552379","from":"company:002049","from_name":"紫光国微","to":"company:紫光国微","to_name":"紫光国微","relation":"competitor_of","direction":"peer","summary":"# 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,"evidence":[{"source_path":"sources/stock-research-report-紫光国微-002049-b06181fa6602.md","chunk_id":"chunk:f9068a186118","chunk_index":0,"quote_summary":"# 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：S..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002049","target":"company:紫光国微","label":"competitor_of","category":"company","group":"competitor_of","evidence_count":1}
{"edge_id":"7b08436cdc72","from":"company:002465","from_name":"海格通信","to":"company:600118","to_name":"中国卫星","relation":"competitor_of","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-海格通信-002465-cdce98b45cf2.md","chunk_id":"chunk:246046ae42d0","chunk_index":0,"quote_summary":"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..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002465","target":"company:600118","label":"competitor_of","category":"company","group":"competitor_of","evidence_count":1}
{"edge_id":"5a2f1d506f76","from":"company:002465","from_name":"海格通信","to":"company:600879","to_name":"航天电子","relation":"competitor_of","direction":"peer","summary":"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<br/>上游 | 卫星制造/通信/国防<br/>卫星制造<br/>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<br/>卫星发射<br/>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<br/>卫星地面设备与网...","confidence":0.72,"evidence":[{"source_path":"sources/stock-research-report-海格通信-002465-cdce98b45cf2.md","chunk_id":"chunk:246046ae42d0","chunk_index":0,"quote_summary":"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<br/>上游 | 卫星制造/通信/国防<br/>卫星制造<br/>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<br/>卫星发射<br/>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..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002465","target":"company:600879","label":"competitor_of","category":"company","group":"competitor_of","evidence_count":1}
{"edge_id":"8c7481e0bf7d","from":"company:002928","from_name":"华夏航空","to":"company:600115","to_name":"中国东航","relation":"competitor_of","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究报告-531240c49c4c.md","chunk_id":"chunk:ca98f35a0aeb","chunk_index":0,"quote_summary":"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%、..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002928","target":"company:600115","label":"competitor_of","category":"company","group":"competitor_of","evidence_count":1}
{"edge_id":"546770e422e4","from":"company:002928","from_name":"华夏航空","to":"company:601021","to_name":"春秋航空","relation":"competitor_of","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究报告-531240c49c4c.md","chunk_id":"chunk:ca98f35a0aeb","chunk_index":0,"quote_summary":"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..."},{"source_path":"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_id":"chunk:8991ff1c0189","chunk_index":0,"quote_summary":"--------------- | | 干线航司 | 全服务航司 | 东航、南航、国航、海航等 | 出行需求旺盛、客源充足的大型门户城市、全国性枢纽城市和部分区域枢纽城市、省会城市和省内经济发达城市 | 对价格相对不敏感的公商务出行旅客及自费出行旅客 | | | 低成本航司 | 春秋航空、九元航空等 | | 对价格较..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002928","target":"company:601021","label":"competitor_of","category":"company","group":"competitor_of","evidence_count":2}
{"edge_id":"ab3c51684b75","from":"company:002928","from_name":"华夏航空","to":"company:601111","to_name":"中国国航","relation":"competitor_of","direction":"peer","summary":"| 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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究报告-531240c49c4c.md","chunk_id":"chunk:ca98f35a0aeb","chunk_index":0,"quote_summary":"| 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..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002928","target":"company:601111","label":"competitor_of","category":"company","group":"competitor_of","evidence_count":1}
{"edge_id":"35f854b86c44","from":"company:002928","from_name":"华夏航空","to":"company:603885","to_name":"吉祥航空","relation":"competitor_of","direction":"peer","summary":"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,"evidence":[{"source_path":"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_id":"chunk:8991ff1c0189","chunk_index":0,"quote_summary":"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..."},{"source_path":"sources/stock-research-report-证券研究报告-公司研究报告-531240c49c4c.md","chunk_id":"chunk:ca98f35a0aeb","chunk_index":0,"quote_summary":"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..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002928","target":"company:603885","label":"competitor_of","category":"company","group":"competitor_of","evidence_count":2}
{"edge_id":"c427a000c07f","from":"company:300136","from_name":"信维通信","to":"company:600118","to_name":"中国卫星","relation":"competitor_of","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-信维通信-300136-16bc1e2ac19b.md","chunk_id":"chunk:9894d5a381a0","chunk_index":0,"quote_summary":"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“..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300136","target":"company:600118","label":"competitor_of","category":"company","group":"competitor_of","evidence_count":1}
{"edge_id":"c55a7ddd7d3d","from":"company:300136","from_name":"信维通信","to":"company:中国卫星","to_name":"中国卫星","relation":"competitor_of","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-信维通信-300136-16bc1e2ac19b.md","chunk_id":"chunk:9894d5a381a0","chunk_index":0,"quote_summary":"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“..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300136","target":"company:中国卫星","label":"competitor_of","category":"company","group":"competitor_of","evidence_count":1}
{"edge_id":"02bb041397bc","from":"company:300855","from_name":"图南股份","to":"company:600391","to_name":"航发科技","relation":"competitor_of","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-5cdf13c5f8be.md","chunk_id":"chunk:ca0db37b5764","chunk_index":9,"quote_summary":"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..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300855","target":"company:600391","label":"competitor_of","category":"company","group":"competitor_of","evidence_count":1}
{"edge_id":"c171dee3e46e","from":"company:600221","from_name":"海航控股","to":"company:600004","to_name":"白云机场","relation":"competitor_of","direction":"peer","summary":"---- | -- | -- | -- | -- | -- | | 北京首都机场 | 49 | 16 | 14 | 10 | 11 | | 海口美兰机场 | 6 | 22 | 4 | 29 | 39 | | 深圳宝安机场 | 33 | 29 | 6 | 9 | 23 | | 广州白云机场 | 15 | 54 | 11 | 7 | 13 | | 西安咸阳机场...","confidence":0.72,"evidence":[{"source_path":"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_id":"chunk:fe5dd66c4f20","chunk_index":0,"quote_summary":"---- | -- | -- | -- | -- | -- | | 北京首都机场 | 49 | 16 | 14 | 10 | 11 | | 海口美兰机场 | 6 | 22 | 4 | 29 | 39 | | 深圳宝安机场 | 33 | 29 | 6 | 9 | 23 | | 广州白云机场 | 15 | 54 | 11..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600221","target":"company:600004","label":"competitor_of","category":"company","group":"competitor_of","evidence_count":1}
{"edge_id":"adfc9d18292d","from":"company:600482","from_name":"中国动力","to":"company:600150","to_name":"中国船舶","relation":"competitor_of","direction":"peer","summary":"装备上市平台，业绩加速释放 ## 1.1. 中国动力：中船集团旗下核心动力装备上市平台 **中国动力为中船集团旗下核心动力装备上市公司。**中国动力前身为风帆股份有限公司，成立于 2000 年，主营铅酸蓄电池生产，2004 年于上交所上市。2015 年公司启动重大资产重组，向中国船舶重工集团等收购包括燃气动力、柴油动力、电力推进等在内的动力资产，并于 20...","confidence":0.72,"evidence":[{"source_path":"sources/stock-research-report-中国动力-600482-bfa4317a66b8.md","chunk_id":"chunk:d52162c1637b","chunk_index":0,"quote_summary":"装备上市平台，业绩加速释放 ## 1.1. 中国动力：中船集团旗下核心动力装备上市平台 **中国动力为中船集团旗下核心动力装备上市公司。**中国动力前身为风帆股份有限公司，成立于 2000 年，主营铅酸蓄电池生产，2004 年于上交所上市。2015 年公司启动重大资产重组，向中国船舶重工集团等收购包括燃气动力、柴油动..."},{"source_path":"sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md","chunk_id":"chunk:dc6f88dff146","chunk_index":6,"quote_summary":"设立柴油机公司，有效整合低速机企业资源，提升整体竞争力，打造低速机服务体系，扩大低速柴油机产能。2018 年以支付现金方式完成对陕柴重工、重齿公司的收购，增资。 2022 年为进一步规范柴油机动力业务同业竞争，子公司中船柴油机以股权及现金作为对价收购中船工业集团、中船重工集团、中国船舶及中国动力各自持有的柴油机动力业..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600482","target":"company:600150","label":"competitor_of","category":"company","group":"competitor_of","evidence_count":2}
{"edge_id":"16ef6a52f128","from":"company:600685","from_name":"中船防务","to":"company:600150","to_name":"中国船舶","relation":"competitor_of","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中船防务-600685-国防军工-33f018e302c1.md","chunk_id":"chunk:123b38133bf7","chunk_index":0,"quote_summary":"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..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600685","target":"company:600150","label":"competitor_of","category":"company","group":"competitor_of","evidence_count":1}
{"edge_id":"9cdf00e26149","from":"company:600685","from_name":"中船防务","to":"company:中国船舶","to_name":"中国船舶","relation":"competitor_of","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中船防务-600685-国防军工-33f018e302c1.md","chunk_id":"chunk:123b38133bf7","chunk_index":0,"quote_summary":"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..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600685","target":"company:中国船舶","label":"competitor_of","category":"company","group":"competitor_of","evidence_count":1}
{"edge_id":"b61838788bad","from":"company:600764","from_name":"中国海防","to":"company:600150","to_name":"中国船舶","relation":"competitor_of","direction":"peer","summary":"，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,"evidence":[{"source_path":"sources/stock-research-report-中国海防-600764-2510805f74af.md","chunk_id":"chunk:5abbb1ae9d18","chunk_index":9,"quote_summary":"，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”..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600764","target":"company:600150","label":"competitor_of","category":"company","group":"competitor_of","evidence_count":1}
{"edge_id":"ab380dc7a37a","from":"company:600764","from_name":"中国海防","to":"company:中国船舶","to_name":"中国船舶","relation":"competitor_of","direction":"peer","summary":"，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,"evidence":[{"source_path":"sources/stock-research-report-中国海防-600764-2510805f74af.md","chunk_id":"chunk:5abbb1ae9d18","chunk_index":9,"quote_summary":"，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”..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600764","target":"company:中国船舶","label":"competitor_of","category":"company","group":"competitor_of","evidence_count":1}
{"edge_id":"346043d7ef25","from":"company:601156","from_name":"东航物流","to":"company:600009","to_name":"上海机场","relation":"competitor_of","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-东航物流-601156-sh-2d1f8078de4d.md","chunk_id":"chunk:8ae46138bd2a","chunk_index":0,"quote_summary":"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..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601156","target":"company:600009","label":"competitor_of","category":"company","group":"competitor_of","evidence_count":1}
{"edge_id":"49011fd65b93","from":"company:601606","from_name":"长城军工","to":"company:601816","to_name":"京沪高铁","relation":"competitor_of","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-长城军工-601606-2021-年年报点评-16fb772fa1e3.md","chunk_id":"chunk:ef412679b3f4","chunk_index":9,"quote_summary":"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..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601606","target":"company:601816","label":"competitor_of","category":"company","group":"competitor_of","evidence_count":1}
{"edge_id":"255702d92d94","from":"company:603712","from_name":"七一二","to":"company:002465","to_name":"海格通信","relation":"competitor_of","direction":"peer","summary":"，公司在航空超短波领域竞争力强** 军用专网通信领域：军用专网通信行业对军工资质以及产品技术有一定的要求，对新进入者形成了较高的资质和技术壁垒，因而市场参与者不多，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...","confidence":0.72,"evidence":[{"source_path":"sources/stock-research-report-中航证券研究所-ecc40b489ef4.md","chunk_id":"chunk:5d90c59757bd","chunk_index":8,"quote_summary":"，公司在航空超短波领域竞争力强** 军用专网通信领域：军用专网通信行业对军工资质以及产品技术有一定的要求，对新进入者形成了较高的资质和技术壁垒，因而市场参与者不多，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。**..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603712","target":"company:002465","label":"competitor_of","category":"company","group":"competitor_of","evidence_count":1}
{"edge_id":"97eda9431719","from":"company:603712","from_name":"七一二","to":"company:600879","to_name":"航天电子","relation":"competitor_of","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中航证券研究所-ecc40b489ef4.md","chunk_id":"chunk:5d90c59757bd","chunk_index":8,"quote_summary":"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..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603712","target":"company:600879","label":"competitor_of","category":"company","group":"competitor_of","evidence_count":1}
{"edge_id":"df5651d22961","from":"company:688231","from_name":"隆达股份","to":"company:603308","to_name":"应流股份","relation":"competitor_of","direction":"peer","summary":"检测技术方面，公司建立的高温合金标准化检测体系，涵盖了从原辅材料、生产过程、成品全过程的检测与检验，并得到了CNAS（中国合格评定国家认可委员会）的认可，通过了NADCAP（国家航空航天和国防合同方授信项目）的认证；客户资源方面，公司的航空级高温合金已进入中国航发商发、万泽股份、应流股份、东方汽轮机和江苏永瀚等下游知名客户的供应商体系，上下游稳定的合作关系...","confidence":0.72,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究公司深度报告-ecaa858f1b6b.md","chunk_id":"chunk:284df31729b3","chunk_index":0,"quote_summary":"检测技术方面，公司建立的高温合金标准化检测体系，涵盖了从原辅材料、生产过程、成品全过程的检测与检验，并得到了CNAS（中国合格评定国家认可委员会）的认可，通过了NADCAP（国家航空航天和国防合同方授信项目）的认证；客户资源方面，公司的航空级高温合金已进入中国航发商发、万泽股份、应流股份、东方汽轮机和江苏永瀚等下游知..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688231","target":"company:603308","label":"competitor_of","category":"company","group":"competitor_of","evidence_count":1}
{"edge_id":"c4393b3f374a","from":"company:688237","from_name":"超卓航科","to":"company:002023","to_name":"海特高新","relation":"competitor_of","direction":"peer","summary":"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，平均收入规模为 7.43 亿元，平均 P...","confidence":0.72,"evidence":[{"source_path":"sources/stock-research-report-新股专题覆盖-超卓航科-2022-年第-60-期-3c0c8e40c101.md","chunk_id":"chunk:e920b2dbcffb","chunk_index":2,"quote_summary":"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，..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688237","target":"company:002023","label":"competitor_of","category":"company","group":"competitor_of","evidence_count":1}
{"edge_id":"5ec98d7ef972","from":"company:688237","from_name":"超卓航科","to":"company:300719","to_name":"安达维尔","relation":"competitor_of","direction":"peer","summary":"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，平均收入规模为 7.43 亿元，平均 PE-TTM...","confidence":0.72,"evidence":[{"source_path":"sources/stock-research-report-新股专题覆盖-超卓航科-2022-年第-60-期-3c0c8e40c101.md","chunk_id":"chunk:e920b2dbcffb","chunk_index":2,"quote_summary":"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..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688237","target":"company:300719","label":"competitor_of","category":"company","group":"competitor_of","evidence_count":1}
{"edge_id":"e1758df429e7","from":"company:688237","from_name":"超卓航科","to":"company:688685","to_name":"迈信林","relation":"competitor_of","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-新股专题覆盖-超卓航科-2022-年第-60-期-3c0c8e40c101.md","chunk_id":"chunk:e920b2dbcffb","chunk_index":2,"quote_summary":"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、..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688237","target":"company:688685","label":"competitor_of","category":"company","group":"competitor_of","evidence_count":1}
{"edge_id":"58fa7ae21481","from":"company:688287","from_name":"观典防务","to":"company:002389","to_name":"航天彩虹","relation":"competitor_of","direction":"peer","summary":"2023/07/05 2. 中无人机（688297.SH）首次覆盖报告：无人机系列#1：“大国之翼”，我国稀缺无人机系统龙头-2022/07/03 3. 纵横股份（688070.SH）首次覆盖报告：无人机系列#2：“大鹏纵横”，我国工业级无人机领军者-2022/07/22 4. 航天彩虹（002389.SZ）首次覆盖报告：无人机系列#3：我国稀缺无人机系统...","confidence":0.72,"evidence":[{"source_path":"sources/stock-research-report-观典防务-688287-sh-首次覆盖报告-f1a9c49a1ca6.md","chunk_id":"chunk:c2e917eb5b7d","chunk_index":2,"quote_summary":"2023/07/05 2. 中无人机（688297.SH）首次覆盖报告：无人机系列#1：“大国之翼”，我国稀缺无人机系统龙头-2022/07/03 3. 纵横股份（688070.SH）首次覆盖报告：无人机系列#2：“大鹏纵横”，我国工业级无人机领军者-2022/07/22 4. 航天彩虹（002389.SZ）首次覆盖..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688287","target":"company:002389","label":"competitor_of","category":"company","group":"competitor_of","evidence_count":1}
{"edge_id":"1c8ca0941223","from":"company:688287","from_name":"观典防务","to":"company:688297","to_name":"中无人机","relation":"competitor_of","direction":"peer","summary":"023~2025 年 PE 为 37x/27x/20x。我们考虑到公司下游需求较好以及公司在无人机禁毒领域的较强竞争力，首次覆盖，给予“推荐”评级。 ### 相关研究 1. 国防军工行业点评：无人驾驶航空器飞行管理暂行条例出台，板块或迎重要发展机遇-2023/07/05 2. 中无人机（688297.SH）首次覆盖报告：无人机系列#1：“大国之翼”，我国稀...","confidence":0.72,"evidence":[{"source_path":"sources/stock-research-report-观典防务-688287-sh-首次覆盖报告-f1a9c49a1ca6.md","chunk_id":"chunk:c2e917eb5b7d","chunk_index":2,"quote_summary":"023~2025 年 PE 为 37x/27x/20x。我们考虑到公司下游需求较好以及公司在无人机禁毒领域的较强竞争力，首次覆盖，给予“推荐”评级。 ### 相关研究 1. 国防军工行业点评：无人驾驶航空器飞行管理暂行条例出台，板块或迎重要发展机遇-2023/07/05 2. 中无人机（688297.SH）首次覆盖报..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688287","target":"company:688297","label":"competitor_of","category":"company","group":"competitor_of","evidence_count":1}
{"edge_id":"ee4828e79da6","from":"company:688311","from_name":"盟升电子","to":"company:002465","to_name":"海格通信","relation":"competitor_of","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md","chunk_id":"chunk:70f380128919","chunk_index":0,"quote_summary":"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..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688311","target":"company:002465","label":"competitor_of","category":"company","group":"competitor_of","evidence_count":1}
{"edge_id":"f9e8e98177cf","from":"company:688375","from_name":"国博电子","to":"company:301050","to_name":"雷电微力","relation":"competitor_of","direction":"peer","summary":"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,"evidence":[{"source_path":"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_id":"chunk:3c3f06a90a7f","chunk_index":0,"quote_summary":"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，..."}],"needs_review":false,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688375","target":"company:301050","label":"competitor_of","category":"company","group":"competitor_of","evidence_count":1}
{"edge_id":"a25891a09348","from":"company:000768","from_name":"中航西飞","to":"company:600115","to_name":"中国东航","relation":"partner_of","direction":"peer","summary":"C919 设计定位于航空运输市场最主流的 150 座级单通道市场，基本型混合布局 158 座，全经济舱布局 168 座，标准航程 4075 公里，增大航程 5555 公里。预计到 2043 年，我国客机市场 160 座级需求占总需求比例达 56.2%，需求数量为 4655 架，以中国东航披露的 C919 单价 0.99 亿元测算，未来 20 年我国大飞机市...","confidence":0.44,"evidence":[{"source_path":"sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md","chunk_id":"chunk:54510744b741","chunk_index":0,"quote_summary":"C919 设计定位于航空运输市场最主流的 150 座级单通道市场，基本型混合布局 158 座，全经济舱布局 168 座，标准航程 4075 公里，增大航程 5555 公里。预计到 2043 年，我国客机市场 160 座级需求占总需求比例达 56.2%，需求数量为 4655 架，以中国东航披露的 C919 单价 0.9..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000768","target":"company:600115","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"3f9d170b1e93","from":"company:000768","from_name":"中航西飞","to":"company:600316","to_name":"洪都航空","relation":"partner_of","direction":"peer","summary":"| 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,"evidence":[{"source_path":"sources/stock-research-report-增持-首次覆盖-d12cf1eeb2cc.md","chunk_id":"chunk:28ede6768a3b","chunk_index":0,"quote_summary":"| 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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000768","target":"company:600316","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"af1e28956bce","from":"company:000768","from_name":"中航西飞","to":"company:600372","to_name":"中航机载","relation":"partner_of","direction":"peer","summary":"| 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,"evidence":[{"source_path":"sources/stock-research-report-增持-首次覆盖-d12cf1eeb2cc.md","chunk_id":"chunk:28ede6768a3b","chunk_index":0,"quote_summary":"| 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 2026-20..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000768","target":"company:600372","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"8584459f75ad","from":"company:000969","from_name":"安泰科技","to":"company:安泰科技","to_name":"安泰科技","relation":"partner_of","direction":"peer","summary":"证券研究报告 # 有色金属 | 金属新材料 # 非金融 | 首次覆盖报告 2025 年 07 月 10 日 # 安泰科技 (000969.SZ) **投资评级**： 增持（首次） ——传统业务“稳增长”，特粉+非晶+核聚变三大业务“迎风来” ## 证券分析师 * **田源** * SAC：S1350524030001 * tianyuan@huayuans...","confidence":0.44,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-433687664137.md","chunk_id":"chunk:dff3e4fc61bc","chunk_index":0,"quote_summary":"证券研究报告 # 有色金属 | 金属新材料 # 非金融 | 首次覆盖报告 2025 年 07 月 10 日 # 安泰科技 (000969.SZ) **投资评级**： 增持（首次） ——传统业务“稳增长”，特粉+非晶+核聚变三大业务“迎风来” ## 证券分析师 * **田源** * SAC：S1350524030001..."},{"source_path":"sources/stock-research-report-安泰科技-000969-sz-721880a2efe2.md","chunk_id":"chunk:4b48f6024703","chunk_index":0,"quote_summary":"# 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..."},{"source_path":"sources/stock-research-report-安泰科技-000969-sz-78b242ea291c.md","chunk_id":"chunk:8d7546a703df","chunk_index":0,"quote_summary":"# 安泰科技（000969.SZ) # 买入（维持评级） ### 公司点评 证券研究报告 # 业绩符合预期，关注非晶及可控核聚变相关业务 ## 事件 4 月 28 日公司发布 2025 年一季报，实现营收 17.82 亿元，环比 +3.62%、同比-5.76%；归母净利润为 0.83 亿元，环比+155.07%、 同..."},{"source_path":"sources/stock-research-report-证券研究报告-08930126384e.md","chunk_id":"chunk:cd700504d92e","chunk_index":0,"quote_summary":"证券研究报告 # 有色金属 | 金属新材料 ## 非金融|公司点评报告 2025 年 08 月 28 日 # 安泰科技(000969.SZ) **投资评级：** 增持（维持） ——Q2 扣非归母同比+36%稳健增长，多业务共振下中长期空间有望释放 ### 证券分析师 **田源** SAC：S1350524030001..."},{"source_path":"sources/stock-research-report-安泰科技-000969-公司点评报告-dbe9b839f3e9.md","chunk_id":"chunk:33c7901fdac0","chunk_index":0,"quote_summary":"# 安泰科技(000969)公司点评报告 2024 年 09 月 03 日 ## 难熔钨钼业绩稳增，新产品布局初见成效 **增持|首次评级** ——安泰科技 2024 年半年度报告点评 **事件：**公司 8 月 29 日发布 2024 年半年度报告，期内实现营业收入 39.22 亿元，同比下降 7.18%；归母净利..."},{"source_path":"sources/stock-research-report-安泰科技-000969-sz-买入-维持评级-4023803ccf22.md","chunk_id":"chunk:d6ad8fa49b18","chunk_index":0,"quote_summary":"# 安泰科技（000969.SZ) 买入（维持评级） **公司点评** 证券研究报告 # 完成股权处置增厚利润，关注钨钼业务进展 ## 事件 8 月 29 日公司发布 2024 半年报，24H1 公司实现营收 39.22 亿元，同比-7.18%；归母净利润为 2.80 亿元，同比+78.69%。2Q24 实现营收为 ..."},{"source_path":"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_id":"chunk:f05d3bd084ea","chunk_index":0,"quote_summary":"# 有色金属 | 证券研究报告 — 调整盈利预测 <span style=\"float:right\">2025年11月11日</span> # 000969.SZ 安泰科技 ## 买入 Q3业绩稳健，孵育可控核聚变等新兴业务成长可期 **原评级：买入** **市场价格：人民币 19.73** **板块评级：强于大市*..."},{"source_path":"sources/stock-research-report-证券研究报告-有色金属-公司点评报告-128367a1304e.md","chunk_id":"chunk:d5a2e02d150c","chunk_index":0,"quote_summary":"证券研究报告：有色金属 | 公司点评报告 2024 年 5 月 13 日 股票投资评级 # 安泰科技(000969) ## 买入|首次覆盖 ## 业绩符合预期，新材料业务多元化发展 ### 个股表现 | Date | 安泰科技 | 有色金属 | | ------- | ---- | ---- | | 2023-05 ..."},{"source_path":"sources/stock-research-report-有色金属-金属新材料-9b2d522818f2.md","chunk_id":"chunk:f99177a9523c","chunk_index":0,"quote_summary":"# 有色金属 | 金属新材料 ## 非金融|公司点评报告 2026 年 04 月 01 日 # 安泰科技 (000969. SZ) **投资评级： 增持（维持）** ### ——25 年扣非归母同比+38%高速增长，主业提质成效持续兑现 **证券分析师** * **田源** SAC：S1350524030001 ti..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000969","target":"company:安泰科技","label":"partner_of","category":"company","group":"partner_of","evidence_count":9}
{"edge_id":"f61cf97328ea","from":"company:002049","from_name":"紫光国微","to":"company:紫光国微","to_name":"紫光国微","relation":"partner_of","direction":"peer","summary":"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,"evidence":[{"source_path":"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_id":"chunk:67fc89050c57","chunk_index":0,"quote_summary":"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..."},{"source_path":"sources/stock-research-report-cinda-securities-d4e8d495dae0.md","chunk_id":"chunk:52f91288d3ca","chunk_index":2,"quote_summary":"------------------------------------------------------------------------------------------- | - | | \\*\\*公司研究\\*\\* | | | \\*\\*公司点评报告\\*\\* | | | 紫光国微 (002049) | | |..."},{"source_path":"sources/stock-research-report-证券研究报告-公司点评报告-半导体-439c5d226baf.md","chunk_id":"chunk:b79ff2138719","chunk_index":0,"quote_summary":"证券研究报告·公司点评报告·半导体 # 紫光国微（002049） # 2025 年三季报点评：技术驱动与产能扩张并举，有望迎来盈利与现金流的共振释放 2025 年 10 月 29 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..."},{"source_path":"sources/stock-research-report-紫光国微-002049-sz-2024-年三季报点评-f575d224a412.md","chunk_id":"chunk:16fe7717f2a3","chunk_index":0,"quote_summary":"# 紫光国微（002049.SZ）2024 年三季报点评 ## 业绩有所承压，静待行业复苏 **推荐** **维持评级** **当前价格：** **64.18 元** ➢ **事件：** 10 月 29 日晚，紫光国微发布 2024 年三季报，2024 年前三季度，公司实现营业收入 42.63 亿元，同比下滑 24...."},{"source_path":"sources/stock-research-report-cinda-securities-a1ee7a5beacd.md","chunk_id":"chunk:02af2df0ad64","chunk_index":0,"quote_summary":"信达证券 CINDA SECURITIES ## 紫光国微 2025 半年报点评：二季度环比大幅提升，特种 IC 业务强劲复苏 **2025 年 08 月 19 日** **事件：** 紫光国微发布 2025 年半年报，2025 年上半年公司实现营业收入 30.47 亿元，同比增长 6.07%；毛利率 55.56%，..."},{"source_path":"sources/stock-research-report-紫光国微-002049-2051a3ce8098.md","chunk_id":"chunk:de1251397a9b","chunk_index":0,"quote_summary":"# 紫光国微（002049） ## 2023 年年报点评：业务表现的基本稳定，产品谱系持续拓展 ### 买入（维持） **2024 年 04 月 22 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：S060052306..."},{"source_path":"sources/stock-research-report-紫光国微-002049-sz-事件点评-2b11f3d139e1.md","chunk_id":"chunk:316584121582","chunk_index":0,"quote_summary":"# 紫光国微（002049.SZ）事件点评 ## 股权激励高目标彰显信心，特种芯片龙头焕新机 2025 年 09 月 27 日 ➢ **事件**：紫光国微 9 月 25 日晚发布 2025 年股权激励计划（草案），计划向激励对象授予股票期权 1680 万份，占公司股本的 1.98%，其中首次授予股票期权 1560.1..."},{"source_path":"sources/stock-research-report-紫光国微-002049-a6180ff324d1.md","chunk_id":"chunk:dcab358aacba","chunk_index":0,"quote_summary":"# 紫光国微（002049） # 2024 年中报点评：半导体市场稳步复苏，业绩有望持续增长 ### 买入（维持） **2024 年 08 月 26 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：S0600523060..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002049","target":"company:紫光国微","label":"partner_of","category":"company","group":"partner_of","evidence_count":8}
{"edge_id":"007c911799c5","from":"company:002179","from_name":"中航光电","to":"company:中航光电","to_name":"中航光电","relation":"partner_of","direction":"peer","summary":"# 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,"evidence":[{"source_path":"sources/stock-research-report-买入-维持-e3420e3e6c50.md","chunk_id":"chunk:3bc5782715f8","chunk_index":0,"quote_summary":"# 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@dgz..."},{"source_path":"sources/stock-research-report-中航光电-002179-sz-2025-年三季报点评-9e872cb8c3c7.md","chunk_id":"chunk:08e126351a16","chunk_index":0,"quote_summary":"# 中航光电（002179.SZ）2025 年三季报点评 ## 前三季度营收增长 12%；产品结构影响利润短期表现 ### 2025 年 10 月 30 日 ➢ **事件**：10 月 29 日，公司发布 2025 年三季报，1~3Q25 实现营收 158.38 亿元，YOY +12.36%；归母净利润 17.37 ..."},{"source_path":"sources/stock-research-report-积极布局新兴领域-多项产品实现突破-9e4b4aaf499e.md","chunk_id":"chunk:a152b75e641a","chunk_index":0,"quote_summary":"国防军工 # 积极布局新兴领域，多项产品实现突破 ■ 走势比较 | Date | 中航光电 | 沪深300 | | ------ | ---- | ----- | | Aug/24 | 0 | 0 | | Sep/24 | 18 | 15 | | Oct/24 | 20 | 25 | | Nov/24 | 15 | ..."},{"source_path":"sources/stock-research-report-中航光电-002179-448d59faa827.md","chunk_id":"chunk:f8416f4ae3e3","chunk_index":0,"quote_summary":"# 中航光电（002179） # 2025 年三季报点评：短期利润让位于高端产能与研发卡位，为下一轮需求释放蓄势 2025 年 11 月 04 日 ### 买入（维持） **证券分析师**: 苏立赞 **执业证书**: S0600521110001 **邮箱**: sulz@dwzq.com.cn **证券分析师**:"},{"source_path":"sources/stock-research-report-公-司-研-究-7b5cadfb6be8.md","chunk_id":"chunk:947ae1883431","chunk_index":0,"quote_summary":"v style=\"writing-mode: vertical-rl; position: absolute; left: 28px; top: 327px;\"> 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 </div> 公司点评 买入/ 维持 # 中航光电（002179） **目标价**：5..."},{"source_path":"sources/stock-research-report-中航光电-002179-sz-2025-年半年报点评-f345ecbe2202.md","chunk_id":"chunk:67473a1481c8","chunk_index":0,"quote_summary":"# 中航光电（002179.SZ）2025 年半年报点评 ## 1H25 营收增长 22%；数据中心业务同比翻倍增长 2025 年 08 月 30 日 **推荐** **维持评级** **当前价格：** **41.85 元** ➢ **事件：** 8 月 28 日，公司发布 2025 年半年报，1H25 实现营收 1..."},{"source_path":"sources/stock-research-report-中航光电-002179-5fad9f344c7d.md","chunk_id":"chunk:f63b5edf457e","chunk_index":0,"quote_summary":"# 中航光电（002179） ## 2024 年报点评：整体稳健增长，产能持续爬升 2025 年 03 月 30 日 ### 买入（维持） **证券分析师**：苏立赞 **执业证书**：S0600521110001 **Email**: sulz@dwzq.com.cn **证券分析师**：许牧 **执业证书**：S..."},{"source_path":"sources/stock-research-report-中航光电-002179-sz-2024-年三季报点评-2f3f0aa07a82.md","chunk_id":"chunk:b37ba58b9e37","chunk_index":0,"quote_summary":"# 中航光电（002179.SZ）2024 年三季报点评 # 3Q24 营收同比增长 6%；静待行业需求复苏 2024 年 10 月 30 日 * **事件：** 10 月 29 日，公司发布 2024 年三季报，1~3Q24 实现营收 140.95 亿元，YOY -8.2%；归母净利润 25.13 亿元，YOY -..."},{"source_path":"sources/stock-research-report-中航光电-002179-ccc8d2641408.md","chunk_id":"chunk:f65c9eba9187","chunk_index":0,"quote_summary":"# 中航光电（002179） ## 2025 年中报点评：成功布局新兴领域，推出多款高性能连接产品 **2025 年 09 月 01 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：S0600523..."},{"source_path":"sources/stock-research-report-中航光电-002179-sz-2024-年年报点评-82761672eef4.md","chunk_id":"chunk:facb88866203","chunk_index":0,"quote_summary":"# 中航光电（002179.SZ）2024 年年报点评 ## 2024 年实现高质量稳增长；布局未来产业开拓新空间 2025 年 03 月 29 日 **推荐** **维持评级** **当前价格：** **41.95 元** * **事件：** 3 月 28 日，公司发布 2024 年年报，全年实现营收 206.9 ..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002179","target":"company:中航光电","label":"partner_of","category":"company","group":"partner_of","evidence_count":10}
{"edge_id":"08bc9bc314f1","from":"company:002179","from_name":"中航光电","to":"company:证-券-研-究-报-告","to_name":"证 券 研 究 报 告","relation":"partner_of","direction":"peer","summary":"8px; top: 92px;\"> 公 司 研 究 </div> <div style=\"writing-mode: vertical-rl; position: absolute; left: 28px; top: 327px;\"> 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 </div> 公司点评 买入/ 维持 # 中航光电（0...","confidence":0.44,"evidence":[{"source_path":"sources/stock-research-report-公-司-研-究-7b5cadfb6be8.md","chunk_id":"chunk:947ae1883431","chunk_index":0,"quote_summary":"8px; top: 92px;\"> 公 司 研 究 </div> <div style=\"writing-mode: vertical-rl; position: absolute; left: 28px; top: 327px;\"> 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 </div> ..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002179","target":"company:证-券-研-究-报-告","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"56c6b2ec1095","from":"company:002465","from_name":"海格通信","to":"company:600118","to_name":"中国卫星","relation":"partner_of","direction":"peer","summary":"，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。<mark>另一方面，</mark>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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8e84fd1c1bf5.md","chunk_id":"chunk:4e41ccd01836","chunk_index":7,"quote_summary":"，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。<mark>另一方面，</mark>根据《中国卫星导航与位置服务产业发展白皮书》..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002465","target":"company:600118","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"8c9b317b3081","from":"company:002465","from_name":"海格通信","to":"company:中国卫星","to_name":"中国卫星","relation":"partner_of","direction":"peer","summary":"，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。<mark>另一方面，</mark>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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8e84fd1c1bf5.md","chunk_id":"chunk:4e41ccd01836","chunk_index":7,"quote_summary":"，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。<mark>另一方面，</mark>根据《中国卫星导航与位置服务产业发展白皮书》..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002465","target":"company:中国卫星","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"7336cd994a23","from":"company:003009","from_name":"中天火箭","to":"company:688297","to_name":"中无人机","relation":"partner_of","direction":"peer","summary":"| ------ | ------ | | 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,"evidence":[{"source_path":"sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md","chunk_id":"chunk:c59aa9ec655a","chunk_index":0,"quote_summary":"| ------ | ------ | | 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 ..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:003009","target":"company:688297","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"921ccd9ce564","from":"company:300132","from_name":"青松股份","to":"company:青松股份","to_name":"青松股份","relation":"partner_of","direction":"peer","summary":"# 公司研究|材料|材料Ⅱ 证券研究报告 ## 青松股份(300132)公司点评报告 2023 年 05 月 06 日 # 22 年多重因素致业绩承压，Q1 松节油业务剥离完成 ## ——青松股份(300132)2022 年报及 2023 年一季报点评 **增持|维持** **事件：** 公司发布 2022 年年报及 2023 年一季度报告。 **点评：*...","confidence":0.44,"evidence":[{"source_path":"sources/stock-research-report-公司研究-材料-材料ii-证券研究报告-8d3425a92bc4.md","chunk_id":"chunk:0496ac3d2072","chunk_index":0,"quote_summary":"# 公司研究|材料|材料Ⅱ 证券研究报告 ## 青松股份(300132)公司点评报告 2023 年 05 月 06 日 # 22 年多重因素致业绩承压，Q1 松节油业务剥离完成 ## ——青松股份(300132)2022 年报及 2023 年一季报点评 **增持|维持** **事件：** 公司发布 2022 年年报及..."},{"source_path":"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_id":"chunk:c06911dd8849","chunk_index":0,"quote_summary":"## 青松股份 (300132. SZ) 2023 年中报点评：踏上复苏、扭亏之路 **2023 年 8 月 30 日** > **公司公告：** 23H1 营收 9.24 亿元/-34.75%，归母净利-0.62 亿元/+61.16%，扣非归母净利-0.64 亿元/+60.25%。其中，23Q2 单季度营收 5.2..."},{"source_path":"sources/stock-research-report-青松股份-300132-sz-深度报告-3e57fee3e7a5.md","chunk_id":"chunk:ee63c89301f1","chunk_index":0,"quote_summary":"# 青松股份（300132.SZ）深度报告 ## 聚焦化妆品代工业务，产品矩阵完善期待产能释放 2022 年 11 月 20 日 - **推荐**: 首次评级 - **当前价格**: 7.08 元 ➢ **定增计划：摆脱 3 年无实控人状态，聚焦化妆品 ODM 业务。**公司 10 月公告称，拟定增募资 3.2-4...."},{"source_path":"sources/stock-research-report-q3-计提商誉减值-业绩端承压-48bad63271da.md","chunk_id":"chunk:5c93e34d8db5","chunk_index":0,"quote_summary":"# 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 ..."},{"source_path":"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_id":"chunk:a849d0c23132","chunk_index":0,"quote_summary":"# 青松股份（300132.SZ）2022 年年报及 2023 年一季报点评 # 短期不利因素导致毛利率下滑，业绩持续承压 2023 年 05 月 04 日 ➢ **事件**：22 年公司实现营收 29.17 亿元/yoy-21.01%，归母净利润-7.42 亿元/yoy+18.56%，扣非归母净利润 7.59 亿元..."},{"source_path":"sources/stock-research-report-证券研究报告-a5290b01bd67.md","chunk_id":"chunk:a930b85d710d","chunk_index":0,"quote_summary":"## 证券研究报告 ## 公司研究 ## 点评报告 ### 青松股份 (300132. SZ) **投资评级** **上次评级** 刘嘉仁 社零&美护首席分析师 执业编号：S1500522110002 联系电话：15000310173 邮箱：liujiaren@cindasc.com 王越 社零&美护分析师 执业编号..."},{"source_path":"sources/stock-research-report-定增预案落地-化妆品代工龙头再出发-6dc3f938d134.md","chunk_id":"chunk:96486d974d99","chunk_index":1,"quote_summary":"元） | 12.31/5.08 | | 总股本（百万股） | 517 | | 流通股本（百万股） | 492 | | 流通比例（%） | 95.25 | | 总市值（亿元） | 38 | | 流通市值（亿元） | 37 | ### 公司价格与沪深 300 走势比较 | 日期 | 青松股份 | 沪深300 | | --..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300132","target":"company:青松股份","label":"partner_of","category":"company","group":"partner_of","evidence_count":7}
{"edge_id":"56efba27017d","from":"company:300136","from_name":"信维通信","to":"company:信维通信","to_name":"信维通信","relation":"partner_of","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-发布时间-2025-12-24-b5dad5b8852e.md","chunk_id":"chunk:775ac2cd8710","chunk_index":0,"quote_summary":"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 | -1..."},{"source_path":"sources/stock-research-report-信维通信-300136-b65be7c6d9d7.md","chunk_id":"chunk:cced99197aac","chunk_index":0,"quote_summary":"# 信维通信（300136） ## 海外卫星计划加速，公司业务有望受益成长 2024 年 04 月 03 日 ### 买入（维持） **证券分析师**：马天翼 执业证书：S0600522090001 maty@dwzq.com.cn **证券分析师**：周高鼎 执业证书：S0600523030003 zhougd@d..."},{"source_path":"sources/stock-research-report-信维通信-300136-2f3d6ba00fb7.md","chunk_id":"chunk:95e10e2c4266","chunk_index":0,"quote_summary":"# 信维通信（300136） # 2024 年中报点评：主业受益 AI 手机升级，海外卫星加速渗透带来第二成长曲线 ### 买入（维持） 2024 年 08 月 26 日 **证券分析师 马天翼** 执业证书：S0600522090001 maty@dwzq.com.cn **证券分析师 周高鼎** 执业证书：S06..."},{"source_path":"sources/stock-research-report-信维通信-300136-e313a9a557cc.md","chunk_id":"chunk:a2a5afa4bcfe","chunk_index":0,"quote_summary":"# 信维通信（300136） # 传统业务基本盘稳健，卫星与汽车业务构筑新成长曲线 ## 买入（维持） 2025 年 09 月 19 日 **证券分析师 陈海进** 执业证书：S0600525020001 chenhj@dwzq.com.cn | 盈利预测与估值 | 2023A | 2024A | 2025E | 2..."},{"source_path":"sources/stock-research-report-证-券-研-究-报-告-fd9a2ea62bb0.md","chunk_id":"chunk:74618c3c53cb","chunk_index":0,"quote_summary":"# 证 券 研 究 报 告 # 公 司 点 评 # 23 年业绩短期承压，卫星互联网开辟新成长曲线 ——信维通信 23 年年报及 24 年一季报点评 ## 买入（维持） **行业**: 电子 **日期**: 2024年04月25日 **分析师**: 刘京昭 **E-mail**: liujingzhao@shzq.c..."},{"source_path":"sources/stock-research-report-证券研究报告-电子-公司点评报告-5bdb3145c12c.md","chunk_id":"chunk:c103e6123b0e","chunk_index":0,"quote_summary":"证券研究报告：电子 | 公司点评报告 2024 年 12 月 2 日 股票投资评级 # 买入|首次覆盖 # 信维通信(300136) ## 消费电子+卫星通讯+智能汽车，多业务发展阶段的跨越 个股表现 | Date | 信维通信 | 电子 | | ------- | ---- | --- | | 2023-12 | ..."},{"source_path":"sources/stock-research-report-信维通信-300136-60bff0ac37a7.md","chunk_id":"chunk:ec0fb0647b5d","chunk_index":0,"quote_summary":"# 信维通信（300136） ## 2023 年年报及 2024 年一季报点评：消费电子业务短期承压，看好海外业务成长和主业复苏 2024 年 04 月 25 日 ### 买入（维持） **证券分析师** 马天翼 执业证书：S0600522090001 maty@dwzq.com.cn **证券分析师** 周高鼎 执..."},{"source_path":"sources/stock-research-report-信维通信-300136-16bc1e2ac19b.md","chunk_id":"chunk:9894d5a381a0","chunk_index":0,"quote_summary":"# 信维通信（300136） > 证券研究报告 # 泛射频领域开拓先行者，卫星通信催化新成长曲线 ## ——信维通信深度研究报告 # 买入（首次） * **行业**: 通信 * **日期**: 2024年03月13日 * **分析师**: 刘京昭 * **E-mail**: liujingzhao@shzq.com ..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300136","target":"company:信维通信","label":"partner_of","category":"company","group":"partner_of","evidence_count":8}
{"edge_id":"4f0f0baf2e06","from":"company:302132","from_name":"中航成飞","to":"company:600893","to_name":"航发动力","relation":"partner_of","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md","chunk_id":"chunk:1ce1cc1dba5a","chunk_index":6,"quote_summary":"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 ..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:302132","target":"company:600893","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"cdb68433b653","from":"company:600004","from_name":"白云机场","to":"company:600009","to_name":"上海机场","relation":"partner_of","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-2024-年-5-月-5-日-e04dfdf1b5df.md","chunk_id":"chunk:9744ff760cc2","chunk_index":5,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600004","target":"company:600009","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"9189f651f007","from":"company:600029","from_name":"南方航空","to":"company:南方航空","to_name":"南方航空","relation":"partner_of","direction":"peer","summary":"## 交通运输 | 航空机场 非金融 | 首次覆盖报告 2026 年 01 月 29 日 # 南方航空 (600029.SH) **投资评级： 买入（首次）** ### ——枢纽网络优势巩固，复苏弹性有望释放 **证券分析师** **孙延** SAC：S1350524050003 sunyan01@huayuanstock.com **曾智星** SAC：...","confidence":0.44,"evidence":[{"source_path":"sources/stock-research-report-交通运输-航空机场-7294e30e5656.md","chunk_id":"chunk:38ad28995605","chunk_index":0,"quote_summary":"## 交通运输 | 航空机场 非金融 | 首次覆盖报告 2026 年 01 月 29 日 # 南方航空 (600029.SH) **投资评级： 买入（首次）** ### ——枢纽网络优势巩固，复苏弹性有望释放 **证券分析师** **孙延** SAC：S1350524050003 sunyan01@huayuanst..."},{"source_path":"sources/stock-research-report-南方航空-600029-sh-1a40ffca14f5.md","chunk_id":"chunk:c5c8823cb886","chunk_index":0,"quote_summary":"# 南方航空 (600029.SH) # 买入 （维持评级） 公司点评 证券研究报告 ## 成本优化明显 Q3 净利大增 **交通运输组** **分析师：郑树明（执业S1130521040001)** zhengshuming@gjzq.com.cn **分析师：王凯婕（执业S1130522070001）** wan..."},{"source_path":"sources/stock-research-report-证券研究报告-b04dbbd1e4ea.md","chunk_id":"chunk:541daa0b4847","chunk_index":0,"quote_summary":"证券研究报告 交通运输 | 航空机场 非金融|公司点评报告 2026 年 04 月 01 日 # 南方航空 (600029. SH) ## ——经营效率提升见效，“三大航”中率先扭亏为盈 **投资评级**： 买入（维持） ### 投资要点： **证券分析师** **孙延** SAC：S1350524050003 su..."},{"source_path":"sources/stock-research-report-南方航空-600029-sh-2025-年半年报点评-fe0b974cf087.md","chunk_id":"chunk:845cbdd78ad0","chunk_index":0,"quote_summary":"# 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...."},{"source_path":"sources/stock-research-report-南方航空-600029-sh-优于大市-007bd90c5c59.md","chunk_id":"chunk:fe55bff28203","chunk_index":0,"quote_summary":"# 南方航空（600029.SH） <span style=\"float:right\">**优于大市**</span> ## 全年业绩扭亏为盈，盈利能力持续改善 ### 核心观点 **公司研究 · 财报点评** **交通运输 · 航空机场** **南方航空发布 2025 年业绩预告，同比实现扭亏为盈。**2025 年..."},{"source_path":"sources/stock-research-report-南方航空-600029-sh-d497f977e0ee.md","chunk_id":"chunk:1416531a3b86","chunk_index":0,"quote_summary":"# 南方航空 (600029.SH) # 买入 （维持评级） 公司点评 证券研究报告 # 油价下降毛利提升 H1 扣非净利减亏 **交通运输组** ## 业绩 2025 年 8 月 28 日，南方航空发布 2025 年半年报。2025H1 公司营业收入为 863 亿元，同比增长 1.8%；归母净利润为-12.3 亿元，"},{"source_path":"sources/stock-research-report-证券研究报告-交通运输-公司点评报告-aafe13586df9.md","chunk_id":"chunk:ac95db9a9e04","chunk_index":0,"quote_summary":"证券研究报告：交通运输 | 公司点评报告 发布时间：2025-10-29 股票投资评级 # 南方航空(600029) ## 买入|维持 ## 客座率再创新高，三季度业绩同比回升 ### 个股表现 | 日期 | 南方航空 | 交通运输 | | ------- | ---- | ---- | | 2024-10 | 0 ..."},{"source_path":"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_id":"chunk:cd7524f49c04","chunk_index":0,"quote_summary":"## 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 2025 年 08 月 29 日 **事件：** 南方航空发布 **2025** 年半年报。**2025** 年上半年，公司实现营业收入 **863** 亿元，同比+1.8%；实现归母净利**-15.33** 亿元，同比-24..."},{"source_path":"sources/stock-research-report-cinda-securities-09b3014218b9.md","chunk_id":"chunk:0bf6fa89305e","chunk_index":0,"quote_summary":"信达证券 CINDA SECURITIES ## 证券研究报告 ## 公司研究 ### 公司点评报告 **南方航空 (600029)** 投资评级 **增持** 上次评级 **增持** 匡培钦 交通运输行业首席分析师 执业编号：S1500524070004 邮 箱：kuangpeiqin@cindasc.com ##..."},{"source_path":"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_id":"chunk:4b20841442bb","chunk_index":0,"quote_summary":"*分析师** **张骁瀚** 执业证书： S0100525020001 邮箱： zhangxiaohan@glms.com.cn **研究助理** **陈佳裕** 执业证书： S0100124110008 邮箱： chenjiayu@glms.com.cn # 相关研究 1.南方航空（600029.SH）2025 年..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600029","target":"company:南方航空","label":"partner_of","category":"company","group":"partner_of","evidence_count":10}
{"edge_id":"ceb4b925e661","from":"company:600115","from_name":"中国东航","to":"company:600004","to_name":"白云机场","relation":"partner_of","direction":"peer","summary":"，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,"evidence":[{"source_path":"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_id":"chunk:66927fdcf268","chunk_index":0,"quote_summary":"，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、..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600115","target":"company:600004","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"bbd16970ce62","from":"company:600115","from_name":"中国东航","to":"company:601021","to_name":"春秋航空","relation":"partner_of","direction":"peer","summary":"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,"evidence":[{"source_path":"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_id":"chunk:66927fdcf268","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600115","target":"company:601021","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"baed747a0e5a","from":"company:600118","from_name":"中国卫星","to":"company:中国卫星","to_name":"中国卫星","relation":"partner_of","direction":"peer","summary":"2025年05月08日 证券研究报告|公司研究|军工|公司点评 # 中国卫星 (600118) # 2024年报及2025Q1点评：单季度收入持续回暖，有望借商业航天之东风焕发新机 **投资评级**: 买入 **维持评级** 2025年05月07日 **收盘价(元)**: 26.78 **目标价(元)**: 31.05 ### 报告摘要 ◆ **事件**：...","confidence":0.44,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-ca91b43692d5.md","chunk_id":"chunk:ef7b90eb869f","chunk_index":0,"quote_summary":"2025年05月08日 证券研究报告|公司研究|军工|公司点评 # 中国卫星 (600118) # 2024年报及2025Q1点评：单季度收入持续回暖，有望借商业航天之东风焕发新机 **投资评级**: 买入 **维持评级** 2025年05月07日 **收盘价(元)**: 26.78 **目标价(元)**: 31.0..."},{"source_path":"sources/stock-research-report-中国卫星-600118-sh-2023-年中报点评-a78f4760fe85.md","chunk_id":"chunk:6aa4d22d8519","chunk_index":0,"quote_summary":"# 中国卫星（600118.SH）2023 年中报点评 # 项目立项延迟影响收入确认；关注需求变化 2023 年 08 月 26 日 **谨慎推荐** **维持评级** **当前价格：** **24.40 元** * **事件：** 公司 2023 年 8 月 24 日发布了 2023 年中报，1H23 实现营收 2..."},{"source_path":"sources/stock-research-report-业绩稳健-聚焦于卫星通导遥一体化产业发展-29cdcdf61458.md","chunk_id":"chunk:502afd19dc9d","chunk_index":3,"quote_summary":"服务能力。 2022 年公司实现营业收入 82.42 亿元，同比增长 15.26%，净利润 3.59 亿元，同比增长 10.37%，其中归属于上市公司股东的净利润 2.86 亿元，同比增长 21.89%，总体保持稳健发展趋势。 公司价格与沪深 300 走势比较 | 日期 | 中国卫星 | 沪深300 | | ----..."},{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-bb3e8f1f3e58.md","chunk_id":"chunk:67f6774624b7","chunk_index":0,"quote_summary":"2022年10月30日 证券研究报告|公司研究|军工|公司点评 # 中国卫星 (600118) ## 公司点评：三季度收入明显增长，有望受益于卫星互联网空间基础设施建设提速 **投资评级**: 买入 **维持评级** **2022年10月28日** **收盘价（元）**: 21.80 **目标价（元）**: 29.0..."},{"source_path":"sources/stock-research-report-中国卫星-600118-sh-2022-年年报点评-bd6d9be0eeab.md","chunk_id":"chunk:bd9b725f6815","chunk_index":0,"quote_summary":"# 中国卫星（600118.SH）2022 年年报点评 # 归母净利润同比增长 22%；受益于航天产业发展 # 2023 年 03 月 31 日 **事件：** 公司 2023 年 3 月 30 日发布了 2022 年报，全年实现营收 82.4 亿元，YoY+15.3%；归母净利润 2.9 亿元，YoY+21.9%；..."},{"source_path":"sources/stock-research-report-中国卫星-600118-sh-2023-年三季报点评-e7d921db1a75.md","chunk_id":"chunk:43109c05fd8d","chunk_index":0,"quote_summary":"# 中国卫星（600118.SH）2023 年三季报点评 # 宇航制造项目履约延迟影响收入；Q3 盈利能力提升 **2023 年 11 月 01 日** **谨慎推荐** **维持评级** **当前价格： 26.85 元** * **事件：** 公司 2023 年 10 月 30 日发布了 2023 年三季报，202..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600118","target":"company:中国卫星","label":"partner_of","category":"company","group":"partner_of","evidence_count":6}
{"edge_id":"1806869d2b2c","from":"company:600150","from_name":"中国船舶","to":"company:中国船舶","to_name":"中国船舶","relation":"partner_of","direction":"peer","summary":"# 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,"evidence":[{"source_path":"sources/stock-research-report-中国船舶-600150-sh-2420409b114c.md","chunk_id":"chunk:67a97f649d8d","chunk_index":0,"quote_summary":"# 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"},{"source_path":"sources/stock-research-report-业绩进入兑现期-逐步迈向新高-8df757032bf6.md","chunk_id":"chunk:2950c6b02f57","chunk_index":2,"quote_summary":"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 | | ---..."},{"source_path":"sources/stock-research-report-中国船舶-600150-af27eafae237.md","chunk_id":"chunk:26499998281b","chunk_index":0,"quote_summary":"# 中国船舶（600150） # 2025 年三季报点评：Q3 归母净利润同比+98%符合预期，南北船合并落地 2025 年 10 月 30 日 ### 买入（维持） **证券分析师 周尔双** 执业证书：S0600515110002 021-60199784 zhouersh@dwzq.com.cn **证券分析师..."},{"source_path":"sources/stock-research-report-2025-年-10-月-30-日-3075ff420f1a.md","chunk_id":"chunk:a59c9577db23","chunk_index":0,"quote_summary":"2025 年 10 月 30 日 # 中国船舶（600150.SH） 制造业/ 船舶制造 # “两船”并表完成，业绩有望持续提升 ## 强烈推荐（维持评级） ● **事件：** 公司发布 2025 年三季报，2025 年前三季度公司实现营业收入 1074.03 亿元（考虑合并因素），调整后 yoy +17.96%，主..."},{"source_path":"sources/stock-research-report-中国船舶-600150-sh-买入-维持评级-8a986f95f854.md","chunk_id":"chunk:483b57dffe55","chunk_index":0,"quote_summary":"# 中国船舶 (600150.SH) 买入（维持评级） **公司点评** **证券研究报告** ## 上半年业绩高增，毛利率稳步提升 **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）** f..."},{"source_path":"sources/stock-research-report-船价景气-份额提升-盈利能力显著改善-0b20e2ffded8.md","chunk_id":"chunk:26d144d1573b","chunk_index":1,"quote_summary":"| 1671.79 | | 流通股本(亿股): | 44.72 | | 流通市值(亿元): | 1671.79 | | 近 3 月换手率: | 59.02% | ● **高船价+公司降本增效取得显著成果，推动利润增速跑赢收入增速** #### 股价一年走势 | Date | 中国船舶 | 沪深300 | | ----..."},{"source_path":"sources/stock-research-report-证券研究报告-81067ebdf534.md","chunk_id":"chunk:9ba1ab66f6a7","chunk_index":0,"quote_summary":"# 证券研究报告 国防军工 | 航海装备Ⅱ 非金融|公司点评报告 2025 年 09 月 02 日 # 中国船舶(600150. SH) **投资评级： 买入（维持）** ## —— 2025 年中报点评：利润持续兑现，关注周期趋势 ### 证券分析师 * **孙延** * SAC：S1350524050003 * ..."},{"source_path":"sources/stock-research-report-中国船舶-600150-c53c0462f757.md","chunk_id":"chunk:90a8fa8a164a","chunk_index":0,"quote_summary":"# 中国船舶（600150） # 2025 年中报点评：Q2 归母净利润+80%符合预期，南北船合并已步入收官阶段 ### 买入（维持） **2025 年 09 月 01 日** **证券分析师 周尔双** 执业证书：S0600515110002 021-60199784 zhouersh@dwzq.com.cn *..."},{"source_path":"sources/stock-research-report-中国船舶-600150-b95ae1e4e4d3.md","chunk_id":"chunk:88012ec981ca","chunk_index":0,"quote_summary":"# 中国船舶（600150） # 2025 年半年度业绩预增：25H1 归母净利润同比+98%~119%，在手订单兑现业绩超预期 ### 买入（维持） **2025 年 07 月 13 日** - **证券分析师：周尔双** - 执业证书：S0600515110002 - 021-60199784 - zhouers"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600150","target":"company:中国船舶","label":"partner_of","category":"company","group":"partner_of","evidence_count":9}
{"edge_id":"ae8893e2bcef","from":"company:600316","from_name":"洪都航空","to":"company:002389","to_name":"航天彩虹","relation":"partner_of","direction":"peer","summary":".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,"evidence":[{"source_path":"sources/stock-research-report-洪都航空-600316-sh-d31eee31ff8e.md","chunk_id":"chunk:52d99b5574b2","chunk_index":2,"quote_summary":".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 P..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600316","target":"company:002389","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"2237c45b64eb","from":"company:600316","from_name":"洪都航空","to":"company:600893","to_name":"航发动力","relation":"partner_of","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-洪都航空-600316-sh-d31eee31ff8e.md","chunk_id":"chunk:25206086d5ab","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600316","target":"company:600893","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"4d5766bd22dc","from":"company:600316","from_name":"洪都航空","to":"company:688297","to_name":"中无人机","relation":"partner_of","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-洪都航空-600316-sh-d31eee31ff8e.md","chunk_id":"chunk:25206086d5ab","chunk_index":0,"quote_summary":"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，202..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600316","target":"company:688297","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"edbda48655e4","from":"company:600482","from_name":"中国动力","to":"company:600685","to_name":"中船防务","relation":"partner_of","direction":"peer","summary":"| 0.04 | 0.63 | 1.39 | 2.02 | 823 | 52 | 24 | 16 | | 601989.SH | 中国重工 | 4.40 | -0.1 | -0.03 | 0.13 | 0.23 | - | - | 34 | 19 | | 600685.SH | 中船防务 | 24.51 | 0.49 | 0.48 | 1.05 | 1.4...","confidence":0.44,"evidence":[{"source_path":"sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md","chunk_id":"chunk:6c12c8547ee2","chunk_index":0,"quote_summary":"| 0.04 | 0.63 | 1.39 | 2.02 | 823 | 52 | 24 | 16 | | 601989.SH | 中国重工 | 4.40 | -0.1 | -0.03 | 0.13 | 0.23 | - | - | 34 | 19 | | 600685.SH | 中船防务 | 24.51 | 0.49..."},{"source_path":"sources/stock-research-report-中国动力-600482-bfa4317a66b8.md","chunk_id":"chunk:d52162c1637b","chunk_index":0,"quote_summary":"- | ------------ | ------------ | | 600150.SH | 中国船舶 | CNY | 30.8 | 2,321 | 36.1 | 93.0 | 137.0 | 179.0 | 64 | 25 | 17 | 13 | | 600685.SH | 中船防务 | CNY | 29.8 |..."},{"source_path":"sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md","chunk_id":"chunk:e6c99a1d5108","chunk_index":0,"quote_summary":"--- | ------------ | | 600150.SH | 中国船舶 | 37.14 | 0.04 | 0.66 | 1.34 | 2.07 | 2.82 | 977.37 | 56.19 | 27.65 | 17.94 | 13.16 | | 600685.SH | 中船防务 | 26.94 | 0.49..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600482","target":"company:600685","label":"partner_of","category":"company","group":"partner_of","evidence_count":3}
{"edge_id":"ffd7ebbd8f1c","from":"company:600482","from_name":"中国动力","to":"company:600893","to_name":"航发动力","relation":"partner_of","direction":"peer","summary":"65 | 17.94 | 13.16 | | 600685.SH | 中船防务 | 26.94 | 0.49 | 0.03 | 0.62 | 0.96 | 1.61 | 54.98 | 898.00 | 43.45 | 28.06 | 16.73 | | 600893.SH | 航发动力 | 37.31 | 0.48 | 0.53 | 0.62 | 0.7...","confidence":0.44,"evidence":[{"source_path":"sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md","chunk_id":"chunk:e6c99a1d5108","chunk_index":0,"quote_summary":"65 | 17.94 | 13.16 | | 600685.SH | 中船防务 | 26.94 | 0.49 | 0.03 | 0.62 | 0.96 | 1.61 | 54.98 | 898.00 | 43.45 | 28.06 | 16.73 | | 600893.SH | 航发动力 | 37.31 | 0.48..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600482","target":"company:600893","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"948245165e9b","from":"company:600482","from_name":"中国动力","to":"company:601606","to_name":"长城军工","relation":"partner_of","direction":"peer","summary":"] 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,"evidence":[{"source_path":"sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md","chunk_id":"chunk:6c12c8547ee2","chunk_index":0,"quote_summary":"] 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 -->..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600482","target":"company:601606","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"968818f35257","from":"company:600760","from_name":"中航沈飞","to":"company:中航沈飞","to_name":"中航沈飞","relation":"partner_of","direction":"peer","summary":"# 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,"evidence":[{"source_path":"sources/stock-research-report-中航沈飞-600760-db99473a0847.md","chunk_id":"chunk:b3ced836a828","chunk_index":0,"quote_summary":"# 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 | | ------------- | ------ | --..."},{"source_path":"sources/stock-research-report-2025-年-10-月-31-日-daa5c1e9546d.md","chunk_id":"chunk:f32200514219","chunk_index":0,"quote_summary":"2025 年 10 月 31 日 # 合同负债相较期初增长 60.20%，公司加速开拓军贸市场 ## — 中航沈飞（600760.SH）公司事件点评报告 ### 买入(首次) **分析师：**宋子豪 S1050525090001 songzh@cfsc.com.cn ### 事件 中航沈飞发布 2025 年三季报，公..."},{"source_path":"sources/stock-research-report-信义山证-汇通天下-2645156ea84c.md","chunk_id":"chunk:976a1acfb5d7","chunk_index":0,"quote_summary":"# 信义山证 汇通天下 证券研究报告 ## 其他军工Ⅲ ## 中航沈飞（600760.SH） ## 买入-A(维持) ### 三季度业绩恢复增长，持续推进能力建设 2025 年 11 月 3 日 公司研究/公司快报 **公司近一年市场表现** | 日期 | 中航沈飞 | 上证指数 | | ----- | ---- |..."},{"source_path":"sources/stock-research-report-中航沈飞-600760-sh-f477ce31494a.md","chunk_id":"chunk:4b427459ddd9","chunk_index":0,"quote_summary":"其他军工Ⅲ # 中航沈飞（600760.SH） # 买入-A(维持) ### 加速产品转代更迭，内装外贸双轮驱动 2026 年 4 月 9 日 公司研究/公司快报 **公司近一年市场表现** | 日期 | 中航沈飞 | 上证指数 | | ----- | ---- | ---- | | 25/04 | 0 | 0 | ..."},{"source_path":"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_id":"chunk:0df9221b0ea3","chunk_index":0,"quote_summary":"# 交付节奏阶段性承压，订单充裕保障长期成长 ——中航沈飞 2025 年半年度报告点评 # 买入|维持 **事件**：公司 8 月 26 日发布 2025 年半年度报告，期内实现营业收入 146.28 亿元，同比下降 32.35%；实现归母净利润 11.36 亿元，同比下降 29.78%。 **点评**： **当前价..."},{"source_path":"sources/stock-research-report-中航沈飞-600760-e31a5a2e4b1b.md","chunk_id":"chunk:60036f2b8f57","chunk_index":0,"quote_summary":"# 中航沈飞（600760） # 2025 年三季报点评：新一代装备全面突破，短期业绩波动不改长期发展主航道 2025 年 10 月 30 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：S060052..."},{"source_path":"sources/stock-research-report-中航沈飞-600760-27e067635881.md","chunk_id":"chunk:63845d2af4d7","chunk_index":0,"quote_summary":"# 中航沈飞（600760） 公司点评 # 第三季度经营稳健，军贸或成未来关注方向 ## 投资评级：买入（维持） ### 主要观点： **报告日期：** 2025-11-06 **⚫ 事件描述** **收盘价（元）**: 60.38 **近 12 个月最高/最低（元）**: 73.66/39.06 **总股本（百万股"},{"source_path":"sources/stock-research-report-证券研究报告-ceecd743f594.md","chunk_id":"chunk:5afef2eeabcc","chunk_index":0,"quote_summary":"证券研究报告 其他军工Ⅲ # 中航沈飞（600760.SH） **买入-A(维持)** ### 合同负债较年初大增，内装外贸双轮驱动 2025 年 8 月 26 日 公司研究/公司快报 **公司近一年市场表现** | 日期 | 中航沈飞 | 上证指数 | | ----- | ---- | ---- | | 24/08..."},{"source_path":"sources/stock-research-report-中航沈飞-600760-sh-2025-年三季报点评-34d22a648184.md","chunk_id":"chunk:4934ba2737ce","chunk_index":0,"quote_summary":"# 中航沈飞（600760.SH）2025 年三季报点评 # 3Q25 营收增长 63%；增资吉航公司推动维保能力建设 # 2025 年 10 月 31 日 ➢ **事件：** 10 月 29 日，公司发布 2025 年三季报，1~3Q25 实现营收 206.07 亿元，YOY -18.54%；归母净利润 13.62..."},{"source_path":"sources/stock-research-report-中航沈飞-600760-sh-bbb942b44937.md","chunk_id":"chunk:28dd52e6120d","chunk_index":0,"quote_summary":"# 中航沈飞（600760.SH） # 买入（维持评级） ## 公司点评 证券研究报告 # 25Q3 营收同比高增，新厂区建设提速 彰显发展信心 **军工组** **分析师**：杨晨（执业 S1130522060001） yangchen@gjzq.com.cn **分析师**：任旭欢（执业 S11305240700..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600760","target":"company:中航沈飞","label":"partner_of","category":"company","group":"partner_of","evidence_count":10}
{"edge_id":"f640e8ab3bde","from":"company:600765","from_name":"中航重机","to":"company:300855","to_name":"图南股份","relation":"partner_of","direction":"peer","summary":"，毛利率为 32.6%/33.1%/33.5%。预计公司 2024-2026 年归母净利润分别为 15.68/18.85/22.68 亿元，同比+18.05%/+20.18%/+20.32%，当前股价对应 PE 为 19/16/13 倍。我们选取航空锻铸造企业三角防务、航材股份、图南股份作为可比公司，2025 年平均 PE 为 21 倍。公司正在逐步完成从...","confidence":0.44,"evidence":[{"source_path":"sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md","chunk_id":"chunk:d6346d128be3","chunk_index":0,"quote_summary":"，毛利率为 32.6%/33.1%/33.5%。预计公司 2024-2026 年归母净利润分别为 15.68/18.85/22.68 亿元，同比+18.05%/+20.18%/+20.32%，当前股价对应 PE 为 19/16/13 倍。我们选取航空锻铸造企业三角防务、航材股份、图南股份作为可比公司，2025 年平均..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600765","target":"company:300855","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"cb2ffb47d4d4","from":"company:600765","from_name":"中航重机","to":"company:688563","to_name":"航材股份","relation":"partner_of","direction":"peer","summary":"7.75%，毛利率为 32.6%/33.1%/33.5%。预计公司 2024-2026 年归母净利润分别为 15.68/18.85/22.68 亿元，同比+18.05%/+20.18%/+20.32%，当前股价对应 PE 为 19/16/13 倍。我们选取航空锻铸造企业三角防务、航材股份、图南股份作为可比公司，2025 年平均 PE 为 21 倍。公司正在...","confidence":0.44,"evidence":[{"source_path":"sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md","chunk_id":"chunk:d6346d128be3","chunk_index":0,"quote_summary":"7.75%，毛利率为 32.6%/33.1%/33.5%。预计公司 2024-2026 年归母净利润分别为 15.68/18.85/22.68 亿元，同比+18.05%/+20.18%/+20.32%，当前股价对应 PE 为 19/16/13 倍。我们选取航空锻铸造企业三角防务、航材股份、图南股份作为可比公司，202..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600765","target":"company:688563","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"01a76357730e","from":"company:600862","from_name":"中航高科","to":"company:中航高科","to_name":"中航高科","relation":"partner_of","direction":"peer","summary":"# 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,"evidence":[{"source_path":"sources/stock-research-report-中航高科-600862-0c4cc41a4dc5.md","chunk_id":"chunk:d8b0971832af","chunk_index":0,"quote_summary":"# 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：S06005230600..."},{"source_path":"sources/stock-research-report-核心主业保持增长-产能布局持续优化-1aec251ca65b.md","chunk_id":"chunk:c561d4739c18","chunk_index":0,"quote_summary":"国防军工 # 核心主业保持增长，产能布局持续优化 ■ 走势比较 | Date | 中航高科 | 沪深300 | | ------ | ---- | ----- | | Aug/24 | 0 | 0 | | Sep/24 | 15 | 12 | | Oct/24 | 50 | 15 | | Nov/24 | 30 | ..."},{"source_path":"sources/stock-research-report-2026-年-03-月-25-日-0ca83dc998ac.md","chunk_id":"chunk:9f6ef745dbc5","chunk_index":0,"quote_summary":"2026 年 03 月 25 日 公司点评 买入/ 维持 # 中航高科(600862) 昨收盘:21.26 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 # 材料主业小幅下降，市场领域加速拓展 ## ■ 走势比较 | 日期 | 中航高科 | 沪深300 | | -------- | ---- |..."},{"source_path":"sources/stock-research-report-中航高科-600862-sh-2025-年半年报点评-8e865a6595b5.md","chunk_id":"chunk:405f8b0b626a","chunk_index":0,"quote_summary":"# 中航高科（600862.SH）2025 年半年报点评 # 1H25 业绩稳步增长；抢抓新质生产力发展机遇 2025 年 08 月 23 日 ➢ **事件：** 8 月 22 日，公司发布 2025 年半年报，1H25 实现营收 27.5 亿元，YOY +7.9%；归母净利润 6.1 亿元，YOY +0.2%；扣非..."},{"source_path":"sources/stock-research-report-证券研究报告-633d8f901743.md","chunk_id":"chunk:3363043912d0","chunk_index":0,"quote_summary":"证券研究报告 国防军工 | 航空装备Ⅱ 非金融|首次覆盖报告 2025 年 04 月 21 日 # 中航高科(600862.SH) **投资评级： 增持（首次）** ——国内航空复材龙头，军民多领域景气共振业绩有望加速释放 ### 证券分析师 **田源** SAC：S1350524030001 tianyuan@hu..."},{"source_path":"sources/stock-research-report-证券研究报告-a155ac175e30.md","chunk_id":"chunk:c9cb7079a70c","chunk_index":0,"quote_summary":"证券研究报告 其他军工Ⅲ 中航高科（600862.SH） 增持-A(维持) # 航空新材料业务稳健增长，持续受益复材市场蓬勃发展 2025 年 8 月 25 日 公司研究/公司快报 ## 公司近一年市场表现 | 日期 | 中航高科 | 上证指数 | | ----- | ---- | ---- | | 24/08 | ..."},{"source_path":"sources/stock-research-report-公-司-研-究-6e41046c3f20.md","chunk_id":"chunk:850890aa0573","chunk_index":0,"quote_summary":"公<br/>司<br/>研<br/>究 公司点评 **买入 / 维持** # 中航高科（600862） **目标价**：30.00 **昨收盘**：25.46 国防军工 # 材料主业保持增长，科技创新成效显著 太<br/>平<br/>洋<br/>证<br/>券<br/>股<br/>份<br/>有<br/>限<br/>..."},{"source_path":"sources/stock-research-report-中航高科-600862-877362ab8a29.md","chunk_id":"chunk:717870b6c97b","chunk_index":0,"quote_summary":"# 公司研究 ## 中航高科（600862） **目标价**：30.00 **昨收盘**：22.43 国防军工 # 经营业绩小幅承压，看好长期发展前景 太平洋证券股份有限公司证券研究报告 ### ■ 走势比较 | Date | 中航高科 | 沪深300 | | ------ | ---- | ----- | | No..."},{"source_path":"sources/stock-research-report-中航高科-600862-baa5aad0af41.md","chunk_id":"chunk:bc708cf7d151","chunk_index":0,"quote_summary":"# 中航高科（600862） # 2025 年三季报点评：高端复合材料赛道产能蓄力、盈利短暂换挡但现金流充沛 ### 买入（维持） **2025 年 10 月 29 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：S06..."},{"source_path":"sources/stock-research-report-中航高科-600862-sh-2025-年三季报点评-1af5bfba41eb.md","chunk_id":"chunk:3895160d6551","chunk_index":0,"quote_summary":"# 中航高科（600862.SH）2025 年三季报点评 # 新材料完成年度目标 64%，积极布局未来产业 2025 年 10 月 26 日 **推荐** **维持评级** **当前价格：** **23.11 元** ➢ **事件：** 10 月 24 日，公司发布 2025 年三季报，1~3Q25 营收 37.61..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600862","target":"company:中航高科","label":"partner_of","category":"company","group":"partner_of","evidence_count":10}
{"edge_id":"d0d7e76bdf5a","from":"company:600862","from_name":"中航高科","to":"company:证-券-研-究-报-告","to_name":"证 券 研 究 报 告","relation":"partner_of","direction":"peer","summary":"2026 年 03 月 25 日 公司点评 买入/ 维持 # 中航高科(600862) 昨收盘:21.26 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 # 材料主业小幅下降，市场领域加速拓展 ## ■ 走势比较 | 日期 | 中航高科 | 沪深300 | | -------- | ---- | ----- | | 25/3/25 |...","confidence":0.44,"evidence":[{"source_path":"sources/stock-research-report-2026-年-03-月-25-日-0ca83dc998ac.md","chunk_id":"chunk:9f6ef745dbc5","chunk_index":0,"quote_summary":"2026 年 03 月 25 日 公司点评 买入/ 维持 # 中航高科(600862) 昨收盘:21.26 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 # 材料主业小幅下降，市场领域加速拓展 ## ■ 走势比较 | 日期 | 中航高科 | 沪深300 | | -------- | ---- |..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600862","target":"company:证-券-研-究-报-告","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"53c017c5638d","from":"company:600879","from_name":"航天电子","to":"company:688297","to_name":"中无人机","relation":"partner_of","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md","chunk_id":"chunk:a262e875cac8","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600879","target":"company:688297","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"abbfd1a14f29","from":"company:600893","from_name":"航发动力","to":"company:000738","to_name":"航发控制","relation":"partner_of","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-航发动力-600893-sh-2024-年年报点评-859bd5fbb5b9.md","chunk_id":"chunk:fa1d80a31335","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600893","target":"company:000738","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"92b752228914","from":"company:601111","from_name":"中国国航","to":"company:600004","to_name":"白云机场","relation":"partner_of","direction":"peer","summary":"，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,"evidence":[{"source_path":"sources/stock-research-report-601111-sh-9bea4445b90e.md","chunk_id":"chunk:fceecd35173c","chunk_index":0,"quote_summary":"，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、..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601111","target":"company:600004","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"a94dc50e8ea5","from":"company:601111","from_name":"中国国航","to":"company:601021","to_name":"春秋航空","relation":"partner_of","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-601111-sh-9bea4445b90e.md","chunk_id":"chunk:fceecd35173c","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601111","target":"company:601021","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"f631f9aa32aa","from":"company:601111","from_name":"中国国航","to":"company:证-券-研-究-报-告","to_name":"证 券 研 究 报 告","relation":"partner_of","direction":"peer","summary":"<page_header> 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 </page_header> # 中国国航（601111.SH）：所得税增长拖累业绩，近期油价上涨形成短期冲击 2026 年 3 月 31 日 **推荐/维持** **中国国航** | **公司报告** **事件：** 25 年公司实现营收 1714.8 亿元，同比...","confidence":0.44,"evidence":[{"source_path":"sources/stock-research-report-东-兴-证-券-股-份-有-限-公-司-证-券-研-究-报-告-7ac596104f13.md","chunk_id":"chunk:e85148d69ba5","chunk_index":0,"quote_summary":"<page_header> 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 </page_header> # 中国国航（601111.SH）：所得税增长拖累业绩，近期油价上涨形成短期冲击 2026 年 3 月 31 日 **推荐/维持** **中国国航** | **公司报告** **事件：** 25 ..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601111","target":"company:证-券-研-究-报-告","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"d185434427aa","from":"company:601606","from_name":"长城军工","to":"company:600038","to_name":"中直股份","relation":"partner_of","direction":"peer","summary":"-- | ----------- | ------------ | ------------ | ------------- | --------------- | | 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,"evidence":[{"source_path":"sources/stock-research-report-hengtaisecurities-e2fc888c7acf.md","chunk_id":"chunk:2c4817b40ef1","chunk_index":7,"quote_summary":"-- | ----------- | ------------ | ------------ | ------------- | --------------- | | 601606 长城军工 | — | 0.16 摊薄 | — | 14.9 | 6.87 | | 600038 中直股份 | 40.61 | 0.77..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601606","target":"company:600038","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"8ba757e6ab59","from":"company:601606","from_name":"长城军工","to":"company:600316","to_name":"洪都航空","relation":"partner_of","direction":"peer","summary":"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,"evidence":[{"source_path":"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_id":"chunk:96a7d7319cbc","chunk_index":0,"quote_summary":"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[..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601606","target":"company:600316","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"f265853978ef","from":"company:601606","from_name":"长城军工","to":"company:601816","to_name":"京沪高铁","relation":"partner_of","direction":"peer","summary":"在加压装置中的应用 | 桩的静荷载试验、沉箱下沉加重等。 | 数据来源：公司招股说明书，东吴证券研究所 金星预应力掌握锚具领域多项核心技术，目前产品主要涉及道桥基础加固、井巷及隧道支护和现有结构物补强加固领域，包括高强度紧固件、高强度锚具、低回缩锚具和矿用锚具等，已成功应用于京沪高铁、兰新铁路、沪昆铁路、广州南站、杭州湾大桥、上海虹桥枢纽、淮南煤矿井下支护...","confidence":0.44,"evidence":[{"source_path":"sources/stock-research-report-长城军工-601606-610931a94901.md","chunk_id":"chunk:fca0bff82938","chunk_index":0,"quote_summary":"在加压装置中的应用 | 桩的静荷载试验、沉箱下沉加重等。 | 数据来源：公司招股说明书，东吴证券研究所 金星预应力掌握锚具领域多项核心技术，目前产品主要涉及道桥基础加固、井巷及隧道支护和现有结构物补强加固领域，包括高强度紧固件、高强度锚具、低回缩锚具和矿用锚具等，已成功应用于京沪高铁、兰新铁路、沪昆铁路、广州南站、杭..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601606","target":"company:601816","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"3114ccfe5bdb","from":"company:601606","from_name":"长城军工","to":"company:688543","to_name":"国科军工","relation":"partner_of","direction":"peer","summary":"-.-> 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,"evidence":[{"source_path":"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_id":"chunk:96a7d7319cbc","chunk_index":0,"quote_summary":"-.-> 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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601606","target":"company:688543","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"d9b29895c0e7","from":"company:603308","from_name":"应流股份","to":"company:300034","to_name":"钢研高纳","relation":"partner_of","direction":"peer","summary":"期战略合作协议。截至 2024 年末，合同负债达 1.82 亿元，同比增长超 100%，看好公司两机零部件外销收入 2025 年加速提升。同时，伴随着近年来两机国产化加速推进，公司两机领域国内收入也有望持续提升。 我们选取同行业的万泽股份，以及产业链上游高温合金环节的隆达股份和钢研高纳作为可比公司。我们预计公司 25-27 年营业收入分别为 31.64/3...","confidence":0.66,"evidence":[{"source_path":"sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md","chunk_id":"chunk:5adcbf757c2a","chunk_index":0,"quote_summary":"期战略合作协议。截至 2024 年末，合同负债达 1.82 亿元，同比增长超 100%，看好公司两机零部件外销收入 2025 年加速提升。同时，伴随着近年来两机国产化加速推进，公司两机领域国内收入也有望持续提升。 我们选取同行业的万泽股份，以及产业链上游高温合金环节的隆达股份和钢研高纳作为可比公司。我们预计公司 25..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603308","target":"company:300034","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"4dfc8884fa62","from":"company:603308","from_name":"应流股份","to":"company:600115","to_name":"中国东航","relation":"partner_of","direction":"peer","summary":"局部的融合设计；采用先进的机载系统和发动机，经济性能更好；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%；氮氧化物排放比 ICAO CEAP6 标准低 50%，二氧化碳排放比现役飞机低 12%。 * **价格优势**：根据中国东航、中国南航公告以及 aerocorner 数据，C919（标准型）目录价...","confidence":0.44,"evidence":[{"source_path":"sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md","chunk_id":"chunk:5adcbf757c2a","chunk_index":0,"quote_summary":"局部的融合设计；采用先进的机载系统和发动机，经济性能更好；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%；氮氧化物排放比 ICAO CEAP6 标准低 50%，二氧化碳排放比现役飞机低 12%。 * **价格优势**：根据中国东航、中国南航公告以及 aeroco..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603308","target":"company:600115","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"41565eeed2cf","from":"company:603308","from_name":"应流股份","to":"company:688231","to_name":"隆达股份","relation":"partner_of","direction":"peer","summary":"罗等签订长期战略合作协议。截至 2024 年末，合同负债达 1.82 亿元，同比增长超 100%，看好公司两机零部件外销收入 2025 年加速提升。同时，伴随着近年来两机国产化加速推进，公司两机领域国内收入也有望持续提升。 我们选取同行业的万泽股份，以及产业链上游高温合金环节的隆达股份和钢研高纳作为可比公司。我们预计公司 25-27 年营业收入分别为 31...","confidence":0.66,"evidence":[{"source_path":"sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md","chunk_id":"chunk:5adcbf757c2a","chunk_index":0,"quote_summary":"罗等签订长期战略合作协议。截至 2024 年末，合同负债达 1.82 亿元，同比增长超 100%，看好公司两机零部件外销收入 2025 年加速提升。同时，伴随着近年来两机国产化加速推进，公司两机领域国内收入也有望持续提升。 我们选取同行业的万泽股份，以及产业链上游高温合金环节的隆达股份和钢研高纳作为可比公司。我们预计..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603308","target":"company:688231","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"4a691de10a2a","from":"company:603678","from_name":"火炬电子","to":"company:火炬电子","to_name":"火炬电子","relation":"partner_of","direction":"peer","summary":"# 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,"evidence":[{"source_path":"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_id":"chunk:463771787617","chunk_index":0,"quote_summary":"# 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"},{"source_path":"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_id":"chunk:8f012cc58807","chunk_index":0,"quote_summary":"# 电容销售逆势增长，特种高性能新材料空间广阔 ## — 火炬电子（603678.SH）公司事件点评报告 ### 买入(首次) **分析师**：高永豪 S1050524120001 gaoyh7@cfsc.com.cn **联系人**：张璐 S1050123120019 zhanglu2@cfsc.com.cn ##..."},{"source_path":"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_id":"chunk:d114ea7d0b4a","chunk_index":0,"quote_summary":"# 火炬电子（603678.SH）：行业景气度逐步改善，三大业务持续向好 ## ——公司 2025 半年报业绩点评 2025 年 8 月 30 日 **推荐/维持** **火炬电子 | 公司报告** ### 事件： 2025 年 8 月 23 日，火炬电子发布 2025 年半年度报告，报告期内，实现营业收入 17.72"},{"source_path":"sources/stock-research-report-火炬电子-603678-e51bb5f736bd.md","chunk_id":"chunk:c94222e76649","chunk_index":0,"quote_summary":"# 火炬电子（603678） # 2024 年报点评：拐点已至看好业绩回暖，第四期员工持股计划出炉 2025 年 03 月 24 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：S06005230600..."},{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63f88d94e8dc.md","chunk_id":"chunk:99ef0a27a8d5","chunk_index":0,"quote_summary":"2025年03月25日 证券研究报告|公司研究|军工公司点评 # 火炬电子 (603678) ## 2024年报点评：元器件、碳化硅纤维双轮驱动 * **投资评级**: 增持 * **维持评级** * **日期**: 2025年03月24日 * **收盘价(元)**: 38.38 **业绩概要**：2024年公司实现..."},{"source_path":"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_id":"chunk:8a42c601a6a7","chunk_index":0,"quote_summary":"# 火炬电子（603678.SH）：行业景气度逐步改善，三大业务持续向好 ——公司 2025 年报业绩点评 2026 年 4 月 14 日 | 推荐/维持 | | ----------------- | | \\*\\*火炬电子\\*\\* 公司报告 | ### 事件： 2026 年 3 月 30 日，火炬电子发布 2025..."},{"source_path":"sources/stock-research-report-火炬电子-603678-b9bbbc31466e.md","chunk_id":"chunk:adc425992836","chunk_index":0,"quote_summary":"# 火炬电子（603678） **目标价**：50.00 **昨收盘**：33.39 国防军工 # 盈利能力稳步提升，未来前景持续向好 ## ■ 走势比较 | 月份 | 火炬电子 | 沪深300 | | ------ | ---- | ----- | | Nov/24 | 0 | 0 | | Dec/24 | 5 |..."},{"source_path":"sources/stock-research-report-证券研究报告-公司研究-公司点评-9f3094998ec2.md","chunk_id":"chunk:1d83c7f4a214","chunk_index":0,"quote_summary":"2025年08月22日 证券研究报告|公司研究|公司点评 # 火炬电子 (603678) ## 2025年中报点评：主业稳健，陶瓷纤维超预期放量 **投资评级**: 买入 **上调评级** 2025年08月22日 **收盘价(元)**: 40.38 **业绩概要**：2025年上半年公司实现营业收入17.72亿元（+..."},{"source_path":"sources/stock-research-report-火炬电子-603678-4ebf2b2e79b1.md","chunk_id":"chunk:0a9f2e401f09","chunk_index":0,"quote_summary":"# 火炬电子（603678） # 2025 年中报点评：行业景气度改善及市场需求回升，电子元器件订单快速恢复 ## 买入（维持） **2025 年 08 月 26 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..."},{"source_path":"sources/stock-research-report-受益行业景气回暖-盈利能力明显改善-b797e3309d85.md","chunk_id":"chunk:62a936d3987f","chunk_index":0,"quote_summary":"国防军工 # 受益行业景气回暖，盈利能力明显改善 ■ 走势比较 | Month | 火炬电子 | 沪深300 | | ------ | ---- | ----- | | Aug/24 | 0 | 0 | | Sep/24 | 20 | 5 | | Oct/24 | 35 | 10 | | Nov/24 | 45 | ..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603678","target":"company:火炬电子","label":"partner_of","category":"company","group":"partner_of","evidence_count":10}
{"edge_id":"59420965b1ae","from":"company:603712","from_name":"七一二","to":"company:002465","to_name":"海格通信","relation":"partner_of","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-七一二-603712-军用无线通信领军企业-研发驱动新增长-4273816e06fb.md","chunk_id":"chunk:8773e5dafd77","chunk_index":0,"quote_summary":"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% | 14.7..."},{"source_path":"sources/stock-research-report-公-司-研-究-16b3cc4f8ca2.md","chunk_id":"chunk:9802a0ca0117","chunk_index":0,"quote_summary":"- | --------------------- | --------------------- | ---------------- | ---------------- | --------------- | --------------- | | 002465.SZ | 海格通信 | 267.09 | 11...."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603712","target":"company:002465","label":"partner_of","category":"company","group":"partner_of","evidence_count":2}
{"edge_id":"54a355cc56d4","from":"company:603712","from_name":"七一二","to":"company:七一二","to_name":"七一二","relation":"partner_of","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-2021-03-18-1c9d3233987c.md","chunk_id":"chunk:996c89acecc8","chunk_index":0,"quote_summary":"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..."},{"source_path":"sources/stock-research-report-七一二-603712-2cb336b30b26.md","chunk_id":"chunk:a0cdda05ca75","chunk_index":0,"quote_summary":"# 七一二（603712） 公司研究/点评报告 # 业绩高增长，看好公司长期发展 ——七一二（603712）2020 年三季报点评 ## 点评报告/国防军工 **推荐** 维持评级 **当前价格：** 45.39 元 ### 一、事件概述 10 月 27 日，公司发布 2020 年三季报，实现营业收入 13.10"},{"source_path":"sources/stock-research-report-七一二-603712-dcf3f461c09d.md","chunk_id":"chunk:96f7eaa89101","chunk_index":0,"quote_summary":"# 七一二（603712） 公司研究/点评报告 # 订单增长显著，业绩高增长可期 ## ——七一二（603712）2020年中报点评 **点评报告/国防军工** **2020年8月6日** ### 一、事件概述 8月5日，公司发布2020年中报，实现营业收入8.40亿元，同比增长16.12%；实现归母净利润1.03亿..."},{"source_path":"sources/stock-research-report-七一二半年报点评-军品业务快速增长-上半年净利润同比增-53-4478573c6187.md","chunk_id":"chunk:96ac4a45ef35","chunk_index":0,"quote_summary":"国防军工 # 七一二半年报点评：军品业务快速增长，上半年净利润同比增 53% ## ■ 走势比较 | Date | 七一二 | 沪深300 | | ------- | --- | ----- | | 19/8/6 | 0 | 0 | | 19/10/6 | 10 | 5 | | 19/12/6 | 15 | 10 |..."},{"source_path":"sources/stock-research-report-公-司-研-究-16b3cc4f8ca2.md","chunk_id":"chunk:9802a0ca0117","chunk_index":0,"quote_summary":"# 公 司 研 究 ## 七一二（603712.SH） ## 超短波军工专网通信领头羊，民用专网领域有望再领航 2021 年 01 月 05 日 **投资评级：增持（首次）** ——公司首次覆盖报告 # 公 司 首 次 覆 盖 报 告 | 日期 | 2021/1/5 | | ------------ | ------..."},{"source_path":"sources/stock-research-report-七一二-603712-409c8b76d7d1.md","chunk_id":"chunk:08d3da4adc3d","chunk_index":0,"quote_summary":"# 七一二（603712） # 2022 年年报点评：加速产业布局，军民双轨产能持续释放 ## 买入（维持） 2023 年 04 月 07 日 **证券分析师 苏立赞** 执业证书：S0600521110001 sulz@dwzq.com.cn **证券分析师 钱佳兴** 执业证书：S0600521120002 qia"},{"source_path":"sources/stock-research-report-七一二-603712-军用无线通信领军企业-研发驱动新增长-4273816e06fb.md","chunk_id":"chunk:8773e5dafd77","chunk_index":0,"quote_summary":"国防军工 # 七一二（603712）：军用无线通信领军企业，研发驱动新增长 ◼ **走势比较** 一年该股与沪深 300 走势比较 | 日期 | 七一二 | 沪深300 | | -------- | --- | ----- | | 19/11/28 | 0 | 0 | | 20/1/28 | 25 | 10 | | ..."},{"source_path":"sources/stock-research-report-七一二-603712-e83fb4ba43df.md","chunk_id":"chunk:f13a0e7657f4","chunk_index":0,"quote_summary":"# 七一二（603712） 公司研究/公司点评 # 经营业绩稳中有进，持续强化原创性引领性技术攻关 ## 投资评级：买入（维持） **报告日期：** 2023-10-31 **收盘价（元）**: 26.56 **近 12 个月最高/最低（元）**: 38.74/24.36 **总股本（百万股）**: 772 **流通..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603712","target":"company:七一二","label":"partner_of","category":"company","group":"partner_of","evidence_count":8}
{"edge_id":"1660b966021b","from":"company:603712","from_name":"七一二","to":"company:证-券-研-究-报-告","to_name":"证 券 研 究 报 告","relation":"partner_of","direction":"peer","summary":".66 | 0.90 | 1.21 | | P/E(倍) | 147.2 | 95.9 | 65.3 | 47.4 | 35.4 | | P/B(倍) | 14.7 | 12.9 | 11.1 | 9.1 | 7.3 | 数据来源：贝格数据、开源证券研究所 # 开 源 证 券 证 券 研 究 报 告 # 目 录 1、 七一二：国内军用无线通讯龙头国企，军民...","confidence":0.44,"evidence":[{"source_path":"sources/stock-research-report-公-司-研-究-16b3cc4f8ca2.md","chunk_id":"chunk:e5ea35c4f397","chunk_index":6,"quote_summary":".66 | 0.90 | 1.21 | | P/E(倍) | 147.2 | 95.9 | 65.3 | 47.4 | 35.4 | | P/B(倍) | 14.7 | 12.9 | 11.1 | 9.1 | 7.3 | 数据来源：贝格数据、开源证券研究所 # 开 源 证 券 证 券 研 究 报 告 # 目 录 1、..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603712","target":"company:证-券-研-究-报-告","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"56c62c1ef15b","from":"company:688011","from_name":"新光光电","to":"company:600184","to_name":"光电股份","relation":"partner_of","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-公司研究-证券研究报告-c09c1d1e1d64.md","chunk_id":"chunk:0856c37f135f","chunk_index":0,"quote_summary":"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 |..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688011","target":"company:600184","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"52f43b51d94a","from":"company:688011","from_name":"新光光电","to":"company:哈尔滨新光光电科技","to_name":"哈尔滨新光光电科技","relation":"partner_of","direction":"peer","summary":"C[哈创新投资] --- P14[0.20%] KT[凯致天使] --- P15[0.17%] P1 & P2 & P3 & P4 & P5 & P6 & P7 & P8 & P9 & P10 & P11 & P12 & P13 & P14 & P15 --- Parent[哈尔滨新光光电科技股份有限公司] Parent --- C1[100.00%] P...","confidence":0.44,"evidence":[{"source_path":"sources/stock-research-report-donghai-securities-d3cb3f6bdead.md","chunk_id":"chunk:7bdfc22a308f","chunk_index":0,"quote_summary":"C[哈创新投资] --- P14[0.20%] KT[凯致天使] --- P15[0.17%] P1 & P2 & P3 & P4 & P5 & P6 & P7 & P8 & P9 & P10 & P11 & P12 & P13 & P14 & P15 --- Parent[哈尔滨新光光电科技股份有限公司] Pare..."},{"source_path":"sources/stock-research-report-科创板高端装备系列之四-新光光电-55de1204d244.md","chunk_id":"chunk:a0606d3a42c4","chunk_index":0,"quote_summary":"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 | | (+/-) | - |..."},{"source_path":"sources/stock-research-report-公司研究-证券研究报告-c09c1d1e1d64.md","chunk_id":"chunk:0856c37f135f","chunk_index":0,"quote_summary":"> 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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688011","target":"company:哈尔滨新光光电科技","label":"partner_of","category":"company","group":"partner_of","evidence_count":3}
{"edge_id":"5f8a085481ab","from":"company:688027","from_name":"国盾量子","to":"company:硅基","to_name":"硅基","relation":"partner_of","direction":"peer","summary":"中属于管控层服务系统，负责量子保密通信网络的业务运行控制；后者基于量子设备的管理，对设备的运行状态、性能的劣化指标数据收集，实现对故障呈现功能。 | | 量子计算及测量<br/>仪器设备 | 科学与科研仪器 | | 主要包括多光子符合计数系统，支持双路符合计数测量，采用低暗计数的硅基单光子探测器作为单光子探测手段，探测结果通过 USB 接口上传至上位机软件...","confidence":0.44,"evidence":[{"source_path":"sources/stock-research-report-2024-年-04-月-08-日-8da78ebd44bf.md","chunk_id":"chunk:d9b65ad83f1e","chunk_index":0,"quote_summary":"中属于管控层服务系统，负责量子保密通信网络的业务运行控制；后者基于量子设备的管理，对设备的运行状态、性能的劣化指标数据收集，实现对故障呈现功能。 | | 量子计算及测量<br/>仪器设备 | 科学与科研仪器 | | 主要包括多光子符合计数系统，支持双路符合计数测量，采用低暗计数的硅基单光子探测器作为单光子探测手段，探..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688027","target":"company:硅基","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"a88266926e73","from":"company:688066","from_name":"航天宏图","to":"company:证-券-研-究-报-告","to_name":"证 券 研 究 报 告","relation":"partner_of","direction":"peer","summary":"2023-10-31 公司点评报告 **买入/维持** **航天宏图(688066)** 昨收盘：44.65 计算机 IT 服务Ⅱ # 业绩短期波动，布局 AI 和数据要素 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 ■ **走势比较** | Date | 航天宏图 | 沪深300 | | -------- | ---- | ---...","confidence":0.44,"evidence":[{"source_path":"sources/stock-research-report-2023-10-31-03605a568e64.md","chunk_id":"chunk:e104d624dd93","chunk_index":0,"quote_summary":"2023-10-31 公司点评报告 **买入/维持** **航天宏图(688066)** 昨收盘：44.65 计算机 IT 服务Ⅱ # 业绩短期波动，布局 AI 和数据要素 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 ■ **走势比较** | Date | 航天宏图 | 沪深300 | | -..."},{"source_path":"sources/stock-research-report-计算机-it-服务ii-090bcf87814c.md","chunk_id":"chunk:4f47824a18a6","chunk_index":0,"quote_summary":"计算机/IT 服务Ⅱ # 公 司 研 究 # 公 司 信 息 更 新 报 告 # 开 源 证 券 证 券 研 究 报 告 ## 航天宏图（688066.SH） # 业绩短期承压，数据要素与海外市场有望迎来突破 2024 年 04 月 13 日 ——公司信息更新报告 **投资评级：买入（维持）** **陈宝健（分析师）..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688066","target":"company:证-券-研-究-报-告","label":"partner_of","category":"company","group":"partner_of","evidence_count":2}
{"edge_id":"7df50442de31","from":"company:688122","from_name":"西部超导","to":"company:300034","to_name":"钢研高纳","relation":"partner_of","direction":"peer","summary":"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 2026 ...","confidence":0.44,"evidence":[{"source_path":"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_id":"chunk:25fb723a8c87","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688122","target":"company:300034","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"ce75e86d3a06","from":"company:688122","from_name":"西部超导","to":"company:300855","to_name":"图南股份","relation":"partner_of","direction":"peer","summary":"估值与评级 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...","confidence":0.44,"evidence":[{"source_path":"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_id":"chunk:25fb723a8c87","chunk_index":0,"quote_summary":"估值与评级 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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688122","target":"company:300855","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"b3787b5d6d44","from":"company:688122","from_name":"西部超导","to":"company:600862","to_name":"中航高科","relation":"partner_of","direction":"peer","summary":"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,"evidence":[{"source_path":"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_id":"chunk:25fb723a8c87","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688122","target":"company:600862","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"cf402f5ba3da","from":"company:688122","from_name":"西部超导","to":"company:中航高科","to_name":"中航高科","relation":"partner_of","direction":"peer","summary":"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,"evidence":[{"source_path":"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_id":"chunk:25fb723a8c87","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688122","target":"company:中航高科","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"a85275efaa98","from":"company:688231","from_name":"隆达股份","to":"company:300034","to_name":"钢研高纳","relation":"partner_of","direction":"peer","summary":"大学] end subgraph Smelting[\"主要冶炼及铸锭开坯单位：\"] S1[隆达股份] S2[西部超导] S3[图南股份] S4[中信特钢] S5[六合特钢] S6[攀长钢] S7[北冶功能材料] S8[抚顺特钢] S9[宝武特冶] S10[钢研高纳] S11[中航上大] S12[广大特材] S13[北京航材院] end subgraph F...","confidence":0.44,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究公司深度报告-ecaa858f1b6b.md","chunk_id":"chunk:284df31729b3","chunk_index":0,"quote_summary":"大学] end subgraph Smelting[\"主要冶炼及铸锭开坯单位：\"] S1[隆达股份] S2[西部超导] S3[图南股份] S4[中信特钢] S5[六合特钢] S6[攀长钢] S7[北冶功能材料] S8[抚顺特钢] S9[宝武特冶] S10[钢研高纳] S11[中航上大] S12[广大特材] S13[北..."},{"source_path":"sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md","chunk_id":"chunk:1efcfce8c83c","chunk_index":5,"quote_summary":"--------------------------------------------------------------------------------------------------------------------------------------- | | 钢研高纳 | 铸造高温合金制品、变形高..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688231","target":"company:300034","label":"partner_of","category":"company","group":"partner_of","evidence_count":2}
{"edge_id":"d49922de784b","from":"company:688231","from_name":"隆达股份","to":"company:300855","to_name":"图南股份","relation":"partner_of","direction":"peer","summary":"金属所] R3[西北工业大学] R4[中南大学] R5[北京航材院] R6[北京科技大学] R7[上海交通大学] R8[北京航空航天大学] end subgraph Smelting[\"主要冶炼及铸锭开坯单位：\"] S1[隆达股份] S2[西部超导] S3[图南股份] S4[中信特钢] S5[六合特钢] S6[攀长钢] S7[北冶功能材料] S8[抚顺特钢...","confidence":0.44,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究公司深度报告-ecaa858f1b6b.md","chunk_id":"chunk:284df31729b3","chunk_index":0,"quote_summary":"金属所] R3[西北工业大学] R4[中南大学] R5[北京航材院] R6[北京科技大学] R7[上海交通大学] R8[北京航空航天大学] end subgraph Smelting[\"主要冶炼及铸锭开坯单位：\"] S1[隆达股份] S2[西部超导] S3[图南股份] S4[中信特钢] S5[六合特钢] S6[攀长钢..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688231","target":"company:300855","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"84896c4d10f5","from":"company:688231","from_name":"隆达股份","to":"company:688122","to_name":"西部超导","relation":"partner_of","direction":"peer","summary":"院] R2[中科院金属所] R3[西北工业大学] R4[中南大学] R5[北京航材院] R6[北京科技大学] R7[上海交通大学] R8[北京航空航天大学] end subgraph Smelting[\"主要冶炼及铸锭开坯单位：\"] S1[隆达股份] S2[西部超导] S3[图南股份] S4[中信特钢] S5[六合特钢] S6[攀长钢] S7[北冶功能材料...","confidence":0.44,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究公司深度报告-ecaa858f1b6b.md","chunk_id":"chunk:284df31729b3","chunk_index":0,"quote_summary":"院] R2[中科院金属所] R3[西北工业大学] R4[中南大学] R5[北京航材院] R6[北京科技大学] R7[上海交通大学] R8[北京航空航天大学] end subgraph Smelting[\"主要冶炼及铸锭开坯单位：\"] S1[隆达股份] S2[西部超导] S3[图南股份] S4[中信特钢] S5[六合特..."},{"source_path":"sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md","chunk_id":"chunk:f4b7a99c3ca2","chunk_index":0,"quote_summary":"高温合金、铸造高温合金（母合金、精密铸件）产品的企业之一。2019 年铸造高温合金产量为 467813.44kg，销量 455778.4kg，产销率达 97.43%；变形高温合金产量为 1291010.08kg，销量为 1289568.81kg，产销率为 99.89%。 | | 西部超导 | 钛合金材料、超导产品和高..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688231","target":"company:688122","label":"partner_of","category":"company","group":"partner_of","evidence_count":2}
{"edge_id":"c90363aa9ffa","from":"company:688237","from_name":"超卓航科","to":"company:688333","to_name":"铂力特","relation":"partner_of","direction":"peer","summary":"---------- | ---- | ---------------- | ---------------- | ---------------- | ------------- | ------------- | ------------- | | 688333. SH | 铂力特 | 2.18 | 3.60 | 4.98 | 59.72 | 36.0...","confidence":0.44,"evidence":[{"source_path":"sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md","chunk_id":"chunk:f98995bd0920","chunk_index":0,"quote_summary":"---------- | ---- | ---------------- | ---------------- | ---------------- | ------------- | ------------- | ------------- | | 688333. SH | 铂力特 | 2.18 | 3.60 |..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688237","target":"company:688333","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"eca8c0d242e1","from":"company:688237","from_name":"超卓航科","to":"company:688685","to_name":"迈信林","relation":"partner_of","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md","chunk_id":"chunk:f98995bd0920","chunk_index":0,"quote_summary":"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 |..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688237","target":"company:688685","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"deafce2e7b49","from":"company:688287","from_name":"观典防务","to":"company:002389","to_name":"航天彩虹","relation":"partner_of","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-观典防务-688287-7fa3823c7bbe.md","chunk_id":"chunk:57cc673a16fd","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688287","target":"company:002389","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"c9972ac568ea","from":"company:688287","from_name":"观典防务","to":"company:688066","to_name":"航天宏图","relation":"partner_of","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-观典防务-688287-7fa3823c7bbe.md","chunk_id":"chunk:57cc673a16fd","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688287","target":"company:688066","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"ec37838ad7f5","from":"company:688287","from_name":"观典防务","to":"company:证-券-研-究-报-告","to_name":"证 券 研 究 报 告","relation":"partner_of","direction":"peer","summary":"> 公 司 研 究 · 观 典 防 务 · 证 券 研 究 报 告 # 业绩稳健增长，看好智能防务装备成长性 ## ——观典防务(688287.SH)三季报点评报告 **评级**：强烈推荐（维持） ### 事件 10 月 27 日公司发布 2022 年三季度报告，2022 年前三季度实现营收 2.18 亿元，同比+25.09%；归母净利润 0.77 亿元，...","confidence":0.44,"evidence":[{"source_path":"sources/stock-research-report-业绩稳健增长-看好智能防务装备成长性-25e26c0bdd9b.md","chunk_id":"chunk:d9ec403fdee9","chunk_index":0,"quote_summary":"> 公 司 研 究 · 观 典 防 务 · 证 券 研 究 报 告 # 业绩稳健增长，看好智能防务装备成长性 ## ——观典防务(688287.SH)三季报点评报告 **评级**：强烈推荐（维持） ### 事件 10 月 27 日公司发布 2022 年三季度报告，2022 年前三季度实现营收 2.18 亿元，同比+2..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688287","target":"company:证-券-研-究-报-告","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"8e62d7bdfd5b","from":"company:688311","from_name":"盟升电子","to":"company:688375","to_name":"国博电子","relation":"partner_of","direction":"peer","summary":"**邮箱**: konghourong@mszq.com - **研究助理**: 赵博轩 - **执业证书**: S0100122030069 - **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...","confidence":0.44,"evidence":[{"source_path":"sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md","chunk_id":"chunk:4db20f6359ac","chunk_index":2,"quote_summary":"**邮箱**: konghourong@mszq.com - **研究助理**: 赵博轩 - **执业证书**: S0100122030069 - **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：..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688311","target":"company:688375","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"b402bc67a6f4","from":"company:688311","from_name":"盟升电子","to":"company:688636","to_name":"智明达","relation":"partner_of","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md","chunk_id":"chunk:4db20f6359ac","chunk_index":2,"quote_summary":"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：..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688311","target":"company:688636","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"26de60cadab6","from":"company:688375","from_name":"国博电子","to":"company:600118","to_name":"中国卫星","relation":"partner_of","direction":"peer","summary":"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,"evidence":[{"source_path":"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_id":"chunk:3c3f06a90a7f","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688375","target":"company:600118","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"fb9b4be446e2","from":"company:688375","from_name":"国博电子","to":"company:688270","to_name":"臻镭科技","relation":"partner_of","direction":"peer","summary":"，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,"evidence":[{"source_path":"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_id":"chunk:3c3f06a90a7f","chunk_index":0,"quote_summary":"，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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688375","target":"company:688270","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"18a345e09d83","from":"company:688543","from_name":"国科军工","to":"company:600343","to_name":"航天动力","relation":"partner_of","direction":"peer","summary":"大力推进经纬公司产能提升工作，年内实现提升 30%生产能力，为后续订单履约提供有力保障。按照“整体筹划、分步实施”原则，动力模块扩能项目已通过行业主管部门核准，正稳步推进实施，项目建成后将进一步提升装药工艺自动化、智能化水平，实现推进剂装药智能制造。公司统筹推进动力模块扩能项目、航天动力建设等重点工程，为后续提高经营效益奠定坚实基础。 原则，动力模块扩能项...","confidence":0.44,"evidence":[{"source_path":"sources/stock-research-report-2026-年-04-月-04-日-40e265f047b4.md","chunk_id":"chunk:dd3be7f93f80","chunk_index":3,"quote_summary":"大力推进经纬公司产能提升工作，年内实现提升 30%生产能力，为后续订单履约提供有力保障。按照“整体筹划、分步实施”原则，动力模块扩能项目已通过行业主管部门核准，正稳步推进实施，项目建成后将进一步提升装药工艺自动化、智能化水平，实现推进剂装药智能制造。公司统筹推进动力模块扩能项目、航天动力建设等重点工程，为后续提高经营..."},{"source_path":"sources/stock-research-report-2025-12-27-957b96d5b5fc.md","chunk_id":"chunk:df8c187a531b","chunk_index":5,"quote_summary":"箭）固体发动机与控制产品：已列装多型现役装备，内需外贸空间广阔。**公司是国内少数从事导弹（火箭）固体发动机动力模块及总装科研生产的企业之一，发动机动力模块产品广泛应用于各类导弹、火箭弹系统动力，发动机总装主要应用于靶弹、各类助推器。随着“固体火箭发动机制造应急能力建设项目”和“航天动力建设项目”的持续推进，不仅能够..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688543","target":"company:600343","label":"partner_of","category":"company","group":"partner_of","evidence_count":2}
{"edge_id":"bdc309e5b420","from":"company:688543","from_name":"国科军工","to":"company:证-券-研-究-报-告","to_name":"证 券 研 究 报 告","relation":"partner_of","direction":"peer","summary":"年年度报告，2025 年 1-12 月实现营业收入 14.10 亿元，较上年同期增长 17.09%；归属于上市公司股东的净利润 2.47 亿元，较上年同期增长 24.09%；基本每股收益 1.18 元，较上年同期增长 24.21%。 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 军品业务稳定增长，科技创新成果丰硕。报告期内，公司军用产...","confidence":0.44,"evidence":[{"source_path":"sources/stock-research-report-2026-年-04-月-04-日-40e265f047b4.md","chunk_id":"chunk:5839b7d096a9","chunk_index":2,"quote_summary":"年年度报告，2025 年 1-12 月实现营业收入 14.10 亿元，较上年同期增长 17.09%；归属于上市公司股东的净利润 2.47 亿元，较上年同期增长 24.09%；基本每股收益 1.18 元，较上年同期增长 24.21%。 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 军品业务稳定增长..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688543","target":"company:证-券-研-究-报-告","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"e67cfa6e37f9","from":"company:688563","from_name":"航材股份","to":"company:300855","to_name":"图南股份","relation":"partner_of","direction":"peer","summary":"抗氧化性等高温性能较为良好的合金。其合金化程度高，通常包括 Fe、Ni、Co、Cr、Mo、Al、Ti、Nb 等元素。根据主要元素来划分，有铁基、镍基、铁镍基和钴基高温合金，其中镍基高温合金在当今生产中所占的比例已经高达 80%。 # 图 46：高温合金化学元素构成 资料来源：图南股份招股说明书，国元证券研究所 按制备工艺，高温合金可分为铸造高温合金、变形高...","confidence":0.44,"evidence":[{"source_path":"sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md","chunk_id":"chunk:1dc86bbdad25","chunk_index":0,"quote_summary":"抗氧化性等高温性能较为良好的合金。其合金化程度高，通常包括 Fe、Ni、Co、Cr、Mo、Al、Ti、Nb 等元素。根据主要元素来划分，有铁基、镍基、铁镍基和钴基高温合金，其中镍基高温合金在当今生产中所占的比例已经高达 80%。 # 图 46：高温合金化学元素构成 资料来源：图南股份招股说明书，国元证券研究所 按制备..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688563","target":"company:300855","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"e34291e82a77","from":"company:688563","from_name":"航材股份","to":"company:600862","to_name":"中航高科","relation":"partner_of","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md","chunk_id":"chunk:1dc86bbdad25","chunk_index":0,"quote_summary":"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：..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688563","target":"company:600862","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"c97ea7772869","from":"company:688586","from_name":"江航装备","to":"company:600115","to_name":"中国东航","relation":"partner_of","direction":"peer","summary":"| 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,"evidence":[{"source_path":"sources/stock-research-report-江航装备-688586-sh-d069c4c10c5a.md","chunk_id":"chunk:78cd225ff234","chunk_index":0,"quote_summary":"| 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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688586","target":"company:600115","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"f26ca9854697","from":"company:688586","from_name":"江航装备","to":"company:600372","to_name":"中航机载","relation":"partner_of","direction":"peer","summary":"- | | 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,"evidence":[{"source_path":"sources/stock-research-report-发布时间-2025-07-25-bd931579faf9.md","chunk_id":"chunk:5368b90d6209","chunk_index":3,"quote_summary":"- | | 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 ..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688586","target":"company:600372","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"c327aeff431d","from":"company:688586","from_name":"江航装备","to":"company:601111","to_name":"中国国航","relation":"partner_of","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-江航装备-688586-sh-d069c4c10c5a.md","chunk_id":"chunk:78cd225ff234","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688586","target":"company:601111","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"cb227f7d5b96","from":"company:688636","from_name":"智明达","to":"company:证-券-研-究-报-告","to_name":"证 券 研 究 报 告","relation":"partner_of","direction":"peer","summary":"# 公 司 研 究 # 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 2025-04-07 公司点评 买入/ 维持 ## 智明达（688636） **目标价**：60.00 **昨收盘**：39.48 国防军工 # 产品订单大幅增长，看好全年业绩表现 ### ■ 走势比较 | Month | 智明达 | 沪深300 | | -----...","confidence":0.44,"evidence":[{"source_path":"sources/stock-research-report-公-司-研-究-13b7289bbd8a.md","chunk_id":"chunk:bb9597b403b7","chunk_index":0,"quote_summary":"# 公 司 研 究 # 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 2025-04-07 公司点评 买入/ 维持 ## 智明达（688636） **目标价**：60.00 **昨收盘**：39.48 国防军工 # 产品订单大幅增长，看好全年业绩表现 ### ■ 走势比较 | Month | 智..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688636","target":"company:证-券-研-究-报-告","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"a24d0f294c1d","from":"company:688685","from_name":"迈信林","to":"company:300900","to_name":"广联航空","relation":"partner_of","direction":"peer","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-迈信林-688685-9069495e938f.md","chunk_id":"chunk:253c60523ce6","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688685","target":"company:300900","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"9ee8388c9b89","from":"company:q3-实现同环比增长-订单充足业绩有望持续","from_name":"Q3 实现同环比增长，订单充足业绩有望持续","to":"company:000733","to_name":"振华科技","relation":"partner_of","direction":"peer","summary":"司披露三季报，前三季度实现营收 39.3 亿元，同比+5.0%；实现归母净利润 6.2 亿元，同比-3.3%。其中，Q3 实现营收 15.16 亿元，同比+15.8%，环比+1.0%；实现归母净利润 3.1 亿元，同比+38.7%。环比+22.8%。 **相关报告：** 1.《振华科技公司点评：Q2业绩呈现环比改善，下半年有望持续好转》，2025.8.22...","confidence":0.44,"evidence":[{"source_path":"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_id":"chunk:3802d77f376c","chunk_index":0,"quote_summary":"司披露三季报，前三季度实现营收 39.3 亿元，同比+5.0%；实现归母净利润 6.2 亿元，同比-3.3%。其中，Q3 实现营收 15.16 亿元，同比+15.8%，环比+1.0%；实现归母净利润 3.1 亿元，同比+38.7%。环比+22.8%。 **相关报告：** 1.《振华科技公司点评：Q2业绩呈现环比改善，..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:q3-实现同环比增长-订单充足业绩有望持续","target":"company:000733","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"23628935f751","from":"company:中国船舶","from_name":"中国船舶","to":"company:600685","to_name":"中船防务","relation":"partner_of","direction":"peer","summary":"46 | 23.21% | | 沪东中华 | 沪东中华 | 88 | 10,987.25 | 7,387.18 | 23,119.77 | 7.92% | | 上海船厂 | 沪东中华 | 3 | 66.34 | 72.95 | 228.31 | 0.08% | | 黄埔文冲 | 中船防务 | 107 | 4,452.56 | 2,087.79 | 6,53...","confidence":0.44,"evidence":[{"source_path":"sources/stock-research-report-业绩进入兑现期-逐步迈向新高-8df757032bf6.md","chunk_id":"chunk:b20a13eef59f","chunk_index":0,"quote_summary":"46 | 23.21% | | 沪东中华 | 沪东中华 | 88 | 10,987.25 | 7,387.18 | 23,119.77 | 7.92% | | 上海船厂 | 沪东中华 | 3 | 66.34 | 72.95 | 228.31 | 0.08% | | 黄埔文冲 | 中船防务 | 107 | 4,452...."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中国船舶","target":"company:600685","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"cc0c1f422e2f","from":"company:中船科技","from_name":"中船科技","to":"company:600072","to_name":"中船科技","relation":"partner_of","direction":"peer","summary":"# 中船科技（600072. SH） <span style=\"float:right; background-color:red; color:white; padding:5px 15px; border-radius:20px;\">无评级</span> ## 重组注入优质风电资产，产业融合促进持续增长 ### 核心观点","confidence":0.44,"evidence":[{"source_path":"sources/stock-research-report-中船科技-600072-sh-无评级-cc7ee2011a0b.md","chunk_id":"chunk:13923a76e44f","chunk_index":0,"quote_summary":"# 中船科技（600072. SH） <span style=\"float:right; background-color:red; color:white; padding:5px 15px; border-radius:20px;\">无评级</span> ## 重组注入优质风电资产，产业融合促进持续增长 ### ..."},{"source_path":"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_id":"chunk:73122650dc4c","chunk_index":0,"quote_summary":"# 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 **中航证券研究所** 分析师：张 超 证券执业证书号：S0640519070001 邮箱：zhangchao@avicsec.com **行业分类：国防军工** **2022 年 4 月 25 日** | 公司投..."},{"source_path":"sources/stock-research-report-证券研究报告-936e1e6a1e27.md","chunk_id":"chunk:92e14ac89387","chunk_index":0,"quote_summary":"证券研究报告 船舶制造 # 中船科技（600072.SH） **买入-B(维持)** ### 业绩超预期，申请恢复并购审核 2023 年 4 月 3 日 公司研究/公司快报 **公司近一年市场表现** | 日期 | 中船科技 (%) | 上证指数 (%) | | ----- | -------- | --------..."},{"source_path":"sources/stock-research-report-证券研究报告-3ce05636c4be.md","chunk_id":"chunk:d30d3339a309","chunk_index":0,"quote_summary":"证券研究报告 船舶制造 # 中船科技（600072.SH） **买入-B(维持)** ### 并购信息更新，风电资产估值上升，重组有望加速 2023 年 3 月 3 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 | | ----- | ---- | ---- | | 2..."},{"source_path":"sources/stock-research-report-证券研究报告-dceb31728812.md","chunk_id":"chunk:a291617decbd","chunk_index":0,"quote_summary":"证券研究报告 船舶制造 # 中船科技（600072.SH） 买入-B(维持) ## 优质资产拟注入，海风龙头现雏形 2022 年 12 月 6 日 公司研究/深度分析 公司近一年市场表现 | Date | 中船科技 | 上证指数 | | ----- | ---- | ---- | | 21/12 | 0 | 0 | ..."},{"source_path":"sources/stock-research-report-信义山证-汇通天下-2872993ceb45.md","chunk_id":"chunk:e08e76ee2f23","chunk_index":0,"quote_summary":"# 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 | | ----- | ---- | ..."},{"source_path":"sources/stock-research-report-中船科技-600072-sh-无评级-e9bc8de5c63e.md","chunk_id":"chunk:0df2e3edce7f","chunk_index":0,"quote_summary":"# 中船科技（600072.SH） <span style=\"float:right\">无评级</span> ## 发行股份购买风电资产，构成重大资产重组 ◆ 公司研究·公司快评 ◆ 电力设备·风电设备 ◆ 投资评级：无评级 **证券分析师**： 王蔚祺 010-88005313 wangweiqi2@guosen...."},{"source_path":"sources/stock-research-report-中船科技-600072-2267995363a0.md","chunk_id":"chunk:a1bc16b707b4","chunk_index":0,"quote_summary":"# 中船科技（600072） 公司研究/点评报告 # 持续推进业务转型，有望实现业绩逆转 点评报告/国防军工 2019年4月18日 ### 一、事件概述 4月17日，公司发布2018年年报，全年实现营业收入32.64亿元，同比减少23.44%；实现归母净利润6543万元，同比增长115.09%。 **推荐** 首次评级"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中船科技","target":"company:600072","label":"partner_of","category":"company","group":"partner_of","evidence_count":8}
{"edge_id":"ed462ec4b1aa","from":"company:哈尔滨新光光电科技","from_name":"哈尔滨新光光电科技","to":"company:300474","to_name":"景嘉微","relation":"partner_of","direction":"peer","summary":"| 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,"evidence":[{"source_path":"sources/stock-research-report-科创板高端装备系列之四-新光光电-55de1204d244.md","chunk_id":"chunk:a0606d3a42c4","chunk_index":0,"quote_summary":"| 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 ..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:哈尔滨新光光电科技","target":"company:300474","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"6a876d03460b","from":"company:安徽四创电子","from_name":"安徽四创电子","to":"company:688027","to_name":"国盾量子","relation":"partner_of","direction":"peer","summary":"# 科创板重点标的解析之二——国盾量子 **计算机行业首席分析师：王文龙** **2019年3月** # 目录： # 1.公司产品概览 # 量子通信市场龙头,产品覆盖全面 * **深耕量子通信业务。**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","confidence":0.44,"evidence":[{"source_path":"sources/stock-research-report-科创板重点标的解析之二-国盾量子-a571f95f0cf7.md","chunk_id":"chunk:f48f686410c4","chunk_index":0,"quote_summary":"# 科创板重点标的解析之二——国盾量子 **计算机行业首席分析师：王文龙** **2019年3月** # 目录： # 1.公司产品概览 # 量子通信市场龙头,产品覆盖全面 * **深耕量子通信业务。**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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:安徽四创电子","target":"company:688027","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"aedab98113fb","from":"company:火炬电子","from_name":"火炬电子","to":"company:证-券-研-究-报-告","to_name":"证 券 研 究 报 告","relation":"partner_of","direction":"peer","summary":"收益（元） | 0.409 | 1.054 | 1.326 | 1.598 | | 市盈率（PE） | 99.02 | 38.42 | 30.54 | 25.34 | 资料来源：Wind，太平洋证券，注：摊薄每股收益按最新总股本计算 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 **证券分析师：马浩然** **电话**：010-883...","confidence":0.44,"evidence":[{"source_path":"sources/stock-research-report-受益行业景气回暖-盈利能力明显改善-b797e3309d85.md","chunk_id":"chunk:ab0782a04bd5","chunk_index":5,"quote_summary":"收益（元） | 0.409 | 1.054 | 1.326 | 1.598 | | 市盈率（PE） | 99.02 | 38.42 | 30.54 | 25.34 | 资料来源：Wind，太平洋证券，注：摊薄每股收益按最新总股本计算 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 **证券分析师：..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:火炬电子","target":"company:证-券-研-究-报-告","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"70cd838ac689","from":"company:经营持续恢复-2023-年业绩扭亏为盈","from_name":"经营持续恢复 2023 年业绩扭亏为盈","to":"company:600004","to_name":"白云机场","relation":"partner_of","direction":"peer","summary":"om.cn **分析师**：王凯婕（执业S1130522070001） wangkaijie@gjzq.com.cn **联系人**：霍泽嘉 huozejia@gjzq.com.cn **市价（人民币）：10.58元** ## 业绩简评 2024 年 4 月 27 日，白云机场发布 2023 年年度报告以及 2024 年一季度报告。2023 年公司营业收入...","confidence":0.44,"evidence":[{"source_path":"sources/stock-research-report-经营持续恢复-2023-年业绩扭亏为盈-7d4e889e7240.md","chunk_id":"chunk:69581322d4c4","chunk_index":0,"quote_summary":"om.cn **分析师**：王凯婕（执业S1130522070001） wangkaijie@gjzq.com.cn **联系人**：霍泽嘉 huozejia@gjzq.com.cn **市价（人民币）：10.58元** ## 业绩简评 2024 年 4 月 27 日，白云机场发布 2023 年年度报告以及 2024..."},{"source_path":"sources/stock-research-report-白云机场-600004-sh-8a72463ac912.md","chunk_id":"chunk:78ba956ca3c5","chunk_index":0,"quote_summary":"，分别同比增长 15.17%、26.67%、25.53%，带动公司航空性业务及非航业务收入增长。2024H1 分业务看，航空性收入 14.4 亿元，同比增长 26.62%，非航空性收入 20.21 亿元，同比增长 15.24%。 **相关报告：** 1. 《白云机场公司点评：经营持续恢复 2023 年业绩扭亏为盈》，..."},{"source_path":"sources/stock-research-report-白云机场-600004-sh-3de909ddbe97.md","chunk_id":"chunk:16745ca840b4","chunk_index":0,"quote_summary":"航空性业务及非航业务收入增长。其中，国际地区航线持续恢复，Q3 国际地区线旅客量为 391 万人次，约为 2019 年同期的 81%，恢复率持续提升。 **相关报告：** 1. 《白云机场公司点评：业务量持续恢复推动利润大幅改善》，2024.9.1 2. 《白云机场公司点评：经营持续恢复 2023 年业绩扭亏为盈》，..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:经营持续恢复-2023-年业绩扭亏为盈","target":"company:600004","label":"partner_of","category":"company","group":"partner_of","evidence_count":3}
{"edge_id":"766fcbda0218","from":"company:臻镭科技","from_name":"臻镭科技","to":"company:688270","to_name":"臻镭科技","relation":"partner_of","direction":"peer","summary":"# 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,"evidence":[{"source_path":"sources/stock-research-report-主要产品优势明显-科技创新成效显著-551010676ee4.md","chunk_id":"chunk:62e809447c01","chunk_index":0,"quote_summary":"# 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 |..."},{"source_path":"sources/stock-research-report-臻镭科技-688270-048169cb6a7e.md","chunk_id":"chunk:521c2ee4a15c","chunk_index":0,"quote_summary":"# 臻镭科技（688270） 公司研究/公司点评 # 营收稳步增长，持续研发投入奠定长期成长驱动力 ## 投资评级：买入（维持） ## 主要观点： | 报告日期： 2023-10-31 | 报告日期： 2023-10-31 | | ---------------- | ---------------- | | 收盘价..."},{"source_path":"sources/stock-research-report-臻镭科技-688270-af00b02379f9.md","chunk_id":"chunk:85857ef96aeb","chunk_index":0,"quote_summary":"# 臻镭科技（688270） # 2024 年中报点评：深耕核心技术研发，业务订单有序落地 2024 年 08 月 27 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 x..."},{"source_path":"sources/stock-research-report-臻镭科技-688270-87eeeabdbbb5.md","chunk_id":"chunk:cbbcaadc0aa1","chunk_index":0,"quote_summary":"# 臻镭科技（688270） 公司研究/公司点评 # 业绩短期承压，持续维持高强度的研发投入 ## 投资评级：买入（维持） ## 主要观点： **报告日期：** 2023-09-03 ### ⚫ 事件描述 | 收盘价（元） | 50.50 | | --------------- | ------------ | | 近"},{"source_path":"sources/stock-research-report-2023-年-8-月-22-日-11676cd4aee3.md","chunk_id":"chunk:3e85edc3a47e","chunk_index":0,"quote_summary":"2023 年 8 月 22 日 股票投资评级 # 臻镭科技(688270) ## 增持 | 首次覆盖 ## 营收保持稳定增长，高强度研发投入拖累业绩 ### 个股表现 | 日期 | 臻镭科技 | 电子 | | ------- | ---- | --- | | 2022-08 | 0 | 0 | | 2022-11 |..."},{"source_path":"sources/stock-research-report-证券研究报告-电子-公司点评报告-b55c08bdec4e.md","chunk_id":"chunk:b35726d96722","chunk_index":0,"quote_summary":"证券研究报告：电子 | 公司点评报告 2024 年 4 月 8 日 股票投资评级 **增持 | 维持** # 臻镭科技(688270) ## 研发大幅增长夯实技术壁垒，紧盯低轨卫星市场前景广阔 个股表现 | 日期 | 臻镭科技 | 电子 | | ------- | ---- | --- | | 2023-04 | 0..."},{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-6a05130610bb.md","chunk_id":"chunk:79e9022406c2","chunk_index":0,"quote_summary":"2025年08月29日 证券研究报告|公司研究|军工公司点评 # 臻镭科技 (688270) # 2025年半年报点评：半年报业绩创历史新高，有望持续受益于卫星互联的加速建设 **投资评级**：买入 **维持评级** 2025年08月28日 **收盘价（元)**：81.90 **目标价(元)**： ◆ **事件**：..."},{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-9708c7d7af37.md","chunk_id":"chunk:34c6e6bbc846","chunk_index":0,"quote_summary":"2023年09月11日 证券研究报告|公司研究|军工公司点评 # 臻镭科技 (688270) # 2023年中报点评：立足中长期持续性发展，研发费用率再创同期新高 **投资评级**：买入 **维持评级** 2023年09月08日 **收盘价(元)**：57.43 ## 报告摘要 ◆ **事件**：公司 8 月 16 ..."},{"source_path":"sources/stock-research-report-臻镭科技-688270-183562a6d2df.md","chunk_id":"chunk:01694b8a001b","chunk_index":0,"quote_summary":"# 臻镭科技（688270） # 2023 年年报点评：研发持续投入，扩充销售队伍，产品结构优化助力稳步增长 ### 买入（维持） 2024 年 04 月 01 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**..."},{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-4b8397772dd7.md","chunk_id":"chunk:c3b9b5495235","chunk_index":0,"quote_summary":"2024年10月31日 证券研究报告|公司研究|军工公司点评 # 臻镭科技 (688270) **投资评级：买入** ## 2024 年三季报点评：Q3 单季度利润增速回正，业绩修复有望提速 **维持评级** 2024年10月30日 **收盘价(元)：** 33.79 **目标价(元)：** ◆ 事件：10月25日公..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:臻镭科技","target":"company:688270","label":"partner_of","category":"company","group":"partner_of","evidence_count":10}
{"edge_id":"8b8c10059c0d","from":"company:证-券-研-究-报-告","from_name":"证 券 研 究 报 告","to":"company:300136","to_name":"信维通信","relation":"partner_of","direction":"peer","summary":"# 买入（维持） **行业**: 通信 **日期**: 2024年11月01日 **分析师**: 刘京昭 **E-mail**: liujingzhao@shzq.com **SAC 编号**: S0870523040005 # Q3 业绩稳中向好，消费电子回暖加速 ——信维通信 2024 年三季报点评 ## 基本数据 | 最新收盘价（元） | 22.89...","confidence":0.44,"evidence":[{"source_path":"sources/stock-research-report-证-券-研-究-报-告-66e4d95dbc79.md","chunk_id":"chunk:1620d3732470","chunk_index":0,"quote_summary":"# 买入（维持） **行业**: 通信 **日期**: 2024年11月01日 **分析师**: 刘京昭 **E-mail**: liujingzhao@shzq.com **SAC 编号**: S0870523040005 # Q3 业绩稳中向好，消费电子回暖加速 ——信维通信 2024 年三季报点评 ## 基本数..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:证-券-研-究-报-告","target":"company:300136","label":"partner_of","category":"company","group":"partner_of","evidence_count":1}
{"edge_id":"a4faa2713ec7","from":"company:证-券-研-究-报-告","from_name":"证 券 研 究 报 告","to":"company:信维通信","to_name":"信维通信","relation":"partner_of","direction":"peer","summary":"# 买入（维持） **行业**: 通信 **日期**: 2024年11月01日 **分析师**: 刘京昭 **E-mail**: liujingzhao@shzq.com **SAC 编号**: S0870523040005 # Q3 业绩稳中向好，消费电子回暖加速 ——信维通信 2024 年三季报点评 ## 基本数据 | 最新收盘价（元） | 22.89...","confidence":0.44,"evidence":[{"source_path":"sources/stock-research-report-证-券-研-究-报-告-66e4d95dbc79.md","chunk_id":"chunk:1620d3732470","chunk_index":0,"quote_summary":"# 买入（维持） **行业**: 通信 **日期**: 2024年11月01日 **分析师**: 刘京昭 **E-mail**: liujingzhao@shzq.com **SAC 编号**: S0870523040005 # Q3 业绩稳中向好，消费电子回暖加速 ——信维通信 2024 年三季报点评 ## 基本数..."},{"source_path":"sources/stock-research-report-证-券-研-究-报-告-fd9a2ea62bb0.md","chunk_id":"chunk:74618c3c53cb","chunk_index":0,"quote_summary":"# 证 券 研 究 报 告 # 公 司 点 评 # 23 年业绩短期承压，卫星互联网开辟新成长曲线 ——信维通信 23 年年报及 24 年一季报点评 ## 买入（维持） **行业**: 电子 **日期**: 2024年04月25日 **分析师**: 刘京昭 **E-mail**: liujingzhao@shzq.c..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:证-券-研-究-报-告","target":"company:信维通信","label":"partner_of","category":"company","group":"partner_of","evidence_count":2}
{"edge_id":"3e4dbe8cce1e","from":"company:000777","from_name":"中核科技","to":"company:603308","to_name":"应流股份","relation":"risk_transmits_to","direction":"risk","summary":"。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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-c0a2eca6c861.md","chunk_id":"chunk:4a4638d6483d","chunk_index":5,"quote_summary":"。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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000777","target":"company:603308","label":"risk_transmits_to","category":"risk","group":"risk_transmits_to","evidence_count":1}
{"edge_id":"7b6a3342a812","from":"company:300455","from_name":"航天智装","to":"company:601698","to_name":"中国卫通","relation":"risk_transmits_to","direction":"risk","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-5c65be74533f.md","chunk_id":"chunk:2a55fdf49eb7","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300455","target":"company:601698","label":"risk_transmits_to","category":"risk","group":"risk_transmits_to","evidence_count":1}
{"edge_id":"57f705b0ee22","from":"company:300455","from_name":"航天智装","to":"company:688270","to_name":"臻镭科技","relation":"risk_transmits_to","direction":"risk","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-5c65be74533f.md","chunk_id":"chunk:2a55fdf49eb7","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300455","target":"company:688270","label":"risk_transmits_to","category":"risk","group":"risk_transmits_to","evidence_count":1}
{"edge_id":"2f3222ae3452","from":"company:300455","from_name":"航天智装","to":"company:臻镭科技","to_name":"臻镭科技","relation":"risk_transmits_to","direction":"risk","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-5c65be74533f.md","chunk_id":"chunk:2a55fdf49eb7","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300455","target":"company:臻镭科技","label":"risk_transmits_to","category":"risk","group":"risk_transmits_to","evidence_count":1}
{"edge_id":"2a2b53b607ac","from":"company:600029","from_name":"南方航空","to":"company:600115","to_name":"中国东航","relation":"risk_transmits_to","direction":"risk","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-交通运输-航空机场-7294e30e5656.md","chunk_id":"chunk:92118e652f04","chunk_index":1,"quote_summary":"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 ..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600029","target":"company:600115","label":"risk_transmits_to","category":"risk","group":"risk_transmits_to","evidence_count":1}
{"edge_id":"42c502dd2c28","from":"company:600029","from_name":"南方航空","to":"company:601111","to_name":"中国国航","relation":"risk_transmits_to","direction":"risk","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-交通运输-航空机场-7294e30e5656.md","chunk_id":"chunk:92118e652f04","chunk_index":1,"quote_summary":"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-..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600029","target":"company:601111","label":"risk_transmits_to","category":"risk","group":"risk_transmits_to","evidence_count":1}
{"edge_id":"820ee32efe3a","from":"company:600115","from_name":"中国东航","to":"company:600029","to_name":"南方航空","relation":"risk_transmits_to","direction":"risk","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中国东航-600115-sh-优于大市-63275ea5abdf.md","chunk_id":"chunk:670b1fd80964","chunk_index":0,"quote_summary":"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..."},{"source_path":"sources/stock-research-report-中国东航-600115-sh-优于大市-c9e9f06f3d82.md","chunk_id":"chunk:b2cea14da419","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600115","target":"company:600029","label":"risk_transmits_to","category":"risk","group":"risk_transmits_to","evidence_count":2}
{"edge_id":"e64dde6a5b42","from":"company:600115","from_name":"中国东航","to":"company:601021","to_name":"春秋航空","relation":"risk_transmits_to","direction":"risk","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中国东航-600115-sh-优于大市-c9e9f06f3d82.md","chunk_id":"chunk:b2cea14da419","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600115","target":"company:601021","label":"risk_transmits_to","category":"risk","group":"risk_transmits_to","evidence_count":1}
{"edge_id":"fc13bf1869fe","from":"company:600115","from_name":"中国东航","to":"company:601111","to_name":"中国国航","relation":"risk_transmits_to","direction":"risk","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中国东航-600115-sh-优于大市-c9e9f06f3d82.md","chunk_id":"chunk:b2cea14da419","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600115","target":"company:601111","label":"risk_transmits_to","category":"risk","group":"risk_transmits_to","evidence_count":1}
{"edge_id":"900bb9ab7b74","from":"company:600115","from_name":"中国东航","to":"company:603885","to_name":"吉祥航空","relation":"risk_transmits_to","direction":"risk","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中国东航-600115-sh-优于大市-c9e9f06f3d82.md","chunk_id":"chunk:b2cea14da419","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600115","target":"company:603885","label":"risk_transmits_to","category":"risk","group":"risk_transmits_to","evidence_count":1}
{"edge_id":"a8dac9c9a82d","from":"company:600115","from_name":"中国东航","to":"company:南方航空","to_name":"南方航空","relation":"risk_transmits_to","direction":"risk","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-中国东航-600115-sh-优于大市-63275ea5abdf.md","chunk_id":"chunk:670b1fd80964","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600115","target":"company:南方航空","label":"risk_transmits_to","category":"risk","group":"risk_transmits_to","evidence_count":1}
{"edge_id":"1c6aca56a015","from":"company:600221","from_name":"海航控股","to":"company:601111","to_name":"中国国航","relation":"risk_transmits_to","direction":"risk","summary":"客收达 0.53 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/12...","confidence":0.58,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-60bf9d1768ac.md","chunk_id":"chunk:99b722f488cf","chunk_index":0,"quote_summary":"客收达 0.53 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-..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600221","target":"company:601111","label":"risk_transmits_to","category":"risk","group":"risk_transmits_to","evidence_count":1}
{"edge_id":"fa8d775cfcc2","from":"company:600221","from_name":"海航控股","to":"company:603885","to_name":"吉祥航空","relation":"risk_transmits_to","direction":"risk","summary":".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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-60bf9d1768ac.md","chunk_id":"chunk:99b722f488cf","chunk_index":0,"quote_summary":".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 ..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600221","target":"company:603885","label":"risk_transmits_to","category":"risk","group":"risk_transmits_to","evidence_count":1}
{"edge_id":"ae3a13de42c4","from":"company:600685","from_name":"中船防务","to":"company:600150","to_name":"中国船舶","relation":"risk_transmits_to","direction":"risk","summary":"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,"evidence":[{"source_path":"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_id":"chunk:e7bce75ff6a0","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600685","target":"company:600150","label":"risk_transmits_to","category":"risk","group":"risk_transmits_to","evidence_count":1}
{"edge_id":"a9680bdba099","from":"company:600685","from_name":"中船防务","to":"company:中国船舶","to_name":"中国船舶","relation":"risk_transmits_to","direction":"risk","summary":"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,"evidence":[{"source_path":"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_id":"chunk:e7bce75ff6a0","chunk_index":0,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600685","target":"company:中国船舶","label":"risk_transmits_to","category":"risk","group":"risk_transmits_to","evidence_count":1}
{"edge_id":"00e4916fc361","from":"company:601156","from_name":"东航物流","to":"company:600004","to_name":"白云机场","relation":"risk_transmits_to","direction":"risk","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-东航物流-601156-sh-2d1f8078de4d.md","chunk_id":"chunk:8ae46138bd2a","chunk_index":0,"quote_summary":"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 | | ..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601156","target":"company:600004","label":"risk_transmits_to","category":"risk","group":"risk_transmits_to","evidence_count":1}
{"edge_id":"52d7c1d297e2","from":"company:603308","from_name":"应流股份","to":"company:000777","to_name":"中核科技","relation":"risk_transmits_to","direction":"risk","summary":"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,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-92ff84317c47.md","chunk_id":"chunk:290ac5bc5877","chunk_index":5,"quote_summary":"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..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603308","target":"company:000777","label":"risk_transmits_to","category":"risk","group":"risk_transmits_to","evidence_count":1}
{"edge_id":"96d0a59c4460","from":"company:688287","from_name":"观典防务","to":"company:证-券-研-究-报-告","to_name":"证 券 研 究 报 告","relation":"risk_transmits_to","direction":"risk","summary":"形成以无人机为中心的、可用于防务领域的信息化支撑产品体系；另一方面加快以智能制暴器为代表的执法装备的成果转化，填补在维稳、处突等领域的应用空白。 <page_header> 中 小 盘 信 息 更 新 </page_header> <page_header> 开 源 证 券 证 券 研 究 报 告 </page_header> 小 盘 信 息 更 新 </...","confidence":0.58,"evidence":[{"source_path":"sources/stock-research-report-观典防务-688287-sh-2022h1-业绩稳健增长-研发投入加大夯实技术壁垒-384fb60af7e6.md","chunk_id":"chunk:eb0706d3994c","chunk_index":3,"quote_summary":"形成以无人机为中心的、可用于防务领域的信息化支撑产品体系；另一方面加快以智能制暴器为代表的执法装备的成果转化，填补在维稳、处突等领域的应用空白。 <page_header> 中 小 盘 信 息 更 新 </page_header> <page_header> 开 源 证 券 证 券 研 究 报 告 </page_he..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688287","target":"company:证-券-研-究-报-告","label":"risk_transmits_to","category":"risk","group":"risk_transmits_to","evidence_count":1}
{"edge_id":"d84ce786e148","from":"company:000519","from_name":"中兵红箭","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"中兵红箭 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8e2e2920c015.md","chunk_id":"chunk:d8cb725902de","chunk_index":0,"quote_summary":"◆ **特种装备业务快速增长，Q2业绩改善明显**"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000519","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"42e707c0a7fc","from":"company:000519","from_name":"中兵红箭","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"中兵红箭 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8e2e2920c015.md","chunk_id":"chunk:d8cb725902de","chunk_index":0,"quote_summary":"◆ **特种装备业务快速增长，Q2业绩改善明显**"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000519","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"238f7d9e9009","from":"company:000519","from_name":"中兵红箭","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"中兵红箭 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8e2e2920c015.md","chunk_id":"chunk:d8cb725902de","chunk_index":0,"quote_summary":"◆ **特种装备业务快速增长，Q2业绩改善明显**"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000519","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d405dbd5ad72","from":"company:000519","from_name":"中兵红箭","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"中兵红箭 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8e2e2920c015.md","chunk_id":"chunk:d8cb725902de","chunk_index":0,"quote_summary":"◆ **特种装备业务快速增长，Q2业绩改善明显**"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000519","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f4ef3e484bda","from":"company:000519","from_name":"中兵红箭","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"中兵红箭 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8e2e2920c015.md","chunk_id":"chunk:d8cb725902de","chunk_index":0,"quote_summary":"◆ **特种装备业务快速增长，Q2业绩改善明显**"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000519","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"66a58c208f58","from":"company:000519","from_name":"中兵红箭","to":"topic:环比","to_name":"环比","relation":"involves_topic","direction":"semantic","summary":"中兵红箭 研报中反复涉及 环比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8e2e2920c015.md","chunk_id":"chunk:d8cb725902de","chunk_index":0,"quote_summary":"◆ **特种装备业务快速增长，Q2业绩改善明显**"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000519","target":"topic:环比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"68df29f7a9a3","from":"company:000519","from_name":"中兵红箭","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"中兵红箭 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8e2e2920c015.md","chunk_id":"chunk:d8cb725902de","chunk_index":0,"quote_summary":"◆ **特种装备业务快速增长，Q2业绩改善明显**"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000519","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"118bad51a8a7","from":"company:000519","from_name":"中兵红箭","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"中兵红箭 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8e2e2920c015.md","chunk_id":"chunk:d8cb725902de","chunk_index":0,"quote_summary":"◆ **特种装备业务快速增长，Q2业绩改善明显**"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000519","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"83fb0ade9f6d","from":"company:000519","from_name":"中兵红箭","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"中兵红箭 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-182d13714a53.md","chunk_id":"chunk:0ca9df51d519","chunk_index":0,"quote_summary":"2023年报告期内，公司实现营业收入（61.16亿元，-8.90%），远超计划预期（计划2023年主营业务收入56.69亿元），归母净利润（8.28亿元，+1.08%），公司毛利率(32.25%,+3.38pcts)和净利率(13.54%,+1.34pcts)均创近五年新高，我们认为主要系公司特种装备业务板块子公司北..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000519","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a40225e58bfb","from":"company:000733","from_name":"振华科技","to":"topic:产业链","to_name":"产业链","relation":"involves_topic","direction":"semantic","summary":"振华科技 研报中反复涉及 产业链。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-振华科技-000733-a8200142e6ad.md","chunk_id":"chunk:b094aa397473","chunk_index":8,"quote_summary":"随着科技的不断进步，电子元器件市场需求将持续增长，为公司提供广阔的发展空间；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000733","target":"topic:产业链","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"5c7b6304e01c","from":"company:000733","from_name":"振华科技","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"振华科技 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-振华科技-000733-sz-fd745e89d727.md","chunk_id":"chunk:ee38a7980bf7","chunk_index":0,"quote_summary":"订货需求不足叠加价格压力导致子公司经营承压，结构上看，振华永光的利润下滑幅度（-48.8%）显著低于公司整体（-63.8%），说明半导体分立器件壁垒较高且具有一定的国产化空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000733","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"63c941921046","from":"company:000733","from_name":"振华科技","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"振华科技 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-振华科技-000733-83b334bf0b0f.md","chunk_id":"chunk:052fceea61be","chunk_index":5,"quote_summary":"* **盈利预测与投资评级：**公司业绩符合市场预期，我们维持先前的预测，预计公司 2025-2027 年的归母净利润分别为 10.83/12.52/14.47 亿元，对应 PE 分别为 27/24/20 倍，维持“买入”评级。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000733","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e353af4bce74","from":"company:000733","from_name":"振华科技","to":"topic:低空经济","to_name":"低空经济","relation":"involves_topic","direction":"semantic","summary":"振华科技 研报中反复涉及 低空经济。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-81ea11d2fa00.md","chunk_id":"chunk:40edee692ad3","chunk_index":0,"quote_summary":"** 公司作为中国电子集团下以电子元器件为核心业务企业，是我国在高新电子元器件领域产品体系最全、产业链最完整的企业，以基础元器件、电子功能材料、混合集成电路以及应用开发四大业务板块，产品广泛应用于航空、航天、电子、兵器、船舶及核工业等重要领域，公司产品性能、质量以及市场占有率在电子元器件领域均处于国内同类产品领先水平。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000733","target":"topic:低空经济","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a6b75c962f7a","from":"company:000733","from_name":"振华科技","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"振华科技 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-81ea11d2fa00.md","chunk_id":"chunk:40edee692ad3","chunk_index":0,"quote_summary":"** 公司作为中国电子集团下以电子元器件为核心业务企业，是我国在高新电子元器件领域产品体系最全、产业链最完整的企业，以基础元器件、电子功能材料、混合集成电路以及应用开发四大业务板块，产品广泛应用于航空、航天、电子、兵器、船舶及核工业等重要领域，公司产品性能、质量以及市场占有率在电子元器件领域均处于国内同类产品领先水平。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000733","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f4c42184bad4","from":"company:000733","from_name":"振华科技","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"振华科技 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-振华科技-000733-sz-9777be882b4b.md","chunk_id":"chunk:8f996f092b2c","chunk_index":18,"quote_summary":"存货 24.69 亿元，较期初+ 10.06%，同比增长 8.06%，公司积极备货备产。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000733","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"711f0313fc0c","from":"company:000733","from_name":"振华科技","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"振华科技 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-振华科技-000733-sz-9777be882b4b.md","chunk_id":"chunk:8f996f092b2c","chunk_index":18,"quote_summary":"存货 24.69 亿元，较期初+ 10.06%，同比增长 8.06%，公司积极备货备产。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000733","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c7d97316c995","from":"company:000733","from_name":"振华科技","to":"topic:商业航天","to_name":"商业航天","relation":"involves_topic","direction":"semantic","summary":"振华科技 研报中反复涉及 商业航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-81ea11d2fa00.md","chunk_id":"chunk:40edee692ad3","chunk_index":0,"quote_summary":"** 公司作为中国电子集团下以电子元器件为核心业务企业，是我国在高新电子元器件领域产品体系最全、产业链最完整的企业，以基础元器件、电子功能材料、混合集成电路以及应用开发四大业务板块，产品广泛应用于航空、航天、电子、兵器、船舶及核工业等重要领域，公司产品性能、质量以及市场占有率在电子元器件领域均处于国内同类产品领先水平。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000733","target":"topic:商业航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"11ac8c4eafe6","from":"company:000733","from_name":"振华科技","to":"topic:工业原材料","to_name":"工业原材料","relation":"involves_topic","direction":"semantic","summary":"振华科技 研报中反复涉及 工业原材料。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-振华科技-000733-83b334bf0b0f.md","chunk_id":"chunk:052fceea61be","chunk_index":5,"quote_summary":"* **盈利预测与投资评级：**公司业绩符合市场预期，我们维持先前的预测，预计公司 2025-2027 年的归母净利润分别为 10.83/12.52/14.47 亿元，对应 PE 分别为 27/24/20 倍，维持“买入”评级。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000733","target":"topic:工业原材料","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"72159737c2d3","from":"company:000733","from_name":"振华科技","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"振华科技 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-振华科技-000733-sz-9777be882b4b.md","chunk_id":"chunk:8f996f092b2c","chunk_index":18,"quote_summary":"存货 24.69 亿元，较期初+ 10.06%，同比增长 8.06%，公司积极备货备产。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000733","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f0aeb2b93733","from":"company:000733","from_name":"振华科技","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"振华科技 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-振华科技-000733-sz-9777be882b4b.md","chunk_id":"chunk:8f996f092b2c","chunk_index":18,"quote_summary":"存货 24.69 亿元，较期初+ 10.06%，同比增长 8.06%，公司积极备货备产。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000733","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"769605ccdfcc","from":"company:000733","from_name":"振华科技","to":"topic:环比","to_name":"环比","relation":"involves_topic","direction":"semantic","summary":"振华科技 研报中反复涉及 环比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-振华科技-000733-sz-9777be882b4b.md","chunk_id":"chunk:8f996f092b2c","chunk_index":18,"quote_summary":"存货 24.69 亿元，较期初+ 10.06%，同比增长 8.06%，公司积极备货备产。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000733","target":"topic:环比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"54054cf2726f","from":"company:000733","from_name":"振华科技","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"振华科技 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-振华科技-000733-sz-9777be882b4b.md","chunk_id":"chunk:8f996f092b2c","chunk_index":18,"quote_summary":"存货 24.69 亿元，较期初+ 10.06%，同比增长 8.06%，公司积极备货备产。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000733","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b308257fa082","from":"company:000733","from_name":"振华科技","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"振华科技 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-振华科技-000733-sz-9777be882b4b.md","chunk_id":"chunk:8f996f092b2c","chunk_index":18,"quote_summary":"存货 24.69 亿元，较期初+ 10.06%，同比增长 8.06%，公司积极备货备产。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000733","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"82a614e690f8","from":"company:000733","from_name":"振华科技","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"振华科技 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-振华科技-000733-sz-9777be882b4b.md","chunk_id":"chunk:8f996f092b2c","chunk_index":18,"quote_summary":"存货 24.69 亿元，较期初+ 10.06%，同比增长 8.06%，公司积极备货备产。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000733","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c3d96beedeef","from":"company:000733","from_name":"振华科技","to":"topic:银行","to_name":"银行","relation":"involves_topic","direction":"semantic","summary":"振华科技 研报中反复涉及 银行。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-发布时间-2025-04-30-c34d965da472.md","chunk_id":"chunk:ffb7aed95db6","chunk_index":4,"quote_summary":"2024 年末，公司存货 22.43 亿元，同比增长 7%，主要由于为满足订单交付要求，在产品和库存商品同比增加。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000733","target":"topic:银行","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"70d9b8ffab15","from":"company:000733","from_name":"振华科技","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"振华科技 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-81ea11d2fa00.md","chunk_id":"chunk:40edee692ad3","chunk_index":0,"quote_summary":"** 公司作为中国电子集团下以电子元器件为核心业务企业，是我国在高新电子元器件领域产品体系最全、产业链最完整的企业，以基础元器件、电子功能材料、混合集成电路以及应用开发四大业务板块，产品广泛应用于航空、航天、电子、兵器、船舶及核工业等重要领域，公司产品性能、质量以及市场占有率在电子元器件领域均处于国内同类产品领先水平。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000733","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d9aeac960547","from":"company:000738","from_name":"航发控制","to":"topic:cagr","to_name":"CAGR","relation":"involves_topic","direction":"semantic","summary":"航发控制 研报中反复涉及 CAGR。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航发控制-000738-sz-2024-年三季报点评-e424f34444eb.md","chunk_id":"chunk:10103956d7a7","chunk_index":1,"quote_summary":"➢ **投资建议**：公司主营航空发动机及燃气轮机控制系统、国际合作业务、控制系统技术衍生产品三大业务，在航空发动机控制系统细分领域处于行业领先地位，公司将持续受益于下游型号批产放量和维修后市场的稳定增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000738","target":"topic:cagr","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4ce58852d7ba","from":"company:000738","from_name":"航发控制","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"航发控制 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航发控制-000738-sz-2d464c7c53d6.md","chunk_id":"chunk:ad8c3415de95","chunk_index":2,"quote_summary":"当前国防建设对装备升级换代需求迫切，民用市场发展也面临重要机遇期，民用大飞机和通用航空已成为战略性新兴产业，民机自主研制加快，未来军民用航空发动机市场配套规模将持续增长，公司有望持续受益于下游的高景气度。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000738","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"60eccb8f0254","from":"company:000738","from_name":"航发控制","to":"topic:下游","to_name":"下游","relation":"involves_topic","direction":"semantic","summary":"航发控制 研报中反复涉及 下游。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航发控制-000738-sz-2024-年年报点评-5dc94f73d135.md","chunk_id":"chunk:2134b43abdf3","chunk_index":1,"quote_summary":"> **投资建议：** 公司是“两机”控制系统机械领域的龙头企业，尽管 2025 年在新老型号过渡期业绩阶段性承压，但公司将长期受益于下游新型号批产放量和维修后市场的稳定增长，我们看好公司稳健增长的长期趋势。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000738","target":"topic:下游","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7750b70a6832","from":"company:000738","from_name":"航发控制","to":"topic:低空经济","to_name":"低空经济","relation":"involves_topic","direction":"semantic","summary":"航发控制 研报中反复涉及 低空经济。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航发控制-000738-sz-2025-年半年报点评-375bfd412012.md","chunk_id":"chunk:858bfc224a50","chunk_index":2,"quote_summary":"* **投资建议：** 公司是“两机”控制系统机械领域的龙头企业，尽管 2025 年在新老型号过渡期业绩阶段性承压，但公司将长期受益于下游新型号批产放量和维修后市场的稳定增长，我们看好公司稳健增长的长期趋势。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000738","target":"topic:低空经济","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"651d96f80b15","from":"company:000738","from_name":"航发控制","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"航发控制 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63358ec50bed.md","chunk_id":"chunk:e2bf20090722","chunk_index":5,"quote_summary":"随着两机项目的持续推进和国产民用飞机的发展带来的下游型号批产放量，以及国际航空客运市场的全面复苏，航空发动机控制系统产品市场和业务空间广阔。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000738","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d14dc009515a","from":"company:000738","from_name":"航发控制","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"航发控制 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63358ec50bed.md","chunk_id":"chunk:e2bf20090722","chunk_index":5,"quote_summary":"随着两机项目的持续推进和国产民用飞机的发展带来的下游型号批产放量，以及国际航空客运市场的全面复苏，航空发动机控制系统产品市场和业务空间广阔。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000738","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"8757a587529a","from":"company:000738","from_name":"航发控制","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"航发控制 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-股票投资评级-c73f59215d42.md","chunk_id":"chunk:766f46229b7d","chunk_index":2,"quote_summary":"国际合作业务营收 3.68 亿，同比增长 5.48%;"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000738","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9e1d88774ea2","from":"company:000738","from_name":"航发控制","to":"topic:天然气","to_name":"天然气","relation":"involves_topic","direction":"semantic","summary":"航发控制 研报中反复涉及 天然气。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63358ec50bed.md","chunk_id":"chunk:e2bf20090722","chunk_index":5,"quote_summary":"随着两机项目的持续推进和国产民用飞机的发展带来的下游型号批产放量，以及国际航空客运市场的全面复苏，航空发动机控制系统产品市场和业务空间广阔。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000738","target":"topic:天然气","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9bb1bcd88a1d","from":"company:000738","from_name":"航发控制","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"航发控制 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航发控制-000738-sz-2025-年半年报点评-375bfd412012.md","chunk_id":"chunk:858bfc224a50","chunk_index":2,"quote_summary":"* **投资建议：** 公司是“两机”控制系统机械领域的龙头企业，尽管 2025 年在新老型号过渡期业绩阶段性承压，但公司将长期受益于下游新型号批产放量和维修后市场的稳定增长，我们看好公司稳健增长的长期趋势。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000738","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"380044ae642e","from":"company:000738","from_name":"航发控制","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"航发控制 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63358ec50bed.md","chunk_id":"chunk:e2bf20090722","chunk_index":5,"quote_summary":"随着两机项目的持续推进和国产民用飞机的发展带来的下游型号批产放量，以及国际航空客运市场的全面复苏，航空发动机控制系统产品市场和业务空间广阔。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000738","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"29d979538e0e","from":"company:000738","from_name":"航发控制","to":"topic:民机","to_name":"民机","relation":"involves_topic","direction":"semantic","summary":"航发控制 研报中反复涉及 民机。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航发控制-000738-sz-2024-年一季报点评-9ff161225854.md","chunk_id":"chunk:b5a38ce3c3f6","chunk_index":1,"quote_summary":"➢ **投资建议：**公司是“两机”控制系统机械领域的龙头企业，公司将持续受益于下游型号批产放量和维修后市场的稳定增长，同时民机市场及低空经济将打开公司长期发展空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000738","target":"topic:民机","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f52b51381d15","from":"company:000738","from_name":"航发控制","to":"topic:燃气轮机","to_name":"燃气轮机","relation":"involves_topic","direction":"semantic","summary":"航发控制 研报中反复涉及 燃气轮机。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63358ec50bed.md","chunk_id":"chunk:e2bf20090722","chunk_index":5,"quote_summary":"随着两机项目的持续推进和国产民用飞机的发展带来的下游型号批产放量，以及国际航空客运市场的全面复苏，航空发动机控制系统产品市场和业务空间广阔。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000738","target":"topic:燃气轮机","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c255e776f77e","from":"company:000738","from_name":"航发控制","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"航发控制 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63358ec50bed.md","chunk_id":"chunk:e2bf20090722","chunk_index":5,"quote_summary":"随着两机项目的持续推进和国产民用飞机的发展带来的下游型号批产放量，以及国际航空客运市场的全面复苏，航空发动机控制系统产品市场和业务空间广阔。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000738","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"8beef89e6a19","from":"company:000738","from_name":"航发控制","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"航发控制 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63358ec50bed.md","chunk_id":"chunk:e2bf20090722","chunk_index":5,"quote_summary":"随着两机项目的持续推进和国产民用飞机的发展带来的下游型号批产放量，以及国际航空客运市场的全面复苏，航空发动机控制系统产品市场和业务空间广阔。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000738","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6f4df5f7ed26","from":"company:000738","from_name":"航发控制","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"航发控制 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63358ec50bed.md","chunk_id":"chunk:e2bf20090722","chunk_index":5,"quote_summary":"随着两机项目的持续推进和国产民用飞机的发展带来的下游型号批产放量，以及国际航空客运市场的全面复苏，航空发动机控制系统产品市场和业务空间广阔。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000738","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a5d62ebf394e","from":"company:000738","from_name":"航发控制","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"航发控制 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-股票投资评级-c73f59215d42.md","chunk_id":"chunk:766f46229b7d","chunk_index":2,"quote_summary":"国际合作业务营收 3.68 亿，同比增长 5.48%;"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000738","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"99de0133b5dc","from":"company:000738","from_name":"航发控制","to":"topic:银行","to_name":"银行","relation":"involves_topic","direction":"semantic","summary":"航发控制 研报中反复涉及 银行。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-股票投资评级-c73f59215d42.md","chunk_id":"chunk:766f46229b7d","chunk_index":2,"quote_summary":"国际合作业务营收 3.68 亿，同比增长 5.48%;"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000738","target":"topic:银行","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c333180988f3","from":"company:000738","from_name":"航发控制","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"航发控制 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航发控制-000738-sz-2d464c7c53d6.md","chunk_id":"chunk:ad8c3415de95","chunk_index":2,"quote_summary":"当前国防建设对装备升级换代需求迫切，民用市场发展也面临重要机遇期，民用大飞机和通用航空已成为战略性新兴产业，民机自主研制加快，未来军民用航空发动机市场配套规模将持续增长，公司有望持续受益于下游的高景气度。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000738","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"98004f50f9c0","from":"company:000768","from_name":"中航西飞","to":"topic:c919","to_name":"C919","relation":"involves_topic","direction":"semantic","summary":"中航西飞 研报中反复涉及 C919。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-增持-首次覆盖-d12cf1eeb2cc.md","chunk_id":"chunk:2e9cd03f4df2","chunk_index":4,"quote_summary":"* **投资建议：**公司是国内大中型军用飞机制造领域龙头企业，“军机+民机”双轮驱动布局持续深化，公司国产大飞机民机部件交付放量和军机业务稳步发展。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000768","target":"topic:c919","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a5f68f5aee2e","from":"company:000768","from_name":"中航西飞","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"中航西飞 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-015c3a2d7c59.md","chunk_id":"chunk:316f447ad95c","chunk_index":2,"quote_summary":"负债合计 556.38 亿元，同比增长 5.40%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000768","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e9af55c5804e","from":"company:000768","from_name":"中航西飞","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"中航西飞 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md","chunk_id":"chunk:245d9a0b849f","chunk_index":57,"quote_summary":"| 股票<br/>投资评级 | 优于大市 | 股价表现优于市场代表性指数 10%以上 |"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000768","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ddc7519dab69","from":"company:000768","from_name":"中航西飞","to":"topic:低空经济","to_name":"低空经济","relation":"involves_topic","direction":"semantic","summary":"中航西飞 研报中反复涉及 低空经济。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md","chunk_id":"chunk:245d9a0b849f","chunk_index":57,"quote_summary":"| 股票<br/>投资评级 | 优于大市 | 股价表现优于市场代表性指数 10%以上 |"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000768","target":"topic:低空经济","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"bdc01c72c47a","from":"company:000768","from_name":"中航西飞","to":"topic:军机","to_name":"军机","relation":"involves_topic","direction":"semantic","summary":"中航西飞 研报中反复涉及 军机。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-增持-首次覆盖-d12cf1eeb2cc.md","chunk_id":"chunk:2e9cd03f4df2","chunk_index":4,"quote_summary":"* **投资建议：**公司是国内大中型军用飞机制造领域龙头企业，“军机+民机”双轮驱动布局持续深化，公司国产大飞机民机部件交付放量和军机业务稳步发展。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000768","target":"topic:军机","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b8b541d59778","from":"company:000768","from_name":"中航西飞","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"中航西飞 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md","chunk_id":"chunk:245d9a0b849f","chunk_index":57,"quote_summary":"| 股票<br/>投资评级 | 优于大市 | 股价表现优于市场代表性指数 10%以上 |"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000768","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"60be99aadbc8","from":"company:000768","from_name":"中航西飞","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"中航西飞 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-增持-首次覆盖-d12cf1eeb2cc.md","chunk_id":"chunk:2e9cd03f4df2","chunk_index":4,"quote_summary":"* **投资建议：**公司是国内大中型军用飞机制造领域龙头企业，“军机+民机”双轮驱动布局持续深化，公司国产大飞机民机部件交付放量和军机业务稳步发展。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000768","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2a3f636e546c","from":"company:000768","from_name":"中航西飞","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"中航西飞 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航西飞-000768-sz-6eb816e41ee0.md","chunk_id":"chunk:ad41a213b54f","chunk_index":0,"quote_summary":"《中航西飞：大中型飞机制造龙头，有望受益于军民双景气》，2024.11.1"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000768","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f1d45ab78a88","from":"company:000768","from_name":"中航西飞","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"中航西飞 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md","chunk_id":"chunk:245d9a0b849f","chunk_index":57,"quote_summary":"| 股票<br/>投资评级 | 优于大市 | 股价表现优于市场代表性指数 10%以上 |"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000768","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"504e402c07d4","from":"company:000768","from_name":"中航西飞","to":"topic:民机","to_name":"民机","relation":"involves_topic","direction":"semantic","summary":"中航西飞 研报中反复涉及 民机。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-增持-首次覆盖-d12cf1eeb2cc.md","chunk_id":"chunk:2e9cd03f4df2","chunk_index":4,"quote_summary":"* **投资建议：**公司是国内大中型军用飞机制造领域龙头企业，“军机+民机”双轮驱动布局持续深化，公司国产大飞机民机部件交付放量和军机业务稳步发展。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000768","target":"topic:民机","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"27ccb470e009","from":"company:000768","from_name":"中航西飞","to":"topic:环比","to_name":"环比","relation":"involves_topic","direction":"semantic","summary":"中航西飞 研报中反复涉及 环比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航西飞-000768-sz-6eb816e41ee0.md","chunk_id":"chunk:ad41a213b54f","chunk_index":0,"quote_summary":"《中航西飞：大中型飞机制造龙头，有望受益于军民双景气》，2024.11.1"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000768","target":"topic:环比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"41c8a80a73bb","from":"company:000768","from_name":"中航西飞","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"中航西飞 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md","chunk_id":"chunk:245d9a0b849f","chunk_index":57,"quote_summary":"| 股票<br/>投资评级 | 优于大市 | 股价表现优于市场代表性指数 10%以上 |"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000768","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6485d10317fa","from":"company:000768","from_name":"中航西飞","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"中航西飞 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md","chunk_id":"chunk:245d9a0b849f","chunk_index":57,"quote_summary":"| 股票<br/>投资评级 | 优于大市 | 股价表现优于市场代表性指数 10%以上 |"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000768","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"fb6d34dd6f0a","from":"company:000768","from_name":"中航西飞","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"中航西飞 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md","chunk_id":"chunk:245d9a0b849f","chunk_index":57,"quote_summary":"| 股票<br/>投资评级 | 优于大市 | 股价表现优于市场代表性指数 10%以上 |"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000768","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"5c2f6aa89814","from":"company:000768","from_name":"中航西飞","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"中航西飞 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航西飞-000768-sz-6eb816e41ee0.md","chunk_id":"chunk:ad41a213b54f","chunk_index":0,"quote_summary":"《中航西飞：大中型飞机制造龙头，有望受益于军民双景气》，2024.11.1"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000768","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ad94d2ca199f","from":"company:000768","from_name":"中航西飞","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"中航西飞 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md","chunk_id":"chunk:245d9a0b849f","chunk_index":57,"quote_summary":"| 股票<br/>投资评级 | 优于大市 | 股价表现优于市场代表性指数 10%以上 |"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000768","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4344b001e929","from":"company:000777","from_name":"中核科技","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"中核科技 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-c0a2eca6c861.md","chunk_id":"chunk:3bedfa98adee","chunk_index":4,"quote_summary":"其中核工程阀门产品营收占比达 45.50%，同比增长 35.50%，市场地位和技术实力显著提升。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000777","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"dac177210141","from":"company:000777","from_name":"中核科技","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"中核科技 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-c0a2eca6c861.md","chunk_id":"chunk:3bedfa98adee","chunk_index":4,"quote_summary":"其中核工程阀门产品营收占比达 45.50%，同比增长 35.50%，市场地位和技术实力显著提升。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000777","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"849ddb7d1c18","from":"company:000777","from_name":"中核科技","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"中核科技 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-c0a2eca6c861.md","chunk_id":"chunk:3bedfa98adee","chunk_index":4,"quote_summary":"其中核工程阀门产品营收占比达 45.50%，同比增长 35.50%，市场地位和技术实力显著提升。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000777","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ae65a54f632d","from":"company:000777","from_name":"中核科技","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"中核科技 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-c0a2eca6c861.md","chunk_id":"chunk:3bedfa98adee","chunk_index":4,"quote_summary":"其中核工程阀门产品营收占比达 45.50%，同比增长 35.50%，市场地位和技术实力显著提升。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000777","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9528e47fcf89","from":"company:000777","from_name":"中核科技","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"中核科技 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-c0a2eca6c861.md","chunk_id":"chunk:3bedfa98adee","chunk_index":4,"quote_summary":"其中核工程阀门产品营收占比达 45.50%，同比增长 35.50%，市场地位和技术实力显著提升。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000777","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"578dda209ac6","from":"company:000777","from_name":"中核科技","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"中核科技 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-c0a2eca6c861.md","chunk_id":"chunk:3bedfa98adee","chunk_index":4,"quote_summary":"其中核工程阀门产品营收占比达 45.50%，同比增长 35.50%，市场地位和技术实力显著提升。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000777","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"faa9f50fb862","from":"company:000777","from_name":"中核科技","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"中核科技 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-华发集团控股公司-4eafcc93318a.md","chunk_id":"chunk:1409b65ef61f","chunk_index":5,"quote_summary":"◆ **投资建议**：公司已形成阀门生产制造加服务的全产业链优势，开展从锻造-焊接热处理-加工-装配-成品的全工序制造过程，作为中核集团旗下核电装备制造业务的重要企业，有望充分受益核电行业的高景气发展。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000777","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a8a5968a3ccb","from":"company:000777","from_name":"中核科技","to":"topic:石油","to_name":"石油","relation":"involves_topic","direction":"semantic","summary":"中核科技 研报中反复涉及 石油。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-华发集团控股公司-4eafcc93318a.md","chunk_id":"chunk:1409b65ef61f","chunk_index":5,"quote_summary":"◆ **投资建议**：公司已形成阀门生产制造加服务的全产业链优势，开展从锻造-焊接热处理-加工-装配-成品的全工序制造过程，作为中核集团旗下核电装备制造业务的重要企业，有望充分受益核电行业的高景气发展。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000777","target":"topic:石油","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f05e76f7f36b","from":"company:000777","from_name":"中核科技","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"中核科技 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-c0a2eca6c861.md","chunk_id":"chunk:3bedfa98adee","chunk_index":4,"quote_summary":"其中核工程阀门产品营收占比达 45.50%，同比增长 35.50%，市场地位和技术实力显著提升。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000777","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"88bebd7f4c19","from":"company:000777","from_name":"中核科技","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"中核科技 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-c0a2eca6c861.md","chunk_id":"chunk:3bedfa98adee","chunk_index":4,"quote_summary":"其中核工程阀门产品营收占比达 45.50%，同比增长 35.50%，市场地位和技术实力显著提升。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000777","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4b10f9220379","from":"company:000969","from_name":"安泰科技","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"安泰科技 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-08930126384e.md","chunk_id":"chunk:cd700504d92e","chunk_index":0,"quote_summary":"——Q2 扣非归母同比+36%稳健增长，多业务共振下中长期空间有望释放"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000969","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0e9dce16be1d","from":"company:000969","from_name":"安泰科技","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"安泰科技 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-安泰科技-000969-sz-买入-维持评级-4023803ccf22.md","chunk_id":"chunk:d6ad8fa49b18","chunk_index":0,"quote_summary":"** 面对行业下行，公司积极开发新产品导入市场，安泰天龙 24H1 实现净利润 0.51 亿元，同比+18.96%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000969","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"60ca5a6ac440","from":"company:000969","from_name":"安泰科技","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"安泰科技 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-08930126384e.md","chunk_id":"chunk:cd700504d92e","chunk_index":0,"quote_summary":"——Q2 扣非归母同比+36%稳健增长，多业务共振下中长期空间有望释放"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000969","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7f1bb45189e8","from":"company:000969","from_name":"安泰科技","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"安泰科技 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-433687664137.md","chunk_id":"chunk:9e828c2e887e","chunk_index":41,"quote_summary":"在非晶产品领域，公司加快非晶立体卷铁心变压器用带材的市场推广，销量突破 1 万吨，进一步巩固了行业领先地位，同时为应对高端节能变压器市场的应用需求迅速投资新建 1 万吨非晶带材项目，我们认为公司业绩有望伴随市场开拓+产能提升迎来高速增长期。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000969","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a9748b37d374","from":"company:000969","from_name":"安泰科技","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"安泰科技 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-433687664137.md","chunk_id":"chunk:9e828c2e887e","chunk_index":41,"quote_summary":"在非晶产品领域，公司加快非晶立体卷铁心变压器用带材的市场推广，销量突破 1 万吨，进一步巩固了行业领先地位，同时为应对高端节能变压器市场的应用需求迅速投资新建 1 万吨非晶带材项目，我们认为公司业绩有望伴随市场开拓+产能提升迎来高速增长期。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000969","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ce16eea152e4","from":"company:000969","from_name":"安泰科技","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"安泰科技 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-安泰科技-000969-sz-买入-维持评级-4023803ccf22.md","chunk_id":"chunk:d6ad8fa49b18","chunk_index":0,"quote_summary":"** 面对行业下行，公司积极开发新产品导入市场，安泰天龙 24H1 实现净利润 0.51 亿元，同比+18.96%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000969","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1afe0c48737c","from":"company:000969","from_name":"安泰科技","to":"topic:新能源","to_name":"新能源","relation":"involves_topic","direction":"semantic","summary":"安泰科技 研报中反复涉及 新能源。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-433687664137.md","chunk_id":"chunk:9e828c2e887e","chunk_index":41,"quote_summary":"在非晶产品领域，公司加快非晶立体卷铁心变压器用带材的市场推广，销量突破 1 万吨，进一步巩固了行业领先地位，同时为应对高端节能变压器市场的应用需求迅速投资新建 1 万吨非晶带材项目，我们认为公司业绩有望伴随市场开拓+产能提升迎来高速增长期。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000969","target":"topic:新能源","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"355fc9fb83cb","from":"company:000969","from_name":"安泰科技","to":"topic:有色金属","to_name":"有色金属","relation":"involves_topic","direction":"semantic","summary":"安泰科技 研报中反复涉及 有色金属。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-有色金属-公司点评报告-128367a1304e.md","chunk_id":"chunk:5bf11f393c52","chunk_index":4,"quote_summary":"安泰天龙围绕钨钼制品应用积极拓展新兴市场，强化新产品应用技术研发与成果转化，新签合同额超过 20 亿元，同比增长 11.56%，营业收入 21.7 亿元，同比增长 22.98%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000969","target":"topic:有色金属","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"76a90f4e6bbe","from":"company:000969","from_name":"安泰科技","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"安泰科技 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-433687664137.md","chunk_id":"chunk:9e828c2e887e","chunk_index":41,"quote_summary":"在非晶产品领域，公司加快非晶立体卷铁心变压器用带材的市场推广，销量突破 1 万吨，进一步巩固了行业领先地位，同时为应对高端节能变压器市场的应用需求迅速投资新建 1 万吨非晶带材项目，我们认为公司业绩有望伴随市场开拓+产能提升迎来高速增长期。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000969","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a57d16e0cafb","from":"company:000969","from_name":"安泰科技","to":"topic:环比","to_name":"环比","relation":"involves_topic","direction":"semantic","summary":"安泰科技 研报中反复涉及 环比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-安泰科技-000969-sz-买入-维持评级-4023803ccf22.md","chunk_id":"chunk:d6ad8fa49b18","chunk_index":0,"quote_summary":"** 面对行业下行，公司积极开发新产品导入市场，安泰天龙 24H1 实现净利润 0.51 亿元，同比+18.96%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000969","target":"topic:环比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ba331bb225bd","from":"company:000969","from_name":"安泰科技","to":"topic:稀土","to_name":"稀土","relation":"involves_topic","direction":"semantic","summary":"安泰科技 研报中反复涉及 稀土。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-有色金属-公司点评报告-128367a1304e.md","chunk_id":"chunk:5bf11f393c52","chunk_index":4,"quote_summary":"安泰天龙围绕钨钼制品应用积极拓展新兴市场，强化新产品应用技术研发与成果转化，新签合同额超过 20 亿元，同比增长 11.56%，营业收入 21.7 亿元，同比增长 22.98%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000969","target":"topic:稀土","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"8eec2e9e90a4","from":"company:000969","from_name":"安泰科技","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"安泰科技 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-433687664137.md","chunk_id":"chunk:9e828c2e887e","chunk_index":41,"quote_summary":"在非晶产品领域，公司加快非晶立体卷铁心变压器用带材的市场推广，销量突破 1 万吨，进一步巩固了行业领先地位，同时为应对高端节能变压器市场的应用需求迅速投资新建 1 万吨非晶带材项目，我们认为公司业绩有望伴随市场开拓+产能提升迎来高速增长期。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000969","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"5393b8f0f110","from":"company:000969","from_name":"安泰科技","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"安泰科技 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-433687664137.md","chunk_id":"chunk:9e828c2e887e","chunk_index":41,"quote_summary":"在非晶产品领域，公司加快非晶立体卷铁心变压器用带材的市场推广，销量突破 1 万吨，进一步巩固了行业领先地位，同时为应对高端节能变压器市场的应用需求迅速投资新建 1 万吨非晶带材项目，我们认为公司业绩有望伴随市场开拓+产能提升迎来高速增长期。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000969","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"dd23b5a4fb95","from":"company:000969","from_name":"安泰科技","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"安泰科技 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-安泰科技-000969-sz-买入-维持评级-4023803ccf22.md","chunk_id":"chunk:d6ad8fa49b18","chunk_index":0,"quote_summary":"** 面对行业下行，公司积极开发新产品导入市场，安泰天龙 24H1 实现净利润 0.51 亿元，同比+18.96%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000969","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c44a4fcd0e8a","from":"company:000969","from_name":"安泰科技","to":"topic:钢材","to_name":"钢材","relation":"involves_topic","direction":"semantic","summary":"安泰科技 研报中反复涉及 钢材。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-433687664137.md","chunk_id":"chunk:9e828c2e887e","chunk_index":41,"quote_summary":"在非晶产品领域，公司加快非晶立体卷铁心变压器用带材的市场推广，销量突破 1 万吨，进一步巩固了行业领先地位，同时为应对高端节能变压器市场的应用需求迅速投资新建 1 万吨非晶带材项目，我们认为公司业绩有望伴随市场开拓+产能提升迎来高速增长期。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000969","target":"topic:钢材","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a67c47186775","from":"company:000969","from_name":"安泰科技","to":"topic:铜","to_name":"铜","relation":"involves_topic","direction":"semantic","summary":"安泰科技 研报中反复涉及 铜。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-安泰科技-000969-sz-78b242ea291c.md","chunk_id":"chunk:8d7546a703df","chunk_index":0,"quote_summary":"扣非归母净利润为 0.78 亿元，环比大幅增长，同比 +3.89%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000969","target":"topic:铜","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3e2885182f7b","from":"company:000969","from_name":"安泰科技","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"安泰科技 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-433687664137.md","chunk_id":"chunk:9e828c2e887e","chunk_index":41,"quote_summary":"在非晶产品领域，公司加快非晶立体卷铁心变压器用带材的市场推广，销量突破 1 万吨，进一步巩固了行业领先地位，同时为应对高端节能变压器市场的应用需求迅速投资新建 1 万吨非晶带材项目，我们认为公司业绩有望伴随市场开拓+产能提升迎来高速增长期。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000969","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f2b52f1615c6","from":"company:000970","from_name":"中科三环","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"中科三环 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中科三环-000970-sz-f1a1f739cc95.md","chunk_id":"chunk:67fb436d2b58","chunk_index":0,"quote_summary":"** 2024Q1 公司钕铁硼主要原材料镨钕合金、金属镝、金属铽市场价分别环比-22%/-27%/-30%至 46 万元/吨、246 万元/吨、696 万元/吨。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000970","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c88edf65ad81","from":"company:000970","from_name":"中科三环","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"中科三环 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中科三环-000970-sz-f1a1f739cc95.md","chunk_id":"chunk:67fb436d2b58","chunk_index":0,"quote_summary":"** 2024Q1 公司钕铁硼主要原材料镨钕合金、金属镝、金属铽市场价分别环比-22%/-27%/-30%至 46 万元/吨、246 万元/吨、696 万元/吨。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000970","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4b2f38a4ca75","from":"company:000970","from_name":"中科三环","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"中科三环 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中科三环-000970-sz-2b6fa0f7d98f.md","chunk_id":"chunk:46a0c49065b2","chunk_index":13,"quote_summary":"市场中相关报告投资建议为“买入”得 1 分，为“增持”得 2 分，为“中性”得 3 分，为“减持”得 4 分，之后平均计算得出最终评分，作为市场平均投资建议的参考。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000970","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a5c59d28c852","from":"company:000970","from_name":"中科三环","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"中科三环 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中科三环-000970-sz-f1a1f739cc95.md","chunk_id":"chunk:67fb436d2b58","chunk_index":0,"quote_summary":"** 2024Q1 公司钕铁硼主要原材料镨钕合金、金属镝、金属铽市场价分别环比-22%/-27%/-30%至 46 万元/吨、246 万元/吨、696 万元/吨。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000970","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"db276b525537","from":"company:000970","from_name":"中科三环","to":"topic:环比","to_name":"环比","relation":"involves_topic","direction":"semantic","summary":"中科三环 研报中反复涉及 环比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中科三环-000970-sz-f1a1f739cc95.md","chunk_id":"chunk:67fb436d2b58","chunk_index":0,"quote_summary":"** 2024Q1 公司钕铁硼主要原材料镨钕合金、金属镝、金属铽市场价分别环比-22%/-27%/-30%至 46 万元/吨、246 万元/吨、696 万元/吨。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000970","target":"topic:环比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4f1aae2dab88","from":"company:000970","from_name":"中科三环","to":"topic:稀土","to_name":"稀土","relation":"involves_topic","direction":"semantic","summary":"中科三环 研报中反复涉及 稀土。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中科三环-000970-sz-f1a1f739cc95.md","chunk_id":"chunk:67fb436d2b58","chunk_index":0,"quote_summary":"** 2024Q1 公司钕铁硼主要原材料镨钕合金、金属镝、金属铽市场价分别环比-22%/-27%/-30%至 46 万元/吨、246 万元/吨、696 万元/吨。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000970","target":"topic:稀土","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0aeef54157f6","from":"company:000970","from_name":"中科三环","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"中科三环 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中科三环-000970-sz-f1a1f739cc95.md","chunk_id":"chunk:67fb436d2b58","chunk_index":0,"quote_summary":"** 2024Q1 公司钕铁硼主要原材料镨钕合金、金属镝、金属铽市场价分别环比-22%/-27%/-30%至 46 万元/吨、246 万元/吨、696 万元/吨。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000970","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"bc8d62954e7b","from":"company:000970","from_name":"中科三环","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"中科三环 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中科三环-000970-sz-f1a1f739cc95.md","chunk_id":"chunk:67fb436d2b58","chunk_index":0,"quote_summary":"** 2024Q1 公司钕铁硼主要原材料镨钕合金、金属镝、金属铽市场价分别环比-22%/-27%/-30%至 46 万元/吨、246 万元/吨、696 万元/吨。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000970","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b76632965f0b","from":"company:000970","from_name":"中科三环","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"中科三环 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中科三环-000970-sz-f1a1f739cc95.md","chunk_id":"chunk:67fb436d2b58","chunk_index":0,"quote_summary":"** 2024Q1 公司钕铁硼主要原材料镨钕合金、金属镝、金属铽市场价分别环比-22%/-27%/-30%至 46 万元/吨、246 万元/吨、696 万元/吨。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:000970","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a7dfc450564a","from":"company:002023","from_name":"海特高新","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"海特高新 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-年-04-月-26-日-dcad5a6a219c.md","chunk_id":"chunk:aeac41191862","chunk_index":4,"quote_summary":"得益于国家政策支持，低空经济市场空间广阔。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002023","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e011018f0cd5","from":"company:002023","from_name":"海特高新","to":"topic:低空经济","to_name":"低空经济","relation":"involves_topic","direction":"semantic","summary":"海特高新 研报中反复涉及 低空经济。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航空主业发展稳健-布局低空经济未来可期-18b817c8bc1a.md","chunk_id":"chunk:c623550d6bc9","chunk_index":0,"quote_summary":"实现归母净利润 0.47 亿元，同比大幅增长 263.21%，主要得益于航空座椅交付结算量大幅增长、训练系统设备重大项目交付、民航业复苏带动航空维修业务增长、运营效率与成本控制能力的持续提高。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002023","target":"topic:低空经济","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c3b972b526b8","from":"company:002023","from_name":"海特高新","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"海特高新 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-73f8fa1d3359.md","chunk_id":"chunk:9d8887048de8","chunk_index":0,"quote_summary":"2023年公司营收（10.53亿元，+15.81%），归母净利润（0.47亿元，+263.21%）实现大幅增长，在航空运输业复苏的大环境下，公司进一步调整和优化各产业发展方向及路径，推进成熟项目扩大产能，积极拓展国内外业务等举措共同发力带动公司业绩提升，毛利率（36.47%，-3.76pcts）下降而净利率（3.51..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002023","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"5c05cbf843b5","from":"company:002023","from_name":"海特高新","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"海特高新 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航空主业发展稳健-布局低空经济未来可期-18b817c8bc1a.md","chunk_id":"chunk:c623550d6bc9","chunk_index":0,"quote_summary":"实现归母净利润 0.47 亿元，同比大幅增长 263.21%，主要得益于航空座椅交付结算量大幅增长、训练系统设备重大项目交付、民航业复苏带动航空维修业务增长、运营效率与成本控制能力的持续提高。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002023","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3a951d09a713","from":"company:002023","from_name":"海特高新","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"海特高新 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航空主业发展稳健-布局低空经济未来可期-18b817c8bc1a.md","chunk_id":"chunk:c623550d6bc9","chunk_index":0,"quote_summary":"实现归母净利润 0.47 亿元，同比大幅增长 263.21%，主要得益于航空座椅交付结算量大幅增长、训练系统设备重大项目交付、民航业复苏带动航空维修业务增长、运营效率与成本控制能力的持续提高。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002023","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"60c8fb40542a","from":"company:002023","from_name":"海特高新","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"海特高新 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航空主业发展稳健-布局低空经济未来可期-18b817c8bc1a.md","chunk_id":"chunk:c623550d6bc9","chunk_index":0,"quote_summary":"实现归母净利润 0.47 亿元，同比大幅增长 263.21%，主要得益于航空座椅交付结算量大幅增长、训练系统设备重大项目交付、民航业复苏带动航空维修业务增长、运营效率与成本控制能力的持续提高。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002023","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7b1c5060949c","from":"company:002023","from_name":"海特高新","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"海特高新 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航空主业发展稳健-布局低空经济未来可期-18b817c8bc1a.md","chunk_id":"chunk:c623550d6bc9","chunk_index":0,"quote_summary":"实现归母净利润 0.47 亿元，同比大幅增长 263.21%，主要得益于航空座椅交付结算量大幅增长、训练系统设备重大项目交付、民航业复苏带动航空维修业务增长、运营效率与成本控制能力的持续提高。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002023","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2e3bf4602b78","from":"company:002023","from_name":"海特高新","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"海特高新 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航空主业发展稳健-布局低空经济未来可期-18b817c8bc1a.md","chunk_id":"chunk:c623550d6bc9","chunk_index":0,"quote_summary":"实现归母净利润 0.47 亿元，同比大幅增长 263.21%，主要得益于航空座椅交付结算量大幅增长、训练系统设备重大项目交付、民航业复苏带动航空维修业务增长、运营效率与成本控制能力的持续提高。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002023","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"dccc28e9cd6b","from":"company:002023","from_name":"海特高新","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"海特高新 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-海特高新-002023-sz-2023-年年报及-2024-年一季报点评-4531fe891d53.md","chunk_id":"chunk:abf43b4b1b41","chunk_index":0,"quote_summary":"➢ **4Q23 营收同比增长 50%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002023","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7c6c4fe638c3","from":"company:002023","from_name":"海特高新","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"海特高新 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航空主业发展稳健-布局低空经济未来可期-18b817c8bc1a.md","chunk_id":"chunk:c623550d6bc9","chunk_index":0,"quote_summary":"实现归母净利润 0.47 亿元，同比大幅增长 263.21%，主要得益于航空座椅交付结算量大幅增长、训练系统设备重大项目交付、民航业复苏带动航空维修业务增长、运营效率与成本控制能力的持续提高。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002023","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"8ee0a3e4a4c0","from":"company:002023","from_name":"海特高新","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"海特高新 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航空主业发展稳健-布局低空经济未来可期-18b817c8bc1a.md","chunk_id":"chunk:c623550d6bc9","chunk_index":0,"quote_summary":"实现归母净利润 0.47 亿元，同比大幅增长 263.21%，主要得益于航空座椅交付结算量大幅增长、训练系统设备重大项目交付、民航业复苏带动航空维修业务增长、运营效率与成本控制能力的持续提高。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002023","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"300c44f8f68e","from":"company:002023","from_name":"海特高新","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"海特高新 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-73f8fa1d3359.md","chunk_id":"chunk:9d8887048de8","chunk_index":0,"quote_summary":"2023年公司营收（10.53亿元，+15.81%），归母净利润（0.47亿元，+263.21%）实现大幅增长，在航空运输业复苏的大环境下，公司进一步调整和优化各产业发展方向及路径，推进成熟项目扩大产能，积极拓展国内外业务等举措共同发力带动公司业绩提升，毛利率（36.47%，-3.76pcts）下降而净利率（3.51..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002023","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"65437af8fd58","from":"company:002025","from_name":"航天电器","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"航天电器 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-98dda398c1e0.md","chunk_id":"chunk:c5a2723b88db","chunk_index":2,"quote_summary":"**2025 年公司加速新域新质装备、战略新兴领域布局及市场拓展，公司订货创历史新高，实现营收同比增长 15.82%，其中连接器及互连一体化产品实现收入 39.84 亿元，同比增长 17.59%，电机与控制组件产品实现收入 13.58 亿元，同比增长 21.65%，继电器产品实现收入 2.40 亿元，同比减少 3.2..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002025","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1765ab67f4b4","from":"company:002025","from_name":"航天电器","to":"topic:产业链","to_name":"产业链","relation":"involves_topic","direction":"semantic","summary":"航天电器 研报中反复涉及 产业链。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天电器-002025-7c86d05be172.md","chunk_id":"chunk:adde2a0cf404","chunk_index":4,"quote_summary":"* **部分产品价格下降及客户验收周期延长导致收入确认延迟：**2025 年上半年，航天电器实现营业收入 29.35 亿元，同比增长 0.47%，但归属于母公司净利润仅为 0.87 亿元，同比下降 77.49%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002025","target":"topic:产业链","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"04bba2ab5113","from":"company:002025","from_name":"航天电器","to":"topic:人工智能","to_name":"人工智能","relation":"involves_topic","direction":"semantic","summary":"航天电器 研报中反复涉及 人工智能。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-667ef31ac8ff.md","chunk_id":"chunk:c35cae4f4f6d","chunk_index":2,"quote_summary":"2025 年上半年公司营业收入为 29.35 亿元，同比增长 0.47%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002025","target":"topic:人工智能","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4e6a7a4bfb0c","from":"company:002025","from_name":"航天电器","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"航天电器 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天电器-002025-sz-2025-年半年报点评-55ecac57b2f3.md","chunk_id":"chunk:fa74c73f4c2f","chunk_index":2,"quote_summary":"➢ **投资建议：** 公司是国内特种连接器龙头，当前业务正在由单一元器件向互连一体化、驱动控制整体解决方案转型升级，同时公司快速推进商飞、商业航天、数据中心等重点方向产品开发。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002025","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6ea1fc89a62e","from":"company:002025","from_name":"航天电器","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"航天电器 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天电器-002025-7c86d05be172.md","chunk_id":"chunk:adde2a0cf404","chunk_index":4,"quote_summary":"* **部分产品价格下降及客户验收周期延长导致收入确认延迟：**2025 年上半年，航天电器实现营业收入 29.35 亿元，同比增长 0.47%，但归属于母公司净利润仅为 0.87 亿元，同比下降 77.49%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002025","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7c0263cf2593","from":"company:002025","from_name":"航天电器","to":"topic:低空经济","to_name":"低空经济","relation":"involves_topic","direction":"semantic","summary":"航天电器 研报中反复涉及 低空经济。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-196916ea555a.md","chunk_id":"chunk:fdceea332534","chunk_index":4,"quote_summary":"公司研发费用（+7.51亿元，+7.50%）稳定增长，研发人员数量（2243人，+10.28%）快速增长，在研项目主要围绕航天、航空、通讯、电子、新能源等领域用连接器及线束，光电模块，高端微特电机等主营业务，<mark>有望成为公司收入拓展、业绩持续快速增长的核心驱动力。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002025","target":"topic:低空经济","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"247b95201c19","from":"company:002025","from_name":"航天电器","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"航天电器 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-196916ea555a.md","chunk_id":"chunk:fdceea332534","chunk_index":4,"quote_summary":"公司研发费用（+7.51亿元，+7.50%）稳定增长，研发人员数量（2243人，+10.28%）快速增长，在研项目主要围绕航天、航空、通讯、电子、新能源等领域用连接器及线束，光电模块，高端微特电机等主营业务，<mark>有望成为公司收入拓展、业绩持续快速增长的核心驱动力。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002025","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"33e20f3d2b62","from":"company:002025","from_name":"航天电器","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"航天电器 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-196916ea555a.md","chunk_id":"chunk:fdceea332534","chunk_index":4,"quote_summary":"公司研发费用（+7.51亿元，+7.50%）稳定增长，研发人员数量（2243人，+10.28%）快速增长，在研项目主要围绕航天、航空、通讯、电子、新能源等领域用连接器及线束，光电模块，高端微特电机等主营业务，<mark>有望成为公司收入拓展、业绩持续快速增长的核心驱动力。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002025","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ce28be9dcc7a","from":"company:002025","from_name":"航天电器","to":"topic:卫星","to_name":"卫星","relation":"involves_topic","direction":"semantic","summary":"航天电器 研报中反复涉及 卫星。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2026-年-03-月-21-日-7dfdb22edd28.md","chunk_id":"chunk:42e08d7ad86d","chunk_index":5,"quote_summary":"预测公司 2025-2027 年收入分别为 58.81、72.81、86.16 亿元，EPS 分别为 0.77、1.10、2.15 元，当前股价对应 PE 分别为 82.6、57.8、29.5 倍，我们看好公司业务深度受益于下游 AI 算力、航空航天以及液冷的景气周期，给予“买入”投资评级。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002025","target":"topic:卫星","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"fb2ffcf32d8c","from":"company:002025","from_name":"航天电器","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"航天电器 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天电器-002025-sz-1ca8c2a8c4f4.md","chunk_id":"chunk:ca0625385c0d","chunk_index":0,"quote_summary":"2.《航天电器公司深度研究：军用连接器龙头，核心受益航天高景气发展》，2025.2.16"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002025","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"767d35a5d422","from":"company:002025","from_name":"航天电器","to":"topic:商业航天","to_name":"商业航天","relation":"involves_topic","direction":"semantic","summary":"航天电器 研报中反复涉及 商业航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天电器-002025-7c86d05be172.md","chunk_id":"chunk:adde2a0cf404","chunk_index":4,"quote_summary":"* **部分产品价格下降及客户验收周期延长导致收入确认延迟：**2025 年上半年，航天电器实现营业收入 29.35 亿元，同比增长 0.47%，但归属于母公司净利润仅为 0.87 亿元，同比下降 77.49%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002025","target":"topic:商业航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3f210e6cd9ef","from":"company:002025","from_name":"航天电器","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"航天电器 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天电器-002025-sz-1ca8c2a8c4f4.md","chunk_id":"chunk:ca0625385c0d","chunk_index":0,"quote_summary":"2.《航天电器公司深度研究：军用连接器龙头，核心受益航天高景气发展》，2025.2.16"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002025","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3705eec92ec6","from":"company:002025","from_name":"航天电器","to":"topic:数据中心","to_name":"数据中心","relation":"involves_topic","direction":"semantic","summary":"航天电器 研报中反复涉及 数据中心。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-196916ea555a.md","chunk_id":"chunk:fdceea332534","chunk_index":4,"quote_summary":"公司研发费用（+7.51亿元，+7.50%）稳定增长，研发人员数量（2243人，+10.28%）快速增长，在研项目主要围绕航天、航空、通讯、电子、新能源等领域用连接器及线束，光电模块，高端微特电机等主营业务，<mark>有望成为公司收入拓展、业绩持续快速增长的核心驱动力。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002025","target":"topic:数据中心","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4b969ea2300f","from":"company:002025","from_name":"航天电器","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"航天电器 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-196916ea555a.md","chunk_id":"chunk:fdceea332534","chunk_index":4,"quote_summary":"公司研发费用（+7.51亿元，+7.50%）稳定增长，研发人员数量（2243人，+10.28%）快速增长，在研项目主要围绕航天、航空、通讯、电子、新能源等领域用连接器及线束，光电模块，高端微特电机等主营业务，<mark>有望成为公司收入拓展、业绩持续快速增长的核心驱动力。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002025","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6b909e979ce3","from":"company:002025","from_name":"航天电器","to":"topic:环比","to_name":"环比","relation":"involves_topic","direction":"semantic","summary":"航天电器 研报中反复涉及 环比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天电器-002025-sz-1ca8c2a8c4f4.md","chunk_id":"chunk:ca0625385c0d","chunk_index":0,"quote_summary":"2.《航天电器公司深度研究：军用连接器龙头，核心受益航天高景气发展》，2025.2.16"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002025","target":"topic:环比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6989af63520b","from":"company:002025","from_name":"航天电器","to":"topic:算力","to_name":"算力","relation":"involves_topic","direction":"semantic","summary":"航天电器 研报中反复涉及 算力。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2026-年-03-月-21-日-7dfdb22edd28.md","chunk_id":"chunk:42e08d7ad86d","chunk_index":5,"quote_summary":"预测公司 2025-2027 年收入分别为 58.81、72.81、86.16 亿元，EPS 分别为 0.77、1.10、2.15 元，当前股价对应 PE 分别为 82.6、57.8、29.5 倍，我们看好公司业务深度受益于下游 AI 算力、航空航天以及液冷的景气周期，给予“买入”投资评级。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002025","target":"topic:算力","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e933446ad215","from":"company:002025","from_name":"航天电器","to":"topic:航天","to_name":"航天","relation":"involves_topic","direction":"semantic","summary":"航天电器 研报中反复涉及 航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-196916ea555a.md","chunk_id":"chunk:fdceea332534","chunk_index":4,"quote_summary":"公司研发费用（+7.51亿元，+7.50%）稳定增长，研发人员数量（2243人，+10.28%）快速增长，在研项目主要围绕航天、航空、通讯、电子、新能源等领域用连接器及线束，光电模块，高端微特电机等主营业务，<mark>有望成为公司收入拓展、业绩持续快速增长的核心驱动力。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002025","target":"topic:航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"436f72ee2a43","from":"company:002025","from_name":"航天电器","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"航天电器 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2026-年-03-月-21-日-7dfdb22edd28.md","chunk_id":"chunk:42e08d7ad86d","chunk_index":5,"quote_summary":"预测公司 2025-2027 年收入分别为 58.81、72.81、86.16 亿元，EPS 分别为 0.77、1.10、2.15 元，当前股价对应 PE 分别为 82.6、57.8、29.5 倍，我们看好公司业务深度受益于下游 AI 算力、航空航天以及液冷的景气周期，给予“买入”投资评级。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002025","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b62949ef7214","from":"company:002025","from_name":"航天电器","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"航天电器 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-196916ea555a.md","chunk_id":"chunk:fdceea332534","chunk_index":4,"quote_summary":"公司研发费用（+7.51亿元，+7.50%）稳定增长，研发人员数量（2243人，+10.28%）快速增长，在研项目主要围绕航天、航空、通讯、电子、新能源等领域用连接器及线束，光电模块，高端微特电机等主营业务，<mark>有望成为公司收入拓展、业绩持续快速增长的核心驱动力。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002025","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d6a7ebdcfa75","from":"company:002025","from_name":"航天电器","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"航天电器 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-196916ea555a.md","chunk_id":"chunk:fdceea332534","chunk_index":4,"quote_summary":"公司研发费用（+7.51亿元，+7.50%）稳定增长，研发人员数量（2243人，+10.28%）快速增长，在研项目主要围绕航天、航空、通讯、电子、新能源等领域用连接器及线束，光电模块，高端微特电机等主营业务，<mark>有望成为公司收入拓展、业绩持续快速增长的核心驱动力。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002025","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9ff0ada7e8c8","from":"company:002025","from_name":"航天电器","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"航天电器 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天电器-002025-sz-2bc3aabe1db3.md","chunk_id":"chunk:5a87aa9e3c23","chunk_index":0,"quote_summary":"1.《航天电器公司深度研究：军用连接器龙头，核心受益航天高景气发展》，2025.2.16"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002025","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"827d09d025a6","from":"company:002025","from_name":"航天电器","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"航天电器 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天电器-002025-sz-2bc3aabe1db3.md","chunk_id":"chunk:5a87aa9e3c23","chunk_index":0,"quote_summary":"1.《航天电器公司深度研究：军用连接器龙头，核心受益航天高景气发展》，2025.2.16"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002025","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1b302e008d46","from":"company:002049","from_name":"紫光国微","to":"topic:roa","to_name":"ROA","relation":"involves_topic","direction":"semantic","summary":"紫光国微 研报中反复涉及 ROA。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-紫光国微-002049-sz-事件点评-2b11f3d139e1.md","chunk_id":"chunk:8cbb5e10253d","chunk_index":1,"quote_summary":"➢ 预计公司 25/26/27 年归母净利润分别为 16.75/22.67/30.28 亿元，对应现价 PE 分别为 45/33/25 倍，公司是国内领先特种集成电路平台型企业，将持续受益于特种 IC 行业成长和国产替代需求增长，维持“推荐”评级。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002049","target":"topic:roa","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"dfe191886225","from":"company:002049","from_name":"紫光国微","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"紫光国微 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:6718bc091441","chunk_index":26,"quote_summary":"证券研究报告是证券投资咨询业务的一种基本形式，指证券公司、证券投资咨询机构对证券及证券相关产品的价值、市场走势或者相关影响因素进行分析，形成证券估值、投资评级等投资分析意见，制作证券研究报告，并向客户发布的行为。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002049","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"222eb4836526","from":"company:002049","from_name":"紫光国微","to":"topic:下游","to_name":"下游","relation":"involves_topic","direction":"semantic","summary":"紫光国微 研报中反复涉及 下游。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-紫光国微-002049-2051a3ce8098.md","chunk_id":"chunk:833093e7c74c","chunk_index":2,"quote_summary":"**事件：**公司发布 2023 年年报，2023 年度公司实现营业收入 75.65 亿元，同比增长 6.26%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002049","target":"topic:下游","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"10d30468c7db","from":"company:002049","from_name":"紫光国微","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"紫光国微 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-紫光国微-002049-sz-事件点评-2b11f3d139e1.md","chunk_id":"chunk:8cbb5e10253d","chunk_index":1,"quote_summary":"➢ 预计公司 25/26/27 年归母净利润分别为 16.75/22.67/30.28 亿元，对应现价 PE 分别为 45/33/25 倍，公司是国内领先特种集成电路平台型企业，将持续受益于特种 IC 行业成长和国产替代需求增长，维持“推荐”评级。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002049","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6f886e33f5db","from":"company:002049","from_name":"紫光国微","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"紫光国微 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-紫光国微-002049-b06181fa6602.md","chunk_id":"chunk:75e5a39216af","chunk_index":4,"quote_summary":"石英晶体频率器件业务受益于 5G 及物联网需求释放，营收 1.51 亿元，同比增长 35.78%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002049","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"05490e5eb505","from":"company:002049","from_name":"紫光国微","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"紫光国微 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-紫光国微-002049-sz-6471c67d60fd.md","chunk_id":"chunk:985782e524f8","chunk_index":0,"quote_summary":"2）其中，单二季度公司实现营收 17.32 亿元，同比下滑 21.04%，环比增长 51.87%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002049","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"eb4554a18901","from":"company:002049","from_name":"紫光国微","to":"topic:半导体","to_name":"半导体","relation":"involves_topic","direction":"semantic","summary":"紫光国微 研报中反复涉及 半导体。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:6718bc091441","chunk_index":26,"quote_summary":"证券研究报告是证券投资咨询业务的一种基本形式，指证券公司、证券投资咨询机构对证券及证券相关产品的价值、市场走势或者相关影响因素进行分析，形成证券估值、投资评级等投资分析意见，制作证券研究报告，并向客户发布的行为。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002049","target":"topic:半导体","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a010b304c4dc","from":"company:002049","from_name":"紫光国微","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"紫光国微 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-紫光国微-002049-sz-6471c67d60fd.md","chunk_id":"chunk:985782e524f8","chunk_index":0,"quote_summary":"2）其中，单二季度公司实现营收 17.32 亿元，同比下滑 21.04%，环比增长 51.87%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002049","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c914af005f38","from":"company:002049","from_name":"紫光国微","to":"topic:库存","to_name":"库存","relation":"involves_topic","direction":"semantic","summary":"紫光国微 研报中反复涉及 库存。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司点评报告-半导体-439c5d226baf.md","chunk_id":"chunk:b98f33f2797a","chunk_index":4,"quote_summary":"业绩增长主要受益于特种集成电路等核心业务需求稳健，以及成本控制能力提升。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002049","target":"topic:库存","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c4ab2dcac413","from":"company:002049","from_name":"紫光国微","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"紫光国微 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-紫光国微-002049-sz-6471c67d60fd.md","chunk_id":"chunk:985782e524f8","chunk_index":0,"quote_summary":"2）其中，单二季度公司实现营收 17.32 亿元，同比下滑 21.04%，环比增长 51.87%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002049","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e2c0e07ea014","from":"company:002049","from_name":"紫光国微","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"紫光国微 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-紫光国微-002049-sz-6471c67d60fd.md","chunk_id":"chunk:985782e524f8","chunk_index":0,"quote_summary":"2）其中，单二季度公司实现营收 17.32 亿元，同比下滑 21.04%，环比增长 51.87%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002049","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"21e4f2755913","from":"company:002049","from_name":"紫光国微","to":"topic:消费电子","to_name":"消费电子","relation":"involves_topic","direction":"semantic","summary":"紫光国微 研报中反复涉及 消费电子。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-cinda-securities-d4e8d495dae0.md","chunk_id":"chunk:52f91288d3ca","chunk_index":2,"quote_summary":"| \\*\\*相关研究\\*\\*<br/>业绩稳健增长, 产品品类不断扩展<br/>一季度营收稳定增长, 净利润同比提<br/>升 10%<br/>特种 IC 龙头, 持续推出新品驱动业绩<br/>成长 | |"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002049","target":"topic:消费电子","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"510f54b9d96c","from":"company:002049","from_name":"紫光国微","to":"topic:环比","to_name":"环比","relation":"involves_topic","direction":"semantic","summary":"紫光国微 研报中反复涉及 环比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-紫光国微-002049-sz-2024-年三季报点评-f575d224a412.md","chunk_id":"chunk:e741d7a015e3","chunk_index":1,"quote_summary":"➢ **投资建议：** 考虑公司前三季度业绩表现，下修公司 24/25/26 年归母净利润至 12.98/17.49/22.92 亿元，对应现价 PE 分别为 42/31/24 倍，公司是国内领先特种集成电路平台型企业，将持续受益于特种 IC 行业成长和国产替代需求增长，维持“推荐”评级。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002049","target":"topic:环比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3430bf80cf35","from":"company:002049","from_name":"紫光国微","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"紫光国微 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-紫光国微-002049-sz-6471c67d60fd.md","chunk_id":"chunk:985782e524f8","chunk_index":0,"quote_summary":"2）其中，单二季度公司实现营收 17.32 亿元，同比下滑 21.04%，环比增长 51.87%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002049","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e742560f95d8","from":"company:002049","from_name":"紫光国微","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"紫光国微 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-紫光国微-002049-sz-6471c67d60fd.md","chunk_id":"chunk:985782e524f8","chunk_index":0,"quote_summary":"2）其中，单二季度公司实现营收 17.32 亿元，同比下滑 21.04%，环比增长 51.87%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002049","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"13a6b27dd6bd","from":"company:002049","from_name":"紫光国微","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"紫光国微 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-紫光国微-002049-sz-6471c67d60fd.md","chunk_id":"chunk:985782e524f8","chunk_index":0,"quote_summary":"2）其中，单二季度公司实现营收 17.32 亿元，同比下滑 21.04%，环比增长 51.87%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002049","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0b5543f06a3a","from":"company:002049","from_name":"紫光国微","to":"topic:银行","to_name":"银行","relation":"involves_topic","direction":"semantic","summary":"紫光国微 研报中反复涉及 银行。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-紫光国微-002049-b06181fa6602.md","chunk_id":"chunk:75e5a39216af","chunk_index":4,"quote_summary":"石英晶体频率器件业务受益于 5G 及物联网需求释放，营收 1.51 亿元，同比增长 35.78%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002049","target":"topic:银行","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f30d39b70942","from":"company:002049","from_name":"紫光国微","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"紫光国微 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-紫光国微-002049-sz-6471c67d60fd.md","chunk_id":"chunk:985782e524f8","chunk_index":0,"quote_summary":"2）其中，单二季度公司实现营收 17.32 亿元，同比下滑 21.04%，环比增长 51.87%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002049","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"bd5b531ebd72","from":"company:002149","from_name":"西部材料","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"西部材料 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-92b0f9680791.md","chunk_id":"chunk:119b28b8f6cd","chunk_index":4,"quote_summary":"研发费用率（6.68%，+1.46pcts）和研发费用（1.48亿元，+20.91%）均保持增长，公司瞄准市场需求，大力开展产品研发工作，加速推进科研成果转化，并将其转化为企业核心竞争力。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002149","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"cbd0fdde0619","from":"company:002149","from_name":"西部材料","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"西部材料 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-92b0f9680791.md","chunk_id":"chunk:119b28b8f6cd","chunk_index":4,"quote_summary":"研发费用率（6.68%，+1.46pcts）和研发费用（1.48亿元，+20.91%）均保持增长，公司瞄准市场需求，大力开展产品研发工作，加速推进科研成果转化，并将其转化为企业核心竞争力。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002149","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d6b8970a4b44","from":"company:002149","from_name":"西部材料","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"西部材料 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-92b0f9680791.md","chunk_id":"chunk:119b28b8f6cd","chunk_index":4,"quote_summary":"研发费用率（6.68%，+1.46pcts）和研发费用（1.48亿元，+20.91%）均保持增长，公司瞄准市场需求，大力开展产品研发工作，加速推进科研成果转化，并将其转化为企业核心竞争力。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002149","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"771f9e08e5d5","from":"company:002149","from_name":"西部材料","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"西部材料 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-92b0f9680791.md","chunk_id":"chunk:119b28b8f6cd","chunk_index":4,"quote_summary":"研发费用率（6.68%，+1.46pcts）和研发费用（1.48亿元，+20.91%）均保持增长，公司瞄准市场需求，大力开展产品研发工作，加速推进科研成果转化，并将其转化为企业核心竞争力。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002149","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d380e71003cd","from":"company:002149","from_name":"西部材料","to":"topic:航天","to_name":"航天","relation":"involves_topic","direction":"semantic","summary":"西部材料 研报中反复涉及 航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-92b0f9680791.md","chunk_id":"chunk:119b28b8f6cd","chunk_index":4,"quote_summary":"研发费用率（6.68%，+1.46pcts）和研发费用（1.48亿元，+20.91%）均保持增长，公司瞄准市场需求，大力开展产品研发工作，加速推进科研成果转化，并将其转化为企业核心竞争力。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002149","target":"topic:航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d6adb1e58bf0","from":"company:002149","from_name":"西部材料","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"西部材料 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-92b0f9680791.md","chunk_id":"chunk:119b28b8f6cd","chunk_index":4,"quote_summary":"研发费用率（6.68%，+1.46pcts）和研发费用（1.48亿元，+20.91%）均保持增长，公司瞄准市场需求，大力开展产品研发工作，加速推进科研成果转化，并将其转化为企业核心竞争力。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002149","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b0ac8accb13d","from":"company:002149","from_name":"西部材料","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"西部材料 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-92b0f9680791.md","chunk_id":"chunk:119b28b8f6cd","chunk_index":4,"quote_summary":"研发费用率（6.68%，+1.46pcts）和研发费用（1.48亿元，+20.91%）均保持增长，公司瞄准市场需求，大力开展产品研发工作，加速推进科研成果转化，并将其转化为企业核心竞争力。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002149","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"baea8d9c01c8","from":"company:002149","from_name":"西部材料","to":"topic:钛","to_name":"钛","relation":"involves_topic","direction":"semantic","summary":"西部材料 研报中反复涉及 钛。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-92b0f9680791.md","chunk_id":"chunk:119b28b8f6cd","chunk_index":4,"quote_summary":"研发费用率（6.68%，+1.46pcts）和研发费用（1.48亿元，+20.91%）均保持增长，公司瞄准市场需求，大力开展产品研发工作，加速推进科研成果转化，并将其转化为企业核心竞争力。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002149","target":"topic:钛","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b67546b27114","from":"company:002179","from_name":"中航光电","to":"topic:cpu","to_name":"CPU","relation":"involves_topic","direction":"semantic","summary":"中航光电 研报中反复涉及 CPU。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-买入-维持-e3420e3e6c50.md","chunk_id":"chunk:fe58c9fa7208","chunk_index":28,"quote_summary":"根据 Bishop&Associates 的数据，2024 年全球连接器市场规模达到 864.78 亿美元，同比增长 5.65%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002179","target":"topic:cpu","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d84c462150d5","from":"company:002179","from_name":"中航光电","to":"topic:gpu","to_name":"GPU","relation":"involves_topic","direction":"semantic","summary":"中航光电 研报中反复涉及 GPU。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-买入-维持-e3420e3e6c50.md","chunk_id":"chunk:fe58c9fa7208","chunk_index":28,"quote_summary":"根据 Bishop&Associates 的数据，2024 年全球连接器市场规模达到 864.78 亿美元，同比增长 5.65%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002179","target":"topic:gpu","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"14463f1fba18","from":"company:002179","from_name":"中航光电","to":"topic:产业链","to_name":"产业链","relation":"involves_topic","direction":"semantic","summary":"中航光电 研报中反复涉及 产业链。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航光电-002179-sz-2024-年三季报点评-2f3f0aa07a82.md","chunk_id":"chunk:b37ba58b9e37","chunk_index":0,"quote_summary":"* **3Q24 营收同比增长 6%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002179","target":"topic:产业链","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1f53f4bfb152","from":"company:002179","from_name":"中航光电","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"中航光电 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航光电-002179-448d59faa827.md","chunk_id":"chunk:3d42507419d8","chunk_index":4,"quote_summary":"** 2025 年前三季度，中航光电实现营业总收入 158.38 亿元，同比增长 12.36%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002179","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e78d23e0f383","from":"company:002179","from_name":"中航光电","to":"topic:低空经济","to_name":"低空经济","relation":"involves_topic","direction":"semantic","summary":"中航光电 研报中反复涉及 低空经济。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航光电-002179-sz-2024-年年报点评-82761672eef4.md","chunk_id":"chunk:facb88866203","chunk_index":0,"quote_summary":"* **4Q24 归母净利润同比增长 89%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002179","target":"topic:低空经济","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"dbdd42f3c216","from":"company:002179","from_name":"中航光电","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"中航光电 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航光电-002179-448d59faa827.md","chunk_id":"chunk:3d42507419d8","chunk_index":4,"quote_summary":"** 2025 年前三季度，中航光电实现营业总收入 158.38 亿元，同比增长 12.36%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002179","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"5eb6e44632ff","from":"company:002179","from_name":"中航光电","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"中航光电 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航光电-002179-448d59faa827.md","chunk_id":"chunk:3d42507419d8","chunk_index":4,"quote_summary":"** 2025 年前三季度，中航光电实现营业总收入 158.38 亿元，同比增长 12.36%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002179","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6c374e2b98ce","from":"company:002179","from_name":"中航光电","to":"topic:商业航天","to_name":"商业航天","relation":"involves_topic","direction":"semantic","summary":"中航光电 研报中反复涉及 商业航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-公-司-研-究-7b5cadfb6be8.md","chunk_id":"chunk:92cc1356d563","chunk_index":2,"quote_summary":"**事件**：公司发布 2025 年三季度报告，2025 年 1-9 月实现营业收入 158.38 亿元，较上年同期增长 12.36%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002179","target":"topic:商业航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"907aed812b24","from":"company:002179","from_name":"中航光电","to":"topic:工业原材料","to_name":"工业原材料","relation":"involves_topic","direction":"semantic","summary":"中航光电 研报中反复涉及 工业原材料。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航光电-002179-ccc8d2641408.md","chunk_id":"chunk:6505b6d951c4","chunk_index":6,"quote_summary":"利润下滑主要因原材料价格上涨、产品降价及业务结构变化导致营业成本增长 34.77%，毛利率由去年同期的 36.97%降至 30.31%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002179","target":"topic:工业原材料","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6b3d7ce08c61","from":"company:002179","from_name":"中航光电","to":"topic:房地产","to_name":"房地产","relation":"involves_topic","direction":"semantic","summary":"中航光电 研报中反复涉及 房地产。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-公-司-研-究-7b5cadfb6be8.md","chunk_id":"chunk:92cc1356d563","chunk_index":2,"quote_summary":"**事件**：公司发布 2025 年三季度报告，2025 年 1-9 月实现营业收入 158.38 亿元，较上年同期增长 12.36%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002179","target":"topic:房地产","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"8ec522baab12","from":"company:002179","from_name":"中航光电","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"中航光电 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航光电-002179-448d59faa827.md","chunk_id":"chunk:3d42507419d8","chunk_index":4,"quote_summary":"** 2025 年前三季度，中航光电实现营业总收入 158.38 亿元，同比增长 12.36%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002179","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"60ffc7f092b4","from":"company:002179","from_name":"中航光电","to":"topic:数据中心","to_name":"数据中心","relation":"involves_topic","direction":"semantic","summary":"中航光电 研报中反复涉及 数据中心。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-买入-维持-e3420e3e6c50.md","chunk_id":"chunk:fe58c9fa7208","chunk_index":28,"quote_summary":"根据 Bishop&Associates 的数据，2024 年全球连接器市场规模达到 864.78 亿美元，同比增长 5.65%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002179","target":"topic:数据中心","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4b0b9851e385","from":"company:002179","from_name":"中航光电","to":"topic:新能源","to_name":"新能源","relation":"involves_topic","direction":"semantic","summary":"中航光电 研报中反复涉及 新能源。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航光电-002179-5fad9f344c7d.md","chunk_id":"chunk:01e7f5ac060a","chunk_index":5,"quote_summary":"* **盈利预测与投资评级**：公司业绩符合市场预期，考虑到公司在业务上的持续调整，我们下调先前的预测，预计公司 2025-2026 年归母净利润预测分别为 37.04/42.62 亿元，前值 45.68/52.63 亿元，新增 2027 年预测 46.37 亿元，对应 PE 分别 24/21/19 倍。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002179","target":"topic:新能源","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"115daa234381","from":"company:002179","from_name":"中航光电","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"中航光电 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航光电-002179-448d59faa827.md","chunk_id":"chunk:3d42507419d8","chunk_index":4,"quote_summary":"** 2025 年前三季度，中航光电实现营业总收入 158.38 亿元，同比增长 12.36%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002179","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ad19a6a85e3e","from":"company:002179","from_name":"中航光电","to":"topic:算力","to_name":"算力","relation":"involves_topic","direction":"semantic","summary":"中航光电 研报中反复涉及 算力。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-买入-维持-e3420e3e6c50.md","chunk_id":"chunk:fe58c9fa7208","chunk_index":28,"quote_summary":"根据 Bishop&Associates 的数据，2024 年全球连接器市场规模达到 864.78 亿美元，同比增长 5.65%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002179","target":"topic:算力","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"502e354d5c91","from":"company:002179","from_name":"中航光电","to":"topic:航天","to_name":"航天","relation":"involves_topic","direction":"semantic","summary":"中航光电 研报中反复涉及 航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-买入-维持-e3420e3e6c50.md","chunk_id":"chunk:fe58c9fa7208","chunk_index":28,"quote_summary":"根据 Bishop&Associates 的数据，2024 年全球连接器市场规模达到 864.78 亿美元，同比增长 5.65%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002179","target":"topic:航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"71c14ab1d1e1","from":"company:002179","from_name":"中航光电","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"中航光电 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-买入-维持-e3420e3e6c50.md","chunk_id":"chunk:fe58c9fa7208","chunk_index":28,"quote_summary":"根据 Bishop&Associates 的数据，2024 年全球连接器市场规模达到 864.78 亿美元，同比增长 5.65%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002179","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"abb83a4d2934","from":"company:002179","from_name":"中航光电","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"中航光电 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航光电-002179-sz-2024-年年报点评-82761672eef4.md","chunk_id":"chunk:facb88866203","chunk_index":0,"quote_summary":"* **4Q24 归母净利润同比增长 89%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002179","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ceb483b302b6","from":"company:002179","from_name":"中航光电","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"中航光电 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-买入-维持-e3420e3e6c50.md","chunk_id":"chunk:fe58c9fa7208","chunk_index":28,"quote_summary":"根据 Bishop&Associates 的数据，2024 年全球连接器市场规模达到 864.78 亿美元，同比增长 5.65%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002179","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"22917cb0759d","from":"company:002179","from_name":"中航光电","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"中航光电 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航光电-002179-448d59faa827.md","chunk_id":"chunk:3d42507419d8","chunk_index":4,"quote_summary":"** 2025 年前三季度，中航光电实现营业总收入 158.38 亿元，同比增长 12.36%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002179","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"fc5c97599b33","from":"company:002179","from_name":"中航光电","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"中航光电 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-买入-维持-e3420e3e6c50.md","chunk_id":"chunk:fe58c9fa7208","chunk_index":28,"quote_summary":"根据 Bishop&Associates 的数据，2024 年全球连接器市场规模达到 864.78 亿美元，同比增长 5.65%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002179","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e703237c1af3","from":"company:002389","from_name":"航天彩虹","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"航天彩虹 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-年-10-月-31-日-93cb794cdc54.md","chunk_id":"chunk:97c4b1b0b960","chunk_index":4,"quote_summary":"根据 Fortune Business Insights 数据，2023 年全球军用无人机市场规模约为 141.4 亿美元，2032 年预计将达到 471.6 亿美元，2023 年到 2032 年的年复合增长率达 13.15％。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002389","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"24f962d2d5c2","from":"company:002389","from_name":"航天彩虹","to":"topic:低空经济","to_name":"低空经济","relation":"involves_topic","direction":"semantic","summary":"航天彩虹 研报中反复涉及 低空经济。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天彩虹-002389-sz-2024-年一季报点评-3e9a7c4bd35e.md","chunk_id":"chunk:091b96edb5d0","chunk_index":2,"quote_summary":"* **投资建议**：公司是我国稀缺无人机系统及制导装备龙头企业，受益于无人机国内外市场需求的持续增长，以及低空经济利好政策催化，公司未来几年业绩有望不断提升。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002389","target":"topic:低空经济","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"95a88b70d412","from":"company:002389","from_name":"航天彩虹","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"航天彩虹 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-f85f69972166.md","chunk_id":"chunk:43861c8303e2","chunk_index":4,"quote_summary":"无人机出口市场持续升温，国际业务需求对接及产品演示频次大幅提升，军贸产品更新换代加速，差异化采购及战略备份需求增长显著，为公司国际市场业务开辟更多发展空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002389","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3a8ace3d8c0c","from":"company:002389","from_name":"航天彩虹","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"航天彩虹 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-f85f69972166.md","chunk_id":"chunk:43861c8303e2","chunk_index":4,"quote_summary":"无人机出口市场持续升温，国际业务需求对接及产品演示频次大幅提升，军贸产品更新换代加速，差异化采购及战略备份需求增长显著，为公司国际市场业务开辟更多发展空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002389","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ec7f0104929b","from":"company:002389","from_name":"航天彩虹","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"航天彩虹 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-f85f69972166.md","chunk_id":"chunk:43861c8303e2","chunk_index":4,"quote_summary":"无人机出口市场持续升温，国际业务需求对接及产品演示频次大幅提升，军贸产品更新换代加速，差异化采购及战略备份需求增长显著，为公司国际市场业务开辟更多发展空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002389","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1cdd6dc5c26c","from":"company:002389","from_name":"航天彩虹","to":"topic:房地产","to_name":"房地产","relation":"involves_topic","direction":"semantic","summary":"航天彩虹 研报中反复涉及 房地产。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-03-30-840a2acf7eaa.md","chunk_id":"chunk:e833d0e9e4bb","chunk_index":2,"quote_summary":"2024 年公司研发投入 5.16 亿元，较上年同期增长 40.79%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002389","target":"topic:房地产","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"890be0b19c72","from":"company:002389","from_name":"航天彩虹","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"航天彩虹 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天彩虹-002389-sz-2024-年一季报点评-3e9a7c4bd35e.md","chunk_id":"chunk:091b96edb5d0","chunk_index":2,"quote_summary":"* **投资建议**：公司是我国稀缺无人机系统及制导装备龙头企业，受益于无人机国内外市场需求的持续增长，以及低空经济利好政策催化，公司未来几年业绩有望不断提升。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002389","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7e1574895eb7","from":"company:002389","from_name":"航天彩虹","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"航天彩虹 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-f85f69972166.md","chunk_id":"chunk:43861c8303e2","chunk_index":4,"quote_summary":"无人机出口市场持续升温，国际业务需求对接及产品演示频次大幅提升，军贸产品更新换代加速，差异化采购及战略备份需求增长显著，为公司国际市场业务开辟更多发展空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002389","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"09af71517621","from":"company:002389","from_name":"航天彩虹","to":"topic:航天","to_name":"航天","relation":"involves_topic","direction":"semantic","summary":"航天彩虹 研报中反复涉及 航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-f85f69972166.md","chunk_id":"chunk:43861c8303e2","chunk_index":4,"quote_summary":"无人机出口市场持续升温，国际业务需求对接及产品演示频次大幅提升，军贸产品更新换代加速，差异化采购及战略备份需求增长显著，为公司国际市场业务开辟更多发展空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002389","target":"topic:航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"8593b7a55707","from":"company:002389","from_name":"航天彩虹","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"航天彩虹 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-f85f69972166.md","chunk_id":"chunk:43861c8303e2","chunk_index":4,"quote_summary":"无人机出口市场持续升温，国际业务需求对接及产品演示频次大幅提升，军贸产品更新换代加速，差异化采购及战略备份需求增长显著，为公司国际市场业务开辟更多发展空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002389","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"71a83cb35288","from":"company:002389","from_name":"航天彩虹","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"航天彩虹 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-f85f69972166.md","chunk_id":"chunk:43861c8303e2","chunk_index":4,"quote_summary":"无人机出口市场持续升温，国际业务需求对接及产品演示频次大幅提升，军贸产品更新换代加速，差异化采购及战略备份需求增长显著，为公司国际市场业务开辟更多发展空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002389","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"5cbba8c8c080","from":"company:002389","from_name":"航天彩虹","to":"topic:银行","to_name":"银行","relation":"involves_topic","direction":"semantic","summary":"航天彩虹 研报中反复涉及 银行。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-f85f69972166.md","chunk_id":"chunk:43861c8303e2","chunk_index":4,"quote_summary":"无人机出口市场持续升温，国际业务需求对接及产品演示频次大幅提升，军贸产品更新换代加速，差异化采购及战略备份需求增长显著，为公司国际市场业务开辟更多发展空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002389","target":"topic:银行","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"cd4e0850a1a8","from":"company:002389","from_name":"航天彩虹","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"航天彩虹 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-03-30-840a2acf7eaa.md","chunk_id":"chunk:e833d0e9e4bb","chunk_index":2,"quote_summary":"2024 年公司研发投入 5.16 亿元，较上年同期增长 40.79%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002389","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"bef8985236e6","from":"company:002413","from_name":"雷科防务","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"雷科防务 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-雷科防务-002413-sz-2024-年中报点评-9aa8bffa4998.md","chunk_id":"chunk:f95b9d6f8ff9","chunk_index":0,"quote_summary":"➢ **2Q24 营收环比增长 7%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002413","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ee5df1314e24","from":"company:002413","from_name":"雷科防务","to":"topic:卫星","to_name":"卫星","relation":"involves_topic","direction":"semantic","summary":"雷科防务 研报中反复涉及 卫星。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-雷科防务-002413-sz-2024-年中报点评-9aa8bffa4998.md","chunk_id":"chunk:f95b9d6f8ff9","chunk_index":0,"quote_summary":"➢ **2Q24 营收环比增长 7%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002413","target":"topic:卫星","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4602aa863b85","from":"company:002413","from_name":"雷科防务","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"雷科防务 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-雷科防务-002413-sz-2024-年中报点评-9aa8bffa4998.md","chunk_id":"chunk:f95b9d6f8ff9","chunk_index":0,"quote_summary":"➢ **2Q24 营收环比增长 7%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002413","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"dc873b9675d5","from":"company:002413","from_name":"雷科防务","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"雷科防务 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-雷科防务-002413-sz-2024-年中报点评-9aa8bffa4998.md","chunk_id":"chunk:f95b9d6f8ff9","chunk_index":0,"quote_summary":"➢ **2Q24 营收环比增长 7%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002413","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"869525a049e6","from":"company:002413","from_name":"雷科防务","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"雷科防务 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-雷科防务-002413-sz-2024-年中报点评-9aa8bffa4998.md","chunk_id":"chunk:f95b9d6f8ff9","chunk_index":0,"quote_summary":"➢ **2Q24 营收环比增长 7%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002413","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"871bde5ac76d","from":"company:002413","from_name":"雷科防务","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"雷科防务 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-雷科防务-002413-sz-2024-年中报点评-9aa8bffa4998.md","chunk_id":"chunk:f95b9d6f8ff9","chunk_index":0,"quote_summary":"➢ **2Q24 营收环比增长 7%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002413","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c28f015e8c9c","from":"company:002413","from_name":"雷科防务","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"雷科防务 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-雷科防务-002413-sz-2024-年中报点评-9aa8bffa4998.md","chunk_id":"chunk:f95b9d6f8ff9","chunk_index":0,"quote_summary":"➢ **2Q24 营收环比增长 7%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002413","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"096151960af5","from":"company:002413","from_name":"雷科防务","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"雷科防务 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-雷科防务-002413-sz-2024-年中报点评-9aa8bffa4998.md","chunk_id":"chunk:f95b9d6f8ff9","chunk_index":0,"quote_summary":"➢ **2Q24 营收环比增长 7%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002413","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4380e65bdf23","from":"company:002465","from_name":"海格通信","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"海格通信 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-海格通信-002465-617ab3a514f9.md","chunk_id":"chunk:8ba0db143060","chunk_index":10,"quote_summary":"- 增持—未来 **6** 个月的投资收益率领先市场基准指数 **5%**以上;"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002465","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b4fb8828a53a","from":"company:002465","from_name":"海格通信","to":"topic:产业链","to_name":"产业链","relation":"involves_topic","direction":"semantic","summary":"海格通信 研报中反复涉及 产业链。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-海格通信-002465-cdce98b45cf2.md","chunk_id":"chunk:17a8eff9c026","chunk_index":3,"quote_summary":"公司不仅受益于国防信息化的长期趋势，有望实现军用通信与北斗导航业务的稳定增长，并且依托深厚的技术积累，积极布局卫星互联网与低空经济，为中长期业绩奠定了坚实基础。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002465","target":"topic:产业链","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"5e322c01d863","from":"company:002465","from_name":"海格通信","to":"topic:人工智能","to_name":"人工智能","relation":"involves_topic","direction":"semantic","summary":"海格通信 研报中反复涉及 人工智能。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-海格通信-002465-617ab3a514f9.md","chunk_id":"chunk:8ba0db143060","chunk_index":10,"quote_summary":"- 增持—未来 **6** 个月的投资收益率领先市场基准指数 **5%**以上;"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002465","target":"topic:人工智能","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3c8e20dbaad5","from":"company:002465","from_name":"海格通信","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"海格通信 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-业绩短期波动-持续加大战略性新兴产业投入-ceb54d1f59bd.md","chunk_id":"chunk:43536ae65df1","chunk_index":4,"quote_summary":"另一方面坚持走自主创新的道路，持续加大战略性新兴产业投入，抢筑市场空间，上半年研发投入 47,862 万元，占营业收入比例 18.47%，同比增长 13.55%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002465","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"76d53d178e80","from":"company:002465","from_name":"海格通信","to":"topic:低空经济","to_name":"低空经济","relation":"involves_topic","direction":"semantic","summary":"海格通信 研报中反复涉及 低空经济。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-海格通信-002465-cdce98b45cf2.md","chunk_id":"chunk:17a8eff9c026","chunk_index":3,"quote_summary":"公司不仅受益于国防信息化的长期趋势，有望实现军用通信与北斗导航业务的稳定增长，并且依托深厚的技术积累，积极布局卫星互联网与低空经济，为中长期业绩奠定了坚实基础。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002465","target":"topic:低空经济","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"864d4bae4234","from":"company:002465","from_name":"海格通信","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"海格通信 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8e84fd1c1bf5.md","chunk_id":"chunk:4e41ccd01836","chunk_index":7,"quote_summary":"我们认为，<mark>公司航空航天业务有望持续受益于航空产业高景气发展带来的下游需求，收入保持稳定增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002465","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f293b78e3404","from":"company:002465","from_name":"海格通信","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"海格通信 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8e84fd1c1bf5.md","chunk_id":"chunk:4e41ccd01836","chunk_index":7,"quote_summary":"我们认为，<mark>公司航空航天业务有望持续受益于航空产业高景气发展带来的下游需求，收入保持稳定增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002465","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c991e998e89a","from":"company:002465","from_name":"海格通信","to":"topic:卫星","to_name":"卫星","relation":"involves_topic","direction":"semantic","summary":"海格通信 研报中反复涉及 卫星。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-海格通信-002465-cdce98b45cf2.md","chunk_id":"chunk:17a8eff9c026","chunk_index":3,"quote_summary":"公司不仅受益于国防信息化的长期趋势，有望实现军用通信与北斗导航业务的稳定增长，并且依托深厚的技术积累，积极布局卫星互联网与低空经济，为中长期业绩奠定了坚实基础。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002465","target":"topic:卫星","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"52c796fc534f","from":"company:002465","from_name":"海格通信","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"海格通信 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-海格通信-002465-cdce98b45cf2.md","chunk_id":"chunk:17a8eff9c026","chunk_index":3,"quote_summary":"公司不仅受益于国防信息化的长期趋势，有望实现军用通信与北斗导航业务的稳定增长，并且依托深厚的技术积累，积极布局卫星互联网与低空经济，为中长期业绩奠定了坚实基础。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002465","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"5714a441fb6c","from":"company:002465","from_name":"海格通信","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"海格通信 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-海格通信-002465-sz-2024-年年报及-2025-年一季报点评-bca995eb59cb.md","chunk_id":"chunk:494da5c3c3ac","chunk_index":0,"quote_summary":"公司 2024 年北斗导航业务毛利率同比增长 8.91pct，航空航天业务同比增长 9.35pct，无线通信业务毛利率减少 2.10pct，数智生态业务毛利率减少 2.51pct。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002465","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d7f6cb4e6ef5","from":"company:002465","from_name":"海格通信","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"海格通信 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-海格通信-002465-cdce98b45cf2.md","chunk_id":"chunk:17a8eff9c026","chunk_index":3,"quote_summary":"公司不仅受益于国防信息化的长期趋势，有望实现军用通信与北斗导航业务的稳定增长，并且依托深厚的技术积累，积极布局卫星互联网与低空经济，为中长期业绩奠定了坚实基础。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002465","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b9ecbdd2bf84","from":"company:002465","from_name":"海格通信","to":"topic:航天","to_name":"航天","relation":"involves_topic","direction":"semantic","summary":"海格通信 研报中反复涉及 航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-海格通信-002465-cdce98b45cf2.md","chunk_id":"chunk:17a8eff9c026","chunk_index":3,"quote_summary":"公司不仅受益于国防信息化的长期趋势，有望实现军用通信与北斗导航业务的稳定增长，并且依托深厚的技术积累，积极布局卫星互联网与低空经济，为中长期业绩奠定了坚实基础。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002465","target":"topic:航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d57565644c77","from":"company:002465","from_name":"海格通信","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"海格通信 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-海格通信-002465-cdce98b45cf2.md","chunk_id":"chunk:17a8eff9c026","chunk_index":3,"quote_summary":"公司不仅受益于国防信息化的长期趋势，有望实现军用通信与北斗导航业务的稳定增长，并且依托深厚的技术积累，积极布局卫星互联网与低空经济，为中长期业绩奠定了坚实基础。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002465","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"106cebda8553","from":"company:002465","from_name":"海格通信","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"海格通信 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8e84fd1c1bf5.md","chunk_id":"chunk:4e41ccd01836","chunk_index":7,"quote_summary":"我们认为，<mark>公司航空航天业务有望持续受益于航空产业高景气发展带来的下游需求，收入保持稳定增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002465","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"52b663fe666e","from":"company:002465","from_name":"海格通信","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"海格通信 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-海格通信-002465-cdce98b45cf2.md","chunk_id":"chunk:17a8eff9c026","chunk_index":3,"quote_summary":"公司不仅受益于国防信息化的长期趋势，有望实现军用通信与北斗导航业务的稳定增长，并且依托深厚的技术积累，积极布局卫星互联网与低空经济，为中长期业绩奠定了坚实基础。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002465","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b70bfe502a42","from":"company:002465","from_name":"海格通信","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"海格通信 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-海格通信-002465-sz-2024-年年报及-2025-年一季报点评-bca995eb59cb.md","chunk_id":"chunk:494da5c3c3ac","chunk_index":0,"quote_summary":"公司 2024 年北斗导航业务毛利率同比增长 8.91pct，航空航天业务同比增长 9.35pct，无线通信业务毛利率减少 2.10pct，数智生态业务毛利率减少 2.51pct。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002465","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7b04309c0807","from":"company:002465","from_name":"海格通信","to":"topic:银行","to_name":"银行","relation":"involves_topic","direction":"semantic","summary":"海格通信 研报中反复涉及 银行。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-业绩短期波动-持续加大战略性新兴产业投入-ceb54d1f59bd.md","chunk_id":"chunk:43536ae65df1","chunk_index":4,"quote_summary":"另一方面坚持走自主创新的道路，持续加大战略性新兴产业投入，抢筑市场空间，上半年研发投入 47,862 万元，占营业收入比例 18.47%，同比增长 13.55%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002465","target":"topic:银行","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"26396e8ee05b","from":"company:002465","from_name":"海格通信","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"海格通信 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-海格通信-002465-755e370f71eb.md","chunk_id":"chunk:ced02ceaf878","chunk_index":5,"quote_summary":"* **盈利预测与投资评级：**公司业绩承压，我们下调先前的预期，预计公司 2025-2026 年归母净利润分别为 3.34/5.67 亿元，前值 10.28/13.09 亿元，新增 2027 年归母净利润预测为 10.27 亿元，对应 PE 分别为 104/61/34 倍，但考虑到海格通信是无线通信与北斗导航领域龙..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002465","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"960278a4ef7d","from":"company:002648","from_name":"卫星化学","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"卫星化学 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-卫星化学-002648-66521306fd4c.md","chunk_id":"chunk:54df3a09497f","chunk_index":14,"quote_summary":"- 增持—未来 6 个月的投资收益率领先市场基准指数 5%以上;"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002648","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"07781e5e3941","from":"company:002648","from_name":"卫星化学","to":"topic:产业链","to_name":"产业链","relation":"involves_topic","direction":"semantic","summary":"卫星化学 研报中反复涉及 产业链。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:a52326f6ae21","chunk_index":3,"quote_summary":"公司将海外市场视为增长“第二曲线”，未来将继续深化海外渠道体系建设，开拓海外增量市场。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002648","target":"topic:产业链","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"5836352139ad","from":"company:002648","from_name":"卫星化学","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"卫星化学 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-卫星化学-002648-sz-优于大市-9a4f777c174d.md","chunk_id":"chunk:a9b4abbefbca","chunk_index":22,"quote_summary":"| 股票<br/>投资评级 | 优于大市 | 股价表现优于市场代表性指数 10%以上 |"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002648","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7aae2759b6a0","from":"company:002648","from_name":"卫星化学","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"卫星化学 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-卫星化学-002648-sz-优于大市-9a4f777c174d.md","chunk_id":"chunk:a9b4abbefbca","chunk_index":22,"quote_summary":"| 股票<br/>投资评级 | 优于大市 | 股价表现优于市场代表性指数 10%以上 |"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002648","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"89b3fd4d5210","from":"company:002648","from_name":"卫星化学","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"卫星化学 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-卫星化学-002648-sz-优于大市-9a4f777c174d.md","chunk_id":"chunk:a9b4abbefbca","chunk_index":22,"quote_summary":"| 股票<br/>投资评级 | 优于大市 | 股价表现优于市场代表性指数 10%以上 |"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002648","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a28f8585101c","from":"company:002648","from_name":"卫星化学","to":"topic:卫星","to_name":"卫星","relation":"involves_topic","direction":"semantic","summary":"卫星化学 研报中反复涉及 卫星。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-卫星化学-002648-sz-优于大市-9a4f777c174d.md","chunk_id":"chunk:a9b4abbefbca","chunk_index":22,"quote_summary":"| 股票<br/>投资评级 | 优于大市 | 股价表现优于市场代表性指数 10%以上 |"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002648","target":"topic:卫星","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"159c3f8cba8f","from":"company:002648","from_name":"卫星化学","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"卫星化学 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-卫星化学-002648-sz-优于大市-9a4f777c174d.md","chunk_id":"chunk:a9b4abbefbca","chunk_index":22,"quote_summary":"| 股票<br/>投资评级 | 优于大市 | 股价表现优于市场代表性指数 10%以上 |"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002648","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"5f8e8917f8f3","from":"company:002648","from_name":"卫星化学","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"卫星化学 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-卫星化学-002648-sz-优于大市-9a4f777c174d.md","chunk_id":"chunk:a9b4abbefbca","chunk_index":22,"quote_summary":"| 股票<br/>投资评级 | 优于大市 | 股价表现优于市场代表性指数 10%以上 |"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002648","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"502333fe0ca9","from":"company:002648","from_name":"卫星化学","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"卫星化学 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-卫星化学-002648-sz-优于大市-dafefb44f90d.md","chunk_id":"chunk:834a6e9b6e88","chunk_index":21,"quote_summary":"| 股票<br/>投资评级 | 优于大市 | 股价表现优于市场代表性指数 10%以上 |"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002648","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"50c1d9efb12e","from":"company:002648","from_name":"卫星化学","to":"topic:环比","to_name":"环比","relation":"involves_topic","direction":"semantic","summary":"卫星化学 研报中反复涉及 环比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-卫星化学-002648-sz-优于大市-9a4f777c174d.md","chunk_id":"chunk:a9b4abbefbca","chunk_index":22,"quote_summary":"| 股票<br/>投资评级 | 优于大市 | 股价表现优于市场代表性指数 10%以上 |"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002648","target":"topic:环比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"fe9f20a7bc33","from":"company:002648","from_name":"卫星化学","to":"topic:石油","to_name":"石油","relation":"involves_topic","direction":"semantic","summary":"卫星化学 研报中反复涉及 石油。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-卫星化学-002648-f8bb7ccb23e6.md","chunk_id":"chunk:15519c287b09","chunk_index":8,"quote_summary":"* **盈利预测与投资评级：**基于公司聚烯烃产品景气度上行，以及公司项目建设进度顺利，我们调整盈利预测，2026-2027 年公司归母净利润分别为 84、90 亿元（前值为 70、86 亿元），新增 2028 年盈利预测，2028 年公司归母净利润为 97 亿元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002648","target":"topic:石油","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"feb6e01c290b","from":"company:002648","from_name":"卫星化学","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"卫星化学 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-卫星化学-002648-sz-优于大市-dafefb44f90d.md","chunk_id":"chunk:834a6e9b6e88","chunk_index":21,"quote_summary":"| 股票<br/>投资评级 | 优于大市 | 股价表现优于市场代表性指数 10%以上 |"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002648","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ff381334b74d","from":"company:002648","from_name":"卫星化学","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"卫星化学 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-卫星化学-002648-sz-优于大市-9a4f777c174d.md","chunk_id":"chunk:a9b4abbefbca","chunk_index":22,"quote_summary":"| 股票<br/>投资评级 | 优于大市 | 股价表现优于市场代表性指数 10%以上 |"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002648","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"200f71a8e471","from":"company:002648","from_name":"卫星化学","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"卫星化学 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-基础化工-公司点评报告-e23e4ee04a94.md","chunk_id":"chunk:f8d1884640d1","chunk_index":4,"quote_summary":"2025 年公司实现营业收入 460.68 亿元，同比增长 0.92%，实现归属于上市公司股东的净利润 53.11 亿元，同比下降 12.54%，实现扣除非经常性损益归母净利润 62.92 亿元，同比增长 4.02%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002648","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a3e723fbedd0","from":"company:002648","from_name":"卫星化学","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"卫星化学 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:a52326f6ae21","chunk_index":3,"quote_summary":"公司将海外市场视为增长“第二曲线”，未来将继续深化海外渠道体系建设，开拓海外增量市场。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002648","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c1c7486a5508","from":"company:002928","from_name":"华夏航空","to":"topic:roa","to_name":"ROA","relation":"involves_topic","direction":"semantic","summary":"华夏航空 研报中反复涉及 ROA。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-华夏航空-002928-sz-2025-年三季报点评-ccf475abd697.md","chunk_id":"chunk:2a2cde9409ce","chunk_index":0,"quote_summary":"25Q3 公司盈利同比增长主要受益于单位成本下降，单位非油成本随着运力增长持续下降，油价下降亦带来成本下降，收益端客座率同比提升对冲了票价下降影响。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002928","target":"topic:roa","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"68b7f30c260e","from":"company:002928","from_name":"华夏航空","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"华夏航空 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-华夏航空-002928-sz-2025-年半年报点评-738489c5cf4b.md","chunk_id":"chunk:1a03e779ffcd","chunk_index":1,"quote_summary":"➢ **投资建议：** 看好支线市场增长潜力和公司在国内支线航线领域的先发优势，行业降价环境下政府运力购买模式对公司价格端形成一定支撑。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002928","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"77367c57960d","from":"company:002928","from_name":"华夏航空","to":"topic:rpk","to_name":"RPK","relation":"involves_topic","direction":"semantic","summary":"华夏航空 研报中反复涉及 RPK。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-股票投资评级-6f06d7949e64.md","chunk_id":"chunk:fd9ca917fe45","chunk_index":2,"quote_summary":"2024 年一季度公司业务延续复苏态势，航班量稳中有升，ASK 同比提高 48.6%，RPK 同比提高 62.0%，客座率 77.04%，同比提高 6.39pct，高基数下单位收入同比小幅下降，收入同比明显增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002928","target":"topic:rpk","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"86f062e27dc0","from":"company:002928","from_name":"华夏航空","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"华夏航空 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:a96872e81d74","chunk_index":108,"quote_summary":"同年 12 月，衢州航空成立，该公司由衢州市属国企信安产业投资有限公司持股 90%、华夏航空间接持股 10%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002928","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"349aeac9ef61","from":"company:002928","from_name":"华夏航空","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"华夏航空 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-股票投资评级-6f06d7949e64.md","chunk_id":"chunk:fd9ca917fe45","chunk_index":2,"quote_summary":"2024 年一季度公司业务延续复苏态势，航班量稳中有升，ASK 同比提高 48.6%，RPK 同比提高 62.0%，客座率 77.04%，同比提高 6.39pct，高基数下单位收入同比小幅下降，收入同比明显增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002928","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"efa457a1f831","from":"company:002928","from_name":"华夏航空","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"华夏航空 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:a96872e81d74","chunk_index":108,"quote_summary":"同年 12 月，衢州航空成立，该公司由衢州市属国企信安产业投资有限公司持股 90%、华夏航空间接持股 10%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002928","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3e87d0ebde83","from":"company:002928","from_name":"华夏航空","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"华夏航空 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:a96872e81d74","chunk_index":108,"quote_summary":"同年 12 月，衢州航空成立，该公司由衢州市属国企信安产业投资有限公司持股 90%、华夏航空间接持股 10%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002928","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"391817cdcbfe","from":"company:002928","from_name":"华夏航空","to":"topic:商业模式","to_name":"商业模式","relation":"involves_topic","direction":"semantic","summary":"华夏航空 研报中反复涉及 商业模式。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究报告-531240c49c4c.md","chunk_id":"chunk:b8b3b4d8ec92","chunk_index":42,"quote_summary":"客运表现方面，2024 年 1-3 月民航旅客周转量同比大幅增长，超出 2019 年同期水平 11.47%，但国内、国际市场有所分化。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002928","target":"topic:商业模式","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"5ea033232be2","from":"company:002928","from_name":"华夏航空","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"华夏航空 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-股票投资评级-6f06d7949e64.md","chunk_id":"chunk:fd9ca917fe45","chunk_index":2,"quote_summary":"2024 年一季度公司业务延续复苏态势，航班量稳中有升，ASK 同比提高 48.6%，RPK 同比提高 62.0%，客座率 77.04%，同比提高 6.39pct，高基数下单位收入同比小幅下降，收入同比明显增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002928","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"870633e88156","from":"company:002928","from_name":"华夏航空","to":"topic:政策","to_name":"政策","relation":"involves_topic","direction":"semantic","summary":"华夏航空 研报中反复涉及 政策。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:a96872e81d74","chunk_index":108,"quote_summary":"同年 12 月，衢州航空成立，该公司由衢州市属国企信安产业投资有限公司持股 90%、华夏航空间接持股 10%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002928","target":"topic:政策","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"95f329393217","from":"company:002928","from_name":"华夏航空","to":"topic:石油","to_name":"石油","relation":"involves_topic","direction":"semantic","summary":"华夏航空 研报中反复涉及 石油。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:a96872e81d74","chunk_index":108,"quote_summary":"同年 12 月，衢州航空成立，该公司由衢州市属国企信安产业投资有限公司持股 90%、华夏航空间接持股 10%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002928","target":"topic:石油","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"cbe13a90b04c","from":"company:002928","from_name":"华夏航空","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"华夏航空 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:a96872e81d74","chunk_index":108,"quote_summary":"同年 12 月，衢州航空成立，该公司由衢州市属国企信安产业投资有限公司持股 90%、华夏航空间接持股 10%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002928","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f122e1fdfc26","from":"company:002928","from_name":"华夏航空","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"华夏航空 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:a96872e81d74","chunk_index":108,"quote_summary":"同年 12 月，衢州航空成立，该公司由衢州市属国企信安产业投资有限公司持股 90%、华夏航空间接持股 10%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002928","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c77aa8cf876f","from":"company:002928","from_name":"华夏航空","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"华夏航空 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-股票投资评级-6f06d7949e64.md","chunk_id":"chunk:fd9ca917fe45","chunk_index":2,"quote_summary":"2024 年一季度公司业务延续复苏态势，航班量稳中有升，ASK 同比提高 48.6%，RPK 同比提高 62.0%，客座率 77.04%，同比提高 6.39pct，高基数下单位收入同比小幅下降，收入同比明显增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002928","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4aced0807206","from":"company:002928","from_name":"华夏航空","to":"topic:银行","to_name":"银行","relation":"involves_topic","direction":"semantic","summary":"华夏航空 研报中反复涉及 银行。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-交通运输-公司点评报告-13a56902800d.md","chunk_id":"chunk:84734a580c8a","chunk_index":2,"quote_summary":"随着业务量恢复、市场下沉，叠加 2023 年的高基数，公司上半年单位运价有所下降，但业务量大幅增长仍然拉动营收大增。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002928","target":"topic:银行","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"98da28e60864","from":"company:002928","from_name":"华夏航空","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"华夏航空 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:a96872e81d74","chunk_index":108,"quote_summary":"同年 12 月，衢州航空成立，该公司由衢州市属国企信安产业投资有限公司持股 90%、华夏航空间接持股 10%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:002928","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"5e67231f76b1","from":"company:003009","from_name":"中天火箭","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"中天火箭 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md","chunk_id":"chunk:3ca03216c2a0","chunk_index":91,"quote_summary":"公司作为国内市占率第一的人影行业龙头，将有望引领行业发展，虽然 1H24 增雨防雹火箭收入承压，但伴随人影无人机等新兴业务完成试验并逐步进入业务化应用，未来公司增雨防雹火箭收入有望实现稳增，我们预计 2024~2026 年分别实现营收 3.0 亿、3.3 亿和 3.5 亿元，同比增长-8%/10%/6%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:003009","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"60c41d651e22","from":"company:003009","from_name":"中天火箭","to":"topic:光伏","to_name":"光伏","relation":"involves_topic","direction":"semantic","summary":"中天火箭 研报中反复涉及 光伏。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md","chunk_id":"chunk:3ca03216c2a0","chunk_index":91,"quote_summary":"公司作为国内市占率第一的人影行业龙头，将有望引领行业发展，虽然 1H24 增雨防雹火箭收入承压，但伴随人影无人机等新兴业务完成试验并逐步进入业务化应用，未来公司增雨防雹火箭收入有望实现稳增，我们预计 2024~2026 年分别实现营收 3.0 亿、3.3 亿和 3.5 亿元，同比增长-8%/10%/6%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:003009","target":"topic:光伏","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"995177ff554c","from":"company:003009","from_name":"中天火箭","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"中天火箭 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-73830bae5eed.md","chunk_id":"chunk:1ce06659b278","chunk_index":0,"quote_summary":"研发费用（0.50亿元，+12.96%）稳定增长，<mark>预计将成为未来公司业务拓展，业绩持续快速增长的核心驱动力。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:003009","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"67a79e19fde7","from":"company:003009","from_name":"中天火箭","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"中天火箭 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md","chunk_id":"chunk:3ca03216c2a0","chunk_index":91,"quote_summary":"公司作为国内市占率第一的人影行业龙头，将有望引领行业发展，虽然 1H24 增雨防雹火箭收入承压，但伴随人影无人机等新兴业务完成试验并逐步进入业务化应用，未来公司增雨防雹火箭收入有望实现稳增，我们预计 2024~2026 年分别实现营收 3.0 亿、3.3 亿和 3.5 亿元，同比增长-8%/10%/6%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:003009","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0a410b09c0f0","from":"company:003009","from_name":"中天火箭","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"中天火箭 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md","chunk_id":"chunk:3ca03216c2a0","chunk_index":91,"quote_summary":"公司作为国内市占率第一的人影行业龙头，将有望引领行业发展，虽然 1H24 增雨防雹火箭收入承压，但伴随人影无人机等新兴业务完成试验并逐步进入业务化应用，未来公司增雨防雹火箭收入有望实现稳增，我们预计 2024~2026 年分别实现营收 3.0 亿、3.3 亿和 3.5 亿元，同比增长-8%/10%/6%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:003009","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ddcdbf6c1d05","from":"company:003009","from_name":"中天火箭","to":"topic:工业原材料","to_name":"工业原材料","relation":"involves_topic","direction":"semantic","summary":"中天火箭 研报中反复涉及 工业原材料。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md","chunk_id":"chunk:3ca03216c2a0","chunk_index":91,"quote_summary":"公司作为国内市占率第一的人影行业龙头，将有望引领行业发展，虽然 1H24 增雨防雹火箭收入承压，但伴随人影无人机等新兴业务完成试验并逐步进入业务化应用，未来公司增雨防雹火箭收入有望实现稳增，我们预计 2024~2026 年分别实现营收 3.0 亿、3.3 亿和 3.5 亿元，同比增长-8%/10%/6%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:003009","target":"topic:工业原材料","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ff1f05a2a6d5","from":"company:003009","from_name":"中天火箭","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"中天火箭 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中天火箭-003009-sz-2025-年三季报点评-d0ad6d777da3.md","chunk_id":"chunk:76a9be3d1099","chunk_index":1,"quote_summary":"1）增雨防雹火箭及配套装备（24 年营收占比 30%）：公司继续保持市场占有率第一的位置，今年以来受市场需求增加带动营收保持较好增长势头。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:003009","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"871c59bf6334","from":"company:003009","from_name":"中天火箭","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"中天火箭 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md","chunk_id":"chunk:3ca03216c2a0","chunk_index":91,"quote_summary":"公司作为国内市占率第一的人影行业龙头，将有望引领行业发展，虽然 1H24 增雨防雹火箭收入承压，但伴随人影无人机等新兴业务完成试验并逐步进入业务化应用，未来公司增雨防雹火箭收入有望实现稳增，我们预计 2024~2026 年分别实现营收 3.0 亿、3.3 亿和 3.5 亿元，同比增长-8%/10%/6%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:003009","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d5dd4df631f8","from":"company:003009","from_name":"中天火箭","to":"topic:航天","to_name":"航天","relation":"involves_topic","direction":"semantic","summary":"中天火箭 研报中反复涉及 航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md","chunk_id":"chunk:3ca03216c2a0","chunk_index":91,"quote_summary":"公司作为国内市占率第一的人影行业龙头，将有望引领行业发展，虽然 1H24 增雨防雹火箭收入承压，但伴随人影无人机等新兴业务完成试验并逐步进入业务化应用，未来公司增雨防雹火箭收入有望实现稳增，我们预计 2024~2026 年分别实现营收 3.0 亿、3.3 亿和 3.5 亿元，同比增长-8%/10%/6%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:003009","target":"topic:航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"cd2d8ca554ef","from":"company:003009","from_name":"中天火箭","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"中天火箭 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-73830bae5eed.md","chunk_id":"chunk:1ce06659b278","chunk_index":0,"quote_summary":"研发费用（0.50亿元，+12.96%）稳定增长，<mark>预计将成为未来公司业务拓展，业绩持续快速增长的核心驱动力。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:003009","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6defc1a13e90","from":"company:003009","from_name":"中天火箭","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"中天火箭 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md","chunk_id":"chunk:3ca03216c2a0","chunk_index":91,"quote_summary":"公司作为国内市占率第一的人影行业龙头，将有望引领行业发展，虽然 1H24 增雨防雹火箭收入承压，但伴随人影无人机等新兴业务完成试验并逐步进入业务化应用，未来公司增雨防雹火箭收入有望实现稳增，我们预计 2024~2026 年分别实现营收 3.0 亿、3.3 亿和 3.5 亿元，同比增长-8%/10%/6%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:003009","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7ba01d82d91b","from":"company:003009","from_name":"中天火箭","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"中天火箭 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-73830bae5eed.md","chunk_id":"chunk:1ce06659b278","chunk_index":0,"quote_summary":"研发费用（0.50亿元，+12.96%）稳定增长，<mark>预计将成为未来公司业务拓展，业绩持续快速增长的核心驱动力。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:003009","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"033a34a49270","from":"company:300034","from_name":"钢研高纳","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"钢研高纳 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-6df53779ac7a.md","chunk_id":"chunk:f5cbbe88ddd8","chunk_index":4,"quote_summary":"其中，一带一路等方向相关领域投资需求高涨，公司海外业务增长较快，收入增速达 54.08%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300034","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a24a02cc20b7","from":"company:300034","from_name":"钢研高纳","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"钢研高纳 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司点评报告-航空装备ii-0d50f2d43634.md","chunk_id":"chunk:60ad7ea50fd4","chunk_index":8,"quote_summary":"* **盈利预测与投资评级**：公司业绩相对承压，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 2.65/3.29 亿元，前值 5.29/6.30 亿元，新增 2027 年预期 3.76 亿元，对应 PE 分别为 45/37/32 倍，考虑到公司作为高温合金研发和生产的龙头公司，生产和研..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300034","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"74543a0f4e27","from":"company:300034","from_name":"钢研高纳","to":"topic:低空经济","to_name":"低空经济","relation":"involves_topic","direction":"semantic","summary":"钢研高纳 研报中反复涉及 低空经济。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-6df53779ac7a.md","chunk_id":"chunk:f5cbbe88ddd8","chunk_index":4,"quote_summary":"其中，一带一路等方向相关领域投资需求高涨，公司海外业务增长较快，收入增速达 54.08%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300034","target":"topic:低空经济","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c06178cb07d8","from":"company:300034","from_name":"钢研高纳","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"钢研高纳 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-钢研高纳-300034-25ca2fc3587d.md","chunk_id":"chunk:e0a6a72f392e","chunk_index":3,"quote_summary":"国外业务营收（3.49亿元，+134.85%），占比 10.23%，业务保持迅猛增长，主要是公司在中东等海外市场逐步复苏。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300034","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"5a484792dfcf","from":"company:300034","from_name":"钢研高纳","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"钢研高纳 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-6df53779ac7a.md","chunk_id":"chunk:f5cbbe88ddd8","chunk_index":4,"quote_summary":"其中，一带一路等方向相关领域投资需求高涨，公司海外业务增长较快，收入增速达 54.08%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300034","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"94275157b2db","from":"company:300034","from_name":"钢研高纳","to":"topic:原材料","to_name":"原材料","relation":"involves_topic","direction":"semantic","summary":"钢研高纳 研报中反复涉及 原材料。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-钢研高纳-300034-fd991e900c78.md","chunk_id":"chunk:b066dd89998b","chunk_index":3,"quote_summary":"* **盈利预测与投资评级：**公司业绩符合市场预期，我们基本维持先前的预测，预计公司 2025-2027 年归母净利润分别为 2.65/3.29/3.76 亿元，对应 PE 分别为 56/45/39 倍，维持“买入”评级。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300034","target":"topic:原材料","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"16d9bd88daab","from":"company:300034","from_name":"钢研高纳","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"钢研高纳 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-6df53779ac7a.md","chunk_id":"chunk:f5cbbe88ddd8","chunk_index":4,"quote_summary":"其中，一带一路等方向相关领域投资需求高涨，公司海外业务增长较快，收入增速达 54.08%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300034","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"aa8521f20a3e","from":"company:300034","from_name":"钢研高纳","to":"topic:工业原材料","to_name":"工业原材料","relation":"involves_topic","direction":"semantic","summary":"钢研高纳 研报中反复涉及 工业原材料。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-钢研高纳-300034-fd991e900c78.md","chunk_id":"chunk:b066dd89998b","chunk_index":3,"quote_summary":"* **盈利预测与投资评级：**公司业绩符合市场预期，我们基本维持先前的预测，预计公司 2025-2027 年归母净利润分别为 2.65/3.29/3.76 亿元，对应 PE 分别为 56/45/39 倍，维持“买入”评级。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300034","target":"topic:工业原材料","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4ba3ce93d680","from":"company:300034","from_name":"钢研高纳","to":"topic:库存","to_name":"库存","relation":"involves_topic","direction":"semantic","summary":"钢研高纳 研报中反复涉及 库存。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-钢研高纳-300034-032a54b3f0ed.md","chunk_id":"chunk:be508e795d3b","chunk_index":8,"quote_summary":"* **盈利预测与投资评级：**公司业绩符合市场预期，我们维持先前的预期，预计公司 2025-2027 年归母净利润分别为 2.65/3.29/3.76 亿元，对应 PE 分别为 50/41/36 倍，维持“买入”评级。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300034","target":"topic:库存","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"aa016f0256ce","from":"company:300034","from_name":"钢研高纳","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"钢研高纳 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-6df53779ac7a.md","chunk_id":"chunk:f5cbbe88ddd8","chunk_index":4,"quote_summary":"其中，一带一路等方向相关领域投资需求高涨，公司海外业务增长较快，收入增速达 54.08%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300034","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1b79c0f431bf","from":"company:300034","from_name":"钢研高纳","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"钢研高纳 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-6df53779ac7a.md","chunk_id":"chunk:f5cbbe88ddd8","chunk_index":4,"quote_summary":"其中，一带一路等方向相关领域投资需求高涨，公司海外业务增长较快，收入增速达 54.08%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300034","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d74d3763f8af","from":"company:300034","from_name":"钢研高纳","to":"topic:航天","to_name":"航天","relation":"involves_topic","direction":"semantic","summary":"钢研高纳 研报中反复涉及 航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-年-10-月-29-日-fb636955125b.md","chunk_id":"chunk:546be4760e42","chunk_index":4,"quote_summary":"费用端，2024Q1-Q3，公司销售、管理、研发、财务费用率分别为 2.46%、7.23%、5.51%、0.60%，分别同比+1.29pcts、+0.11pcts、+1.25pcts、-0.13pcts，公司加强研发投入，销售费用增长主要由于公司加大国际市场开发力度。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300034","target":"topic:航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"67175e21987f","from":"company:300034","from_name":"钢研高纳","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"钢研高纳 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-6df53779ac7a.md","chunk_id":"chunk:f5cbbe88ddd8","chunk_index":4,"quote_summary":"其中，一带一路等方向相关领域投资需求高涨，公司海外业务增长较快，收入增速达 54.08%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300034","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"75afad77f358","from":"company:300034","from_name":"钢研高纳","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"钢研高纳 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-钢研高纳-300034-25ca2fc3587d.md","chunk_id":"chunk:e0a6a72f392e","chunk_index":3,"quote_summary":"国外业务营收（3.49亿元，+134.85%），占比 10.23%，业务保持迅猛增长，主要是公司在中东等海外市场逐步复苏。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300034","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"dce364870d3f","from":"company:300034","from_name":"钢研高纳","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"钢研高纳 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-6df53779ac7a.md","chunk_id":"chunk:f5cbbe88ddd8","chunk_index":4,"quote_summary":"其中，一带一路等方向相关领域投资需求高涨，公司海外业务增长较快，收入增速达 54.08%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300034","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"948bfe64716e","from":"company:300034","from_name":"钢研高纳","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"钢研高纳 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-年-10-月-29-日-fb636955125b.md","chunk_id":"chunk:546be4760e42","chunk_index":4,"quote_summary":"费用端，2024Q1-Q3，公司销售、管理、研发、财务费用率分别为 2.46%、7.23%、5.51%、0.60%，分别同比+1.29pcts、+0.11pcts、+1.25pcts、-0.13pcts，公司加强研发投入，销售费用增长主要由于公司加大国际市场开发力度。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300034","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d4ef67ad3841","from":"company:300034","from_name":"钢研高纳","to":"topic:钢材","to_name":"钢材","relation":"involves_topic","direction":"semantic","summary":"钢研高纳 研报中反复涉及 钢材。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-钢研高纳-300034-25ca2fc3587d.md","chunk_id":"chunk:e0a6a72f392e","chunk_index":3,"quote_summary":"国外业务营收（3.49亿元，+134.85%），占比 10.23%，业务保持迅猛增长，主要是公司在中东等海外市场逐步复苏。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300034","target":"topic:钢材","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c7bd9d095556","from":"company:300034","from_name":"钢研高纳","to":"topic:银行","to_name":"银行","relation":"involves_topic","direction":"semantic","summary":"钢研高纳 研报中反复涉及 银行。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-年-6-月-30-日-240dda978b6b.md","chunk_id":"chunk:61e6bfe44b5b","chunk_index":4,"quote_summary":"**2、航空航天业务基本盘稳固，公司充分受益于下游需求旺盛及基础材料自主可控水平的提升。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300034","target":"topic:银行","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"8f8a5df7ad4b","from":"company:300034","from_name":"钢研高纳","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"钢研高纳 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-钢研高纳-300034-25ca2fc3587d.md","chunk_id":"chunk:e0a6a72f392e","chunk_index":3,"quote_summary":"国外业务营收（3.49亿元，+134.85%），占比 10.23%，业务保持迅猛增长，主要是公司在中东等海外市场逐步复苏。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300034","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0bab653266f4","from":"company:300132","from_name":"青松股份","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"青松股份 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-q3-计提商誉减值-业绩端承压-48bad63271da.md","chunk_id":"chunk:313bae915d78","chunk_index":15,"quote_summary":"证券研究报告是证券投资咨询业务的一种基本形式，指证券公司、证券投资咨询机构对证券及证券相关产品的价值、市场走势或者相关影响因素进行分析，形成证券估值、投资评级等投资分析意见，制作证券研究报告，并向客户发布的行为。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300132","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4d21b6569f7b","from":"company:300132","from_name":"青松股份","to":"topic:下游","to_name":"下游","relation":"involves_topic","direction":"semantic","summary":"青松股份 研报中反复涉及 下游。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-青松股份-300132-sz-深度报告-3e57fee3e7a5.md","chunk_id":"chunk:ea32c01cfed1","chunk_index":5,"quote_summary":"**松节油深加工产品市场需求缺乏增长空间，行业竞争加剧导致产品价格下行较快，2021 年公司松节油深加工业务主要产品销量利润皆同比有所下降。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300132","target":"topic:下游","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e8caee783c3a","from":"company:300132","from_name":"青松股份","to":"topic:产业链","to_name":"产业链","relation":"involves_topic","direction":"semantic","summary":"青松股份 研报中反复涉及 产业链。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-青松股份-300132-sz-深度报告-3e57fee3e7a5.md","chunk_id":"chunk:ea32c01cfed1","chunk_index":5,"quote_summary":"**松节油深加工产品市场需求缺乏增长空间，行业竞争加剧导致产品价格下行较快，2021 年公司松节油深加工业务主要产品销量利润皆同比有所下降。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300132","target":"topic:产业链","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"531bbd569045","from":"company:300132","from_name":"青松股份","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"青松股份 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-q3-计提商誉减值-业绩端承压-48bad63271da.md","chunk_id":"chunk:313bae915d78","chunk_index":15,"quote_summary":"证券研究报告是证券投资咨询业务的一种基本形式，指证券公司、证券投资咨询机构对证券及证券相关产品的价值、市场走势或者相关影响因素进行分析，形成证券估值、投资评级等投资分析意见，制作证券研究报告，并向客户发布的行为。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300132","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"311bee56317f","from":"company:300132","from_name":"青松股份","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"青松股份 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-青松股份-300132-sz-深度报告-3e57fee3e7a5.md","chunk_id":"chunk:ea32c01cfed1","chunk_index":5,"quote_summary":"**松节油深加工产品市场需求缺乏增长空间，行业竞争加剧导致产品价格下行较快，2021 年公司松节油深加工业务主要产品销量利润皆同比有所下降。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300132","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b2de7d233c4b","from":"company:300132","from_name":"青松股份","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"青松股份 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-青松股份-300132-sz-深度报告-3e57fee3e7a5.md","chunk_id":"chunk:ea32c01cfed1","chunk_index":5,"quote_summary":"**松节油深加工产品市场需求缺乏增长空间，行业竞争加剧导致产品价格下行较快，2021 年公司松节油深加工业务主要产品销量利润皆同比有所下降。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300132","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4b3a0d4f2091","from":"company:300132","from_name":"青松股份","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"青松股份 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-青松股份-300132-sz-深度报告-3e57fee3e7a5.md","chunk_id":"chunk:ea32c01cfed1","chunk_index":5,"quote_summary":"**松节油深加工产品市场需求缺乏增长空间，行业竞争加剧导致产品价格下行较快，2021 年公司松节油深加工业务主要产品销量利润皆同比有所下降。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300132","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f908100af831","from":"company:300132","from_name":"青松股份","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"青松股份 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-青松股份-300132-sz-深度报告-3e57fee3e7a5.md","chunk_id":"chunk:ea32c01cfed1","chunk_index":5,"quote_summary":"**松节油深加工产品市场需求缺乏增长空间，行业竞争加剧导致产品价格下行较快，2021 年公司松节油深加工业务主要产品销量利润皆同比有所下降。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300132","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"85d1352debb6","from":"company:300132","from_name":"青松股份","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"青松股份 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-青松股份-300132-sz-深度报告-3e57fee3e7a5.md","chunk_id":"chunk:ea32c01cfed1","chunk_index":5,"quote_summary":"**松节油深加工产品市场需求缺乏增长空间，行业竞争加剧导致产品价格下行较快，2021 年公司松节油深加工业务主要产品销量利润皆同比有所下降。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300132","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e0001416fc89","from":"company:300132","from_name":"青松股份","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"青松股份 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-青松股份-300132-sz-深度报告-3e57fee3e7a5.md","chunk_id":"chunk:ea32c01cfed1","chunk_index":5,"quote_summary":"**松节油深加工产品市场需求缺乏增长空间，行业竞争加剧导致产品价格下行较快，2021 年公司松节油深加工业务主要产品销量利润皆同比有所下降。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300132","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9cc76695fdb9","from":"company:300132","from_name":"青松股份","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"青松股份 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-q3-计提商誉减值-业绩端承压-48bad63271da.md","chunk_id":"chunk:313bae915d78","chunk_index":15,"quote_summary":"证券研究报告是证券投资咨询业务的一种基本形式，指证券公司、证券投资咨询机构对证券及证券相关产品的价值、市场走势或者相关影响因素进行分析，形成证券估值、投资评级等投资分析意见，制作证券研究报告，并向客户发布的行为。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300132","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d717ee9f00af","from":"company:300132","from_name":"青松股份","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"青松股份 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-q3-计提商誉减值-业绩端承压-48bad63271da.md","chunk_id":"chunk:313bae915d78","chunk_index":15,"quote_summary":"证券研究报告是证券投资咨询业务的一种基本形式，指证券公司、证券投资咨询机构对证券及证券相关产品的价值、市场走势或者相关影响因素进行分析，形成证券估值、投资评级等投资分析意见，制作证券研究报告，并向客户发布的行为。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300132","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"bd6fd731e436","from":"company:300133","from_name":"华策影视","to":"topic:aigc","to_name":"AIGC","relation":"involves_topic","direction":"semantic","summary":"华策影视 研报中反复涉及 AIGC。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-剧集储备充足-ai-驱动影视全链路环节-e88a0ccdd7a2.md","chunk_id":"chunk:46b0b56e8d0b","chunk_index":12,"quote_summary":"公司积极调整市场策略，快速消化高成本项目并聚焦头部主旋律内容，整体内容制作业务迎来改善，公司近五年收入 CAGR-2.9%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300133","target":"topic:aigc","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"708bbdbd1eca","from":"company:300133","from_name":"华策影视","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"华策影视 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-华策影视-300133-sz-买入-ce9846411e4c.md","chunk_id":"chunk:fd6a4e2d742a","chunk_index":25,"quote_summary":"| 股票<br/>投资评级 | 买入 | 股价表现优于市场代表性指数 20%以上 |"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300133","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1c9bd7f93b88","from":"company:300133","from_name":"华策影视","to":"topic:产业链","to_name":"产业链","relation":"involves_topic","direction":"semantic","summary":"华策影视 研报中反复涉及 产业链。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:187f68bbdbdc","chunk_index":2,"quote_summary":"公司作为电视剧制作领域龙头企业，以影视内容为核心，并布局艺人经纪、电影、广告、版权经营、动画等业务。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300133","target":"topic:产业链","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c0bd1a3ef3f4","from":"company:300133","from_name":"华策影视","to":"topic:人工智能","to_name":"人工智能","relation":"involves_topic","direction":"semantic","summary":"华策影视 研报中反复涉及 人工智能。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-剧集储备充足-ai-驱动影视全链路环节-e88a0ccdd7a2.md","chunk_id":"chunk:46b0b56e8d0b","chunk_index":12,"quote_summary":"公司积极调整市场策略，快速消化高成本项目并聚焦头部主旋律内容，整体内容制作业务迎来改善，公司近五年收入 CAGR-2.9%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300133","target":"topic:人工智能","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c6dcfa4ed1dc","from":"company:300133","from_name":"华策影视","to":"topic:传媒","to_name":"传媒","relation":"involves_topic","direction":"semantic","summary":"华策影视 研报中反复涉及 传媒。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-年-04-月-25-日-4def89e0aa21.md","chunk_id":"chunk:648ee447e72b","chunk_index":2,"quote_summary":"出海业务端，海外新媒体传播宣发矩阵已建有 100 多个频道，扩充了短剧、微短剧等创新内容，海外用户订阅数增长至超 2000 万人；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300133","target":"topic:传媒","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"939d07abbda1","from":"company:300133","from_name":"华策影视","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"华策影视 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-华策影视-300133-sz-优于大市-c2756f7c44b3.md","chunk_id":"chunk:5c8df238517c","chunk_index":0,"quote_summary":"2）25 年 Q1 公司实现营业收入 5.86 亿元，归母净利润 0.92 亿元，同比分别增长 231.96%、206.90%，主要得益于电视剧业务的拉动；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300133","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2a8dab0f723c","from":"company:300133","from_name":"华策影视","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"华策影视 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-剧集储备充足-ai-驱动影视全链路环节-e88a0ccdd7a2.md","chunk_id":"chunk:46b0b56e8d0b","chunk_index":12,"quote_summary":"公司积极调整市场策略，快速消化高成本项目并聚焦头部主旋律内容，整体内容制作业务迎来改善，公司近五年收入 CAGR-2.9%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300133","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b9f45c19b410","from":"company:300133","from_name":"华策影视","to":"topic:出海","to_name":"出海","relation":"involves_topic","direction":"semantic","summary":"华策影视 研报中反复涉及 出海。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-剧集储备充足-ai-驱动影视全链路环节-e88a0ccdd7a2.md","chunk_id":"chunk:46b0b56e8d0b","chunk_index":12,"quote_summary":"公司积极调整市场策略，快速消化高成本项目并聚焦头部主旋律内容，整体内容制作业务迎来改善，公司近五年收入 CAGR-2.9%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300133","target":"topic:出海","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2f1d580147e0","from":"company:300133","from_name":"华策影视","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"华策影视 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-剧集储备充足-ai-驱动影视全链路环节-e88a0ccdd7a2.md","chunk_id":"chunk:46b0b56e8d0b","chunk_index":12,"quote_summary":"公司积极调整市场策略，快速消化高成本项目并聚焦头部主旋律内容，整体内容制作业务迎来改善，公司近五年收入 CAGR-2.9%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300133","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2d5e0bb36e31","from":"company:300133","from_name":"华策影视","to":"topic:大模型","to_name":"大模型","relation":"involves_topic","direction":"semantic","summary":"华策影视 研报中反复涉及 大模型。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-剧集储备充足-ai-驱动影视全链路环节-e88a0ccdd7a2.md","chunk_id":"chunk:46b0b56e8d0b","chunk_index":12,"quote_summary":"公司积极调整市场策略，快速消化高成本项目并聚焦头部主旋律内容，整体内容制作业务迎来改善，公司近五年收入 CAGR-2.9%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300133","target":"topic:大模型","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d29ab4882c52","from":"company:300133","from_name":"华策影视","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"华策影视 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-华策影视-300133-sz-优于大市-c2756f7c44b3.md","chunk_id":"chunk:5c8df238517c","chunk_index":0,"quote_summary":"2）25 年 Q1 公司实现营业收入 5.86 亿元，归母净利润 0.92 亿元，同比分别增长 231.96%、206.90%，主要得益于电视剧业务的拉动；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300133","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"60395f2af487","from":"company:300133","from_name":"华策影视","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"华策影视 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-剧集储备充足-ai-驱动影视全链路环节-e88a0ccdd7a2.md","chunk_id":"chunk:46b0b56e8d0b","chunk_index":12,"quote_summary":"公司积极调整市场策略，快速消化高成本项目并聚焦头部主旋律内容，整体内容制作业务迎来改善，公司近五年收入 CAGR-2.9%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300133","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"aafd2037e08e","from":"company:300133","from_name":"华策影视","to":"topic:环比","to_name":"环比","relation":"involves_topic","direction":"semantic","summary":"华策影视 研报中反复涉及 环比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-发布时间-2025-09-28-363ece72c879.md","chunk_id":"chunk:2aabd5f8ca28","chunk_index":4,"quote_summary":"除国内市场外，公司亦持续拓展海外，2025H1 实现海外收入 0.88 亿元，同比增长 28.48%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300133","target":"topic:环比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2415f4335b39","from":"company:300133","from_name":"华策影视","to":"topic:算力","to_name":"算力","relation":"involves_topic","direction":"semantic","summary":"华策影视 研报中反复涉及 算力。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-华策影视-300133-sz-优于大市-c2756f7c44b3.md","chunk_id":"chunk:5c8df238517c","chunk_index":0,"quote_summary":"2）25 年 Q1 公司实现营业收入 5.86 亿元，归母净利润 0.92 亿元，同比分别增长 231.96%、206.90%，主要得益于电视剧业务的拉动；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300133","target":"topic:算力","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"771cbe981bee","from":"company:300133","from_name":"华策影视","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"华策影视 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-华策影视-300133-sz-优于大市-c2756f7c44b3.md","chunk_id":"chunk:5c8df238517c","chunk_index":0,"quote_summary":"2）25 年 Q1 公司实现营业收入 5.86 亿元，归母净利润 0.92 亿元，同比分别增长 231.96%、206.90%，主要得益于电视剧业务的拉动；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300133","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d1ec546928f5","from":"company:300133","from_name":"华策影视","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"华策影视 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-剧集储备充足-ai-驱动影视全链路环节-e88a0ccdd7a2.md","chunk_id":"chunk:46b0b56e8d0b","chunk_index":12,"quote_summary":"公司积极调整市场策略，快速消化高成本项目并聚焦头部主旋律内容，整体内容制作业务迎来改善，公司近五年收入 CAGR-2.9%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300133","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f96280109c02","from":"company:300133","from_name":"华策影视","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"华策影视 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-发布时间-2025-09-28-363ece72c879.md","chunk_id":"chunk:2aabd5f8ca28","chunk_index":4,"quote_summary":"除国内市场外，公司亦持续拓展海外，2025H1 实现海外收入 0.88 亿元，同比增长 28.48%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300133","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"bf71d35dc635","from":"company:300133","from_name":"华策影视","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"华策影视 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-华策影视-300133-sz-买入-ce9846411e4c.md","chunk_id":"chunk:fd6a4e2d742a","chunk_index":25,"quote_summary":"| 股票<br/>投资评级 | 买入 | 股价表现优于市场代表性指数 20%以上 |"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300133","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0676888e1b76","from":"company:300136","from_name":"信维通信","to":"topic:spacex","to_name":"SpaceX","relation":"involves_topic","direction":"semantic","summary":"信维通信 研报中反复涉及 SpaceX。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-信维通信-300136-b65be7c6d9d7.md","chunk_id":"chunk:e844ae5b3ea6","chunk_index":5,"quote_summary":"* **盈利预测与投资评级**：由于 2023 年公司部分业务收到份额下降影响，我们下调公司 23-24 年每股收益至 0.57/0.79 元，预计 2025 年 EPS 为 1.34 元，公司为消费电子射频和结构件器件龙头厂商，未来公司连接器有望随着 Starlink 接收器放量，且公司估值低于可比公司 24 年平..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300136","target":"topic:spacex","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"cecca48728b6","from":"company:300136","from_name":"信维通信","to":"topic:starlink","to_name":"Starlink","relation":"involves_topic","direction":"semantic","summary":"信维通信 研报中反复涉及 Starlink。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-信维通信-300136-16bc1e2ac19b.md","chunk_id":"chunk:3d35a7c74280","chunk_index":6,"quote_summary":"随着 2014 年收购亚力盛，布局连接器业务、2016 年成立信维微电子，布局射频前端业务，信维实现了归母净利润从 2014 年 0.63 亿元增长至 2017 年的 8.89 亿元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300136","target":"topic:starlink","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"8d17391aba5a","from":"company:300136","from_name":"信维通信","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"信维通信 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-信维通信-300136-16bc1e2ac19b.md","chunk_id":"chunk:3d35a7c74280","chunk_index":6,"quote_summary":"随着 2014 年收购亚力盛，布局连接器业务、2016 年成立信维微电子，布局射频前端业务，信维实现了归母净利润从 2014 年 0.63 亿元增长至 2017 年的 8.89 亿元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300136","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"24efc8523254","from":"company:300136","from_name":"信维通信","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"信维通信 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-信维通信-300136-16bc1e2ac19b.md","chunk_id":"chunk:3d35a7c74280","chunk_index":6,"quote_summary":"随着 2014 年收购亚力盛，布局连接器业务、2016 年成立信维微电子，布局射频前端业务，信维实现了归母净利润从 2014 年 0.63 亿元增长至 2017 年的 8.89 亿元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300136","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2bd542b22f20","from":"company:300136","from_name":"信维通信","to":"topic:卫星","to_name":"卫星","relation":"involves_topic","direction":"semantic","summary":"信维通信 研报中反复涉及 卫星。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-信维通信-300136-16bc1e2ac19b.md","chunk_id":"chunk:3d35a7c74280","chunk_index":6,"quote_summary":"随着 2014 年收购亚力盛，布局连接器业务、2016 年成立信维微电子，布局射频前端业务，信维实现了归母净利润从 2014 年 0.63 亿元增长至 2017 年的 8.89 亿元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300136","target":"topic:卫星","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"81276d689554","from":"company:300136","from_name":"信维通信","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"信维通信 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-发布时间-2025-12-24-b5dad5b8852e.md","chunk_id":"chunk:68f73b35e069","chunk_index":4,"quote_summary":"** 公司受益于手机、眼镜、智能可穿戴设备等 AI 终端出货量提升，天线、无线充电模组、精密结构件等核心产品线实现持续增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300136","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ae49f7748546","from":"company:300136","from_name":"信维通信","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"信维通信 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-发布时间-2025-12-24-b5dad5b8852e.md","chunk_id":"chunk:68f73b35e069","chunk_index":4,"quote_summary":"** 公司受益于手机、眼镜、智能可穿戴设备等 AI 终端出货量提升，天线、无线充电模组、精密结构件等核心产品线实现持续增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300136","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"bda75c68e682","from":"company:300136","from_name":"信维通信","to":"topic:智能汽车","to_name":"智能汽车","relation":"involves_topic","direction":"semantic","summary":"信维通信 研报中反复涉及 智能汽车。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-发布时间-2025-12-24-b5dad5b8852e.md","chunk_id":"chunk:68f73b35e069","chunk_index":4,"quote_summary":"** 公司受益于手机、眼镜、智能可穿戴设备等 AI 终端出货量提升，天线、无线充电模组、精密结构件等核心产品线实现持续增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300136","target":"topic:智能汽车","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0564b60336f6","from":"company:300136","from_name":"信维通信","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"信维通信 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-信维通信-300136-16bc1e2ac19b.md","chunk_id":"chunk:3d35a7c74280","chunk_index":6,"quote_summary":"随着 2014 年收购亚力盛，布局连接器业务、2016 年成立信维微电子，布局射频前端业务，信维实现了归母净利润从 2014 年 0.63 亿元增长至 2017 年的 8.89 亿元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300136","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"51cb8dcf7a50","from":"company:300136","from_name":"信维通信","to":"topic:消费电子","to_name":"消费电子","relation":"involves_topic","direction":"semantic","summary":"信维通信 研报中反复涉及 消费电子。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-信维通信-300136-16bc1e2ac19b.md","chunk_id":"chunk:3d35a7c74280","chunk_index":6,"quote_summary":"随着 2014 年收购亚力盛，布局连接器业务、2016 年成立信维微电子，布局射频前端业务，信维实现了归母净利润从 2014 年 0.63 亿元增长至 2017 年的 8.89 亿元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300136","target":"topic:消费电子","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"80ede1f5258e","from":"company:300136","from_name":"信维通信","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"信维通信 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-信维通信-300136-16bc1e2ac19b.md","chunk_id":"chunk:3d35a7c74280","chunk_index":6,"quote_summary":"随着 2014 年收购亚力盛，布局连接器业务、2016 年成立信维微电子，布局射频前端业务，信维实现了归母净利润从 2014 年 0.63 亿元增长至 2017 年的 8.89 亿元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300136","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"582f5cded016","from":"company:300136","from_name":"信维通信","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"信维通信 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-发布时间-2025-12-24-b5dad5b8852e.md","chunk_id":"chunk:68f73b35e069","chunk_index":4,"quote_summary":"** 公司受益于手机、眼镜、智能可穿戴设备等 AI 终端出货量提升，天线、无线充电模组、精密结构件等核心产品线实现持续增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300136","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0865a3ae598a","from":"company:300136","from_name":"信维通信","to":"topic:银行","to_name":"银行","relation":"involves_topic","direction":"semantic","summary":"信维通信 研报中反复涉及 银行。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-电子-公司点评报告-5bdb3145c12c.md","chunk_id":"chunk:73bd3b883aa6","chunk_index":11,"quote_summary":"中邮证券有限责任公司（以下简称“中邮证券”）具备经中国证监会批准的开展证券投资咨询业务的资格。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300136","target":"topic:银行","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a30c00782df6","from":"company:300136","from_name":"信维通信","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"信维通信 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-信维通信-300136-16bc1e2ac19b.md","chunk_id":"chunk:3d35a7c74280","chunk_index":6,"quote_summary":"随着 2014 年收购亚力盛，布局连接器业务、2016 年成立信维微电子，布局射频前端业务，信维实现了归母净利润从 2014 年 0.63 亿元增长至 2017 年的 8.89 亿元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300136","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"5eeebade6184","from":"company:300137","from_name":"先河环保","to":"topic:roa","to_name":"ROA","relation":"involves_topic","direction":"semantic","summary":"先河环保 研报中反复涉及 ROA。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-先河环保-300137-2f29051f4e13.md","chunk_id":"chunk:f62433ee0490","chunk_index":4,"quote_summary":"美国子公司完成合并后，具备独立拓展全球市场能力，公司目前营业收入有3.7%源于国外，该部分业务在2018年增长65.58%，速度较快。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300137","target":"topic:roa","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"acfd3ac4d626","from":"company:300137","from_name":"先河环保","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"先河环保 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-先河环保-300137-2f29051f4e13.md","chunk_id":"chunk:f62433ee0490","chunk_index":4,"quote_summary":"美国子公司完成合并后，具备独立拓展全球市场能力，公司目前营业收入有3.7%源于国外，该部分业务在2018年增长65.58%，速度较快。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300137","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e3db6a591b54","from":"company:300137","from_name":"先河环保","to":"topic:产业链","to_name":"产业链","relation":"involves_topic","direction":"semantic","summary":"先河环保 研报中反复涉及 产业链。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-先河环保-300137-sz-环保物联网领军-数据运营开启新篇章-7ded65b97fd4.md","chunk_id":"chunk:f99dc3bc4129","chunk_index":35,"quote_summary":"基金财政部为第一大股东，持股 11.30%，采取公司制形式，预计基金的运作模式将类似于国家集成电路产业投资基金，一方面投资环保龙头企业，另一方面对具体项目进行投资，而环保企业进行建设和运营。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300137","target":"topic:产业链","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9c18e0c8a779","from":"company:300137","from_name":"先河环保","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"先河环保 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-先河环保-300137-sz-环保物联网领军-数据运营开启新篇章-7ded65b97fd4.md","chunk_id":"chunk:f99dc3bc4129","chunk_index":35,"quote_summary":"基金财政部为第一大股东，持股 11.30%，采取公司制形式，预计基金的运作模式将类似于国家集成电路产业投资基金，一方面投资环保龙头企业，另一方面对具体项目进行投资，而环保企业进行建设和运营。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300137","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9587bc1732f2","from":"company:300137","from_name":"先河环保","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"先河环保 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-先河环保-300137-sz-环保物联网领军-数据运营开启新篇章-7ded65b97fd4.md","chunk_id":"chunk:f99dc3bc4129","chunk_index":35,"quote_summary":"基金财政部为第一大股东，持股 11.30%，采取公司制形式，预计基金的运作模式将类似于国家集成电路产业投资基金，一方面投资环保龙头企业，另一方面对具体项目进行投资，而环保企业进行建设和运营。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300137","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0adc46bd14a0","from":"company:300137","from_name":"先河环保","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"先河环保 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-资源与环境研究中心-0f276708d209.md","chunk_id":"chunk:63b2a24a6b62","chunk_index":4,"quote_summary":"* **现金回流状况于 2019Q1 好转**：2018 年公司经营性净现金流为 -0.72 亿元，近几年来首次为负，主要是本期业务量增长、收入增加而部分款项尚未收回。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300137","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ba8a39e2a957","from":"company:300137","from_name":"先河环保","to":"topic:工业原材料","to_name":"工业原材料","relation":"involves_topic","direction":"semantic","summary":"先河环保 研报中反复涉及 工业原材料。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-先河环保-300137-2f29051f4e13.md","chunk_id":"chunk:f62433ee0490","chunk_index":4,"quote_summary":"美国子公司完成合并后，具备独立拓展全球市场能力，公司目前营业收入有3.7%源于国外，该部分业务在2018年增长65.58%，速度较快。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300137","target":"topic:工业原材料","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1283dc345950","from":"company:300137","from_name":"先河环保","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"先河环保 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-先河环保-300137-sz-环保物联网领军-数据运营开启新篇章-7ded65b97fd4.md","chunk_id":"chunk:f99dc3bc4129","chunk_index":35,"quote_summary":"基金财政部为第一大股东，持股 11.30%，采取公司制形式，预计基金的运作模式将类似于国家集成电路产业投资基金，一方面投资环保龙头企业，另一方面对具体项目进行投资，而环保企业进行建设和运营。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300137","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b09b22cddf12","from":"company:300137","from_name":"先河环保","to":"topic:政策","to_name":"政策","relation":"involves_topic","direction":"semantic","summary":"先河环保 研报中反复涉及 政策。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-先河环保-300137-sz-环保物联网领军-数据运营开启新篇章-7ded65b97fd4.md","chunk_id":"chunk:f99dc3bc4129","chunk_index":35,"quote_summary":"基金财政部为第一大股东，持股 11.30%，采取公司制形式，预计基金的运作模式将类似于国家集成电路产业投资基金，一方面投资环保龙头企业，另一方面对具体项目进行投资，而环保企业进行建设和运营。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300137","target":"topic:政策","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"516ee96142b7","from":"company:300137","from_name":"先河环保","to":"topic:有色金属","to_name":"有色金属","relation":"involves_topic","direction":"semantic","summary":"先河环保 研报中反复涉及 有色金属。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-ad2ae0e67b8c.md","chunk_id":"chunk:90adaabe55c2","chunk_index":0,"quote_summary":"** 19年1-6月公司运营及环境管理咨询业务实现收入1.66亿元，同比增长128%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300137","target":"topic:有色金属","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6551a0a94b83","from":"company:300137","from_name":"先河环保","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"先河环保 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-先河环保-300137-sz-环保物联网领军-数据运营开启新篇章-7ded65b97fd4.md","chunk_id":"chunk:f99dc3bc4129","chunk_index":35,"quote_summary":"基金财政部为第一大股东，持股 11.30%，采取公司制形式，预计基金的运作模式将类似于国家集成电路产业投资基金，一方面投资环保龙头企业，另一方面对具体项目进行投资，而环保企业进行建设和运营。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300137","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"128fa6713699","from":"company:300137","from_name":"先河环保","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"先河环保 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-资源与环境研究中心-0f276708d209.md","chunk_id":"chunk:63b2a24a6b62","chunk_index":4,"quote_summary":"* **现金回流状况于 2019Q1 好转**：2018 年公司经营性净现金流为 -0.72 亿元，近几年来首次为负，主要是本期业务量增长、收入增加而部分款项尚未收回。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300137","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6b870710643e","from":"company:300137","from_name":"先河环保","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"先河环保 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-先河环保-300137-sz-环保物联网领军-数据运营开启新篇章-7ded65b97fd4.md","chunk_id":"chunk:f99dc3bc4129","chunk_index":35,"quote_summary":"基金财政部为第一大股东，持股 11.30%，采取公司制形式，预计基金的运作模式将类似于国家集成电路产业投资基金，一方面投资环保龙头企业，另一方面对具体项目进行投资，而环保企业进行建设和运营。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300137","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"27bb53fb5b67","from":"company:300137","from_name":"先河环保","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"先河环保 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-资源与环境研究中心-0f276708d209.md","chunk_id":"chunk:63b2a24a6b62","chunk_index":4,"quote_summary":"* **现金回流状况于 2019Q1 好转**：2018 年公司经营性净现金流为 -0.72 亿元，近几年来首次为负，主要是本期业务量增长、收入增加而部分款项尚未收回。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300137","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0cf9e3d7f471","from":"company:300137","from_name":"先河环保","to":"topic:钢材","to_name":"钢材","relation":"involves_topic","direction":"semantic","summary":"先河环保 研报中反复涉及 钢材。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-ad2ae0e67b8c.md","chunk_id":"chunk:90adaabe55c2","chunk_index":0,"quote_summary":"** 19年1-6月公司运营及环境管理咨询业务实现收入1.66亿元，同比增长128%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300137","target":"topic:钢材","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"bd0334d47075","from":"company:300137","from_name":"先河环保","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"先河环保 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-先河环保-300137-sz-环保物联网领军-数据运营开启新篇章-7ded65b97fd4.md","chunk_id":"chunk:f99dc3bc4129","chunk_index":35,"quote_summary":"基金财政部为第一大股东，持股 11.30%，采取公司制形式，预计基金的运作模式将类似于国家集成电路产业投资基金，一方面投资环保龙头企业，另一方面对具体项目进行投资，而环保企业进行建设和运营。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300137","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ea8822957b17","from":"company:300138","from_name":"晨光生物","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"晨光生物 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2026-年-04-月-06-日-86a52867ebf5.md","chunk_id":"chunk:c6af5376e3bc","chunk_index":0,"quote_summary":"2）大健康业务方面，保健食品业务受产能限制收入约 1.5 亿元，与 24 年持平，但 25 年末新车间建成投产，软胶囊加工能力提升至 27 亿粒，为未来增长释放空间；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300138","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e10f70fc9d3c","from":"company:300138","from_name":"晨光生物","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"晨光生物 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2026-年-04-月-06-日-86a52867ebf5.md","chunk_id":"chunk:c6af5376e3bc","chunk_index":0,"quote_summary":"2）大健康业务方面，保健食品业务受产能限制收入约 1.5 亿元，与 24 年持平，但 25 年末新车间建成投产，软胶囊加工能力提升至 27 亿粒，为未来增长释放空间；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300138","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a1d357a34318","from":"company:300138","from_name":"晨光生物","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"晨光生物 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:1be9608328c4","chunk_index":2,"quote_summary":"因植提和棉籽业务盈利能力改善现超预期，我们上调 2025-2027 年归母净利润预测至 3.95/4.49/5.37 亿元（前次 3.59/4.19/5.04 亿元），对应 2025-2027 年 EPS 0.82/0.93/1.11 元，当前股价对应 2025-2027 年 17.6/15.5/13.0 倍 PE，..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300138","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d6cec0afbd03","from":"company:300138","from_name":"晨光生物","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"晨光生物 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2026-年-04-月-06-日-86a52867ebf5.md","chunk_id":"chunk:c6af5376e3bc","chunk_index":0,"quote_summary":"2）大健康业务方面，保健食品业务受产能限制收入约 1.5 亿元，与 24 年持平，但 25 年末新车间建成投产，软胶囊加工能力提升至 27 亿粒，为未来增长释放空间；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300138","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3ef8aca56a28","from":"company:300138","from_name":"晨光生物","to":"topic:原材料","to_name":"原材料","relation":"involves_topic","direction":"semantic","summary":"晨光生物 研报中反复涉及 原材料。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-20ba5d8d9192.md","chunk_id":"chunk:7b3a1e8263c9","chunk_index":6,"quote_summary":"⮚ **定量测算：新政推动下，全球天然色素市场有望从 21 亿美元翻倍增长至 42 亿美元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300138","target":"topic:原材料","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"bcd1c5773582","from":"company:300138","from_name":"晨光生物","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"晨光生物 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2026-年-04-月-06-日-86a52867ebf5.md","chunk_id":"chunk:c6af5376e3bc","chunk_index":0,"quote_summary":"2）大健康业务方面，保健食品业务受产能限制收入约 1.5 亿元，与 24 年持平，但 25 年末新车间建成投产，软胶囊加工能力提升至 27 亿粒，为未来增长释放空间；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300138","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"324f1ae439c4","from":"company:300138","from_name":"晨光生物","to":"topic:工业原材料","to_name":"工业原材料","relation":"involves_topic","direction":"semantic","summary":"晨光生物 研报中反复涉及 工业原材料。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-年-09-月-02-日-c4ae9aec1613.md","chunk_id":"chunk:18b9351abba0","chunk_index":0,"quote_summary":"1、主力产品：受益于下游需求恢复及公司积极开拓市场，辣椒红色素销量达 6367 吨，同比+43%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300138","target":"topic:工业原材料","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f7a20bd6f56a","from":"company:300138","from_name":"晨光生物","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"晨光生物 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2026-年-04-月-06-日-86a52867ebf5.md","chunk_id":"chunk:c6af5376e3bc","chunk_index":0,"quote_summary":"2）大健康业务方面，保健食品业务受产能限制收入约 1.5 亿元，与 24 年持平，但 25 年末新车间建成投产，软胶囊加工能力提升至 27 亿粒，为未来增长释放空间；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300138","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"782227203fc5","from":"company:300138","from_name":"晨光生物","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"晨光生物 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2026-年-04-月-06-日-86a52867ebf5.md","chunk_id":"chunk:c6af5376e3bc","chunk_index":0,"quote_summary":"2）大健康业务方面，保健食品业务受产能限制收入约 1.5 亿元，与 24 年持平，但 25 年末新车间建成投产，软胶囊加工能力提升至 27 亿粒，为未来增长释放空间；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300138","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d87040bc786c","from":"company:300138","from_name":"晨光生物","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"晨光生物 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-年-09-月-02-日-c4ae9aec1613.md","chunk_id":"chunk:18b9351abba0","chunk_index":0,"quote_summary":"1、主力产品：受益于下游需求恢复及公司积极开拓市场，辣椒红色素销量达 6367 吨，同比+43%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300138","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9dce75af9eed","from":"company:300138","from_name":"晨光生物","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"晨光生物 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2026-年-04-月-06-日-86a52867ebf5.md","chunk_id":"chunk:c6af5376e3bc","chunk_index":0,"quote_summary":"2）大健康业务方面，保健食品业务受产能限制收入约 1.5 亿元，与 24 年持平，但 25 年末新车间建成投产，软胶囊加工能力提升至 27 亿粒，为未来增长释放空间；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300138","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2e735b5d6266","from":"company:300138","from_name":"晨光生物","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"晨光生物 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2026-年-01-月-15-日-6a0879566dd2.md","chunk_id":"chunk:be0f55ec1274","chunk_index":0,"quote_summary":"辣椒精受益于国内原料优势凸显，销量约 2900 吨，同比增长约 65%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300138","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"63c177b2e640","from":"company:300138","from_name":"晨光生物","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"晨光生物 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2026-年-04-月-06-日-86a52867ebf5.md","chunk_id":"chunk:c6af5376e3bc","chunk_index":0,"quote_summary":"2）大健康业务方面，保健食品业务受产能限制收入约 1.5 亿元，与 24 年持平，但 25 年末新车间建成投产，软胶囊加工能力提升至 27 亿粒，为未来增长释放空间；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300138","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ff1622b6dfed","from":"company:300140","from_name":"中环装备","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"中环装备 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司动态跟踪报告-e644d36d53f1.md","chunk_id":"chunk:c5c8941fa8cf","chunk_index":27,"quote_summary":"根据国家发改委、住建部发布的《“十三五”全国城镇污水处理及再生利用设施建设规划》，“十三五”期间全国城镇污水处理及再生利用设施建设预计投资 5644 亿元，相比“十二五”投资额增长 31.26%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300140","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d00812736c38","from":"company:300140","from_name":"中环装备","to":"topic:产业链","to_name":"产业链","relation":"involves_topic","direction":"semantic","summary":"中环装备 研报中反复涉及 产业链。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司动态跟踪报告-e644d36d53f1.md","chunk_id":"chunk:c5c8941fa8cf","chunk_index":27,"quote_summary":"根据国家发改委、住建部发布的《“十三五”全国城镇污水处理及再生利用设施建设规划》，“十三五”期间全国城镇污水处理及再生利用设施建设预计投资 5644 亿元，相比“十二五”投资额增长 31.26%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300140","target":"topic:产业链","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ade33a623fa7","from":"company:300140","from_name":"中环装备","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"中环装备 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司动态跟踪报告-e644d36d53f1.md","chunk_id":"chunk:c5c8941fa8cf","chunk_index":27,"quote_summary":"根据国家发改委、住建部发布的《“十三五”全国城镇污水处理及再生利用设施建设规划》，“十三五”期间全国城镇污水处理及再生利用设施建设预计投资 5644 亿元，相比“十二五”投资额增长 31.26%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300140","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"356e9087c951","from":"company:300140","from_name":"中环装备","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"中环装备 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司动态跟踪报告-e644d36d53f1.md","chunk_id":"chunk:c5c8941fa8cf","chunk_index":27,"quote_summary":"根据国家发改委、住建部发布的《“十三五”全国城镇污水处理及再生利用设施建设规划》，“十三五”期间全国城镇污水处理及再生利用设施建设预计投资 5644 亿元，相比“十二五”投资额增长 31.26%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300140","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"564faeb9ba08","from":"company:300140","from_name":"中环装备","to":"topic:政策","to_name":"政策","relation":"involves_topic","direction":"semantic","summary":"中环装备 研报中反复涉及 政策。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司动态跟踪报告-e644d36d53f1.md","chunk_id":"chunk:c5c8941fa8cf","chunk_index":27,"quote_summary":"根据国家发改委、住建部发布的《“十三五”全国城镇污水处理及再生利用设施建设规划》，“十三五”期间全国城镇污水处理及再生利用设施建设预计投资 5644 亿元，相比“十二五”投资额增长 31.26%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300140","target":"topic:政策","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ac8184e9f077","from":"company:300140","from_name":"中环装备","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"中环装备 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司动态跟踪报告-e644d36d53f1.md","chunk_id":"chunk:c5c8941fa8cf","chunk_index":27,"quote_summary":"根据国家发改委、住建部发布的《“十三五”全国城镇污水处理及再生利用设施建设规划》，“十三五”期间全国城镇污水处理及再生利用设施建设预计投资 5644 亿元，相比“十二五”投资额增长 31.26%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300140","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"56fb9537ac81","from":"company:300140","from_name":"中环装备","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"中环装备 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司动态跟踪报告-e644d36d53f1.md","chunk_id":"chunk:c5c8941fa8cf","chunk_index":27,"quote_summary":"根据国家发改委、住建部发布的《“十三五”全国城镇污水处理及再生利用设施建设规划》，“十三五”期间全国城镇污水处理及再生利用设施建设预计投资 5644 亿元，相比“十二五”投资额增长 31.26%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300140","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1ed28c7f2fdd","from":"company:300140","from_name":"中环装备","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"中环装备 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司动态跟踪报告-e644d36d53f1.md","chunk_id":"chunk:c5c8941fa8cf","chunk_index":27,"quote_summary":"根据国家发改委、住建部发布的《“十三五”全国城镇污水处理及再生利用设施建设规划》，“十三五”期间全国城镇污水处理及再生利用设施建设预计投资 5644 亿元，相比“十二五”投资额增长 31.26%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300140","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3cbefc2f5b69","from":"company:300446","from_name":"航天智造","to":"topic:下游","to_name":"下游","relation":"involves_topic","direction":"semantic","summary":"航天智造 研报中反复涉及 下游。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天智造-300446-b8a512c003a6.md","chunk_id":"chunk:427e53cdc03c","chunk_index":6,"quote_summary":"2023 年，保定乐凯新材料股份有限公司与四川航天技术研究院旗下的成都航天模塑有限责任公司、川南航天能源科技有限公司进行重大资产重组，更名为航天智造科技有限公司，明确“航天+”与“智能制造”的产业主线，在汽车内外饰件、高性能功能材料、油气装备三个领域进行业务布局，服务军民两用市场。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300446","target":"topic:下游","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"8dfbf5e94eba","from":"company:300446","from_name":"航天智造","to":"topic:产业链","to_name":"产业链","relation":"involves_topic","direction":"semantic","summary":"航天智造 研报中反复涉及 产业链。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天智造-300446-b8a512c003a6.md","chunk_id":"chunk:427e53cdc03c","chunk_index":6,"quote_summary":"2023 年，保定乐凯新材料股份有限公司与四川航天技术研究院旗下的成都航天模塑有限责任公司、川南航天能源科技有限公司进行重大资产重组，更名为航天智造科技有限公司，明确“航天+”与“智能制造”的产业主线，在汽车内外饰件、高性能功能材料、油气装备三个领域进行业务布局，服务军民两用市场。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300446","target":"topic:产业链","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b1398fa02d1b","from":"company:300446","from_name":"航天智造","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"航天智造 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b7437ada9d45.md","chunk_id":"chunk:3afc67e36fb7","chunk_index":0,"quote_summary":"2023年公司营收（58.60亿元，+20.10%）快速增长，主要系汽车零部件、油气装备与高性能功能材料三大业务板块收入均实现了快速增长所致。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300446","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"cf592f19550b","from":"company:300446","from_name":"航天智造","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"航天智造 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-年-7-月-17-日-2ed5f2f589b1.md","chunk_id":"chunk:aef89a9511d4","chunk_index":4,"quote_summary":"2023 年，航天模塑合计为 1095 万辆整车提供零部件，占全国乘用车总销量的 42%，新能源相关产品收入占比在 2022 年已经近 50%，2023 年，公司在新能源车企市场持续发力，新获取产品中新能源车占比 55.9%，超过行业渗透率，同时，公司已成功进入蔚来汽车、问界等造车新势力的供应商体系并开展内外饰件产品..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300446","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"604738b7cb40","from":"company:300446","from_name":"航天智造","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"航天智造 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-年-7-月-17-日-2ed5f2f589b1.md","chunk_id":"chunk:aef89a9511d4","chunk_index":4,"quote_summary":"2023 年，航天模塑合计为 1095 万辆整车提供零部件，占全国乘用车总销量的 42%，新能源相关产品收入占比在 2022 年已经近 50%，2023 年，公司在新能源车企市场持续发力，新获取产品中新能源车占比 55.9%，超过行业渗透率，同时，公司已成功进入蔚来汽车、问界等造车新势力的供应商体系并开展内外饰件产品..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300446","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f5fe2d8f0b88","from":"company:300446","from_name":"航天智造","to":"topic:天然气","to_name":"天然气","relation":"involves_topic","direction":"semantic","summary":"航天智造 研报中反复涉及 天然气。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-年-7-月-17-日-2ed5f2f589b1.md","chunk_id":"chunk:aef89a9511d4","chunk_index":4,"quote_summary":"2023 年，航天模塑合计为 1095 万辆整车提供零部件，占全国乘用车总销量的 42%，新能源相关产品收入占比在 2022 年已经近 50%，2023 年，公司在新能源车企市场持续发力，新获取产品中新能源车占比 55.9%，超过行业渗透率，同时，公司已成功进入蔚来汽车、问界等造车新势力的供应商体系并开展内外饰件产品..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300446","target":"topic:天然气","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"51cee24af0ec","from":"company:300446","from_name":"航天智造","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"航天智造 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b7437ada9d45.md","chunk_id":"chunk:3afc67e36fb7","chunk_index":0,"quote_summary":"2023年公司营收（58.60亿元，+20.10%）快速增长，主要系汽车零部件、油气装备与高性能功能材料三大业务板块收入均实现了快速增长所致。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300446","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4e69c617d691","from":"company:300446","from_name":"航天智造","to":"topic:政策","to_name":"政策","relation":"involves_topic","direction":"semantic","summary":"航天智造 研报中反复涉及 政策。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天智造-300446-b8a512c003a6.md","chunk_id":"chunk:427e53cdc03c","chunk_index":6,"quote_summary":"2023 年，保定乐凯新材料股份有限公司与四川航天技术研究院旗下的成都航天模塑有限责任公司、川南航天能源科技有限公司进行重大资产重组，更名为航天智造科技有限公司，明确“航天+”与“智能制造”的产业主线，在汽车内外饰件、高性能功能材料、油气装备三个领域进行业务布局，服务军民两用市场。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300446","target":"topic:政策","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"bde413737a19","from":"company:300446","from_name":"航天智造","to":"topic:新能源","to_name":"新能源","relation":"involves_topic","direction":"semantic","summary":"航天智造 研报中反复涉及 新能源。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-年-7-月-17-日-2ed5f2f589b1.md","chunk_id":"chunk:aef89a9511d4","chunk_index":4,"quote_summary":"2023 年，航天模塑合计为 1095 万辆整车提供零部件，占全国乘用车总销量的 42%，新能源相关产品收入占比在 2022 年已经近 50%，2023 年，公司在新能源车企市场持续发力，新获取产品中新能源车占比 55.9%，超过行业渗透率，同时，公司已成功进入蔚来汽车、问界等造车新势力的供应商体系并开展内外饰件产品..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300446","target":"topic:新能源","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"62f5331841d3","from":"company:300446","from_name":"航天智造","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"航天智造 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b7437ada9d45.md","chunk_id":"chunk:3afc67e36fb7","chunk_index":0,"quote_summary":"2023年公司营收（58.60亿元，+20.10%）快速增长，主要系汽车零部件、油气装备与高性能功能材料三大业务板块收入均实现了快速增长所致。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300446","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0a1e6a2c05df","from":"company:300446","from_name":"航天智造","to":"topic:石油","to_name":"石油","relation":"involves_topic","direction":"semantic","summary":"航天智造 研报中反复涉及 石油。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-年-7-月-17-日-2ed5f2f589b1.md","chunk_id":"chunk:aef89a9511d4","chunk_index":4,"quote_summary":"2023 年，航天模塑合计为 1095 万辆整车提供零部件，占全国乘用车总销量的 42%，新能源相关产品收入占比在 2022 年已经近 50%，2023 年，公司在新能源车企市场持续发力，新获取产品中新能源车占比 55.9%，超过行业渗透率，同时，公司已成功进入蔚来汽车、问界等造车新势力的供应商体系并开展内外饰件产品..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300446","target":"topic:石油","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7ca630f468b2","from":"company:300446","from_name":"航天智造","to":"topic:自动驾驶","to_name":"自动驾驶","relation":"involves_topic","direction":"semantic","summary":"航天智造 研报中反复涉及 自动驾驶。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-年-7-月-17-日-2ed5f2f589b1.md","chunk_id":"chunk:aef89a9511d4","chunk_index":4,"quote_summary":"2023 年，航天模塑合计为 1095 万辆整车提供零部件，占全国乘用车总销量的 42%，新能源相关产品收入占比在 2022 年已经近 50%，2023 年，公司在新能源车企市场持续发力，新获取产品中新能源车占比 55.9%，超过行业渗透率，同时，公司已成功进入蔚来汽车、问界等造车新势力的供应商体系并开展内外饰件产品..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300446","target":"topic:自动驾驶","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3b3276f856e6","from":"company:300446","from_name":"航天智造","to":"topic:航天","to_name":"航天","relation":"involves_topic","direction":"semantic","summary":"航天智造 研报中反复涉及 航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-年-7-月-17-日-2ed5f2f589b1.md","chunk_id":"chunk:aef89a9511d4","chunk_index":4,"quote_summary":"2023 年，航天模塑合计为 1095 万辆整车提供零部件，占全国乘用车总销量的 42%，新能源相关产品收入占比在 2022 年已经近 50%，2023 年，公司在新能源车企市场持续发力，新获取产品中新能源车占比 55.9%，超过行业渗透率，同时，公司已成功进入蔚来汽车、问界等造车新势力的供应商体系并开展内外饰件产品..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300446","target":"topic:航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4bf13f88e615","from":"company:300446","from_name":"航天智造","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"航天智造 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b7437ada9d45.md","chunk_id":"chunk:3afc67e36fb7","chunk_index":0,"quote_summary":"2023年公司营收（58.60亿元，+20.10%）快速增长，主要系汽车零部件、油气装备与高性能功能材料三大业务板块收入均实现了快速增长所致。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300446","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"39b5baf44adc","from":"company:300446","from_name":"航天智造","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"航天智造 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-年-7-月-17-日-2ed5f2f589b1.md","chunk_id":"chunk:aef89a9511d4","chunk_index":4,"quote_summary":"2023 年，航天模塑合计为 1095 万辆整车提供零部件，占全国乘用车总销量的 42%，新能源相关产品收入占比在 2022 年已经近 50%，2023 年，公司在新能源车企市场持续发力，新获取产品中新能源车占比 55.9%，超过行业渗透率，同时，公司已成功进入蔚来汽车、问界等造车新势力的供应商体系并开展内外饰件产品..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300446","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a954c0d03839","from":"company:300446","from_name":"航天智造","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"航天智造 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b7437ada9d45.md","chunk_id":"chunk:3afc67e36fb7","chunk_index":0,"quote_summary":"2023年公司营收（58.60亿元，+20.10%）快速增长，主要系汽车零部件、油气装备与高性能功能材料三大业务板块收入均实现了快速增长所致。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300446","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a21e153c1b24","from":"company:300446","from_name":"航天智造","to":"topic:银行","to_name":"银行","relation":"involves_topic","direction":"semantic","summary":"航天智造 研报中反复涉及 银行。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-年-9-月-14-日-0f2e99291fa5.md","chunk_id":"chunk:2c03f8e6bcbf","chunk_index":4,"quote_summary":"受益于汽车行业较好发展态势，叠加公司持续加大新能源汽车市场开拓，公司汽车零部件业务销售收入达到 34.92 亿元，同比增长 51.88%，高于上半年国内乘用车产量同比增速 5.4%，也高于国内新能源汽车产量增速 30.1%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300446","target":"topic:银行","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"19433daefdba","from":"company:300446","from_name":"航天智造","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"航天智造 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天智造-300446-b8a512c003a6.md","chunk_id":"chunk:427e53cdc03c","chunk_index":6,"quote_summary":"2023 年，保定乐凯新材料股份有限公司与四川航天技术研究院旗下的成都航天模塑有限责任公司、川南航天能源科技有限公司进行重大资产重组，更名为航天智造科技有限公司，明确“航天+”与“智能制造”的产业主线，在汽车内外饰件、高性能功能材料、油气装备三个领域进行业务布局，服务军民两用市场。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300446","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6ffc37f4b6c0","from":"company:300455","from_name":"航天智装","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"航天智装 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-5c65be74533f.md","chunk_id":"chunk:761d2ba3958a","chunk_index":4,"quote_summary":"国内市场方面，我国铁路建设投资稳定增长，2024 年上半年，全国铁路完成固定资产投资 3373 亿元，同比增长 10.63%，轨道交通建设的稳步推进有望持续拓展车辆运行安全检测和检修行业的市场空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300455","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1f18a3b86cc1","from":"company:300455","from_name":"航天智装","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"航天智装 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-ad88e80585c3.md","chunk_id":"chunk:0bcb50205ced","chunk_index":0,"quote_summary":"公司归母净利润（0.91亿元，+4.97%）稳定增长，扣非归母净利润（0.65亿元，+18.59%）快速增长，毛利率（20.70%，+0.66pcts）与净利率（6.43%，+0.03pcts）终结了2017年以来的持续下降，其中主要系多个业务板块毛利率有所回升，且公司三费费率（8.67%，+1.17pcts）有所提..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300455","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"90238891135a","from":"company:300455","from_name":"航天智装","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"航天智装 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-ad88e80585c3.md","chunk_id":"chunk:0bcb50205ced","chunk_index":0,"quote_summary":"公司归母净利润（0.91亿元，+4.97%）稳定增长，扣非归母净利润（0.65亿元，+18.59%）快速增长，毛利率（20.70%，+0.66pcts）与净利率（6.43%，+0.03pcts）终结了2017年以来的持续下降，其中主要系多个业务板块毛利率有所回升，且公司三费费率（8.67%，+1.17pcts）有所提..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300455","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ac8a6304bb51","from":"company:300455","from_name":"航天智装","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"航天智装 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-ad88e80585c3.md","chunk_id":"chunk:0bcb50205ced","chunk_index":0,"quote_summary":"公司归母净利润（0.91亿元，+4.97%）稳定增长，扣非归母净利润（0.65亿元，+18.59%）快速增长，毛利率（20.70%，+0.66pcts）与净利率（6.43%，+0.03pcts）终结了2017年以来的持续下降，其中主要系多个业务板块毛利率有所回升，且公司三费费率（8.67%，+1.17pcts）有所提..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300455","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"29684a8ca1e0","from":"company:300455","from_name":"航天智装","to":"topic:商业航天","to_name":"商业航天","relation":"involves_topic","direction":"semantic","summary":"航天智装 研报中反复涉及 商业航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-ad88e80585c3.md","chunk_id":"chunk:0bcb50205ced","chunk_index":0,"quote_summary":"公司归母净利润（0.91亿元，+4.97%）稳定增长，扣非归母净利润（0.65亿元，+18.59%）快速增长，毛利率（20.70%，+0.66pcts）与净利率（6.43%，+0.03pcts）终结了2017年以来的持续下降，其中主要系多个业务板块毛利率有所回升，且公司三费费率（8.67%，+1.17pcts）有所提..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300455","target":"topic:商业航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"74728c666df8","from":"company:300455","from_name":"航天智装","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"航天智装 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-5c65be74533f.md","chunk_id":"chunk:761d2ba3958a","chunk_index":4,"quote_summary":"国内市场方面，我国铁路建设投资稳定增长，2024 年上半年，全国铁路完成固定资产投资 3373 亿元，同比增长 10.63%，轨道交通建设的稳步推进有望持续拓展车辆运行安全检测和检修行业的市场空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300455","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"469cb8ee04d3","from":"company:300455","from_name":"航天智装","to":"topic:机器人","to_name":"机器人","relation":"involves_topic","direction":"semantic","summary":"航天智装 研报中反复涉及 机器人。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-5c65be74533f.md","chunk_id":"chunk:761d2ba3958a","chunk_index":4,"quote_summary":"国内市场方面，我国铁路建设投资稳定增长，2024 年上半年，全国铁路完成固定资产投资 3373 亿元，同比增长 10.63%，轨道交通建设的稳步推进有望持续拓展车辆运行安全检测和检修行业的市场空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300455","target":"topic:机器人","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"81a62203cc01","from":"company:300455","from_name":"航天智装","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"航天智装 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-ad88e80585c3.md","chunk_id":"chunk:0bcb50205ced","chunk_index":0,"quote_summary":"公司归母净利润（0.91亿元，+4.97%）稳定增长，扣非归母净利润（0.65亿元，+18.59%）快速增长，毛利率（20.70%，+0.66pcts）与净利率（6.43%，+0.03pcts）终结了2017年以来的持续下降，其中主要系多个业务板块毛利率有所回升，且公司三费费率（8.67%，+1.17pcts）有所提..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300455","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"8a720aadf448","from":"company:300455","from_name":"航天智装","to":"topic:航天","to_name":"航天","relation":"involves_topic","direction":"semantic","summary":"航天智装 研报中反复涉及 航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-ad88e80585c3.md","chunk_id":"chunk:0bcb50205ced","chunk_index":0,"quote_summary":"公司归母净利润（0.91亿元，+4.97%）稳定增长，扣非归母净利润（0.65亿元，+18.59%）快速增长，毛利率（20.70%，+0.66pcts）与净利率（6.43%，+0.03pcts）终结了2017年以来的持续下降，其中主要系多个业务板块毛利率有所回升，且公司三费费率（8.67%，+1.17pcts）有所提..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300455","target":"topic:航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c743b6b4e47c","from":"company:300455","from_name":"航天智装","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"航天智装 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-5c65be74533f.md","chunk_id":"chunk:761d2ba3958a","chunk_index":4,"quote_summary":"国内市场方面，我国铁路建设投资稳定增长，2024 年上半年，全国铁路完成固定资产投资 3373 亿元，同比增长 10.63%，轨道交通建设的稳步推进有望持续拓展车辆运行安全检测和检修行业的市场空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300455","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b56e618c8db9","from":"company:300455","from_name":"航天智装","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"航天智装 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-ad88e80585c3.md","chunk_id":"chunk:0bcb50205ced","chunk_index":0,"quote_summary":"公司归母净利润（0.91亿元，+4.97%）稳定增长，扣非归母净利润（0.65亿元，+18.59%）快速增长，毛利率（20.70%，+0.66pcts）与净利率（6.43%，+0.03pcts）终结了2017年以来的持续下降，其中主要系多个业务板块毛利率有所回升，且公司三费费率（8.67%，+1.17pcts）有所提..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300455","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"35275308aa4d","from":"company:300455","from_name":"航天智装","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"航天智装 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-ad88e80585c3.md","chunk_id":"chunk:0bcb50205ced","chunk_index":0,"quote_summary":"公司归母净利润（0.91亿元，+4.97%）稳定增长，扣非归母净利润（0.65亿元，+18.59%）快速增长，毛利率（20.70%，+0.66pcts）与净利率（6.43%，+0.03pcts）终结了2017年以来的持续下降，其中主要系多个业务板块毛利率有所回升，且公司三费费率（8.67%，+1.17pcts）有所提..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300455","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"80f62f08c2c2","from":"company:300474","from_name":"景嘉微","to":"topic:cagr","to_name":"CAGR","relation":"involves_topic","direction":"semantic","summary":"景嘉微 研报中反复涉及 CAGR。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-景嘉微-300474-sz-深度报告-e67d95f39e08.md","chunk_id":"chunk:be77d401884d","chunk_index":12,"quote_summary":"2021-2023 年芯片业务营收同比变动 517.49%/-41.74%/-61.18%，2021 年芯片收入大幅增长，主要系公司对芯片市场提前布局，在该期拓展了芯片客户。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300474","target":"topic:cagr","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a337d4c9b3dc","from":"company:300474","from_name":"景嘉微","to":"topic:cpu","to_name":"CPU","relation":"involves_topic","direction":"semantic","summary":"景嘉微 研报中反复涉及 CPU。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-景嘉微-300474-ab2124b1419b.md","chunk_id":"chunk:7ee0b3d86406","chunk_index":4,"quote_summary":"* **下游景气度导致公司业绩承压：** 分业务来看，2023 年，公司图形显控业务实现营收 4.65 亿元，同比减少 28.62%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300474","target":"topic:cpu","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4c75ba70cc52","from":"company:300474","from_name":"景嘉微","to":"topic:gpu","to_name":"GPU","relation":"involves_topic","direction":"semantic","summary":"景嘉微 研报中反复涉及 GPU。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-显卡-通用-gpu-双线布局-管理变革推动创新-c50200672f57.md","chunk_id":"chunk:b9f70b9659f0","chunk_index":0,"quote_summary":"\\*\\*公司受下游需求影响，叠加高研发投入，业绩波动较大，未来预计在 AI、信创驱动下逐步修复，公司 2025-2027 年 EPS 预测为 0.06/0.20/0.39 元，考虑到下游修复预期，给予高于均值溢价，2025 年 65 倍 PS（原为 2024 年 40x），目标价 86.50 元（-18%），维持“优..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300474","target":"topic:gpu","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"5ba36fd7f1ed","from":"company:300474","from_name":"景嘉微","to":"topic:roa","to_name":"ROA","relation":"involves_topic","direction":"semantic","summary":"景嘉微 研报中反复涉及 ROA。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-显卡-通用-gpu-双线布局-管理变革推动创新-c50200672f57.md","chunk_id":"chunk:b9f70b9659f0","chunk_index":0,"quote_summary":"\\*\\*公司受下游需求影响，叠加高研发投入，业绩波动较大，未来预计在 AI、信创驱动下逐步修复，公司 2025-2027 年 EPS 预测为 0.06/0.20/0.39 元，考虑到下游修复预期，给予高于均值溢价，2025 年 65 倍 PS（原为 2024 年 40x），目标价 86.50 元（-18%），维持“优..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300474","target":"topic:roa","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"03440d64c311","from":"company:300474","from_name":"景嘉微","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"景嘉微 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-景嘉微-300474-ab2124b1419b.md","chunk_id":"chunk:7ee0b3d86406","chunk_index":4,"quote_summary":"* **下游景气度导致公司业绩承压：** 分业务来看，2023 年，公司图形显控业务实现营收 4.65 亿元，同比减少 28.62%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300474","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"96670c54bca6","from":"company:300474","from_name":"景嘉微","to":"topic:信创","to_name":"信创","relation":"involves_topic","direction":"semantic","summary":"景嘉微 研报中反复涉及 信创。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-景嘉微-300474-sz-深度报告-e67d95f39e08.md","chunk_id":"chunk:be77d401884d","chunk_index":12,"quote_summary":"2021-2023 年芯片业务营收同比变动 517.49%/-41.74%/-61.18%，2021 年芯片收入大幅增长，主要系公司对芯片市场提前布局，在该期拓展了芯片客户。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300474","target":"topic:信创","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6ba8dac0cf78","from":"company:300474","from_name":"景嘉微","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"景嘉微 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-显卡-通用-gpu-双线布局-管理变革推动创新-c50200672f57.md","chunk_id":"chunk:b9f70b9659f0","chunk_index":0,"quote_summary":"\\*\\*公司受下游需求影响，叠加高研发投入，业绩波动较大，未来预计在 AI、信创驱动下逐步修复，公司 2025-2027 年 EPS 预测为 0.06/0.20/0.39 元，考虑到下游修复预期，给予高于均值溢价，2025 年 65 倍 PS（原为 2024 年 40x），目标价 86.50 元（-18%），维持“优..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300474","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0db6a5c2f991","from":"company:300474","from_name":"景嘉微","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"景嘉微 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-显卡-通用-gpu-双线布局-管理变革推动创新-c50200672f57.md","chunk_id":"chunk:b9f70b9659f0","chunk_index":0,"quote_summary":"\\*\\*公司受下游需求影响，叠加高研发投入，业绩波动较大，未来预计在 AI、信创驱动下逐步修复，公司 2025-2027 年 EPS 预测为 0.06/0.20/0.39 元，考虑到下游修复预期，给予高于均值溢价，2025 年 65 倍 PS（原为 2024 年 40x），目标价 86.50 元（-18%），维持“优..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300474","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"bf76d0708d5a","from":"company:300474","from_name":"景嘉微","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"景嘉微 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-推出-24-年股权激励-加速布局-ai-芯片-fc0519c79239.md","chunk_id":"chunk:4e07c286d45e","chunk_index":0,"quote_summary":"公司层面业绩考核目标为：第一个归属期，以 2023 年的营业收入为基数，2024 年的营业收入增长率不低于 11%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300474","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"cbb03fe2aecb","from":"company:300474","from_name":"景嘉微","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"景嘉微 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-推出-24-年股权激励-加速布局-ai-芯片-fc0519c79239.md","chunk_id":"chunk:4e07c286d45e","chunk_index":0,"quote_summary":"公司层面业绩考核目标为：第一个归属期，以 2023 年的营业收入为基数，2024 年的营业收入增长率不低于 11%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300474","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"86392cd491a2","from":"company:300474","from_name":"景嘉微","to":"topic:算力","to_name":"算力","relation":"involves_topic","direction":"semantic","summary":"景嘉微 研报中反复涉及 算力。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-景嘉微-300474-sz-深度报告-e67d95f39e08.md","chunk_id":"chunk:be77d401884d","chunk_index":12,"quote_summary":"2021-2023 年芯片业务营收同比变动 517.49%/-41.74%/-61.18%，2021 年芯片收入大幅增长，主要系公司对芯片市场提前布局，在该期拓展了芯片客户。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300474","target":"topic:算力","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e03c8f57defc","from":"company:300474","from_name":"景嘉微","to":"topic:自动驾驶","to_name":"自动驾驶","relation":"involves_topic","direction":"semantic","summary":"景嘉微 研报中反复涉及 自动驾驶。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-景嘉微-300474-sz-深度报告-e67d95f39e08.md","chunk_id":"chunk:be77d401884d","chunk_index":12,"quote_summary":"2021-2023 年芯片业务营收同比变动 517.49%/-41.74%/-61.18%，2021 年芯片收入大幅增长，主要系公司对芯片市场提前布局，在该期拓展了芯片客户。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300474","target":"topic:自动驾驶","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d3ccf56c96d5","from":"company:300474","from_name":"景嘉微","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"景嘉微 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-显卡-通用-gpu-双线布局-管理变革推动创新-c50200672f57.md","chunk_id":"chunk:b9f70b9659f0","chunk_index":0,"quote_summary":"\\*\\*公司受下游需求影响，叠加高研发投入，业绩波动较大，未来预计在 AI、信创驱动下逐步修复，公司 2025-2027 年 EPS 预测为 0.06/0.20/0.39 元，考虑到下游修复预期，给予高于均值溢价，2025 年 65 倍 PS（原为 2024 年 40x），目标价 86.50 元（-18%），维持“优..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300474","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b4b8b658e2d0","from":"company:300474","from_name":"景嘉微","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"景嘉微 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-显卡-通用-gpu-双线布局-管理变革推动创新-c50200672f57.md","chunk_id":"chunk:b9f70b9659f0","chunk_index":0,"quote_summary":"\\*\\*公司受下游需求影响，叠加高研发投入，业绩波动较大，未来预计在 AI、信创驱动下逐步修复，公司 2025-2027 年 EPS 预测为 0.06/0.20/0.39 元，考虑到下游修复预期，给予高于均值溢价，2025 年 65 倍 PS（原为 2024 年 40x），目标价 86.50 元（-18%），维持“优..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300474","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3f719a757ab9","from":"company:300474","from_name":"景嘉微","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"景嘉微 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-显卡-通用-gpu-双线布局-管理变革推动创新-c50200672f57.md","chunk_id":"chunk:b9f70b9659f0","chunk_index":0,"quote_summary":"\\*\\*公司受下游需求影响，叠加高研发投入，业绩波动较大，未来预计在 AI、信创驱动下逐步修复，公司 2025-2027 年 EPS 预测为 0.06/0.20/0.39 元，考虑到下游修复预期，给予高于均值溢价，2025 年 65 倍 PS（原为 2024 年 40x），目标价 86.50 元（-18%），维持“优..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300474","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"71d8f7b64312","from":"company:300474","from_name":"景嘉微","to":"topic:银行","to_name":"银行","relation":"involves_topic","direction":"semantic","summary":"景嘉微 研报中反复涉及 银行。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-显卡-通用-gpu-双线布局-管理变革推动创新-c50200672f57.md","chunk_id":"chunk:b9f70b9659f0","chunk_index":0,"quote_summary":"\\*\\*公司受下游需求影响，叠加高研发投入，业绩波动较大，未来预计在 AI、信创驱动下逐步修复，公司 2025-2027 年 EPS 预测为 0.06/0.20/0.39 元，考虑到下游修复预期，给予高于均值溢价，2025 年 65 倍 PS（原为 2024 年 40x），目标价 86.50 元（-18%），维持“优..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300474","target":"topic:银行","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6e7a8b54c48e","from":"company:300474","from_name":"景嘉微","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"景嘉微 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-景嘉微-300474-ab2124b1419b.md","chunk_id":"chunk:7ee0b3d86406","chunk_index":4,"quote_summary":"* **下游景气度导致公司业绩承压：** 分业务来看，2023 年，公司图形显控业务实现营收 4.65 亿元，同比减少 28.62%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300474","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0bf261611da9","from":"company:300719","from_name":"安达维尔","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"安达维尔 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-年-04-月-16-日-公司研究-证券研究报告-0942a568568f.md","chunk_id":"chunk:40271590ee29","chunk_index":0,"quote_summary":"报告期内公司实现营业总收入 8.51 亿元，同比增加 106.25%，归母净利润 1.13 亿元，同比实现扭亏并大幅增长 347.69%，业绩明显改善，营业收入、利润总额与订单储备均创历史新高，这主要得益于报告期内航空座椅交付结算量大幅增长、训练系统设备重大项目交付、民航业复苏带动航空维修业务增长、运营效率与成本控制..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300719","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"bb35dd0084a5","from":"company:300719","from_name":"安达维尔","to":"topic:低空经济","to_name":"低空经济","relation":"involves_topic","direction":"semantic","summary":"安达维尔 研报中反复涉及 低空经济。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-年-04-月-16-日-公司研究-证券研究报告-0942a568568f.md","chunk_id":"chunk:40271590ee29","chunk_index":0,"quote_summary":"报告期内公司实现营业总收入 8.51 亿元，同比增加 106.25%，归母净利润 1.13 亿元，同比实现扭亏并大幅增长 347.69%，业绩明显改善，营业收入、利润总额与订单储备均创历史新高，这主要得益于报告期内航空座椅交付结算量大幅增长、训练系统设备重大项目交付、民航业复苏带动航空维修业务增长、运营效率与成本控制..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300719","target":"topic:低空经济","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b768e12a36de","from":"company:300719","from_name":"安达维尔","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"安达维尔 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-94c85c44eb90.md","chunk_id":"chunk:6436d54ed2b2","chunk_index":4,"quote_summary":"1) 机载设备研制是公司业务占比（58.53%，+27.82pcts）最大类别，其中直升机抗坠毁座椅占据国内90%左右的市场份额，收入（4.98亿元，+293.07%）大幅增长，主要系某重点型号航空座椅交付结算量增长，直升机模拟训练系统完成集中交付，以及航空厨房插件等客舱系统设备业务持续成长，毛利率（54.75%，+..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300719","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"527496240f31","from":"company:300719","from_name":"安达维尔","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"安达维尔 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-年-04-月-16-日-公司研究-证券研究报告-0942a568568f.md","chunk_id":"chunk:40271590ee29","chunk_index":0,"quote_summary":"报告期内公司实现营业总收入 8.51 亿元，同比增加 106.25%，归母净利润 1.13 亿元，同比实现扭亏并大幅增长 347.69%，业绩明显改善，营业收入、利润总额与订单储备均创历史新高，这主要得益于报告期内航空座椅交付结算量大幅增长、训练系统设备重大项目交付、民航业复苏带动航空维修业务增长、运营效率与成本控制..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300719","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ccb9f684aaab","from":"company:300719","from_name":"安达维尔","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"安达维尔 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-年-04-月-16-日-公司研究-证券研究报告-0942a568568f.md","chunk_id":"chunk:40271590ee29","chunk_index":0,"quote_summary":"报告期内公司实现营业总收入 8.51 亿元，同比增加 106.25%，归母净利润 1.13 亿元，同比实现扭亏并大幅增长 347.69%，业绩明显改善，营业收入、利润总额与订单储备均创历史新高，这主要得益于报告期内航空座椅交付结算量大幅增长、训练系统设备重大项目交付、民航业复苏带动航空维修业务增长、运营效率与成本控制..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300719","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"487fdfe0d405","from":"company:300719","from_name":"安达维尔","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"安达维尔 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-公司研究-国防军工-14fe10d4d4b3.md","chunk_id":"chunk:b022ec5c3eb3","chunk_index":1,"quote_summary":"航空维修业务营业收入 18,303.26 万元，占主营业务收入 21.51%，同比增加 22.55%，主要得益于民航业的持续复苏、公司民航维修市场拓展及内部运营管理能力提升。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300719","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"59792ea18590","from":"company:300719","from_name":"安达维尔","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"安达维尔 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-年-04-月-16-日-公司研究-证券研究报告-0942a568568f.md","chunk_id":"chunk:40271590ee29","chunk_index":0,"quote_summary":"报告期内公司实现营业总收入 8.51 亿元，同比增加 106.25%，归母净利润 1.13 亿元，同比实现扭亏并大幅增长 347.69%，业绩明显改善，营业收入、利润总额与订单储备均创历史新高，这主要得益于报告期内航空座椅交付结算量大幅增长、训练系统设备重大项目交付、民航业复苏带动航空维修业务增长、运营效率与成本控制..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300719","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"99ae97c15195","from":"company:300719","from_name":"安达维尔","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"安达维尔 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-年-04-月-16-日-公司研究-证券研究报告-0942a568568f.md","chunk_id":"chunk:40271590ee29","chunk_index":0,"quote_summary":"报告期内公司实现营业总收入 8.51 亿元，同比增加 106.25%，归母净利润 1.13 亿元，同比实现扭亏并大幅增长 347.69%，业绩明显改善，营业收入、利润总额与订单储备均创历史新高，这主要得益于报告期内航空座椅交付结算量大幅增长、训练系统设备重大项目交付、民航业复苏带动航空维修业务增长、运营效率与成本控制..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300719","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0d8aab7d97c7","from":"company:300719","from_name":"安达维尔","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"安达维尔 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-年-04-月-16-日-公司研究-证券研究报告-0942a568568f.md","chunk_id":"chunk:40271590ee29","chunk_index":0,"quote_summary":"报告期内公司实现营业总收入 8.51 亿元，同比增加 106.25%，归母净利润 1.13 亿元，同比实现扭亏并大幅增长 347.69%，业绩明显改善，营业收入、利润总额与订单储备均创历史新高，这主要得益于报告期内航空座椅交付结算量大幅增长、训练系统设备重大项目交付、民航业复苏带动航空维修业务增长、运营效率与成本控制..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300719","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7f12012a6bbc","from":"company:300719","from_name":"安达维尔","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"安达维尔 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-年-04-月-16-日-公司研究-证券研究报告-0942a568568f.md","chunk_id":"chunk:40271590ee29","chunk_index":0,"quote_summary":"报告期内公司实现营业总收入 8.51 亿元，同比增加 106.25%，归母净利润 1.13 亿元，同比实现扭亏并大幅增长 347.69%，业绩明显改善，营业收入、利润总额与订单储备均创历史新高，这主要得益于报告期内航空座椅交付结算量大幅增长、训练系统设备重大项目交付、民航业复苏带动航空维修业务增长、运营效率与成本控制..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300719","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"334e8d160cfa","from":"company:300719","from_name":"安达维尔","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"安达维尔 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-公司研究-国防军工-14fe10d4d4b3.md","chunk_id":"chunk:b022ec5c3eb3","chunk_index":1,"quote_summary":"航空维修业务营业收入 18,303.26 万元，占主营业务收入 21.51%，同比增加 22.55%，主要得益于民航业的持续复苏、公司民航维修市场拓展及内部运营管理能力提升。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300719","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"42a994fa9cab","from":"company:300719","from_name":"安达维尔","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"安达维尔 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-94c85c44eb90.md","chunk_id":"chunk:6436d54ed2b2","chunk_index":4,"quote_summary":"1) 机载设备研制是公司业务占比（58.53%，+27.82pcts）最大类别，其中直升机抗坠毁座椅占据国内90%左右的市场份额，收入（4.98亿元，+293.07%）大幅增长，主要系某重点型号航空座椅交付结算量增长，直升机模拟训练系统完成集中交付，以及航空厨房插件等客舱系统设备业务持续成长，毛利率（54.75%，+..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300719","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c2dd2f7dd7a7","from":"company:300726","from_name":"宏达电子","to":"topic:下游","to_name":"下游","relation":"involves_topic","direction":"semantic","summary":"宏达电子 研报中反复涉及 下游。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-bfcb19401490.md","chunk_id":"chunk:e2704ca0a579","chunk_index":4,"quote_summary":"2024 年公司三费费率（18.65%，+2.03pcts）有所增长，其中管理费用率（9.37%，+1.19pcts）增加，公司在外部环境低迷情况下，增加市场投入，开发新的客户需求；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300726","target":"topic:下游","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"68796145d68b","from":"company:300726","from_name":"宏达电子","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"宏达电子 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-bfcb19401490.md","chunk_id":"chunk:e2704ca0a579","chunk_index":4,"quote_summary":"2024 年公司三费费率（18.65%，+2.03pcts）有所增长，其中管理费用率（9.37%，+1.19pcts）增加，公司在外部环境低迷情况下，增加市场投入，开发新的客户需求；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300726","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"cb6c4a561b56","from":"company:300726","from_name":"宏达电子","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"宏达电子 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-bfcb19401490.md","chunk_id":"chunk:e2704ca0a579","chunk_index":4,"quote_summary":"2024 年公司三费费率（18.65%，+2.03pcts）有所增长，其中管理费用率（9.37%，+1.19pcts）增加，公司在外部环境低迷情况下，增加市场投入，开发新的客户需求；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300726","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"56b226e729ba","from":"company:300726","from_name":"宏达电子","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"宏达电子 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-bfcb19401490.md","chunk_id":"chunk:e2704ca0a579","chunk_index":4,"quote_summary":"2024 年公司三费费率（18.65%，+2.03pcts）有所增长，其中管理费用率（9.37%，+1.19pcts）增加，公司在外部环境低迷情况下，增加市场投入，开发新的客户需求；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300726","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b24c83b79b3f","from":"company:300726","from_name":"宏达电子","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"宏达电子 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-bfcb19401490.md","chunk_id":"chunk:e2704ca0a579","chunk_index":4,"quote_summary":"2024 年公司三费费率（18.65%，+2.03pcts）有所增长，其中管理费用率（9.37%，+1.19pcts）增加，公司在外部环境低迷情况下，增加市场投入，开发新的客户需求；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300726","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"96e30ea4b9d7","from":"company:300726","from_name":"宏达电子","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"宏达电子 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-bfcb19401490.md","chunk_id":"chunk:e2704ca0a579","chunk_index":4,"quote_summary":"2024 年公司三费费率（18.65%，+2.03pcts）有所增长，其中管理费用率（9.37%，+1.19pcts）增加，公司在外部环境低迷情况下，增加市场投入，开发新的客户需求；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300726","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"330f4685b143","from":"company:300726","from_name":"宏达电子","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"宏达电子 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-bfcb19401490.md","chunk_id":"chunk:e2704ca0a579","chunk_index":4,"quote_summary":"2024 年公司三费费率（18.65%，+2.03pcts）有所增长，其中管理费用率（9.37%，+1.19pcts）增加，公司在外部环境低迷情况下，增加市场投入，开发新的客户需求；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300726","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7c878392c697","from":"company:300726","from_name":"宏达电子","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"宏达电子 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-bfcb19401490.md","chunk_id":"chunk:e2704ca0a579","chunk_index":4,"quote_summary":"2024 年公司三费费率（18.65%，+2.03pcts）有所增长，其中管理费用率（9.37%，+1.19pcts）增加，公司在外部环境低迷情况下，增加市场投入，开发新的客户需求；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300726","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a3d3f6793e43","from":"company:300855","from_name":"图南股份","to":"topic:下游","to_name":"下游","relation":"involves_topic","direction":"semantic","summary":"图南股份 研报中反复涉及 下游。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-图南股份-300855-sz-2024-年三季报点评-e61d85a4b94a.md","chunk_id":"chunk:77f085e06f57","chunk_index":0,"quote_summary":"2024 年前三季度，公司：1）投资收益为-71.14 万元，去年同期为 139.86 万元，主要系出售金融资产形成损益所致；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300855","target":"topic:下游","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"bcc30d38ec01","from":"company:300855","from_name":"图南股份","to":"topic:产业链","to_name":"产业链","relation":"involves_topic","direction":"semantic","summary":"图南股份 研报中反复涉及 产业链。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-5cdf13c5f8be.md","chunk_id":"chunk:047f06a58068","chunk_index":4,"quote_summary":"变形高温合金受益于高端民品及海外需求拉动，营业收入增长 31%**"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300855","target":"topic:产业链","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"5d47f2ab0ecb","from":"company:300855","from_name":"图南股份","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"图南股份 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-图南股份-300855-sz-2024-年中报点评-5dc0dae37445.md","chunk_id":"chunk:2d052dd7252a","chunk_index":0,"quote_summary":"2）海外收入 0.7 亿元，同比增长 9.5%，毛利率同比下滑 0.5ppt 至 30.7%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300855","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9c92ff5713f2","from":"company:300855","from_name":"图南股份","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"图南股份 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-a498ba09ec09.md","chunk_id":"chunk:f384fa08ff10","chunk_index":4,"quote_summary":"2024年前三季度，经营活动现金流量净额为2.25亿元，去年同期为0.03亿元，主要源于本期销售回款及时，上年度末的应收票据在本期陆续到期承兑，经营活动现金流入较上期增长；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300855","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"91804e63b373","from":"company:300855","from_name":"图南股份","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"图南股份 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-a498ba09ec09.md","chunk_id":"chunk:f384fa08ff10","chunk_index":4,"quote_summary":"2024年前三季度，经营活动现金流量净额为2.25亿元，去年同期为0.03亿元，主要源于本期销售回款及时，上年度末的应收票据在本期陆续到期承兑，经营活动现金流入较上期增长；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300855","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e771c22a2f56","from":"company:300855","from_name":"图南股份","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"图南股份 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-5cdf13c5f8be.md","chunk_id":"chunk:047f06a58068","chunk_index":4,"quote_summary":"变形高温合金受益于高端民品及海外需求拉动，营业收入增长 31%**"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300855","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e5f3e86582d0","from":"company:300855","from_name":"图南股份","to":"topic:工业原材料","to_name":"工业原材料","relation":"involves_topic","direction":"semantic","summary":"图南股份 研报中反复涉及 工业原材料。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-年-8-月-16-日-84b6bd68eda9.md","chunk_id":"chunk:84ba671d958c","chunk_index":2,"quote_summary":"2024H1，公司实现营业收入 7.31 亿元，同比增长 6%，实现归母净利润 1.91 亿元，同比增长 7%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300855","target":"topic:工业原材料","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"94bcbee93c96","from":"company:300855","from_name":"图南股份","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"图南股份 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-a498ba09ec09.md","chunk_id":"chunk:f384fa08ff10","chunk_index":4,"quote_summary":"2024年前三季度，经营活动现金流量净额为2.25亿元，去年同期为0.03亿元，主要源于本期销售回款及时，上年度末的应收票据在本期陆续到期承兑，经营活动现金流入较上期增长；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300855","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d72460bb4c38","from":"company:300855","from_name":"图南股份","to":"topic:有色金属","to_name":"有色金属","relation":"involves_topic","direction":"semantic","summary":"图南股份 研报中反复涉及 有色金属。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-有色金属-公司点评报告-801003733ad1.md","chunk_id":"chunk:d8ebc0927a56","chunk_index":4,"quote_summary":"2025Q2 单季度，公司实现营收 3.13 亿元，同比减少 18%，环比增长 9%，实现归母净利润 0.51 亿元，同比减少 49%，环比增长 23%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300855","target":"topic:有色金属","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9904822df1d2","from":"company:300855","from_name":"图南股份","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"图南股份 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-a498ba09ec09.md","chunk_id":"chunk:f384fa08ff10","chunk_index":4,"quote_summary":"2024年前三季度，经营活动现金流量净额为2.25亿元，去年同期为0.03亿元，主要源于本期销售回款及时，上年度末的应收票据在本期陆续到期承兑，经营活动现金流入较上期增长；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300855","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"76f7bd80102d","from":"company:300855","from_name":"图南股份","to":"topic:环比","to_name":"环比","relation":"involves_topic","direction":"semantic","summary":"图南股份 研报中反复涉及 环比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-有色金属-公司点评报告-801003733ad1.md","chunk_id":"chunk:d8ebc0927a56","chunk_index":4,"quote_summary":"2025Q2 单季度，公司实现营收 3.13 亿元，同比减少 18%，环比增长 9%，实现归母净利润 0.51 亿元，同比减少 49%，环比增长 23%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300855","target":"topic:环比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c5fd602f4119","from":"company:300855","from_name":"图南股份","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"图南股份 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-5cdf13c5f8be.md","chunk_id":"chunk:047f06a58068","chunk_index":4,"quote_summary":"变形高温合金受益于高端民品及海外需求拉动，营业收入增长 31%**"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300855","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"15847ddb10b0","from":"company:300855","from_name":"图南股份","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"图南股份 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-a498ba09ec09.md","chunk_id":"chunk:f384fa08ff10","chunk_index":4,"quote_summary":"2024年前三季度，经营活动现金流量净额为2.25亿元，去年同期为0.03亿元，主要源于本期销售回款及时，上年度末的应收票据在本期陆续到期承兑，经营活动现金流入较上期增长；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300855","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b0db93e57ee7","from":"company:300855","from_name":"图南股份","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"图南股份 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-a498ba09ec09.md","chunk_id":"chunk:f384fa08ff10","chunk_index":4,"quote_summary":"2024年前三季度，经营活动现金流量净额为2.25亿元，去年同期为0.03亿元，主要源于本期销售回款及时，上年度末的应收票据在本期陆续到期承兑，经营活动现金流入较上期增长；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300855","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"82f7983d0958","from":"company:300855","from_name":"图南股份","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"图南股份 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-a498ba09ec09.md","chunk_id":"chunk:f384fa08ff10","chunk_index":4,"quote_summary":"2024年前三季度，经营活动现金流量净额为2.25亿元，去年同期为0.03亿元，主要源于本期销售回款及时，上年度末的应收票据在本期陆续到期承兑，经营活动现金流入较上期增长；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300855","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d1753553dc37","from":"company:300855","from_name":"图南股份","to":"topic:银行","to_name":"银行","relation":"involves_topic","direction":"semantic","summary":"图南股份 研报中反复涉及 银行。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-发布时间-2025-04-25-132b09eb5429.md","chunk_id":"chunk:dda11a14d8d7","chunk_index":2,"quote_summary":"2025Q1，公司业绩环比改善，实现营收 2.86 亿元，实现归母净利润 0.42 亿元，分别同比减少 18%和减少 54%，分别环比增长 60%和增长 368%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300855","target":"topic:银行","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e91d3eee817e","from":"company:300855","from_name":"图南股份","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"图南股份 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-a498ba09ec09.md","chunk_id":"chunk:f384fa08ff10","chunk_index":4,"quote_summary":"2024年前三季度，经营活动现金流量净额为2.25亿元，去年同期为0.03亿元，主要源于本期销售回款及时，上年度末的应收票据在本期陆续到期承兑，经营活动现金流入较上期增长；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300855","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"77ffda272171","from":"company:300900","from_name":"广联航空","to":"topic:低空经济","to_name":"低空经济","relation":"involves_topic","direction":"semantic","summary":"广联航空 研报中反复涉及 低空经济。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e925c219449c.md","chunk_id":"chunk:c0b98a384683","chunk_index":6,"quote_summary":"其中上海民用航空生产基地项目拟使用募集资金投入 69,600.00 万元，在上海临港新片区新建民用航空生产基地，建设期为 3 年，用以提高公司大飞机航空工装及复合材料零部件产品的生产能力，进一步强化公司主营业务优势，满足不断增长的市场需求，巩固并提高公司的行业竞争地位。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300900","target":"topic:低空经济","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0fa069161412","from":"company:300900","from_name":"广联航空","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"广联航空 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e925c219449c.md","chunk_id":"chunk:c0b98a384683","chunk_index":6,"quote_summary":"其中上海民用航空生产基地项目拟使用募集资金投入 69,600.00 万元，在上海临港新片区新建民用航空生产基地，建设期为 3 年，用以提高公司大飞机航空工装及复合材料零部件产品的生产能力，进一步强化公司主营业务优势，满足不断增长的市场需求，巩固并提高公司的行业竞争地位。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300900","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"fe954616b6c7","from":"company:300900","from_name":"广联航空","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"广联航空 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e925c219449c.md","chunk_id":"chunk:c0b98a384683","chunk_index":6,"quote_summary":"其中上海民用航空生产基地项目拟使用募集资金投入 69,600.00 万元，在上海临港新片区新建民用航空生产基地，建设期为 3 年，用以提高公司大飞机航空工装及复合材料零部件产品的生产能力，进一步强化公司主营业务优势，满足不断增长的市场需求，巩固并提高公司的行业竞争地位。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300900","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9038dedc8c79","from":"company:300900","from_name":"广联航空","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"广联航空 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e925c219449c.md","chunk_id":"chunk:c0b98a384683","chunk_index":6,"quote_summary":"其中上海民用航空生产基地项目拟使用募集资金投入 69,600.00 万元，在上海临港新片区新建民用航空生产基地，建设期为 3 年，用以提高公司大飞机航空工装及复合材料零部件产品的生产能力，进一步强化公司主营业务优势，满足不断增长的市场需求，巩固并提高公司的行业竞争地位。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300900","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9c9542f66b6b","from":"company:300900","from_name":"广联航空","to":"topic:商业航天","to_name":"商业航天","relation":"involves_topic","direction":"semantic","summary":"广联航空 研报中反复涉及 商业航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e925c219449c.md","chunk_id":"chunk:c0b98a384683","chunk_index":6,"quote_summary":"其中上海民用航空生产基地项目拟使用募集资金投入 69,600.00 万元，在上海临港新片区新建民用航空生产基地，建设期为 3 年，用以提高公司大飞机航空工装及复合材料零部件产品的生产能力，进一步强化公司主营业务优势，满足不断增长的市场需求，巩固并提高公司的行业竞争地位。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300900","target":"topic:商业航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"dc9e2d7463dc","from":"company:300900","from_name":"广联航空","to":"topic:天然气","to_name":"天然气","relation":"involves_topic","direction":"semantic","summary":"广联航空 研报中反复涉及 天然气。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-11-11-1ed3568e22f0.md","chunk_id":"chunk:e6a0be03c3dc","chunk_index":2,"quote_summary":"**事件**：公司发布 2024 年三季度报告，2024 年 1-9 月实现营业收入 6.63 亿元，较上年同期增长 21.65%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300900","target":"topic:天然气","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"52719a07e594","from":"company:300900","from_name":"广联航空","to":"topic:房地产","to_name":"房地产","relation":"involves_topic","direction":"semantic","summary":"广联航空 研报中反复涉及 房地产。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-11-11-1ed3568e22f0.md","chunk_id":"chunk:e6a0be03c3dc","chunk_index":2,"quote_summary":"**事件**：公司发布 2024 年三季度报告，2024 年 1-9 月实现营业收入 6.63 亿元，较上年同期增长 21.65%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300900","target":"topic:房地产","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"bdc9054c28fb","from":"company:300900","from_name":"广联航空","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"广联航空 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-广联航空-300900-sz-2024-年中报点评-3f3a1fe37efa.md","chunk_id":"chunk:0ba6e3310320","chunk_index":0,"quote_summary":"单季度看，公司 24Q2 实现营收 2.3 亿元，YoY+39.6%，主要受益于订单增长；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300900","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1ea7ba39305a","from":"company:300900","from_name":"广联航空","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"广联航空 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-广联航空-300900-sz-2024-年中报点评-3f3a1fe37efa.md","chunk_id":"chunk:0ba6e3310320","chunk_index":0,"quote_summary":"单季度看，公司 24Q2 实现营收 2.3 亿元，YoY+39.6%，主要受益于订单增长；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300900","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b70a5b06f2fd","from":"company:300900","from_name":"广联航空","to":"topic:燃气轮机","to_name":"燃气轮机","relation":"involves_topic","direction":"semantic","summary":"广联航空 研报中反复涉及 燃气轮机。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-11-11-1ed3568e22f0.md","chunk_id":"chunk:e6a0be03c3dc","chunk_index":2,"quote_summary":"**事件**：公司发布 2024 年三季度报告，2024 年 1-9 月实现营业收入 6.63 亿元，较上年同期增长 21.65%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300900","target":"topic:燃气轮机","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a6a101fd72af","from":"company:300900","from_name":"广联航空","to":"topic:碳纤维","to_name":"碳纤维","relation":"involves_topic","direction":"semantic","summary":"广联航空 研报中反复涉及 碳纤维。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-11-11-1ed3568e22f0.md","chunk_id":"chunk:e6a0be03c3dc","chunk_index":2,"quote_summary":"**事件**：公司发布 2024 年三季度报告，2024 年 1-9 月实现营业收入 6.63 亿元，较上年同期增长 21.65%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300900","target":"topic:碳纤维","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"aa5fd051d6e8","from":"company:300900","from_name":"广联航空","to":"topic:航天","to_name":"航天","relation":"involves_topic","direction":"semantic","summary":"广联航空 研报中反复涉及 航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e925c219449c.md","chunk_id":"chunk:c0b98a384683","chunk_index":6,"quote_summary":"其中上海民用航空生产基地项目拟使用募集资金投入 69,600.00 万元，在上海临港新片区新建民用航空生产基地，建设期为 3 年，用以提高公司大飞机航空工装及复合材料零部件产品的生产能力，进一步强化公司主营业务优势，满足不断增长的市场需求，巩固并提高公司的行业竞争地位。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300900","target":"topic:航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4092e410016b","from":"company:300900","from_name":"广联航空","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"广联航空 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e925c219449c.md","chunk_id":"chunk:c0b98a384683","chunk_index":6,"quote_summary":"其中上海民用航空生产基地项目拟使用募集资金投入 69,600.00 万元，在上海临港新片区新建民用航空生产基地，建设期为 3 年，用以提高公司大飞机航空工装及复合材料零部件产品的生产能力，进一步强化公司主营业务优势，满足不断增长的市场需求，巩固并提高公司的行业竞争地位。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300900","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"25052cafac02","from":"company:300900","from_name":"广联航空","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"广联航空 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-广联航空-300900-sz-2023-年年报及-2024-年一季报点评-4f719b0e44c2.md","chunk_id":"chunk:ba03277431ef","chunk_index":0,"quote_summary":"归母净利润 0.3 亿元，YoY+20.8%，1Q24 业绩增长主要受益于订单的持续增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300900","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7452d663c25e","from":"company:300900","from_name":"广联航空","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"广联航空 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e925c219449c.md","chunk_id":"chunk:c0b98a384683","chunk_index":6,"quote_summary":"其中上海民用航空生产基地项目拟使用募集资金投入 69,600.00 万元，在上海临港新片区新建民用航空生产基地，建设期为 3 年，用以提高公司大飞机航空工装及复合材料零部件产品的生产能力，进一步强化公司主营业务优势，满足不断增长的市场需求，巩固并提高公司的行业竞争地位。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300900","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a89bfa9bfe70","from":"company:300900","from_name":"广联航空","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"广联航空 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-广联航空-300900-sz-2024-年中报点评-3f3a1fe37efa.md","chunk_id":"chunk:0ba6e3310320","chunk_index":0,"quote_summary":"单季度看，公司 24Q2 实现营收 2.3 亿元，YoY+39.6%，主要受益于订单增长；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:300900","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f4fe123340df","from":"company:301050","from_name":"雷电微力","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"雷电微力 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:c21b2b41c616","chunk_index":0,"quote_summary":"➢ **4Q23 净利润增长 37%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:301050","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e0ccc911862c","from":"company:301050","from_name":"雷电微力","to":"topic:下游","to_name":"下游","relation":"involves_topic","direction":"semantic","summary":"雷电微力 研报中反复涉及 下游。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-雷电微力-301050-0f8c87aec0e4.md","chunk_id":"chunk:f08a5f0a1801","chunk_index":4,"quote_summary":"**事件：**公司发布 2023 年报，2023 年实现营收 8.86 亿元，同比增长 2.97%，归母净利润 3.05 亿元，同比增长 10.10%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:301050","target":"topic:下游","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9316e9cde636","from":"company:301050","from_name":"雷电微力","to":"topic:低空经济","to_name":"低空经济","relation":"involves_topic","direction":"semantic","summary":"雷电微力 研报中反复涉及 低空经济。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-雷电微力-301050-0f8c87aec0e4.md","chunk_id":"chunk:f08a5f0a1801","chunk_index":4,"quote_summary":"**事件：**公司发布 2023 年报，2023 年实现营收 8.86 亿元，同比增长 2.97%，归母净利润 3.05 亿元，同比增长 10.10%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:301050","target":"topic:低空经济","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6fa3fd5b117d","from":"company:301050","from_name":"雷电微力","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"雷电微力 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8b835a14231a.md","chunk_id":"chunk:6020b8b606ba","chunk_index":4,"quote_summary":"投资活动现金流净额（+1.53 亿元，同比增加 1.82 亿元）大幅增长，主要系本期到期收回的现金管理资金高于投入现金管理资金所致；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:301050","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e4a23cfa01f3","from":"company:301050","from_name":"雷电微力","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"雷电微力 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8b835a14231a.md","chunk_id":"chunk:6020b8b606ba","chunk_index":4,"quote_summary":"投资活动现金流净额（+1.53 亿元，同比增加 1.82 亿元）大幅增长，主要系本期到期收回的现金管理资金高于投入现金管理资金所致；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:301050","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"bdb204f194d3","from":"company:301050","from_name":"雷电微力","to":"topic:卫星","to_name":"卫星","relation":"involves_topic","direction":"semantic","summary":"雷电微力 研报中反复涉及 卫星。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-雷电微力-301050-0f8c87aec0e4.md","chunk_id":"chunk:f08a5f0a1801","chunk_index":4,"quote_summary":"**事件：**公司发布 2023 年报，2023 年实现营收 8.86 亿元，同比增长 2.97%，归母净利润 3.05 亿元，同比增长 10.10%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:301050","target":"topic:卫星","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6ea26aa8a2e2","from":"company:301050","from_name":"雷电微力","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"雷电微力 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8b835a14231a.md","chunk_id":"chunk:6020b8b606ba","chunk_index":4,"quote_summary":"投资活动现金流净额（+1.53 亿元，同比增加 1.82 亿元）大幅增长，主要系本期到期收回的现金管理资金高于投入现金管理资金所致；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:301050","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b697700f9e53","from":"company:301050","from_name":"雷电微力","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"雷电微力 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8b835a14231a.md","chunk_id":"chunk:6020b8b606ba","chunk_index":4,"quote_summary":"投资活动现金流净额（+1.53 亿元，同比增加 1.82 亿元）大幅增长，主要系本期到期收回的现金管理资金高于投入现金管理资金所致；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:301050","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"45e98cb2218a","from":"company:301050","from_name":"雷电微力","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"雷电微力 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8b835a14231a.md","chunk_id":"chunk:6020b8b606ba","chunk_index":4,"quote_summary":"投资活动现金流净额（+1.53 亿元，同比增加 1.82 亿元）大幅增长，主要系本期到期收回的现金管理资金高于投入现金管理资金所致；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:301050","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"029b74545434","from":"company:301050","from_name":"雷电微力","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"雷电微力 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8b835a14231a.md","chunk_id":"chunk:6020b8b606ba","chunk_index":4,"quote_summary":"投资活动现金流净额（+1.53 亿元，同比增加 1.82 亿元）大幅增长，主要系本期到期收回的现金管理资金高于投入现金管理资金所致；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:301050","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2d9819e8ceba","from":"company:301050","from_name":"雷电微力","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"雷电微力 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8b835a14231a.md","chunk_id":"chunk:6020b8b606ba","chunk_index":4,"quote_summary":"投资活动现金流净额（+1.53 亿元，同比增加 1.82 亿元）大幅增长，主要系本期到期收回的现金管理资金高于投入现金管理资金所致；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:301050","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"273aedcd2b2e","from":"company:301050","from_name":"雷电微力","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"雷电微力 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8b835a14231a.md","chunk_id":"chunk:6020b8b606ba","chunk_index":4,"quote_summary":"投资活动现金流净额（+1.53 亿元，同比增加 1.82 亿元）大幅增长，主要系本期到期收回的现金管理资金高于投入现金管理资金所致；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:301050","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"89b8fa24ea34","from":"company:301050","from_name":"雷电微力","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"雷电微力 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-雷电微力-301050-0f8c87aec0e4.md","chunk_id":"chunk:f08a5f0a1801","chunk_index":4,"quote_summary":"**事件：**公司发布 2023 年报，2023 年实现营收 8.86 亿元，同比增长 2.97%，归母净利润 3.05 亿元，同比增长 10.10%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:301050","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e7434a07ec0b","from":"company:302132","from_name":"中航成飞","to":"topic:cagr","to_name":"CAGR","relation":"involves_topic","direction":"semantic","summary":"中航成飞 研报中反复涉及 CAGR。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md","chunk_id":"chunk:2c9930cad31c","chunk_index":19,"quote_summary":"有-无人协同：无人机市场空间广阔，预计2025-2034年市场空间自160.3亿美元增至315.1亿美元，CAGR为7.8%"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:302132","target":"topic:cagr","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d92e058caf5f","from":"company:302132","from_name":"中航成飞","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"中航成飞 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航成飞-302132-sz-3dd254a8a8dd.md","chunk_id":"chunk:cf7799e6c000","chunk_index":0,"quote_summary":"**根据公司 2024 年报未来发展战略，公司全力打造“创新成飞、数字成飞、精品成飞”三新成飞，将围绕航空主业协调发展支柱业务，拓展国内、国外两方面市场，努力建成具有全球竞争力的世界一流创新型航空产业集团。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:302132","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d25ce5d27f1d","from":"company:302132","from_name":"中航成飞","to":"topic:产业链","to_name":"产业链","relation":"involves_topic","direction":"semantic","summary":"中航成飞 研报中反复涉及 产业链。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md","chunk_id":"chunk:2c9930cad31c","chunk_index":19,"quote_summary":"有-无人协同：无人机市场空间广阔，预计2025-2034年市场空间自160.3亿美元增至315.1亿美元，CAGR为7.8%"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:302132","target":"topic:产业链","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"96912ffa0b17","from":"company:302132","from_name":"中航成飞","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"中航成飞 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md","chunk_id":"chunk:2c9930cad31c","chunk_index":19,"quote_summary":"有-无人协同：无人机市场空间广阔，预计2025-2034年市场空间自160.3亿美元增至315.1亿美元，CAGR为7.8%"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:302132","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b57cdc6a797c","from":"company:302132","from_name":"中航成飞","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"中航成飞 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航成飞-302132-sz-5971c9685641.md","chunk_id":"chunk:f156cc99c00c","chunk_index":0,"quote_summary":"**25Q2 公司营收稳健增长，产品交付节奏修复**：1）公司 25Q2 营收 173.93 亿，同比+5.9%，环比+426%，或系产品交付节奏修复所致。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:302132","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"814e366a7f32","from":"company:302132","from_name":"中航成飞","to":"topic:商业航天","to_name":"商业航天","relation":"involves_topic","direction":"semantic","summary":"中航成飞 研报中反复涉及 商业航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航成飞-302132-sz-5562bd3da76f.md","chunk_id":"chunk:c21b791058c5","chunk_index":0,"quote_summary":"《中航成飞：25Q3 业绩增速大幅转正，主机厂龙头彰显产业景气韧...》，2025.10.29"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:302132","target":"topic:商业航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7aa204a3665f","from":"company:302132","from_name":"中航成飞","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"中航成飞 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航成飞-302132-sz-5562bd3da76f.md","chunk_id":"chunk:c21b791058c5","chunk_index":0,"quote_summary":"《中航成飞：25Q3 业绩增速大幅转正，主机厂龙头彰显产业景气韧...》，2025.10.29"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:302132","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"314c51f981fc","from":"company:302132","from_name":"中航成飞","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"中航成飞 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md","chunk_id":"chunk:2c9930cad31c","chunk_index":19,"quote_summary":"有-无人协同：无人机市场空间广阔，预计2025-2034年市场空间自160.3亿美元增至315.1亿美元，CAGR为7.8%"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:302132","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"089f5a920e52","from":"company:302132","from_name":"中航成飞","to":"topic:环比","to_name":"环比","relation":"involves_topic","direction":"semantic","summary":"中航成飞 研报中反复涉及 环比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航成飞-302132-sz-5971c9685641.md","chunk_id":"chunk:f156cc99c00c","chunk_index":0,"quote_summary":"**25Q2 公司营收稳健增长，产品交付节奏修复**：1）公司 25Q2 营收 173.93 亿，同比+5.9%，环比+426%，或系产品交付节奏修复所致。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:302132","target":"topic:环比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e7f0dc60c461","from":"company:302132","from_name":"中航成飞","to":"topic:碳纤维","to_name":"碳纤维","relation":"involves_topic","direction":"semantic","summary":"中航成飞 研报中反复涉及 碳纤维。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md","chunk_id":"chunk:2c9930cad31c","chunk_index":19,"quote_summary":"有-无人协同：无人机市场空间广阔，预计2025-2034年市场空间自160.3亿美元增至315.1亿美元，CAGR为7.8%"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:302132","target":"topic:碳纤维","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"eda9d7e38b2d","from":"company:302132","from_name":"中航成飞","to":"topic:航天","to_name":"航天","relation":"involves_topic","direction":"semantic","summary":"中航成飞 研报中反复涉及 航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航成飞-302132-sz-5562bd3da76f.md","chunk_id":"chunk:c21b791058c5","chunk_index":0,"quote_summary":"《中航成飞：25Q3 业绩增速大幅转正，主机厂龙头彰显产业景气韧...》，2025.10.29"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:302132","target":"topic:航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ad68cb527f73","from":"company:302132","from_name":"中航成飞","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"中航成飞 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md","chunk_id":"chunk:2c9930cad31c","chunk_index":19,"quote_summary":"有-无人协同：无人机市场空间广阔，预计2025-2034年市场空间自160.3亿美元增至315.1亿美元，CAGR为7.8%"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:302132","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3cf8ce5de785","from":"company:302132","from_name":"中航成飞","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"中航成飞 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md","chunk_id":"chunk:2c9930cad31c","chunk_index":19,"quote_summary":"有-无人协同：无人机市场空间广阔，预计2025-2034年市场空间自160.3亿美元增至315.1亿美元，CAGR为7.8%"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:302132","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"8346214f4315","from":"company:302132","from_name":"中航成飞","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"中航成飞 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md","chunk_id":"chunk:2c9930cad31c","chunk_index":19,"quote_summary":"有-无人协同：无人机市场空间广阔，预计2025-2034年市场空间自160.3亿美元增至315.1亿美元，CAGR为7.8%"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:302132","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a66c0424f2a1","from":"company:302132","from_name":"中航成飞","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"中航成飞 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航成飞-302132-sz-5562bd3da76f.md","chunk_id":"chunk:c21b791058c5","chunk_index":0,"quote_summary":"《中航成飞：25Q3 业绩增速大幅转正，主机厂龙头彰显产业景气韧...》，2025.10.29"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:302132","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"bd468de8e797","from":"company:302132","from_name":"中航成飞","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"中航成飞 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航成飞-302132-sz-5562bd3da76f.md","chunk_id":"chunk:c21b791058c5","chunk_index":0,"quote_summary":"《中航成飞：25Q3 业绩增速大幅转正，主机厂龙头彰显产业景气韧...》，2025.10.29"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:302132","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"adb56691ec5f","from":"company:600004","from_name":"白云机场","to":"topic:roa","to_name":"ROA","relation":"involves_topic","direction":"semantic","summary":"白云机场 研报中反复涉及 ROA。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-年-08-月-28-日-8ec8707434a1.md","chunk_id":"chunk:64b8a90a0b44","chunk_index":2,"quote_summary":"25H1 报告期业务数据，完成起降架 26.58 万架次、旅客吞吐量 4003.6 万人次、货邮吞吐量 116.89 万吨，同比增长 7.03%、9.23%、1.96%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600004","target":"topic:roa","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ea0713efbd74","from":"company:600004","from_name":"白云机场","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"白云机场 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-白云机场-600004-sh-c18270df6ef4.md","chunk_id":"chunk:a8ef01bb8cf8","chunk_index":0,"quote_summary":"** 2023H1 公司生产经营活动逐步恢复，实现飞机起降架次 21.56 万架次、旅客吞吐量 2893.67 万人次、货邮吞吐量 90.84 万吨，分别同比增长 62.90%、134.58%、-8.54%，分别恢复至 2019 年 90%、81%、100%，带动公司航空性业务及非航业务收入增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600004","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b6f07b267ddf","from":"company:600004","from_name":"白云机场","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"白云机场 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-白云机场-600004-sh-c18270df6ef4.md","chunk_id":"chunk:a8ef01bb8cf8","chunk_index":0,"quote_summary":"** 2023H1 公司生产经营活动逐步恢复，实现飞机起降架次 21.56 万架次、旅客吞吐量 2893.67 万人次、货邮吞吐量 90.84 万吨，分别同比增长 62.90%、134.58%、-8.54%，分别恢复至 2019 年 90%、81%、100%，带动公司航空性业务及非航业务收入增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600004","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"35817519d04e","from":"company:600004","from_name":"白云机场","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"白云机场 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-白云机场-600004-sh-c18270df6ef4.md","chunk_id":"chunk:a8ef01bb8cf8","chunk_index":0,"quote_summary":"** 2023H1 公司生产经营活动逐步恢复，实现飞机起降架次 21.56 万架次、旅客吞吐量 2893.67 万人次、货邮吞吐量 90.84 万吨，分别同比增长 62.90%、134.58%、-8.54%，分别恢复至 2019 年 90%、81%、100%，带动公司航空性业务及非航业务收入增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600004","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2a3b4c9b66ef","from":"company:600004","from_name":"白云机场","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"白云机场 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-白云机场-600004-sh-c18270df6ef4.md","chunk_id":"chunk:a8ef01bb8cf8","chunk_index":0,"quote_summary":"** 2023H1 公司生产经营活动逐步恢复，实现飞机起降架次 21.56 万架次、旅客吞吐量 2893.67 万人次、货邮吞吐量 90.84 万吨，分别同比增长 62.90%、134.58%、-8.54%，分别恢复至 2019 年 90%、81%、100%，带动公司航空性业务及非航业务收入增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600004","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"8e2096f37dbc","from":"company:600004","from_name":"白云机场","to":"topic:政策","to_name":"政策","relation":"involves_topic","direction":"semantic","summary":"白云机场 研报中反复涉及 政策。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-白云机场-600004-sh-8a72463ac912.md","chunk_id":"chunk:78ba956ca3c5","chunk_index":0,"quote_summary":"**2024H1 公司生产经营活动逐步恢复，实现飞机起降架次 24.84 万架次、旅客吞吐量 3665.28 万人次、货邮吞吐量 114.05 万吨，分别同比增长 15.17%、26.67%、25.53%，带动公司航空性业务及非航业务收入增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600004","target":"topic:政策","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1b8e4eaf8c0e","from":"company:600004","from_name":"白云机场","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"白云机场 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-白云机场-600004-sh-c18270df6ef4.md","chunk_id":"chunk:a8ef01bb8cf8","chunk_index":0,"quote_summary":"** 2023H1 公司生产经营活动逐步恢复，实现飞机起降架次 21.56 万架次、旅客吞吐量 2893.67 万人次、货邮吞吐量 90.84 万吨，分别同比增长 62.90%、134.58%、-8.54%，分别恢复至 2019 年 90%、81%、100%，带动公司航空性业务及非航业务收入增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600004","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e41fdde9cd02","from":"company:600004","from_name":"白云机场","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"白云机场 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-白云机场-600004-sh-9909663d3647.md","chunk_id":"chunk:2ffabe9d246b","chunk_index":0,"quote_summary":"2024 年公司生产经营活动持续增长，实现飞机起降架次 51 万架次、旅客吞吐量 7637 万人次、货邮吞吐量 238 万吨，同比分别增长 12%、21%、17%，带动公司航空性业务及非航业务收入增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600004","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b51202253dc3","from":"company:600004","from_name":"白云机场","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"白云机场 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-年-5-月-5-日-e04dfdf1b5df.md","chunk_id":"chunk:f9b281b663ec","chunk_index":4,"quote_summary":"成本结构中，折旧成本有所降低，人工成本及劳务费合计仅小幅增长，水电维修费用因业务量走高而有所增长，其他运行成本则下降 22.6%至 4.0 亿元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600004","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e1cf2f558f52","from":"company:600004","from_name":"白云机场","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"白云机场 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-白云机场-600004-sh-c18270df6ef4.md","chunk_id":"chunk:a8ef01bb8cf8","chunk_index":0,"quote_summary":"** 2023H1 公司生产经营活动逐步恢复，实现飞机起降架次 21.56 万架次、旅客吞吐量 2893.67 万人次、货邮吞吐量 90.84 万吨，分别同比增长 62.90%、134.58%、-8.54%，分别恢复至 2019 年 90%、81%、100%，带动公司航空性业务及非航业务收入增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600004","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"584a9c8d437d","from":"company:600004","from_name":"白云机场","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"白云机场 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-白云机场-600004-sh-c18270df6ef4.md","chunk_id":"chunk:a8ef01bb8cf8","chunk_index":0,"quote_summary":"** 2023H1 公司生产经营活动逐步恢复，实现飞机起降架次 21.56 万架次、旅客吞吐量 2893.67 万人次、货邮吞吐量 90.84 万吨，分别同比增长 62.90%、134.58%、-8.54%，分别恢复至 2019 年 90%、81%、100%，带动公司航空性业务及非航业务收入增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600004","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"39f596ddfe63","from":"company:600004","from_name":"白云机场","to":"topic:银行","to_name":"银行","relation":"involves_topic","direction":"semantic","summary":"白云机场 研报中反复涉及 银行。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-年-5-月-5-日-e04dfdf1b5df.md","chunk_id":"chunk:f9b281b663ec","chunk_index":4,"quote_summary":"成本结构中，折旧成本有所降低，人工成本及劳务费合计仅小幅增长，水电维修费用因业务量走高而有所增长，其他运行成本则下降 22.6%至 4.0 亿元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600004","target":"topic:银行","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b1b228ccdea2","from":"company:600004","from_name":"白云机场","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"白云机场 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-白云机场-600004-sh-c18270df6ef4.md","chunk_id":"chunk:a8ef01bb8cf8","chunk_index":0,"quote_summary":"** 2023H1 公司生产经营活动逐步恢复，实现飞机起降架次 21.56 万架次、旅客吞吐量 2893.67 万人次、货邮吞吐量 90.84 万吨，分别同比增长 62.90%、134.58%、-8.54%，分别恢复至 2019 年 90%、81%、100%，带动公司航空性业务及非航业务收入增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600004","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b5b43e6000ab","from":"company:600009","from_name":"上海机场","to":"topic:roa","to_name":"ROA","relation":"involves_topic","direction":"semantic","summary":"上海机场 研报中反复涉及 ROA。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-上海機場-600009-ch-f3fef21f937d.md","chunk_id":"chunk:ccb25170eedc","chunk_index":0,"quote_summary":"受益於國際航線市場的快速修復，浦東機場的飛機起降架次/旅客吞吐量/貨郵吞吐量，同比分別 +27.1%/+48.8%/+11%，三者分別恢復至疫情前 2019 年同期的 103%/99.6%/105%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600009","target":"topic:roa","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0c0861264407","from":"company:600009","from_name":"上海机场","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"上海机场 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-上海機場-600009-ch-f3fef21f937d.md","chunk_id":"chunk:ccb25170eedc","chunk_index":0,"quote_summary":"受益於國際航線市場的快速修復，浦東機場的飛機起降架次/旅客吞吐量/貨郵吞吐量，同比分別 +27.1%/+48.8%/+11%，三者分別恢復至疫情前 2019 年同期的 103%/99.6%/105%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600009","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"374b4552c106","from":"company:600009","from_name":"上海机场","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"上海机场 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-上海机场-600009-sh-bce986a5c78b.md","chunk_id":"chunk:6e4ad2e79430","chunk_index":0,"quote_summary":"2025Q3 公司录得投资收益 2.7 亿元，同比增长 26%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600009","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"edfe2f8d4155","from":"company:600009","from_name":"上海机场","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"上海机场 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-上海機場-600009-ch-f3fef21f937d.md","chunk_id":"chunk:ccb25170eedc","chunk_index":0,"quote_summary":"受益於國際航線市場的快速修復，浦東機場的飛機起降架次/旅客吞吐量/貨郵吞吐量，同比分別 +27.1%/+48.8%/+11%，三者分別恢復至疫情前 2019 年同期的 103%/99.6%/105%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600009","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e31c23d99291","from":"company:600009","from_name":"上海机场","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"上海机场 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-上海机场-600009-sh-bce986a5c78b.md","chunk_id":"chunk:6e4ad2e79430","chunk_index":0,"quote_summary":"2025Q3 公司录得投资收益 2.7 亿元，同比增长 26%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600009","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"cd4731025302","from":"company:600009","from_name":"上海机场","to":"topic:卫星","to_name":"卫星","relation":"involves_topic","direction":"semantic","summary":"上海机场 研报中反复涉及 卫星。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-年-12-月-22-日-1fdeadd950b9.md","chunk_id":"chunk:2641292f6f46","chunk_index":9,"quote_summary":"◼ **公司利润快速增长，免税业务增长空间值得期待**：2025 年前三季度公司实现收入 97.1 亿元，YOY+5.7%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600009","target":"topic:卫星","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"80af5904b1c1","from":"company:600009","from_name":"上海机场","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"上海机场 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-上海机场-600009-sh-bce986a5c78b.md","chunk_id":"chunk:6e4ad2e79430","chunk_index":0,"quote_summary":"2025Q3 公司录得投资收益 2.7 亿元，同比增长 26%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600009","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"968c939227a0","from":"company:600009","from_name":"上海机场","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"上海机场 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-上海机场-600009-sh-bce986a5c78b.md","chunk_id":"chunk:6e4ad2e79430","chunk_index":0,"quote_summary":"2025Q3 公司录得投资收益 2.7 亿元，同比增长 26%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600009","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"61c447236994","from":"company:600009","from_name":"上海机场","to":"topic:政策","to_name":"政策","relation":"involves_topic","direction":"semantic","summary":"上海机场 研报中反复涉及 政策。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-上海机场-600009-sh-bce986a5c78b.md","chunk_id":"chunk:6e4ad2e79430","chunk_index":0,"quote_summary":"2025Q3 公司录得投资收益 2.7 亿元，同比增长 26%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600009","target":"topic:政策","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f1239478c41f","from":"company:600009","from_name":"上海机场","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"上海机场 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-上海機場-600009-ch-f3fef21f937d.md","chunk_id":"chunk:ccb25170eedc","chunk_index":0,"quote_summary":"受益於國際航線市場的快速修復，浦東機場的飛機起降架次/旅客吞吐量/貨郵吞吐量，同比分別 +27.1%/+48.8%/+11%，三者分別恢復至疫情前 2019 年同期的 103%/99.6%/105%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600009","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c89ee629fbcf","from":"company:600009","from_name":"上海机场","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"上海机场 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-东兴证券股份有限公司证券研究报告-8f94c3d34943.md","chunk_id":"chunk:2c639922c13e","chunk_index":0,"quote_summary":"事件：2025 年 H1 公司实现营收 63.53 亿元，同比增长 4.78%，实现扣非归母净利润 10.27 亿元，同比提升 27.5%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600009","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9b1b61100f05","from":"company:600009","from_name":"上海机场","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"上海机场 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:f0e0997bceda","chunk_index":1,"quote_summary":"广告、物流等其他非航业务具备韧性：2024 年德高动量营收 13.3 亿元，同比+7.2%，公司按照德高动量营收 55%收取租金分成，受益于客流恢复下德高动量的稳健恢复，我们预计公司广告租金将增加；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600009","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"5dccdb174db9","from":"company:600009","from_name":"上海机场","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"上海机场 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-上海机场-600009-sh-bce986a5c78b.md","chunk_id":"chunk:6e4ad2e79430","chunk_index":0,"quote_summary":"2025Q3 公司录得投资收益 2.7 亿元，同比增长 26%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600009","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d90ca9bf634b","from":"company:600009","from_name":"上海机场","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"上海机场 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-上海机场-600009-sh-bce986a5c78b.md","chunk_id":"chunk:6e4ad2e79430","chunk_index":0,"quote_summary":"2025Q3 公司录得投资收益 2.7 亿元，同比增长 26%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600009","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"424be3793122","from":"company:600009","from_name":"上海机场","to":"topic:银行","to_name":"银行","relation":"involves_topic","direction":"semantic","summary":"上海机场 研报中反复涉及 银行。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-交通运输-公司点评报告-a82b87c516a1.md","chunk_id":"chunk:e1e0331e4efa","chunk_index":4,"quote_summary":"非航收入方面，因商业转让权收入减少及免税租金收入下降影响，公司商业餐饮收入 20.55 亿元，同比下降 15.5%，物流业务因货站吞吐量增加，同比增长 13.3%至 16.8 亿元，其他非航收入 30.7 亿元，同比增长 11.5%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600009","target":"topic:银行","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7f3e80dde6ba","from":"company:600009","from_name":"上海机场","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"上海机场 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-上海机场-600009-sh-bce986a5c78b.md","chunk_id":"chunk:6e4ad2e79430","chunk_index":0,"quote_summary":"2025Q3 公司录得投资收益 2.7 亿元，同比增长 26%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600009","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6cfb49a92bd9","from":"company:600029","from_name":"南方航空","to":"topic:roa","to_name":"ROA","relation":"involves_topic","direction":"semantic","summary":"南方航空 研报中反复涉及 ROA。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-交通运输-航空机场-7294e30e5656.md","chunk_id":"chunk:92118e652f04","chunk_index":1,"quote_summary":"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/27x/16x，我们预计行业供需反转在即，鉴于公司强大的资源禀赋优势、有望充分受益于国内出行需求的持续增长及出入境景气度，随着经营效率提升，公司业绩或具有充分上行空间，首次覆盖，给予“买入”评级。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600029","target":"topic:roa","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"de0ef5a31f2f","from":"company:600029","from_name":"南方航空","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"南方航空 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-交通运输-公司点评报告-aafe13586df9.md","chunk_id":"chunk:ee24ea4f61c6","chunk_index":2,"quote_summary":"南方航空披露 2025 年三季报，前三季度公司营业收入 1376.7 亿元，同比增长 2.2%，实现归母净利润 23.1 亿元，同比增长 17.4%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600029","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ac676d8952b1","from":"company:600029","from_name":"南方航空","to":"topic:rpk","to_name":"RPK","relation":"involves_topic","direction":"semantic","summary":"南方航空 研报中反复涉及 RPK。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-南方航空-600029-sh-优于大市-007bd90c5c59.md","chunk_id":"chunk:e275d43f0dd3","chunk_index":25,"quote_summary":"| 股票<br/>投资评级 | 优于大市 | 股价表现优于市场代表性指数 10%以上 |"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600029","target":"topic:rpk","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7aa165fe20e2","from":"company:600029","from_name":"南方航空","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"南方航空 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:4b20841442bb","chunk_index":0,"quote_summary":"** 25Q3 公司运力同比增速放缓：整体 ASK 同比+5.3%（其中国内同比+4.5%、国际港澳台同比+9.4%），其中公司机队规模同比+4.7%，我们认为 Q3 机队利用率提升仍贡献少量运力增长，但往后看机队利用率提升空间有限；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600029","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"8953dc620a34","from":"company:600029","from_name":"南方航空","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"南方航空 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-南方航空-600029-sh-优于大市-007bd90c5c59.md","chunk_id":"chunk:e275d43f0dd3","chunk_index":25,"quote_summary":"| 股票<br/>投资评级 | 优于大市 | 股价表现优于市场代表性指数 10%以上 |"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600029","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7abc140a380c","from":"company:600029","from_name":"南方航空","to":"topic:供需","to_name":"供需","relation":"involves_topic","direction":"semantic","summary":"南方航空 研报中反复涉及 供需。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-南方航空-600029-sh-优于大市-007bd90c5c59.md","chunk_id":"chunk:e275d43f0dd3","chunk_index":25,"quote_summary":"| 股票<br/>投资评级 | 优于大市 | 股价表现优于市场代表性指数 10%以上 |"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600029","target":"topic:供需","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"54bbb5ff3ecf","from":"company:600029","from_name":"南方航空","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"南方航空 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-交通运输-公司点评报告-aafe13586df9.md","chunk_id":"chunk:ee24ea4f61c6","chunk_index":2,"quote_summary":"南方航空披露 2025 年三季报，前三季度公司营业收入 1376.7 亿元，同比增长 2.2%，实现归母净利润 23.1 亿元，同比增长 17.4%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600029","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"953521d6024d","from":"company:600029","from_name":"南方航空","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"南方航空 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-交通运输-公司点评报告-aafe13586df9.md","chunk_id":"chunk:ee24ea4f61c6","chunk_index":2,"quote_summary":"南方航空披露 2025 年三季报，前三季度公司营业收入 1376.7 亿元，同比增长 2.2%，实现归母净利润 23.1 亿元，同比增长 17.4%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600029","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0ffc258fdf38","from":"company:600029","from_name":"南方航空","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"南方航空 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-交通运输-公司点评报告-aafe13586df9.md","chunk_id":"chunk:ee24ea4f61c6","chunk_index":2,"quote_summary":"南方航空披露 2025 年三季报，前三季度公司营业收入 1376.7 亿元，同比增长 2.2%，实现归母净利润 23.1 亿元，同比增长 17.4%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600029","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"92f840ef0769","from":"company:600029","from_name":"南方航空","to":"topic:石油","to_name":"石油","relation":"involves_topic","direction":"semantic","summary":"南方航空 研报中反复涉及 石油。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-交通运输-公司点评报告-aafe13586df9.md","chunk_id":"chunk:ee24ea4f61c6","chunk_index":2,"quote_summary":"南方航空披露 2025 年三季报，前三季度公司营业收入 1376.7 亿元，同比增长 2.2%，实现归母净利润 23.1 亿元，同比增长 17.4%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600029","target":"topic:石油","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b4fad4136520","from":"company:600029","from_name":"南方航空","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"南方航空 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-交通运输-公司点评报告-aafe13586df9.md","chunk_id":"chunk:ee24ea4f61c6","chunk_index":2,"quote_summary":"南方航空披露 2025 年三季报，前三季度公司营业收入 1376.7 亿元，同比增长 2.2%，实现归母净利润 23.1 亿元，同比增长 17.4%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600029","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"dc34baf8817d","from":"company:600029","from_name":"南方航空","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"南方航空 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-南方航空-600029-sh-2025-年半年报点评-fe0b974cf087.md","chunk_id":"chunk:845cbdd78ad0","chunk_index":0,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600029","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b8a8e85d6740","from":"company:600029","from_name":"南方航空","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"南方航空 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-交通运输-公司点评报告-aafe13586df9.md","chunk_id":"chunk:ee24ea4f61c6","chunk_index":2,"quote_summary":"南方航空披露 2025 年三季报，前三季度公司营业收入 1376.7 亿元，同比增长 2.2%，实现归母净利润 23.1 亿元，同比增长 17.4%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600029","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2456823268ab","from":"company:600029","from_name":"南方航空","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"南方航空 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-交通运输-公司点评报告-aafe13586df9.md","chunk_id":"chunk:ee24ea4f61c6","chunk_index":2,"quote_summary":"南方航空披露 2025 年三季报，前三季度公司营业收入 1376.7 亿元，同比增长 2.2%，实现归母净利润 23.1 亿元，同比增长 17.4%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600029","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b7b1f747a72b","from":"company:600029","from_name":"南方航空","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"南方航空 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-南方航空-600029-sh-d497f977e0ee.md","chunk_id":"chunk:1416531a3b86","chunk_index":0,"quote_summary":"** 2025H1 公司营业收入同比增长 1.8%，分业务看：（1）客运及客运相关服务：收入 746 亿元，同比增加 1.6%，主要系运量增长对冲收益下降，2025H1 公司 ASK 同比增长 5.5%，客座率同比增长 2.4pct 至 85.5%，RPK 同比增长 8.5%，均主要依赖国际线拉动。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600029","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b472e4f69b42","from":"company:600038","from_name":"中直股份","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"中直股份 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-193f6071d1f8.md","chunk_id":"chunk:59645b60692d","chunk_index":2,"quote_summary":"**受益于产品交付量增长，2025 年 Q2 公司实现营收 78.65 亿元，同比增长 63.80%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600038","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"bb51631355d9","from":"company:600038","from_name":"中直股份","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"中直股份 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中直股份-600038-sh-2024-年三季报点评-5ffd64a84be7.md","chunk_id":"chunk:f93d39cc3062","chunk_index":1,"quote_summary":"2）应收账款及票据 78.4 亿元，较年初增长 7.7%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600038","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"afe6465a6b78","from":"company:600038","from_name":"中直股份","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"中直股份 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-561079e642a7.md","chunk_id":"chunk:4aaaee2ff8e4","chunk_index":2,"quote_summary":"2025 年受益于费用端优化和政府补助增加，公司净利润实现超预期增长 17.27%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600038","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d535b7bf3af5","from":"company:600038","from_name":"中直股份","to":"topic:低空经济","to_name":"低空经济","relation":"involves_topic","direction":"semantic","summary":"中直股份 研报中反复涉及 低空经济。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中直股份-600038-sh-2024-年三季报点评-5ffd64a84be7.md","chunk_id":"chunk:f93d39cc3062","chunk_index":1,"quote_summary":"2）应收账款及票据 78.4 亿元，较年初增长 7.7%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600038","target":"topic:低空经济","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2750ccf2ceb9","from":"company:600038","from_name":"中直股份","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"中直股份 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中直股份-600038-sh-2024-年三季报点评-5ffd64a84be7.md","chunk_id":"chunk:f93d39cc3062","chunk_index":1,"quote_summary":"2）应收账款及票据 78.4 亿元，较年初增长 7.7%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600038","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"81dfe2060202","from":"company:600038","from_name":"中直股份","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"中直股份 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中直股份-600038-sh-2024-年三季报点评-5ffd64a84be7.md","chunk_id":"chunk:f93d39cc3062","chunk_index":1,"quote_summary":"2）应收账款及票据 78.4 亿元，较年初增长 7.7%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600038","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7aee51d78f59","from":"company:600038","from_name":"中直股份","to":"topic:工业原材料","to_name":"工业原材料","relation":"involves_topic","direction":"semantic","summary":"中直股份 研报中反复涉及 工业原材料。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中直股份-600038-76b24ab60f43.md","chunk_id":"chunk:aa283b179867","chunk_index":4,"quote_summary":"* **持续聚焦航空产业发展战略机遇，加大市场开拓力度：**2025 年上半年，公司实现营业收入 102.41 亿元，同比增长 25.28%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600038","target":"topic:工业原材料","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c45ab8c7b43c","from":"company:600038","from_name":"中直股份","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"中直股份 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中直股份-600038-sh-2024-年三季报点评-5ffd64a84be7.md","chunk_id":"chunk:f93d39cc3062","chunk_index":1,"quote_summary":"2）应收账款及票据 78.4 亿元，较年初增长 7.7%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600038","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ccffe54bdffb","from":"company:600038","from_name":"中直股份","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"中直股份 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中直股份-600038-sh-2024-年三季报点评-5ffd64a84be7.md","chunk_id":"chunk:f93d39cc3062","chunk_index":1,"quote_summary":"2）应收账款及票据 78.4 亿元，较年初增长 7.7%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600038","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"cca3a89cd5ea","from":"company:600038","from_name":"中直股份","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"中直股份 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中直股份-600038-022d74dcf190.md","chunk_id":"chunk:cea4bbb459f4","chunk_index":2,"quote_summary":"* **财务状况稳健，但仍需关注利润率的优化：**2024 年，中直股份实现营业收入 297.66 亿元，同比增长 11.93%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600038","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"da3feca9b769","from":"company:600038","from_name":"中直股份","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"中直股份 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中直股份-600038-f30495daf23e.md","chunk_id":"chunk:8fa9a772f156","chunk_index":8,"quote_summary":"* **盈利预测与投资评级：** 公司业绩符合市场预期，我们维持先前的预测，预计公司 2025-2027 年的归母净利润分别为 6.22/6.97/7.66 亿元，对应 PE 分别为 48/43/39 倍，维持“买入”评级。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600038","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6a3d8b064b28","from":"company:600038","from_name":"中直股份","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"中直股份 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中直股份-600038-sh-2024-年三季报点评-5ffd64a84be7.md","chunk_id":"chunk:f93d39cc3062","chunk_index":1,"quote_summary":"2）应收账款及票据 78.4 亿元，较年初增长 7.7%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600038","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9bbb3829466b","from":"company:600038","from_name":"中直股份","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"中直股份 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中直股份-600038-sh-2024-年三季报点评-5ffd64a84be7.md","chunk_id":"chunk:f93d39cc3062","chunk_index":1,"quote_summary":"2）应收账款及票据 78.4 亿元，较年初增长 7.7%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600038","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1a173236a4ca","from":"company:600038","from_name":"中直股份","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"中直股份 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中直股份-600038-f30495daf23e.md","chunk_id":"chunk:8fa9a772f156","chunk_index":8,"quote_summary":"* **盈利预测与投资评级：** 公司业绩符合市场预期，我们维持先前的预测，预计公司 2025-2027 年的归母净利润分别为 6.22/6.97/7.66 亿元，对应 PE 分别为 48/43/39 倍，维持“买入”评级。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600038","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"eb44eb915219","from":"company:600072","from_name":"中船科技","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"中船科技 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-3ce05636c4be.md","chunk_id":"chunk:815b3fd06b74","chunk_index":6,"quote_summary":"基于海风规划与招标需求带动海风行业装机需求提高，以及预期风电场开发业务稳定推进，我们预计公司新增风电业务在 2022-2024 年归母净利润 6.06/8.65/11.92 亿元，同比增长 12.4%/42.7%/ 37.7%，以收购对价对应的 PE 为 15.2/10.6/7.7 倍。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600072","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"45d4de1ab0af","from":"company:600072","from_name":"中船科技","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"中船科技 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-dceb31728812.md","chunk_id":"chunk:22f10dafa7fa","chunk_index":91,"quote_summary":"公司新增风电业务营收以风机销售为主，受益于 2021 年海风抢装潮，2021 年公司风机销售收入增长至 140.96 亿元，同比增长 42.19%，2022 年由于海风平价以及抢装潮后的需求萎缩，我们预测风机销售收入回落至 119.5 亿。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600072","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ba722d31a1ba","from":"company:600072","from_name":"中船科技","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"中船科技 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中船科技-600072-sh-无评级-e9bc8de5c63e.md","chunk_id":"chunk:5ad9c1bc4f99","chunk_index":11,"quote_summary":"2020/2021/2022H1 公司主营业务收入分别为 113.8/146.5/67.4 亿元，2021 年同比增长 28.7%，主要受益于 2021 年海上风电抢装；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600072","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"78510d69f2ea","from":"company:600072","from_name":"中船科技","to":"topic:光伏","to_name":"光伏","relation":"involves_topic","direction":"semantic","summary":"中船科技 研报中反复涉及 光伏。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-dceb31728812.md","chunk_id":"chunk:22f10dafa7fa","chunk_index":91,"quote_summary":"公司新增风电业务营收以风机销售为主，受益于 2021 年海风抢装潮，2021 年公司风机销售收入增长至 140.96 亿元，同比增长 42.19%，2022 年由于海风平价以及抢装潮后的需求萎缩，我们预测风机销售收入回落至 119.5 亿。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600072","target":"topic:光伏","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2388b0dda4fc","from":"company:600072","from_name":"中船科技","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"中船科技 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中船科技-600072-2267995363a0.md","chunk_id":"chunk:b37f455e5f54","chunk_index":2,"quote_summary":"归母净利润6543万元，同比增长115.09%，系子公司中船九院转让徐州中船阳光投资股权获得收益所致；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600072","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"150461b62496","from":"company:600072","from_name":"中船科技","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"中船科技 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-dceb31728812.md","chunk_id":"chunk:22f10dafa7fa","chunk_index":91,"quote_summary":"公司新增风电业务营收以风机销售为主，受益于 2021 年海风抢装潮，2021 年公司风机销售收入增长至 140.96 亿元，同比增长 42.19%，2022 年由于海风平价以及抢装潮后的需求萎缩，我们预测风机销售收入回落至 119.5 亿。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600072","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"cec2ae4011bb","from":"company:600072","from_name":"中船科技","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"中船科技 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-dceb31728812.md","chunk_id":"chunk:22f10dafa7fa","chunk_index":91,"quote_summary":"公司新增风电业务营收以风机销售为主，受益于 2021 年海风抢装潮，2021 年公司风机销售收入增长至 140.96 亿元，同比增长 42.19%，2022 年由于海风平价以及抢装潮后的需求萎缩，我们预测风机销售收入回落至 119.5 亿。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600072","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"76460c50f781","from":"company:600072","from_name":"中船科技","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"中船科技 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:330626247b8c","chunk_index":10,"quote_summary":"在民船市场景气周期有望到来的同时，我国造船行业当前产能进一步释放满足大量订单的空间有限，根据中国船协测算 2021 年我国造船业有效产能利用率接近 97%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600072","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7544f8fafc95","from":"company:600072","from_name":"中船科技","to":"topic:新能源","to_name":"新能源","relation":"involves_topic","direction":"semantic","summary":"中船科技 研报中反复涉及 新能源。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-dceb31728812.md","chunk_id":"chunk:22f10dafa7fa","chunk_index":91,"quote_summary":"公司新增风电业务营收以风机销售为主，受益于 2021 年海风抢装潮，2021 年公司风机销售收入增长至 140.96 亿元，同比增长 42.19%，2022 年由于海风平价以及抢装潮后的需求萎缩，我们预测风机销售收入回落至 119.5 亿。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600072","target":"topic:新能源","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9d5453047f65","from":"company:600072","from_name":"中船科技","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"中船科技 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-dceb31728812.md","chunk_id":"chunk:22f10dafa7fa","chunk_index":91,"quote_summary":"公司新增风电业务营收以风机销售为主，受益于 2021 年海风抢装潮，2021 年公司风机销售收入增长至 140.96 亿元，同比增长 42.19%，2022 年由于海风平价以及抢装潮后的需求萎缩，我们预测风机销售收入回落至 119.5 亿。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600072","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ca9bde89f338","from":"company:600072","from_name":"中船科技","to":"topic:船舶制造","to_name":"船舶制造","relation":"involves_topic","direction":"semantic","summary":"中船科技 研报中反复涉及 船舶制造。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-3ce05636c4be.md","chunk_id":"chunk:815b3fd06b74","chunk_index":6,"quote_summary":"基于海风规划与招标需求带动海风行业装机需求提高，以及预期风电场开发业务稳定推进，我们预计公司新增风电业务在 2022-2024 年归母净利润 6.06/8.65/11.92 亿元，同比增长 12.4%/42.7%/ 37.7%，以收购对价对应的 PE 为 15.2/10.6/7.7 倍。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600072","target":"topic:船舶制造","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"deee88dc649b","from":"company:600072","from_name":"中船科技","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"中船科技 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中船科技-600072-2267995363a0.md","chunk_id":"chunk:b37f455e5f54","chunk_index":2,"quote_summary":"归母净利润6543万元，同比增长115.09%，系子公司中船九院转让徐州中船阳光投资股权获得收益所致；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600072","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c8bc23ca4e47","from":"company:600072","from_name":"中船科技","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"中船科技 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-dceb31728812.md","chunk_id":"chunk:22f10dafa7fa","chunk_index":91,"quote_summary":"公司新增风电业务营收以风机销售为主，受益于 2021 年海风抢装潮，2021 年公司风机销售收入增长至 140.96 亿元，同比增长 42.19%，2022 年由于海风平价以及抢装潮后的需求萎缩，我们预测风机销售收入回落至 119.5 亿。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600072","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ed13e82466dd","from":"company:600072","from_name":"中船科技","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"中船科技 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:330626247b8c","chunk_index":10,"quote_summary":"在民船市场景气周期有望到来的同时，我国造船行业当前产能进一步释放满足大量订单的空间有限，根据中国船协测算 2021 年我国造船业有效产能利用率接近 97%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600072","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a77bb7640acb","from":"company:600072","from_name":"中船科技","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"中船科技 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-dceb31728812.md","chunk_id":"chunk:22f10dafa7fa","chunk_index":91,"quote_summary":"公司新增风电业务营收以风机销售为主，受益于 2021 年海风抢装潮，2021 年公司风机销售收入增长至 140.96 亿元，同比增长 42.19%，2022 年由于海风平价以及抢装潮后的需求萎缩，我们预测风机销售收入回落至 119.5 亿。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600072","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f6bbe099439d","from":"company:600115","from_name":"中国东航","to":"topic:roa","to_name":"ROA","relation":"involves_topic","direction":"semantic","summary":"中国东航 研报中反复涉及 ROA。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国东航-600115-sh-2024-年报点评-15c44a06a787.md","chunk_id":"chunk:fcb17cd31d2d","chunk_index":10,"quote_summary":"民生证券股份有限公司（以下简称“本公司”）具有中国证监会许可的证券投资咨询业务资格。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600115","target":"topic:roa","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0d75144147a3","from":"company:600115","from_name":"中国东航","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"中国东航 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:4e3b12780242","chunk_index":2,"quote_summary":"* **航空行业：近 15 年航空旅客运输量增长 172.8%，航空票价逐渐市场化定价。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600115","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6c56095182f3","from":"company:600115","from_name":"中国东航","to":"topic:rpk","to_name":"RPK","relation":"involves_topic","direction":"semantic","summary":"中国东航 研报中反复涉及 RPK。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国东航-600115-sh-优于大市-c9e9f06f3d82.md","chunk_id":"chunk:e236da26aded","chunk_index":35,"quote_summary":"| 股票<br/>投资评级 | 优于大市 | 股价表现优于市场代表性指数 10%以上 |"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600115","target":"topic:rpk","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"13933548289c","from":"company:600115","from_name":"中国东航","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"中国东航 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:4e3b12780242","chunk_index":2,"quote_summary":"* **航空行业：近 15 年航空旅客运输量增长 172.8%，航空票价逐渐市场化定价。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600115","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"121828a1a09d","from":"company:600115","from_name":"中国东航","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"中国东航 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:4e3b12780242","chunk_index":2,"quote_summary":"* **航空行业：近 15 年航空旅客运输量增长 172.8%，航空票价逐渐市场化定价。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600115","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1598b30fdc87","from":"company:600115","from_name":"中国东航","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"中国东航 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国东航-600115-sh-优于大市-c9e9f06f3d82.md","chunk_id":"chunk:e236da26aded","chunk_index":35,"quote_summary":"| 股票<br/>投资评级 | 优于大市 | 股价表现优于市场代表性指数 10%以上 |"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600115","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4a50eeaf4abf","from":"company:600115","from_name":"中国东航","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"中国东航 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:4e3b12780242","chunk_index":2,"quote_summary":"* **航空行业：近 15 年航空旅客运输量增长 172.8%，航空票价逐渐市场化定价。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600115","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ec413c2f239f","from":"company:600115","from_name":"中国东航","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"中国东航 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国东航-600115-sh-优于大市-c9e9f06f3d82.md","chunk_id":"chunk:e236da26aded","chunk_index":35,"quote_summary":"| 股票<br/>投资评级 | 优于大市 | 股价表现优于市场代表性指数 10%以上 |"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600115","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4dcaa69ded00","from":"company:600115","from_name":"中国东航","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"中国东航 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国东航-600115-sh-b7fd69cbe01a.md","chunk_id":"chunk:5be1291b1118","chunk_index":4,"quote_summary":"2023 年前三季度，公司实现营业收入 855.4 亿元，同比增长 138.6%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600115","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"11c9e176f8fa","from":"company:600115","from_name":"中国东航","to":"topic:环比","to_name":"环比","relation":"involves_topic","direction":"semantic","summary":"中国东航 研报中反复涉及 环比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国东航-600115-sh-b7fd69cbe01a.md","chunk_id":"chunk:5be1291b1118","chunk_index":4,"quote_summary":"2023 年前三季度，公司实现营业收入 855.4 亿元，同比增长 138.6%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600115","target":"topic:环比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a1c8b0be8919","from":"company:600115","from_name":"中国东航","to":"topic:石油","to_name":"石油","relation":"involves_topic","direction":"semantic","summary":"中国东航 研报中反复涉及 石油。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:4e3b12780242","chunk_index":2,"quote_summary":"* **航空行业：近 15 年航空旅客运输量增长 172.8%，航空票价逐渐市场化定价。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600115","target":"topic:石油","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a1c430333800","from":"company:600115","from_name":"中国东航","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"中国东航 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:4e3b12780242","chunk_index":2,"quote_summary":"* **航空行业：近 15 年航空旅客运输量增长 172.8%，航空票价逐渐市场化定价。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600115","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"dba468021505","from":"company:600115","from_name":"中国东航","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"中国东航 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-年-3-月-31-日-e2028a93e24d.md","chunk_id":"chunk:4d51c5bd20c5","chunk_index":2,"quote_summary":"2023 年公司业务量显著恢复，叠加 2022 年上海市场的低基数，公司业务数据同比实现大幅增长，全年 ASK2450 亿，同比增长 154.6%，RPK1823 亿，同比增长 197.4%，客座率恢复至 74.4%，同比提升 10.72pct。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600115","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"752d682be886","from":"company:600115","from_name":"中国东航","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"中国东航 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:4e3b12780242","chunk_index":2,"quote_summary":"* **航空行业：近 15 年航空旅客运输量增长 172.8%，航空票价逐渐市场化定价。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600115","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9a4f9eecbfab","from":"company:600115","from_name":"中国东航","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"中国东航 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-年-3-月-31-日-e2028a93e24d.md","chunk_id":"chunk:4d51c5bd20c5","chunk_index":2,"quote_summary":"2023 年公司业务量显著恢复，叠加 2022 年上海市场的低基数，公司业务数据同比实现大幅增长，全年 ASK2450 亿，同比增长 154.6%，RPK1823 亿，同比增长 197.4%，客座率恢复至 74.4%，同比提升 10.72pct。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600115","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c4c60aa124bc","from":"company:600115","from_name":"中国东航","to":"topic:银行","to_name":"银行","relation":"involves_topic","direction":"semantic","summary":"中国东航 研报中反复涉及 银行。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国东航-600115-sh-b7fd69cbe01a.md","chunk_id":"chunk:5be1291b1118","chunk_index":4,"quote_summary":"2023 年前三季度，公司实现营业收入 855.4 亿元，同比增长 138.6%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600115","target":"topic:银行","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ff248f19a930","from":"company:600115","from_name":"中国东航","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"中国东航 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:4e3b12780242","chunk_index":2,"quote_summary":"* **航空行业：近 15 年航空旅客运输量增长 172.8%，航空票价逐渐市场化定价。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600115","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1cd818217499","from":"company:600118","from_name":"中国卫星","to":"topic:下游","to_name":"下游","relation":"involves_topic","direction":"semantic","summary":"中国卫星 研报中反复涉及 下游。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-bb3e8f1f3e58.md","chunk_id":"chunk:67f6774624b7","chunk_index":0,"quote_summary":"2022年前三季度，公司收入（52.87亿元，+21.13%）快速增长，特别是三季度收入（20.42亿元，+66.44%）同比实现高速增长，但单季度毛利率（10.46%，-1.35pcts）环比出现下降，促使公司前三季度整体毛利率有所下降（11.78%，-3.15pcts），公司前三季度归母净利润（2.83亿元，+3..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600118","target":"topic:下游","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"705ffd8f9951","from":"company:600118","from_name":"中国卫星","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"中国卫星 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-ca91b43692d5.md","chunk_id":"chunk:1de477404acc","chunk_index":4,"quote_summary":"公司点评：三季度收入明显增长，有望受益于卫星互联网空间基础设施建设提速 —2022-10-31"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600118","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"891cfd9c21b8","from":"company:600118","from_name":"中国卫星","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"中国卫星 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-ca91b43692d5.md","chunk_id":"chunk:1de477404acc","chunk_index":4,"quote_summary":"公司点评：三季度收入明显增长，有望受益于卫星互联网空间基础设施建设提速 —2022-10-31"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600118","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"24c840b2dd29","from":"company:600118","from_name":"中国卫星","to":"topic:卫星","to_name":"卫星","relation":"involves_topic","direction":"semantic","summary":"中国卫星 研报中反复涉及 卫星。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-ca91b43692d5.md","chunk_id":"chunk:1de477404acc","chunk_index":4,"quote_summary":"公司点评：三季度收入明显增长，有望受益于卫星互联网空间基础设施建设提速 —2022-10-31"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600118","target":"topic:卫星","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"43862a61aca1","from":"company:600118","from_name":"中国卫星","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"中国卫星 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-ca91b43692d5.md","chunk_id":"chunk:1de477404acc","chunk_index":4,"quote_summary":"公司点评：三季度收入明显增长，有望受益于卫星互联网空间基础设施建设提速 —2022-10-31"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600118","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"fb7f279a3688","from":"company:600118","from_name":"中国卫星","to":"topic:商业航天","to_name":"商业航天","relation":"involves_topic","direction":"semantic","summary":"中国卫星 研报中反复涉及 商业航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-ca91b43692d5.md","chunk_id":"chunk:1de477404acc","chunk_index":4,"quote_summary":"公司点评：三季度收入明显增长，有望受益于卫星互联网空间基础设施建设提速 —2022-10-31"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600118","target":"topic:商业航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e2d066b7df5e","from":"company:600118","from_name":"中国卫星","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"中国卫星 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国卫星-600118-sh-2023-年年报点评-945fb840df32.md","chunk_id":"chunk:3b91d88da7cb","chunk_index":2,"quote_summary":"* **投资建议：** 公司是我国航天科技集团旗下兼具宇航制造和卫星应用业务的上市企业，受益于空间基础设施建设等航天事业的快速发展，以及“科改示范企业”改革提质增效，公司未来几年业绩或有望继续增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600118","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1644c9cb4f48","from":"company:600118","from_name":"中国卫星","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"中国卫星 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国卫星-600118-sh-2023-年年报点评-945fb840df32.md","chunk_id":"chunk:3b91d88da7cb","chunk_index":2,"quote_summary":"* **投资建议：** 公司是我国航天科技集团旗下兼具宇航制造和卫星应用业务的上市企业，受益于空间基础设施建设等航天事业的快速发展，以及“科改示范企业”改革提质增效，公司未来几年业绩或有望继续增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600118","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2bda32719bcd","from":"company:600118","from_name":"中国卫星","to":"topic:航天","to_name":"航天","relation":"involves_topic","direction":"semantic","summary":"中国卫星 研报中反复涉及 航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-ca91b43692d5.md","chunk_id":"chunk:1de477404acc","chunk_index":4,"quote_summary":"公司点评：三季度收入明显增长，有望受益于卫星互联网空间基础设施建设提速 —2022-10-31"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600118","target":"topic:航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a0350fe414bc","from":"company:600118","from_name":"中国卫星","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"中国卫星 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-ca91b43692d5.md","chunk_id":"chunk:1de477404acc","chunk_index":4,"quote_summary":"公司点评：三季度收入明显增长，有望受益于卫星互联网空间基础设施建设提速 —2022-10-31"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600118","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"17ff17eb1dfe","from":"company:600118","from_name":"中国卫星","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"中国卫星 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国卫星-600118-sh-2023-年年报点评-945fb840df32.md","chunk_id":"chunk:3b91d88da7cb","chunk_index":2,"quote_summary":"* **投资建议：** 公司是我国航天科技集团旗下兼具宇航制造和卫星应用业务的上市企业，受益于空间基础设施建设等航天事业的快速发展，以及“科改示范企业”改革提质增效，公司未来几年业绩或有望继续增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600118","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ae85c10b0cdb","from":"company:600118","from_name":"中国卫星","to":"topic:钛","to_name":"钛","relation":"involves_topic","direction":"semantic","summary":"中国卫星 研报中反复涉及 钛。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国卫星-600118-sh-2022-年中报点评-35a28c3671ef.md","chunk_id":"chunk:b2f62e8d3de6","chunk_index":2,"quote_summary":"* **投资建议：**公司是我国航天科技集团旗下兼具宇航制造和卫星应用业务的上市企业，或将受益于“十四五”期间航天事业的快速发展，以及“科改示范企业”相关改革对公司的影响。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600118","target":"topic:钛","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d5a62b91f546","from":"company:600118","from_name":"中国卫星","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"中国卫星 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-ca91b43692d5.md","chunk_id":"chunk:1de477404acc","chunk_index":4,"quote_summary":"公司点评：三季度收入明显增长，有望受益于卫星互联网空间基础设施建设提速 —2022-10-31"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600118","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c7c25ed1574a","from":"company:600150","from_name":"中国船舶","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"中国船舶 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国船舶-600150-sh-2420409b114c.md","chunk_id":"chunk:67a97f649d8d","chunk_index":0,"quote_summary":"按照 1H25 末双方资产规模计算，合并后，公司资产规模突破 4000 亿元，成为全球规模最大、业务最完备的上市造船企业。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600150","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"52f2d4084046","from":"company:600150","from_name":"中国船舶","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"中国船舶 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-年-10-月-30-日-3075ff420f1a.md","chunk_id":"chunk:cb86754b362a","chunk_index":12,"quote_summary":"2025Q1-3 公司毛利率为 12.56%，净利率为 7.30%，均有明显提升，主要受益于公司加强了对费用率的控制能力，以及船舶市场高景气对公司盈利能力存在推动作用。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600150","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"779f763ab583","from":"company:600150","from_name":"中国船舶","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"中国船舶 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-年-10-月-30-日-3075ff420f1a.md","chunk_id":"chunk:cb86754b362a","chunk_index":12,"quote_summary":"2025Q1-3 公司毛利率为 12.56%，净利率为 7.30%，均有明显提升，主要受益于公司加强了对费用率的控制能力，以及船舶市场高景气对公司盈利能力存在推动作用。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600150","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"02a0874b3bce","from":"company:600150","from_name":"中国船舶","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"中国船舶 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-年-10-月-30-日-3075ff420f1a.md","chunk_id":"chunk:cb86754b362a","chunk_index":12,"quote_summary":"2025Q1-3 公司毛利率为 12.56%，净利率为 7.30%，均有明显提升，主要受益于公司加强了对费用率的控制能力，以及船舶市场高景气对公司盈利能力存在推动作用。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600150","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"243d37ed15b4","from":"company:600150","from_name":"中国船舶","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"中国船舶 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国船舶-600150-sh-买入-维持评级-8a986f95f854.md","chunk_id":"chunk:483b57dffe55","chunk_index":0,"quote_summary":"根据公司公告，1H25 公司实现主营业务收入 397.83 亿元，同比增长 12.04%，主营业务毛利率 12.07%，同比增加 4.13 个百分点。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600150","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2efd811fb892","from":"company:600150","from_name":"中国船舶","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"中国船舶 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-年-10-月-30-日-3075ff420f1a.md","chunk_id":"chunk:cb86754b362a","chunk_index":12,"quote_summary":"2025Q1-3 公司毛利率为 12.56%，净利率为 7.30%，均有明显提升，主要受益于公司加强了对费用率的控制能力，以及船舶市场高景气对公司盈利能力存在推动作用。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600150","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f952f3b387d4","from":"company:600150","from_name":"中国船舶","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"中国船舶 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-年-10-月-30-日-3075ff420f1a.md","chunk_id":"chunk:cb86754b362a","chunk_index":12,"quote_summary":"2025Q1-3 公司毛利率为 12.56%，净利率为 7.30%，均有明显提升，主要受益于公司加强了对费用率的控制能力，以及船舶市场高景气对公司盈利能力存在推动作用。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600150","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a6329092649e","from":"company:600150","from_name":"中国船舶","to":"topic:环比","to_name":"环比","relation":"involves_topic","direction":"semantic","summary":"中国船舶 研报中反复涉及 环比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国船舶-600150-af27eafae237.md","chunk_id":"chunk:dafa9c77db20","chunk_index":4,"quote_summary":"并表后，2025 年前三季度公司实现营业收入 1072 亿元，同比增长 18%，归母净利润 58.5 亿元，同比增长 115%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600150","target":"topic:环比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"61caf1c8d873","from":"company:600150","from_name":"中国船舶","to":"topic:船舶制造","to_name":"船舶制造","relation":"involves_topic","direction":"semantic","summary":"中国船舶 研报中反复涉及 船舶制造。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国船舶-600150-b95ae1e4e4d3.md","chunk_id":"chunk:f89e2422c7a7","chunk_index":4,"quote_summary":"根据预告，2025 年上半年中国船舶归母净利润 28~31 亿元，同比增长 98%~119%，扣非归母净利润 26~29 亿元，同比增长 120%~145%，业绩超市场预期。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600150","target":"topic:船舶制造","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0a2a281c6bb7","from":"company:600150","from_name":"中国船舶","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"中国船舶 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-年-10-月-30-日-3075ff420f1a.md","chunk_id":"chunk:cb86754b362a","chunk_index":12,"quote_summary":"2025Q1-3 公司毛利率为 12.56%，净利率为 7.30%，均有明显提升，主要受益于公司加强了对费用率的控制能力，以及船舶市场高景气对公司盈利能力存在推动作用。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600150","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"822be51bf1b8","from":"company:600150","from_name":"中国船舶","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"中国船舶 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-年-10-月-30-日-3075ff420f1a.md","chunk_id":"chunk:cb86754b362a","chunk_index":12,"quote_summary":"2025Q1-3 公司毛利率为 12.56%，净利率为 7.30%，均有明显提升，主要受益于公司加强了对费用率的控制能力，以及船舶市场高景气对公司盈利能力存在推动作用。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600150","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"103baf753b1d","from":"company:600150","from_name":"中国船舶","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"中国船舶 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国船舶-600150-sh-买入-维持评级-8a986f95f854.md","chunk_id":"chunk:483b57dffe55","chunk_index":0,"quote_summary":"根据公司公告，1H25 公司实现主营业务收入 397.83 亿元，同比增长 12.04%，主营业务毛利率 12.07%，同比增加 4.13 个百分点。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600150","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9dfa47d5c348","from":"company:600150","from_name":"中国船舶","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"中国船舶 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-年-10-月-30-日-3075ff420f1a.md","chunk_id":"chunk:cb86754b362a","chunk_index":12,"quote_summary":"2025Q1-3 公司毛利率为 12.56%，净利率为 7.30%，均有明显提升，主要受益于公司加强了对费用率的控制能力，以及船舶市场高景气对公司盈利能力存在推动作用。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600150","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"243c087fecfe","from":"company:600151","from_name":"航天机电","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"航天机电 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-外延打造新增长-协同彰显布局智慧-0a03527afc14.md","chunk_id":"chunk:b5e4b6303971","chunk_index":0,"quote_summary":"公司公告，拟通过现金方式分两步向 erae cs 及 erae ns 购买 erae AMS 剥离汽车非热交换业务后的存续公司股权（标的公司），第一步收购 erae cs 及 erae ns 手中标的公司 51%的股权，第二步收购 erae cs 手中 19%的股权。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600151","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"70a49da9e5dc","from":"company:600151","from_name":"航天机电","to":"topic:光伏","to_name":"光伏","relation":"involves_topic","direction":"semantic","summary":"航天机电 研报中反复涉及 光伏。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-外延打造新增长-协同彰显布局智慧-0a03527afc14.md","chunk_id":"chunk:b5e4b6303971","chunk_index":0,"quote_summary":"公司公告，拟通过现金方式分两步向 erae cs 及 erae ns 购买 erae AMS 剥离汽车非热交换业务后的存续公司股权（标的公司），第一步收购 erae cs 及 erae ns 手中标的公司 51%的股权，第二步收购 erae cs 手中 19%的股权。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600151","target":"topic:光伏","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2152e563748c","from":"company:600151","from_name":"航天机电","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"航天机电 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-外延打造新增长-协同彰显布局智慧-0a03527afc14.md","chunk_id":"chunk:b5e4b6303971","chunk_index":0,"quote_summary":"公司公告，拟通过现金方式分两步向 erae cs 及 erae ns 购买 erae AMS 剥离汽车非热交换业务后的存续公司股权（标的公司），第一步收购 erae cs 及 erae ns 手中标的公司 51%的股权，第二步收购 erae cs 手中 19%的股权。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600151","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f13bdc640ba0","from":"company:600151","from_name":"航天机电","to":"topic:新能源","to_name":"新能源","relation":"involves_topic","direction":"semantic","summary":"航天机电 研报中反复涉及 新能源。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-外延打造新增长-协同彰显布局智慧-0a03527afc14.md","chunk_id":"chunk:b5e4b6303971","chunk_index":0,"quote_summary":"公司公告，拟通过现金方式分两步向 erae cs 及 erae ns 购买 erae AMS 剥离汽车非热交换业务后的存续公司股权（标的公司），第一步收购 erae cs 及 erae ns 手中标的公司 51%的股权，第二步收购 erae cs 手中 19%的股权。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600151","target":"topic:新能源","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9e80cab707e9","from":"company:600151","from_name":"航天机电","to":"topic:航天","to_name":"航天","relation":"involves_topic","direction":"semantic","summary":"航天机电 研报中反复涉及 航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-外延打造新增长-协同彰显布局智慧-0a03527afc14.md","chunk_id":"chunk:b5e4b6303971","chunk_index":0,"quote_summary":"公司公告，拟通过现金方式分两步向 erae cs 及 erae ns 购买 erae AMS 剥离汽车非热交换业务后的存续公司股权（标的公司），第一步收购 erae cs 及 erae ns 手中标的公司 51%的股权，第二步收购 erae cs 手中 19%的股权。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600151","target":"topic:航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"659e2b3fc7eb","from":"company:600151","from_name":"航天机电","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"航天机电 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-外延打造新增长-协同彰显布局智慧-0a03527afc14.md","chunk_id":"chunk:b5e4b6303971","chunk_index":0,"quote_summary":"公司公告，拟通过现金方式分两步向 erae cs 及 erae ns 购买 erae AMS 剥离汽车非热交换业务后的存续公司股权（标的公司），第一步收购 erae cs 及 erae ns 手中标的公司 51%的股权，第二步收购 erae cs 手中 19%的股权。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600151","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"5a33b8f3e098","from":"company:600151","from_name":"航天机电","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"航天机电 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-外延打造新增长-协同彰显布局智慧-0a03527afc14.md","chunk_id":"chunk:b5e4b6303971","chunk_index":0,"quote_summary":"公司公告，拟通过现金方式分两步向 erae cs 及 erae ns 购买 erae AMS 剥离汽车非热交换业务后的存续公司股权（标的公司），第一步收购 erae cs 及 erae ns 手中标的公司 51%的股权，第二步收购 erae cs 手中 19%的股权。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600151","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"5a6717fa37f6","from":"company:600151","from_name":"航天机电","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"航天机电 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-外延打造新增长-协同彰显布局智慧-0a03527afc14.md","chunk_id":"chunk:b5e4b6303971","chunk_index":0,"quote_summary":"公司公告，拟通过现金方式分两步向 erae cs 及 erae ns 购买 erae AMS 剥离汽车非热交换业务后的存续公司股权（标的公司），第一步收购 erae cs 及 erae ns 手中标的公司 51%的股权，第二步收购 erae cs 手中 19%的股权。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600151","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f6af97c69403","from":"company:600184","from_name":"光电股份","to":"topic:cagr","to_name":"CAGR","relation":"involves_topic","direction":"semantic","summary":"光电股份 研报中反复涉及 CAGR。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-光电股份-600184-sh-首次覆盖报告-3f91ac62fe2f.md","chunk_id":"chunk:41b4a6f0f6fb","chunk_index":31,"quote_summary":"市占率 18%，YOY +5ppt，富有弹性的军贸市场未来或有望成为行业新的增长点之一。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600184","target":"topic:cagr","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"137bf204bff3","from":"company:600184","from_name":"光电股份","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"光电股份 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-cbf30ecc08f7.md","chunk_id":"chunk:1c3c8eed92aa","chunk_index":14,"quote_summary":"中邮证券有限责任公司（以下简称“中邮证券”）具备经中国证监会批准的开展证券投资咨询业务的资格。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600184","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c70b39ce0cc2","from":"company:600184","from_name":"光电股份","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"光电股份 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-0235555ae969.md","chunk_id":"chunk:6e72ea8529b7","chunk_index":2,"quote_summary":"光电材料与器件业务收入达 7.42 亿元，同比增长 29%，毛利率下降 2.75 个百分点至 12.29%，子公司新华光实现净利润 909 万元，同比增长 47%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600184","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"09ca8bc7f887","from":"company:600184","from_name":"光电股份","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"光电股份 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-光电股份-600184-sh-首次覆盖报告-3f91ac62fe2f.md","chunk_id":"chunk:41b4a6f0f6fb","chunk_index":31,"quote_summary":"市占率 18%，YOY +5ppt，富有弹性的军贸市场未来或有望成为行业新的增长点之一。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600184","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"021ada42d48b","from":"company:600184","from_name":"光电股份","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"光电股份 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-光电股份-600184-sh-首次覆盖报告-3f91ac62fe2f.md","chunk_id":"chunk:41b4a6f0f6fb","chunk_index":31,"quote_summary":"市占率 18%，YOY +5ppt，富有弹性的军贸市场未来或有望成为行业新的增长点之一。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600184","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"13685b36b41a","from":"company:600184","from_name":"光电股份","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"光电股份 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-光电股份-600184-sh-首次覆盖报告-3f91ac62fe2f.md","chunk_id":"chunk:41b4a6f0f6fb","chunk_index":31,"quote_summary":"市占率 18%，YOY +5ppt，富有弹性的军贸市场未来或有望成为行业新的增长点之一。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600184","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ecf1d31e8457","from":"company:600184","from_name":"光电股份","to":"topic:机器人","to_name":"机器人","relation":"involves_topic","direction":"semantic","summary":"光电股份 研报中反复涉及 机器人。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-0235555ae969.md","chunk_id":"chunk:6e72ea8529b7","chunk_index":2,"quote_summary":"光电材料与器件业务收入达 7.42 亿元，同比增长 29%，毛利率下降 2.75 个百分点至 12.29%，子公司新华光实现净利润 909 万元，同比增长 47%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600184","target":"topic:机器人","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ee45801bc38e","from":"company:600184","from_name":"光电股份","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"光电股份 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-光电股份-600184-sh-首次覆盖报告-3f91ac62fe2f.md","chunk_id":"chunk:41b4a6f0f6fb","chunk_index":31,"quote_summary":"市占率 18%，YOY +5ppt，富有弹性的军贸市场未来或有望成为行业新的增长点之一。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600184","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a605486f6954","from":"company:600184","from_name":"光电股份","to":"topic:消费电子","to_name":"消费电子","relation":"involves_topic","direction":"semantic","summary":"光电股份 研报中反复涉及 消费电子。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航证券研究所-fcdcd3090fe1.md","chunk_id":"chunk:530dac5411d7","chunk_index":6,"quote_summary":"2021 年上半年公司实现营业收入 11.57 亿元（+108.88%），归母净利润 2754.86 万元（+278.91%），毛利率 15.20%（-1.96pcts），净利率 2.38%（+1.07pcts），受益于防务产品销量，以及民品市场回暖。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600184","target":"topic:消费电子","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c4e0e6a120ec","from":"company:600184","from_name":"光电股份","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"光电股份 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航证券研究所-49a2676e7dda.md","chunk_id":"chunk:168073ef4de5","chunk_index":7,"quote_summary":"其中，光电材料与器件为公司出口产品，报告期内实现光电材料与器件产品出口 0.34 亿元（-23.27%），主要系国外市场变化影响了出口销售。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600184","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"32b149b5c382","from":"company:600184","from_name":"光电股份","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"光电股份 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-光电股份-600184-sh-首次覆盖报告-3f91ac62fe2f.md","chunk_id":"chunk:41b4a6f0f6fb","chunk_index":31,"quote_summary":"市占率 18%，YOY +5ppt，富有弹性的军贸市场未来或有望成为行业新的增长点之一。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600184","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6cd27e45a86a","from":"company:600184","from_name":"光电股份","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"光电股份 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-光电股份-600184-sh-首次覆盖报告-3f91ac62fe2f.md","chunk_id":"chunk:41b4a6f0f6fb","chunk_index":31,"quote_summary":"市占率 18%，YOY +5ppt，富有弹性的军贸市场未来或有望成为行业新的增长点之一。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600184","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"87af847ed465","from":"company:600184","from_name":"光电股份","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"光电股份 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-0235555ae969.md","chunk_id":"chunk:6e72ea8529b7","chunk_index":2,"quote_summary":"光电材料与器件业务收入达 7.42 亿元，同比增长 29%，毛利率下降 2.75 个百分点至 12.29%，子公司新华光实现净利润 909 万元，同比增长 47%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600184","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"003ec3ad8334","from":"company:600184","from_name":"光电股份","to":"topic:银行","to_name":"银行","relation":"involves_topic","direction":"semantic","summary":"光电股份 研报中反复涉及 银行。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-0235555ae969.md","chunk_id":"chunk:6e72ea8529b7","chunk_index":2,"quote_summary":"光电材料与器件业务收入达 7.42 亿元，同比增长 29%，毛利率下降 2.75 个百分点至 12.29%，子公司新华光实现净利润 909 万元，同比增长 47%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600184","target":"topic:银行","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a6ca98c09c39","from":"company:600184","from_name":"光电股份","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"光电股份 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-光电股份-600184-sh-首次覆盖报告-3f91ac62fe2f.md","chunk_id":"chunk:41b4a6f0f6fb","chunk_index":31,"quote_summary":"市占率 18%，YOY +5ppt，富有弹性的军贸市场未来或有望成为行业新的增长点之一。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600184","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c8c62d4aefa0","from":"company:600221","from_name":"海航控股","to":"topic:b777","to_name":"B777","relation":"involves_topic","direction":"semantic","summary":"海航控股 研报中反复涉及 B777。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:7027b166cf63","chunk_index":34,"quote_summary":"**海南航空于海口美兰机场占据主要市场份额，海南航空将受益于海南地区旅客运输量高速增长**"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600221","target":"topic:b777","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"47c74093101c","from":"company:600221","from_name":"海航控股","to":"topic:ipo","to_name":"IPO","relation":"involves_topic","direction":"semantic","summary":"海航控股 研报中反复涉及 IPO。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:7027b166cf63","chunk_index":34,"quote_summary":"**海南航空于海口美兰机场占据主要市场份额，海南航空将受益于海南地区旅客运输量高速增长**"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600221","target":"topic:ipo","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0f9bc39c959c","from":"company:600221","from_name":"海航控股","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"海航控股 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-60bf9d1768ac.md","chunk_id":"chunk:99b722f488cf","chunk_index":0,"quote_summary":"投资多个产业链公司，随着航空业整体向好，投资收益增长有望增厚利润；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600221","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ac536fd73882","from":"company:600221","from_name":"海航控股","to":"topic:产业链","to_name":"产业链","relation":"involves_topic","direction":"semantic","summary":"海航控股 研报中反复涉及 产业链。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-60bf9d1768ac.md","chunk_id":"chunk:99b722f488cf","chunk_index":0,"quote_summary":"投资多个产业链公司，随着航空业整体向好，投资收益增长有望增厚利润；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600221","target":"topic:产业链","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3a915d3ba27d","from":"company:600221","from_name":"海航控股","to":"topic:人工智能","to_name":"人工智能","relation":"involves_topic","direction":"semantic","summary":"海航控股 研报中反复涉及 人工智能。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:7027b166cf63","chunk_index":34,"quote_summary":"**海南航空于海口美兰机场占据主要市场份额，海南航空将受益于海南地区旅客运输量高速增长**"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600221","target":"topic:人工智能","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4dd40235f754","from":"company:600221","from_name":"海航控股","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"海航控股 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:7027b166cf63","chunk_index":34,"quote_summary":"**海南航空于海口美兰机场占据主要市场份额，海南航空将受益于海南地区旅客运输量高速增长**"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600221","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"84f2924a6128","from":"company:600221","from_name":"海航控股","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"海航控股 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-60bf9d1768ac.md","chunk_id":"chunk:99b722f488cf","chunk_index":0,"quote_summary":"投资多个产业链公司，随着航空业整体向好，投资收益增长有望增厚利润；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600221","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"03073d1c387d","from":"company:600221","from_name":"海航控股","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"海航控股 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-60bf9d1768ac.md","chunk_id":"chunk:99b722f488cf","chunk_index":0,"quote_summary":"投资多个产业链公司，随着航空业整体向好，投资收益增长有望增厚利润；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600221","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7ccfd68eea32","from":"company:600221","from_name":"海航控股","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"海航控股 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-60bf9d1768ac.md","chunk_id":"chunk:99b722f488cf","chunk_index":0,"quote_summary":"投资多个产业链公司，随着航空业整体向好，投资收益增长有望增厚利润；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600221","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"44391fbf2e86","from":"company:600221","from_name":"海航控股","to":"topic:商业模式","to_name":"商业模式","relation":"involves_topic","direction":"semantic","summary":"海航控股 研报中反复涉及 商业模式。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:7027b166cf63","chunk_index":34,"quote_summary":"**海南航空于海口美兰机场占据主要市场份额，海南航空将受益于海南地区旅客运输量高速增长**"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600221","target":"topic:商业模式","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"5b2a25f107d2","from":"company:600221","from_name":"海航控股","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"海航控股 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:7027b166cf63","chunk_index":34,"quote_summary":"**海南航空于海口美兰机场占据主要市场份额，海南航空将受益于海南地区旅客运输量高速增长**"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600221","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"8f0525b48a46","from":"company:600221","from_name":"海航控股","to":"topic:竞争格局","to_name":"竞争格局","relation":"involves_topic","direction":"semantic","summary":"海航控股 研报中反复涉及 竞争格局。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:7027b166cf63","chunk_index":34,"quote_summary":"**海南航空于海口美兰机场占据主要市场份额，海南航空将受益于海南地区旅客运输量高速增长**"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600221","target":"topic:竞争格局","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e8cdfb6f719d","from":"company:600221","from_name":"海航控股","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"海航控股 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:7027b166cf63","chunk_index":34,"quote_summary":"**海南航空于海口美兰机场占据主要市场份额，海南航空将受益于海南地区旅客运输量高速增长**"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600221","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"29a3092acc06","from":"company:600221","from_name":"海航控股","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"海航控股 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-60bf9d1768ac.md","chunk_id":"chunk:99b722f488cf","chunk_index":0,"quote_summary":"投资多个产业链公司，随着航空业整体向好，投资收益增长有望增厚利润；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600221","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"63e42e13f725","from":"company:600221","from_name":"海航控股","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"海航控股 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-60bf9d1768ac.md","chunk_id":"chunk:99b722f488cf","chunk_index":0,"quote_summary":"投资多个产业链公司，随着航空业整体向好，投资收益增长有望增厚利润；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600221","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f3fa38ae63eb","from":"company:600271","from_name":"航天信息","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"航天信息 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2019-03-28-9c84dcb0bae8.md","chunk_id":"chunk:1ff14bcbcaf0","chunk_index":2,"quote_summary":"**公司在税盘及服务费降价影响下，公司核心业务增值税防伪税控系统及相关设备的销售收入 55.56 亿元，比上年同期增加 7.83 亿，同比增长 16%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600271","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"5c6a2da67150","from":"company:600271","from_name":"航天信息","to":"topic:云计算","to_name":"云计算","relation":"involves_topic","direction":"semantic","summary":"航天信息 研报中反复涉及 云计算。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-e688ae0f4840.md","chunk_id":"chunk:e462a8fe4179","chunk_index":0,"quote_summary":"* **股价空间：** 16.21%"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600271","target":"topic:云计算","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"33983a4feb4a","from":"company:600271","from_name":"航天信息","to":"topic:人工智能","to_name":"人工智能","relation":"involves_topic","direction":"semantic","summary":"航天信息 研报中反复涉及 人工智能。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-e688ae0f4840.md","chunk_id":"chunk:e462a8fe4179","chunk_index":0,"quote_summary":"* **股价空间：** 16.21%"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600271","target":"topic:人工智能","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1ba831dbb956","from":"company:600271","from_name":"航天信息","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"航天信息 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:91029b549a96","chunk_index":6,"quote_summary":"* **两块企业服务市场约新增 230 亿空间**（助贷业务依赖税控系统门槛，竞争壁垒高，短期内或由公司主导），为公司增长提速提供了基础。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600271","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c7cad4b20dc6","from":"company:600271","from_name":"航天信息","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"航天信息 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-cfd9a5981fa6.md","chunk_id":"chunk:4817f6621c20","chunk_index":2,"quote_summary":"根据中国产业信息网的数据统计，预计到 2022 年电子发票开具数量及基础类服务市场收入规模年复合增长均超过 100%，市场空间过百亿。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600271","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a724de6fdad1","from":"company:600271","from_name":"航天信息","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"航天信息 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:b547e34454cd","chunk_index":0,"quote_summary":"公司全线业务毛利率提升，承压主业恢复高增长，企业增值服务潜力尚未释放，维持买入评级。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600271","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3285b89d20a2","from":"company:600271","from_name":"航天信息","to":"topic:商业模式","to_name":"商业模式","relation":"involves_topic","direction":"semantic","summary":"航天信息 研报中反复涉及 商业模式。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:91029b549a96","chunk_index":6,"quote_summary":"* **两块企业服务市场约新增 230 亿空间**（助贷业务依赖税控系统门槛，竞争壁垒高，短期内或由公司主导），为公司增长提速提供了基础。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600271","target":"topic:商业模式","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"38ee0ec492f3","from":"company:600271","from_name":"航天信息","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"航天信息 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-计算机-证券研究报告-业绩评论-3355cb450acd.md","chunk_id":"chunk:5a8eb4b36032","chunk_index":0,"quote_summary":"公司19H1归母净利润6.8亿(+80.25%)，虽然营收(119亿，-23.52%)和扣非后净利润（4.18亿，-39.02%）短期内均有所下滑，但中期看金融科技服务和智慧业务营收较好增长及盈利将显现，当前估值具备比较优势。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600271","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"79907cba4af5","from":"company:600271","from_name":"航天信息","to":"topic:政策","to_name":"政策","relation":"involves_topic","direction":"semantic","summary":"航天信息 研报中反复涉及 政策。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:91029b549a96","chunk_index":6,"quote_summary":"* **两块企业服务市场约新增 230 亿空间**（助贷业务依赖税控系统门槛，竞争壁垒高，短期内或由公司主导），为公司增长提速提供了基础。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600271","target":"topic:政策","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e4155d60ce8f","from":"company:600271","from_name":"航天信息","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"航天信息 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:91029b549a96","chunk_index":6,"quote_summary":"* **两块企业服务市场约新增 230 亿空间**（助贷业务依赖税控系统门槛，竞争壁垒高，短期内或由公司主导），为公司增长提速提供了基础。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600271","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a48bef8ece00","from":"company:600271","from_name":"航天信息","to":"topic:航天","to_name":"航天","relation":"involves_topic","direction":"semantic","summary":"航天信息 研报中反复涉及 航天。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:91029b549a96","chunk_index":6,"quote_summary":"* **两块企业服务市场约新增 230 亿空间**（助贷业务依赖税控系统门槛，竞争壁垒高，短期内或由公司主导），为公司增长提速提供了基础。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600271","target":"topic:航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"68d038b1abb6","from":"company:600271","from_name":"航天信息","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"航天信息 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航证券金融研究所-e6b4eed37654.md","chunk_id":"chunk:e3e9a28643e9","chunk_index":7,"quote_summary":"**投资建议：**公司在我国税务信息化领域处于领先地位，拥有企业用户规模超过 1700 万户，创新业务发展具有不可多得的海量客户资源保障。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600271","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9872869d0803","from":"company:600271","from_name":"航天信息","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"航天信息 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:91029b549a96","chunk_index":6,"quote_summary":"* **两块企业服务市场约新增 230 亿空间**（助贷业务依赖税控系统门槛，竞争壁垒高，短期内或由公司主导），为公司增长提速提供了基础。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600271","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"fbcdc4b77bbf","from":"company:600271","from_name":"航天信息","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"航天信息 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:91029b549a96","chunk_index":6,"quote_summary":"* **两块企业服务市场约新增 230 亿空间**（助贷业务依赖税控系统门槛，竞争壁垒高，短期内或由公司主导），为公司增长提速提供了基础。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600271","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d2623e85ec36","from":"company:600271","from_name":"航天信息","to":"topic:银行","to_name":"银行","relation":"involves_topic","direction":"semantic","summary":"航天信息 研报中反复涉及 银行。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:91029b549a96","chunk_index":6,"quote_summary":"* **两块企业服务市场约新增 230 亿空间**（助贷业务依赖税控系统门槛，竞争壁垒高，短期内或由公司主导），为公司增长提速提供了基础。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600271","target":"topic:银行","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f554e7b5bae8","from":"company:600271","from_name":"航天信息","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"航天信息 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-计算机-证券研究报告-业绩评论-3355cb450acd.md","chunk_id":"chunk:5a8eb4b36032","chunk_index":0,"quote_summary":"公司19H1归母净利润6.8亿(+80.25%)，虽然营收(119亿，-23.52%)和扣非后净利润（4.18亿，-39.02%）短期内均有所下滑，但中期看金融科技服务和智慧业务营收较好增长及盈利将显现，当前估值具备比较优势。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600271","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"fdb77ef3d7db","from":"company:600316","from_name":"洪都航空","to":"topic:cagr","to_name":"CAGR","relation":"involves_topic","direction":"semantic","summary":"洪都航空 研报中反复涉及 CAGR。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-洪都航空-600316-sh-d31eee31ff8e.md","chunk_id":"chunk:31c445a279ad","chunk_index":14,"quote_summary":"公司资产置换完成后，受益于装备放量列装，产品交付增加，2020-2022 年，营收由 50.7 亿增长至 72.5 亿；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600316","target":"topic:cagr","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a16191bf6cb1","from":"company:600316","from_name":"洪都航空","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"洪都航空 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-洪都航空-600316-进入历史性拐点-8847b2a799b3.md","chunk_id":"chunk:7d37601aad04","chunk_index":0,"quote_summary":"国内方面，考虑到未来L15的潜在发展平台包括主战机型的僚机、舰载教练机、新型对地攻击机以及轻型战斗机，我们假设十四五的需求量将达到500架，同时假设每架L15的价格为1亿元，则国内市场空间约为500亿元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600316","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b4f893d6e8f3","from":"company:600316","from_name":"洪都航空","to":"topic:上游","to_name":"上游","relation":"involves_topic","direction":"semantic","summary":"洪都航空 研报中反复涉及 上游。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-华发集团旗下企业-5e8c5f69056d.md","chunk_id":"chunk:a3ab26df474b","chunk_index":15,"quote_summary":"发布证券研究报告，是证券投资咨询业务的一种基本形式，本公司可以对证券及证券相关产品的价值、市场走势或者相关影响因素进行分析，形成证券估值、投资评级等投资分析意见，制作证券研究报告，并向本公司的客户发布。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600316","target":"topic:上游","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ee114510ba80","from":"company:600316","from_name":"洪都航空","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"洪都航空 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-洪都航空-600316-进入历史性拐点-8847b2a799b3.md","chunk_id":"chunk:7d37601aad04","chunk_index":0,"quote_summary":"国内方面，考虑到未来L15的潜在发展平台包括主战机型的僚机、舰载教练机、新型对地攻击机以及轻型战斗机，我们假设十四五的需求量将达到500架，同时假设每架L15的价格为1亿元，则国内市场空间约为500亿元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600316","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6c15b5f37d07","from":"company:600316","from_name":"洪都航空","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"洪都航空 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-华发集团旗下企业-147cb9bf21fc.md","chunk_id":"chunk:4f8e379e0492","chunk_index":13,"quote_summary":"发布证券研究报告，是证券投资咨询业务的一种基本形式，本公司可以对证券及证券相关产品的价值、市场走势或者相关影响因素进行分析，形成证券估值、投资评级等投资分析意见，制作证券研究报告，并向本公司的客户发布。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600316","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"40ea8764b798","from":"company:600316","from_name":"洪都航空","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"洪都航空 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-洪都航空-600316-进入历史性拐点-8847b2a799b3.md","chunk_id":"chunk:7d37601aad04","chunk_index":0,"quote_summary":"国内方面，考虑到未来L15的潜在发展平台包括主战机型的僚机、舰载教练机、新型对地攻击机以及轻型战斗机，我们假设十四五的需求量将达到500架，同时假设每架L15的价格为1亿元，则国内市场空间约为500亿元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600316","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d263b63950b2","from":"company:600316","from_name":"洪都航空","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"洪都航空 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-洪都航空-600316-sh-d31eee31ff8e.md","chunk_id":"chunk:31c445a279ad","chunk_index":14,"quote_summary":"公司资产置换完成后，受益于装备放量列装，产品交付增加，2020-2022 年，营收由 50.7 亿增长至 72.5 亿；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600316","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"cbf79ff4a413","from":"company:600316","from_name":"洪都航空","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"洪都航空 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-洪都航空-600316-sh-0d5d7327ab35.md","chunk_id":"chunk:934a16187ca0","chunk_index":4,"quote_summary":"我们看好洪都航空作为“机弹合一、场所合一、战训合一”的航空主机厂，深度受益军贸和弹药双景气提升，预计公司 2026-2028 年归母净利润为 1.20/2.02/3.06 亿元，对应 EPS0.17/0.28/0.43 元，对应 PE 为 240/143/94 倍，维持“增持”评级。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600316","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"736b067939f1","from":"company:600316","from_name":"洪都航空","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"洪都航空 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-洪都航空-600316-sh-d31eee31ff8e.md","chunk_id":"chunk:31c445a279ad","chunk_index":14,"quote_summary":"公司资产置换完成后，受益于装备放量列装，产品交付增加，2020-2022 年，营收由 50.7 亿增长至 72.5 亿；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600316","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"94be3d1b3575","from":"company:600316","from_name":"洪都航空","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"洪都航空 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-洪都航空-600316-sh-d31eee31ff8e.md","chunk_id":"chunk:31c445a279ad","chunk_index":14,"quote_summary":"公司资产置换完成后，受益于装备放量列装，产品交付增加，2020-2022 年，营收由 50.7 亿增长至 72.5 亿；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600316","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c160a877f6f7","from":"company:600316","from_name":"洪都航空","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"洪都航空 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-洪都航空-600316-sh-d31eee31ff8e.md","chunk_id":"chunk:31c445a279ad","chunk_index":14,"quote_summary":"公司资产置换完成后，受益于装备放量列装，产品交付增加，2020-2022 年，营收由 50.7 亿增长至 72.5 亿；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600316","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f98861f8cdc1","from":"company:600316","from_name":"洪都航空","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"洪都航空 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-洪都航空-600316-sh-d31eee31ff8e.md","chunk_id":"chunk:31c445a279ad","chunk_index":14,"quote_summary":"公司资产置换完成后，受益于装备放量列装，产品交付增加，2020-2022 年，营收由 50.7 亿增长至 72.5 亿；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600316","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6afe45e5f7e6","from":"company:600316","from_name":"洪都航空","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"洪都航空 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-洪都航空-600316-sh-d31eee31ff8e.md","chunk_id":"chunk:31c445a279ad","chunk_index":14,"quote_summary":"公司资产置换完成后，受益于装备放量列装，产品交付增加，2020-2022 年，营收由 50.7 亿增长至 72.5 亿；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600316","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3ab46166cb6d","from":"company:600316","from_name":"洪都航空","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"洪都航空 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-洪都航空-600316-sh-d31eee31ff8e.md","chunk_id":"chunk:31c445a279ad","chunk_index":14,"quote_summary":"公司资产置换完成后，受益于装备放量列装，产品交付增加，2020-2022 年，营收由 50.7 亿增长至 72.5 亿；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600316","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1a2c7724eaa1","from":"company:600316","from_name":"洪都航空","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"洪都航空 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-洪都航空-600316-进入历史性拐点-8847b2a799b3.md","chunk_id":"chunk:7d37601aad04","chunk_index":0,"quote_summary":"国内方面，考虑到未来L15的潜在发展平台包括主战机型的僚机、舰载教练机、新型对地攻击机以及轻型战斗机，我们假设十四五的需求量将达到500架，同时假设每架L15的价格为1亿元，则国内市场空间约为500亿元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600316","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"5821064db2a0","from":"company:600343","from_name":"航天动力","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"航天动力 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天动力-600343-sh-航天行业-f7fdd25b1b4e.md","chunk_id":"chunk:07eb4f278a0e","chunk_index":15,"quote_summary":"市场中相关报告投资建议为“买入”得 1 分，为“增持”得 2 分，为“中性”得 3 分，为“减持”得 4 分，之后平均计算得出最终评分，作为市场平均投资建议的参考。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600343","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"762907c97a83","from":"company:600343","from_name":"航天动力","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"航天动力 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天动力-600343-sh-航天行业-f7fdd25b1b4e.md","chunk_id":"chunk:07eb4f278a0e","chunk_index":15,"quote_summary":"市场中相关报告投资建议为“买入”得 1 分，为“增持”得 2 分，为“中性”得 3 分，为“减持”得 4 分，之后平均计算得出最终评分，作为市场平均投资建议的参考。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600343","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"df8603f30cff","from":"company:600343","from_name":"航天动力","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"航天动力 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天动力-600343-sh-航天行业-f7fdd25b1b4e.md","chunk_id":"chunk:07eb4f278a0e","chunk_index":15,"quote_summary":"市场中相关报告投资建议为“买入”得 1 分，为“增持”得 2 分，为“中性”得 3 分，为“减持”得 4 分，之后平均计算得出最终评分，作为市场平均投资建议的参考。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600343","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"90dd4c8f0e7c","from":"company:600343","from_name":"航天动力","to":"topic:航天","to_name":"航天","relation":"involves_topic","direction":"semantic","summary":"航天动力 研报中反复涉及 航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天动力-600343-sh-航天行业-f7fdd25b1b4e.md","chunk_id":"chunk:07eb4f278a0e","chunk_index":15,"quote_summary":"市场中相关报告投资建议为“买入”得 1 分，为“增持”得 2 分，为“中性”得 3 分，为“减持”得 4 分，之后平均计算得出最终评分，作为市场平均投资建议的参考。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600343","target":"topic:航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4c75f65da09b","from":"company:600343","from_name":"航天动力","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"航天动力 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天动力-600343-sh-航天行业-f7fdd25b1b4e.md","chunk_id":"chunk:07eb4f278a0e","chunk_index":15,"quote_summary":"市场中相关报告投资建议为“买入”得 1 分，为“增持”得 2 分，为“中性”得 3 分，为“减持”得 4 分，之后平均计算得出最终评分，作为市场平均投资建议的参考。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600343","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"42762b624dc2","from":"company:600343","from_name":"航天动力","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"航天动力 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天动力-600343-sh-航天行业-f7fdd25b1b4e.md","chunk_id":"chunk:07eb4f278a0e","chunk_index":15,"quote_summary":"市场中相关报告投资建议为“买入”得 1 分，为“增持”得 2 分，为“中性”得 3 分，为“减持”得 4 分，之后平均计算得出最终评分，作为市场平均投资建议的参考。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600343","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4edcb65ba365","from":"company:600343","from_name":"航天动力","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"航天动力 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天动力-600343-sh-航天行业-f7fdd25b1b4e.md","chunk_id":"chunk:07eb4f278a0e","chunk_index":15,"quote_summary":"市场中相关报告投资建议为“买入”得 1 分，为“增持”得 2 分，为“中性”得 3 分，为“减持”得 4 分，之后平均计算得出最终评分，作为市场平均投资建议的参考。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600343","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b6dcce054ae3","from":"company:600343","from_name":"航天动力","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"航天动力 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天动力-600343-sh-航天行业-f7fdd25b1b4e.md","chunk_id":"chunk:07eb4f278a0e","chunk_index":15,"quote_summary":"市场中相关报告投资建议为“买入”得 1 分，为“增持”得 2 分，为“中性”得 3 分，为“减持”得 4 分，之后平均计算得出最终评分，作为市场平均投资建议的参考。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600343","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d9a8b4432c40","from":"company:600372","from_name":"中航机载","to":"topic:c919","to_name":"C919","relation":"involves_topic","direction":"semantic","summary":"中航机载 研报中反复涉及 C919。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航机载-600372-28d864995e38.md","chunk_id":"chunk:c5de3637ddcc","chunk_index":4,"quote_summary":"根据公司 2024 年年度报告，公司将持续推动公司高质量发展，打造核心竞争力强、市场影响力大的旗舰型龙头上市公司，预计公司 2025-2027 年归母净利润分别为 11.13 亿元、12.43 亿元、14.07 亿元，同比增速为 7.0%、11.7%、13.2%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600372","target":"topic:c919","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6eaf3ab280d7","from":"company:600372","from_name":"中航机载","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"中航机载 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航机载-600372-28d864995e38.md","chunk_id":"chunk:c5de3637ddcc","chunk_index":4,"quote_summary":"根据公司 2024 年年度报告，公司将持续推动公司高质量发展，打造核心竞争力强、市场影响力大的旗舰型龙头上市公司，预计公司 2025-2027 年归母净利润分别为 11.13 亿元、12.43 亿元、14.07 亿元，同比增速为 7.0%、11.7%、13.2%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600372","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6fd106736199","from":"company:600372","from_name":"中航机载","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"中航机载 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航机载-600372-5b626f5e8383.md","chunk_id":"chunk:78f938c4c53d","chunk_index":12,"quote_summary":"- 增持—未来 6 个月的投资收益率领先市场基准指数 5%以上;"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600372","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"60f49f1cae67","from":"company:600372","from_name":"中航机载","to":"topic:低空经济","to_name":"低空经济","relation":"involves_topic","direction":"semantic","summary":"中航机载 研报中反复涉及 低空经济。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航机载-600372-28d864995e38.md","chunk_id":"chunk:c5de3637ddcc","chunk_index":4,"quote_summary":"根据公司 2024 年年度报告，公司将持续推动公司高质量发展，打造核心竞争力强、市场影响力大的旗舰型龙头上市公司，预计公司 2025-2027 年归母净利润分别为 11.13 亿元、12.43 亿元、14.07 亿元，同比增速为 7.0%、11.7%、13.2%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600372","target":"topic:低空经济","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9bc9fefdc12f","from":"company:600372","from_name":"中航机载","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"中航机载 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航机载-600372-28d864995e38.md","chunk_id":"chunk:c5de3637ddcc","chunk_index":4,"quote_summary":"根据公司 2024 年年度报告，公司将持续推动公司高质量发展，打造核心竞争力强、市场影响力大的旗舰型龙头上市公司，预计公司 2025-2027 年归母净利润分别为 11.13 亿元、12.43 亿元、14.07 亿元，同比增速为 7.0%、11.7%、13.2%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600372","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c1145b6abccf","from":"company:600372","from_name":"中航机载","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"中航机载 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航机载-600372-28d864995e38.md","chunk_id":"chunk:c5de3637ddcc","chunk_index":4,"quote_summary":"根据公司 2024 年年度报告，公司将持续推动公司高质量发展，打造核心竞争力强、市场影响力大的旗舰型龙头上市公司，预计公司 2025-2027 年归母净利润分别为 11.13 亿元、12.43 亿元、14.07 亿元，同比增速为 7.0%、11.7%、13.2%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600372","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"009299f8d79f","from":"company:600372","from_name":"中航机载","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"中航机载 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航机载-600372-28d864995e38.md","chunk_id":"chunk:c5de3637ddcc","chunk_index":4,"quote_summary":"根据公司 2024 年年度报告，公司将持续推动公司高质量发展，打造核心竞争力强、市场影响力大的旗舰型龙头上市公司，预计公司 2025-2027 年归母净利润分别为 11.13 亿元、12.43 亿元、14.07 亿元，同比增速为 7.0%、11.7%、13.2%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600372","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"04e7d48831ba","from":"company:600372","from_name":"中航机载","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"中航机载 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航机载-600372-5b626f5e8383.md","chunk_id":"chunk:78f938c4c53d","chunk_index":12,"quote_summary":"- 增持—未来 6 个月的投资收益率领先市场基准指数 5%以上;"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600372","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"10765edba869","from":"company:600372","from_name":"中航机载","to":"topic:民机","to_name":"民机","relation":"involves_topic","direction":"semantic","summary":"中航机载 研报中反复涉及 民机。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航机载-600372-1352fb9c44c8.md","chunk_id":"chunk:2fb0577ece12","chunk_index":5,"quote_summary":"* **盈利预测与投资评级**：公司业绩符合预期，基于十四五期间军工行业高景气，并考虑公司在航空机载业务的核心地位，我们维持先前的预测，预计公司 2024-2026 年归母净利润分别为 21.48/25.00/28.34 亿元；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600372","target":"topic:民机","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"14c1c8fb1c4b","from":"company:600372","from_name":"中航机载","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"中航机载 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航机载-600372-5dfde9683f25.md","chunk_id":"chunk:a9ad5723f248","chunk_index":12,"quote_summary":"* 增持—未来 6 个月的投资收益率领先市场基准指数 5%以上;"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600372","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e4430e4030ba","from":"company:600372","from_name":"中航机载","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"中航机载 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-谨慎推荐-维持评级-7b0c4316be4a.md","chunk_id":"chunk:94f8b6814628","chunk_index":0,"quote_summary":"3）**经营计划：** 2025 年，公司预计实现营收 242.71 亿元，YOY +1.64%，其中防务业务营收根据行业整体情况预期略增，民用航空业务营收保持增长态势。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600372","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e128418b8029","from":"company:600372","from_name":"中航机载","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"中航机载 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航机载-600372-28d864995e38.md","chunk_id":"chunk:c5de3637ddcc","chunk_index":4,"quote_summary":"根据公司 2024 年年度报告，公司将持续推动公司高质量发展，打造核心竞争力强、市场影响力大的旗舰型龙头上市公司，预计公司 2025-2027 年归母净利润分别为 11.13 亿元、12.43 亿元、14.07 亿元，同比增速为 7.0%、11.7%、13.2%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600372","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"99157d2a718b","from":"company:600372","from_name":"中航机载","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"中航机载 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司点评报告-航空装备ii-0cd092397556.md","chunk_id":"chunk:7002301cb55d","chunk_index":10,"quote_summary":"* **盈利预测与投资评级**：公司业绩符合市场预期，我们基本维持先前的预测，预计公司 2025-2027 年的归母净利润分别为 11.52/13.37/15.80 亿元，对应 PE 分别为 51/44/37 倍，维持“买入”评级。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600372","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7b977f9a89af","from":"company:600372","from_name":"中航机载","to":"topic:银行","to_name":"银行","relation":"involves_topic","direction":"semantic","summary":"中航机载 研报中反复涉及 银行。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-业绩短期波动不改长期增长趋势-656ed207dad0.md","chunk_id":"chunk:c760668bfadb","chunk_index":12,"quote_summary":"- 增持—未来 6 个月的投资收益率领先市场基准指数 5%以上;"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600372","target":"topic:银行","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"fc7375871efc","from":"company:600372","from_name":"中航机载","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"中航机载 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航机载-600372-28d864995e38.md","chunk_id":"chunk:c5de3637ddcc","chunk_index":4,"quote_summary":"根据公司 2024 年年度报告，公司将持续推动公司高质量发展，打造核心竞争力强、市场影响力大的旗舰型龙头上市公司，预计公司 2025-2027 年归母净利润分别为 11.13 亿元、12.43 亿元、14.07 亿元，同比增速为 7.0%、11.7%、13.2%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600372","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f4bb6171baba","from":"company:600391","from_name":"航发科技","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"航发科技 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-695e420ac228.md","chunk_id":"chunk:d982c4cb1d7b","chunk_index":6,"quote_summary":"2023年，公司预计营业收入为44.74亿元，增幅17.70%，预计向航发集团内销售商品金额为39.30亿元，较去年实际发生销售商品金额增加53.55%，2023年公司营收有望实现较为快速的增长，同时我们预计，随着内需产品的稳定交付，国际转包市场的回暖，公司盈利能力有望进一步提升，进入发展机遇期。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600391","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0d5a15b6aac9","from":"company:600391","from_name":"航发科技","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"航发科技 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-b57ba59d8b04.md","chunk_id":"chunk:5808cc42729a","chunk_index":0,"quote_summary":"◆ **中报业绩近6年首次扭亏为盈，在手订单较年初增长 51.44%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600391","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"cf89adbafc6e","from":"company:600391","from_name":"航发科技","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"航发科技 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-b57ba59d8b04.md","chunk_id":"chunk:5808cc42729a","chunk_index":0,"quote_summary":"◆ **中报业绩近6年首次扭亏为盈，在手订单较年初增长 51.44%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600391","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"164887414fe3","from":"company:600391","from_name":"航发科技","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"航发科技 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-b57ba59d8b04.md","chunk_id":"chunk:5808cc42729a","chunk_index":0,"quote_summary":"◆ **中报业绩近6年首次扭亏为盈，在手订单较年初增长 51.44%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600391","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c185db70b4b6","from":"company:600391","from_name":"航发科技","to":"topic:天然气","to_name":"天然气","relation":"involves_topic","direction":"semantic","summary":"航发科技 研报中反复涉及 天然气。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航发科技-600391-0cb4fc3d581c.md","chunk_id":"chunk:085bb935df9d","chunk_index":2,"quote_summary":"2017年军工行业中期投资策略——寻找确定增长，聚焦龙头白马"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600391","target":"topic:天然气","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ed0f47e8500e","from":"company:600391","from_name":"航发科技","to":"topic:房地产","to_name":"房地产","relation":"involves_topic","direction":"semantic","summary":"航发科技 研报中反复涉及 房地产。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航发科技-600391-0cb4fc3d581c.md","chunk_id":"chunk:085bb935df9d","chunk_index":2,"quote_summary":"2017年军工行业中期投资策略——寻找确定增长，聚焦龙头白马"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600391","target":"topic:房地产","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"54be8fc51bdc","from":"company:600391","from_name":"航发科技","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"航发科技 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-b57ba59d8b04.md","chunk_id":"chunk:5808cc42729a","chunk_index":0,"quote_summary":"◆ **中报业绩近6年首次扭亏为盈，在手订单较年初增长 51.44%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600391","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9b38b2146914","from":"company:600391","from_name":"航发科技","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"航发科技 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-695e420ac228.md","chunk_id":"chunk:d982c4cb1d7b","chunk_index":6,"quote_summary":"2023年，公司预计营业收入为44.74亿元，增幅17.70%，预计向航发集团内销售商品金额为39.30亿元，较去年实际发生销售商品金额增加53.55%，2023年公司营收有望实现较为快速的增长，同时我们预计，随着内需产品的稳定交付，国际转包市场的回暖，公司盈利能力有望进一步提升，进入发展机遇期。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600391","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f5a2d6c8f31c","from":"company:600391","from_name":"航发科技","to":"topic:民机","to_name":"民机","relation":"involves_topic","direction":"semantic","summary":"航发科技 研报中反复涉及 民机。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航发科技-600391-2021-年报点评-307ebf1dd40c.md","chunk_id":"chunk:6f43acc8dd2d","chunk_index":4,"quote_summary":"近年来，公司积极调整产品结构，内贸航空及衍生产品营收占比由 2017 年 38.30%逐渐增长至 73.84%，内贸业务成为公司主要业务。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600391","target":"topic:民机","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4c6714f76fbc","from":"company:600391","from_name":"航发科技","to":"topic:燃气轮机","to_name":"燃气轮机","relation":"involves_topic","direction":"semantic","summary":"航发科技 研报中反复涉及 燃气轮机。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-b57ba59d8b04.md","chunk_id":"chunk:5808cc42729a","chunk_index":0,"quote_summary":"◆ **中报业绩近6年首次扭亏为盈，在手订单较年初增长 51.44%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600391","target":"topic:燃气轮机","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"91e7b1a03b2c","from":"company:600391","from_name":"航发科技","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"航发科技 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-b57ba59d8b04.md","chunk_id":"chunk:5808cc42729a","chunk_index":0,"quote_summary":"◆ **中报业绩近6年首次扭亏为盈，在手订单较年初增长 51.44%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600391","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"18612eb8d66b","from":"company:600391","from_name":"航发科技","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"航发科技 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航发科技-600391-2021-年报点评-307ebf1dd40c.md","chunk_id":"chunk:6f43acc8dd2d","chunk_index":4,"quote_summary":"近年来，公司积极调整产品结构，内贸航空及衍生产品营收占比由 2017 年 38.30%逐渐增长至 73.84%，内贸业务成为公司主要业务。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600391","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"cb31672c2eae","from":"company:600391","from_name":"航发科技","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"航发科技 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-b57ba59d8b04.md","chunk_id":"chunk:5808cc42729a","chunk_index":0,"quote_summary":"◆ **中报业绩近6年首次扭亏为盈，在手订单较年初增长 51.44%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600391","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"da5bd5746764","from":"company:600391","from_name":"航发科技","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"航发科技 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航发科技-600391-2020-年报点评-9c025e3a6e96.md","chunk_id":"chunk:98dae9cc9b57","chunk_index":6,"quote_summary":"工业民品实现营收 5676.08 万元（-36.83%），毛利率 11.06%（+11.67pcts），因聚焦主业需求，公司近年来持续收缩该部分业务体量。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600391","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4e8499c1e0e2","from":"company:600391","from_name":"航发科技","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"航发科技 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-b57ba59d8b04.md","chunk_id":"chunk:5808cc42729a","chunk_index":0,"quote_summary":"◆ **中报业绩近6年首次扭亏为盈，在手订单较年初增长 51.44%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600391","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"efc1c91307e6","from":"company:600435","from_name":"北方导航","to":"topic:cagr","to_name":"CAGR","relation":"involves_topic","direction":"semantic","summary":"北方导航 研报中反复涉及 CAGR。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-年-11-月-18-日-216252507999.md","chunk_id":"chunk:d14ac7acd585","chunk_index":23,"quote_summary":"\\*\\*受益于国防信息化下军用连接器市场持续扩容，过往来看中兵航联稳健增长， 2022-2024 年经营有所承压， 2025 年起逐步恢复， 2025H1 营收/业绩分别 1.2/0.2 亿元，同比+1.8%/+25.7%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600435","target":"topic:cagr","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"cc8d5262babf","from":"company:600435","from_name":"北方导航","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"北方导航 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-北方导航-600435-sh-c232a4ac55a6.md","chunk_id":"chunk:07d7082621d0","chunk_index":0,"quote_summary":"**Q2 业绩高增，Q3 有望持续加速：**根据公告的业绩区间，预计 25Q2 公司实现归母 1.22 亿至 1.37 亿，同比增长 599%至 660%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600435","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2bf1b45e69ca","from":"company:600435","from_name":"北方导航","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"北方导航 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-北方导航-600435-sh-c232a4ac55a6.md","chunk_id":"chunk:07d7082621d0","chunk_index":0,"quote_summary":"**Q2 业绩高增，Q3 有望持续加速：**根据公告的业绩区间，预计 25Q2 公司实现归母 1.22 亿至 1.37 亿，同比增长 599%至 660%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600435","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9a3639de8d10","from":"company:600435","from_name":"北方导航","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"北方导航 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-年-11-月-18-日-216252507999.md","chunk_id":"chunk:d14ac7acd585","chunk_index":23,"quote_summary":"\\*\\*受益于国防信息化下军用连接器市场持续扩容，过往来看中兵航联稳健增长， 2022-2024 年经营有所承压， 2025 年起逐步恢复， 2025H1 营收/业绩分别 1.2/0.2 亿元，同比+1.8%/+25.7%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600435","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6f03a9bbe583","from":"company:600435","from_name":"北方导航","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"北方导航 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-北方导航-600435-178f8fb69c06.md","chunk_id":"chunk:90af8cd2fbcf","chunk_index":0,"quote_summary":"2025年H1公司实现营收（17.03亿元，+481.19%）大幅增长，主要系“十四五”末公司本部交付主要产品较上年同期增加所致。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600435","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2fe41b7616e5","from":"company:600435","from_name":"北方导航","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"北方导航 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-年-11-月-18-日-216252507999.md","chunk_id":"chunk:d14ac7acd585","chunk_index":23,"quote_summary":"\\*\\*受益于国防信息化下军用连接器市场持续扩容，过往来看中兵航联稳健增长， 2022-2024 年经营有所承压， 2025 年起逐步恢复， 2025H1 营收/业绩分别 1.2/0.2 亿元，同比+1.8%/+25.7%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600435","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b857c5c794ac","from":"company:600435","from_name":"北方导航","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"北方导航 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-年-11-月-18-日-216252507999.md","chunk_id":"chunk:d14ac7acd585","chunk_index":23,"quote_summary":"\\*\\*受益于国防信息化下军用连接器市场持续扩容，过往来看中兵航联稳健增长， 2022-2024 年经营有所承压， 2025 年起逐步恢复， 2025H1 营收/业绩分别 1.2/0.2 亿元，同比+1.8%/+25.7%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600435","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"46f28c01bcab","from":"company:600435","from_name":"北方导航","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"北方导航 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-北方导航-600435-sh-c284d479b33f.md","chunk_id":"chunk:4d6250dd28b9","chunk_index":0,"quote_summary":"2）主动应对行业竞争加剧和产品周期性矛盾等多重压力，加大市场开拓，强化科技创新，提质增效，25H1 实现营收 0.72 亿（同比-16.9%），净利润-0.37 亿（同比+14.6%），稳住发展基本盘；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600435","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e6493c31fc90","from":"company:600435","from_name":"北方导航","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"北方导航 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-年-11-月-18-日-216252507999.md","chunk_id":"chunk:d14ac7acd585","chunk_index":23,"quote_summary":"\\*\\*受益于国防信息化下军用连接器市场持续扩容，过往来看中兵航联稳健增长， 2022-2024 年经营有所承压， 2025 年起逐步恢复， 2025H1 营收/业绩分别 1.2/0.2 亿元，同比+1.8%/+25.7%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600435","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6cc0b27a069b","from":"company:600435","from_name":"北方导航","to":"topic:环比","to_name":"环比","relation":"involves_topic","direction":"semantic","summary":"北方导航 研报中反复涉及 环比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-北方导航-600435-sh-c284d479b33f.md","chunk_id":"chunk:4d6250dd28b9","chunk_index":0,"quote_summary":"2）主动应对行业竞争加剧和产品周期性矛盾等多重压力，加大市场开拓，强化科技创新，提质增效，25H1 实现营收 0.72 亿（同比-16.9%），净利润-0.37 亿（同比+14.6%），稳住发展基本盘；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600435","target":"topic:环比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"48843dd8547c","from":"company:600435","from_name":"北方导航","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"北方导航 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-年-11-月-18-日-216252507999.md","chunk_id":"chunk:d14ac7acd585","chunk_index":23,"quote_summary":"\\*\\*受益于国防信息化下军用连接器市场持续扩容，过往来看中兵航联稳健增长， 2022-2024 年经营有所承压， 2025 年起逐步恢复， 2025H1 营收/业绩分别 1.2/0.2 亿元，同比+1.8%/+25.7%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600435","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0fc08293469e","from":"company:600435","from_name":"北方导航","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"北方导航 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-年-11-月-18-日-216252507999.md","chunk_id":"chunk:d14ac7acd585","chunk_index":23,"quote_summary":"\\*\\*受益于国防信息化下军用连接器市场持续扩容，过往来看中兵航联稳健增长， 2022-2024 年经营有所承压， 2025 年起逐步恢复， 2025H1 营收/业绩分别 1.2/0.2 亿元，同比+1.8%/+25.7%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600435","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"40b3562ee1ac","from":"company:600435","from_name":"北方导航","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"北方导航 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-北方导航-600435-sh-c284d479b33f.md","chunk_id":"chunk:4d6250dd28b9","chunk_index":0,"quote_summary":"2）主动应对行业竞争加剧和产品周期性矛盾等多重压力，加大市场开拓，强化科技创新，提质增效，25H1 实现营收 0.72 亿（同比-16.9%），净利润-0.37 亿（同比+14.6%），稳住发展基本盘；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600435","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6b74d8263348","from":"company:600435","from_name":"北方导航","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"北方导航 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-年-11-月-18-日-216252507999.md","chunk_id":"chunk:d14ac7acd585","chunk_index":23,"quote_summary":"\\*\\*受益于国防信息化下军用连接器市场持续扩容，过往来看中兵航联稳健增长， 2022-2024 年经营有所承压， 2025 年起逐步恢复， 2025H1 营收/业绩分别 1.2/0.2 亿元，同比+1.8%/+25.7%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600435","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"571c6f2dddaf","from":"company:600482","from_name":"中国动力","to":"topic:aidc","to_name":"AIDC","relation":"involves_topic","direction":"semantic","summary":"中国动力 研报中反复涉及 AIDC。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国动力-600482-bfa4317a66b8.md","chunk_id":"chunk:a5481cde6886","chunk_index":4,"quote_summary":"2022 年以来，受益于新造船市场复苏、船用柴油机需求增长，量价利齐升，柴油动力成为公司第一大业务板块，2025 上半年营收占比约 50.5%、毛利占比约 70%，公司盈利同样迎来向上拐点，2025 年前三季度实现归母净利润 12.1 亿元，同比增长 62%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600482","target":"topic:aidc","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0513184bceba","from":"company:600482","from_name":"中国动力","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"中国动力 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国动力-600482-sh-00127f0cc0d5.md","chunk_id":"chunk:67cdbe7ab8bd","chunk_index":0,"quote_summary":"**受益造船周期持续上行，公司船海产业维持高景气度，2024 年公司船海产业营业收入年度计划完成率达 127.10%，新签合同年度计划完成率达 141.56%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600482","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"85af48f42b01","from":"company:600482","from_name":"中国动力","to":"topic:产业链","to_name":"产业链","relation":"involves_topic","direction":"semantic","summary":"中国动力 研报中反复涉及 产业链。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md","chunk_id":"chunk:0624292a2580","chunk_index":9,"quote_summary":"经过重组整合，公司逐渐发展成为国内舰船柴油机动力业务领域的龙头，2023 年上半年公司生产负荷及销售量明显高于同期，为了保质保量的完成交付任务，公司统筹协调各方资源，实现交付低速机 188 台，完工订单 55.3 亿元、完工订单金额同比增长 88.1%，较好的完成了上半年交付任务。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600482","target":"topic:产业链","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"036dfa2f6d1d","from":"company:600482","from_name":"中国动力","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"中国动力 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md","chunk_id":"chunk:2017ff3afa34","chunk_index":62,"quote_summary":"受益全球造船大周期景气复苏，未来船用柴油机市场预计将保持稳健增长趋势。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600482","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"beb090ed7681","from":"company:600482","from_name":"中国动力","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"中国动力 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md","chunk_id":"chunk:0624292a2580","chunk_index":9,"quote_summary":"经过重组整合，公司逐渐发展成为国内舰船柴油机动力业务领域的龙头，2023 年上半年公司生产负荷及销售量明显高于同期，为了保质保量的完成交付任务，公司统筹协调各方资源，实现交付低速机 188 台，完工订单 55.3 亿元、完工订单金额同比增长 88.1%，较好的完成了上半年交付任务。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600482","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d7257568bc8e","from":"company:600482","from_name":"中国动力","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"中国动力 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md","chunk_id":"chunk:0624292a2580","chunk_index":9,"quote_summary":"经过重组整合，公司逐渐发展成为国内舰船柴油机动力业务领域的龙头，2023 年上半年公司生产负荷及销售量明显高于同期，为了保质保量的完成交付任务，公司统筹协调各方资源，实现交付低速机 188 台，完工订单 55.3 亿元、完工订单金额同比增长 88.1%，较好的完成了上半年交付任务。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600482","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1b8f2cb80b22","from":"company:600482","from_name":"中国动力","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"中国动力 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md","chunk_id":"chunk:2017ff3afa34","chunk_index":62,"quote_summary":"受益全球造船大周期景气复苏，未来船用柴油机市场预计将保持稳健增长趋势。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600482","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a4f0a8178215","from":"company:600482","from_name":"中国动力","to":"topic:天然气","to_name":"天然气","relation":"involves_topic","direction":"semantic","summary":"中国动力 研报中反复涉及 天然气。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md","chunk_id":"chunk:2017ff3afa34","chunk_index":62,"quote_summary":"受益全球造船大周期景气复苏，未来船用柴油机市场预计将保持稳健增长趋势。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600482","target":"topic:天然气","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f08b37fd6484","from":"company:600482","from_name":"中国动力","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"中国动力 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国动力-600482-sh-00127f0cc0d5.md","chunk_id":"chunk:67cdbe7ab8bd","chunk_index":0,"quote_summary":"**受益造船周期持续上行，公司船海产业维持高景气度，2024 年公司船海产业营业收入年度计划完成率达 127.10%，新签合同年度计划完成率达 141.56%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600482","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"98f03cb3fd0f","from":"company:600482","from_name":"中国动力","to":"topic:政策","to_name":"政策","relation":"involves_topic","direction":"semantic","summary":"中国动力 研报中反复涉及 政策。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国动力-600482-sh-47bfad6a5cd6.md","chunk_id":"chunk:7d8324bb7694","chunk_index":0,"quote_summary":"21 年以来，受益经济弱复苏+船舶老龄化+环保政策趋严，船舶大周期景气上行，船厂在手订单饱满。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600482","target":"topic:政策","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0a418faffd8a","from":"company:600482","from_name":"中国动力","to":"topic:数据中心","to_name":"数据中心","relation":"involves_topic","direction":"semantic","summary":"中国动力 研报中反复涉及 数据中心。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国动力-600482-bfa4317a66b8.md","chunk_id":"chunk:a5481cde6886","chunk_index":4,"quote_summary":"2022 年以来，受益于新造船市场复苏、船用柴油机需求增长，量价利齐升，柴油动力成为公司第一大业务板块，2025 上半年营收占比约 50.5%、毛利占比约 70%，公司盈利同样迎来向上拐点，2025 年前三季度实现归母净利润 12.1 亿元，同比增长 62%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600482","target":"topic:数据中心","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3a7fa1a63b51","from":"company:600482","from_name":"中国动力","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"中国动力 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md","chunk_id":"chunk:2017ff3afa34","chunk_index":62,"quote_summary":"受益全球造船大周期景气复苏，未来船用柴油机市场预计将保持稳健增长趋势。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600482","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c02b785dc2b8","from":"company:600482","from_name":"中国动力","to":"topic:燃气轮机","to_name":"燃气轮机","relation":"involves_topic","direction":"semantic","summary":"中国动力 研报中反复涉及 燃气轮机。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国动力-600482-bfa4317a66b8.md","chunk_id":"chunk:a5481cde6886","chunk_index":4,"quote_summary":"2022 年以来，受益于新造船市场复苏、船用柴油机需求增长，量价利齐升，柴油动力成为公司第一大业务板块，2025 上半年营收占比约 50.5%、毛利占比约 70%，公司盈利同样迎来向上拐点，2025 年前三季度实现归母净利润 12.1 亿元，同比增长 62%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600482","target":"topic:燃气轮机","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"fca145d39587","from":"company:600482","from_name":"中国动力","to":"topic:电力","to_name":"电力","relation":"involves_topic","direction":"semantic","summary":"中国动力 研报中反复涉及 电力。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md","chunk_id":"chunk:2017ff3afa34","chunk_index":62,"quote_summary":"受益全球造船大周期景气复苏，未来船用柴油机市场预计将保持稳健增长趋势。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600482","target":"topic:电力","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7a958d9164ca","from":"company:600482","from_name":"中国动力","to":"topic:船用柴油机","to_name":"船用柴油机","relation":"involves_topic","direction":"semantic","summary":"中国动力 研报中反复涉及 船用柴油机。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md","chunk_id":"chunk:2017ff3afa34","chunk_index":62,"quote_summary":"受益全球造船大周期景气复苏，未来船用柴油机市场预计将保持稳健增长趋势。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600482","target":"topic:船用柴油机","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"385217fa54d8","from":"company:600482","from_name":"中国动力","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"中国动力 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md","chunk_id":"chunk:2017ff3afa34","chunk_index":62,"quote_summary":"受益全球造船大周期景气复苏，未来船用柴油机市场预计将保持稳健增长趋势。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600482","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d76f01b84376","from":"company:600482","from_name":"中国动力","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"中国动力 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国动力-600482-sh-00127f0cc0d5.md","chunk_id":"chunk:67cdbe7ab8bd","chunk_index":0,"quote_summary":"**受益造船周期持续上行，公司船海产业维持高景气度，2024 年公司船海产业营业收入年度计划完成率达 127.10%，新签合同年度计划完成率达 141.56%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600482","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"245c9b9209f1","from":"company:600482","from_name":"中国动力","to":"topic:钢材","to_name":"钢材","relation":"involves_topic","direction":"semantic","summary":"中国动力 研报中反复涉及 钢材。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md","chunk_id":"chunk:2017ff3afa34","chunk_index":62,"quote_summary":"受益全球造船大周期景气复苏，未来船用柴油机市场预计将保持稳健增长趋势。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600482","target":"topic:钢材","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ff26a99fb406","from":"company:600482","from_name":"中国动力","to":"topic:锂电池","to_name":"锂电池","relation":"involves_topic","direction":"semantic","summary":"中国动力 研报中反复涉及 锂电池。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国动力-600482-sh-d20f4f2376c1.md","chunk_id":"chunk:cd5946152e46","chunk_index":0,"quote_summary":"1H25 公司实现收入 276.51 亿元，同比增长 11.22%，其中 Q2 收入 153.39 亿元，同比增长 13.97%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600482","target":"topic:锂电池","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"fc094d10b308","from":"company:600482","from_name":"中国动力","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"中国动力 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国动力-600482-sh-00127f0cc0d5.md","chunk_id":"chunk:67cdbe7ab8bd","chunk_index":0,"quote_summary":"**受益造船周期持续上行，公司船海产业维持高景气度，2024 年公司船海产业营业收入年度计划完成率达 127.10%，新签合同年度计划完成率达 141.56%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600482","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"51dfa6f22e37","from":"company:600501","from_name":"航天晨光","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"航天晨光 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-109e83cb7526.md","chunk_id":"chunk:98c2cfdaed70","chunk_index":3,"quote_summary":"* **盈利预测、估值分析和投资建议：** 作为核工装备细分领域龙头，公司有望受益于核废料处理设备国产化替代。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600501","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7c71d6000a83","from":"company:600501","from_name":"航天晨光","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"航天晨光 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-109e83cb7526.md","chunk_id":"chunk:98c2cfdaed70","chunk_index":3,"quote_summary":"* **盈利预测、估值分析和投资建议：** 作为核工装备细分领域龙头，公司有望受益于核废料处理设备国产化替代。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600501","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e9c92c815f47","from":"company:600501","from_name":"航天晨光","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"航天晨光 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-109e83cb7526.md","chunk_id":"chunk:98c2cfdaed70","chunk_index":3,"quote_summary":"* **盈利预测、估值分析和投资建议：** 作为核工装备细分领域龙头，公司有望受益于核废料处理设备国产化替代。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600501","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"492744df0462","from":"company:600501","from_name":"航天晨光","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"航天晨光 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-109e83cb7526.md","chunk_id":"chunk:98c2cfdaed70","chunk_index":3,"quote_summary":"* **盈利预测、估值分析和投资建议：** 作为核工装备细分领域龙头，公司有望受益于核废料处理设备国产化替代。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600501","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b5f2c7dffbb0","from":"company:600501","from_name":"航天晨光","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"航天晨光 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-109e83cb7526.md","chunk_id":"chunk:98c2cfdaed70","chunk_index":3,"quote_summary":"* **盈利预测、估值分析和投资建议：** 作为核工装备细分领域龙头，公司有望受益于核废料处理设备国产化替代。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600501","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d060af32d1bb","from":"company:600501","from_name":"航天晨光","to":"topic:环比","to_name":"环比","relation":"involves_topic","direction":"semantic","summary":"航天晨光 研报中反复涉及 环比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-109e83cb7526.md","chunk_id":"chunk:98c2cfdaed70","chunk_index":3,"quote_summary":"* **盈利预测、估值分析和投资建议：** 作为核工装备细分领域龙头，公司有望受益于核废料处理设备国产化替代。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600501","target":"topic:环比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"bbc12439935e","from":"company:600501","from_name":"航天晨光","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"航天晨光 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-109e83cb7526.md","chunk_id":"chunk:98c2cfdaed70","chunk_index":3,"quote_summary":"* **盈利预测、估值分析和投资建议：** 作为核工装备细分领域龙头，公司有望受益于核废料处理设备国产化替代。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600501","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"5c5de85d2b93","from":"company:600501","from_name":"航天晨光","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"航天晨光 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-109e83cb7526.md","chunk_id":"chunk:98c2cfdaed70","chunk_index":3,"quote_summary":"* **盈利预测、估值分析和投资建议：** 作为核工装备细分领域龙头，公司有望受益于核废料处理设备国产化替代。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600501","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2966f5e63270","from":"company:600685","from_name":"中船防务","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"中船防务 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-年-04-月-26-日-128fc9fe809c.md","chunk_id":"chunk:130857fe9306","chunk_index":7,"quote_summary":"2）考虑到造船企业中原材料占成本的比重较大，我们根据造船完工量以及钢材价格预测公司 2024/25/26 年造船业务成本分别增长 12.4%/18.6%/5.4%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600685","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ce94d41c40b1","from":"company:600685","from_name":"中船防务","to":"topic:产业链","to_name":"产业链","relation":"involves_topic","direction":"semantic","summary":"中船防务 研报中反复涉及 产业链。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:937beb93053c","chunk_index":9,"quote_summary":"民船业务伴随着可能来临的民船市场景气大周期与我国造船产业对高附加价值船型的迈进，支撑公司主营业务业绩持续增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600685","target":"topic:产业链","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d7905a7291ad","from":"company:600685","from_name":"中船防务","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"中船防务 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中船防务-600685-国防军工-33f018e302c1.md","chunk_id":"chunk:c622978d2405","chunk_index":11,"quote_summary":"船舶行业为典型外向型行业，行业形势与经济、航运等密切相关，造船行业毛利率波动较大，2022 年造船业务毛利率为 7.6%，较上年下降 1.6pp，随着海上风电行业发展，市场上对风电平台等需求略有增加，海工业务毛利增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600685","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"835bf6bc0dfe","from":"company:600685","from_name":"中船防务","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"中船防务 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-年-04-月-26-日-128fc9fe809c.md","chunk_id":"chunk:130857fe9306","chunk_index":7,"quote_summary":"2）考虑到造船企业中原材料占成本的比重较大，我们根据造船完工量以及钢材价格预测公司 2024/25/26 年造船业务成本分别增长 12.4%/18.6%/5.4%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600685","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2dac35be8c46","from":"company:600685","from_name":"中船防务","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"中船防务 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-a517f162d983.md","chunk_id":"chunk:3125817ce028","chunk_index":12,"quote_summary":"其中，造船产品为最主要业务（2024 年营收占比为 86.21%），公司毛利润主要来自造船产品，2024 年公司生产效率提高，产品建造成本得到进一步控制，造船业务毛利率 9.33%，较上年增长 3.86pct。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600685","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a5ebd29c0839","from":"company:600685","from_name":"中船防务","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"中船防务 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中船防务-600685-国防军工-33f018e302c1.md","chunk_id":"chunk:c622978d2405","chunk_index":11,"quote_summary":"船舶行业为典型外向型行业，行业形势与经济、航运等密切相关，造船行业毛利率波动较大，2022 年造船业务毛利率为 7.6%，较上年下降 1.6pp，随着海上风电行业发展，市场上对风电平台等需求略有增加，海工业务毛利增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600685","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"93ce41efa246","from":"company:600685","from_name":"中船防务","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"中船防务 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-a517f162d983.md","chunk_id":"chunk:3125817ce028","chunk_index":12,"quote_summary":"其中，造船产品为最主要业务（2024 年营收占比为 86.21%），公司毛利润主要来自造船产品，2024 年公司生产效率提高，产品建造成本得到进一步控制，造船业务毛利率 9.33%，较上年增长 3.86pct。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600685","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ac5c8480c9c2","from":"company:600685","from_name":"中船防务","to":"topic:工业原材料","to_name":"工业原材料","relation":"involves_topic","direction":"semantic","summary":"中船防务 研报中反复涉及 工业原材料。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中船防务-600685-国防军工-33f018e302c1.md","chunk_id":"chunk:c622978d2405","chunk_index":11,"quote_summary":"船舶行业为典型外向型行业，行业形势与经济、航运等密切相关，造船行业毛利率波动较大，2022 年造船业务毛利率为 7.6%，较上年下降 1.6pp，随着海上风电行业发展，市场上对风电平台等需求略有增加，海工业务毛利增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600685","target":"topic:工业原材料","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a6f858995e23","from":"company:600685","from_name":"中船防务","to":"topic:房地产","to_name":"房地产","relation":"involves_topic","direction":"semantic","summary":"中船防务 研报中反复涉及 房地产。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-公司点评报告-f3e4d2cad667.md","chunk_id":"chunk:8d81172dd590","chunk_index":2,"quote_summary":"与此同时，公司通过业务结构调整，提升高附加价值产品比重，导致主营业务毛利同比去年大幅增长151.03%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600685","target":"topic:房地产","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6c1ed4e54019","from":"company:600685","from_name":"中船防务","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"中船防务 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-年-04-月-26-日-128fc9fe809c.md","chunk_id":"chunk:130857fe9306","chunk_index":7,"quote_summary":"2）考虑到造船企业中原材料占成本的比重较大，我们根据造船完工量以及钢材价格预测公司 2024/25/26 年造船业务成本分别增长 12.4%/18.6%/5.4%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600685","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"fbbdc3b046de","from":"company:600685","from_name":"中船防务","to":"topic:政策","to_name":"政策","relation":"involves_topic","direction":"semantic","summary":"中船防务 研报中反复涉及 政策。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-a517f162d983.md","chunk_id":"chunk:3125817ce028","chunk_index":12,"quote_summary":"其中，造船产品为最主要业务（2024 年营收占比为 86.21%），公司毛利润主要来自造船产品，2024 年公司生产效率提高，产品建造成本得到进一步控制，造船业务毛利率 9.33%，较上年增长 3.86pct。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600685","target":"topic:政策","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"5e8fa86f21df","from":"company:600685","from_name":"中船防务","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"中船防务 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中船防务-600685-国防军工-33f018e302c1.md","chunk_id":"chunk:c622978d2405","chunk_index":11,"quote_summary":"船舶行业为典型外向型行业，行业形势与经济、航运等密切相关，造船行业毛利率波动较大，2022 年造船业务毛利率为 7.6%，较上年下降 1.6pp，随着海上风电行业发展，市场上对风电平台等需求略有增加，海工业务毛利增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600685","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b06b744ad4de","from":"company:600685","from_name":"中船防务","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"中船防务 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-公司点评报告-f3e4d2cad667.md","chunk_id":"chunk:8d81172dd590","chunk_index":2,"quote_summary":"与此同时，公司通过业务结构调整，提升高附加价值产品比重，导致主营业务毛利同比去年大幅增长151.03%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600685","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"cab31f03d5e1","from":"company:600685","from_name":"中船防务","to":"topic:船舶制造","to_name":"船舶制造","relation":"involves_topic","direction":"semantic","summary":"中船防务 研报中反复涉及 船舶制造。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中船防务-600685-国防军工-33f018e302c1.md","chunk_id":"chunk:c622978d2405","chunk_index":11,"quote_summary":"船舶行业为典型外向型行业，行业形势与经济、航运等密切相关，造船行业毛利率波动较大，2022 年造船业务毛利率为 7.6%，较上年下降 1.6pp，随着海上风电行业发展，市场上对风电平台等需求略有增加，海工业务毛利增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600685","target":"topic:船舶制造","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"25273e8b6502","from":"company:600685","from_name":"中船防务","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"中船防务 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-a517f162d983.md","chunk_id":"chunk:3125817ce028","chunk_index":12,"quote_summary":"其中，造船产品为最主要业务（2024 年营收占比为 86.21%），公司毛利润主要来自造船产品，2024 年公司生产效率提高，产品建造成本得到进一步控制，造船业务毛利率 9.33%，较上年增长 3.86pct。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600685","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"98281809cf5a","from":"company:600685","from_name":"中船防务","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"中船防务 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中船防务-600685-国防军工-33f018e302c1.md","chunk_id":"chunk:c622978d2405","chunk_index":11,"quote_summary":"船舶行业为典型外向型行业，行业形势与经济、航运等密切相关，造船行业毛利率波动较大，2022 年造船业务毛利率为 7.6%，较上年下降 1.6pp，随着海上风电行业发展，市场上对风电平台等需求略有增加，海工业务毛利增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600685","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"014769950f84","from":"company:600685","from_name":"中船防务","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"中船防务 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-a517f162d983.md","chunk_id":"chunk:3125817ce028","chunk_index":12,"quote_summary":"其中，造船产品为最主要业务（2024 年营收占比为 86.21%），公司毛利润主要来自造船产品，2024 年公司生产效率提高，产品建造成本得到进一步控制，造船业务毛利率 9.33%，较上年增长 3.86pct。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600685","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"10e1a0dfb6ff","from":"company:600685","from_name":"中船防务","to":"topic:钢材","to_name":"钢材","relation":"involves_topic","direction":"semantic","summary":"中船防务 研报中反复涉及 钢材。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中船防务-600685-国防军工-33f018e302c1.md","chunk_id":"chunk:c622978d2405","chunk_index":11,"quote_summary":"船舶行业为典型外向型行业，行业形势与经济、航运等密切相关，造船行业毛利率波动较大，2022 年造船业务毛利率为 7.6%，较上年下降 1.6pp，随着海上风电行业发展，市场上对风电平台等需求略有增加，海工业务毛利增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600685","target":"topic:钢材","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0bdf25db72e8","from":"company:600685","from_name":"中船防务","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"中船防务 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中船防务-600685-国防军工-33f018e302c1.md","chunk_id":"chunk:c622978d2405","chunk_index":11,"quote_summary":"船舶行业为典型外向型行业，行业形势与经济、航运等密切相关，造船行业毛利率波动较大，2022 年造船业务毛利率为 7.6%，较上年下降 1.6pp，随着海上风电行业发展，市场上对风电平台等需求略有增加，海工业务毛利增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600685","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"720116a25c2a","from":"company:600760","from_name":"中航沈飞","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"中航沈飞 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-ceecd743f594.md","chunk_id":"chunk:2b6304b118c0","chunk_index":2,"quote_summary":"负债合计 445.60 亿元，同比增长 44.60%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600760","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d1949790c349","from":"company:600760","from_name":"中航沈飞","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"中航沈飞 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航沈飞-600760-e31a5a2e4b1b.md","chunk_id":"chunk:afdbe984785e","chunk_index":4,"quote_summary":"应收账款为 203.70 亿元，同比增长 31.29%，虽有所上升，但结合合同负债 56.52 亿元来看，订单储备依然充足，回款节奏受大客户结算周期影响较大，信用风险整体可控。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600760","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"fdbc44b19651","from":"company:600760","from_name":"中航沈飞","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"中航沈飞 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-年-10-月-31-日-daa5c1e9546d.md","chunk_id":"chunk:75b98ea643fe","chunk_index":4,"quote_summary":"公司根据《SIPRI 2025 年鉴》，2015-2024 年，全球军事支出增长 37%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600760","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d4a7a23d7cd4","from":"company:600760","from_name":"中航沈飞","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"中航沈飞 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航沈飞-600760-sh-bbb942b44937.md","chunk_id":"chunk:28dd52e6120d","chunk_index":0,"quote_summary":"**25Q3 公司营收同比大幅增长，反映主机龙头经营韧性**：25Q3 公司实现营收 59.78 亿（+62.8%），环比-32.0%，归母净利润 2.25 亿同比+12.9%，环比-68.1%，营收较 24Q3 大幅增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600760","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e11d55dbe1c5","from":"company:600760","from_name":"中航沈飞","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"中航沈飞 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航沈飞-600760-sh-bbb942b44937.md","chunk_id":"chunk:28dd52e6120d","chunk_index":0,"quote_summary":"**25Q3 公司营收同比大幅增长，反映主机龙头经营韧性**：25Q3 公司实现营收 59.78 亿（+62.8%），环比-32.0%，归母净利润 2.25 亿同比+12.9%，环比-68.1%，营收较 24Q3 大幅增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600760","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f4237f132768","from":"company:600760","from_name":"中航沈飞","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"中航沈飞 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航沈飞-600760-sh-bbb942b44937.md","chunk_id":"chunk:28dd52e6120d","chunk_index":0,"quote_summary":"**25Q3 公司营收同比大幅增长，反映主机龙头经营韧性**：25Q3 公司实现营收 59.78 亿（+62.8%），环比-32.0%，归母净利润 2.25 亿同比+12.9%，环比-68.1%，营收较 24Q3 大幅增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600760","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"831022aa9ad7","from":"company:600760","from_name":"中航沈飞","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"中航沈飞 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航沈飞-600760-e31a5a2e4b1b.md","chunk_id":"chunk:afdbe984785e","chunk_index":4,"quote_summary":"应收账款为 203.70 亿元，同比增长 31.29%，虽有所上升，但结合合同负债 56.52 亿元来看，订单储备依然充足，回款节奏受大客户结算周期影响较大，信用风险整体可控。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600760","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7843af017037","from":"company:600760","from_name":"中航沈飞","to":"topic:环比","to_name":"环比","relation":"involves_topic","direction":"semantic","summary":"中航沈飞 研报中反复涉及 环比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航沈飞-600760-sh-bbb942b44937.md","chunk_id":"chunk:28dd52e6120d","chunk_index":0,"quote_summary":"**25Q3 公司营收同比大幅增长，反映主机龙头经营韧性**：25Q3 公司实现营收 59.78 亿（+62.8%），环比-32.0%，归母净利润 2.25 亿同比+12.9%，环比-68.1%，营收较 24Q3 大幅增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600760","target":"topic:环比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"101c2a299af1","from":"company:600760","from_name":"中航沈飞","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"中航沈飞 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航沈飞-600760-db99473a0847.md","chunk_id":"chunk:b1a9c422c8f7","chunk_index":4,"quote_summary":"* **盈利预测与投资评级：**公司业绩符合市场预期，我们基本维持先前的预测，预计公司 2025-2027 年归母净利润分别为 35.39/44.28/50.96 亿元，对应 PE 分别为 51/41/36 倍，维持“买入”评级。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600760","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"49a249bbf1ed","from":"company:600760","from_name":"中航沈飞","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"中航沈飞 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航沈飞-600760-sh-bbb942b44937.md","chunk_id":"chunk:28dd52e6120d","chunk_index":0,"quote_summary":"**25Q3 公司营收同比大幅增长，反映主机龙头经营韧性**：25Q3 公司实现营收 59.78 亿（+62.8%），环比-32.0%，归母净利润 2.25 亿同比+12.9%，环比-68.1%，营收较 24Q3 大幅增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600760","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e11c30dc5955","from":"company:600760","from_name":"中航沈飞","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"中航沈飞 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航沈飞-600760-sh-bbb942b44937.md","chunk_id":"chunk:28dd52e6120d","chunk_index":0,"quote_summary":"**25Q3 公司营收同比大幅增长，反映主机龙头经营韧性**：25Q3 公司实现营收 59.78 亿（+62.8%），环比-32.0%，归母净利润 2.25 亿同比+12.9%，环比-68.1%，营收较 24Q3 大幅增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600760","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1b9bae63f89d","from":"company:600760","from_name":"中航沈飞","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"中航沈飞 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航沈飞-600760-sh-bbb942b44937.md","chunk_id":"chunk:28dd52e6120d","chunk_index":0,"quote_summary":"**25Q3 公司营收同比大幅增长，反映主机龙头经营韧性**：25Q3 公司实现营收 59.78 亿（+62.8%），环比-32.0%，归母净利润 2.25 亿同比+12.9%，环比-68.1%，营收较 24Q3 大幅增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600760","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"84d01e8d636f","from":"company:600760","from_name":"中航沈飞","to":"topic:钛","to_name":"钛","relation":"involves_topic","direction":"semantic","summary":"中航沈飞 研报中反复涉及 钛。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-ceecd743f594.md","chunk_id":"chunk:2b6304b118c0","chunk_index":2,"quote_summary":"负债合计 445.60 亿元，同比增长 44.60%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600760","target":"topic:钛","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a864f6514deb","from":"company:600760","from_name":"中航沈飞","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"中航沈飞 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航沈飞-600760-sh-bbb942b44937.md","chunk_id":"chunk:28dd52e6120d","chunk_index":0,"quote_summary":"**25Q3 公司营收同比大幅增长，反映主机龙头经营韧性**：25Q3 公司实现营收 59.78 亿（+62.8%），环比-32.0%，归母净利润 2.25 亿同比+12.9%，环比-68.1%，营收较 24Q3 大幅增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600760","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0350720ea573","from":"company:600764","from_name":"中国海防","to":"topic:lng","to_name":"LNG","relation":"involves_topic","direction":"semantic","summary":"中国海防 研报中反复涉及 LNG。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国海防-600764-5fb259699aad.md","chunk_id":"chunk:8e43a2f1d172","chunk_index":8,"quote_summary":"报告期内公司在非防务领域实现业务营业收入约 6.5 亿元，同比增长 3.56%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600764","target":"topic:lng","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"aed4b87565d3","from":"company:600764","from_name":"中国海防","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"中国海防 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国海防-600764-2019-年半年报点评-产业资源进一步优化整合-未来业绩可期-f70584cb19ca.md","chunk_id":"chunk:4cda8f0bae31","chunk_index":2,"quote_summary":"分业务看，特装电子产品销售收入 8,326.66 万元，同比下降 19.62%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600764","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d33686ca2007","from":"company:600764","from_name":"中国海防","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"中国海防 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国海防-600764-5fb259699aad.md","chunk_id":"chunk:8e43a2f1d172","chunk_index":8,"quote_summary":"报告期内公司在非防务领域实现业务营业收入约 6.5 亿元，同比增长 3.56%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600764","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"33a8f9a960b8","from":"company:600764","from_name":"中国海防","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"中国海防 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司点评报告-航海装备ii-469fe61d111c.md","chunk_id":"chunk:813435228692","chunk_index":4,"quote_summary":"* **各板块营收变化的原因主要在于市场需求的变化以及公司产品的市场竞争力提升：**2025 年上半年，公司实现营业收入 13.85 亿元，同比增长 19.64%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600764","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c107e2acdbf0","from":"company:600764","from_name":"中国海防","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"中国海防 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司点评报告-航海装备ii-469fe61d111c.md","chunk_id":"chunk:813435228692","chunk_index":4,"quote_summary":"* **各板块营收变化的原因主要在于市场需求的变化以及公司产品的市场竞争力提升：**2025 年上半年，公司实现营业收入 13.85 亿元，同比增长 19.64%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600764","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7124be9ccf90","from":"company:600764","from_name":"中国海防","to":"topic:天然气","to_name":"天然气","relation":"involves_topic","direction":"semantic","summary":"中国海防 研报中反复涉及 天然气。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国海防-600764-5fb259699aad.md","chunk_id":"chunk:8e43a2f1d172","chunk_index":8,"quote_summary":"报告期内公司在非防务领域实现业务营业收入约 6.5 亿元，同比增长 3.56%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600764","target":"topic:天然气","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f473503e5049","from":"company:600764","from_name":"中国海防","to":"topic:工业原材料","to_name":"工业原材料","relation":"involves_topic","direction":"semantic","summary":"中国海防 研报中反复涉及 工业原材料。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司点评报告-航海装备ii-469fe61d111c.md","chunk_id":"chunk:813435228692","chunk_index":4,"quote_summary":"* **各板块营收变化的原因主要在于市场需求的变化以及公司产品的市场竞争力提升：**2025 年上半年，公司实现营业收入 13.85 亿元，同比增长 19.64%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600764","target":"topic:工业原材料","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b1c5a79967a3","from":"company:600764","from_name":"中国海防","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"中国海防 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司点评报告-航海装备ii-469fe61d111c.md","chunk_id":"chunk:813435228692","chunk_index":4,"quote_summary":"* **各板块营收变化的原因主要在于市场需求的变化以及公司产品的市场竞争力提升：**2025 年上半年，公司实现营业收入 13.85 亿元，同比增长 19.64%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600764","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"527d43de0294","from":"company:600764","from_name":"中国海防","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"中国海防 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司点评报告-航海装备ii-469fe61d111c.md","chunk_id":"chunk:813435228692","chunk_index":4,"quote_summary":"* **各板块营收变化的原因主要在于市场需求的变化以及公司产品的市场竞争力提升：**2025 年上半年，公司实现营业收入 13.85 亿元，同比增长 19.64%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600764","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"cfca855b2c54","from":"company:600764","from_name":"中国海防","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"中国海防 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司点评报告-航海装备ii-469fe61d111c.md","chunk_id":"chunk:813435228692","chunk_index":4,"quote_summary":"* **各板块营收变化的原因主要在于市场需求的变化以及公司产品的市场竞争力提升：**2025 年上半年，公司实现营业收入 13.85 亿元，同比增长 19.64%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600764","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"69c9ea76ee27","from":"company:600764","from_name":"中国海防","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"中国海防 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司点评报告-航海装备ii-469fe61d111c.md","chunk_id":"chunk:813435228692","chunk_index":4,"quote_summary":"* **各板块营收变化的原因主要在于市场需求的变化以及公司产品的市场竞争力提升：**2025 年上半年，公司实现营业收入 13.85 亿元，同比增长 19.64%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600764","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3c9691c54f4b","from":"company:600764","from_name":"中国海防","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"中国海防 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国海防-600764-c04f645618d0.md","chunk_id":"chunk:6fe49ee8d2dd","chunk_index":6,"quote_summary":"其中，海洋防务水下警戒探测装备研发及产业化项目拟投资 10.31 亿元用于研发水下警戒探测装备，以及提升公司水下警戒探测装备产业化水平，增强公司科技研发能力，创新新产品，开拓新市场。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600764","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"27064dcc28f5","from":"company:600764","from_name":"中国海防","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"中国海防 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司点评报告-航海装备ii-469fe61d111c.md","chunk_id":"chunk:813435228692","chunk_index":4,"quote_summary":"* **各板块营收变化的原因主要在于市场需求的变化以及公司产品的市场竞争力提升：**2025 年上半年，公司实现营业收入 13.85 亿元，同比增长 19.64%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600764","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6a602721b7f0","from":"company:600765","from_name":"中航重机","to":"topic:cagr","to_name":"CAGR","relation":"involves_topic","direction":"semantic","summary":"中航重机 研报中反复涉及 CAGR。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md","chunk_id":"chunk:95c6a2ade6a6","chunk_index":5,"quote_summary":"- 2.2 安吉精铸是我国航空铸造龙头，未来或受益于航空制造业高景气 7"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600765","target":"topic:cagr","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c79f6adc26c4","from":"company:600765","from_name":"中航重机","to":"topic:产业链","to_name":"产业链","relation":"involves_topic","direction":"semantic","summary":"中航重机 研报中反复涉及 产业链。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md","chunk_id":"chunk:95c6a2ade6a6","chunk_index":5,"quote_summary":"- 2.2 安吉精铸是我国航空铸造龙头，未来或受益于航空制造业高景气 7"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600765","target":"topic:产业链","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"989f02e83b0d","from":"company:600765","from_name":"中航重机","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"中航重机 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航重机-600765-sh-bdcacdfeffd9.md","chunk_id":"chunk:afbd5025bec3","chunk_index":0,"quote_summary":"业务结构持续优化，商用、非航、“大国防”业务保持稳定增长：1）开拓新产品、新用户，订单稳健增长：25H1 公司开发新产品 4002 项（+10.07%），新签订单、储备订单同比增长 9.39%、9.26%，产品中标率较 25H1 提升 10.07pct。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600765","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"336dbda2fd61","from":"company:600765","from_name":"中航重机","to":"topic:低空经济","to_name":"低空经济","relation":"involves_topic","direction":"semantic","summary":"中航重机 研报中反复涉及 低空经济。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航重机-600765-sh-fa72a6c927f4.md","chunk_id":"chunk:168c2739462f","chunk_index":1,"quote_summary":"**航空基础结构主力军持续拓展业务增长极，有望充分受益新质新域高景气：**"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600765","target":"topic:低空经济","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"96718526764e","from":"company:600765","from_name":"中航重机","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"中航重机 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航重机-600765-sh-a81871f35f52.md","chunk_id":"chunk:81c0bbedf0fe","chunk_index":3,"quote_summary":"我们认为，公司正逐步从航空锻造龙头蜕变成为航空基础结构主力军，未来有望充分受益于航空工业高景气，开启新一轮高成长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600765","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e17cd5b9415a","from":"company:600765","from_name":"中航重机","to":"topic:原材料","to_name":"原材料","relation":"involves_topic","direction":"semantic","summary":"中航重机 研报中反复涉及 原材料。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航重机-600765-a8f22a50abee.md","chunk_id":"chunk:5c5a922aae96","chunk_index":5,"quote_summary":"* **盈利预测与投资评级**：公司业绩相对承压，考虑到订单波动，我们下调先前的预期，预计公司 2025-2026 年归母净利润分别为 12.37/15.17 亿元，前值 18.89/21.72 亿元，新增 2027 年预期 17.55 亿元，对应 PE 分别为 22/18/15 倍，考虑到公司是国内稀缺的航空锻铸造..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600765","target":"topic:原材料","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0ae79ab5a150","from":"company:600765","from_name":"中航重机","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"中航重机 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航重机-600765-sh-bdcacdfeffd9.md","chunk_id":"chunk:afbd5025bec3","chunk_index":0,"quote_summary":"业务结构持续优化，商用、非航、“大国防”业务保持稳定增长：1）开拓新产品、新用户，订单稳健增长：25H1 公司开发新产品 4002 项（+10.07%），新签订单、储备订单同比增长 9.39%、9.26%，产品中标率较 25H1 提升 10.07pct。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600765","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"5da277a5e9d1","from":"company:600765","from_name":"中航重机","to":"topic:工业原材料","to_name":"工业原材料","relation":"involves_topic","direction":"semantic","summary":"中航重机 研报中反复涉及 工业原材料。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航重机-600765-sh-8580f64a62b0.md","chunk_id":"chunk:b7bcfbbc4658","chunk_index":5,"quote_summary":"我们认为，公司正逐步从航空锻造龙头蜕变成为航空基础结构主力军，未来有望充分受益于航空工业高景气，开启新一轮高成长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600765","target":"topic:工业原材料","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f174dcb34aff","from":"company:600765","from_name":"中航重机","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"中航重机 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航重机-600765-sh-a81871f35f52.md","chunk_id":"chunk:81c0bbedf0fe","chunk_index":3,"quote_summary":"我们认为，公司正逐步从航空锻造龙头蜕变成为航空基础结构主力军，未来有望充分受益于航空工业高景气，开启新一轮高成长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600765","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"fa1f409aac71","from":"company:600765","from_name":"中航重机","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"中航重机 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md","chunk_id":"chunk:95c6a2ade6a6","chunk_index":5,"quote_summary":"- 2.2 安吉精铸是我国航空铸造龙头，未来或受益于航空制造业高景气 7"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600765","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1170849e8ddf","from":"company:600765","from_name":"中航重机","to":"topic:环比","to_name":"环比","relation":"involves_topic","direction":"semantic","summary":"中航重机 研报中反复涉及 环比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航重机-600765-sh-bdcacdfeffd9.md","chunk_id":"chunk:afbd5025bec3","chunk_index":0,"quote_summary":"业务结构持续优化，商用、非航、“大国防”业务保持稳定增长：1）开拓新产品、新用户，订单稳健增长：25H1 公司开发新产品 4002 项（+10.07%），新签订单、储备订单同比增长 9.39%、9.26%，产品中标率较 25H1 提升 10.07pct。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600765","target":"topic:环比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d71189e106ec","from":"company:600765","from_name":"中航重机","to":"topic:航天","to_name":"航天","relation":"involves_topic","direction":"semantic","summary":"中航重机 研报中反复涉及 航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航重机-600765-sh-fa72a6c927f4.md","chunk_id":"chunk:168c2739462f","chunk_index":1,"quote_summary":"**航空基础结构主力军持续拓展业务增长极，有望充分受益新质新域高景气：**"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600765","target":"topic:航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"be30f94a413e","from":"company:600765","from_name":"中航重机","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"中航重机 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md","chunk_id":"chunk:95c6a2ade6a6","chunk_index":5,"quote_summary":"- 2.2 安吉精铸是我国航空铸造龙头，未来或受益于航空制造业高景气 7"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600765","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3345973de539","from":"company:600765","from_name":"中航重机","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"中航重机 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md","chunk_id":"chunk:95c6a2ade6a6","chunk_index":5,"quote_summary":"- 2.2 安吉精铸是我国航空铸造龙头，未来或受益于航空制造业高景气 7"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600765","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d711c6146ec9","from":"company:600765","from_name":"中航重机","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"中航重机 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md","chunk_id":"chunk:95c6a2ade6a6","chunk_index":5,"quote_summary":"- 2.2 安吉精铸是我国航空铸造龙头，未来或受益于航空制造业高景气 7"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600765","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"49056bf32761","from":"company:600765","from_name":"中航重机","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"中航重机 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航重机-600765-sh-a81871f35f52.md","chunk_id":"chunk:81c0bbedf0fe","chunk_index":3,"quote_summary":"我们认为，公司正逐步从航空锻造龙头蜕变成为航空基础结构主力军，未来有望充分受益于航空工业高景气，开启新一轮高成长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600765","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"953a1c68c206","from":"company:600765","from_name":"中航重机","to":"topic:钛","to_name":"钛","relation":"involves_topic","direction":"semantic","summary":"中航重机 研报中反复涉及 钛。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md","chunk_id":"chunk:95c6a2ade6a6","chunk_index":5,"quote_summary":"- 2.2 安吉精铸是我国航空铸造龙头，未来或受益于航空制造业高景气 7"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600765","target":"topic:钛","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9082a573cc60","from":"company:600765","from_name":"中航重机","to":"topic:铝","to_name":"铝","relation":"involves_topic","direction":"semantic","summary":"中航重机 研报中反复涉及 铝。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md","chunk_id":"chunk:95c6a2ade6a6","chunk_index":5,"quote_summary":"- 2.2 安吉精铸是我国航空铸造龙头，未来或受益于航空制造业高景气 7"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600765","target":"topic:铝","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1f7a32b1556f","from":"company:600765","from_name":"中航重机","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"中航重机 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航重机-600765-sh-a81871f35f52.md","chunk_id":"chunk:81c0bbedf0fe","chunk_index":3,"quote_summary":"我们认为，公司正逐步从航空锻造龙头蜕变成为航空基础结构主力军，未来有望充分受益于航空工业高景气，开启新一轮高成长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600765","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"fab13fd436d7","from":"company:600855","from_name":"航天长峰","to":"topic:信创","to_name":"信创","relation":"involves_topic","direction":"semantic","summary":"航天长峰 研报中反复涉及 信创。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天长峰-600855-e9f7869612c1.md","chunk_id":"chunk:2fc9c1f5e3ac","chunk_index":6,"quote_summary":"⚫ **受益于医疗器械业务业绩大幅提高，公司 2020 年收入稳定增长**"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600855","target":"topic:信创","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6d5dbe71ff8e","from":"company:600855","from_name":"航天长峰","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"航天长峰 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天长峰-600855-e9f7869612c1.md","chunk_id":"chunk:2fc9c1f5e3ac","chunk_index":6,"quote_summary":"⚫ **受益于医疗器械业务业绩大幅提高，公司 2020 年收入稳定增长**"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600855","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"83cdefe3603f","from":"company:600855","from_name":"航天长峰","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"航天长峰 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天长峰-600855-e9f7869612c1.md","chunk_id":"chunk:2fc9c1f5e3ac","chunk_index":6,"quote_summary":"⚫ **受益于医疗器械业务业绩大幅提高，公司 2020 年收入稳定增长**"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600855","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6ec4de4639eb","from":"company:600855","from_name":"航天长峰","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"航天长峰 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天长峰-600855-e9f7869612c1.md","chunk_id":"chunk:2fc9c1f5e3ac","chunk_index":6,"quote_summary":"⚫ **受益于医疗器械业务业绩大幅提高，公司 2020 年收入稳定增长**"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600855","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4c96c67b2aeb","from":"company:600855","from_name":"航天长峰","to":"topic:数据中心","to_name":"数据中心","relation":"involves_topic","direction":"semantic","summary":"航天长峰 研报中反复涉及 数据中心。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天长峰-600855-e9f7869612c1.md","chunk_id":"chunk:2fc9c1f5e3ac","chunk_index":6,"quote_summary":"⚫ **受益于医疗器械业务业绩大幅提高，公司 2020 年收入稳定增长**"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600855","target":"topic:数据中心","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4bff6b24f6ba","from":"company:600855","from_name":"航天长峰","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"航天长峰 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天长峰-600855-e9f7869612c1.md","chunk_id":"chunk:2fc9c1f5e3ac","chunk_index":6,"quote_summary":"⚫ **受益于医疗器械业务业绩大幅提高，公司 2020 年收入稳定增长**"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600855","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1dc4b071be1e","from":"company:600855","from_name":"航天长峰","to":"topic:航天","to_name":"航天","relation":"involves_topic","direction":"semantic","summary":"航天长峰 研报中反复涉及 航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天长峰-600855-e9f7869612c1.md","chunk_id":"chunk:2fc9c1f5e3ac","chunk_index":6,"quote_summary":"⚫ **受益于医疗器械业务业绩大幅提高，公司 2020 年收入稳定增长**"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600855","target":"topic:航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"38e2ff318a6c","from":"company:600855","from_name":"航天长峰","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"航天长峰 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航证券金融研究所-b9fa3da834e8.md","chunk_id":"chunk:25f7d08461df","chunk_index":7,"quote_summary":"医疗器械业务收入（1.40 亿元，+5.40%）保持稳定增长，但毛利率（23.02%，-9.81pcts）出现较大幅度下滑，创公司上市以来新低，我们认为主要原因可能是公司医疗器械业务规模较小、且处于市场推广阶段、市场竞争力不强以及研发费用增大等因素影响所致。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600855","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"79e499eedb31","from":"company:600855","from_name":"航天长峰","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"航天长峰 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天长峰-600855-e9f7869612c1.md","chunk_id":"chunk:2fc9c1f5e3ac","chunk_index":6,"quote_summary":"⚫ **受益于医疗器械业务业绩大幅提高，公司 2020 年收入稳定增长**"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600855","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6201ac1fd5fe","from":"company:600855","from_name":"航天长峰","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"航天长峰 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航证券金融研究所-b9fa3da834e8.md","chunk_id":"chunk:25f7d08461df","chunk_index":7,"quote_summary":"医疗器械业务收入（1.40 亿元，+5.40%）保持稳定增长，但毛利率（23.02%，-9.81pcts）出现较大幅度下滑，创公司上市以来新低，我们认为主要原因可能是公司医疗器械业务规模较小、且处于市场推广阶段、市场竞争力不强以及研发费用增大等因素影响所致。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600855","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9d56a9871ade","from":"company:600862","from_name":"中航高科","to":"topic:c919","to_name":"C919","relation":"involves_topic","direction":"semantic","summary":"中航高科 研报中反复涉及 C919。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-633d8f901743.md","chunk_id":"chunk:e9fcb5227534","chunk_index":6,"quote_summary":"**航发及低空：** 公司在上海设立商用发动机复合材料零组件专业化公司、投资新设深圳轻快世界科技有限公司，有助于公司提前进行市场布局，有望伴随政策推动和产业化落地成为公司新的业务增长点。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600862","target":"topic:c919","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a41eb398fe23","from":"company:600862","from_name":"中航高科","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"中航高科 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-a155ac175e30.md","chunk_id":"chunk:b95939776cc4","chunk_index":2,"quote_summary":"**受益于预浸料产品交付的增长，航空新材料业务 2025 年上半年实现营收 27.17 亿元，同比增长 7.89%，实现净利润 6.44 亿元，同比增长 1.75%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600862","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3421a7c1bbe0","from":"company:600862","from_name":"中航高科","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"中航高科 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航高科-600862-877362ab8a29.md","chunk_id":"chunk:6920f611c8c7","chunk_index":2,"quote_summary":"作为我国航空复合材料领域的龙头企业，公司在立足军品业务的基础上，积极拓展民用航空和低空经济等市场领域，未来成长空间十分广阔。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600862","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d253349fdeb7","from":"company:600862","from_name":"中航高科","to":"topic:低空经济","to_name":"低空经济","relation":"involves_topic","direction":"semantic","summary":"中航高科 研报中反复涉及 低空经济。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-633d8f901743.md","chunk_id":"chunk:e9fcb5227534","chunk_index":6,"quote_summary":"**航发及低空：** 公司在上海设立商用发动机复合材料零组件专业化公司、投资新设深圳轻快世界科技有限公司，有助于公司提前进行市场布局，有望伴随政策推动和产业化落地成为公司新的业务增长点。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600862","target":"topic:低空经济","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"73c99a2059f8","from":"company:600862","from_name":"中航高科","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"中航高科 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-633d8f901743.md","chunk_id":"chunk:e9fcb5227534","chunk_index":6,"quote_summary":"**航发及低空：** 公司在上海设立商用发动机复合材料零组件专业化公司、投资新设深圳轻快世界科技有限公司，有助于公司提前进行市场布局，有望伴随政策推动和产业化落地成为公司新的业务增长点。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600862","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6d1252fb59f8","from":"company:600862","from_name":"中航高科","to":"topic:化工品","to_name":"化工品","relation":"involves_topic","direction":"semantic","summary":"中航高科 研报中反复涉及 化工品。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-633d8f901743.md","chunk_id":"chunk:e9fcb5227534","chunk_index":6,"quote_summary":"**航发及低空：** 公司在上海设立商用发动机复合材料零组件专业化公司、投资新设深圳轻快世界科技有限公司，有助于公司提前进行市场布局，有望伴随政策推动和产业化落地成为公司新的业务增长点。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600862","target":"topic:化工品","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"5b58e526b7e1","from":"company:600862","from_name":"中航高科","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"中航高科 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-633d8f901743.md","chunk_id":"chunk:e9fcb5227534","chunk_index":6,"quote_summary":"**航发及低空：** 公司在上海设立商用发动机复合材料零组件专业化公司、投资新设深圳轻快世界科技有限公司，有助于公司提前进行市场布局，有望伴随政策推动和产业化落地成为公司新的业务增长点。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600862","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"039d047e18d4","from":"company:600862","from_name":"中航高科","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"中航高科 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2026-年-03-月-25-日-0ca83dc998ac.md","chunk_id":"chunk:c807d051d9f9","chunk_index":2,"quote_summary":"报告期内，公司航空新材料业务实现营业收入 49.38 亿元，较上年同期下降 0.63%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600862","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4450bd0af7b6","from":"company:600862","from_name":"中航高科","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"中航高科 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航高科-600862-baa5aad0af41.md","chunk_id":"chunk:bcf8ea9aa9ad","chunk_index":3,"quote_summary":"* **盈利预测与投资评级：**公司业绩符合市场预期，我们基本维持先前对公司 2025-2027 年归母净利润预测，分别为 13.71/16.24/17.93 亿元，对应 PE 分别为 23/20/18 倍，维持“买入”评级。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600862","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"11e0d086b3fd","from":"company:600862","from_name":"中航高科","to":"topic:碳纤维","to_name":"碳纤维","relation":"involves_topic","direction":"semantic","summary":"中航高科 研报中反复涉及 碳纤维。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-633d8f901743.md","chunk_id":"chunk:e9fcb5227534","chunk_index":6,"quote_summary":"**航发及低空：** 公司在上海设立商用发动机复合材料零组件专业化公司、投资新设深圳轻快世界科技有限公司，有助于公司提前进行市场布局，有望伴随政策推动和产业化落地成为公司新的业务增长点。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600862","target":"topic:碳纤维","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f62ffd4e9764","from":"company:600862","from_name":"中航高科","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"中航高科 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-633d8f901743.md","chunk_id":"chunk:e9fcb5227534","chunk_index":6,"quote_summary":"**航发及低空：** 公司在上海设立商用发动机复合材料零组件专业化公司、投资新设深圳轻快世界科技有限公司，有助于公司提前进行市场布局，有望伴随政策推动和产业化落地成为公司新的业务增长点。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600862","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"bca70d12a241","from":"company:600862","from_name":"中航高科","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"中航高科 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航高科-600862-baa5aad0af41.md","chunk_id":"chunk:bcf8ea9aa9ad","chunk_index":3,"quote_summary":"* **盈利预测与投资评级：**公司业绩符合市场预期，我们基本维持先前对公司 2025-2027 年归母净利润预测，分别为 13.71/16.24/17.93 亿元，对应 PE 分别为 23/20/18 倍，维持“买入”评级。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600862","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6e60135745cb","from":"company:600862","from_name":"中航高科","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"中航高科 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-633d8f901743.md","chunk_id":"chunk:e9fcb5227534","chunk_index":6,"quote_summary":"**航发及低空：** 公司在上海设立商用发动机复合材料零组件专业化公司、投资新设深圳轻快世界科技有限公司，有助于公司提前进行市场布局，有望伴随政策推动和产业化落地成为公司新的业务增长点。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600862","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"af9835d9d490","from":"company:600862","from_name":"中航高科","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"中航高科 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-公-司-研-究-6e41046c3f20.md","chunk_id":"chunk:fdec0befbcd4","chunk_index":2,"quote_summary":"报告期内，公司坚持深耕主业提质增效，航空新材料业务实现营业收入 49.69 亿元，较上年同期增长 6.37%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600862","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"941417dfddb1","from":"company:600862","from_name":"中航高科","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"中航高科 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航高科-600862-baa5aad0af41.md","chunk_id":"chunk:bcf8ea9aa9ad","chunk_index":3,"quote_summary":"* **盈利预测与投资评级：**公司业绩符合市场预期，我们基本维持先前对公司 2025-2027 年归母净利润预测，分别为 13.71/16.24/17.93 亿元，对应 PE 分别为 23/20/18 倍，维持“买入”评级。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600862","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9f6d65d8b131","from":"company:600879","from_name":"航天电子","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"航天电子 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司点评报告-航天装备ii-a401483a3291.md","chunk_id":"chunk:0d3d3044d5f7","chunk_index":8,"quote_summary":"* **盈利预测与投资评级**：公司业绩符合预期，考虑到公司在航天电子的优势地位以及军贸市场的快速拓展，我们维持先前的预测，预计公司 2024-2026 年归母净利润预测分别为 7.37/9.24/11.04 亿元，对应 PE 分别 33/26/22 倍，维持“买入”评级。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600879","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"301e1024b07f","from":"company:600879","from_name":"航天电子","to":"topic:低空经济","to_name":"低空经济","relation":"involves_topic","direction":"semantic","summary":"航天电子 研报中反复涉及 低空经济。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司点评报告-航天装备ii-a401483a3291.md","chunk_id":"chunk:0d3d3044d5f7","chunk_index":8,"quote_summary":"* **盈利预测与投资评级**：公司业绩符合预期，考虑到公司在航天电子的优势地位以及军贸市场的快速拓展，我们维持先前的预测，预计公司 2024-2026 年归母净利润预测分别为 7.37/9.24/11.04 亿元，对应 PE 分别 33/26/22 倍，维持“买入”评级。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600879","target":"topic:低空经济","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c0a65fa292cc","from":"company:600879","from_name":"航天电子","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"航天电子 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天电子-600879-sh-a0333eb12cc1.md","chunk_id":"chunk:b2d26f76a586","chunk_index":0,"quote_summary":"归母净利润 3546 万，同比-88.6%，环比+75.4%，主要系 24Q3 收益包含了处置航天电工股权的收益 2.08 亿，导致本报告期投资收益较上年同期减少所致，以及公司主营产品毛利率较 24Q3 降低所致；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600879","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"70397488e1a0","from":"company:600879","from_name":"航天电子","to":"topic:卫星","to_name":"卫星","relation":"involves_topic","direction":"semantic","summary":"航天电子 研报中反复涉及 卫星。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md","chunk_id":"chunk:a262e875cac8","chunk_index":0,"quote_summary":"航天电子（600879）是中国航天科技集团公司旗下从事航天电子测控、航天电子对抗、航天制导、航天电子元器件专业的高科技上市公司，亦是航天九院唯一上市平台，主营业务包括航天电子信息产品和无人系统装备产品，2024 年公司营收 142.8 亿（-23.7%），归母净利润 5.48 亿（+4.4%）；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600879","target":"topic:卫星","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"51aea438519e","from":"company:600879","from_name":"航天电子","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"航天电子 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天电子-600879-sh-a0333eb12cc1.md","chunk_id":"chunk:b2d26f76a586","chunk_index":0,"quote_summary":"归母净利润 3546 万，同比-88.6%，环比+75.4%，主要系 24Q3 收益包含了处置航天电工股权的收益 2.08 亿，导致本报告期投资收益较上年同期减少所致，以及公司主营产品毛利率较 24Q3 降低所致；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600879","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"aa65c6821d2b","from":"company:600879","from_name":"航天电子","to":"topic:商业航天","to_name":"商业航天","relation":"involves_topic","direction":"semantic","summary":"航天电子 研报中反复涉及 商业航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md","chunk_id":"chunk:a262e875cac8","chunk_index":0,"quote_summary":"航天电子（600879）是中国航天科技集团公司旗下从事航天电子测控、航天电子对抗、航天制导、航天电子元器件专业的高科技上市公司，亦是航天九院唯一上市平台，主营业务包括航天电子信息产品和无人系统装备产品，2024 年公司营收 142.8 亿（-23.7%），归母净利润 5.48 亿（+4.4%）；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600879","target":"topic:商业航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c6f6a3181e51","from":"company:600879","from_name":"航天电子","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"航天电子 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md","chunk_id":"chunk:a262e875cac8","chunk_index":0,"quote_summary":"航天电子（600879）是中国航天科技集团公司旗下从事航天电子测控、航天电子对抗、航天制导、航天电子元器件专业的高科技上市公司，亦是航天九院唯一上市平台，主营业务包括航天电子信息产品和无人系统装备产品，2024 年公司营收 142.8 亿（-23.7%），归母净利润 5.48 亿（+4.4%）；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600879","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3ae2bca0eb34","from":"company:600879","from_name":"航天电子","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"航天电子 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md","chunk_id":"chunk:a262e875cac8","chunk_index":0,"quote_summary":"航天电子（600879）是中国航天科技集团公司旗下从事航天电子测控、航天电子对抗、航天制导、航天电子元器件专业的高科技上市公司，亦是航天九院唯一上市平台，主营业务包括航天电子信息产品和无人系统装备产品，2024 年公司营收 142.8 亿（-23.7%），归母净利润 5.48 亿（+4.4%）；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600879","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b4c2aac4ea5c","from":"company:600879","from_name":"航天电子","to":"topic:航天","to_name":"航天","relation":"involves_topic","direction":"semantic","summary":"航天电子 研报中反复涉及 航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md","chunk_id":"chunk:a262e875cac8","chunk_index":0,"quote_summary":"航天电子（600879）是中国航天科技集团公司旗下从事航天电子测控、航天电子对抗、航天制导、航天电子元器件专业的高科技上市公司，亦是航天九院唯一上市平台，主营业务包括航天电子信息产品和无人系统装备产品，2024 年公司营收 142.8 亿（-23.7%），归母净利润 5.48 亿（+4.4%）；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600879","target":"topic:航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"24ff2ec57c38","from":"company:600879","from_name":"航天电子","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"航天电子 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md","chunk_id":"chunk:a262e875cac8","chunk_index":0,"quote_summary":"航天电子（600879）是中国航天科技集团公司旗下从事航天电子测控、航天电子对抗、航天制导、航天电子元器件专业的高科技上市公司，亦是航天九院唯一上市平台，主营业务包括航天电子信息产品和无人系统装备产品，2024 年公司营收 142.8 亿（-23.7%），归母净利润 5.48 亿（+4.4%）；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600879","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2e72cd7d79ff","from":"company:600879","from_name":"航天电子","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"航天电子 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md","chunk_id":"chunk:a262e875cac8","chunk_index":0,"quote_summary":"航天电子（600879）是中国航天科技集团公司旗下从事航天电子测控、航天电子对抗、航天制导、航天电子元器件专业的高科技上市公司，亦是航天九院唯一上市平台，主营业务包括航天电子信息产品和无人系统装备产品，2024 年公司营收 142.8 亿（-23.7%），归母净利润 5.48 亿（+4.4%）；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600879","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"521999f16236","from":"company:600879","from_name":"航天电子","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"航天电子 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天电子-600879-sh-a0333eb12cc1.md","chunk_id":"chunk:b2d26f76a586","chunk_index":0,"quote_summary":"归母净利润 3546 万，同比-88.6%，环比+75.4%，主要系 24Q3 收益包含了处置航天电工股权的收益 2.08 亿，导致本报告期投资收益较上年同期减少所致，以及公司主营产品毛利率较 24Q3 降低所致；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600879","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ea713dcf1534","from":"company:600879","from_name":"航天电子","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"航天电子 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md","chunk_id":"chunk:a262e875cac8","chunk_index":0,"quote_summary":"航天电子（600879）是中国航天科技集团公司旗下从事航天电子测控、航天电子对抗、航天制导、航天电子元器件专业的高科技上市公司，亦是航天九院唯一上市平台，主营业务包括航天电子信息产品和无人系统装备产品，2024 年公司营收 142.8 亿（-23.7%），归母净利润 5.48 亿（+4.4%）；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600879","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"139a47311d1b","from":"company:600893","from_name":"航发动力","to":"topic:cagr","to_name":"CAGR","relation":"involves_topic","direction":"semantic","summary":"航发动力 研报中反复涉及 CAGR。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航发动力-600893-sh-2024-年三季报点评-312cd14bd10a.md","chunk_id":"chunk:a8584bbb5455","chunk_index":2,"quote_summary":"2020~2023 年，公司受益于行业高景气，营收规模快速增加，由 286 亿元增长至 437 亿元，CAGR=15.2%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600893","target":"topic:cagr","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"cc17c04e7362","from":"company:600893","from_name":"航发动力","to":"topic:roa","to_name":"ROA","relation":"involves_topic","direction":"semantic","summary":"航发动力 研报中反复涉及 ROA。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航发动力-600893-sh-2024-年年报点评-859bd5fbb5b9.md","chunk_id":"chunk:fa1d80a31335","chunk_index":0,"quote_summary":"> **4Q24 收入同比增长 26%**；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600893","target":"topic:roa","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7b839b6b1615","from":"company:600893","from_name":"航发动力","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"航发动力 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航发动力-600893-sh-2024-年年报点评-859bd5fbb5b9.md","chunk_id":"chunk:fa1d80a31335","chunk_index":0,"quote_summary":"> **4Q24 收入同比增长 26%**；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600893","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"67b5faa5bd14","from":"company:600893","from_name":"航发动力","to":"topic:下游","to_name":"下游","relation":"involves_topic","direction":"semantic","summary":"航发动力 研报中反复涉及 下游。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司点评报告-航空装备ii-539271074cab.md","chunk_id":"chunk:88b7c33d87bc","chunk_index":4,"quote_summary":"* **财务与销售费用上升，公司业绩相对承压**：财务费用的增加也是拖累业绩的一个重要原因，这部分的增长主要源于带息负债规模的扩大以及汇兑收益的减少，2024 年前三季度公司财务费用达 2.99 亿元，同比大增 125.36%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600893","target":"topic:下游","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6521e515ae26","from":"company:600893","from_name":"航发动力","to":"topic:产业链","to_name":"产业链","relation":"involves_topic","direction":"semantic","summary":"航发动力 研报中反复涉及 产业链。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md","chunk_id":"chunk:ec7db31693fb","chunk_index":0,"quote_summary":"** 根据 Precedence Research，2025 年全球燃气轮机市场规模已达 302.4 亿美元，未来 10 年将以 7.29%的复合年增长率高速增长，2035 年预计市场规模将达到 611.3 亿美元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600893","target":"topic:产业链","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2abd51536076","from":"company:600893","from_name":"航发动力","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"航发动力 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md","chunk_id":"chunk:ec7db31693fb","chunk_index":0,"quote_summary":"** 根据 Precedence Research，2025 年全球燃气轮机市场规模已达 302.4 亿美元，未来 10 年将以 7.29%的复合年增长率高速增长，2035 年预计市场规模将达到 611.3 亿美元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600893","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9f4ba474e375","from":"company:600893","from_name":"航发动力","to":"topic:低空经济","to_name":"低空经济","relation":"involves_topic","direction":"semantic","summary":"航发动力 研报中反复涉及 低空经济。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航发动力-600893-ff9e17369c08.md","chunk_id":"chunk:1b9cf15dfcb2","chunk_index":4,"quote_summary":"* **技术创新和市场拓展方面投入增加，同时也面临外部市场环境和投资收益波动的挑战：** 航发动力 2024 年实现营业收入 478.80 亿元，同比增长 9.48%，其中航空发动机及衍生产品业务收入达 449.94 亿元，同比增长 10.03%，外贸出口转包业务收入 20.74 亿元，同比增长 6.45%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600893","target":"topic:低空经济","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e515deb802df","from":"company:600893","from_name":"航发动力","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"航发动力 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-0a879a618e00.md","chunk_id":"chunk:b978e5096ede","chunk_index":13,"quote_summary":"③ 公司作为航空发动机龙头企业，同时也是国内唯一能够研制涡喷、涡扇、涡轴、涡桨、活塞等全谱系军用航空发动机的企业，将深度受益于国内航空发动机产业发展的黄金周期，在军、民航空市场需求的“双轨”驱动下，未来有望长期受益。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600893","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a56334d4586b","from":"company:600893","from_name":"航发动力","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"航发动力 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-0a879a618e00.md","chunk_id":"chunk:b978e5096ede","chunk_index":13,"quote_summary":"③ 公司作为航空发动机龙头企业，同时也是国内唯一能够研制涡喷、涡扇、涡轴、涡桨、活塞等全谱系军用航空发动机的企业，将深度受益于国内航空发动机产业发展的黄金周期，在军、民航空市场需求的“双轨”驱动下，未来有望长期受益。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600893","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2c18780dfe53","from":"company:600893","from_name":"航发动力","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"航发动力 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-0a879a618e00.md","chunk_id":"chunk:b978e5096ede","chunk_index":13,"quote_summary":"③ 公司作为航空发动机龙头企业，同时也是国内唯一能够研制涡喷、涡扇、涡轴、涡桨、活塞等全谱系军用航空发动机的企业，将深度受益于国内航空发动机产业发展的黄金周期，在军、民航空市场需求的“双轨”驱动下，未来有望长期受益。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600893","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0bb2f6f92adc","from":"company:600893","from_name":"航发动力","to":"topic:天然气","to_name":"天然气","relation":"involves_topic","direction":"semantic","summary":"航发动力 研报中反复涉及 天然气。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md","chunk_id":"chunk:ec7db31693fb","chunk_index":0,"quote_summary":"** 根据 Precedence Research，2025 年全球燃气轮机市场规模已达 302.4 亿美元，未来 10 年将以 7.29%的复合年增长率高速增长，2035 年预计市场规模将达到 611.3 亿美元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600893","target":"topic:天然气","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"203a0476617e","from":"company:600893","from_name":"航发动力","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"航发动力 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航发动力-600893-sh-2024-年三季报点评-312cd14bd10a.md","chunk_id":"chunk:a8584bbb5455","chunk_index":2,"quote_summary":"2020~2023 年，公司受益于行业高景气，营收规模快速增加，由 286 亿元增长至 437 亿元，CAGR=15.2%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600893","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"8ad733076227","from":"company:600893","from_name":"航发动力","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"航发动力 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md","chunk_id":"chunk:ec7db31693fb","chunk_index":0,"quote_summary":"** 根据 Precedence Research，2025 年全球燃气轮机市场规模已达 302.4 亿美元，未来 10 年将以 7.29%的复合年增长率高速增长，2035 年预计市场规模将达到 611.3 亿美元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600893","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0c313cdda8d9","from":"company:600893","from_name":"航发动力","to":"topic:燃气轮机","to_name":"燃气轮机","relation":"involves_topic","direction":"semantic","summary":"航发动力 研报中反复涉及 燃气轮机。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md","chunk_id":"chunk:ec7db31693fb","chunk_index":0,"quote_summary":"** 根据 Precedence Research，2025 年全球燃气轮机市场规模已达 302.4 亿美元，未来 10 年将以 7.29%的复合年增长率高速增长，2035 年预计市场规模将达到 611.3 亿美元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600893","target":"topic:燃气轮机","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ea00e8298744","from":"company:600893","from_name":"航发动力","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"航发动力 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md","chunk_id":"chunk:ec7db31693fb","chunk_index":0,"quote_summary":"** 根据 Precedence Research，2025 年全球燃气轮机市场规模已达 302.4 亿美元，未来 10 年将以 7.29%的复合年增长率高速增长，2035 年预计市场规模将达到 611.3 亿美元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600893","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9f3ece9ba9f7","from":"company:600893","from_name":"航发动力","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"航发动力 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航发动力-600893-sh-2024-年三季报点评-312cd14bd10a.md","chunk_id":"chunk:a8584bbb5455","chunk_index":2,"quote_summary":"2020~2023 年，公司受益于行业高景气，营收规模快速增加，由 286 亿元增长至 437 亿元，CAGR=15.2%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600893","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"11aeda27a79d","from":"company:600893","from_name":"航发动力","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"航发动力 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md","chunk_id":"chunk:ec7db31693fb","chunk_index":0,"quote_summary":"** 根据 Precedence Research，2025 年全球燃气轮机市场规模已达 302.4 亿美元，未来 10 年将以 7.29%的复合年增长率高速增长，2035 年预计市场规模将达到 611.3 亿美元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600893","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1194c95ed1f9","from":"company:600893","from_name":"航发动力","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"航发动力 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航发动力-600893-sh-2024-年三季报点评-312cd14bd10a.md","chunk_id":"chunk:a8584bbb5455","chunk_index":2,"quote_summary":"2020~2023 年，公司受益于行业高景气，营收规模快速增加，由 286 亿元增长至 437 亿元，CAGR=15.2%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600893","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0bf9903f38a1","from":"company:600893","from_name":"航发动力","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"航发动力 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md","chunk_id":"chunk:ec7db31693fb","chunk_index":0,"quote_summary":"** 根据 Precedence Research，2025 年全球燃气轮机市场规模已达 302.4 亿美元，未来 10 年将以 7.29%的复合年增长率高速增长，2035 年预计市场规模将达到 611.3 亿美元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600893","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"afd3cd2580e9","from":"company:600897","from_name":"厦门空港","to":"topic:roa","to_name":"ROA","relation":"involves_topic","direction":"semantic","summary":"厦门空港 研报中反复涉及 ROA。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-年-08-月-15-日-9687db2b867c.md","chunk_id":"chunk:7512c229e323","chunk_index":2,"quote_summary":"厦门机场地处厦漳泉地区，覆盖区域 GDP 总量超过福建省总量 60%，是海峡西岸龙头机场，区域性航空枢纽。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600897","target":"topic:roa","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"618ea62f662c","from":"company:600897","from_name":"厦门空港","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"厦门空港 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-年-08-月-15-日-9687db2b867c.md","chunk_id":"chunk:7512c229e323","chunk_index":2,"quote_summary":"厦门机场地处厦漳泉地区，覆盖区域 GDP 总量超过福建省总量 60%，是海峡西岸龙头机场，区域性航空枢纽。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600897","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"57cbdc57816e","from":"company:600897","from_name":"厦门空港","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"厦门空港 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-年-08-月-15-日-9687db2b867c.md","chunk_id":"chunk:7512c229e323","chunk_index":2,"quote_summary":"厦门机场地处厦漳泉地区，覆盖区域 GDP 总量超过福建省总量 60%，是海峡西岸龙头机场，区域性航空枢纽。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600897","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b0258b08464b","from":"company:600897","from_name":"厦门空港","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"厦门空港 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-年-08-月-15-日-9687db2b867c.md","chunk_id":"chunk:7512c229e323","chunk_index":2,"quote_summary":"厦门机场地处厦漳泉地区，覆盖区域 GDP 总量超过福建省总量 60%，是海峡西岸龙头机场，区域性航空枢纽。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600897","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7e78cc9975d4","from":"company:600897","from_name":"厦门空港","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"厦门空港 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-年-08-月-15-日-9687db2b867c.md","chunk_id":"chunk:7512c229e323","chunk_index":2,"quote_summary":"厦门机场地处厦漳泉地区，覆盖区域 GDP 总量超过福建省总量 60%，是海峡西岸龙头机场，区域性航空枢纽。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600897","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d4cb84f356be","from":"company:600897","from_name":"厦门空港","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"厦门空港 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-年-08-月-15-日-9687db2b867c.md","chunk_id":"chunk:7512c229e323","chunk_index":2,"quote_summary":"厦门机场地处厦漳泉地区，覆盖区域 GDP 总量超过福建省总量 60%，是海峡西岸龙头机场，区域性航空枢纽。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600897","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ae9a941d3a16","from":"company:600897","from_name":"厦门空港","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"厦门空港 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-年-08-月-15-日-9687db2b867c.md","chunk_id":"chunk:7512c229e323","chunk_index":2,"quote_summary":"厦门机场地处厦漳泉地区，覆盖区域 GDP 总量超过福建省总量 60%，是海峡西岸龙头机场，区域性航空枢纽。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600897","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a933a2133bfc","from":"company:600897","from_name":"厦门空港","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"厦门空港 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-年-08-月-15-日-9687db2b867c.md","chunk_id":"chunk:7512c229e323","chunk_index":2,"quote_summary":"厦门机场地处厦漳泉地区，覆盖区域 GDP 总量超过福建省总量 60%，是海峡西岸龙头机场，区域性航空枢纽。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:600897","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"37f0ff8334fb","from":"company:601021","from_name":"春秋航空","to":"topic:roa","to_name":"ROA","relation":"involves_topic","direction":"semantic","summary":"春秋航空 研报中反复涉及 ROA。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-春秋航空-601021-ch-bda28c4afc32.md","chunk_id":"chunk:7caedcb2dec3","chunk_index":0,"quote_summary":"**目標價** CNY 65.5 (+13.8%)"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601021","target":"topic:roa","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2cd91ff26e9e","from":"company:601021","from_name":"春秋航空","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"春秋航空 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-春秋航空-601021-ch-bda28c4afc32.md","chunk_id":"chunk:7caedcb2dec3","chunk_index":0,"quote_summary":"**目標價** CNY 65.5 (+13.8%)"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601021","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"5078cb4cf037","from":"company:601021","from_name":"春秋航空","to":"topic:rpk","to_name":"RPK","relation":"involves_topic","direction":"semantic","summary":"春秋航空 研报中反复涉及 RPK。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-春秋航空-601021-sh-优于大市-fef2e35fb07c.md","chunk_id":"chunk:534745c7e5be","chunk_index":0,"quote_summary":"** 公司持续提升国际市场运力投放，叠加国际油价影响，2024 年全年营业成本达到 174.1 亿，同比增长 12.2%，其中航油成本 61.4 亿，同比增长 8.9%，非油成本 112.7 亿，同比增长 14.1%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601021","target":"topic:rpk","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"38f49d86d2c1","from":"company:601021","from_name":"春秋航空","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"春秋航空 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-春秋航空-601021-sh-5766424ee916.md","chunk_id":"chunk:295fd17aa19b","chunk_index":0,"quote_summary":"** 2025H1 公司营业收入同比增长 4%，主要系量增推动，分量价看：（1）量：2025H1 公司 RPK 同比增长 8.5%，主要靠国际线 RPK 拉动（同比+37%，恢复至 2019H1 的 96%），其中 H1 公司日本线运力投放同比增长超 116.8%，较 2019 年同期增长 77.7%，成为运营的第一..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601021","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d0b867bfe005","from":"company:601021","from_name":"春秋航空","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"春秋航空 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-春秋航空-601021-ch-bda28c4afc32.md","chunk_id":"chunk:7caedcb2dec3","chunk_index":0,"quote_summary":"**目標價** CNY 65.5 (+13.8%)"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601021","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ea3f70fb53d0","from":"company:601021","from_name":"春秋航空","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"春秋航空 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-春秋航空-601021-sh-优于大市-fef2e35fb07c.md","chunk_id":"chunk:534745c7e5be","chunk_index":0,"quote_summary":"** 公司持续提升国际市场运力投放，叠加国际油价影响，2024 年全年营业成本达到 174.1 亿，同比增长 12.2%，其中航油成本 61.4 亿，同比增长 8.9%，非油成本 112.7 亿，同比增长 14.1%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601021","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"48a63abe9328","from":"company:601021","from_name":"春秋航空","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"春秋航空 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-春秋航空-601021-sh-优于大市-fef2e35fb07c.md","chunk_id":"chunk:534745c7e5be","chunk_index":0,"quote_summary":"** 公司持续提升国际市场运力投放，叠加国际油价影响，2024 年全年营业成本达到 174.1 亿，同比增长 12.2%，其中航油成本 61.4 亿，同比增长 8.9%，非油成本 112.7 亿，同比增长 14.1%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601021","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"75e4664266d6","from":"company:601021","from_name":"春秋航空","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"春秋航空 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-春秋航空-601021-sh-优于大市-fef2e35fb07c.md","chunk_id":"chunk:534745c7e5be","chunk_index":0,"quote_summary":"** 公司持续提升国际市场运力投放，叠加国际油价影响，2024 年全年营业成本达到 174.1 亿，同比增长 12.2%，其中航油成本 61.4 亿，同比增长 8.9%，非油成本 112.7 亿，同比增长 14.1%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601021","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b44fa260d6d0","from":"company:601021","from_name":"春秋航空","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"春秋航空 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:4a27a99033b7","chunk_index":1,"quote_summary":"公司相较于行业具备票价强韧性，收入端或能受益于票价回升带来的业绩弹性，同时成本端有望随利用率的持续回升进一步降本增效，看好公司业绩增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601021","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"13813c6cd80b","from":"company:601021","from_name":"春秋航空","to":"topic:石油","to_name":"石油","relation":"involves_topic","direction":"semantic","summary":"春秋航空 研报中反复涉及 石油。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-春秋航空-601021-sh-优于大市-fef2e35fb07c.md","chunk_id":"chunk:534745c7e5be","chunk_index":0,"quote_summary":"** 公司持续提升国际市场运力投放，叠加国际油价影响，2024 年全年营业成本达到 174.1 亿，同比增长 12.2%，其中航油成本 61.4 亿，同比增长 8.9%，非油成本 112.7 亿，同比增长 14.1%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601021","target":"topic:石油","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"83a3814b07a8","from":"company:601021","from_name":"春秋航空","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"春秋航空 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-春秋航空-601021-sh-优于大市-fef2e35fb07c.md","chunk_id":"chunk:534745c7e5be","chunk_index":0,"quote_summary":"** 公司持续提升国际市场运力投放，叠加国际油价影响，2024 年全年营业成本达到 174.1 亿，同比增长 12.2%，其中航油成本 61.4 亿，同比增长 8.9%，非油成本 112.7 亿，同比增长 14.1%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601021","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"02c368051ee2","from":"company:601021","from_name":"春秋航空","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"春秋航空 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-春秋航空-601021-sh-优于大市-fef2e35fb07c.md","chunk_id":"chunk:534745c7e5be","chunk_index":0,"quote_summary":"** 公司持续提升国际市场运力投放，叠加国际油价影响，2024 年全年营业成本达到 174.1 亿，同比增长 12.2%，其中航油成本 61.4 亿，同比增长 8.9%，非油成本 112.7 亿，同比增长 14.1%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601021","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"98551fd2e98f","from":"company:601021","from_name":"春秋航空","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"春秋航空 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-春秋航空-601021-sh-优于大市-fef2e35fb07c.md","chunk_id":"chunk:534745c7e5be","chunk_index":0,"quote_summary":"** 公司持续提升国际市场运力投放，叠加国际油价影响，2024 年全年营业成本达到 174.1 亿，同比增长 12.2%，其中航油成本 61.4 亿，同比增长 8.9%，非油成本 112.7 亿，同比增长 14.1%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601021","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"8420fe385ca7","from":"company:601021","from_name":"春秋航空","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"春秋航空 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-春秋航空-601021-sh-5766424ee916.md","chunk_id":"chunk:295fd17aa19b","chunk_index":0,"quote_summary":"** 2025H1 公司营业收入同比增长 4%，主要系量增推动，分量价看：（1）量：2025H1 公司 RPK 同比增长 8.5%，主要靠国际线 RPK 拉动（同比+37%，恢复至 2019H1 的 96%），其中 H1 公司日本线运力投放同比增长超 116.8%，较 2019 年同期增长 77.7%，成为运营的第一..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601021","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1cffd60e7a4b","from":"company:601021","from_name":"春秋航空","to":"topic:银行","to_name":"银行","relation":"involves_topic","direction":"semantic","summary":"春秋航空 研报中反复涉及 银行。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-交通运输-公司点评报告-bc08fa838fa8.md","chunk_id":"chunk:4fd5a57cf3f8","chunk_index":4,"quote_summary":"2024 年民航客运量稳步增长，公司运力投放不断增长，全年客运运力投放同比增长 16.1% ，旅客周转量同比增长 18.8% ，客座率 91.49%，同比上升 2.1pct，其中国际市场增速较快，地区市场有所下滑。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601021","target":"topic:银行","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d41c6577fbb6","from":"company:601021","from_name":"春秋航空","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"春秋航空 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-春秋航空-601021-sh-5766424ee916.md","chunk_id":"chunk:295fd17aa19b","chunk_index":0,"quote_summary":"** 2025H1 公司营业收入同比增长 4%，主要系量增推动，分量价看：（1）量：2025H1 公司 RPK 同比增长 8.5%，主要靠国际线 RPK 拉动（同比+37%，恢复至 2019H1 的 96%），其中 H1 公司日本线运力投放同比增长超 116.8%，较 2019 年同期增长 77.7%，成为运营的第一..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601021","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1c402a3452da","from":"company:601111","from_name":"中国国航","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"中国国航 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-601111-sh-9bea4445b90e.md","chunk_id":"chunk:c2937851a492","chunk_index":1,"quote_summary":"* **航空行业：近15年航空旅客运输量增长172.8%，航空票价逐渐市场化定价。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601111","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"fe7a7b2655f6","from":"company:601111","from_name":"中国国航","to":"topic:rpk","to_name":"RPK","relation":"involves_topic","direction":"semantic","summary":"中国国航 研报中反复涉及 RPK。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-cinda-securities-37c6f7288787.md","chunk_id":"chunk:c2713bc420e4","chunk_index":3,"quote_summary":"➢ **盈利预测与投资评级**：我们预计公司 2025-2027 年实现归母净利 12.31、64.34、86.04 亿元，同比分别+618.8%、+422.6%、+33.7%，对应每股收益分别为 0.07、0.37、0.49 元，10 月 31 日收盘价对应 PE 分别为 111.39、21.32、15.94 倍。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601111","target":"topic:rpk","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4e83cc45a882","from":"company:601111","from_name":"中国国航","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"中国国航 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-601111-sh-9bea4445b90e.md","chunk_id":"chunk:c2937851a492","chunk_index":1,"quote_summary":"* **航空行业：近15年航空旅客运输量增长172.8%，航空票价逐渐市场化定价。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601111","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"16fbe3f0bb4d","from":"company:601111","from_name":"中国国航","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"中国国航 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-601111-sh-9bea4445b90e.md","chunk_id":"chunk:c2937851a492","chunk_index":1,"quote_summary":"* **航空行业：近15年航空旅客运输量增长172.8%，航空票价逐渐市场化定价。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601111","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"514f4d8e6eba","from":"company:601111","from_name":"中国国航","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"中国国航 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-东兴证券股份有限公司证券研究报告-c247265ae62b.md","chunk_id":"chunk:11a02c0945bf","chunk_index":2,"quote_summary":"**事件**：24 年公司实现营收 1666.99 亿元，同比增长 18.14%，归母净利润为 -2.37 亿元，较 23 年同期的 -10.46 亿元减亏 77.32%，扣非后归母净利润 -25.40 亿元，较 23 年的 -31.77 亿元减亏 20.06%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601111","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"df7c6d2af400","from":"company:601111","from_name":"中国国航","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"中国国航 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-601111-sh-9bea4445b90e.md","chunk_id":"chunk:c2937851a492","chunk_index":1,"quote_summary":"* **航空行业：近15年航空旅客运输量增长172.8%，航空票价逐渐市场化定价。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601111","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"8d16b99070b9","from":"company:601111","from_name":"中国国航","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"中国国航 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-东兴证券股份有限公司证券研究报告-c247265ae62b.md","chunk_id":"chunk:11a02c0945bf","chunk_index":2,"quote_summary":"**事件**：24 年公司实现营收 1666.99 亿元，同比增长 18.14%，归母净利润为 -2.37 亿元，较 23 年同期的 -10.46 亿元减亏 77.32%，扣非后归母净利润 -25.40 亿元，较 23 年的 -31.77 亿元减亏 20.06%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601111","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"298e8564a4ed","from":"company:601111","from_name":"中国国航","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"中国国航 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-东兴证券股份有限公司证券研究报告-c247265ae62b.md","chunk_id":"chunk:11a02c0945bf","chunk_index":2,"quote_summary":"**事件**：24 年公司实现营收 1666.99 亿元，同比增长 18.14%，归母净利润为 -2.37 亿元，较 23 年同期的 -10.46 亿元减亏 77.32%，扣非后归母净利润 -25.40 亿元，较 23 年的 -31.77 亿元减亏 20.06%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601111","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"65e4a2972522","from":"company:601111","from_name":"中国国航","to":"topic:石油","to_name":"石油","relation":"involves_topic","direction":"semantic","summary":"中国国航 研报中反复涉及 石油。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-601111-sh-9bea4445b90e.md","chunk_id":"chunk:c2937851a492","chunk_index":1,"quote_summary":"* **航空行业：近15年航空旅客运输量增长172.8%，航空票价逐渐市场化定价。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601111","target":"topic:石油","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6ff6c1e52784","from":"company:601111","from_name":"中国国航","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"中国国航 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-601111-sh-9bea4445b90e.md","chunk_id":"chunk:c2937851a492","chunk_index":1,"quote_summary":"* **航空行业：近15年航空旅客运输量增长172.8%，航空票价逐渐市场化定价。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601111","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"084df68834e9","from":"company:601111","from_name":"中国国航","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"中国国航 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-601111-sh-9bea4445b90e.md","chunk_id":"chunk:c2937851a492","chunk_index":1,"quote_summary":"* **航空行业：近15年航空旅客运输量增长172.8%，航空票价逐渐市场化定价。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601111","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"180236600f14","from":"company:601111","from_name":"中国国航","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"中国国航 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-东-兴-证-券-股-份-有-限-公-司-证-券-研-究-报-告-7ac596104f13.md","chunk_id":"chunk:e85148d69ba5","chunk_index":0,"quote_summary":"**事件：** 25 年公司实现营收 1714.8 亿元，同比增长 2.87%，实现归母净利润 -17.70 亿元，较 24 年同期的-2.37 亿元亏损扩大，主要系四季度转回部分递延所得税资产，导致所得税费用大幅提升。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601111","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"8cb09df512b5","from":"company:601111","from_name":"中国国航","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"中国国航 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-601111-sh-9bea4445b90e.md","chunk_id":"chunk:c2937851a492","chunk_index":1,"quote_summary":"* **航空行业：近15年航空旅客运输量增长172.8%，航空票价逐渐市场化定价。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601111","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d5f87e5e56c9","from":"company:601156","from_name":"东航物流","to":"topic:cagr","to_name":"CAGR","relation":"involves_topic","direction":"semantic","summary":"东航物流 研报中反复涉及 CAGR。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-东航物流-601156-sh-2d1f8078de4d.md","chunk_id":"chunk:8db8dd7b620d","chunk_index":1,"quote_summary":"区别于航空速运业务，公司综合物流解决方案依托自身能力建设与海外核心供应商合作，可实现跨境物流的全流程服务，2024 年营收占比达 52%，其中跨境电商及产地直达业务收入增幅较大：（1）跨境电商解决方案：2019-2024 年收入 CAGR 为 71%，2024 年跨境电商货量同比增长 48%，预计未来将持续受益于跨境..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601156","target":"topic:cagr","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"8b5aa56a6bb1","from":"company:601156","from_name":"东航物流","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"东航物流 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-交通运输-物流-2acff3e1a03a.md","chunk_id":"chunk:950564894458","chunk_index":0,"quote_summary":"高产能利用下，2025 年，公司货邮运输周转量和货邮运输量分别同比+11%/+10%，航空速运板块收入 109.14 亿元，同比增长 20.79%，收入规模超过综合物流解决方案，成为第一大业务板块，同时业务毛利率同比上升 0.38pct。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601156","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e151c0224043","from":"company:601156","from_name":"东航物流","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"东航物流 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-东航物流-601156-sh-优于大市-73cb372b190c.md","chunk_id":"chunk:23a902aebbf8","chunk_index":19,"quote_summary":"| 股票<br/>投资评级 | 优于大市 | 股价表现优于市场代表性指数 10%以上 |"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601156","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3093b5f97415","from":"company:601156","from_name":"东航物流","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"东航物流 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-东航物流-601156-sh-2d1f8078de4d.md","chunk_id":"chunk:8db8dd7b620d","chunk_index":1,"quote_summary":"区别于航空速运业务，公司综合物流解决方案依托自身能力建设与海外核心供应商合作，可实现跨境物流的全流程服务，2024 年营收占比达 52%，其中跨境电商及产地直达业务收入增幅较大：（1）跨境电商解决方案：2019-2024 年收入 CAGR 为 71%，2024 年跨境电商货量同比增长 48%，预计未来将持续受益于跨境..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601156","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"8c64a17a6559","from":"company:601156","from_name":"东航物流","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"东航物流 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-东航物流-601156-sh-2d1f8078de4d.md","chunk_id":"chunk:8db8dd7b620d","chunk_index":1,"quote_summary":"区别于航空速运业务，公司综合物流解决方案依托自身能力建设与海外核心供应商合作，可实现跨境物流的全流程服务，2024 年营收占比达 52%，其中跨境电商及产地直达业务收入增幅较大：（1）跨境电商解决方案：2019-2024 年收入 CAGR 为 71%，2024 年跨境电商货量同比增长 48%，预计未来将持续受益于跨境..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601156","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c57346864cbd","from":"company:601156","from_name":"东航物流","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"东航物流 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-东航物流-601156-sh-优于大市-73cb372b190c.md","chunk_id":"chunk:23a902aebbf8","chunk_index":19,"quote_summary":"| 股票<br/>投资评级 | 优于大市 | 股价表现优于市场代表性指数 10%以上 |"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601156","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"207815a8c81b","from":"company:601156","from_name":"东航物流","to":"topic:政策","to_name":"政策","relation":"involves_topic","direction":"semantic","summary":"东航物流 研报中反复涉及 政策。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-东航物流-601156-sh-2d1f8078de4d.md","chunk_id":"chunk:8db8dd7b620d","chunk_index":1,"quote_summary":"区别于航空速运业务，公司综合物流解决方案依托自身能力建设与海外核心供应商合作，可实现跨境物流的全流程服务，2024 年营收占比达 52%，其中跨境电商及产地直达业务收入增幅较大：（1）跨境电商解决方案：2019-2024 年收入 CAGR 为 71%，2024 年跨境电商货量同比增长 48%，预计未来将持续受益于跨境..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601156","target":"topic:政策","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"56ef0ee2f7a0","from":"company:601156","from_name":"东航物流","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"东航物流 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-东航物流-601156-sh-2d1f8078de4d.md","chunk_id":"chunk:8db8dd7b620d","chunk_index":1,"quote_summary":"区别于航空速运业务，公司综合物流解决方案依托自身能力建设与海外核心供应商合作，可实现跨境物流的全流程服务，2024 年营收占比达 52%，其中跨境电商及产地直达业务收入增幅较大：（1）跨境电商解决方案：2019-2024 年收入 CAGR 为 71%，2024 年跨境电商货量同比增长 48%，预计未来将持续受益于跨境..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601156","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7ab65018fb3c","from":"company:601156","from_name":"东航物流","to":"topic:电商","to_name":"电商","relation":"involves_topic","direction":"semantic","summary":"东航物流 研报中反复涉及 电商。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-东航物流-601156-sh-2d1f8078de4d.md","chunk_id":"chunk:8db8dd7b620d","chunk_index":1,"quote_summary":"区别于航空速运业务，公司综合物流解决方案依托自身能力建设与海外核心供应商合作，可实现跨境物流的全流程服务，2024 年营收占比达 52%，其中跨境电商及产地直达业务收入增幅较大：（1）跨境电商解决方案：2019-2024 年收入 CAGR 为 71%，2024 年跨境电商货量同比增长 48%，预计未来将持续受益于跨境..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601156","target":"topic:电商","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f61615177948","from":"company:601156","from_name":"东航物流","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"东航物流 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-东航物流-601156-sh-2d1f8078de4d.md","chunk_id":"chunk:8db8dd7b620d","chunk_index":1,"quote_summary":"区别于航空速运业务，公司综合物流解决方案依托自身能力建设与海外核心供应商合作，可实现跨境物流的全流程服务，2024 年营收占比达 52%，其中跨境电商及产地直达业务收入增幅较大：（1）跨境电商解决方案：2019-2024 年收入 CAGR 为 71%，2024 年跨境电商货量同比增长 48%，预计未来将持续受益于跨境..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601156","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b226af37c9c7","from":"company:601156","from_name":"东航物流","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"东航物流 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:a4775fafb698","chunk_index":0,"quote_summary":"**航空速运业务维持稳健**：上半年公司航空速运业务实现收入 47.02 亿元，同比增长 8.52%，毛利率 18.91%，同比下降 0.2pct。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601156","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"51f23e3d21e5","from":"company:601156","from_name":"东航物流","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"东航物流 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-东航物流-601156-sh-2d1f8078de4d.md","chunk_id":"chunk:8db8dd7b620d","chunk_index":1,"quote_summary":"区别于航空速运业务，公司综合物流解决方案依托自身能力建设与海外核心供应商合作，可实现跨境物流的全流程服务，2024 年营收占比达 52%，其中跨境电商及产地直达业务收入增幅较大：（1）跨境电商解决方案：2019-2024 年收入 CAGR 为 71%，2024 年跨境电商货量同比增长 48%，预计未来将持续受益于跨境..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601156","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"825895c4c38b","from":"company:601156","from_name":"东航物流","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"东航物流 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-东航物流-601156-sh-461b7c1a6e0b.md","chunk_id":"chunk:0dd3f2554d8d","chunk_index":0,"quote_summary":"**2025H1 公司收入下降 0.3%，分业务看：（1）航空速运：收入 47 亿元，同比增长 8.5%，H1 公司引进 2 架全货机，全货机日利用率达到 13.55 小时，同比增加 0.61 小时，为 2020 年以来同期的最高水平；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601156","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4c34436d4d57","from":"company:601156","from_name":"东航物流","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"东航物流 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-年-5-月-7-日-6f05c2fad788.md","chunk_id":"chunk:055e9ac2cd6d","chunk_index":0,"quote_summary":"**客机货运业务利润下降，综合物流解决方案高增长：** 24 年公司航空速运业务实现收入 90.35 亿元，同比下降 0.90%，毛利率 24.58%，同比下降 5.04pct。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601156","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0ccc54f54871","from":"company:601606","from_name":"长城军工","to":"topic:下游","to_name":"下游","relation":"involves_topic","direction":"semantic","summary":"长城军工 研报中反复涉及 下游。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:20ab53696cf8","chunk_index":66,"quote_summary":"预应力产品行业的市场需求主要取决于下游相关行业的投资增长，与下游行业投资规模具有较强的相关性，属典型的“投资拉动类”行业。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601606","target":"topic:下游","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"03214c19fc61","from":"company:601606","from_name":"长城军工","to":"topic:产业链","to_name":"产业链","relation":"involves_topic","direction":"semantic","summary":"长城军工 研报中反复涉及 产业链。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:20ab53696cf8","chunk_index":66,"quote_summary":"预应力产品行业的市场需求主要取决于下游相关行业的投资增长，与下游行业投资规模具有较强的相关性，属典型的“投资拉动类”行业。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601606","target":"topic:产业链","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e912214630cb","from":"company:601606","from_name":"长城军工","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"长城军工 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-新股网下申购询价建议报告-长城军工-3992fb495e2c.md","chunk_id":"chunk:ca67d0cbd9d2","chunk_index":1,"quote_summary":"| 公司简介 | 公司自成立以来，在保证军品业务的同时，不断开拓民品市场，民品业务保持稳步增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601606","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"93a23df6311f","from":"company:601606","from_name":"长城军工","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"长城军工 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-hengtaisecurities-e2fc888c7acf.md","chunk_id":"chunk:eb9dca5bdc4c","chunk_index":0,"quote_summary":"国防支出占GDP比例较低，增长空间较大。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601606","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3eb2cef9f8a1","from":"company:601606","from_name":"长城军工","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"长城军工 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:20ab53696cf8","chunk_index":66,"quote_summary":"预应力产品行业的市场需求主要取决于下游相关行业的投资增长，与下游行业投资规模具有较强的相关性，属典型的“投资拉动类”行业。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601606","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c85783a59eb5","from":"company:601606","from_name":"长城军工","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"长城军工 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:20ab53696cf8","chunk_index":66,"quote_summary":"预应力产品行业的市场需求主要取决于下游相关行业的投资增长，与下游行业投资规模具有较强的相关性，属典型的“投资拉动类”行业。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601606","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"fbc57a38d944","from":"company:601606","from_name":"长城军工","to":"topic:原材料","to_name":"原材料","relation":"involves_topic","direction":"semantic","summary":"长城军工 研报中反复涉及 原材料。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-长城军工-601606-2021-年年报点评-16fb772fa1e3.md","chunk_id":"chunk:2d0fa48bb50c","chunk_index":3,"quote_summary":"另外，公司经营活动产生的现金流量净额同比增长 162.86%，主要原因是公司收到前期销售回款以及应付部分配套件款暂未支付导致，综合来看，我们认为公司当前处于业绩发力开端，看好未来公司军品业务量继续提升。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601606","target":"topic:原材料","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"cceee9f54761","from":"company:601606","from_name":"长城军工","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"长城军工 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-长城军工-601606-610931a94901.md","chunk_id":"chunk:f8807ec2139e","chunk_index":17,"quote_summary":"同时，公司的弹药业务都在朝着智能化弹药的方向发展，将直接受益于未来弹药智能化趋势的发展以及弹药作为消耗品的市场。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601606","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6cb8080ec53e","from":"company:601606","from_name":"长城军工","to":"topic:工业原材料","to_name":"工业原材料","relation":"involves_topic","direction":"semantic","summary":"长城军工 研报中反复涉及 工业原材料。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-长城军工-601606-2021-年年报点评-16fb772fa1e3.md","chunk_id":"chunk:2d0fa48bb50c","chunk_index":3,"quote_summary":"另外，公司经营活动产生的现金流量净额同比增长 162.86%，主要原因是公司收到前期销售回款以及应付部分配套件款暂未支付导致，综合来看，我们认为公司当前处于业绩发力开端，看好未来公司军品业务量继续提升。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601606","target":"topic:工业原材料","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"10e264cbe0d5","from":"company:601606","from_name":"长城军工","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"长城军工 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:20ab53696cf8","chunk_index":66,"quote_summary":"预应力产品行业的市场需求主要取决于下游相关行业的投资增长，与下游行业投资规模具有较强的相关性，属典型的“投资拉动类”行业。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601606","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1375e1253cac","from":"company:601606","from_name":"长城军工","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"长城军工 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:20ab53696cf8","chunk_index":66,"quote_summary":"预应力产品行业的市场需求主要取决于下游相关行业的投资增长，与下游行业投资规模具有较强的相关性，属典型的“投资拉动类”行业。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601606","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"702815250b93","from":"company:601606","from_name":"长城军工","to":"topic:碳纤维","to_name":"碳纤维","relation":"involves_topic","direction":"semantic","summary":"长城军工 研报中反复涉及 碳纤维。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-长城军工-601606-610931a94901.md","chunk_id":"chunk:f8807ec2139e","chunk_index":17,"quote_summary":"同时，公司的弹药业务都在朝着智能化弹药的方向发展，将直接受益于未来弹药智能化趋势的发展以及弹药作为消耗品的市场。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601606","target":"topic:碳纤维","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4b309d4712bb","from":"company:601606","from_name":"长城军工","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"长城军工 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-长城军工-601606-610931a94901.md","chunk_id":"chunk:f8807ec2139e","chunk_index":17,"quote_summary":"同时，公司的弹药业务都在朝着智能化弹药的方向发展，将直接受益于未来弹药智能化趋势的发展以及弹药作为消耗品的市场。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601606","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c3f208096ff2","from":"company:601606","from_name":"长城军工","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"长城军工 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:20ab53696cf8","chunk_index":66,"quote_summary":"预应力产品行业的市场需求主要取决于下游相关行业的投资增长，与下游行业投资规模具有较强的相关性，属典型的“投资拉动类”行业。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601606","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b7a5dfc02bde","from":"company:601606","from_name":"长城军工","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"长城军工 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:20ab53696cf8","chunk_index":66,"quote_summary":"预应力产品行业的市场需求主要取决于下游相关行业的投资增长，与下游行业投资规模具有较强的相关性，属典型的“投资拉动类”行业。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601606","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2404e23f552d","from":"company:601606","from_name":"长城军工","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"长城军工 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-长城军工-601606-fb27c26d2b3f.md","chunk_id":"chunk:de6ab90d4778","chunk_index":10,"quote_summary":"华鑫证券有限责任公司（以下简称“华鑫证券”）具有中国证监会核准的证券投资咨询业务资格。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601606","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d7903710aa1f","from":"company:601606","from_name":"长城军工","to":"topic:银行","to_name":"银行","relation":"involves_topic","direction":"semantic","summary":"长城军工 研报中反复涉及 银行。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-新股网下申购询价建议报告-长城军工-3992fb495e2c.md","chunk_id":"chunk:ca67d0cbd9d2","chunk_index":1,"quote_summary":"| 公司简介 | 公司自成立以来，在保证军品业务的同时，不断开拓民品市场，民品业务保持稳步增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601606","target":"topic:银行","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7d6d3069e1b3","from":"company:601606","from_name":"长城军工","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"长城军工 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-长城军工-601606-610931a94901.md","chunk_id":"chunk:f8807ec2139e","chunk_index":17,"quote_summary":"同时，公司的弹药业务都在朝着智能化弹药的方向发展，将直接受益于未来弹药智能化趋势的发展以及弹药作为消耗品的市场。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601606","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ff2ce31653f4","from":"company:601698","from_name":"中国卫通","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"中国卫通 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-0ee29d0e791f.md","chunk_id":"chunk:c7d519d39d23","chunk_index":0,"quote_summary":"毛利率（29.15%，-5.22pcts）有所下降，净利率（15.48%，-12.93pcts）下降幅度大于毛利率下降幅度，主要系三费费用率（4.92%，+1.33pcts）有所增长，投资收益（-1153.27万元，较去年同期减少1435.22万元）大幅减少，其他收益（969.11万元，-60.15%）明显下降等原因..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601698","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"cb718ba5ea1e","from":"company:601698","from_name":"中国卫通","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"中国卫通 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-0ee29d0e791f.md","chunk_id":"chunk:c7d519d39d23","chunk_index":0,"quote_summary":"毛利率（29.15%，-5.22pcts）有所下降，净利率（15.48%，-12.93pcts）下降幅度大于毛利率下降幅度，主要系三费费用率（4.92%，+1.33pcts）有所增长，投资收益（-1153.27万元，较去年同期减少1435.22万元）大幅减少，其他收益（969.11万元，-60.15%）明显下降等原因..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601698","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6a058dbbb0d0","from":"company:601698","from_name":"中国卫通","to":"topic:卫星","to_name":"卫星","relation":"involves_topic","direction":"semantic","summary":"中国卫通 研报中反复涉及 卫星。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-0ee29d0e791f.md","chunk_id":"chunk:c7d519d39d23","chunk_index":0,"quote_summary":"毛利率（29.15%，-5.22pcts）有所下降，净利率（15.48%，-12.93pcts）下降幅度大于毛利率下降幅度，主要系三费费用率（4.92%，+1.33pcts）有所增长，投资收益（-1153.27万元，较去年同期减少1435.22万元）大幅减少，其他收益（969.11万元，-60.15%）明显下降等原因..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601698","target":"topic:卫星","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6b13e34fec22","from":"company:601698","from_name":"中国卫通","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"中国卫通 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国卫通-601698-sh-2024-年三季报点评-54ac45a73471.md","chunk_id":"chunk:b6c5e61e2826","chunk_index":1,"quote_summary":"* **投资建议：**公司是我国卫星通信运营龙头，是亚洲第二大、世界第六大固定通信卫星运营商，受益于国内卫星互联网的加速部署，有望加速发展。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601698","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"8e2ab5ff2114","from":"company:601698","from_name":"中国卫通","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"中国卫通 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-0ee29d0e791f.md","chunk_id":"chunk:c7d519d39d23","chunk_index":0,"quote_summary":"毛利率（29.15%，-5.22pcts）有所下降，净利率（15.48%，-12.93pcts）下降幅度大于毛利率下降幅度，主要系三费费用率（4.92%，+1.33pcts）有所增长，投资收益（-1153.27万元，较去年同期减少1435.22万元）大幅减少，其他收益（969.11万元，-60.15%）明显下降等原因..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601698","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"145feb270ac2","from":"company:601698","from_name":"中国卫通","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"中国卫通 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-0ee29d0e791f.md","chunk_id":"chunk:c7d519d39d23","chunk_index":0,"quote_summary":"毛利率（29.15%，-5.22pcts）有所下降，净利率（15.48%，-12.93pcts）下降幅度大于毛利率下降幅度，主要系三费费用率（4.92%，+1.33pcts）有所增长，投资收益（-1153.27万元，较去年同期减少1435.22万元）大幅减少，其他收益（969.11万元，-60.15%）明显下降等原因..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601698","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3e5609d852ad","from":"company:601698","from_name":"中国卫通","to":"topic:航天","to_name":"航天","relation":"involves_topic","direction":"semantic","summary":"中国卫通 研报中反复涉及 航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-0ee29d0e791f.md","chunk_id":"chunk:c7d519d39d23","chunk_index":0,"quote_summary":"毛利率（29.15%，-5.22pcts）有所下降，净利率（15.48%，-12.93pcts）下降幅度大于毛利率下降幅度，主要系三费费用率（4.92%，+1.33pcts）有所增长，投资收益（-1153.27万元，较去年同期减少1435.22万元）大幅减少，其他收益（969.11万元，-60.15%）明显下降等原因..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601698","target":"topic:航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9dcbaef37395","from":"company:601698","from_name":"中国卫通","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"中国卫通 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-0ee29d0e791f.md","chunk_id":"chunk:c7d519d39d23","chunk_index":0,"quote_summary":"毛利率（29.15%，-5.22pcts）有所下降，净利率（15.48%，-12.93pcts）下降幅度大于毛利率下降幅度，主要系三费费用率（4.92%，+1.33pcts）有所增长，投资收益（-1153.27万元，较去年同期减少1435.22万元）大幅减少，其他收益（969.11万元，-60.15%）明显下降等原因..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601698","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"11bb71438d46","from":"company:601698","from_name":"中国卫通","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"中国卫通 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-0ee29d0e791f.md","chunk_id":"chunk:c7d519d39d23","chunk_index":0,"quote_summary":"毛利率（29.15%，-5.22pcts）有所下降，净利率（15.48%，-12.93pcts）下降幅度大于毛利率下降幅度，主要系三费费用率（4.92%，+1.33pcts）有所增长，投资收益（-1153.27万元，较去年同期减少1435.22万元）大幅减少，其他收益（969.11万元，-60.15%）明显下降等原因..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601698","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6dc11e308119","from":"company:601698","from_name":"中国卫通","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"中国卫通 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中国卫通-601698-sh-2024-年三季报点评-54ac45a73471.md","chunk_id":"chunk:b6c5e61e2826","chunk_index":1,"quote_summary":"* **投资建议：**公司是我国卫星通信运营龙头，是亚洲第二大、世界第六大固定通信卫星运营商，受益于国内卫星互联网的加速部署，有望加速发展。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601698","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"eb5ffb93f970","from":"company:601816","from_name":"京沪高铁","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"京沪高铁 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-京沪高铁-601816-sh-e5a7e2af1de7.md","chunk_id":"chunk:2b823c237777","chunk_index":0,"quote_summary":"**2024 公司营业收入同比增长 3.6%，主要系国内铁路客运市场形势平稳向好。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601816","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b8e902ce6ced","from":"company:601816","from_name":"京沪高铁","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"京沪高铁 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-京沪高铁-601816-sh-e5a7e2af1de7.md","chunk_id":"chunk:2b823c237777","chunk_index":0,"quote_summary":"**2024 公司营业收入同比增长 3.6%，主要系国内铁路客运市场形势平稳向好。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601816","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3979e0aa0872","from":"company:601816","from_name":"京沪高铁","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"京沪高铁 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-京沪高铁-601816-sh-e5a7e2af1de7.md","chunk_id":"chunk:2b823c237777","chunk_index":0,"quote_summary":"**2024 公司营业收入同比增长 3.6%，主要系国内铁路客运市场形势平稳向好。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601816","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6807578fcb11","from":"company:601816","from_name":"京沪高铁","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"京沪高铁 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-京沪高铁-601816-sh-e5a7e2af1de7.md","chunk_id":"chunk:2b823c237777","chunk_index":0,"quote_summary":"**2024 公司营业收入同比增长 3.6%，主要系国内铁路客运市场形势平稳向好。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601816","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6ad85da50711","from":"company:601816","from_name":"京沪高铁","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"京沪高铁 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-京沪高铁-601816-sh-e5a7e2af1de7.md","chunk_id":"chunk:2b823c237777","chunk_index":0,"quote_summary":"**2024 公司营业收入同比增长 3.6%，主要系国内铁路客运市场形势平稳向好。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601816","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"47ccb62b0d38","from":"company:601816","from_name":"京沪高铁","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"京沪高铁 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-京沪高铁-601816-sh-e5a7e2af1de7.md","chunk_id":"chunk:2b823c237777","chunk_index":0,"quote_summary":"**2024 公司营业收入同比增长 3.6%，主要系国内铁路客运市场形势平稳向好。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601816","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"12353984c010","from":"company:601816","from_name":"京沪高铁","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"京沪高铁 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-京沪高铁-601816-sh-e5a7e2af1de7.md","chunk_id":"chunk:2b823c237777","chunk_index":0,"quote_summary":"**2024 公司营业收入同比增长 3.6%，主要系国内铁路客运市场形势平稳向好。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601816","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"dbd802ea4d6b","from":"company:601816","from_name":"京沪高铁","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"京沪高铁 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-京沪高铁-601816-sh-e5a7e2af1de7.md","chunk_id":"chunk:2b823c237777","chunk_index":0,"quote_summary":"**2024 公司营业收入同比增长 3.6%，主要系国内铁路客运市场形势平稳向好。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:601816","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4d2e9549ef65","from":"company:603261","from_name":"立航科技","to":"topic:下游","to_name":"下游","relation":"involves_topic","direction":"semantic","summary":"立航科技 研报中反复涉及 下游。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-立航科技-603261-2021-年报及-2022-年一季报点评-cf4ccbf55845.md","chunk_id":"chunk:55e7ebab2d5f","chunk_index":4,"quote_summary":"报告期内，公司营业收入 3.05 亿元（+4.12%），营收小幅增长，归母净利润 0.70 亿元（+0.71%），扣非归母净利润 0.66 亿元（-0.97%），毛利率 48.57%（-0.88pcts），净利率 22.88%（-0.78pcts）小幅下滑。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603261","target":"topic:下游","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0d71019f87c1","from":"company:603261","from_name":"立航科技","to":"topic:产业链","to_name":"产业链","relation":"involves_topic","direction":"semantic","summary":"立航科技 研报中反复涉及 产业链。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2022-年-07-月-29-日-c49c9979b9c1.md","chunk_id":"chunk:3a445029a9c0","chunk_index":6,"quote_summary":"在公司业务规模持续快速增长的背景下，现有产能难以满足生产经营需求，公司航空设备及旋翼飞机制造项目总投资额为 5.50 亿元，建设期为两年，报告期末，项目资金投入进度为 15.97%，达产后预计新增年收入/利润总额 4.5 亿元/1.44 亿元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603261","target":"topic:产业链","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d71fd2c71af7","from":"company:603261","from_name":"立航科技","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"立航科技 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-立航科技-603261-2021-年报及-2022-年一季报点评-cf4ccbf55845.md","chunk_id":"chunk:55e7ebab2d5f","chunk_index":4,"quote_summary":"报告期内，公司营业收入 3.05 亿元（+4.12%），营收小幅增长，归母净利润 0.70 亿元（+0.71%），扣非归母净利润 0.66 亿元（-0.97%），毛利率 48.57%（-0.88pcts），净利率 22.88%（-0.78pcts）小幅下滑。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603261","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b1568f9a161e","from":"company:603261","from_name":"立航科技","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"立航科技 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2022-年-07-月-29-日-c49c9979b9c1.md","chunk_id":"chunk:3a445029a9c0","chunk_index":6,"quote_summary":"在公司业务规模持续快速增长的背景下，现有产能难以满足生产经营需求，公司航空设备及旋翼飞机制造项目总投资额为 5.50 亿元，建设期为两年，报告期末，项目资金投入进度为 15.97%，达产后预计新增年收入/利润总额 4.5 亿元/1.44 亿元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603261","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1ef6423c81cf","from":"company:603261","from_name":"立航科技","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"立航科技 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-立航科技-603261-2021-年报及-2022-年一季报点评-cf4ccbf55845.md","chunk_id":"chunk:55e7ebab2d5f","chunk_index":4,"quote_summary":"报告期内，公司营业收入 3.05 亿元（+4.12%），营收小幅增长，归母净利润 0.70 亿元（+0.71%），扣非归母净利润 0.66 亿元（-0.97%），毛利率 48.57%（-0.88pcts），净利率 22.88%（-0.78pcts）小幅下滑。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603261","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"bc0de50fe814","from":"company:603261","from_name":"立航科技","to":"topic:工业原材料","to_name":"工业原材料","relation":"involves_topic","direction":"semantic","summary":"立航科技 研报中反复涉及 工业原材料。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2022-年-07-月-29-日-c49c9979b9c1.md","chunk_id":"chunk:3a445029a9c0","chunk_index":6,"quote_summary":"在公司业务规模持续快速增长的背景下，现有产能难以满足生产经营需求，公司航空设备及旋翼飞机制造项目总投资额为 5.50 亿元，建设期为两年，报告期末，项目资金投入进度为 15.97%，达产后预计新增年收入/利润总额 4.5 亿元/1.44 亿元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603261","target":"topic:工业原材料","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"dee133de9c04","from":"company:603261","from_name":"立航科技","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"立航科技 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-立航科技-603261-2021-年报及-2022-年一季报点评-cf4ccbf55845.md","chunk_id":"chunk:55e7ebab2d5f","chunk_index":4,"quote_summary":"报告期内，公司营业收入 3.05 亿元（+4.12%），营收小幅增长，归母净利润 0.70 亿元（+0.71%），扣非归母净利润 0.66 亿元（-0.97%），毛利率 48.57%（-0.88pcts），净利率 22.88%（-0.78pcts）小幅下滑。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603261","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"67e6c99a40e4","from":"company:603261","from_name":"立航科技","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"立航科技 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-立航科技-603261-2021-年报及-2022-年一季报点评-cf4ccbf55845.md","chunk_id":"chunk:55e7ebab2d5f","chunk_index":4,"quote_summary":"报告期内，公司营业收入 3.05 亿元（+4.12%），营收小幅增长，归母净利润 0.70 亿元（+0.71%），扣非归母净利润 0.66 亿元（-0.97%），毛利率 48.57%（-0.88pcts），净利率 22.88%（-0.78pcts）小幅下滑。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603261","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"17c44f816921","from":"company:603261","from_name":"立航科技","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"立航科技 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-立航科技-603261-2021-年报及-2022-年一季报点评-cf4ccbf55845.md","chunk_id":"chunk:55e7ebab2d5f","chunk_index":4,"quote_summary":"报告期内，公司营业收入 3.05 亿元（+4.12%），营收小幅增长，归母净利润 0.70 亿元（+0.71%），扣非归母净利润 0.66 亿元（-0.97%），毛利率 48.57%（-0.88pcts），净利率 22.88%（-0.78pcts）小幅下滑。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603261","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f38c4d08544b","from":"company:603261","from_name":"立航科技","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"立航科技 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-立航科技-603261-2021-年报及-2022-年一季报点评-cf4ccbf55845.md","chunk_id":"chunk:55e7ebab2d5f","chunk_index":4,"quote_summary":"报告期内，公司营业收入 3.05 亿元（+4.12%），营收小幅增长，归母净利润 0.70 亿元（+0.71%），扣非归母净利润 0.66 亿元（-0.97%），毛利率 48.57%（-0.88pcts），净利率 22.88%（-0.78pcts）小幅下滑。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603261","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6d2edcff9064","from":"company:603261","from_name":"立航科技","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"立航科技 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-立航科技-603261-2021-年报及-2022-年一季报点评-cf4ccbf55845.md","chunk_id":"chunk:55e7ebab2d5f","chunk_index":4,"quote_summary":"报告期内，公司营业收入 3.05 亿元（+4.12%），营收小幅增长，归母净利润 0.70 亿元（+0.71%），扣非归母净利润 0.66 亿元（-0.97%），毛利率 48.57%（-0.88pcts），净利率 22.88%（-0.78pcts）小幅下滑。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603261","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f768101848c6","from":"company:603261","from_name":"立航科技","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"立航科技 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2022-年-07-月-29-日-c49c9979b9c1.md","chunk_id":"chunk:3a445029a9c0","chunk_index":6,"quote_summary":"在公司业务规模持续快速增长的背景下，现有产能难以满足生产经营需求，公司航空设备及旋翼飞机制造项目总投资额为 5.50 亿元，建设期为两年，报告期末，项目资金投入进度为 15.97%，达产后预计新增年收入/利润总额 4.5 亿元/1.44 亿元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603261","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d7e9a22537e7","from":"company:603308","from_name":"应流股份","to":"topic:c919","to_name":"C919","relation":"involves_topic","direction":"semantic","summary":"应流股份 研报中反复涉及 C919。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md","chunk_id":"chunk:8c0bdc46d357","chunk_index":28,"quote_summary":"2017-2024 年公司收入和归母净利润 CAGR 为 9%和 32%，受益全球两机景气上行，我们预计 2025 年公司收入和业绩开始加速增长，预计 2025 年公司收入和归母净利润分别为 31.64 和 4.45 亿元，分别同比提升 25.9%和 55.6%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603308","target":"topic:c919","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1dcc50664150","from":"company:603308","from_name":"应流股份","to":"topic:cagr","to_name":"CAGR","relation":"involves_topic","direction":"semantic","summary":"应流股份 研报中反复涉及 CAGR。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md","chunk_id":"chunk:8c0bdc46d357","chunk_index":28,"quote_summary":"2017-2024 年公司收入和归母净利润 CAGR 为 9%和 32%，受益全球两机景气上行，我们预计 2025 年公司收入和业绩开始加速增长，预计 2025 年公司收入和归母净利润分别为 31.64 和 4.45 亿元，分别同比提升 25.9%和 55.6%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603308","target":"topic:cagr","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2ad985c85708","from":"company:603308","from_name":"应流股份","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"应流股份 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-92ff84317c47.md","chunk_id":"chunk:290ac5bc5877","chunk_index":5,"quote_summary":"* **盈利预测及投资评级：**公司上半年“两机”业务持续突破，核能新材料业务受益政策支持维持高景气。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603308","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b53a8ae61260","from":"company:603308","from_name":"应流股份","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"应流股份 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-92ff84317c47.md","chunk_id":"chunk:290ac5bc5877","chunk_index":5,"quote_summary":"* **盈利预测及投资评级：**公司上半年“两机”业务持续突破，核能新材料业务受益政策支持维持高景气。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603308","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1b0feb52b38a","from":"company:603308","from_name":"应流股份","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"应流股份 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-应流股份-603308-sh-优于大市-8ffdd48fb725.md","chunk_id":"chunk:82412b5da3f9","chunk_index":1,"quote_summary":"**投资建议：**公司作为国内航空发动机及燃气轮机精密铸件领先企业，燃机业务核心卡位、绑定海内外龙头受益行业景气上行；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603308","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"88fa57dfcddf","from":"company:603308","from_name":"应流股份","to":"topic:低空经济","to_name":"低空经济","relation":"involves_topic","direction":"semantic","summary":"应流股份 研报中反复涉及 低空经济。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md","chunk_id":"chunk:8c0bdc46d357","chunk_index":28,"quote_summary":"2017-2024 年公司收入和归母净利润 CAGR 为 9%和 32%，受益全球两机景气上行，我们预计 2025 年公司收入和业绩开始加速增长，预计 2025 年公司收入和归母净利润分别为 31.64 和 4.45 亿元，分别同比提升 25.9%和 55.6%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603308","target":"topic:低空经济","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9cc9b41c086e","from":"company:603308","from_name":"应流股份","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"应流股份 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-92ff84317c47.md","chunk_id":"chunk:290ac5bc5877","chunk_index":5,"quote_summary":"* **盈利预测及投资评级：**公司上半年“两机”业务持续突破，核能新材料业务受益政策支持维持高景气。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603308","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b3f0d2a5c5e0","from":"company:603308","from_name":"应流股份","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"应流股份 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-92ff84317c47.md","chunk_id":"chunk:290ac5bc5877","chunk_index":5,"quote_summary":"* **盈利预测及投资评级：**公司上半年“两机”业务持续突破，核能新材料业务受益政策支持维持高景气。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603308","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d809d8556e86","from":"company:603308","from_name":"应流股份","to":"topic:天然气","to_name":"天然气","relation":"involves_topic","direction":"semantic","summary":"应流股份 研报中反复涉及 天然气。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md","chunk_id":"chunk:8c0bdc46d357","chunk_index":28,"quote_summary":"2017-2024 年公司收入和归母净利润 CAGR 为 9%和 32%，受益全球两机景气上行，我们预计 2025 年公司收入和业绩开始加速增长，预计 2025 年公司收入和归母净利润分别为 31.64 和 4.45 亿元，分别同比提升 25.9%和 55.6%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603308","target":"topic:天然气","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c75d7b3770ad","from":"company:603308","from_name":"应流股份","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"应流股份 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-92ff84317c47.md","chunk_id":"chunk:290ac5bc5877","chunk_index":5,"quote_summary":"* **盈利预测及投资评级：**公司上半年“两机”业务持续突破，核能新材料业务受益政策支持维持高景气。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603308","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3b0bafb73cc3","from":"company:603308","from_name":"应流股份","to":"topic:数据中心","to_name":"数据中心","relation":"involves_topic","direction":"semantic","summary":"应流股份 研报中反复涉及 数据中心。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-应流股份-603308-sh-a8e6785e0de2.md","chunk_id":"chunk:e746d09a44df","chunk_index":0,"quote_summary":"北美燃机龙头 GEV 今年 Q3 新签燃机订单 7.4GW，同比+45%，相比上半年 36% 的增速，三季度增长还在提速，全球燃机景气度加速上行。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603308","target":"topic:数据中心","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"172a7fc7970d","from":"company:603308","from_name":"应流股份","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"应流股份 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-应流股份-603308-sh-优于大市-8ffdd48fb725.md","chunk_id":"chunk:82412b5da3f9","chunk_index":1,"quote_summary":"**投资建议：**公司作为国内航空发动机及燃气轮机精密铸件领先企业，燃机业务核心卡位、绑定海内外龙头受益行业景气上行；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603308","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"920dc6fb4eb6","from":"company:603308","from_name":"应流股份","to":"topic:燃气轮机","to_name":"燃气轮机","relation":"involves_topic","direction":"semantic","summary":"应流股份 研报中反复涉及 燃气轮机。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md","chunk_id":"chunk:8c0bdc46d357","chunk_index":28,"quote_summary":"2017-2024 年公司收入和归母净利润 CAGR 为 9%和 32%，受益全球两机景气上行，我们预计 2025 年公司收入和业绩开始加速增长，预计 2025 年公司收入和归母净利润分别为 31.64 和 4.45 亿元，分别同比提升 25.9%和 55.6%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603308","target":"topic:燃气轮机","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"03930d9e50d8","from":"company:603308","from_name":"应流股份","to":"topic:环比","to_name":"环比","relation":"involves_topic","direction":"semantic","summary":"应流股份 研报中反复涉及 环比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-应流股份-603308-sh-a8e6785e0de2.md","chunk_id":"chunk:e746d09a44df","chunk_index":0,"quote_summary":"北美燃机龙头 GEV 今年 Q3 新签燃机订单 7.4GW，同比+45%，相比上半年 36% 的增速，三季度增长还在提速，全球燃机景气度加速上行。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603308","target":"topic:环比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"59f32ec2db42","from":"company:603308","from_name":"应流股份","to":"topic:航天","to_name":"航天","relation":"involves_topic","direction":"semantic","summary":"应流股份 研报中反复涉及 航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md","chunk_id":"chunk:8c0bdc46d357","chunk_index":28,"quote_summary":"2017-2024 年公司收入和归母净利润 CAGR 为 9%和 32%，受益全球两机景气上行，我们预计 2025 年公司收入和业绩开始加速增长，预计 2025 年公司收入和归母净利润分别为 31.64 和 4.45 亿元，分别同比提升 25.9%和 55.6%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603308","target":"topic:航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3d30bcf1c17d","from":"company:603308","from_name":"应流股份","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"应流股份 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md","chunk_id":"chunk:8c0bdc46d357","chunk_index":28,"quote_summary":"2017-2024 年公司收入和归母净利润 CAGR 为 9%和 32%，受益全球两机景气上行，我们预计 2025 年公司收入和业绩开始加速增长，预计 2025 年公司收入和归母净利润分别为 31.64 和 4.45 亿元，分别同比提升 25.9%和 55.6%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603308","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"98d4d61fe896","from":"company:603308","from_name":"应流股份","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"应流股份 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md","chunk_id":"chunk:8c0bdc46d357","chunk_index":28,"quote_summary":"2017-2024 年公司收入和归母净利润 CAGR 为 9%和 32%，受益全球两机景气上行，我们预计 2025 年公司收入和业绩开始加速增长，预计 2025 年公司收入和归母净利润分别为 31.64 和 4.45 亿元，分别同比提升 25.9%和 55.6%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603308","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3474f4db904d","from":"company:603308","from_name":"应流股份","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"应流股份 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-应流股份-603308-sh-a8e6785e0de2.md","chunk_id":"chunk:e746d09a44df","chunk_index":0,"quote_summary":"北美燃机龙头 GEV 今年 Q3 新签燃机订单 7.4GW，同比+45%，相比上半年 36% 的增速，三季度增长还在提速，全球燃机景气度加速上行。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603308","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ac6f6a5ab915","from":"company:603308","from_name":"应流股份","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"应流股份 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-92ff84317c47.md","chunk_id":"chunk:290ac5bc5877","chunk_index":5,"quote_summary":"* **盈利预测及投资评级：**公司上半年“两机”业务持续突破，核能新材料业务受益政策支持维持高景气。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603308","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"bc4ecc3c6efa","from":"company:603678","from_name":"火炬电子","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"火炬电子 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:a5dfd0964ee8","chunk_index":2,"quote_summary":"随着下游需求逐步恢复，2025 年 Q1 营业收入同比增长 16.96%，环比增长 17.19%，归母净利润同比增长 43.60%，环比增长 439.25%，行业景气度修复明显。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603678","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3813ca908272","from":"company:603678","from_name":"火炬电子","to":"topic:下游","to_name":"下游","relation":"involves_topic","direction":"semantic","summary":"火炬电子 研报中反复涉及 下游。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63f88d94e8dc.md","chunk_id":"chunk:921e026f9642","chunk_index":2,"quote_summary":"分板块来看，自产元器件业务实现收入9.9亿元（-11.8%），毛利率56.1%（-10.8pts），主要系行业受到宏观环境、行业需求波动影响，景气度下降，公司调整产品定价以增强客户黏性；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603678","target":"topic:下游","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"038a9e5f5011","from":"company:603678","from_name":"火炬电子","to":"topic:产业链","to_name":"产业链","relation":"involves_topic","direction":"semantic","summary":"火炬电子 研报中反复涉及 产业链。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:8ca50a5ef12c","chunk_index":3,"quote_summary":"2024 年中国新能源汽车用薄膜电容器市场规模达 56 亿元，2025 年约为 69 亿元，同比增长 23.2%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603678","target":"topic:产业链","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f8bf3f92b9e8","from":"company:603678","from_name":"火炬电子","to":"topic:人工智能","to_name":"人工智能","relation":"involves_topic","direction":"semantic","summary":"火炬电子 研报中反复涉及 人工智能。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:d114ea7d0b4a","chunk_index":0,"quote_summary":"3）国际贸易板块，实现销售收入 9.41 亿元，同比增长 15.86%，毛利率为 13.72%，同比增长 0.22pct，主要系公司抓住国产化替代契机，开拓新能源汽车、工业自动化等新兴市场，拓展业务增长空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603678","target":"topic:人工智能","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"aa80bc827457","from":"company:603678","from_name":"火炬电子","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"火炬电子 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-火炬电子-603678-b9bbbc31466e.md","chunk_id":"chunk:6ec7c2742657","chunk_index":2,"quote_summary":"受行业景气度逐步改善影响，公司产品订单量迅速回升，2025 年 7-9 月公司实现营业收入 9.26 亿元，较上年同期增长 27.80%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603678","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"5dba5d939495","from":"company:603678","from_name":"火炬电子","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"火炬电子 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-火炬电子-603678-e51bb5f736bd.md","chunk_id":"chunk:e9919d5df71a","chunk_index":4,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603678","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"5c9a5248f04b","from":"company:603678","from_name":"火炬电子","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"火炬电子 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63f88d94e8dc.md","chunk_id":"chunk:921e026f9642","chunk_index":2,"quote_summary":"分板块来看，自产元器件业务实现收入9.9亿元（-11.8%），毛利率56.1%（-10.8pts），主要系行业受到宏观环境、行业需求波动影响，景气度下降，公司调整产品定价以增强客户黏性；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603678","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"14c60ef00595","from":"company:603678","from_name":"火炬电子","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"火炬电子 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63f88d94e8dc.md","chunk_id":"chunk:921e026f9642","chunk_index":2,"quote_summary":"分板块来看，自产元器件业务实现收入9.9亿元（-11.8%），毛利率56.1%（-10.8pts），主要系行业受到宏观环境、行业需求波动影响，景气度下降，公司调整产品定价以增强客户黏性；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603678","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e07f4512d8a1","from":"company:603678","from_name":"火炬电子","to":"topic:半导体","to_name":"半导体","relation":"involves_topic","direction":"semantic","summary":"火炬电子 研报中反复涉及 半导体。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:a5dfd0964ee8","chunk_index":2,"quote_summary":"随着下游需求逐步恢复，2025 年 Q1 营业收入同比增长 16.96%，环比增长 17.19%，归母净利润同比增长 43.60%，环比增长 439.25%，行业景气度修复明显。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603678","target":"topic:半导体","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"47db597fb8a8","from":"company:603678","from_name":"火炬电子","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"火炬电子 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63f88d94e8dc.md","chunk_id":"chunk:921e026f9642","chunk_index":2,"quote_summary":"分板块来看，自产元器件业务实现收入9.9亿元（-11.8%），毛利率56.1%（-10.8pts），主要系行业受到宏观环境、行业需求波动影响，景气度下降，公司调整产品定价以增强客户黏性；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603678","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"104451fb8903","from":"company:603678","from_name":"火炬电子","to":"topic:工业原材料","to_name":"工业原材料","relation":"involves_topic","direction":"semantic","summary":"火炬电子 研报中反复涉及 工业原材料。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-火炬电子-603678-e51bb5f736bd.md","chunk_id":"chunk:e9919d5df71a","chunk_index":4,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603678","target":"topic:工业原材料","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6053303fefc7","from":"company:603678","from_name":"火炬电子","to":"topic:房地产","to_name":"房地产","relation":"involves_topic","direction":"semantic","summary":"火炬电子 研报中反复涉及 房地产。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-火炬电子-603678-b9bbbc31466e.md","chunk_id":"chunk:6ec7c2742657","chunk_index":2,"quote_summary":"受行业景气度逐步改善影响，公司产品订单量迅速回升，2025 年 7-9 月公司实现营业收入 9.26 亿元，较上年同期增长 27.80%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603678","target":"topic:房地产","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"279c71e6e2b5","from":"company:603678","from_name":"火炬电子","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"火炬电子 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63f88d94e8dc.md","chunk_id":"chunk:921e026f9642","chunk_index":2,"quote_summary":"分板块来看，自产元器件业务实现收入9.9亿元（-11.8%），毛利率56.1%（-10.8pts），主要系行业受到宏观环境、行业需求波动影响，景气度下降，公司调整产品定价以增强客户黏性；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603678","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a5452ada31c1","from":"company:603678","from_name":"火炬电子","to":"topic:新能源","to_name":"新能源","relation":"involves_topic","direction":"semantic","summary":"火炬电子 研报中反复涉及 新能源。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:d114ea7d0b4a","chunk_index":0,"quote_summary":"3）国际贸易板块，实现销售收入 9.41 亿元，同比增长 15.86%，毛利率为 13.72%，同比增长 0.22pct，主要系公司抓住国产化替代契机，开拓新能源汽车、工业自动化等新兴市场，拓展业务增长空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603678","target":"topic:新能源","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b46ab8f60ce0","from":"company:603678","from_name":"火炬电子","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"火炬电子 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63f88d94e8dc.md","chunk_id":"chunk:921e026f9642","chunk_index":2,"quote_summary":"分板块来看，自产元器件业务实现收入9.9亿元（-11.8%），毛利率56.1%（-10.8pts），主要系行业受到宏观环境、行业需求波动影响，景气度下降，公司调整产品定价以增强客户黏性；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603678","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f5fb47380e2c","from":"company:603678","from_name":"火炬电子","to":"topic:消费电子","to_name":"消费电子","relation":"involves_topic","direction":"semantic","summary":"火炬电子 研报中反复涉及 消费电子。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:463771787617","chunk_index":0,"quote_summary":"4）国际贸易业务实现收入 16.54 亿元，同比减少 24.60%，毛利率为 14.55%，同比增加 4.1pct，主要受下游市场需求疲软、行业内部竞争加剧，影响订单需求减缓。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603678","target":"topic:消费电子","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b5a7dfb74b92","from":"company:603678","from_name":"火炬电子","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"火炬电子 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:a5dfd0964ee8","chunk_index":2,"quote_summary":"随着下游需求逐步恢复，2025 年 Q1 营业收入同比增长 16.96%，环比增长 17.19%，归母净利润同比增长 43.60%，环比增长 439.25%，行业景气度修复明显。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603678","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d45ff16c3034","from":"company:603678","from_name":"火炬电子","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"火炬电子 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-公司点评-9f3094998ec2.md","chunk_id":"chunk:e9cb2a83c681","chunk_index":2,"quote_summary":"**行业拐点已至**：2025年上半年公司主要业务元器件及陶瓷新材料行业均出现拐点——1）元器件行业方面，中高端产品竞争格局良好，壁垒较高，受到高可靠性应用领域订单恢复，行业景气度逐步改善，实现了全系列产品收入的同比正向增长，此外在民用市场，新产品如超级电容等订单快速突破，主动元器件行业晶圆销售突破历史峰值；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603678","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"eff7e14b5c14","from":"company:603678","from_name":"火炬电子","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"火炬电子 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63f88d94e8dc.md","chunk_id":"chunk:921e026f9642","chunk_index":2,"quote_summary":"分板块来看，自产元器件业务实现收入9.9亿元（-11.8%），毛利率56.1%（-10.8pts），主要系行业受到宏观环境、行业需求波动影响，景气度下降，公司调整产品定价以增强客户黏性；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603678","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"00321ce994f3","from":"company:603678","from_name":"火炬电子","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"火炬电子 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:463771787617","chunk_index":0,"quote_summary":"4）国际贸易业务实现收入 16.54 亿元，同比减少 24.60%，毛利率为 14.55%，同比增加 4.1pct，主要受下游市场需求疲软、行业内部竞争加剧，影响订单需求减缓。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603678","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"76dd9d30d249","from":"company:603678","from_name":"火炬电子","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"火炬电子 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63f88d94e8dc.md","chunk_id":"chunk:921e026f9642","chunk_index":2,"quote_summary":"分板块来看，自产元器件业务实现收入9.9亿元（-11.8%），毛利率56.1%（-10.8pts），主要系行业受到宏观环境、行业需求波动影响，景气度下降，公司调整产品定价以增强客户黏性；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603678","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b9678f5b45d1","from":"company:603712","from_name":"七一二","to":"topic:roa","to_name":"ROA","relation":"involves_topic","direction":"semantic","summary":"七一二 研报中反复涉及 ROA。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2021-03-18-1c9d3233987c.md","chunk_id":"chunk:38e898df7f62","chunk_index":2,"quote_summary":"公司发布2020年报，实现营业收入26.96亿元，同比增长25.95%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603712","target":"topic:roa","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"80b91f3a74af","from":"company:603712","from_name":"七一二","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"七一二 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-七一二-603712-f2c864cb8185.md","chunk_id":"chunk:663495e5414e","chunk_index":4,"quote_summary":"实现归母净利润 3.03 亿元，同比增长 22.14%，实现归属于上市公司股东的扣除非经常性损益的净利润 2.86 亿元，同比增长 38.08%，系主要产品收入实现稳步增长，带动净利润增长，非流动资产处置损益及交易性金融资产取得的投资收益较同期减少，扣除非经常性损益的净利润较同期增幅较高所致。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603712","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0cb294da0ff7","from":"company:603712","from_name":"七一二","to":"topic:产业链","to_name":"产业链","relation":"involves_topic","direction":"semantic","summary":"七一二 研报中反复涉及 产业链。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-七一二-603712-f2c864cb8185.md","chunk_id":"chunk:663495e5414e","chunk_index":4,"quote_summary":"实现归母净利润 3.03 亿元，同比增长 22.14%，实现归属于上市公司股东的扣除非经常性损益的净利润 2.86 亿元，同比增长 38.08%，系主要产品收入实现稳步增长，带动净利润增长，非流动资产处置损益及交易性金融资产取得的投资收益较同期减少，扣除非经常性损益的净利润较同期增幅较高所致。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603712","target":"topic:产业链","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"5c52f13d71fa","from":"company:603712","from_name":"七一二","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"七一二 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-七一二-603712-f2c864cb8185.md","chunk_id":"chunk:663495e5414e","chunk_index":4,"quote_summary":"实现归母净利润 3.03 亿元，同比增长 22.14%，实现归属于上市公司股东的扣除非经常性损益的净利润 2.86 亿元，同比增长 38.08%，系主要产品收入实现稳步增长，带动净利润增长，非流动资产处置损益及交易性金融资产取得的投资收益较同期减少，扣除非经常性损益的净利润较同期增幅较高所致。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603712","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"287bf7f0bfe1","from":"company:603712","from_name":"七一二","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"七一二 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-公-司-研-究-16b3cc4f8ca2.md","chunk_id":"chunk:6b2b40b2d3b6","chunk_index":2,"quote_summary":"我们预测 2020/2021/2022 年公司可实现归母净利润为 5.07/6.99/9.36 亿元，同比增长 46.8%/37.8%/33.9%，EPS 为 0.66/0.90/1.21 元，当前股价对应 PE 为 65.3/47.4/35.4 倍，相对可比公司，存在一定估值优势，考虑到公司作为超短波专网通信设备龙..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603712","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"fc89c84e97da","from":"company:603712","from_name":"七一二","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"七一二 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-公-司-研-究-16b3cc4f8ca2.md","chunk_id":"chunk:6b2b40b2d3b6","chunk_index":2,"quote_summary":"我们预测 2020/2021/2022 年公司可实现归母净利润为 5.07/6.99/9.36 亿元，同比增长 46.8%/37.8%/33.9%，EPS 为 0.66/0.90/1.21 元，当前股价对应 PE 为 65.3/47.4/35.4 倍，相对可比公司，存在一定估值优势，考虑到公司作为超短波专网通信设备龙..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603712","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4a2c4a5303b3","from":"company:603712","from_name":"七一二","to":"topic:军机","to_name":"军机","relation":"involves_topic","direction":"semantic","summary":"七一二 研报中反复涉及 军机。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-七一二-603712-军用无线通信领军企业-研发驱动新增长-4273816e06fb.md","chunk_id":"chunk:a54c0154d49f","chunk_index":13,"quote_summary":"系统集成业务单线收入规模达到单独提供通信系统的约十倍，公司未来通过继续开拓城轨无线通信系统集成市场打开收入增长空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603712","target":"topic:军机","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"eeb46457035c","from":"company:603712","from_name":"七一二","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"七一二 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-七一二-603712-军用无线通信领军企业-研发驱动新增长-4273816e06fb.md","chunk_id":"chunk:a54c0154d49f","chunk_index":13,"quote_summary":"系统集成业务单线收入规模达到单独提供通信系统的约十倍，公司未来通过继续开拓城轨无线通信系统集成市场打开收入增长空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603712","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2e34cae19e65","from":"company:603712","from_name":"七一二","to":"topic:卫星","to_name":"卫星","relation":"involves_topic","direction":"semantic","summary":"七一二 研报中反复涉及 卫星。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-七一二-603712-军用无线通信领军企业-研发驱动新增长-4273816e06fb.md","chunk_id":"chunk:a54c0154d49f","chunk_index":13,"quote_summary":"系统集成业务单线收入规模达到单独提供通信系统的约十倍，公司未来通过继续开拓城轨无线通信系统集成市场打开收入增长空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603712","target":"topic:卫星","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"152250967edf","from":"company:603712","from_name":"七一二","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"七一二 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-七一二-603712-军用无线通信领军企业-研发驱动新增长-4273816e06fb.md","chunk_id":"chunk:a54c0154d49f","chunk_index":13,"quote_summary":"系统集成业务单线收入规模达到单独提供通信系统的约十倍，公司未来通过继续开拓城轨无线通信系统集成市场打开收入增长空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603712","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4e69731e1cf6","from":"company:603712","from_name":"七一二","to":"topic:房地产","to_name":"房地产","relation":"involves_topic","direction":"semantic","summary":"七一二 研报中反复涉及 房地产。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2021-03-18-1c9d3233987c.md","chunk_id":"chunk:38e898df7f62","chunk_index":2,"quote_summary":"公司发布2020年报，实现营业收入26.96亿元，同比增长25.95%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603712","target":"topic:房地产","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c0f8375a1a1a","from":"company:603712","from_name":"七一二","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"七一二 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-七一二-603712-f2c864cb8185.md","chunk_id":"chunk:663495e5414e","chunk_index":4,"quote_summary":"实现归母净利润 3.03 亿元，同比增长 22.14%，实现归属于上市公司股东的扣除非经常性损益的净利润 2.86 亿元，同比增长 38.08%，系主要产品收入实现稳步增长，带动净利润增长，非流动资产处置损益及交易性金融资产取得的投资收益较同期减少，扣除非经常性损益的净利润较同期增幅较高所致。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603712","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"62d25d2660fb","from":"company:603712","from_name":"七一二","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"七一二 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-七一二-603712-军用无线通信领军企业-研发驱动新增长-4273816e06fb.md","chunk_id":"chunk:a54c0154d49f","chunk_index":13,"quote_summary":"系统集成业务单线收入规模达到单独提供通信系统的约十倍，公司未来通过继续开拓城轨无线通信系统集成市场打开收入增长空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603712","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"67e8cc5af33b","from":"company:603712","from_name":"七一二","to":"topic:竞争格局","to_name":"竞争格局","relation":"involves_topic","direction":"semantic","summary":"七一二 研报中反复涉及 竞争格局。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航证券研究所-ecc40b489ef4.md","chunk_id":"chunk:50abd05b7b92","chunk_index":6,"quote_summary":"公司持续加大研发投入，2021H1 研发费用 2.68 亿元（+24.92%），公司重点科研项目稳步推进，积极参与多个项目的投标工作，其中某系统产品以第一名中标，该系统采用射频，综合化、自适应重构、通信中间件等先进技术，实现了对通用化软、硬件模组的智能调度管理，提高了系统资源利用率和任务可靠性，提升了系统的综合化、智..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603712","target":"topic:竞争格局","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"60c346ab34b3","from":"company:603712","from_name":"七一二","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"七一二 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-七一二-603712-军用无线通信领军企业-研发驱动新增长-4273816e06fb.md","chunk_id":"chunk:a54c0154d49f","chunk_index":13,"quote_summary":"系统集成业务单线收入规模达到单独提供通信系统的约十倍，公司未来通过继续开拓城轨无线通信系统集成市场打开收入增长空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603712","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"11baffb8fa1c","from":"company:603712","from_name":"七一二","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"七一二 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-七一二-603712-409c8b76d7d1.md","chunk_id":"chunk:f6a8286fecb0","chunk_index":4,"quote_summary":"**事件：** 公司公布 2022 年年报，实现营业收入 40.4 亿元，同比增长 16.99%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603712","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"5464b1032303","from":"company:603712","from_name":"七一二","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"七一二 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-七一二-603712-军用无线通信领军企业-研发驱动新增长-4273816e06fb.md","chunk_id":"chunk:a54c0154d49f","chunk_index":13,"quote_summary":"系统集成业务单线收入规模达到单独提供通信系统的约十倍，公司未来通过继续开拓城轨无线通信系统集成市场打开收入增长空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603712","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f6248c7a141d","from":"company:603712","from_name":"七一二","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"七一二 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航证券研究所-ecc40b489ef4.md","chunk_id":"chunk:50abd05b7b92","chunk_index":6,"quote_summary":"公司持续加大研发投入，2021H1 研发费用 2.68 亿元（+24.92%），公司重点科研项目稳步推进，积极参与多个项目的投标工作，其中某系统产品以第一名中标，该系统采用射频，综合化、自适应重构、通信中间件等先进技术，实现了对通用化软、硬件模组的智能调度管理，提高了系统资源利用率和任务可靠性，提升了系统的综合化、智..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603712","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d7c5de9baa7f","from":"company:603712","from_name":"七一二","to":"topic:银行","to_name":"银行","relation":"involves_topic","direction":"semantic","summary":"七一二 研报中反复涉及 银行。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-七一二-603712-e83fb4ba43df.md","chunk_id":"chunk:885266f1ab8f","chunk_index":10,"quote_summary":"* 增持—未来 6 个月的投资收益率领先市场基准指数 5%以上;"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603712","target":"topic:银行","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"38db64356c5b","from":"company:603712","from_name":"七一二","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"七一二 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-七一二-603712-军用无线通信领军企业-研发驱动新增长-4273816e06fb.md","chunk_id":"chunk:a54c0154d49f","chunk_index":13,"quote_summary":"系统集成业务单线收入规模达到单独提供通信系统的约十倍，公司未来通过继续开拓城轨无线通信系统集成市场打开收入增长空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603712","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"339d935edc7e","from":"company:603885","from_name":"吉祥航空","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"吉祥航空 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-吉祥航空-603885-sh-66cf1ab710a6.md","chunk_id":"chunk:485214ae2a4d","chunk_index":0,"quote_summary":"2025H1 公司实现收入 110.7 亿元，同比增长 1%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603885","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"8df573aae7b3","from":"company:603885","from_name":"吉祥航空","to":"topic:rpk","to_name":"RPK","relation":"involves_topic","direction":"semantic","summary":"吉祥航空 研报中反复涉及 RPK。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-吉祥航空-603885-sh-优于大市-f1a64f7b5f39.md","chunk_id":"chunk:081de31f6ba8","chunk_index":0,"quote_summary":"受机队集中检修及国际业务占比提升影响，单位 ASK 营业成本为 0.34 元，同比增长 4.33%，相较 2019 年下降 2.71%，单位成本未来仍然有优化空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603885","target":"topic:rpk","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0913a2b80443","from":"company:603885","from_name":"吉祥航空","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"吉祥航空 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-交通运输-公司点评报告-b1af9b0cedea.md","chunk_id":"chunk:81f6bcde7c9a","chunk_index":2,"quote_summary":"业务量显著提升拉动营收保持增长，但因高基数及行业整体价格竞争，公司单位运价同比有所下降，全年客公里收益 0.46 元，同比下降 8.4%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603885","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"fa4300e5cc7c","from":"company:603885","from_name":"吉祥航空","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"吉祥航空 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-吉祥航空-603885-sh-优于大市-f1a64f7b5f39.md","chunk_id":"chunk:081de31f6ba8","chunk_index":0,"quote_summary":"受机队集中检修及国际业务占比提升影响，单位 ASK 营业成本为 0.34 元，同比增长 4.33%，相较 2019 年下降 2.71%，单位成本未来仍然有优化空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603885","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2dea544b42ab","from":"company:603885","from_name":"吉祥航空","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"吉祥航空 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-吉祥航空-603885-sh-66cf1ab710a6.md","chunk_id":"chunk:485214ae2a4d","chunk_index":0,"quote_summary":"2025H1 公司实现收入 110.7 亿元，同比增长 1%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603885","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"121e2c393c9d","from":"company:603885","from_name":"吉祥航空","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"吉祥航空 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-吉祥航空-603885-sh-66cf1ab710a6.md","chunk_id":"chunk:485214ae2a4d","chunk_index":0,"quote_summary":"2025H1 公司实现收入 110.7 亿元，同比增长 1%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603885","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3a9899c23600","from":"company:603885","from_name":"吉祥航空","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"吉祥航空 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-吉祥航空-603885-sh-66cf1ab710a6.md","chunk_id":"chunk:485214ae2a4d","chunk_index":0,"quote_summary":"2025H1 公司实现收入 110.7 亿元，同比增长 1%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603885","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"aa21e27e3ecf","from":"company:603885","from_name":"吉祥航空","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"吉祥航空 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-吉祥航空-603885-sh-2025-年三季报点评-b98515d97bf1.md","chunk_id":"chunk:7bfb3cbc571d","chunk_index":0,"quote_summary":"普惠发动机检修限制公司运力投放，25Q3 公司整体运力同比下降 1.4%，其中国内运力同比下降 6.9%，国际港澳台运力同比增长 16%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603885","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a2b8a3240453","from":"company:603885","from_name":"吉祥航空","to":"topic:石油","to_name":"石油","relation":"involves_topic","direction":"semantic","summary":"吉祥航空 研报中反复涉及 石油。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-发布时间-2025-11-03-826b798f0bcf.md","chunk_id":"chunk:6901079ca7ab","chunk_index":2,"quote_summary":"受制于 A320 发动机维修及飞机引进数量下降的影响，三季度公司业务量同比小幅下降，旅客周转量 127.9 亿客公里，同比下降 0.4%，但公司聚焦优势市场，单位运价表现好于行业，收入水平仅小幅降低。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603885","target":"topic:石油","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"90443d16c338","from":"company:603885","from_name":"吉祥航空","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"吉祥航空 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-吉祥航空-603885-sh-66cf1ab710a6.md","chunk_id":"chunk:485214ae2a4d","chunk_index":0,"quote_summary":"2025H1 公司实现收入 110.7 亿元，同比增长 1%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603885","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"690e7a68b86f","from":"company:603885","from_name":"吉祥航空","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"吉祥航空 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-吉祥航空-603885-sh-66cf1ab710a6.md","chunk_id":"chunk:485214ae2a4d","chunk_index":0,"quote_summary":"2025H1 公司实现收入 110.7 亿元，同比增长 1%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603885","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9ee05c8ae542","from":"company:603885","from_name":"吉祥航空","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"吉祥航空 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-吉祥航空-603885-sh-66cf1ab710a6.md","chunk_id":"chunk:485214ae2a4d","chunk_index":0,"quote_summary":"2025H1 公司实现收入 110.7 亿元，同比增长 1%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603885","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1ebf6df9a8ca","from":"company:603885","from_name":"吉祥航空","to":"topic:银行","to_name":"银行","relation":"involves_topic","direction":"semantic","summary":"吉祥航空 研报中反复涉及 银行。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-交通运输-公司点评报告-b1af9b0cedea.md","chunk_id":"chunk:81f6bcde7c9a","chunk_index":2,"quote_summary":"业务量显著提升拉动营收保持增长，但因高基数及行业整体价格竞争，公司单位运价同比有所下降，全年客公里收益 0.46 元，同比下降 8.4%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603885","target":"topic:银行","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"30d1bc146a1e","from":"company:603885","from_name":"吉祥航空","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"吉祥航空 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-吉祥航空-603885-sh-66cf1ab710a6.md","chunk_id":"chunk:485214ae2a4d","chunk_index":0,"quote_summary":"2025H1 公司实现收入 110.7 亿元，同比增长 1%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:603885","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"affb74eccd73","from":"company:688011","from_name":"新光光电","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"新光光电 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-公司研究-证券研究报告-c09c1d1e1d64.md","chunk_id":"chunk:a4402cd4f254","chunk_index":12,"quote_summary":"2016-2018 年，新光光电营业收入分别为 1.59 亿元、1.82 亿元和 2.08 亿元，近两年营收增速保持在 15%左右，主要原因是公司光学目标与场景仿真系统业务快速增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688011","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f13a39d802bf","from":"company:688011","from_name":"新光光电","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"新光光电 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航证券金融研究所-f00e0a20874f.md","chunk_id":"chunk:a9d5978b8fef","chunk_index":4,"quote_summary":"而伴随公司在激光对抗领域技术成果的逐步转化、公司结合自身光电领域研发优势及市场需求在民品市场的开拓，都将促使相关业务形成公司新的收入增长点。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688011","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"55fbe5fd9f7f","from":"company:688011","from_name":"新光光电","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"新光光电 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航证券金融研究所-f00e0a20874f.md","chunk_id":"chunk:a9d5978b8fef","chunk_index":4,"quote_summary":"而伴随公司在激光对抗领域技术成果的逐步转化、公司结合自身光电领域研发优势及市场需求在民品市场的开拓，都将促使相关业务形成公司新的收入增长点。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688011","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7fecc2c6f51e","from":"company:688011","from_name":"新光光电","to":"topic:卫星","to_name":"卫星","relation":"involves_topic","direction":"semantic","summary":"新光光电 研报中反复涉及 卫星。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-公司研究-证券研究报告-c09c1d1e1d64.md","chunk_id":"chunk:a4402cd4f254","chunk_index":12,"quote_summary":"2016-2018 年，新光光电营业收入分别为 1.59 亿元、1.82 亿元和 2.08 亿元，近两年营收增速保持在 15%左右，主要原因是公司光学目标与场景仿真系统业务快速增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688011","target":"topic:卫星","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a75d56fd991e","from":"company:688011","from_name":"新光光电","to":"topic:原材料","to_name":"原材料","relation":"involves_topic","direction":"semantic","summary":"新光光电 研报中反复涉及 原材料。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-donghai-securities-d3cb3f6bdead.md","chunk_id":"chunk:7bdfc22a308f","chunk_index":0,"quote_summary":"**近三年公司主营业务收入分别为 15,746.08 万元、17,962.04 万元和 20,310.45 万元，均为军工产品销售收入。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688011","target":"topic:原材料","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1b0115acb37a","from":"company:688011","from_name":"新光光电","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"新光光电 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-donghai-securities-d3cb3f6bdead.md","chunk_id":"chunk:7bdfc22a308f","chunk_index":0,"quote_summary":"**近三年公司主营业务收入分别为 15,746.08 万元、17,962.04 万元和 20,310.45 万元，均为军工产品销售收入。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688011","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"48e1c88d0e44","from":"company:688011","from_name":"新光光电","to":"topic:工业原材料","to_name":"工业原材料","relation":"involves_topic","direction":"semantic","summary":"新光光电 研报中反复涉及 工业原材料。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-donghai-securities-d3cb3f6bdead.md","chunk_id":"chunk:7bdfc22a308f","chunk_index":0,"quote_summary":"**近三年公司主营业务收入分别为 15,746.08 万元、17,962.04 万元和 20,310.45 万元，均为军工产品销售收入。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688011","target":"topic:工业原材料","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6c2f2168a2d5","from":"company:688011","from_name":"新光光电","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"新光光电 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航证券金融研究所-f00e0a20874f.md","chunk_id":"chunk:a9d5978b8fef","chunk_index":4,"quote_summary":"而伴随公司在激光对抗领域技术成果的逐步转化、公司结合自身光电领域研发优势及市场需求在民品市场的开拓，都将促使相关业务形成公司新的收入增长点。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688011","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"330e5050d515","from":"company:688011","from_name":"新光光电","to":"topic:政策","to_name":"政策","relation":"involves_topic","direction":"semantic","summary":"新光光电 研报中反复涉及 政策。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-科创板新股报告-6242e61c7645.md","chunk_id":"chunk:b360109612af","chunk_index":0,"quote_summary":"** 2016-2018年公司收入分别为1.59亿元、1.82亿、2.08亿，净利润分别为0.67亿、0.40亿、0.73亿，近两年主营业务收入和净利润的复合增长率分别为9.5%和2.8%，2018年公司毛利率为48.59%，净利润率为34.85%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688011","target":"topic:政策","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b938f7f7005f","from":"company:688011","from_name":"新光光电","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"新光光电 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航证券金融研究所-f00e0a20874f.md","chunk_id":"chunk:a9d5978b8fef","chunk_index":4,"quote_summary":"而伴随公司在激光对抗领域技术成果的逐步转化、公司结合自身光电领域研发优势及市场需求在民品市场的开拓，都将促使相关业务形成公司新的收入增长点。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688011","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4fc45b8099fb","from":"company:688011","from_name":"新光光电","to":"topic:电力","to_name":"电力","relation":"involves_topic","direction":"semantic","summary":"新光光电 研报中反复涉及 电力。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航证券研究所-8ebbbd9f4850.md","chunk_id":"chunk:bca4065139f2","chunk_index":6,"quote_summary":"**其他业务收入 1101.37 万元**（+455.81%，相较 2019 年同期增长 342.58%），主要系电力检测产品通过试点验收后，已实现了在电力系统一定规模的销售，销售额同比增加 903.22 万元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688011","target":"topic:电力","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"cbe4a8036a6c","from":"company:688011","from_name":"新光光电","to":"topic:航天","to_name":"航天","relation":"involves_topic","direction":"semantic","summary":"新光光电 研报中反复涉及 航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航证券金融研究所-f00e0a20874f.md","chunk_id":"chunk:a9d5978b8fef","chunk_index":4,"quote_summary":"而伴随公司在激光对抗领域技术成果的逐步转化、公司结合自身光电领域研发优势及市场需求在民品市场的开拓，都将促使相关业务形成公司新的收入增长点。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688011","target":"topic:航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0cbbac5a0d04","from":"company:688011","from_name":"新光光电","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"新光光电 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:036c7bedb821","chunk_index":4,"quote_summary":"其它财务数据方面，现金流方面，受到报告期内销售回款减少及受到与主营业务相关的政府补贴减少所致，公司经营活动产生的现金流量净额 930.58 万元（-54.96%），同时报告期末，公司应收账款较 2018 年末增长了 36.78%，超过了营收变动幅度，我们认为主要原因为 2019 年公司军品对应型号项目回款周期较长，同..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688011","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"05aaa51b7bf1","from":"company:688011","from_name":"新光光电","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"新光光电 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航证券金融研究所-f00e0a20874f.md","chunk_id":"chunk:a9d5978b8fef","chunk_index":4,"quote_summary":"而伴随公司在激光对抗领域技术成果的逐步转化、公司结合自身光电领域研发优势及市场需求在民品市场的开拓，都将促使相关业务形成公司新的收入增长点。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688011","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1d6f3e82be54","from":"company:688011","from_name":"新光光电","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"新光光电 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航证券金融研究所-f00e0a20874f.md","chunk_id":"chunk:a9d5978b8fef","chunk_index":4,"quote_summary":"而伴随公司在激光对抗领域技术成果的逐步转化、公司结合自身光电领域研发优势及市场需求在民品市场的开拓，都将促使相关业务形成公司新的收入增长点。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688011","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"81b6e9b4865b","from":"company:688011","from_name":"新光光电","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"新光光电 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中航证券金融研究所-f00e0a20874f.md","chunk_id":"chunk:a9d5978b8fef","chunk_index":4,"quote_summary":"而伴随公司在激光对抗领域技术成果的逐步转化、公司结合自身光电领域研发优势及市场需求在民品市场的开拓，都将促使相关业务形成公司新的收入增长点。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688011","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f2cffe10cde1","from":"company:688027","from_name":"国盾量子","to":"topic:qkd","to_name":"QKD","relation":"involves_topic","direction":"semantic","summary":"国盾量子 研报中反复涉及 QKD。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-国盾量子-688027-sh-1ee8c69d5023.md","chunk_id":"chunk:43b6f1cb2ba6","chunk_index":0,"quote_summary":"2025 年上半年，公司量子计算、量子通信、量子精密测量业务营收分别为 5596.05/5173.77/856.51 万元、分别同比增长 283.92%/28.10%/13.75%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688027","target":"topic:qkd","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"bf409cd0bee3","from":"company:688027","from_name":"国盾量子","to":"topic:roa","to_name":"ROA","relation":"involves_topic","direction":"semantic","summary":"国盾量子 研报中反复涉及 ROA。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-股票研究-2025-09-29-74aa33250588.md","chunk_id":"chunk:7f77adb840ef","chunk_index":0,"quote_summary":"\\*\\*2025 年上半年，公司实现营收 1.21 亿元，同比大幅增长 74.54%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688027","target":"topic:roa","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1fcf6c6fe223","from":"company:688027","from_name":"国盾量子","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"国盾量子 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2026-年-04-月-01-日-3a755bdf7552.md","chunk_id":"chunk:fcef74b35951","chunk_index":9,"quote_summary":"短期来看，该业务增长节奏受项目验收与建设周期影响存在一定波动，但中长期受益于数据安全需求提升及政策推动，具备稳定增长基础。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688027","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e8b3f1912857","from":"company:688027","from_name":"国盾量子","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"国盾量子 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-股票研究-2025-09-29-74aa33250588.md","chunk_id":"chunk:7f77adb840ef","chunk_index":0,"quote_summary":"\\*\\*2025 年上半年，公司实现营收 1.21 亿元，同比大幅增长 74.54%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688027","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2c79e6fa99f6","from":"company:688027","from_name":"国盾量子","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"国盾量子 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-股票研究-2025-09-29-74aa33250588.md","chunk_id":"chunk:7f77adb840ef","chunk_index":0,"quote_summary":"\\*\\*2025 年上半年，公司实现营收 1.21 亿元，同比大幅增长 74.54%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688027","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0fe62adea503","from":"company:688027","from_name":"国盾量子","to":"topic:卫星","to_name":"卫星","relation":"involves_topic","direction":"semantic","summary":"国盾量子 研报中反复涉及 卫星。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-国盾量子-688027-sh-1ee8c69d5023.md","chunk_id":"chunk:43b6f1cb2ba6","chunk_index":0,"quote_summary":"2025 年上半年，公司量子计算、量子通信、量子精密测量业务营收分别为 5596.05/5173.77/856.51 万元、分别同比增长 283.92%/28.10%/13.75%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688027","target":"topic:卫星","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1044303ee892","from":"company:688027","from_name":"国盾量子","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"国盾量子 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-国盾量子-688027-sh-1ee8c69d5023.md","chunk_id":"chunk:43b6f1cb2ba6","chunk_index":0,"quote_summary":"2025 年上半年，公司量子计算、量子通信、量子精密测量业务营收分别为 5596.05/5173.77/856.51 万元、分别同比增长 283.92%/28.10%/13.75%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688027","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ea1a93b2affd","from":"company:688027","from_name":"国盾量子","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"国盾量子 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-股票研究-2025-09-29-74aa33250588.md","chunk_id":"chunk:7f77adb840ef","chunk_index":0,"quote_summary":"\\*\\*2025 年上半年，公司实现营收 1.21 亿元，同比大幅增长 74.54%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688027","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6e9a4fb6d93d","from":"company:688027","from_name":"国盾量子","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"国盾量子 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-国盾量子-688027-sh-1ee8c69d5023.md","chunk_id":"chunk:43b6f1cb2ba6","chunk_index":0,"quote_summary":"2025 年上半年，公司量子计算、量子通信、量子精密测量业务营收分别为 5596.05/5173.77/856.51 万元、分别同比增长 283.92%/28.10%/13.75%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688027","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f11ecbc5a7a8","from":"company:688027","from_name":"国盾量子","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"国盾量子 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-国盾量子-688027-sh-1ee8c69d5023.md","chunk_id":"chunk:43b6f1cb2ba6","chunk_index":0,"quote_summary":"2025 年上半年，公司量子计算、量子通信、量子精密测量业务营收分别为 5596.05/5173.77/856.51 万元、分别同比增长 283.92%/28.10%/13.75%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688027","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7550e629d445","from":"company:688027","from_name":"国盾量子","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"国盾量子 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-股票研究-2025-09-29-74aa33250588.md","chunk_id":"chunk:7f77adb840ef","chunk_index":0,"quote_summary":"\\*\\*2025 年上半年，公司实现营收 1.21 亿元，同比大幅增长 74.54%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688027","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"66e90e4a4cd2","from":"company:688027","from_name":"国盾量子","to":"topic:量子","to_name":"量子","relation":"involves_topic","direction":"semantic","summary":"国盾量子 研报中反复涉及 量子。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-股票研究-2025-09-29-74aa33250588.md","chunk_id":"chunk:7f77adb840ef","chunk_index":0,"quote_summary":"\\*\\*2025 年上半年，公司实现营收 1.21 亿元，同比大幅增长 74.54%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688027","target":"topic:量子","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7e2f2e445147","from":"company:688027","from_name":"国盾量子","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"国盾量子 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-股票研究-2025-09-29-74aa33250588.md","chunk_id":"chunk:7f77adb840ef","chunk_index":0,"quote_summary":"\\*\\*2025 年上半年，公司实现营收 1.21 亿元，同比大幅增长 74.54%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688027","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4f6ee989fe16","from":"company:688027","from_name":"国盾量子","to":"topic:银行","to_name":"银行","relation":"involves_topic","direction":"semantic","summary":"国盾量子 研报中反复涉及 银行。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-股票研究-2025-09-29-74aa33250588.md","chunk_id":"chunk:7f77adb840ef","chunk_index":0,"quote_summary":"\\*\\*2025 年上半年，公司实现营收 1.21 亿元，同比大幅增长 74.54%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688027","target":"topic:银行","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"54d0a12315cc","from":"company:688027","from_name":"国盾量子","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"国盾量子 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2026-年-04-月-01-日-3a755bdf7552.md","chunk_id":"chunk:fcef74b35951","chunk_index":9,"quote_summary":"短期来看，该业务增长节奏受项目验收与建设周期影响存在一定波动，但中长期受益于数据安全需求提升及政策推动，具备稳定增长基础。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688027","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e17c9aeca39a","from":"company:688066","from_name":"航天宏图","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"航天宏图 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-经营业绩短期承压-海外业务未来可期-d43f5cf17a3b.md","chunk_id":"chunk:f37f420f6e37","chunk_index":0,"quote_summary":"按业务划分，空间基础设施规划与建设收入为 15404.35 万元、PIE+ 行业收入为 158750.59 万元、云服务产品线收入为 7719.33 万元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688066","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6e92e89175bc","from":"company:688066","from_name":"航天宏图","to":"topic:sar","to_name":"SAR","relation":"involves_topic","direction":"semantic","summary":"航天宏图 研报中反复涉及 SAR。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天宏图-688066-173ad718b01d.md","chunk_id":"chunk:0cad92f8cdb6","chunk_index":44,"quote_summary":"受益于市场需求提升，公司竞争力增强和营销网络的逐渐完善，促使公司数据分析应用服务类业务得到快速增长，2022 年度实现收入 14.8 亿元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688066","target":"topic:sar","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7652a43506b8","from":"company:688066","from_name":"航天宏图","to":"topic:产业链","to_name":"产业链","relation":"involves_topic","direction":"semantic","summary":"航天宏图 研报中反复涉及 产业链。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天宏图-688066-sh-2023-年年报及-2024-年一季报点评-c8f55331f3d9.md","chunk_id":"chunk:cdb80fdd342d","chunk_index":1,"quote_summary":"⮚ **23 年研发投入同比增长 29%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688066","target":"topic:产业链","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"66de6277ae59","from":"company:688066","from_name":"航天宏图","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"航天宏图 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-计算机-it-服务ii-090bcf87814c.md","chunk_id":"chunk:71d3b4bd5c24","chunk_index":16,"quote_summary":"| 证券评级 | 买入（Buy） | 预计相对强于市场表现 20%以上；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688066","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2a1ce3386e53","from":"company:688066","from_name":"航天宏图","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"航天宏图 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天宏图-688066-173ad718b01d.md","chunk_id":"chunk:0cad92f8cdb6","chunk_index":44,"quote_summary":"受益于市场需求提升，公司竞争力增强和营销网络的逐渐完善，促使公司数据分析应用服务类业务得到快速增长，2022 年度实现收入 14.8 亿元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688066","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"214fd32314ee","from":"company:688066","from_name":"航天宏图","to":"topic:卫星","to_name":"卫星","relation":"involves_topic","direction":"semantic","summary":"航天宏图 研报中反复涉及 卫星。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天宏图-688066-173ad718b01d.md","chunk_id":"chunk:0cad92f8cdb6","chunk_index":44,"quote_summary":"受益于市场需求提升，公司竞争力增强和营销网络的逐渐完善，促使公司数据分析应用服务类业务得到快速增长，2022 年度实现收入 14.8 亿元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688066","target":"topic:卫星","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9a9e79a01bc4","from":"company:688066","from_name":"航天宏图","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"航天宏图 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-计算机-it-服务ii-090bcf87814c.md","chunk_id":"chunk:71d3b4bd5c24","chunk_index":16,"quote_summary":"| 证券评级 | 买入（Buy） | 预计相对强于市场表现 20%以上；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688066","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"17336893363d","from":"company:688066","from_name":"航天宏图","to":"topic:大模型","to_name":"大模型","relation":"involves_topic","direction":"semantic","summary":"航天宏图 研报中反复涉及 大模型。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天宏图-688066-173ad718b01d.md","chunk_id":"chunk:0cad92f8cdb6","chunk_index":44,"quote_summary":"受益于市场需求提升，公司竞争力增强和营销网络的逐渐完善，促使公司数据分析应用服务类业务得到快速增长，2022 年度实现收入 14.8 亿元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688066","target":"topic:大模型","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"55cf890a478e","from":"company:688066","from_name":"航天宏图","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"航天宏图 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-经营业绩短期承压-海外业务未来可期-d43f5cf17a3b.md","chunk_id":"chunk:f37f420f6e37","chunk_index":0,"quote_summary":"按业务划分，空间基础设施规划与建设收入为 15404.35 万元、PIE+ 行业收入为 158750.59 万元、云服务产品线收入为 7719.33 万元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688066","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ac269ca97d34","from":"company:688066","from_name":"航天宏图","to":"topic:数据要素","to_name":"数据要素","relation":"involves_topic","direction":"semantic","summary":"航天宏图 研报中反复涉及 数据要素。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天宏图-688066-173ad718b01d.md","chunk_id":"chunk:0cad92f8cdb6","chunk_index":44,"quote_summary":"受益于市场需求提升，公司竞争力增强和营销网络的逐渐完善，促使公司数据分析应用服务类业务得到快速增长，2022 年度实现收入 14.8 亿元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688066","target":"topic:数据要素","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"04e8a5d23194","from":"company:688066","from_name":"航天宏图","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"航天宏图 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天宏图-688066-173ad718b01d.md","chunk_id":"chunk:0cad92f8cdb6","chunk_index":44,"quote_summary":"受益于市场需求提升，公司竞争力增强和营销网络的逐渐完善，促使公司数据分析应用服务类业务得到快速增长，2022 年度实现收入 14.8 亿元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688066","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"5994e1b6b941","from":"company:688066","from_name":"航天宏图","to":"topic:航天","to_name":"航天","relation":"involves_topic","direction":"semantic","summary":"航天宏图 研报中反复涉及 航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天宏图-688066-173ad718b01d.md","chunk_id":"chunk:0cad92f8cdb6","chunk_index":44,"quote_summary":"受益于市场需求提升，公司竞争力增强和营销网络的逐渐完善，促使公司数据分析应用服务类业务得到快速增长，2022 年度实现收入 14.8 亿元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688066","target":"topic:航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3188514c64ef","from":"company:688066","from_name":"航天宏图","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"航天宏图 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天宏图-688066-sh-2023-年年报及-2024-年一季报点评-c8f55331f3d9.md","chunk_id":"chunk:cdb80fdd342d","chunk_index":1,"quote_summary":"⮚ **23 年研发投入同比增长 29%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688066","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ec20cc8f9d75","from":"company:688066","from_name":"航天宏图","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"航天宏图 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天宏图-688066-173ad718b01d.md","chunk_id":"chunk:0cad92f8cdb6","chunk_index":44,"quote_summary":"受益于市场需求提升，公司竞争力增强和营销网络的逐渐完善，促使公司数据分析应用服务类业务得到快速增长，2022 年度实现收入 14.8 亿元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688066","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b3d93a584248","from":"company:688066","from_name":"航天宏图","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"航天宏图 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-经营业绩短期承压-海外业务未来可期-d43f5cf17a3b.md","chunk_id":"chunk:f37f420f6e37","chunk_index":0,"quote_summary":"按业务划分，空间基础设施规划与建设收入为 15404.35 万元、PIE+ 行业收入为 158750.59 万元、云服务产品线收入为 7719.33 万元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688066","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1d7dfb6e0802","from":"company:688066","from_name":"航天宏图","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"航天宏图 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-经营业绩短期承压-海外业务未来可期-d43f5cf17a3b.md","chunk_id":"chunk:f37f420f6e37","chunk_index":0,"quote_summary":"按业务划分，空间基础设施规划与建设收入为 15404.35 万元、PIE+ 行业收入为 158750.59 万元、云服务产品线收入为 7719.33 万元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688066","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a1d3e1ad3a06","from":"company:688122","from_name":"西部超导","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"西部超导 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-国防军工-航空装备ii-384b51a07a83.md","chunk_id":"chunk:719fe1a85cfe","chunk_index":1,"quote_summary":"固定资产为 20.32 亿元，较 23 年底增加 6.25 亿元，主要系二期熔炼生产线建成投产所致，规模效应驱动下高温合金业务毛利率或仍有向上空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688122","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"83ef7bd6012a","from":"company:688122","from_name":"西部超导","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"西部超导 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md","chunk_id":"chunk:9c5d4da4fbfb","chunk_index":6,"quote_summary":"**超导业务：** 公司超导业务源于国家对 ITER 计划中 NbTi 和 Nb<sub>3</sub>Sn 超导线材产业化的战略需求，发展至今已成为目前国内唯一实现超导线材商业化生产的企业，也是国际上唯一的 NbTi 铸锭、棒材、超导线材生产及超导磁体制造全流程企业，在多个具体应用领域上具有较高的市场占有率，有望受..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688122","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ae2076dcccf1","from":"company:688122","from_name":"西部超导","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"西部超导 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md","chunk_id":"chunk:9c5d4da4fbfb","chunk_index":6,"quote_summary":"**超导业务：** 公司超导业务源于国家对 ITER 计划中 NbTi 和 Nb<sub>3</sub>Sn 超导线材产业化的战略需求，发展至今已成为目前国内唯一实现超导线材商业化生产的企业，也是国际上唯一的 NbTi 铸锭、棒材、超导线材生产及超导磁体制造全流程企业，在多个具体应用领域上具有较高的市场占有率，有望受..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688122","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"08a27735c1f2","from":"company:688122","from_name":"西部超导","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"西部超导 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md","chunk_id":"chunk:9c5d4da4fbfb","chunk_index":6,"quote_summary":"**超导业务：** 公司超导业务源于国家对 ITER 计划中 NbTi 和 Nb<sub>3</sub>Sn 超导线材产业化的战略需求，发展至今已成为目前国内唯一实现超导线材商业化生产的企业，也是国际上唯一的 NbTi 铸锭、棒材、超导线材生产及超导磁体制造全流程企业，在多个具体应用领域上具有较高的市场占有率，有望受..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688122","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"cf965874dabb","from":"company:688122","from_name":"西部超导","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"西部超导 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告公司研究军工公司点评-be5471231ede.md","chunk_id":"chunk:cdd18532579a","chunk_index":1,"quote_summary":"②超导产品实现营收13.04亿元（+32.41%），实现销量2344吨（+32.46%），产品均价为55.6万元/吨，随着高性能超导线材产业化项目建设完成，公司超导线材产能得到了大幅提升，同时超导业务订单持续增加带动销量增长，目前公司已开始为BEST聚变项目批量供货，产品性能稳定；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688122","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e149494c46e3","from":"company:688122","from_name":"西部超导","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"西部超导 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md","chunk_id":"chunk:9c5d4da4fbfb","chunk_index":6,"quote_summary":"**超导业务：** 公司超导业务源于国家对 ITER 计划中 NbTi 和 Nb<sub>3</sub>Sn 超导线材产业化的战略需求，发展至今已成为目前国内唯一实现超导线材商业化生产的企业，也是国际上唯一的 NbTi 铸锭、棒材、超导线材生产及超导磁体制造全流程企业，在多个具体应用领域上具有较高的市场占有率，有望受..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688122","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"49778d1a8d06","from":"company:688122","from_name":"西部超导","to":"topic:燃气轮机","to_name":"燃气轮机","relation":"involves_topic","direction":"semantic","summary":"西部超导 研报中反复涉及 燃气轮机。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:a5ad6b674a38","chunk_index":2,"quote_summary":"超导材料业务打造第二增长曲线，公司作为国内唯一实现 NbTi、Nb3Sn 超导线材全流程自主可控的供应商，深度绑定 ITER 及 CFETR 等国内外核聚变核心项目，有望持续受益于我国核聚变产业工程化落地。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688122","target":"topic:燃气轮机","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"57d27c034c7a","from":"company:688122","from_name":"西部超导","to":"topic:环比","to_name":"环比","relation":"involves_topic","direction":"semantic","summary":"西部超导 研报中反复涉及 环比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-23af555b73c8.md","chunk_id":"chunk:33ff8317770f","chunk_index":0,"quote_summary":"**三大业务规模均实现较快增长**：2025H1公司在超导产品、高端钛合金及高性能高温合金三大业务领域均取得优异成绩。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688122","target":"topic:环比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c94a3b38c7bd","from":"company:688122","from_name":"西部超导","to":"topic:航天","to_name":"航天","relation":"involves_topic","direction":"semantic","summary":"西部超导 研报中反复涉及 航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md","chunk_id":"chunk:9c5d4da4fbfb","chunk_index":6,"quote_summary":"**超导业务：** 公司超导业务源于国家对 ITER 计划中 NbTi 和 Nb<sub>3</sub>Sn 超导线材产业化的战略需求，发展至今已成为目前国内唯一实现超导线材商业化生产的企业，也是国际上唯一的 NbTi 铸锭、棒材、超导线材生产及超导磁体制造全流程企业，在多个具体应用领域上具有较高的市场占有率，有望受..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688122","target":"topic:航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"cd3731e9ad1a","from":"company:688122","from_name":"西部超导","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"西部超导 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md","chunk_id":"chunk:9c5d4da4fbfb","chunk_index":6,"quote_summary":"**超导业务：** 公司超导业务源于国家对 ITER 计划中 NbTi 和 Nb<sub>3</sub>Sn 超导线材产业化的战略需求，发展至今已成为目前国内唯一实现超导线材商业化生产的企业，也是国际上唯一的 NbTi 铸锭、棒材、超导线材生产及超导磁体制造全流程企业，在多个具体应用领域上具有较高的市场占有率，有望受..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688122","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"624b27a1184a","from":"company:688122","from_name":"西部超导","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"西部超导 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:a5ad6b674a38","chunk_index":2,"quote_summary":"超导材料业务打造第二增长曲线，公司作为国内唯一实现 NbTi、Nb3Sn 超导线材全流程自主可控的供应商，深度绑定 ITER 及 CFETR 等国内外核聚变核心项目，有望持续受益于我国核聚变产业工程化落地。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688122","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"927ab6651ed1","from":"company:688122","from_name":"西部超导","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"西部超导 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md","chunk_id":"chunk:9c5d4da4fbfb","chunk_index":6,"quote_summary":"**超导业务：** 公司超导业务源于国家对 ITER 计划中 NbTi 和 Nb<sub>3</sub>Sn 超导线材产业化的战略需求，发展至今已成为目前国内唯一实现超导线材商业化生产的企业，也是国际上唯一的 NbTi 铸锭、棒材、超导线材生产及超导磁体制造全流程企业，在多个具体应用领域上具有较高的市场占有率，有望受..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688122","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c01964a3fe2f","from":"company:688122","from_name":"西部超导","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"西部超导 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-发布时间-2025-05-15-baf435e95e63.md","chunk_id":"chunk:54f67bac5844","chunk_index":4,"quote_summary":"公司低温超导产品供货优势显著，有望充分受益于市场需求增长，此外，公司高温超导材料工程化制备技术取得显著进展，综合性能达到新型超导储能、超导磁共振成像仪等应用要求。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688122","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c51a01f2774b","from":"company:688122","from_name":"西部超导","to":"topic:钛","to_name":"钛","relation":"involves_topic","direction":"semantic","summary":"西部超导 研报中反复涉及 钛。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md","chunk_id":"chunk:9c5d4da4fbfb","chunk_index":6,"quote_summary":"**超导业务：** 公司超导业务源于国家对 ITER 计划中 NbTi 和 Nb<sub>3</sub>Sn 超导线材产业化的战略需求，发展至今已成为目前国内唯一实现超导线材商业化生产的企业，也是国际上唯一的 NbTi 铸锭、棒材、超导线材生产及超导磁体制造全流程企业，在多个具体应用领域上具有较高的市场占有率，有望受..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688122","target":"topic:钛","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"902b84c9110a","from":"company:688122","from_name":"西部超导","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"西部超导 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-08-31-7a01611a2c1d.md","chunk_id":"chunk:920439f66299","chunk_index":4,"quote_summary":"其中，超导产品较上年同期增长 65.75%，市场占有率不断提升，行业地位进一步巩固。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688122","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b08c9a258e31","from":"company:688132","from_name":"邦彦技术","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"邦彦技术 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2022-年-09-月-05-日-公司研究-证券研究报告-a0d057dc4f70.md","chunk_id":"chunk:1390c7c1e639","chunk_index":17,"quote_summary":"根据 Markets and Markets 的分析预测，2016 年全球 C4ISR 市场规模已经突破 950 亿美元，预计到 2022 年，市场空间有望达到 1193.9 亿美元，2017-2022 年的复合年均增长率约为 3.56%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688132","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"32cc8ddf918e","from":"company:688132","from_name":"邦彦技术","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"邦彦技术 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2022-年-09-月-05-日-公司研究-证券研究报告-a0d057dc4f70.md","chunk_id":"chunk:1390c7c1e639","chunk_index":17,"quote_summary":"根据 Markets and Markets 的分析预测，2016 年全球 C4ISR 市场规模已经突破 950 亿美元，预计到 2022 年，市场空间有望达到 1193.9 亿美元，2017-2022 年的复合年均增长率约为 3.56%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688132","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a3ed51ad89ac","from":"company:688132","from_name":"邦彦技术","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"邦彦技术 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-f05c2c77e059.md","chunk_id":"chunk:a24e6437f05e","chunk_index":0,"quote_summary":"2022Q1-Q3，公司实现营业收入1.83亿元（+47.16%），主要是公司信息安全业务收入增长所致。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688132","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"062193b3fe99","from":"company:688132","from_name":"邦彦技术","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"邦彦技术 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-f05c2c77e059.md","chunk_id":"chunk:a24e6437f05e","chunk_index":0,"quote_summary":"2022Q1-Q3，公司实现营业收入1.83亿元（+47.16%），主要是公司信息安全业务收入增长所致。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688132","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e2b40b113762","from":"company:688132","from_name":"邦彦技术","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"邦彦技术 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2022-年-09-月-05-日-公司研究-证券研究报告-a0d057dc4f70.md","chunk_id":"chunk:1390c7c1e639","chunk_index":17,"quote_summary":"根据 Markets and Markets 的分析预测，2016 年全球 C4ISR 市场规模已经突破 950 亿美元，预计到 2022 年，市场空间有望达到 1193.9 亿美元，2017-2022 年的复合年均增长率约为 3.56%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688132","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6ec9ef489cf0","from":"company:688132","from_name":"邦彦技术","to":"topic:工业原材料","to_name":"工业原材料","relation":"involves_topic","direction":"semantic","summary":"邦彦技术 研报中反复涉及 工业原材料。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-f05c2c77e059.md","chunk_id":"chunk:a24e6437f05e","chunk_index":0,"quote_summary":"2022Q1-Q3，公司实现营业收入1.83亿元（+47.16%），主要是公司信息安全业务收入增长所致。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688132","target":"topic:工业原材料","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"38bd308dc1d0","from":"company:688132","from_name":"邦彦技术","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"邦彦技术 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-f05c2c77e059.md","chunk_id":"chunk:a24e6437f05e","chunk_index":0,"quote_summary":"2022Q1-Q3，公司实现营业收入1.83亿元（+47.16%），主要是公司信息安全业务收入增长所致。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688132","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"47fe37ca93de","from":"company:688132","from_name":"邦彦技术","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"邦彦技术 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-f05c2c77e059.md","chunk_id":"chunk:a24e6437f05e","chunk_index":0,"quote_summary":"2022Q1-Q3，公司实现营业收入1.83亿元（+47.16%），主要是公司信息安全业务收入增长所致。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688132","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6ca052057f3e","from":"company:688132","from_name":"邦彦技术","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"邦彦技术 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-f05c2c77e059.md","chunk_id":"chunk:a24e6437f05e","chunk_index":0,"quote_summary":"2022Q1-Q3，公司实现营业收入1.83亿元（+47.16%），主要是公司信息安全业务收入增长所致。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688132","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b048dcc4111e","from":"company:688132","from_name":"邦彦技术","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"邦彦技术 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-f05c2c77e059.md","chunk_id":"chunk:a24e6437f05e","chunk_index":0,"quote_summary":"2022Q1-Q3，公司实现营业收入1.83亿元（+47.16%），主要是公司信息安全业务收入增长所致。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688132","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"582f8d9c03d2","from":"company:688132","from_name":"邦彦技术","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"邦彦技术 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-f05c2c77e059.md","chunk_id":"chunk:a24e6437f05e","chunk_index":0,"quote_summary":"2022Q1-Q3，公司实现营业收入1.83亿元（+47.16%），主要是公司信息安全业务收入增长所致。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688132","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7112debf3919","from":"company:688132","from_name":"邦彦技术","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"邦彦技术 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2022-年-09-月-05-日-公司研究-证券研究报告-a0d057dc4f70.md","chunk_id":"chunk:1390c7c1e639","chunk_index":17,"quote_summary":"根据 Markets and Markets 的分析预测，2016 年全球 C4ISR 市场规模已经突破 950 亿美元，预计到 2022 年，市场空间有望达到 1193.9 亿美元，2017-2022 年的复合年均增长率约为 3.56%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688132","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"5e7d9a1999d7","from":"company:688146","from_name":"中船特气","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"中船特气 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中船特气-688146-价格下调或逐步企稳-龙头地位或长期稳固-41d8535160f6.md","chunk_id":"chunk:6d513c339235","chunk_index":3,"quote_summary":"公司前三季度营业收入同比增长15.29%，归母净利润同比下降6%，毛利率同比降低6.33个pct。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688146","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"60c618dcf2c0","from":"company:688146","from_name":"中船特气","to":"topic:下游","to_name":"下游","relation":"involves_topic","direction":"semantic","summary":"中船特气 研报中反复涉及 下游。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:6557a0e752c4","chunk_index":47,"quote_summary":"中国工业气体行业尽管起步较晚，但在国家政策的大力推动下以及以电子特种气体为代表的半导体领域新需求增长，中国工业气体市场规模将保持高增长，预计到 2026 年中国工业气体市场规模将增长至 2842 亿元，2021 年到 2026 年复合增长率为 9.63%，未来中国工业气体市场发展空间巨大。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688146","target":"topic:下游","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"106f848ba8f5","from":"company:688146","from_name":"中船特气","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"中船特气 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中船特气-688146-价格下调或逐步企稳-龙头地位或长期稳固-41d8535160f6.md","chunk_id":"chunk:6d513c339235","chunk_index":3,"quote_summary":"公司前三季度营业收入同比增长15.29%，归母净利润同比下降6%，毛利率同比降低6.33个pct。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688146","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7c0d8944591e","from":"company:688146","from_name":"中船特气","to":"topic:供需","to_name":"供需","relation":"involves_topic","direction":"semantic","summary":"中船特气 研报中反复涉及 供需。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中船特气-688146-567a6aeef795.md","chunk_id":"chunk:5cc15383c56f","chunk_index":4,"quote_summary":"根据 TECHCET 数据，2025 年全球电子特种气体市场规模预计将增至 60.23 亿美元，2021-2025 年复合增长率预计达到 7.33%，我国方面，预计 2025 年国内电子气体市场规模将提升到 316.60 亿元，2021-2025 年复合增长率达到 12.77%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688146","target":"topic:供需","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1a8978b5c4f5","from":"company:688146","from_name":"中船特气","to":"topic:光伏","to_name":"光伏","relation":"involves_topic","direction":"semantic","summary":"中船特气 研报中反复涉及 光伏。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-equity-research-company-research-semiconductor-8c90db321421.md","chunk_id":"chunk:b26a7a5af612","chunk_index":12,"quote_summary":"根据 TECHCET 数据，2025 年全球电子特种气体市场规模预计将增至 **60.23 亿美元**，2021-2025 年复合增长率预计达到 **7.33%**，我国方面，预计 2025 年国内电子气体市场规模将提升到 **316.60 亿元**，2021-2025 年复合增长率达到 **12.77%**。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688146","target":"topic:光伏","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"85c9464ecf0f","from":"company:688146","from_name":"中船特气","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"中船特气 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-equity-research-company-research-semiconductor-8c90db321421.md","chunk_id":"chunk:b26a7a5af612","chunk_index":12,"quote_summary":"根据 TECHCET 数据，2025 年全球电子特种气体市场规模预计将增至 **60.23 亿美元**，2021-2025 年复合增长率预计达到 **7.33%**，我国方面，预计 2025 年国内电子气体市场规模将提升到 **316.60 亿元**，2021-2025 年复合增长率达到 **12.77%**。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688146","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"8125010c31ed","from":"company:688146","from_name":"中船特气","to":"topic:半导体","to_name":"半导体","relation":"involves_topic","direction":"semantic","summary":"中船特气 研报中反复涉及 半导体。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:6557a0e752c4","chunk_index":47,"quote_summary":"中国工业气体行业尽管起步较晚，但在国家政策的大力推动下以及以电子特种气体为代表的半导体领域新需求增长，中国工业气体市场规模将保持高增长，预计到 2026 年中国工业气体市场规模将增长至 2842 亿元，2021 年到 2026 年复合增长率为 9.63%，未来中国工业气体市场发展空间巨大。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688146","target":"topic:半导体","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"dd8c06d63de7","from":"company:688146","from_name":"中船特气","to":"topic:原材料","to_name":"原材料","relation":"involves_topic","direction":"semantic","summary":"中船特气 研报中反复涉及 原材料。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:6557a0e752c4","chunk_index":47,"quote_summary":"中国工业气体行业尽管起步较晚，但在国家政策的大力推动下以及以电子特种气体为代表的半导体领域新需求增长，中国工业气体市场规模将保持高增长，预计到 2026 年中国工业气体市场规模将增长至 2842 亿元，2021 年到 2026 年复合增长率为 9.63%，未来中国工业气体市场发展空间巨大。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688146","target":"topic:原材料","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9014791ef851","from":"company:688146","from_name":"中船特气","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"中船特气 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-电子-公司点评报告-167a582425b3.md","chunk_id":"chunk:596c74514ce5","chunk_index":4,"quote_summary":"**公司预计 2023 年实现营收 16.16 亿元，同比-17.39%，主要系受国际形势和宏观经济环境等因素的影响，公司主要产品电子特种气体下游半导体芯片、液晶显示行业景气度下滑，市场需求疲软，半导体芯片市场 2023 年全年处于调整期，现阶段公司营收大致为集成电路行业占比 60%左右，显示面板行业占比 25%-3..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688146","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"8842afc2f45c","from":"company:688146","from_name":"中船特气","to":"topic:工业原材料","to_name":"工业原材料","relation":"involves_topic","direction":"semantic","summary":"中船特气 研报中反复涉及 工业原材料。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:6557a0e752c4","chunk_index":47,"quote_summary":"中国工业气体行业尽管起步较晚，但在国家政策的大力推动下以及以电子特种气体为代表的半导体领域新需求增长，中国工业气体市场规模将保持高增长，预计到 2026 年中国工业气体市场规模将增长至 2842 亿元，2021 年到 2026 年复合增长率为 9.63%，未来中国工业气体市场发展空间巨大。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688146","target":"topic:工业原材料","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a42a8f9a8458","from":"company:688146","from_name":"中船特气","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"中船特气 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-电子-公司点评报告-167a582425b3.md","chunk_id":"chunk:596c74514ce5","chunk_index":4,"quote_summary":"**公司预计 2023 年实现营收 16.16 亿元，同比-17.39%，主要系受国际形势和宏观经济环境等因素的影响，公司主要产品电子特种气体下游半导体芯片、液晶显示行业景气度下滑，市场需求疲软，半导体芯片市场 2023 年全年处于调整期，现阶段公司营收大致为集成电路行业占比 60%左右，显示面板行业占比 25%-3..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688146","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"bf37a8c9998b","from":"company:688146","from_name":"中船特气","to":"topic:政策","to_name":"政策","relation":"involves_topic","direction":"semantic","summary":"中船特气 研报中反复涉及 政策。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-电子-公司点评报告-9058c22089bc.md","chunk_id":"chunk:1fdff1697244","chunk_index":5,"quote_summary":"随着固态电池在电动汽车、储能、消费电池等领域的应用逐渐扩大，LiTFSI 以其技术优势和市场稀缺性使其成为新能源材料领域的关键增长点。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688146","target":"topic:政策","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e8a7cd003464","from":"company:688146","from_name":"中船特气","to":"topic:新能源","to_name":"新能源","relation":"involves_topic","direction":"semantic","summary":"中船特气 研报中反复涉及 新能源。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中船特气-688146-567a6aeef795.md","chunk_id":"chunk:5cc15383c56f","chunk_index":4,"quote_summary":"根据 TECHCET 数据，2025 年全球电子特种气体市场规模预计将增至 60.23 亿美元，2021-2025 年复合增长率预计达到 7.33%，我国方面，预计 2025 年国内电子气体市场规模将提升到 316.60 亿元，2021-2025 年复合增长率达到 12.77%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688146","target":"topic:新能源","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"8d91a78846b1","from":"company:688146","from_name":"中船特气","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"中船特气 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:6557a0e752c4","chunk_index":47,"quote_summary":"中国工业气体行业尽管起步较晚，但在国家政策的大力推动下以及以电子特种气体为代表的半导体领域新需求增长，中国工业气体市场规模将保持高增长，预计到 2026 年中国工业气体市场规模将增长至 2842 亿元，2021 年到 2026 年复合增长率为 9.63%，未来中国工业气体市场发展空间巨大。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688146","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"228e56224e1a","from":"company:688146","from_name":"中船特气","to":"topic:环比","to_name":"环比","relation":"involves_topic","direction":"semantic","summary":"中船特气 研报中反复涉及 环比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-买入-维持-dc3d1f3bfbf7.md","chunk_id":"chunk:9aaa11519af2","chunk_index":1,"quote_summary":"* **投资建议：** 考虑到公司在目前终端市场需求疲软的背景下依旧保持高水平的研发投入、产品略有价格波动以及部分募投项目延期，我们调整公司盈利预测：预计公司2023E-2025E实现营业收入16.53/20.66/24.79亿元，实现归母净利润3.04/4.41/5.44亿元，EPS分别为0.57/0.83/1.0..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688146","target":"topic:环比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b20d438d164a","from":"company:688146","from_name":"中船特气","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"中船特气 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:6557a0e752c4","chunk_index":47,"quote_summary":"中国工业气体行业尽管起步较晚，但在国家政策的大力推动下以及以电子特种气体为代表的半导体领域新需求增长，中国工业气体市场规模将保持高增长，预计到 2026 年中国工业气体市场规模将增长至 2842 亿元，2021 年到 2026 年复合增长率为 9.63%，未来中国工业气体市场发展空间巨大。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688146","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0fab182042ab","from":"company:688146","from_name":"中船特气","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"中船特气 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:6557a0e752c4","chunk_index":47,"quote_summary":"中国工业气体行业尽管起步较晚，但在国家政策的大力推动下以及以电子特种气体为代表的半导体领域新需求增长，中国工业气体市场规模将保持高增长，预计到 2026 年中国工业气体市场规模将增长至 2842 亿元，2021 年到 2026 年复合增长率为 9.63%，未来中国工业气体市场发展空间巨大。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688146","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2e9264a1678a","from":"company:688146","from_name":"中船特气","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"中船特气 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-电子-公司点评报告-167a582425b3.md","chunk_id":"chunk:596c74514ce5","chunk_index":4,"quote_summary":"**公司预计 2023 年实现营收 16.16 亿元，同比-17.39%，主要系受国际形势和宏观经济环境等因素的影响，公司主要产品电子特种气体下游半导体芯片、液晶显示行业景气度下滑，市场需求疲软，半导体芯片市场 2023 年全年处于调整期，现阶段公司营收大致为集成电路行业占比 60%左右，显示面板行业占比 25%-3..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688146","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7b0a7bdf3e22","from":"company:688146","from_name":"中船特气","to":"topic:银行","to_name":"银行","relation":"involves_topic","direction":"semantic","summary":"中船特气 研报中反复涉及 银行。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-equity-research-company-research-semiconductor-8c90db321421.md","chunk_id":"chunk:b26a7a5af612","chunk_index":12,"quote_summary":"根据 TECHCET 数据，2025 年全球电子特种气体市场规模预计将增至 **60.23 亿美元**，2021-2025 年复合增长率预计达到 **7.33%**，我国方面，预计 2025 年国内电子气体市场规模将提升到 **316.60 亿元**，2021-2025 年复合增长率达到 **12.77%**。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688146","target":"topic:银行","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f09153b64fc6","from":"company:688146","from_name":"中船特气","to":"topic:锂","to_name":"锂","relation":"involves_topic","direction":"semantic","summary":"中船特气 研报中反复涉及 锂。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:6557a0e752c4","chunk_index":47,"quote_summary":"中国工业气体行业尽管起步较晚，但在国家政策的大力推动下以及以电子特种气体为代表的半导体领域新需求增长，中国工业气体市场规模将保持高增长，预计到 2026 年中国工业气体市场规模将增长至 2842 亿元，2021 年到 2026 年复合增长率为 9.63%，未来中国工业气体市场发展空间巨大。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688146","target":"topic:锂","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"fb7a15a6c843","from":"company:688146","from_name":"中船特气","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"中船特气 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-equity-research-company-research-semiconductor-8c90db321421.md","chunk_id":"chunk:b26a7a5af612","chunk_index":12,"quote_summary":"根据 TECHCET 数据，2025 年全球电子特种气体市场规模预计将增至 **60.23 亿美元**，2021-2025 年复合增长率预计达到 **7.33%**，我国方面，预计 2025 年国内电子气体市场规模将提升到 **316.60 亿元**，2021-2025 年复合增长率达到 **12.77%**。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688146","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c02dcb758509","from":"company:688231","from_name":"隆达股份","to":"topic:下游","to_name":"下游","relation":"involves_topic","direction":"semantic","summary":"隆达股份 研报中反复涉及 下游。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md","chunk_id":"chunk:8d4506b13c21","chunk_index":1,"quote_summary":"➢ **投资建议：**公司高温合金业务前景广阔，随着在建及募投项目未来逐步放量，公司业绩释放可期，我们预计公司 2022-2024 年归母净利润依次为 1.25/2.44/3.42 亿元，对应 2022 年 8 月 31 日收盘价 35.98 元，2022-2024 年 PE 依次为 71/36/26 倍，首次覆盖，..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688231","target":"topic:下游","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"aeffd08c2921","from":"company:688231","from_name":"隆达股份","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"隆达股份 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-公司点评-bd1031e3469d.md","chunk_id":"chunk:788646abd400","chunk_index":2,"quote_summary":"**高温合金认证进展硕果累累，营收快速增长**：公司2023H1营业收入实现同比增长22.9%，主要得益于高温合金产品销售保持快速增长，其中高温耐蚀合金营收同比增长40.1%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688231","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a1c19332cfff","from":"company:688231","from_name":"隆达股份","to":"topic:军机","to_name":"军机","relation":"involves_topic","direction":"semantic","summary":"隆达股份 研报中反复涉及 军机。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-隆达股份-688231-914015653efb.md","chunk_id":"chunk:6f7445aa735d","chunk_index":4,"quote_summary":"公司高温合金业务保持快速发展，2022 年上半年毛利占比高达 65.0%，已成为公司业绩增长引擎。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688231","target":"topic:军机","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a421d424181d","from":"company:688231","from_name":"隆达股份","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"隆达股份 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-公司点评-bd1031e3469d.md","chunk_id":"chunk:788646abd400","chunk_index":2,"quote_summary":"**高温合金认证进展硕果累累，营收快速增长**：公司2023H1营业收入实现同比增长22.9%，主要得益于高温合金产品销售保持快速增长，其中高温耐蚀合金营收同比增长40.1%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688231","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4cc07a49ec90","from":"company:688231","from_name":"隆达股份","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"隆达股份 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-隆达股份-688231-914015653efb.md","chunk_id":"chunk:6f7445aa735d","chunk_index":4,"quote_summary":"公司高温合金业务保持快速发展，2022 年上半年毛利占比高达 65.0%，已成为公司业绩增长引擎。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688231","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"34b6799f2fb1","from":"company:688231","from_name":"隆达股份","to":"topic:天然气","to_name":"天然气","relation":"involves_topic","direction":"semantic","summary":"隆达股份 研报中反复涉及 天然气。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-隆达股份-688231-914015653efb.md","chunk_id":"chunk:6f7445aa735d","chunk_index":4,"quote_summary":"公司高温合金业务保持快速发展，2022 年上半年毛利占比高达 65.0%，已成为公司业绩增长引擎。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688231","target":"topic:天然气","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3f3121654110","from":"company:688231","from_name":"隆达股份","to":"topic:工业原材料","to_name":"工业原材料","relation":"involves_topic","direction":"semantic","summary":"隆达股份 研报中反复涉及 工业原材料。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-有色金属-公司点评报告-ab138f95b0d4.md","chunk_id":"chunk:7809b9485efb","chunk_index":4,"quote_summary":"分领域看，公司变形高温合金市场开拓进展顺利，航空航天和油气化工领域销售放量，分别实现收入 2.97 亿元和 0.53 亿元，分别同比增长 130%和 77%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688231","target":"topic:工业原材料","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"507f36854c0e","from":"company:688231","from_name":"隆达股份","to":"topic:有色金属","to_name":"有色金属","relation":"involves_topic","direction":"semantic","summary":"隆达股份 研报中反复涉及 有色金属。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-有色金属-公司点评报告-ab138f95b0d4.md","chunk_id":"chunk:7809b9485efb","chunk_index":4,"quote_summary":"分领域看，公司变形高温合金市场开拓进展顺利，航空航天和油气化工领域销售放量，分别实现收入 2.97 亿元和 0.53 亿元，分别同比增长 130%和 77%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688231","target":"topic:有色金属","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ce6e770ec42d","from":"company:688231","from_name":"隆达股份","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"隆达股份 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md","chunk_id":"chunk:8d4506b13c21","chunk_index":1,"quote_summary":"➢ **投资建议：**公司高温合金业务前景广阔，随着在建及募投项目未来逐步放量，公司业绩释放可期，我们预计公司 2022-2024 年归母净利润依次为 1.25/2.44/3.42 亿元，对应 2022 年 8 月 31 日收盘价 35.98 元，2022-2024 年 PE 依次为 71/36/26 倍，首次覆盖，..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688231","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9ea27cec1fa9","from":"company:688231","from_name":"隆达股份","to":"topic:燃气轮机","to_name":"燃气轮机","relation":"involves_topic","direction":"semantic","summary":"隆达股份 研报中反复涉及 燃气轮机。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md","chunk_id":"chunk:8d4506b13c21","chunk_index":1,"quote_summary":"➢ **投资建议：**公司高温合金业务前景广阔，随着在建及募投项目未来逐步放量，公司业绩释放可期，我们预计公司 2022-2024 年归母净利润依次为 1.25/2.44/3.42 亿元，对应 2022 年 8 月 31 日收盘价 35.98 元，2022-2024 年 PE 依次为 71/36/26 倍，首次覆盖，..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688231","target":"topic:燃气轮机","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6a79294a09e3","from":"company:688231","from_name":"隆达股份","to":"topic:环比","to_name":"环比","relation":"involves_topic","direction":"semantic","summary":"隆达股份 研报中反复涉及 环比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-公司点评-bd1031e3469d.md","chunk_id":"chunk:788646abd400","chunk_index":2,"quote_summary":"**高温合金认证进展硕果累累，营收快速增长**：公司2023H1营业收入实现同比增长22.9%，主要得益于高温合金产品销售保持快速增长，其中高温耐蚀合金营收同比增长40.1%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688231","target":"topic:环比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"673de2be24ac","from":"company:688231","from_name":"隆达股份","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"隆达股份 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md","chunk_id":"chunk:8d4506b13c21","chunk_index":1,"quote_summary":"➢ **投资建议：**公司高温合金业务前景广阔，随着在建及募投项目未来逐步放量，公司业绩释放可期，我们预计公司 2022-2024 年归母净利润依次为 1.25/2.44/3.42 亿元，对应 2022 年 8 月 31 日收盘价 35.98 元，2022-2024 年 PE 依次为 71/36/26 倍，首次覆盖，..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688231","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"56f568067edd","from":"company:688231","from_name":"隆达股份","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"隆达股份 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究公司深度报告-ecaa858f1b6b.md","chunk_id":"chunk:b9c6dfdbb9a6","chunk_index":9,"quote_summary":"<u>2021年公司营收为7.26亿元，同比增长34.5%</u>，主要受益于变形高温合金业务营收的快速增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688231","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"12b3d43a7724","from":"company:688231","from_name":"隆达股份","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"隆达股份 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md","chunk_id":"chunk:8d4506b13c21","chunk_index":1,"quote_summary":"➢ **投资建议：**公司高温合金业务前景广阔，随着在建及募投项目未来逐步放量，公司业绩释放可期，我们预计公司 2022-2024 年归母净利润依次为 1.25/2.44/3.42 亿元，对应 2022 年 8 月 31 日收盘价 35.98 元，2022-2024 年 PE 依次为 71/36/26 倍，首次覆盖，..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688231","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6aa80c7689c0","from":"company:688231","from_name":"隆达股份","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"隆达股份 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-年-3-月-21-日-a6d9d407397c.md","chunk_id":"chunk:44a4238375d7","chunk_index":6,"quote_summary":"1、**高温合金收入同比增长 52.64%，市场开拓成效明显。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688231","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"df686bc3bd34","from":"company:688231","from_name":"隆达股份","to":"topic:钢材","to_name":"钢材","relation":"involves_topic","direction":"semantic","summary":"隆达股份 研报中反复涉及 钢材。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md","chunk_id":"chunk:8d4506b13c21","chunk_index":1,"quote_summary":"➢ **投资建议：**公司高温合金业务前景广阔，随着在建及募投项目未来逐步放量，公司业绩释放可期，我们预计公司 2022-2024 年归母净利润依次为 1.25/2.44/3.42 亿元，对应 2022 年 8 月 31 日收盘价 35.98 元，2022-2024 年 PE 依次为 71/36/26 倍，首次覆盖，..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688231","target":"topic:钢材","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9f8b856bb3fe","from":"company:688231","from_name":"隆达股份","to":"topic:铜","to_name":"铜","relation":"involves_topic","direction":"semantic","summary":"隆达股份 研报中反复涉及 铜。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md","chunk_id":"chunk:8d4506b13c21","chunk_index":1,"quote_summary":"➢ **投资建议：**公司高温合金业务前景广阔，随着在建及募投项目未来逐步放量，公司业绩释放可期，我们预计公司 2022-2024 年归母净利润依次为 1.25/2.44/3.42 亿元，对应 2022 年 8 月 31 日收盘价 35.98 元，2022-2024 年 PE 依次为 71/36/26 倍，首次覆盖，..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688231","target":"topic:铜","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7848f0bf1025","from":"company:688231","from_name":"隆达股份","to":"topic:银行","to_name":"银行","relation":"involves_topic","direction":"semantic","summary":"隆达股份 研报中反复涉及 银行。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-年-3-月-21-日-a6d9d407397c.md","chunk_id":"chunk:44a4238375d7","chunk_index":6,"quote_summary":"1、**高温合金收入同比增长 52.64%，市场开拓成效明显。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688231","target":"topic:银行","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"598265f82d6e","from":"company:688231","from_name":"隆达股份","to":"topic:镍","to_name":"镍","relation":"involves_topic","direction":"semantic","summary":"隆达股份 研报中反复涉及 镍。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md","chunk_id":"chunk:8d4506b13c21","chunk_index":1,"quote_summary":"➢ **投资建议：**公司高温合金业务前景广阔，随着在建及募投项目未来逐步放量，公司业绩释放可期，我们预计公司 2022-2024 年归母净利润依次为 1.25/2.44/3.42 亿元，对应 2022 年 8 月 31 日收盘价 35.98 元，2022-2024 年 PE 依次为 71/36/26 倍，首次覆盖，..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688231","target":"topic:镍","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c776037c4903","from":"company:688231","from_name":"隆达股份","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"隆达股份 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-公司点评-bd1031e3469d.md","chunk_id":"chunk:788646abd400","chunk_index":2,"quote_summary":"**高温合金认证进展硕果累累，营收快速增长**：公司2023H1营业收入实现同比增长22.9%，主要得益于高温合金产品销售保持快速增长，其中高温耐蚀合金营收同比增长40.1%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688231","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"15ec10eb273c","from":"company:688237","from_name":"超卓航科","to":"topic:roa","to_name":"ROA","relation":"involves_topic","direction":"semantic","summary":"超卓航科 研报中反复涉及 ROA。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2023-08-16-657cc90d2ffe.md","chunk_id":"chunk:8613f67d92c6","chunk_index":2,"quote_summary":"**事件**：公司发布 2023 年半年度报告，2023 年 1-6 月实现营业收入 1.15 亿元，较上年同期增长 55.64%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688237","target":"topic:roa","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b79d81025972","from":"company:688237","from_name":"超卓航科","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"超卓航科 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-新股专题覆盖-超卓航科-2022-年第-60-期-3c0c8e40c101.md","chunk_id":"chunk:b77d73153f9b","chunk_index":1,"quote_summary":"* 投资亮点：1、随着军机装备在国防建设的重要性日益凸显，我国军机数量有望持续增长，将为我国军用航空维修与再制造市场提供广阔的发展空间；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688237","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0018687f6f7b","from":"company:688237","from_name":"超卓航科","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"超卓航科 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-024354ecb643.md","chunk_id":"chunk:d207fa090d7f","chunk_index":4,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688237","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"dc05477caaf5","from":"company:688237","from_name":"超卓航科","to":"topic:军机","to_name":"军机","relation":"involves_topic","direction":"semantic","summary":"超卓航科 研报中反复涉及 军机。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md","chunk_id":"chunk:aa610c2d8b60","chunk_index":2,"quote_summary":"装备维修市场持续增长、武器零部件增材制造正在起步、民品业务应用场景不断增多，公司冷喷涂技术市场前景广阔。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688237","target":"topic:军机","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9aa3d3520f22","from":"company:688237","from_name":"超卓航科","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"超卓航科 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md","chunk_id":"chunk:aa610c2d8b60","chunk_index":2,"quote_summary":"装备维修市场持续增长、武器零部件增材制造正在起步、民品业务应用场景不断增多，公司冷喷涂技术市场前景广阔。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688237","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"70e461a3f5f1","from":"company:688237","from_name":"超卓航科","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"超卓航科 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2023-年-10-月-25-日-0a42f9034f44.md","chunk_id":"chunk:e89f65675b53","chunk_index":4,"quote_summary":"**2023 前三季度公司业务持续拓展，实现营收 1.78 亿元，同比增长 66.8%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688237","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"dcb99048c290","from":"company:688237","from_name":"超卓航科","to":"topic:房地产","to_name":"房地产","relation":"involves_topic","direction":"semantic","summary":"超卓航科 研报中反复涉及 房地产。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2023-08-16-657cc90d2ffe.md","chunk_id":"chunk:8613f67d92c6","chunk_index":2,"quote_summary":"**事件**：公司发布 2023 年半年度报告，2023 年 1-6 月实现营业收入 1.15 亿元，较上年同期增长 55.64%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688237","target":"topic:房地产","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4dc7e2956598","from":"company:688237","from_name":"超卓航科","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"超卓航科 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2023-年-10-月-25-日-0a42f9034f44.md","chunk_id":"chunk:e89f65675b53","chunk_index":4,"quote_summary":"**2023 前三季度公司业务持续拓展，实现营收 1.78 亿元，同比增长 66.8%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688237","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3e8bfbed72c6","from":"company:688237","from_name":"超卓航科","to":"topic:新能源","to_name":"新能源","relation":"involves_topic","direction":"semantic","summary":"超卓航科 研报中反复涉及 新能源。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md","chunk_id":"chunk:aa610c2d8b60","chunk_index":2,"quote_summary":"装备维修市场持续增长、武器零部件增材制造正在起步、民品业务应用场景不断增多，公司冷喷涂技术市场前景广阔。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688237","target":"topic:新能源","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e02bc0489de2","from":"company:688237","from_name":"超卓航科","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"超卓航科 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md","chunk_id":"chunk:aa610c2d8b60","chunk_index":2,"quote_summary":"装备维修市场持续增长、武器零部件增材制造正在起步、民品业务应用场景不断增多，公司冷喷涂技术市场前景广阔。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688237","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"32e5cc796fc2","from":"company:688237","from_name":"超卓航科","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"超卓航科 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md","chunk_id":"chunk:aa610c2d8b60","chunk_index":2,"quote_summary":"装备维修市场持续增长、武器零部件增材制造正在起步、民品业务应用场景不断增多，公司冷喷涂技术市场前景广阔。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688237","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"8e8ff39c963f","from":"company:688237","from_name":"超卓航科","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"超卓航科 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2023-年-10-月-25-日-0a42f9034f44.md","chunk_id":"chunk:e89f65675b53","chunk_index":4,"quote_summary":"**2023 前三季度公司业务持续拓展，实现营收 1.78 亿元，同比增长 66.8%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688237","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"dd05d69b3d59","from":"company:688237","from_name":"超卓航科","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"超卓航科 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md","chunk_id":"chunk:aa610c2d8b60","chunk_index":2,"quote_summary":"装备维修市场持续增长、武器零部件增材制造正在起步、民品业务应用场景不断增多，公司冷喷涂技术市场前景广阔。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688237","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ee927100aae3","from":"company:688237","from_name":"超卓航科","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"超卓航科 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2023-年-10-月-25-日-0a42f9034f44.md","chunk_id":"chunk:e89f65675b53","chunk_index":4,"quote_summary":"**2023 前三季度公司业务持续拓展，实现营收 1.78 亿元，同比增长 66.8%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688237","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e93820b47d58","from":"company:688237","from_name":"超卓航科","to":"topic:钛","to_name":"钛","relation":"involves_topic","direction":"semantic","summary":"超卓航科 研报中反复涉及 钛。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md","chunk_id":"chunk:aa610c2d8b60","chunk_index":2,"quote_summary":"装备维修市场持续增长、武器零部件增材制造正在起步、民品业务应用场景不断增多，公司冷喷涂技术市场前景广阔。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688237","target":"topic:钛","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b20ff10e95f6","from":"company:688237","from_name":"超卓航科","to":"topic:铝","to_name":"铝","relation":"involves_topic","direction":"semantic","summary":"超卓航科 研报中反复涉及 铝。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md","chunk_id":"chunk:aa610c2d8b60","chunk_index":2,"quote_summary":"装备维修市场持续增长、武器零部件增材制造正在起步、民品业务应用场景不断增多，公司冷喷涂技术市场前景广阔。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688237","target":"topic:铝","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f00cfd14fd4c","from":"company:688237","from_name":"超卓航科","to":"topic:银行","to_name":"银行","relation":"involves_topic","direction":"semantic","summary":"超卓航科 研报中反复涉及 银行。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2023-年-10-月-25-日-0a42f9034f44.md","chunk_id":"chunk:e89f65675b53","chunk_index":4,"quote_summary":"**2023 前三季度公司业务持续拓展，实现营收 1.78 亿元，同比增长 66.8%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688237","target":"topic:银行","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d1e9542dfb63","from":"company:688237","from_name":"超卓航科","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"超卓航科 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-024354ecb643.md","chunk_id":"chunk:d207fa090d7f","chunk_index":4,"quote_summary":"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。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688237","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d68044921259","from":"company:688270","from_name":"臻镭科技","to":"topic:ipo","to_name":"IPO","relation":"involves_topic","direction":"semantic","summary":"臻镭科技 研报中反复涉及 IPO。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-9708c7d7af37.md","chunk_id":"chunk:77bc34d02083","chunk_index":11,"quote_summary":"② 射频收发芯片及高速高精度 ADC/DAC 方面，仍是公司收入体量占比最大的业务板块，收入（0.53 亿元，+4.16%）略有增长，公司在该业务的相关子公司城芯科技净利率（47.61%，-14.76pcts）有所下降，我们认为与公司加大该业务板块研发投入和市场拓展力度，产品品类和应用领域增多有关；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688270","target":"topic:ipo","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6210e5001627","from":"company:688270","from_name":"臻镭科技","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"臻镭科技 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-臻镭科技-688270-87eeeabdbbb5.md","chunk_id":"chunk:ef3cf4b2b3fc","chunk_index":16,"quote_summary":"- 增持—未来 6 个月的投资收益率领先市场基准指数 5%以上；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688270","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"149a0fbfd624","from":"company:688270","from_name":"臻镭科技","to":"topic:下游","to_name":"下游","relation":"involves_topic","direction":"semantic","summary":"臻镭科技 研报中反复涉及 下游。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-9708c7d7af37.md","chunk_id":"chunk:77bc34d02083","chunk_index":11,"quote_summary":"② 射频收发芯片及高速高精度 ADC/DAC 方面，仍是公司收入体量占比最大的业务板块，收入（0.53 亿元，+4.16%）略有增长，公司在该业务的相关子公司城芯科技净利率（47.61%，-14.76pcts）有所下降，我们认为与公司加大该业务板块研发投入和市场拓展力度，产品品类和应用领域增多有关；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688270","target":"topic:下游","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6d58c83c025c","from":"company:688270","from_name":"臻镭科技","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"臻镭科技 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-臻镭科技-688270-af00b02379f9.md","chunk_id":"chunk:7c3e6964ce3b","chunk_index":4,"quote_summary":"* **业务订单有序落地，营业收入稳定增长：**公司 2024 年上半年营业收入为 1.17 亿元，同比增长 6.08%，实现归母净利润 0.05 亿元，同比-83.21%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688270","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"bbf95ffa6ac2","from":"company:688270","from_name":"臻镭科技","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"臻镭科技 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-9708c7d7af37.md","chunk_id":"chunk:77bc34d02083","chunk_index":11,"quote_summary":"② 射频收发芯片及高速高精度 ADC/DAC 方面，仍是公司收入体量占比最大的业务板块，收入（0.53 亿元，+4.16%）略有增长，公司在该业务的相关子公司城芯科技净利率（47.61%，-14.76pcts）有所下降，我们认为与公司加大该业务板块研发投入和市场拓展力度，产品品类和应用领域增多有关；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688270","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0e51b50d589b","from":"company:688270","from_name":"臻镭科技","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"臻镭科技 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-9708c7d7af37.md","chunk_id":"chunk:77bc34d02083","chunk_index":11,"quote_summary":"② 射频收发芯片及高速高精度 ADC/DAC 方面，仍是公司收入体量占比最大的业务板块，收入（0.53 亿元，+4.16%）略有增长，公司在该业务的相关子公司城芯科技净利率（47.61%，-14.76pcts）有所下降，我们认为与公司加大该业务板块研发投入和市场拓展力度，产品品类和应用领域增多有关；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688270","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"cea4b8d680ea","from":"company:688270","from_name":"臻镭科技","to":"topic:卫星","to_name":"卫星","relation":"involves_topic","direction":"semantic","summary":"臻镭科技 研报中反复涉及 卫星。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-9708c7d7af37.md","chunk_id":"chunk:77bc34d02083","chunk_index":11,"quote_summary":"② 射频收发芯片及高速高精度 ADC/DAC 方面，仍是公司收入体量占比最大的业务板块，收入（0.53 亿元，+4.16%）略有增长，公司在该业务的相关子公司城芯科技净利率（47.61%，-14.76pcts）有所下降，我们认为与公司加大该业务板块研发投入和市场拓展力度，产品品类和应用领域增多有关；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688270","target":"topic:卫星","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"914c18f4adde","from":"company:688270","from_name":"臻镭科技","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"臻镭科技 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-9708c7d7af37.md","chunk_id":"chunk:77bc34d02083","chunk_index":11,"quote_summary":"② 射频收发芯片及高速高精度 ADC/DAC 方面，仍是公司收入体量占比最大的业务板块，收入（0.53 亿元，+4.16%）略有增长，公司在该业务的相关子公司城芯科技净利率（47.61%，-14.76pcts）有所下降，我们认为与公司加大该业务板块研发投入和市场拓展力度，产品品类和应用领域增多有关；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688270","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d2c18a0c07d4","from":"company:688270","from_name":"臻镭科技","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"臻镭科技 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-6a05130610bb.md","chunk_id":"chunk:f4a74de7261e","chunk_index":2,"quote_summary":"</mark>2025年上半年公司营收（2.05亿元，+73.64%）显著增长，主要系上半年公司特种领域业务所在的下游行业需求回暖，叠加公司星载业务产品转入批量交付阶段所致。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688270","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d163cf18607f","from":"company:688270","from_name":"臻镭科技","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"臻镭科技 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-9708c7d7af37.md","chunk_id":"chunk:77bc34d02083","chunk_index":11,"quote_summary":"② 射频收发芯片及高速高精度 ADC/DAC 方面，仍是公司收入体量占比最大的业务板块，收入（0.53 亿元，+4.16%）略有增长，公司在该业务的相关子公司城芯科技净利率（47.61%，-14.76pcts）有所下降，我们认为与公司加大该业务板块研发投入和市场拓展力度，产品品类和应用领域增多有关；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688270","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3201175496dc","from":"company:688270","from_name":"臻镭科技","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"臻镭科技 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-臻镭科技-688270-87eeeabdbbb5.md","chunk_id":"chunk:ef3cf4b2b3fc","chunk_index":16,"quote_summary":"- 增持—未来 6 个月的投资收益率领先市场基准指数 5%以上；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688270","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6bed33a5c3aa","from":"company:688270","from_name":"臻镭科技","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"臻镭科技 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-9708c7d7af37.md","chunk_id":"chunk:77bc34d02083","chunk_index":11,"quote_summary":"② 射频收发芯片及高速高精度 ADC/DAC 方面，仍是公司收入体量占比最大的业务板块，收入（0.53 亿元，+4.16%）略有增长，公司在该业务的相关子公司城芯科技净利率（47.61%，-14.76pcts）有所下降，我们认为与公司加大该业务板块研发投入和市场拓展力度，产品品类和应用领域增多有关；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688270","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"69451808b582","from":"company:688270","from_name":"臻镭科技","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"臻镭科技 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-电子-公司点评报告-b55c08bdec4e.md","chunk_id":"chunk:2717ffe67168","chunk_index":2,"quote_summary":"近日，公司发布 2023 年年报，公司实现营收 2.81 亿元，同比增长 15.75%，实现归母净利润 0.72 亿元，同比下降 32.72%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688270","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ef80b3c4a6da","from":"company:688270","from_name":"臻镭科技","to":"topic:银行","to_name":"银行","relation":"involves_topic","direction":"semantic","summary":"臻镭科技 研报中反复涉及 银行。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-臻镭科技-688270-87eeeabdbbb5.md","chunk_id":"chunk:ef3cf4b2b3fc","chunk_index":16,"quote_summary":"- 增持—未来 6 个月的投资收益率领先市场基准指数 5%以上；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688270","target":"topic:银行","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"25869fbe280f","from":"company:688270","from_name":"臻镭科技","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"臻镭科技 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-6a05130610bb.md","chunk_id":"chunk:f4a74de7261e","chunk_index":2,"quote_summary":"</mark>2025年上半年公司营收（2.05亿元，+73.64%）显著增长，主要系上半年公司特种领域业务所在的下游行业需求回暖，叠加公司星载业务产品转入批量交付阶段所致。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688270","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6a8ff439ab17","from":"company:688282","from_name":"理工导航","to":"topic:低空经济","to_name":"低空经济","relation":"involves_topic","direction":"semantic","summary":"理工导航 研报中反复涉及 低空经济。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-6bcdbe8fb354.md","chunk_id":"chunk:053c1fa3b2fc","chunk_index":4,"quote_summary":"**公司主要产品惯性导航系统主要应用于远程制导弹药，已定型的\\*\\*51、\\*\\*51A、\\*\\*51B 和\\*\\*51C 型惯性导航系统均为相关配套装备的唯一供应商，2023 年公司上级配套单位的部分厂商出现了产能供应短缺，导致惯性导航系统销售数量大幅减少，2024 年订单有所恢复，新签订惯性导航系统订单并完成交付..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688282","target":"topic:低空经济","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3310f6516901","from":"company:688282","from_name":"理工导航","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"理工导航 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-6bcdbe8fb354.md","chunk_id":"chunk:053c1fa3b2fc","chunk_index":4,"quote_summary":"**公司主要产品惯性导航系统主要应用于远程制导弹药，已定型的\\*\\*51、\\*\\*51A、\\*\\*51B 和\\*\\*51C 型惯性导航系统均为相关配套装备的唯一供应商，2023 年公司上级配套单位的部分厂商出现了产能供应短缺，导致惯性导航系统销售数量大幅减少，2024 年订单有所恢复，新签订惯性导航系统订单并完成交付..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688282","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ae0f5b6923ad","from":"company:688282","from_name":"理工导航","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"理工导航 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-6bcdbe8fb354.md","chunk_id":"chunk:053c1fa3b2fc","chunk_index":4,"quote_summary":"**公司主要产品惯性导航系统主要应用于远程制导弹药，已定型的\\*\\*51、\\*\\*51A、\\*\\*51B 和\\*\\*51C 型惯性导航系统均为相关配套装备的唯一供应商，2023 年公司上级配套单位的部分厂商出现了产能供应短缺，导致惯性导航系统销售数量大幅减少，2024 年订单有所恢复，新签订惯性导航系统订单并完成交付..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688282","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
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{"edge_id":"7875e1d58f4b","from":"company:688282","from_name":"理工导航","to":"topic:商业航天","to_name":"商业航天","relation":"involves_topic","direction":"semantic","summary":"理工导航 研报中反复涉及 商业航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-6bcdbe8fb354.md","chunk_id":"chunk:053c1fa3b2fc","chunk_index":4,"quote_summary":"**公司主要产品惯性导航系统主要应用于远程制导弹药，已定型的\\*\\*51、\\*\\*51A、\\*\\*51B 和\\*\\*51C 型惯性导航系统均为相关配套装备的唯一供应商，2023 年公司上级配套单位的部分厂商出现了产能供应短缺，导致惯性导航系统销售数量大幅减少，2024 年订单有所恢复，新签订惯性导航系统订单并完成交付..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688282","target":"topic:商业航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ff3db3bbabde","from":"company:688282","from_name":"理工导航","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"理工导航 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-6bcdbe8fb354.md","chunk_id":"chunk:053c1fa3b2fc","chunk_index":4,"quote_summary":"**公司主要产品惯性导航系统主要应用于远程制导弹药，已定型的\\*\\*51、\\*\\*51A、\\*\\*51B 和\\*\\*51C 型惯性导航系统均为相关配套装备的唯一供应商，2023 年公司上级配套单位的部分厂商出现了产能供应短缺，导致惯性导航系统销售数量大幅减少，2024 年订单有所恢复，新签订惯性导航系统订单并完成交付..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688282","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0b092e0067cd","from":"company:688282","from_name":"理工导航","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"理工导航 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-b6896e9c1009.md","chunk_id":"chunk:888a4140e12c","chunk_index":4,"quote_summary":"公司目前定型的惯性导航系统产品用于我军现役武器装备，且部分产品定型时间较短，该领域市场空间广阔；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688282","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"fa4d3794e509","from":"company:688282","from_name":"理工导航","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"理工导航 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-6bcdbe8fb354.md","chunk_id":"chunk:053c1fa3b2fc","chunk_index":4,"quote_summary":"**公司主要产品惯性导航系统主要应用于远程制导弹药，已定型的\\*\\*51、\\*\\*51A、\\*\\*51B 和\\*\\*51C 型惯性导航系统均为相关配套装备的唯一供应商，2023 年公司上级配套单位的部分厂商出现了产能供应短缺，导致惯性导航系统销售数量大幅减少，2024 年订单有所恢复，新签订惯性导航系统订单并完成交付..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688282","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ff3d7431b73a","from":"company:688282","from_name":"理工导航","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"理工导航 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-b6896e9c1009.md","chunk_id":"chunk:888a4140e12c","chunk_index":4,"quote_summary":"公司目前定型的惯性导航系统产品用于我军现役武器装备，且部分产品定型时间较短，该领域市场空间广阔；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688282","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ea498b835c0e","from":"company:688282","from_name":"理工导航","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"理工导航 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-6bcdbe8fb354.md","chunk_id":"chunk:053c1fa3b2fc","chunk_index":4,"quote_summary":"**公司主要产品惯性导航系统主要应用于远程制导弹药，已定型的\\*\\*51、\\*\\*51A、\\*\\*51B 和\\*\\*51C 型惯性导航系统均为相关配套装备的唯一供应商，2023 年公司上级配套单位的部分厂商出现了产能供应短缺，导致惯性导航系统销售数量大幅减少，2024 年订单有所恢复，新签订惯性导航系统订单并完成交付..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688282","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"24f6f9d98fad","from":"company:688282","from_name":"理工导航","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"理工导航 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-6bcdbe8fb354.md","chunk_id":"chunk:053c1fa3b2fc","chunk_index":4,"quote_summary":"**公司主要产品惯性导航系统主要应用于远程制导弹药，已定型的\\*\\*51、\\*\\*51A、\\*\\*51B 和\\*\\*51C 型惯性导航系统均为相关配套装备的唯一供应商，2023 年公司上级配套单位的部分厂商出现了产能供应短缺，导致惯性导航系统销售数量大幅减少，2024 年订单有所恢复，新签订惯性导航系统订单并完成交付..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688282","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4182adc16021","from":"company:688282","from_name":"理工导航","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"理工导航 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-b6896e9c1009.md","chunk_id":"chunk:888a4140e12c","chunk_index":4,"quote_summary":"公司目前定型的惯性导航系统产品用于我军现役武器装备，且部分产品定型时间较短，该领域市场空间广阔；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688282","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"41b23cbb8eab","from":"company:688287","from_name":"观典防务","to":"topic:cagr","to_name":"CAGR","relation":"involves_topic","direction":"semantic","summary":"观典防务 研报中反复涉及 CAGR。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-观典防务-688287-sh-首次覆盖报告-f1a9c49a1ca6.md","chunk_id":"chunk:820c4d8deab8","chunk_index":0,"quote_summary":"归母净利润对应由 0.21 亿元增长至 0.87 亿元，CAGR=43%，业绩增速显著，主要受益于公司技术实力的不断提升、产品应用领域、市场和客户的不断拓展。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688287","target":"topic:cagr","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3f46bc831e6c","from":"company:688287","from_name":"观典防务","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"观典防务 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-伐谋-中小盘信息更新-d28e91f144e7.md","chunk_id":"chunk:787cb8049abc","chunk_index":2,"quote_summary":"受益于无人机行业的持续发展，公司不断丰富禁毒领域技术，并加大产品开发力度，业务稳中有升，我们维持公司 2023-2025 年业绩预测，预计公司 2023-2025 年归母净利润分别为 1.15/1.46/1.79 亿元，对应 EPS 分别为 0.37/0.47/0.58 元/股，对应当前股价的 PE 分别为 28.7..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688287","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2f3e38bd4616","from":"company:688287","from_name":"观典防务","to":"topic:下游","to_name":"下游","relation":"involves_topic","direction":"semantic","summary":"观典防务 研报中反复涉及 下游。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-观典防务-688287-sh-首次覆盖报告-f1a9c49a1ca6.md","chunk_id":"chunk:820c4d8deab8","chunk_index":0,"quote_summary":"归母净利润对应由 0.21 亿元增长至 0.87 亿元，CAGR=43%，业绩增速显著，主要受益于公司技术实力的不断提升、产品应用领域、市场和客户的不断拓展。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688287","target":"topic:下游","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"8385c8f11e1d","from":"company:688287","from_name":"观典防务","to":"topic:人工智能","to_name":"人工智能","relation":"involves_topic","direction":"semantic","summary":"观典防务 研报中反复涉及 人工智能。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-观典防务-688287-346c2ea92e32.md","chunk_id":"chunk:7e9881ba696d","chunk_index":16,"quote_summary":"- 增持—未来 6 个月的投资收益率领先市场基准指数 5%以上;"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688287","target":"topic:人工智能","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3f1e8b90b4ee","from":"company:688287","from_name":"观典防务","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"观典防务 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-伐谋-中小盘信息更新-d28e91f144e7.md","chunk_id":"chunk:787cb8049abc","chunk_index":2,"quote_summary":"受益于无人机行业的持续发展，公司不断丰富禁毒领域技术，并加大产品开发力度，业务稳中有升，我们维持公司 2023-2025 年业绩预测，预计公司 2023-2025 年归母净利润分别为 1.15/1.46/1.79 亿元，对应 EPS 分别为 0.37/0.47/0.58 元/股，对应当前股价的 PE 分别为 28.7..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688287","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c1519f1d1ed6","from":"company:688287","from_name":"观典防务","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"观典防务 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-20e501f9480d.md","chunk_id":"chunk:956eaed5d47c","chunk_index":0,"quote_summary":"2022年上半年，公司积极开拓市场，业务收入增加，实现营收1.55亿元（+21.71%），归母净利润6204.66万元（+30.73%），扣非归母净利润5928.91万元（+26.08%）。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688287","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c5b4ac07cf36","from":"company:688287","from_name":"观典防务","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"观典防务 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-观典防务-688287-7fa3823c7bbe.md","chunk_id":"chunk:a7e48eb12861","chunk_index":5,"quote_summary":"* **盈利预测与投资评级：**基于考虑公司在无人机禁毒市场的领先地位和向多服务领域拓展，以及公司加强军用无人机市场和智能防务装备市场开拓，我们预计公司 2023-2025 年归母净利润分别为 1.11/1.41/1.73 亿元；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688287","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3c7b0e97752e","from":"company:688287","from_name":"观典防务","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"观典防务 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-观典防务-688287-7fa3823c7bbe.md","chunk_id":"chunk:a7e48eb12861","chunk_index":5,"quote_summary":"* **盈利预测与投资评级：**基于考虑公司在无人机禁毒市场的领先地位和向多服务领域拓展，以及公司加强军用无人机市场和智能防务装备市场开拓，我们预计公司 2023-2025 年归母净利润分别为 1.11/1.41/1.73 亿元；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688287","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e42b0d03347d","from":"company:688287","from_name":"观典防务","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"观典防务 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-观典防务-688287-sh-首次覆盖报告-f1a9c49a1ca6.md","chunk_id":"chunk:820c4d8deab8","chunk_index":0,"quote_summary":"归母净利润对应由 0.21 亿元增长至 0.87 亿元，CAGR=43%，业绩增速显著，主要受益于公司技术实力的不断提升、产品应用领域、市场和客户的不断拓展。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688287","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"bf8bb6cadf3e","from":"company:688287","from_name":"观典防务","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"观典防务 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-观典防务-688287-7fa3823c7bbe.md","chunk_id":"chunk:a7e48eb12861","chunk_index":5,"quote_summary":"* **盈利预测与投资评级：**基于考虑公司在无人机禁毒市场的领先地位和向多服务领域拓展，以及公司加强军用无人机市场和智能防务装备市场开拓，我们预计公司 2023-2025 年归母净利润分别为 1.11/1.41/1.73 亿元；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688287","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2a6a85833675","from":"company:688287","from_name":"观典防务","to":"topic:环比","to_name":"环比","relation":"involves_topic","direction":"semantic","summary":"观典防务 研报中反复涉及 环比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-业绩稳健增长-看好智能防务装备成长性-25e26c0bdd9b.md","chunk_id":"chunk:b995878815c7","chunk_index":5,"quote_summary":"2、从非禁毒业务来看，工业级无人机下游应用广泛，2022 年市场规模有望达 700 亿元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688287","target":"topic:环比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ad2afb3830cf","from":"company:688287","from_name":"观典防务","to":"topic:航天","to_name":"航天","relation":"involves_topic","direction":"semantic","summary":"观典防务 研报中反复涉及 航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-观典防务-688287-7fa3823c7bbe.md","chunk_id":"chunk:a7e48eb12861","chunk_index":5,"quote_summary":"* **盈利预测与投资评级：**基于考虑公司在无人机禁毒市场的领先地位和向多服务领域拓展，以及公司加强军用无人机市场和智能防务装备市场开拓，我们预计公司 2023-2025 年归母净利润分别为 1.11/1.41/1.73 亿元；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688287","target":"topic:航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9c54e308aef2","from":"company:688287","from_name":"观典防务","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"观典防务 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-观典防务-688287-7fa3823c7bbe.md","chunk_id":"chunk:a7e48eb12861","chunk_index":5,"quote_summary":"* **盈利预测与投资评级：**基于考虑公司在无人机禁毒市场的领先地位和向多服务领域拓展，以及公司加强军用无人机市场和智能防务装备市场开拓，我们预计公司 2023-2025 年归母净利润分别为 1.11/1.41/1.73 亿元；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688287","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f023b4728ce6","from":"company:688287","from_name":"观典防务","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"观典防务 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-观典防务-688287-7fa3823c7bbe.md","chunk_id":"chunk:a7e48eb12861","chunk_index":5,"quote_summary":"* **盈利预测与投资评级：**基于考虑公司在无人机禁毒市场的领先地位和向多服务领域拓展，以及公司加强军用无人机市场和智能防务装备市场开拓，我们预计公司 2023-2025 年归母净利润分别为 1.11/1.41/1.73 亿元；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688287","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d27749b80868","from":"company:688287","from_name":"观典防务","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"观典防务 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-观典防务-688287-7fa3823c7bbe.md","chunk_id":"chunk:a7e48eb12861","chunk_index":5,"quote_summary":"* **盈利预测与投资评级：**基于考虑公司在无人机禁毒市场的领先地位和向多服务领域拓展，以及公司加强军用无人机市场和智能防务装备市场开拓，我们预计公司 2023-2025 年归母净利润分别为 1.11/1.41/1.73 亿元；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688287","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"22f47bf04960","from":"company:688287","from_name":"观典防务","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"观典防务 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-观典防务-688287-sh-首次覆盖报告-f1a9c49a1ca6.md","chunk_id":"chunk:820c4d8deab8","chunk_index":0,"quote_summary":"归母净利润对应由 0.21 亿元增长至 0.87 亿元，CAGR=43%，业绩增速显著，主要受益于公司技术实力的不断提升、产品应用领域、市场和客户的不断拓展。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688287","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7258ef866b79","from":"company:688287","from_name":"观典防务","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"观典防务 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-观典防务-688287-7fa3823c7bbe.md","chunk_id":"chunk:a7e48eb12861","chunk_index":5,"quote_summary":"* **盈利预测与投资评级：**基于考虑公司在无人机禁毒市场的领先地位和向多服务领域拓展，以及公司加强军用无人机市场和智能防务装备市场开拓，我们预计公司 2023-2025 年归母净利润分别为 1.11/1.41/1.73 亿元；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688287","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0121b0320347","from":"company:688297","from_name":"中无人机","to":"topic:roa","to_name":"ROA","relation":"involves_topic","direction":"semantic","summary":"中无人机 研报中反复涉及 ROA。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中无人机-688297-sh-2023-年三季报点评-9e2c23e93cf0.md","chunk_id":"chunk:5eb256a960de","chunk_index":1,"quote_summary":"受益于“十四五”期间国内特种领域，以及海外军贸业务的不断拓展，公司未来几年业绩有望继续增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688297","target":"topic:roa","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"faa1bfe4a9ca","from":"company:688297","from_name":"中无人机","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"中无人机 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-c93fa8a5e9de.md","chunk_id":"chunk:64a6ce5c3451","chunk_index":4,"quote_summary":"技术服务业务收入 1.09 亿元，同比增长 36%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688297","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"38c48a84e837","from":"company:688297","from_name":"中无人机","to":"topic:下游","to_name":"下游","relation":"involves_topic","direction":"semantic","summary":"中无人机 研报中反复涉及 下游。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中无人机-688297-sh-2024-年年报点评-cf04e119baf7.md","chunk_id":"chunk:77bf52b6f6d3","chunk_index":0,"quote_summary":"此外，公司 24 年底固定资产 1.36 亿元，较年初增加 48.9%，主要是固定资产投资和在建工程完工转固导致增加"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688297","target":"topic:下游","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"dfe2f5335bc1","from":"company:688297","from_name":"中无人机","to":"topic:低空经济","to_name":"低空经济","relation":"involves_topic","direction":"semantic","summary":"中无人机 研报中反复涉及 低空经济。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中无人机-688297-sh-2024-年三季报点评-6e89fdbc69d3.md","chunk_id":"chunk:299ad0a79b2b","chunk_index":0,"quote_summary":"**费用方面，公司 2024 年前三季度期间费用为 1.8 亿元，同比增长 30.7%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688297","target":"topic:低空经济","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ac012fe1ce62","from":"company:688297","from_name":"中无人机","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"中无人机 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-c93fa8a5e9de.md","chunk_id":"chunk:64a6ce5c3451","chunk_index":4,"quote_summary":"技术服务业务收入 1.09 亿元，同比增长 36%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688297","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"016e3991b430","from":"company:688297","from_name":"中无人机","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"中无人机 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-c93fa8a5e9de.md","chunk_id":"chunk:64a6ce5c3451","chunk_index":4,"quote_summary":"技术服务业务收入 1.09 亿元，同比增长 36%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688297","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6659f0dcb8ba","from":"company:688297","from_name":"中无人机","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"中无人机 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-c93fa8a5e9de.md","chunk_id":"chunk:64a6ce5c3451","chunk_index":4,"quote_summary":"技术服务业务收入 1.09 亿元，同比增长 36%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688297","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c42a98f22ed1","from":"company:688297","from_name":"中无人机","to":"topic:工业原材料","to_name":"工业原材料","relation":"involves_topic","direction":"semantic","summary":"中无人机 研报中反复涉及 工业原材料。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中无人机-688297-sh-2023-年年报点评-5959f336af86.md","chunk_id":"chunk:36bd3e8869a2","chunk_index":2,"quote_summary":"* **投资建议：**公司为我国大型无人机系统领军企业，受益于装备出海以及国内特种领域需求的增长，叠加低空经济产业催化，公司未来几年有望实现快速发展。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688297","target":"topic:工业原材料","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"03a0203ad29f","from":"company:688297","from_name":"中无人机","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"中无人机 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-c93fa8a5e9de.md","chunk_id":"chunk:64a6ce5c3451","chunk_index":4,"quote_summary":"技术服务业务收入 1.09 亿元，同比增长 36%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688297","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"013bd24b14a8","from":"company:688297","from_name":"中无人机","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"中无人机 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中无人机-688297-sh-2024-年三季报点评-6e89fdbc69d3.md","chunk_id":"chunk:299ad0a79b2b","chunk_index":0,"quote_summary":"**费用方面，公司 2024 年前三季度期间费用为 1.8 亿元，同比增长 30.7%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688297","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"13c09598feaf","from":"company:688297","from_name":"中无人机","to":"topic:环比","to_name":"环比","relation":"involves_topic","direction":"semantic","summary":"中无人机 研报中反复涉及 环比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中无人机-688297-sh-2024-年中报点评-341cc9b75c46.md","chunk_id":"chunk:5852ab18d462","chunk_index":0,"quote_summary":"单季度看，公司 2Q24 实现营收 2.1 亿元，同比减少 70.6%，环比增长 243.8%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688297","target":"topic:环比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"586294a9c07a","from":"company:688297","from_name":"中无人机","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"中无人机 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中无人机-688297-sh-2024-年三季报点评-6e89fdbc69d3.md","chunk_id":"chunk:299ad0a79b2b","chunk_index":0,"quote_summary":"**费用方面，公司 2024 年前三季度期间费用为 1.8 亿元，同比增长 30.7%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688297","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"cc3951dee9fb","from":"company:688297","from_name":"中无人机","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"中无人机 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-c93fa8a5e9de.md","chunk_id":"chunk:64a6ce5c3451","chunk_index":4,"quote_summary":"技术服务业务收入 1.09 亿元，同比增长 36%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688297","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"afc80fbf3cc9","from":"company:688297","from_name":"中无人机","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"中无人机 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-c93fa8a5e9de.md","chunk_id":"chunk:64a6ce5c3451","chunk_index":4,"quote_summary":"技术服务业务收入 1.09 亿元，同比增长 36%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688297","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a9449acd0cf7","from":"company:688297","from_name":"中无人机","to":"topic:银行","to_name":"银行","relation":"involves_topic","direction":"semantic","summary":"中无人机 研报中反复涉及 银行。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-c93fa8a5e9de.md","chunk_id":"chunk:64a6ce5c3451","chunk_index":4,"quote_summary":"技术服务业务收入 1.09 亿元，同比增长 36%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688297","target":"topic:银行","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"079ab2985d6c","from":"company:688311","from_name":"盟升电子","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"盟升电子 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md","chunk_id":"chunk:f34f330be58f","chunk_index":9,"quote_summary":"1）营收端：受益于下游需求的快速增长，公司营收从 2016 年的 1.5 亿元增长至 2021 年的 4.8 亿元，2018 年~2020 年同比增速不断提高。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688311","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3d0be721704d","from":"company:688311","from_name":"盟升电子","to":"topic:下游","to_name":"下游","relation":"involves_topic","direction":"semantic","summary":"盟升电子 研报中反复涉及 下游。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md","chunk_id":"chunk:f34f330be58f","chunk_index":9,"quote_summary":"1）营收端：受益于下游需求的快速增长，公司营收从 2016 年的 1.5 亿元增长至 2021 年的 4.8 亿元，2018 年~2020 年同比增速不断提高。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688311","target":"topic:下游","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"354a1baf07b6","from":"company:688311","from_name":"盟升电子","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"盟升电子 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-dae40cb03e89.md","chunk_id":"chunk:9469cd7e2815","chunk_index":21,"quote_summary":"根据我们在《2023 年军工行业投资策略报告：战地黄花分外香》中的测算，十四五末我国电子对抗市场空间有望到达 100 亿。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688311","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f802241208fd","from":"company:688311","from_name":"盟升电子","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"盟升电子 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md","chunk_id":"chunk:f34f330be58f","chunk_index":9,"quote_summary":"1）营收端：受益于下游需求的快速增长，公司营收从 2016 年的 1.5 亿元增长至 2021 年的 4.8 亿元，2018 年~2020 年同比增速不断提高。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688311","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d4438b66f1fe","from":"company:688311","from_name":"盟升电子","to":"topic:卫星","to_name":"卫星","relation":"involves_topic","direction":"semantic","summary":"盟升电子 研报中反复涉及 卫星。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md","chunk_id":"chunk:f34f330be58f","chunk_index":9,"quote_summary":"1）营收端：受益于下游需求的快速增长，公司营收从 2016 年的 1.5 亿元增长至 2021 年的 4.8 亿元，2018 年~2020 年同比增速不断提高。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688311","target":"topic:卫星","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"8c2fa6a82bfa","from":"company:688311","from_name":"盟升电子","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"盟升电子 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md","chunk_id":"chunk:f34f330be58f","chunk_index":9,"quote_summary":"1）营收端：受益于下游需求的快速增长，公司营收从 2016 年的 1.5 亿元增长至 2021 年的 4.8 亿元，2018 年~2020 年同比增速不断提高。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688311","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2147ad4d575a","from":"company:688311","from_name":"盟升电子","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"盟升电子 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-华发集团旗下企业-d952cba7c5d1.md","chunk_id":"chunk:73e9c441c358","chunk_index":4,"quote_summary":"紧跟市场发展趋势、以点带面的的业务产品布局助力公司交付项目增多，业绩持续增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688311","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3fe18860b282","from":"company:688311","from_name":"盟升电子","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"盟升电子 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md","chunk_id":"chunk:f34f330be58f","chunk_index":9,"quote_summary":"1）营收端：受益于下游需求的快速增长，公司营收从 2016 年的 1.5 亿元增长至 2021 年的 4.8 亿元，2018 年~2020 年同比增速不断提高。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688311","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ccfc1d21f267","from":"company:688311","from_name":"盟升电子","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"盟升电子 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-dae40cb03e89.md","chunk_id":"chunk:9469cd7e2815","chunk_index":21,"quote_summary":"根据我们在《2023 年军工行业投资策略报告：战地黄花分外香》中的测算，十四五末我国电子对抗市场空间有望到达 100 亿。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688311","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e6eda8fe2eed","from":"company:688311","from_name":"盟升电子","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"盟升电子 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md","chunk_id":"chunk:f34f330be58f","chunk_index":9,"quote_summary":"1）营收端：受益于下游需求的快速增长，公司营收从 2016 年的 1.5 亿元增长至 2021 年的 4.8 亿元，2018 年~2020 年同比增速不断提高。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688311","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9dac6ea8ee42","from":"company:688311","from_name":"盟升电子","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"盟升电子 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md","chunk_id":"chunk:f34f330be58f","chunk_index":9,"quote_summary":"1）营收端：受益于下游需求的快速增长，公司营收从 2016 年的 1.5 亿元增长至 2021 年的 4.8 亿元，2018 年~2020 年同比增速不断提高。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688311","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"37cadb5fc189","from":"company:688311","from_name":"盟升电子","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"盟升电子 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-华发集团旗下企业-d952cba7c5d1.md","chunk_id":"chunk:73e9c441c358","chunk_index":4,"quote_summary":"紧跟市场发展趋势、以点带面的的业务产品布局助力公司交付项目增多，业绩持续增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688311","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2550852f00fd","from":"company:688311","from_name":"盟升电子","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"盟升电子 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-dae40cb03e89.md","chunk_id":"chunk:9469cd7e2815","chunk_index":21,"quote_summary":"根据我们在《2023 年军工行业投资策略报告：战地黄花分外香》中的测算，十四五末我国电子对抗市场空间有望到达 100 亿。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688311","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ef1567e491e6","from":"company:688333","from_name":"铂力特","to":"topic:下游","to_name":"下游","relation":"involves_topic","direction":"semantic","summary":"铂力特 研报中反复涉及 下游。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司点评报告-通用设备-76b7663b712d.md","chunk_id":"chunk:af13d4e43739","chunk_index":8,"quote_summary":"此外，公司的存货水平也在逐年提升，2022 年末公司存货水平 5.39 亿元，2023 年小幅回落至 5.15 亿元，2024Q3 再度同比增加 38.03%回升至 8.05 亿元，是过去 5 年的最高水平，随着经营规模的持续扩大，为了应对市场需求变化或生产计划的需要，公司倾向于逐步增加存货储备，我们认为未来公司仍将..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688333","target":"topic:下游","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"afac6e479804","from":"company:688333","from_name":"铂力特","to":"topic:产业链","to_name":"产业链","relation":"involves_topic","direction":"semantic","summary":"铂力特 研报中反复涉及 产业链。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-铂力特-688333-sh-2024-年三季报点评-e22e29fbc3b3.md","chunk_id":"chunk:3e9e71378b6f","chunk_index":1,"quote_summary":"2）**具体规划**：公司拟在金属增材制造大规模智能生产基地项目建设的基础上进一步扩充原材料粉末产能，原募投项目金属 3D 打印原材料产能为 800 吨/年，预计本次投资后产能增至 3000 吨/年，以满足增材制造产业快速增长的市场需求，提升金属增材产品全产业链的产业化能力，建成公司金属增材制造粉末原材料产业化基地。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688333","target":"topic:产业链","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"cc9ab1d91262","from":"company:688333","from_name":"铂力特","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"铂力特 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-铂力特-688333-3faafb4d2902.md","chunk_id":"chunk:2186de5b5404","chunk_index":4,"quote_summary":"业绩增长主要源于产能释放与市场开拓：一是 3D 打印定制化产品及技术服务收入 4.22 亿元，占比 63.33%，受益于航空航天、工业机械等领域需求增加；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688333","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"526729ceba92","from":"company:688333","from_name":"铂力特","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"铂力特 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b71874a63741.md","chunk_id":"chunk:663db3758dc7","chunk_index":2,"quote_summary":"**公司业绩保持高增**：在需求阶段性下降，竞争加剧的背景下，公司上半年业绩保持稳健增长，分产品来看，公司打印服务业务/打印设备/打印原材料业务分别实现收入3.2/2.3/0.5亿元（+37.0%/+33.8%/+72.5%），我们推测主要系公司通过多元化经营，实现了设备及服务收入的高增。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688333","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4050fac00991","from":"company:688333","from_name":"铂力特","to":"topic:原材料","to_name":"原材料","relation":"involves_topic","direction":"semantic","summary":"铂力特 研报中反复涉及 原材料。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b71874a63741.md","chunk_id":"chunk:663db3758dc7","chunk_index":2,"quote_summary":"**公司业绩保持高增**：在需求阶段性下降，竞争加剧的背景下，公司上半年业绩保持稳健增长，分产品来看，公司打印服务业务/打印设备/打印原材料业务分别实现收入3.2/2.3/0.5亿元（+37.0%/+33.8%/+72.5%），我们推测主要系公司通过多元化经营，实现了设备及服务收入的高增。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688333","target":"topic:原材料","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"43458690c3f3","from":"company:688333","from_name":"铂力特","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"铂力特 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b71874a63741.md","chunk_id":"chunk:663db3758dc7","chunk_index":2,"quote_summary":"**公司业绩保持高增**：在需求阶段性下降，竞争加剧的背景下，公司上半年业绩保持稳健增长，分产品来看，公司打印服务业务/打印设备/打印原材料业务分别实现收入3.2/2.3/0.5亿元（+37.0%/+33.8%/+72.5%），我们推测主要系公司通过多元化经营，实现了设备及服务收入的高增。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688333","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a28bb3df4d4e","from":"company:688333","from_name":"铂力特","to":"topic:商业航天","to_name":"商业航天","relation":"involves_topic","direction":"semantic","summary":"铂力特 研报中反复涉及 商业航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-a55c9df35f4e.md","chunk_id":"chunk:134710fcb5e8","chunk_index":2,"quote_summary":"**公司 Q3 业绩释放较好**：公司三季度实现营业收入4.94亿元，较2024年同比大幅改善，我们推测主要由于2024年受到行业需求波动影响，三季度基数较低，同时2025Q3报告期内航空航天板块订单回暖、民品业务收入大幅增长，设备稼动率快速上行所致；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688333","target":"topic:商业航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"fc6750c9b243","from":"company:688333","from_name":"铂力特","to":"topic:工业原材料","to_name":"工业原材料","relation":"involves_topic","direction":"semantic","summary":"铂力特 研报中反复涉及 工业原材料。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b71874a63741.md","chunk_id":"chunk:663db3758dc7","chunk_index":2,"quote_summary":"**公司业绩保持高增**：在需求阶段性下降，竞争加剧的背景下，公司上半年业绩保持稳健增长，分产品来看，公司打印服务业务/打印设备/打印原材料业务分别实现收入3.2/2.3/0.5亿元（+37.0%/+33.8%/+72.5%），我们推测主要系公司通过多元化经营，实现了设备及服务收入的高增。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688333","target":"topic:工业原材料","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"24ea983dbe95","from":"company:688333","from_name":"铂力特","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"铂力特 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-上半年业绩高增-研发保持高强度投入-c075b1085579.md","chunk_id":"chunk:4212eec54bf4","chunk_index":0,"quote_summary":"公司作为国内最大的金属增材制造产业化基地，上半年生产经营规模扩大，并持续开拓新的市场和应用领域，其中，3D 打印定制化产品及技术服务实现营收 3.17 亿元，同比增长 36.99%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688333","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9ec2b5571886","from":"company:688333","from_name":"铂力特","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"铂力特 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b71874a63741.md","chunk_id":"chunk:663db3758dc7","chunk_index":2,"quote_summary":"**公司业绩保持高增**：在需求阶段性下降，竞争加剧的背景下，公司上半年业绩保持稳健增长，分产品来看，公司打印服务业务/打印设备/打印原材料业务分别实现收入3.2/2.3/0.5亿元（+37.0%/+33.8%/+72.5%），我们推测主要系公司通过多元化经营，实现了设备及服务收入的高增。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688333","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"65cd2a9049ef","from":"company:688333","from_name":"铂力特","to":"topic:环比","to_name":"环比","relation":"involves_topic","direction":"semantic","summary":"铂力特 研报中反复涉及 环比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-a55c9df35f4e.md","chunk_id":"chunk:134710fcb5e8","chunk_index":2,"quote_summary":"**公司 Q3 业绩释放较好**：公司三季度实现营业收入4.94亿元，较2024年同比大幅改善，我们推测主要由于2024年受到行业需求波动影响，三季度基数较低，同时2025Q3报告期内航空航天板块订单回暖、民品业务收入大幅增长，设备稼动率快速上行所致；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688333","target":"topic:环比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"371ab34ba429","from":"company:688333","from_name":"铂力特","to":"topic:航天","to_name":"航天","relation":"involves_topic","direction":"semantic","summary":"铂力特 研报中反复涉及 航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-公司点评-72292db9bba8.md","chunk_id":"chunk:56402d14bea3","chunk_index":2,"quote_summary":"**公司主业逐步恢复，盈利能力保持良好**：上半年公司营收分产品结构来看，3D打印服务、3D打印设备及3D打印原材料分别为4.22亿元（+30.52%）、1.86亿元（-6.34%）及0.59亿元（+25.3%)，服务需求仍然保持了较快的增长，我们分析认为主要系3C领域需求增加较多，同时带动了原材料的销售，而打印设备..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688333","target":"topic:航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"76b0391f24dd","from":"company:688333","from_name":"铂力特","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"铂力特 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-公司点评-72292db9bba8.md","chunk_id":"chunk:56402d14bea3","chunk_index":2,"quote_summary":"**公司主业逐步恢复，盈利能力保持良好**：上半年公司营收分产品结构来看，3D打印服务、3D打印设备及3D打印原材料分别为4.22亿元（+30.52%）、1.86亿元（-6.34%）及0.59亿元（+25.3%)，服务需求仍然保持了较快的增长，我们分析认为主要系3C领域需求增加较多，同时带动了原材料的销售，而打印设备..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688333","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ff085e3b60a7","from":"company:688333","from_name":"铂力特","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"铂力特 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b71874a63741.md","chunk_id":"chunk:663db3758dc7","chunk_index":2,"quote_summary":"**公司业绩保持高增**：在需求阶段性下降，竞争加剧的背景下，公司上半年业绩保持稳健增长，分产品来看，公司打印服务业务/打印设备/打印原材料业务分别实现收入3.2/2.3/0.5亿元（+37.0%/+33.8%/+72.5%），我们推测主要系公司通过多元化经营，实现了设备及服务收入的高增。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688333","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e9bab053f7fb","from":"company:688333","from_name":"铂力特","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"铂力特 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b71874a63741.md","chunk_id":"chunk:663db3758dc7","chunk_index":2,"quote_summary":"**公司业绩保持高增**：在需求阶段性下降，竞争加剧的背景下，公司上半年业绩保持稳健增长，分产品来看，公司打印服务业务/打印设备/打印原材料业务分别实现收入3.2/2.3/0.5亿元（+37.0%/+33.8%/+72.5%），我们推测主要系公司通过多元化经营，实现了设备及服务收入的高增。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688333","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7e590a2b46fb","from":"company:688333","from_name":"铂力特","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"铂力特 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-上半年业绩高增-研发保持高强度投入-c075b1085579.md","chunk_id":"chunk:4212eec54bf4","chunk_index":0,"quote_summary":"公司作为国内最大的金属增材制造产业化基地，上半年生产经营规模扩大，并持续开拓新的市场和应用领域，其中，3D 打印定制化产品及技术服务实现营收 3.17 亿元，同比增长 36.99%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688333","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c949c729e8ed","from":"company:688333","from_name":"铂力特","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"铂力特 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b71874a63741.md","chunk_id":"chunk:663db3758dc7","chunk_index":2,"quote_summary":"**公司业绩保持高增**：在需求阶段性下降，竞争加剧的背景下，公司上半年业绩保持稳健增长，分产品来看，公司打印服务业务/打印设备/打印原材料业务分别实现收入3.2/2.3/0.5亿元（+37.0%/+33.8%/+72.5%），我们推测主要系公司通过多元化经营，实现了设备及服务收入的高增。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688333","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4bd6ed6d1354","from":"company:688375","from_name":"国博电子","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"国博电子 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-7ccc9e9c3656.md","chunk_id":"chunk:d704b61f5faf","chunk_index":2,"quote_summary":"2025 年上半年公司 T/R 组件和射频模块业务实现营收 9.44 亿元，同比减少 19.27%，射频芯片业务实现营收 0.91 亿元，同比增长 3.72%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688375","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"8b44fac9c480","from":"company:688375","from_name":"国博电子","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"国博电子 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-国博电子-688375-1047e22daf50.md","chunk_id":"chunk:a9025ea5ad34","chunk_index":4,"quote_summary":"管理费用温和增长 4.74%，销售费用仅 0.09 亿元，整体费用结构合理，未见明显压力。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688375","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1e447681bf03","from":"company:688375","from_name":"国博电子","to":"topic:低空经济","to_name":"低空经济","relation":"involves_topic","direction":"semantic","summary":"国博电子 研报中反复涉及 低空经济。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:a0309c7c1ed5","chunk_index":12,"quote_summary":"* 增持—未来 6 个月的投资收益率领先市场基准指数 5%以上;"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688375","target":"topic:低空经济","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"8d7d11ddf3b9","from":"company:688375","from_name":"国博电子","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"国博电子 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:7dbbdaf6109d","chunk_index":4,"quote_summary":"此外，公司三代半导体手机直连卫星芯片业务将助力公司打开新增长空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688375","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"cfd8e1c76643","from":"company:688375","from_name":"国博电子","to":"topic:半导体","to_name":"半导体","relation":"involves_topic","direction":"semantic","summary":"国博电子 研报中反复涉及 半导体。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:7dbbdaf6109d","chunk_index":4,"quote_summary":"此外，公司三代半导体手机直连卫星芯片业务将助力公司打开新增长空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688375","target":"topic:半导体","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"39f768113240","from":"company:688375","from_name":"国博电子","to":"topic:卫星","to_name":"卫星","relation":"involves_topic","direction":"semantic","summary":"国博电子 研报中反复涉及 卫星。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:7dbbdaf6109d","chunk_index":4,"quote_summary":"此外，公司三代半导体手机直连卫星芯片业务将助力公司打开新增长空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688375","target":"topic:卫星","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"348b65046fde","from":"company:688375","from_name":"国博电子","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"国博电子 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-国博电子-688375-sh-b76082900adb.md","chunk_id":"chunk:fd91553f400e","chunk_index":0,"quote_summary":"**Q2 环比大增，下游景气逐步复苏：** 1）25Q2 环比大增，营收环比+105.8%，归母环比+150.0%，下游景气逐步复苏。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688375","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"bc780ea84cd7","from":"company:688375","from_name":"国博电子","to":"topic:商业航天","to_name":"商业航天","relation":"involves_topic","direction":"semantic","summary":"国博电子 研报中反复涉及 商业航天。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:7dbbdaf6109d","chunk_index":4,"quote_summary":"此外，公司三代半导体手机直连卫星芯片业务将助力公司打开新增长空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688375","target":"topic:商业航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"039ed8abd10e","from":"company:688375","from_name":"国博电子","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"国博电子 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-国博电子-688375-sh-b76082900adb.md","chunk_id":"chunk:fd91553f400e","chunk_index":0,"quote_summary":"**Q2 环比大增，下游景气逐步复苏：** 1）25Q2 环比大增，营收环比+105.8%，归母环比+150.0%，下游景气逐步复苏。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688375","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"df987420fc1c","from":"company:688375","from_name":"国博电子","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"国博电子 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:7dbbdaf6109d","chunk_index":4,"quote_summary":"此外，公司三代半导体手机直连卫星芯片业务将助力公司打开新增长空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688375","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"19e1aafffcf5","from":"company:688375","from_name":"国博电子","to":"topic:环比","to_name":"环比","relation":"involves_topic","direction":"semantic","summary":"国博电子 研报中反复涉及 环比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-国博电子-688375-sh-b76082900adb.md","chunk_id":"chunk:fd91553f400e","chunk_index":0,"quote_summary":"**Q2 环比大增，下游景气逐步复苏：** 1）25Q2 环比大增，营收环比+105.8%，归母环比+150.0%，下游景气逐步复苏。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688375","target":"topic:环比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ecf8c6d977d5","from":"company:688375","from_name":"国博电子","to":"topic:航天","to_name":"航天","relation":"involves_topic","direction":"semantic","summary":"国博电子 研报中反复涉及 航天。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:7dbbdaf6109d","chunk_index":4,"quote_summary":"此外，公司三代半导体手机直连卫星芯片业务将助力公司打开新增长空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688375","target":"topic:航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"725a7eb054c0","from":"company:688375","from_name":"国博电子","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"国博电子 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:7dbbdaf6109d","chunk_index":4,"quote_summary":"此外，公司三代半导体手机直连卫星芯片业务将助力公司打开新增长空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688375","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"97b01a8f2c92","from":"company:688375","from_name":"国博电子","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"国博电子 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:7dbbdaf6109d","chunk_index":4,"quote_summary":"此外，公司三代半导体手机直连卫星芯片业务将助力公司打开新增长空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688375","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"52868bf76187","from":"company:688375","from_name":"国博电子","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"国博电子 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-国博电子-688375-sh-b76082900adb.md","chunk_id":"chunk:fd91553f400e","chunk_index":0,"quote_summary":"**Q2 环比大增，下游景气逐步复苏：** 1）25Q2 环比大增，营收环比+105.8%，归母环比+150.0%，下游景气逐步复苏。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688375","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2badf927cdf6","from":"company:688375","from_name":"国博电子","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"国博电子 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-国博电子-688375-1047e22daf50.md","chunk_id":"chunk:a9025ea5ad34","chunk_index":4,"quote_summary":"管理费用温和增长 4.74%，销售费用仅 0.09 亿元，整体费用结构合理，未见明显压力。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688375","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2f6238af9d8d","from":"company:688522","from_name":"纳睿雷达","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"纳睿雷达 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-发布时间-2025-07-01-83b839ef0255.md","chunk_id":"chunk:c887437e177f","chunk_index":5,"quote_summary":"5 月 31 日，公司公告设立香港全资子公司纳睿雷达国际有限公司，注册资本 1000 万元港币，公司有望充分利用香港独特的区位优势，加强公司与国际市场的合作交流及海外业务拓展。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688522","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"823797b0019e","from":"company:688522","from_name":"纳睿雷达","to":"topic:产业链","to_name":"产业链","relation":"involves_topic","direction":"semantic","summary":"纳睿雷达 研报中反复涉及 产业链。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-年-09-月-1-日-公司研究-证券研究报告-921a0a80a239.md","chunk_id":"chunk:4a3a89538191","chunk_index":5,"quote_summary":"2025 年 4 月在中国香港投资设立全资子公司，以强化与国际市场的合作交流及海外业务拓展；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688522","target":"topic:产业链","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"09ffb88b8bcf","from":"company:688522","from_name":"纳睿雷达","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"纳睿雷达 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-年-09-月-1-日-公司研究-证券研究报告-921a0a80a239.md","chunk_id":"chunk:4a3a89538191","chunk_index":5,"quote_summary":"2025 年 4 月在中国香港投资设立全资子公司，以强化与国际市场的合作交流及海外业务拓展；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688522","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a2472bbd4153","from":"company:688522","from_name":"纳睿雷达","to":"topic:低空经济","to_name":"低空经济","relation":"involves_topic","direction":"semantic","summary":"纳睿雷达 研报中反复涉及 低空经济。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-年-09-月-1-日-公司研究-证券研究报告-921a0a80a239.md","chunk_id":"chunk:4a3a89538191","chunk_index":5,"quote_summary":"2025 年 4 月在中国香港投资设立全资子公司，以强化与国际市场的合作交流及海外业务拓展；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688522","target":"topic:低空经济","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"8f11b46341b5","from":"company:688522","from_name":"纳睿雷达","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"纳睿雷达 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-2c974a47cd1b.md","chunk_id":"chunk:3a50652663a2","chunk_index":6,"quote_summary":"1、2024 年新增项目签署合同金额约 8 亿元，天气雷达和水利测雨雷达销售业务同比大幅增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688522","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"002ae80fea14","from":"company:688522","from_name":"纳睿雷达","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"纳睿雷达 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-2c974a47cd1b.md","chunk_id":"chunk:3a50652663a2","chunk_index":6,"quote_summary":"1、2024 年新增项目签署合同金额约 8 亿元，天气雷达和水利测雨雷达销售业务同比大幅增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688522","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6df678880080","from":"company:688522","from_name":"纳睿雷达","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"纳睿雷达 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-2c974a47cd1b.md","chunk_id":"chunk:3a50652663a2","chunk_index":6,"quote_summary":"1、2024 年新增项目签署合同金额约 8 亿元，天气雷达和水利测雨雷达销售业务同比大幅增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688522","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"528b246639a1","from":"company:688522","from_name":"纳睿雷达","to":"topic:工业原材料","to_name":"工业原材料","relation":"involves_topic","direction":"semantic","summary":"纳睿雷达 研报中反复涉及 工业原材料。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-纳睿雷达-688522-ec974ed1feb5.md","chunk_id":"chunk:7d14dd4f7d41","chunk_index":4,"quote_summary":"**截至 2025 年前三季度，纳睿雷达实现营业总收入 2.54 亿元，同比增长 86.50%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688522","target":"topic:工业原材料","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a3b2bb8b22de","from":"company:688522","from_name":"纳睿雷达","to":"topic:房地产","to_name":"房地产","relation":"involves_topic","direction":"semantic","summary":"纳睿雷达 研报中反复涉及 房地产。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-公-司-研-究-7986aebe4336.md","chunk_id":"chunk:a446e8d56303","chunk_index":2,"quote_summary":"**事件**：公司发布 2025 年三季度报告，2025 年 1-9 月实现营业收入 2.54 亿元，较上年同期增长 86.50%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688522","target":"topic:房地产","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b19536d3b98a","from":"company:688522","from_name":"纳睿雷达","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"纳睿雷达 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-2c974a47cd1b.md","chunk_id":"chunk:3a50652663a2","chunk_index":6,"quote_summary":"1、2024 年新增项目签署合同金额约 8 亿元，天气雷达和水利测雨雷达销售业务同比大幅增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688522","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"5842fe49b1a4","from":"company:688522","from_name":"纳睿雷达","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"纳睿雷达 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-6832806f56e6.md","chunk_id":"chunk:8875c670733f","chunk_index":6,"quote_summary":"5 月 31 日，公司公告设立香港全资子公司纳睿雷达国际有限公司，注册资本 1000 万元港币，公司有望充分利用香港独特的区位优势，加强公司与国际市场的合作交流及海外业务拓展。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688522","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ea8dd36d5ad0","from":"company:688522","from_name":"纳睿雷达","to":"topic:自动驾驶","to_name":"自动驾驶","relation":"involves_topic","direction":"semantic","summary":"纳睿雷达 研报中反复涉及 自动驾驶。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司点评报告-军工电子ii-114ee702cecf.md","chunk_id":"chunk:bd612fb0be92","chunk_index":6,"quote_summary":"* **业绩拐点显现，后续支撑可期：**公司销售业务的显著增长是业绩提升的主要原因，新增签署合同金额较大，且所有新增合同均按要求正常履约，2024 年前三季度实现营业收入 1.36 亿元，同比增加 20.00%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688522","target":"topic:自动驾驶","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1f9fcbffa0cb","from":"company:688522","from_name":"纳睿雷达","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"纳睿雷达 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-2c974a47cd1b.md","chunk_id":"chunk:3a50652663a2","chunk_index":6,"quote_summary":"1、2024 年新增项目签署合同金额约 8 亿元，天气雷达和水利测雨雷达销售业务同比大幅增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688522","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"479bc721f3eb","from":"company:688522","from_name":"纳睿雷达","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"纳睿雷达 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-da67bd8b8dc2.md","chunk_id":"chunk:b71d0ce52064","chunk_index":5,"quote_summary":"4 月 19 日，公司公告拟以自有资金 1000 万元港币在中国香港投资设立全资子公司，公司将充分利用香港独特的区位优势，加强公司与国际市场的合作交流及海外业务拓展。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688522","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"45e1f0e185f0","from":"company:688522","from_name":"纳睿雷达","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"纳睿雷达 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-2c974a47cd1b.md","chunk_id":"chunk:3a50652663a2","chunk_index":6,"quote_summary":"1、2024 年新增项目签署合同金额约 8 亿元，天气雷达和水利测雨雷达销售业务同比大幅增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688522","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"09a097725314","from":"company:688522","from_name":"纳睿雷达","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"纳睿雷达 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-2c974a47cd1b.md","chunk_id":"chunk:3a50652663a2","chunk_index":6,"quote_summary":"1、2024 年新增项目签署合同金额约 8 亿元，天气雷达和水利测雨雷达销售业务同比大幅增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688522","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"365ec7bb8dc1","from":"company:688522","from_name":"纳睿雷达","to":"topic:银行","to_name":"银行","relation":"involves_topic","direction":"semantic","summary":"纳睿雷达 研报中反复涉及 银行。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-2c974a47cd1b.md","chunk_id":"chunk:3a50652663a2","chunk_index":6,"quote_summary":"1、2024 年新增项目签署合同金额约 8 亿元，天气雷达和水利测雨雷达销售业务同比大幅增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688522","target":"topic:银行","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e8c69ab356c6","from":"company:688522","from_name":"纳睿雷达","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"纳睿雷达 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-年-09-月-1-日-公司研究-证券研究报告-921a0a80a239.md","chunk_id":"chunk:4a3a89538191","chunk_index":5,"quote_summary":"2025 年 4 月在中国香港投资设立全资子公司，以强化与国际市场的合作交流及海外业务拓展；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688522","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f4529e437c81","from":"company:688523","from_name":"航天环宇","to":"topic:低空经济","to_name":"低空经济","relation":"involves_topic","direction":"semantic","summary":"航天环宇 研报中反复涉及 低空经济。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-aef6e1b10b9d.md","chunk_id":"chunk:8abc66432fb3","chunk_index":4,"quote_summary":"归母净利润 (1.34亿元，+9.63%) 稳定增长，扣非归母净利润 (0.98亿元，-14.47%) 有所下降，毛利率 (51.19%，-8.47pcts) 有所下降，主要系产品结构变化、下游主机或总体客户降价所致，净利率 (30.30%，-1.65pcts) 下降幅度低于毛利率，主要系公司期间费用率 (20.79..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688523","target":"topic:低空经济","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"877594d1e53e","from":"company:688523","from_name":"航天环宇","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"航天环宇 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-709c7f0325a9.md","chunk_id":"chunk:742ed8ac3cd7","chunk_index":4,"quote_summary":"◆ **航空航天工艺装备和航空产品业务快速增长，身处航空航天高景气发展赛道**"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688523","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e6709cef7566","from":"company:688523","from_name":"航天环宇","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"航天环宇 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-aef6e1b10b9d.md","chunk_id":"chunk:8abc66432fb3","chunk_index":4,"quote_summary":"归母净利润 (1.34亿元，+9.63%) 稳定增长，扣非归母净利润 (0.98亿元，-14.47%) 有所下降，毛利率 (51.19%，-8.47pcts) 有所下降，主要系产品结构变化、下游主机或总体客户降价所致，净利率 (30.30%，-1.65pcts) 下降幅度低于毛利率，主要系公司期间费用率 (20.79..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688523","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"8ed8930baefc","from":"company:688523","from_name":"航天环宇","to":"topic:卫星","to_name":"卫星","relation":"involves_topic","direction":"semantic","summary":"航天环宇 研报中反复涉及 卫星。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-aef6e1b10b9d.md","chunk_id":"chunk:8abc66432fb3","chunk_index":4,"quote_summary":"归母净利润 (1.34亿元，+9.63%) 稳定增长，扣非归母净利润 (0.98亿元，-14.47%) 有所下降，毛利率 (51.19%，-8.47pcts) 有所下降，主要系产品结构变化、下游主机或总体客户降价所致，净利率 (30.30%，-1.65pcts) 下降幅度低于毛利率，主要系公司期间费用率 (20.79..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688523","target":"topic:卫星","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"acc6028679d6","from":"company:688523","from_name":"航天环宇","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"航天环宇 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-年-05-月-07-日-公司研究-证券研究报告-0fd0e01b774d.md","chunk_id":"chunk:134452167c3a","chunk_index":0,"quote_summary":"** 2023 年航天环宇实现营业收入 4.56 亿元，同比增长 13.65%，实现归母净利润 1.34 亿元，同比增长 9.63%，营收利润保持稳健增长，主营业务毛利率 51.19%，同比降低 8.47pct。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688523","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1297828062e9","from":"company:688523","from_name":"航天环宇","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"航天环宇 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天环宇-688523-sh-2024-年中报点评-af166b12db95.md","chunk_id":"chunk:aea490703d1e","chunk_index":0,"quote_summary":"主要受益于航空工艺装备业务的收入增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688523","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"482fd23908b2","from":"company:688523","from_name":"航天环宇","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"航天环宇 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-aef6e1b10b9d.md","chunk_id":"chunk:8abc66432fb3","chunk_index":4,"quote_summary":"归母净利润 (1.34亿元，+9.63%) 稳定增长，扣非归母净利润 (0.98亿元，-14.47%) 有所下降，毛利率 (51.19%，-8.47pcts) 有所下降，主要系产品结构变化、下游主机或总体客户降价所致，净利率 (30.30%，-1.65pcts) 下降幅度低于毛利率，主要系公司期间费用率 (20.79..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688523","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0ca6324b73ac","from":"company:688523","from_name":"航天环宇","to":"topic:航天","to_name":"航天","relation":"involves_topic","direction":"semantic","summary":"航天环宇 研报中反复涉及 航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-aef6e1b10b9d.md","chunk_id":"chunk:8abc66432fb3","chunk_index":4,"quote_summary":"归母净利润 (1.34亿元，+9.63%) 稳定增长，扣非归母净利润 (0.98亿元，-14.47%) 有所下降，毛利率 (51.19%，-8.47pcts) 有所下降，主要系产品结构变化、下游主机或总体客户降价所致，净利率 (30.30%，-1.65pcts) 下降幅度低于毛利率，主要系公司期间费用率 (20.79..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688523","target":"topic:航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6d502e3eb6c8","from":"company:688523","from_name":"航天环宇","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"航天环宇 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-aef6e1b10b9d.md","chunk_id":"chunk:8abc66432fb3","chunk_index":4,"quote_summary":"归母净利润 (1.34亿元，+9.63%) 稳定增长，扣非归母净利润 (0.98亿元，-14.47%) 有所下降，毛利率 (51.19%，-8.47pcts) 有所下降，主要系产品结构变化、下游主机或总体客户降价所致，净利率 (30.30%，-1.65pcts) 下降幅度低于毛利率，主要系公司期间费用率 (20.79..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688523","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"fdcace428930","from":"company:688523","from_name":"航天环宇","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"航天环宇 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-aef6e1b10b9d.md","chunk_id":"chunk:8abc66432fb3","chunk_index":4,"quote_summary":"归母净利润 (1.34亿元，+9.63%) 稳定增长，扣非归母净利润 (0.98亿元，-14.47%) 有所下降，毛利率 (51.19%，-8.47pcts) 有所下降，主要系产品结构变化、下游主机或总体客户降价所致，净利率 (30.30%，-1.65pcts) 下降幅度低于毛利率，主要系公司期间费用率 (20.79..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688523","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a546c5854189","from":"company:688523","from_name":"航天环宇","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"航天环宇 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-aef6e1b10b9d.md","chunk_id":"chunk:8abc66432fb3","chunk_index":4,"quote_summary":"归母净利润 (1.34亿元，+9.63%) 稳定增长，扣非归母净利润 (0.98亿元，-14.47%) 有所下降，毛利率 (51.19%，-8.47pcts) 有所下降，主要系产品结构变化、下游主机或总体客户降价所致，净利率 (30.30%，-1.65pcts) 下降幅度低于毛利率，主要系公司期间费用率 (20.79..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688523","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"61ba7e833bd6","from":"company:688523","from_name":"航天环宇","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"航天环宇 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天环宇-688523-sh-2024-年中报点评-af166b12db95.md","chunk_id":"chunk:aea490703d1e","chunk_index":0,"quote_summary":"主要受益于航空工艺装备业务的收入增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688523","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0928e85407da","from":"company:688523","from_name":"航天环宇","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"航天环宇 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-年-05-月-07-日-公司研究-证券研究报告-0fd0e01b774d.md","chunk_id":"chunk:134452167c3a","chunk_index":0,"quote_summary":"** 2023 年航天环宇实现营业收入 4.56 亿元，同比增长 13.65%，实现归母净利润 1.34 亿元，同比增长 9.63%，营收利润保持稳健增长，主营业务毛利率 51.19%，同比降低 8.47pct。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688523","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"190960c75033","from":"company:688543","from_name":"国科军工","to":"topic:roa","to_name":"ROA","relation":"involves_topic","direction":"semantic","summary":"国科军工 研报中反复涉及 ROA。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2026-年-04-月-04-日-40e265f047b4.md","chunk_id":"chunk:5839b7d096a9","chunk_index":2,"quote_summary":"事件：公司发布 2025 年年度报告，2025 年 1-12 月实现营业收入 14.10 亿元，较上年同期增长 17.09%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688543","target":"topic:roa","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c9105e7a9a15","from":"company:688543","from_name":"国科军工","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"国科军工 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-发布时间-2025-04-22-60078c33a44b.md","chunk_id":"chunk:0e79ce3412a0","chunk_index":4,"quote_summary":"2025 年 1 月，公司披露 7.39 亿合同，奠定了 2025 年弹药业务增长的基础。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688543","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b7240ca6cab6","from":"company:688543","from_name":"国科军工","to":"topic:产业链","to_name":"产业链","relation":"involves_topic","direction":"semantic","summary":"国科军工 研报中反复涉及 产业链。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-08-30-8826fef2290d.md","chunk_id":"chunk:196df519e566","chunk_index":2,"quote_summary":"报告期内，公司研发投入 5,505.46 万元，较上年同期增长 29.21%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688543","target":"topic:产业链","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d5677c248275","from":"company:688543","from_name":"国科军工","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"国科军工 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-12-27-957b96d5b5fc.md","chunk_id":"chunk:c7bc79e396c2","chunk_index":12,"quote_summary":"2024 年公司军品业务实现营业收入 11.67 亿元，较上年同期增长 17.34%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688543","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"67b8c8e3f71f","from":"company:688543","from_name":"国科军工","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"国科军工 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-12-27-957b96d5b5fc.md","chunk_id":"chunk:c7bc79e396c2","chunk_index":12,"quote_summary":"2024 年公司军品业务实现营业收入 11.67 亿元，较上年同期增长 17.34%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688543","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"65ecfad4e4d3","from":"company:688543","from_name":"国科军工","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"国科军工 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-12-27-957b96d5b5fc.md","chunk_id":"chunk:c7bc79e396c2","chunk_index":12,"quote_summary":"2024 年公司军品业务实现营业收入 11.67 亿元，较上年同期增长 17.34%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688543","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6efc2702a6e3","from":"company:688543","from_name":"国科军工","to":"topic:工业原材料","to_name":"工业原材料","relation":"involves_topic","direction":"semantic","summary":"国科军工 研报中反复涉及 工业原材料。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-国科军工-688543-4bb3af6c55a8.md","chunk_id":"chunk:0de0f5623e5b","chunk_index":14,"quote_summary":"- 增持—未来 6 个月的投资收益率领先市场基准指数 5%以上;"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688543","target":"topic:工业原材料","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"5b8702c4d133","from":"company:688543","from_name":"国科军工","to":"topic:房地产","to_name":"房地产","relation":"involves_topic","direction":"semantic","summary":"国科军工 研报中反复涉及 房地产。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-11-07-844c7380bd19.md","chunk_id":"chunk:e05808014868","chunk_index":2,"quote_summary":"**事件**：公司发布 2025 年三季度报告，2025 年 1-9 月实现营业收入 7.75 亿元，较上年同期增长 1.49%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688543","target":"topic:房地产","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"210608d76c98","from":"company:688543","from_name":"国科军工","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"国科军工 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-12-27-957b96d5b5fc.md","chunk_id":"chunk:c7bc79e396c2","chunk_index":12,"quote_summary":"2024 年公司军品业务实现营业收入 11.67 亿元，较上年同期增长 17.34%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688543","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"807ab4302cbe","from":"company:688543","from_name":"国科军工","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"国科军工 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-bcb90e27f3ce.md","chunk_id":"chunk:21bc1eaac059","chunk_index":9,"quote_summary":"（2）在地缘政治事件频发、新型战争形态出现的背景下，公司有望受益于军贸市场的复苏与扩张，市场天花板持续抬升，第二增长曲线逻辑清晰；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688543","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0bada954efd3","from":"company:688543","from_name":"国科军工","to":"topic:航天","to_name":"航天","relation":"involves_topic","direction":"semantic","summary":"国科军工 研报中反复涉及 航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-12-27-957b96d5b5fc.md","chunk_id":"chunk:c7bc79e396c2","chunk_index":12,"quote_summary":"2024 年公司军品业务实现营业收入 11.67 亿元，较上年同期增长 17.34%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688543","target":"topic:航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"270085b19659","from":"company:688543","from_name":"国科军工","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"国科军工 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-bcb90e27f3ce.md","chunk_id":"chunk:21bc1eaac059","chunk_index":9,"quote_summary":"（2）在地缘政治事件频发、新型战争形态出现的背景下，公司有望受益于军贸市场的复苏与扩张，市场天花板持续抬升，第二增长曲线逻辑清晰；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688543","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"588211d43e3c","from":"company:688543","from_name":"国科军工","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"国科军工 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-12-27-957b96d5b5fc.md","chunk_id":"chunk:c7bc79e396c2","chunk_index":12,"quote_summary":"2024 年公司军品业务实现营业收入 11.67 亿元，较上年同期增长 17.34%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688543","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e8aa65d1595b","from":"company:688543","from_name":"国科军工","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"国科军工 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-发布时间-2025-04-22-60078c33a44b.md","chunk_id":"chunk:0e79ce3412a0","chunk_index":4,"quote_summary":"2025 年 1 月，公司披露 7.39 亿合同，奠定了 2025 年弹药业务增长的基础。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688543","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f89fc4530640","from":"company:688543","from_name":"国科军工","to":"topic:银行","to_name":"银行","relation":"involves_topic","direction":"semantic","summary":"国科军工 研报中反复涉及 银行。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-12-27-957b96d5b5fc.md","chunk_id":"chunk:c7bc79e396c2","chunk_index":12,"quote_summary":"2024 年公司军品业务实现营业收入 11.67 亿元，较上年同期增长 17.34%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688543","target":"topic:银行","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"413923e4d3fd","from":"company:688543","from_name":"国科军工","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"国科军工 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-12-27-957b96d5b5fc.md","chunk_id":"chunk:c7bc79e396c2","chunk_index":12,"quote_summary":"2024 年公司军品业务实现营业收入 11.67 亿元，较上年同期增长 17.34%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688543","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"495a374ac907","from":"company:688552","from_name":"航天南湖","to":"topic:下游","to_name":"下游","relation":"involves_topic","direction":"semantic","summary":"航天南湖 研报中反复涉及 下游。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b30f6ffb3fa7.md","chunk_id":"chunk:3056d16303e4","chunk_index":0,"quote_summary":"** 2023 年公司业务出现阶段性波动主要系受到市场需求影响，雷达及配套装备业务收入（5.86 亿元，-34.42%）出现明显下降所致。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688552","target":"topic:下游","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"8bcfbca69936","from":"company:688552","from_name":"航天南湖","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"航天南湖 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天南湖-688552-eb55118c6725.md","chunk_id":"chunk:24370f1b8d38","chunk_index":8,"quote_summary":"* **盈利预测与投资评级：**公司业绩符合预期，虽然目前行业订单波动压力较大，但公司为我国稀缺防空预警雷达整机研制单位，且未来有望受益于低空经济方向新业务，我们下调公司 2024-2025 年归母净利润预测值分别至 1.26/1.51 亿元（前值 2.57/3.26 亿元），新增 2026 年归母净利润预测值 2...."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688552","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4a5e8253ff19","from":"company:688552","from_name":"航天南湖","to":"topic:低空经济","to_name":"低空经济","relation":"involves_topic","direction":"semantic","summary":"航天南湖 研报中反复涉及 低空经济。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b30f6ffb3fa7.md","chunk_id":"chunk:3056d16303e4","chunk_index":0,"quote_summary":"** 2023 年公司业务出现阶段性波动主要系受到市场需求影响，雷达及配套装备业务收入（5.86 亿元，-34.42%）出现明显下降所致。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688552","target":"topic:低空经济","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"56e728cb2ff9","from":"company:688552","from_name":"航天南湖","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"航天南湖 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b30f6ffb3fa7.md","chunk_id":"chunk:3056d16303e4","chunk_index":0,"quote_summary":"** 2023 年公司业务出现阶段性波动主要系受到市场需求影响，雷达及配套装备业务收入（5.86 亿元，-34.42%）出现明显下降所致。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688552","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f2ca443e8cae","from":"company:688552","from_name":"航天南湖","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"航天南湖 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b30f6ffb3fa7.md","chunk_id":"chunk:3056d16303e4","chunk_index":0,"quote_summary":"** 2023 年公司业务出现阶段性波动主要系受到市场需求影响，雷达及配套装备业务收入（5.86 亿元，-34.42%）出现明显下降所致。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688552","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2fcc21d966eb","from":"company:688552","from_name":"航天南湖","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"航天南湖 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-333cb9037ff8.md","chunk_id":"chunk:7e96382d3645","chunk_index":0,"quote_summary":"2025年H1公司实现营收（5.19亿元，+688.61%）大幅增长，主要系本报告期内雷达整机产品交付增加所致，其中军贸业务实现收入3.41亿元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688552","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"aaf6eda85d98","from":"company:688552","from_name":"航天南湖","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"航天南湖 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b30f6ffb3fa7.md","chunk_id":"chunk:3056d16303e4","chunk_index":0,"quote_summary":"** 2023 年公司业务出现阶段性波动主要系受到市场需求影响，雷达及配套装备业务收入（5.86 亿元，-34.42%）出现明显下降所致。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688552","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e84bada011ad","from":"company:688552","from_name":"航天南湖","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"航天南湖 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b30f6ffb3fa7.md","chunk_id":"chunk:3056d16303e4","chunk_index":0,"quote_summary":"** 2023 年公司业务出现阶段性波动主要系受到市场需求影响，雷达及配套装备业务收入（5.86 亿元，-34.42%）出现明显下降所致。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688552","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c95b5e8fb649","from":"company:688552","from_name":"航天南湖","to":"topic:航天","to_name":"航天","relation":"involves_topic","direction":"semantic","summary":"航天南湖 研报中反复涉及 航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-333cb9037ff8.md","chunk_id":"chunk:7e96382d3645","chunk_index":0,"quote_summary":"2025年H1公司实现营收（5.19亿元，+688.61%）大幅增长，主要系本报告期内雷达整机产品交付增加所致，其中军贸业务实现收入3.41亿元。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688552","target":"topic:航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"106a74f98cf8","from":"company:688552","from_name":"航天南湖","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"航天南湖 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b30f6ffb3fa7.md","chunk_id":"chunk:3056d16303e4","chunk_index":0,"quote_summary":"** 2023 年公司业务出现阶段性波动主要系受到市场需求影响，雷达及配套装备业务收入（5.86 亿元，-34.42%）出现明显下降所致。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688552","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d5f990a974c8","from":"company:688552","from_name":"航天南湖","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"航天南湖 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b30f6ffb3fa7.md","chunk_id":"chunk:3056d16303e4","chunk_index":0,"quote_summary":"** 2023 年公司业务出现阶段性波动主要系受到市场需求影响，雷达及配套装备业务收入（5.86 亿元，-34.42%）出现明显下降所致。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688552","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d992d26dfa8b","from":"company:688552","from_name":"航天南湖","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"航天南湖 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-chinapostsecurities-41501ecb6373.md","chunk_id":"chunk:64f9b6a20499","chunk_index":2,"quote_summary":"5、盈利预测与投资评级：随着公司新产品定型量产、军贸不断增长以及低空等新业务开拓，公司业绩有望持续较快增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688552","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"958c2487cf86","from":"company:688552","from_name":"航天南湖","to":"topic:银行","to_name":"银行","relation":"involves_topic","direction":"semantic","summary":"航天南湖 研报中反复涉及 银行。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-chinapostsecurities-41501ecb6373.md","chunk_id":"chunk:64f9b6a20499","chunk_index":2,"quote_summary":"5、盈利预测与投资评级：随着公司新产品定型量产、军贸不断增长以及低空等新业务开拓，公司业绩有望持续较快增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688552","target":"topic:银行","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3b8c1cd5db44","from":"company:688552","from_name":"航天南湖","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"航天南湖 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航天南湖-688552-eb55118c6725.md","chunk_id":"chunk:24370f1b8d38","chunk_index":8,"quote_summary":"* **盈利预测与投资评级：**公司业绩符合预期，虽然目前行业订单波动压力较大，但公司为我国稀缺防空预警雷达整机研制单位，且未来有望受益于低空经济方向新业务，我们下调公司 2024-2025 年归母净利润预测值分别至 1.26/1.51 亿元（前值 2.57/3.26 亿元），新增 2026 年归母净利润预测值 2...."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688552","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"cc1c50baf99d","from":"company:688562","from_name":"航天软件","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"航天软件 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-c91b2144ca9f.md","chunk_id":"chunk:c9beadb39ddb","chunk_index":3,"quote_summary":"2023年，公司三费费率（9.84%，+0.49pcts）基本维持平稳，销售费率（4.34%，+0.95pcts）小幅增长，主要系公司大力推进营销提升，进一步提高数据库产品、工业软件产品的市场认知度，增加了市场和推广投入所致；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688562","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0c14436e7ec5","from":"company:688562","from_name":"航天软件","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"航天软件 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-c91b2144ca9f.md","chunk_id":"chunk:c9beadb39ddb","chunk_index":3,"quote_summary":"2023年，公司三费费率（9.84%，+0.49pcts）基本维持平稳，销售费率（4.34%，+0.95pcts）小幅增长，主要系公司大力推进营销提升，进一步提高数据库产品、工业软件产品的市场认知度，增加了市场和推广投入所致；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688562","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"bf3269b5c726","from":"company:688562","from_name":"航天软件","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"航天软件 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-c91b2144ca9f.md","chunk_id":"chunk:c9beadb39ddb","chunk_index":3,"quote_summary":"2023年，公司三费费率（9.84%，+0.49pcts）基本维持平稳，销售费率（4.34%，+0.95pcts）小幅增长，主要系公司大力推进营销提升，进一步提高数据库产品、工业软件产品的市场认知度，增加了市场和推广投入所致；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688562","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"fe968321be9d","from":"company:688562","from_name":"航天软件","to":"topic:航天","to_name":"航天","relation":"involves_topic","direction":"semantic","summary":"航天软件 研报中反复涉及 航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-c91b2144ca9f.md","chunk_id":"chunk:c9beadb39ddb","chunk_index":3,"quote_summary":"2023年，公司三费费率（9.84%，+0.49pcts）基本维持平稳，销售费率（4.34%，+0.95pcts）小幅增长，主要系公司大力推进营销提升，进一步提高数据库产品、工业软件产品的市场认知度，增加了市场和推广投入所致；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688562","target":"topic:航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"af280f2985b0","from":"company:688562","from_name":"航天软件","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"航天软件 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-c91b2144ca9f.md","chunk_id":"chunk:c9beadb39ddb","chunk_index":3,"quote_summary":"2023年，公司三费费率（9.84%，+0.49pcts）基本维持平稳，销售费率（4.34%，+0.95pcts）小幅增长，主要系公司大力推进营销提升，进一步提高数据库产品、工业软件产品的市场认知度，增加了市场和推广投入所致；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688562","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c2ae0579729d","from":"company:688562","from_name":"航天软件","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"航天软件 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-c91b2144ca9f.md","chunk_id":"chunk:c9beadb39ddb","chunk_index":3,"quote_summary":"2023年，公司三费费率（9.84%，+0.49pcts）基本维持平稳，销售费率（4.34%，+0.95pcts）小幅增长，主要系公司大力推进营销提升，进一步提高数据库产品、工业软件产品的市场认知度，增加了市场和推广投入所致；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688562","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"cafd547c6c61","from":"company:688562","from_name":"航天软件","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"航天软件 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-c91b2144ca9f.md","chunk_id":"chunk:c9beadb39ddb","chunk_index":3,"quote_summary":"2023年，公司三费费率（9.84%，+0.49pcts）基本维持平稳，销售费率（4.34%，+0.95pcts）小幅增长，主要系公司大力推进营销提升，进一步提高数据库产品、工业软件产品的市场认知度，增加了市场和推广投入所致；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688562","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"39ecaa9df426","from":"company:688562","from_name":"航天软件","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"航天软件 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-c91b2144ca9f.md","chunk_id":"chunk:c9beadb39ddb","chunk_index":3,"quote_summary":"2023年，公司三费费率（9.84%，+0.49pcts）基本维持平稳，销售费率（4.34%，+0.95pcts）小幅增长，主要系公司大力推进营销提升，进一步提高数据库产品、工业软件产品的市场认知度，增加了市场和推广投入所致；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688562","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6baab871507c","from":"company:688563","from_name":"航材股份","to":"topic:cagr","to_name":"CAGR","relation":"involves_topic","direction":"semantic","summary":"航材股份 研报中反复涉及 CAGR。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航材股份-688563-sh-2024-年三季报点评-581e37beb658.md","chunk_id":"chunk:bda3b8b22357","chunk_index":0,"quote_summary":"**1~3Q24，** 公司经营活动净现金流为-3.43 亿元，去年同期为-0.35 亿元，主要系业务规模扩大，投入增加，回款压力大，支付到期的应付票据增加，购买商品、接收劳务支付的现金同比增加所致。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688563","target":"topic:cagr","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4deeaf7bed5c","from":"company:688563","from_name":"航材股份","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"航材股份 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-fe0b8202d568.md","chunk_id":"chunk:fe577097cbb9","chunk_index":2,"quote_summary":"公司专注于航空、航天用部件及先进材料研制，产品处于相关航空材料产业的龙头地位，受益于下游持续旺盛的需求，公司业绩有望持续快速增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688563","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"091c7ca7baff","from":"company:688563","from_name":"航材股份","to":"topic:下游","to_name":"下游","relation":"involves_topic","direction":"semantic","summary":"航材股份 研报中反复涉及 下游。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md","chunk_id":"chunk:1dc86bbdad25","chunk_index":0,"quote_summary":"民机方面，中国商飞公司未来 20 年预计将有约 43644 架新机交付，价值约 6.5 万亿美元，中国航空市场将成为全球最大单一航空市场，引领未来全球航空市场增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688563","target":"topic:下游","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3bceb4548b42","from":"company:688563","from_name":"航材股份","to":"topic:低空经济","to_name":"低空经济","relation":"involves_topic","direction":"semantic","summary":"航材股份 研报中反复涉及 低空经济。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-6ef7a7c43abf.md","chunk_id":"chunk:dbfbfa16573e","chunk_index":2,"quote_summary":"分产品看，基础材料收入 6.07 亿元，同比增长 6%，航空成品件收入 6.33 亿元，同比减少 13%，非航空成品件收入 0.57 亿元，同比减少 65%，加工服务收入 0.54 亿元，同比增长 48%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688563","target":"topic:低空经济","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c8c6bc9f3b11","from":"company:688563","from_name":"航材股份","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"航材股份 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e126a2a280fc.md","chunk_id":"chunk:c2169c4db985","chunk_index":5,"quote_summary":"2024年上半年，公司营收（15.10亿元，+14.52%）持续增长，主要系公司加大市场开拓，在多个领域实现新产品布局，同时进一步拓展国际航空装备市场，争取更大市场份额，形成品牌效应，另外，积极开拓在航天、兵器、船舶、高端民品方面业务。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688563","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1c25b3fec9b1","from":"company:688563","from_name":"航材股份","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"航材股份 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e126a2a280fc.md","chunk_id":"chunk:c2169c4db985","chunk_index":5,"quote_summary":"2024年上半年，公司营收（15.10亿元，+14.52%）持续增长，主要系公司加大市场开拓，在多个领域实现新产品布局，同时进一步拓展国际航空装备市场，争取更大市场份额，形成品牌效应，另外，积极开拓在航天、兵器、船舶、高端民品方面业务。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688563","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"755037d07b92","from":"company:688563","from_name":"航材股份","to":"topic:原材料","to_name":"原材料","relation":"involves_topic","direction":"semantic","summary":"航材股份 研报中反复涉及 原材料。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e126a2a280fc.md","chunk_id":"chunk:c2169c4db985","chunk_index":5,"quote_summary":"2024年上半年，公司营收（15.10亿元，+14.52%）持续增长，主要系公司加大市场开拓，在多个领域实现新产品布局，同时进一步拓展国际航空装备市场，争取更大市场份额，形成品牌效应，另外，积极开拓在航天、兵器、船舶、高端民品方面业务。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688563","target":"topic:原材料","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0877eafc2df1","from":"company:688563","from_name":"航材股份","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"航材股份 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md","chunk_id":"chunk:1dc86bbdad25","chunk_index":0,"quote_summary":"民机方面，中国商飞公司未来 20 年预计将有约 43644 架新机交付，价值约 6.5 万亿美元，中国航空市场将成为全球最大单一航空市场，引领未来全球航空市场增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688563","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"427d8f57c43b","from":"company:688563","from_name":"航材股份","to":"topic:天然气","to_name":"天然气","relation":"involves_topic","direction":"semantic","summary":"航材股份 研报中反复涉及 天然气。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md","chunk_id":"chunk:1dc86bbdad25","chunk_index":0,"quote_summary":"民机方面，中国商飞公司未来 20 年预计将有约 43644 架新机交付，价值约 6.5 万亿美元，中国航空市场将成为全球最大单一航空市场，引领未来全球航空市场增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688563","target":"topic:天然气","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1e56b9f1b059","from":"company:688563","from_name":"航材股份","to":"topic:工业原材料","to_name":"工业原材料","relation":"involves_topic","direction":"semantic","summary":"航材股份 研报中反复涉及 工业原材料。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e126a2a280fc.md","chunk_id":"chunk:c2169c4db985","chunk_index":5,"quote_summary":"2024年上半年，公司营收（15.10亿元，+14.52%）持续增长，主要系公司加大市场开拓，在多个领域实现新产品布局，同时进一步拓展国际航空装备市场，争取更大市场份额，形成品牌效应，另外，积极开拓在航天、兵器、船舶、高端民品方面业务。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688563","target":"topic:工业原材料","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1d4c0fa1bdc1","from":"company:688563","from_name":"航材股份","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"航材股份 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航材股份-688563-sh-2024-年三季报点评-581e37beb658.md","chunk_id":"chunk:bda3b8b22357","chunk_index":0,"quote_summary":"**1~3Q24，** 公司经营活动净现金流为-3.43 亿元，去年同期为-0.35 亿元，主要系业务规模扩大，投入增加，回款压力大，支付到期的应付票据增加，购买商品、接收劳务支付的现金同比增加所致。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688563","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1466e58ba732","from":"company:688563","from_name":"航材股份","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"航材股份 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-06f53632bbcb.md","chunk_id":"chunk:cf7bb484f04b","chunk_index":7,"quote_summary":"非航空成品件、加工服务产品分别实现营业收入（1.80 亿元，+44.63%），（1.59 亿元，+97.25%），两类业务营收占比较小，但增速提升明显，其中加工服务产品接近翻倍增长主要系订单增加和新增粗粉加工业务所致。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688563","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ae111bc9c4fb","from":"company:688563","from_name":"航材股份","to":"topic:民机","to_name":"民机","relation":"involves_topic","direction":"semantic","summary":"航材股份 研报中反复涉及 民机。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-china-post-securities-d7ae40926dd5.md","chunk_id":"chunk:c51cd7ea765c","chunk_index":4,"quote_summary":"2024 年，公司实现营收 29.32 亿元，同比增长 5%，实现归母净利润 5.81 亿元，同比增长 1%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688563","target":"topic:民机","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9417bb2d55b1","from":"company:688563","from_name":"航材股份","to":"topic:燃气轮机","to_name":"燃气轮机","relation":"involves_topic","direction":"semantic","summary":"航材股份 研报中反复涉及 燃气轮机。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md","chunk_id":"chunk:1dc86bbdad25","chunk_index":0,"quote_summary":"民机方面，中国商飞公司未来 20 年预计将有约 43644 架新机交付，价值约 6.5 万亿美元，中国航空市场将成为全球最大单一航空市场，引领未来全球航空市场增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688563","target":"topic:燃气轮机","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0b9d65cae711","from":"company:688563","from_name":"航材股份","to":"topic:航天","to_name":"航天","relation":"involves_topic","direction":"semantic","summary":"航材股份 研报中反复涉及 航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md","chunk_id":"chunk:1dc86bbdad25","chunk_index":0,"quote_summary":"民机方面，中国商飞公司未来 20 年预计将有约 43644 架新机交付，价值约 6.5 万亿美元，中国航空市场将成为全球最大单一航空市场，引领未来全球航空市场增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688563","target":"topic:航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"dceecc9a9a3c","from":"company:688563","from_name":"航材股份","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"航材股份 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md","chunk_id":"chunk:1dc86bbdad25","chunk_index":0,"quote_summary":"民机方面，中国商飞公司未来 20 年预计将有约 43644 架新机交付，价值约 6.5 万亿美元，中国航空市场将成为全球最大单一航空市场，引领未来全球航空市场增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688563","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"011fa9af15a3","from":"company:688563","from_name":"航材股份","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"航材股份 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航材股份-688563-sh-2024-年三季报点评-581e37beb658.md","chunk_id":"chunk:bda3b8b22357","chunk_index":0,"quote_summary":"**1~3Q24，** 公司经营活动净现金流为-3.43 亿元，去年同期为-0.35 亿元，主要系业务规模扩大，投入增加，回款压力大，支付到期的应付票据增加，购买商品、接收劳务支付的现金同比增加所致。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688563","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3ac3cb176e4c","from":"company:688563","from_name":"航材股份","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"航材股份 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md","chunk_id":"chunk:1dc86bbdad25","chunk_index":0,"quote_summary":"民机方面，中国商飞公司未来 20 年预计将有约 43644 架新机交付，价值约 6.5 万亿美元，中国航空市场将成为全球最大单一航空市场，引领未来全球航空市场增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688563","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c88027f30abf","from":"company:688563","from_name":"航材股份","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"航材股份 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-国防军工-公司点评报告-6ef7a7c43abf.md","chunk_id":"chunk:dbfbfa16573e","chunk_index":2,"quote_summary":"分产品看，基础材料收入 6.07 亿元，同比增长 6%，航空成品件收入 6.33 亿元，同比减少 13%，非航空成品件收入 0.57 亿元，同比减少 65%，加工服务收入 0.54 亿元，同比增长 48%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688563","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2aff7f00cd18","from":"company:688563","from_name":"航材股份","to":"topic:钛","to_name":"钛","relation":"involves_topic","direction":"semantic","summary":"航材股份 研报中反复涉及 钛。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md","chunk_id":"chunk:1dc86bbdad25","chunk_index":0,"quote_summary":"民机方面，中国商飞公司未来 20 年预计将有约 43644 架新机交付，价值约 6.5 万亿美元，中国航空市场将成为全球最大单一航空市场，引领未来全球航空市场增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688563","target":"topic:钛","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"99d5eb4b29ea","from":"company:688563","from_name":"航材股份","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"航材股份 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-06f53632bbcb.md","chunk_id":"chunk:cf7bb484f04b","chunk_index":7,"quote_summary":"非航空成品件、加工服务产品分别实现营业收入（1.80 亿元，+44.63%），（1.59 亿元，+97.25%），两类业务营收占比较小，但增速提升明显，其中加工服务产品接近翻倍增长主要系订单增加和新增粗粉加工业务所致。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688563","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4b9209518017","from":"company:688586","from_name":"江航装备","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"江航装备 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-江航装备-688586-sh-d069c4c10c5a.md","chunk_id":"chunk:d4b618d37ebd","chunk_index":5,"quote_summary":"公司作为机载和环控设备核心供应商，或将受益于新型航空装备放量列装、军工行业景气修复，以及大飞机国产替代、无人机/反无装备的放量列装，参考 2026 年军工中游系统供应商平均 PE 为 81 倍，考虑到公司下游国产大飞机、无人/反无市场空间广阔，公司亦具备产业链环节卡位优势，给予 2026 年 80XPE，目标价 15..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688586","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0937cdbcc63e","from":"company:688586","from_name":"江航装备","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"江航装备 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-江航装备-688586-sh-d069c4c10c5a.md","chunk_id":"chunk:d4b618d37ebd","chunk_index":5,"quote_summary":"公司作为机载和环控设备核心供应商，或将受益于新型航空装备放量列装、军工行业景气修复，以及大飞机国产替代、无人机/反无装备的放量列装，参考 2026 年军工中游系统供应商平均 PE 为 81 倍，考虑到公司下游国产大飞机、无人/反无市场空间广阔，公司亦具备产业链环节卡位优势，给予 2026 年 80XPE，目标价 15..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688586","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"86afbc4fa74c","from":"company:688586","from_name":"江航装备","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"江航装备 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-江航装备-688586-sh-bdfa782b1241.md","chunk_id":"chunk:1bfa3387f5f5","chunk_index":3,"quote_summary":"公司持续拓展大飞机、无人反无业务，有望受益于大飞机国产替代、无人机/反无装备的放量列装，预计公司 2025/2026/2027 年实现归母净利润 1.03/1.53/2.08 亿，同比增长 -17.51%/+48.29%/+35.60%，公司股票现价对应 PE 估值为 86/58/43 倍，维持“买入”评级。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688586","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f4e9e9eaf183","from":"company:688586","from_name":"江航装备","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"江航装备 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-江航装备-688586-sh-d069c4c10c5a.md","chunk_id":"chunk:d4b618d37ebd","chunk_index":5,"quote_summary":"公司作为机载和环控设备核心供应商，或将受益于新型航空装备放量列装、军工行业景气修复，以及大飞机国产替代、无人机/反无装备的放量列装，参考 2026 年军工中游系统供应商平均 PE 为 81 倍，考虑到公司下游国产大飞机、无人/反无市场空间广阔，公司亦具备产业链环节卡位优势，给予 2026 年 80XPE，目标价 15..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688586","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"566ebb7f6ddb","from":"company:688586","from_name":"江航装备","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"江航装备 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-江航装备-688586-sh-d069c4c10c5a.md","chunk_id":"chunk:d4b618d37ebd","chunk_index":5,"quote_summary":"公司作为机载和环控设备核心供应商，或将受益于新型航空装备放量列装、军工行业景气修复，以及大飞机国产替代、无人机/反无装备的放量列装，参考 2026 年军工中游系统供应商平均 PE 为 81 倍，考虑到公司下游国产大飞机、无人/反无市场空间广阔，公司亦具备产业链环节卡位优势，给予 2026 年 80XPE，目标价 15..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688586","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3fe3a5b1b50c","from":"company:688586","from_name":"江航装备","to":"topic:民机","to_name":"民机","relation":"involves_topic","direction":"semantic","summary":"江航装备 研报中反复涉及 民机。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-江航装备-688586-sh-d069c4c10c5a.md","chunk_id":"chunk:d4b618d37ebd","chunk_index":5,"quote_summary":"公司作为机载和环控设备核心供应商，或将受益于新型航空装备放量列装、军工行业景气修复，以及大飞机国产替代、无人机/反无装备的放量列装，参考 2026 年军工中游系统供应商平均 PE 为 81 倍，考虑到公司下游国产大飞机、无人/反无市场空间广阔，公司亦具备产业链环节卡位优势，给予 2026 年 80XPE，目标价 15..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688586","target":"topic:民机","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7ecf8df2f2d5","from":"company:688586","from_name":"江航装备","to":"topic:环比","to_name":"环比","relation":"involves_topic","direction":"semantic","summary":"江航装备 研报中反复涉及 环比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-江航装备-688586-sh-bdfa782b1241.md","chunk_id":"chunk:1bfa3387f5f5","chunk_index":3,"quote_summary":"公司持续拓展大飞机、无人反无业务，有望受益于大飞机国产替代、无人机/反无装备的放量列装，预计公司 2025/2026/2027 年实现归母净利润 1.03/1.53/2.08 亿，同比增长 -17.51%/+48.29%/+35.60%，公司股票现价对应 PE 估值为 86/58/43 倍，维持“买入”评级。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688586","target":"topic:环比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"82cd4b067c37","from":"company:688586","from_name":"江航装备","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"江航装备 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-江航装备-688586-sh-d069c4c10c5a.md","chunk_id":"chunk:d4b618d37ebd","chunk_index":5,"quote_summary":"公司作为机载和环控设备核心供应商，或将受益于新型航空装备放量列装、军工行业景气修复，以及大飞机国产替代、无人机/反无装备的放量列装，参考 2026 年军工中游系统供应商平均 PE 为 81 倍，考虑到公司下游国产大飞机、无人/反无市场空间广阔，公司亦具备产业链环节卡位优势，给予 2026 年 80XPE，目标价 15..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688586","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"5762b4e9e2c3","from":"company:688586","from_name":"江航装备","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"江航装备 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-江航装备-688586-sh-d069c4c10c5a.md","chunk_id":"chunk:d4b618d37ebd","chunk_index":5,"quote_summary":"公司作为机载和环控设备核心供应商，或将受益于新型航空装备放量列装、军工行业景气修复，以及大飞机国产替代、无人机/反无装备的放量列装，参考 2026 年军工中游系统供应商平均 PE 为 81 倍，考虑到公司下游国产大飞机、无人/反无市场空间广阔，公司亦具备产业链环节卡位优势，给予 2026 年 80XPE，目标价 15..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688586","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"67e5138746db","from":"company:688586","from_name":"江航装备","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"江航装备 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-江航装备-688586-sh-d069c4c10c5a.md","chunk_id":"chunk:d4b618d37ebd","chunk_index":5,"quote_summary":"公司作为机载和环控设备核心供应商，或将受益于新型航空装备放量列装、军工行业景气修复，以及大飞机国产替代、无人机/反无装备的放量列装，参考 2026 年军工中游系统供应商平均 PE 为 81 倍，考虑到公司下游国产大飞机、无人/反无市场空间广阔，公司亦具备产业链环节卡位优势，给予 2026 年 80XPE，目标价 15..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688586","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9871b7b85c68","from":"company:688586","from_name":"江航装备","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"江航装备 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-江航装备-688586-sh-bdfa782b1241.md","chunk_id":"chunk:1bfa3387f5f5","chunk_index":3,"quote_summary":"公司持续拓展大飞机、无人反无业务，有望受益于大飞机国产替代、无人机/反无装备的放量列装，预计公司 2025/2026/2027 年实现归母净利润 1.03/1.53/2.08 亿，同比增长 -17.51%/+48.29%/+35.60%，公司股票现价对应 PE 估值为 86/58/43 倍，维持“买入”评级。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688586","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b148210eeec9","from":"company:688586","from_name":"江航装备","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"江航装备 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-江航装备-688586-sh-bdfa782b1241.md","chunk_id":"chunk:1bfa3387f5f5","chunk_index":3,"quote_summary":"公司持续拓展大飞机、无人反无业务，有望受益于大飞机国产替代、无人机/反无装备的放量列装，预计公司 2025/2026/2027 年实现归母净利润 1.03/1.53/2.08 亿，同比增长 -17.51%/+48.29%/+35.60%，公司股票现价对应 PE 估值为 86/58/43 倍，维持“买入”评级。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688586","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"838627489d91","from":"company:688592","from_name":"司南导航","to":"topic:下游","to_name":"下游","relation":"involves_topic","direction":"semantic","summary":"司南导航 研报中反复涉及 下游。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e301e04f85f3.md","chunk_id":"chunk:a5cf40620fe3","chunk_index":0,"quote_summary":"**2023年，公司营业收入（4.12亿元，+22.66%）和归母净利润（0.42亿元，+15.57%）同步增长，主要系公司市场开拓能力增强，多个板块收入实现增长，带动公司收入及净利润持续增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688592","target":"topic:下游","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e28fa1af3645","from":"company:688592","from_name":"司南导航","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"司南导航 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-司南导航-688592-通信-62c6c24ff95a.md","chunk_id":"chunk:536a5fd7d3ac","chunk_index":15,"quote_summary":"2025年上半年，公司实现营业收入1.71亿元，同比大幅增长41.82%，增长得益于公司在高精度卫星导航定位产业中的市场拓展和业务模式成熟；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688592","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f638b6589635","from":"company:688592","from_name":"司南导航","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"司南导航 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-司南导航-688592-通信-62c6c24ff95a.md","chunk_id":"chunk:536a5fd7d3ac","chunk_index":15,"quote_summary":"2025年上半年，公司实现营业收入1.71亿元，同比大幅增长41.82%，增长得益于公司在高精度卫星导航定位产业中的市场拓展和业务模式成熟；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688592","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"258bff0bf448","from":"company:688592","from_name":"司南导航","to":"topic:卫星","to_name":"卫星","relation":"involves_topic","direction":"semantic","summary":"司南导航 研报中反复涉及 卫星。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-司南导航-688592-通信-62c6c24ff95a.md","chunk_id":"chunk:536a5fd7d3ac","chunk_index":15,"quote_summary":"2025年上半年，公司实现营业收入1.71亿元，同比大幅增长41.82%，增长得益于公司在高精度卫星导航定位产业中的市场拓展和业务模式成熟；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688592","target":"topic:卫星","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f6163b0a2300","from":"company:688592","from_name":"司南导航","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"司南导航 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-司南导航-688592-通信-62c6c24ff95a.md","chunk_id":"chunk:536a5fd7d3ac","chunk_index":15,"quote_summary":"2025年上半年，公司实现营业收入1.71亿元，同比大幅增长41.82%，增长得益于公司在高精度卫星导航定位产业中的市场拓展和业务模式成熟；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688592","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d5a9636372b6","from":"company:688592","from_name":"司南导航","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"司南导航 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e301e04f85f3.md","chunk_id":"chunk:a5cf40620fe3","chunk_index":0,"quote_summary":"**2023年，公司营业收入（4.12亿元，+22.66%）和归母净利润（0.42亿元，+15.57%）同步增长，主要系公司市场开拓能力增强，多个板块收入实现增长，带动公司收入及净利润持续增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688592","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7b8d5ba92625","from":"company:688592","from_name":"司南导航","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"司南导航 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-司南导航-688592-通信-62c6c24ff95a.md","chunk_id":"chunk:536a5fd7d3ac","chunk_index":15,"quote_summary":"2025年上半年，公司实现营业收入1.71亿元，同比大幅增长41.82%，增长得益于公司在高精度卫星导航定位产业中的市场拓展和业务模式成熟；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688592","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0d85213ab20a","from":"company:688592","from_name":"司南导航","to":"topic:自动驾驶","to_name":"自动驾驶","relation":"involves_topic","direction":"semantic","summary":"司南导航 研报中反复涉及 自动驾驶。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-司南导航-688592-通信-62c6c24ff95a.md","chunk_id":"chunk:536a5fd7d3ac","chunk_index":15,"quote_summary":"2025年上半年，公司实现营业收入1.71亿元，同比大幅增长41.82%，增长得益于公司在高精度卫星导航定位产业中的市场拓展和业务模式成熟；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688592","target":"topic:自动驾驶","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e7eee13080a6","from":"company:688592","from_name":"司南导航","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"司南导航 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-司南导航-688592-通信-62c6c24ff95a.md","chunk_id":"chunk:536a5fd7d3ac","chunk_index":15,"quote_summary":"2025年上半年，公司实现营业收入1.71亿元，同比大幅增长41.82%，增长得益于公司在高精度卫星导航定位产业中的市场拓展和业务模式成熟；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688592","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1e8e776152d1","from":"company:688592","from_name":"司南导航","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"司南导航 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-司南导航-688592-通信-62c6c24ff95a.md","chunk_id":"chunk:536a5fd7d3ac","chunk_index":15,"quote_summary":"2025年上半年，公司实现营业收入1.71亿元，同比大幅增长41.82%，增长得益于公司在高精度卫星导航定位产业中的市场拓展和业务模式成熟；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688592","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7ae3baa5565b","from":"company:688636","from_name":"智明达","to":"topic:下游","to_name":"下游","relation":"involves_topic","direction":"semantic","summary":"智明达 研报中反复涉及 下游。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-03-28-c3f8772b1916.md","chunk_id":"chunk:e415dd09f6cd","chunk_index":24,"quote_summary":"根据 Global Industry Analysts 公司发布的重点领域使用嵌入式系统的全球市场报告，全球重点领域使用嵌入式系统的市场规模预计将从 2020 年的 1,019 亿美元增至 2027 年的 2,380 亿美元，年均复合增长率为 12.9%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688636","target":"topic:下游","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f21fa0b505a1","from":"company:688636","from_name":"智明达","to":"topic:产业链","to_name":"产业链","relation":"involves_topic","direction":"semantic","summary":"智明达 研报中反复涉及 产业链。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-03-28-c3f8772b1916.md","chunk_id":"chunk:e415dd09f6cd","chunk_index":24,"quote_summary":"根据 Global Industry Analysts 公司发布的重点领域使用嵌入式系统的全球市场报告，全球重点领域使用嵌入式系统的市场规模预计将从 2020 年的 1,019 亿美元增至 2027 年的 2,380 亿美元，年均复合增长率为 12.9%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688636","target":"topic:产业链","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"298c1ff6ae07","from":"company:688636","from_name":"智明达","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"智明达 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-智明达-688636-12a1ceeea1aa.md","chunk_id":"chunk:ab9f20950f56","chunk_index":5,"quote_summary":"* **盈利预测与投资评级：** 公司业绩承压，我们基本维持先前的预期，预计公司 2025-2026 年归母净利润分别为 1.11/1.42 亿元，前值 1.24/1.50 亿元，新增 2027 年预期 1.65 亿元，对应 PE 分别为 40/31/27 倍，维持“增持”评级。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688636","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"30be0ed46d38","from":"company:688636","from_name":"智明达","to":"topic:低空经济","to_name":"低空经济","relation":"involves_topic","direction":"semantic","summary":"智明达 研报中反复涉及 低空经济。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-03-28-c3f8772b1916.md","chunk_id":"chunk:e415dd09f6cd","chunk_index":24,"quote_summary":"根据 Global Industry Analysts 公司发布的重点领域使用嵌入式系统的全球市场报告，全球重点领域使用嵌入式系统的市场规模预计将从 2020 年的 1,019 亿美元增至 2027 年的 2,380 亿美元，年均复合增长率为 12.9%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688636","target":"topic:低空经济","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f2fc7d5fab99","from":"company:688636","from_name":"智明达","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"智明达 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-公-司-研-究-13b7289bbd8a.md","chunk_id":"chunk:c24805d62a40","chunk_index":2,"quote_summary":"**事件**：公司发布 2025 年一季度业绩预告，经财务部门初步测算，预计 2025 年第一季度实现营业收入为 8,000 万元左右，较上年同期增长 63% 左右；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688636","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6fbf47950bd5","from":"company:688636","from_name":"智明达","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"智明达 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-03-28-c3f8772b1916.md","chunk_id":"chunk:e415dd09f6cd","chunk_index":24,"quote_summary":"根据 Global Industry Analysts 公司发布的重点领域使用嵌入式系统的全球市场报告，全球重点领域使用嵌入式系统的市场规模预计将从 2020 年的 1,019 亿美元增至 2027 年的 2,380 亿美元，年均复合增长率为 12.9%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688636","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e108c6289062","from":"company:688636","from_name":"智明达","to":"topic:卫星","to_name":"卫星","relation":"involves_topic","direction":"semantic","summary":"智明达 研报中反复涉及 卫星。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-03-28-c3f8772b1916.md","chunk_id":"chunk:e415dd09f6cd","chunk_index":24,"quote_summary":"根据 Global Industry Analysts 公司发布的重点领域使用嵌入式系统的全球市场报告，全球重点领域使用嵌入式系统的市场规模预计将从 2020 年的 1,019 亿美元增至 2027 年的 2,380 亿美元，年均复合增长率为 12.9%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688636","target":"topic:卫星","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"087fc6295503","from":"company:688636","from_name":"智明达","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"智明达 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-智明达-688636-2f97170ae606.md","chunk_id":"chunk:3ee58444cd15","chunk_index":3,"quote_summary":"* **盈利预测与投资评级：**公司业绩符合市场预期，我们维持先前的预期，预计公司 2025-2027 年归母净利润分别为 1.11/1.42/1.65 亿元，对应 PE 分别为 56/44/38 倍，维持“增持”评级。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688636","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"8bffcc1f018c","from":"company:688636","from_name":"智明达","to":"topic:商业航天","to_name":"商业航天","relation":"involves_topic","direction":"semantic","summary":"智明达 研报中反复涉及 商业航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-智明达-688636-0a9d39356fac.md","chunk_id":"chunk:c663f53c0d2c","chunk_index":4,"quote_summary":"* **公司 2025 年上半年实现营收 2.95 亿元，同比增长 84.83%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688636","target":"topic:商业航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7e91cc8abae9","from":"company:688636","from_name":"智明达","to":"topic:房地产","to_name":"房地产","relation":"involves_topic","direction":"semantic","summary":"智明达 研报中反复涉及 房地产。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-公-司-研-究-13b7289bbd8a.md","chunk_id":"chunk:c24805d62a40","chunk_index":2,"quote_summary":"**事件**：公司发布 2025 年一季度业绩预告，经财务部门初步测算，预计 2025 年第一季度实现营业收入为 8,000 万元左右，较上年同期增长 63% 左右；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688636","target":"topic:房地产","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"bd1f530bbc46","from":"company:688636","from_name":"智明达","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"智明达 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-智明达-688636-2f97170ae606.md","chunk_id":"chunk:3ee58444cd15","chunk_index":3,"quote_summary":"* **盈利预测与投资评级：**公司业绩符合市场预期，我们维持先前的预期，预计公司 2025-2027 年归母净利润分别为 1.11/1.42/1.65 亿元，对应 PE 分别为 56/44/38 倍，维持“增持”评级。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688636","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"df60f843c039","from":"company:688636","from_name":"智明达","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"智明达 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-智明达-688636-2f97170ae606.md","chunk_id":"chunk:3ee58444cd15","chunk_index":3,"quote_summary":"* **盈利预测与投资评级：**公司业绩符合市场预期，我们维持先前的预期，预计公司 2025-2027 年归母净利润分别为 1.11/1.42/1.65 亿元，对应 PE 分别为 56/44/38 倍，维持“增持”评级。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688636","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"fb2b38b9fe35","from":"company:688636","from_name":"智明达","to":"topic:航天","to_name":"航天","relation":"involves_topic","direction":"semantic","summary":"智明达 研报中反复涉及 航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-智明达-688636-0a9d39356fac.md","chunk_id":"chunk:c663f53c0d2c","chunk_index":4,"quote_summary":"* **公司 2025 年上半年实现营收 2.95 亿元，同比增长 84.83%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688636","target":"topic:航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"8e17ad64ac00","from":"company:688636","from_name":"智明达","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"智明达 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-03-28-c3f8772b1916.md","chunk_id":"chunk:e415dd09f6cd","chunk_index":24,"quote_summary":"根据 Global Industry Analysts 公司发布的重点领域使用嵌入式系统的全球市场报告，全球重点领域使用嵌入式系统的市场规模预计将从 2020 年的 1,019 亿美元增至 2027 年的 2,380 亿美元，年均复合增长率为 12.9%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688636","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"82a42b8af8b8","from":"company:688636","from_name":"智明达","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"智明达 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-智明达-688636-2f97170ae606.md","chunk_id":"chunk:3ee58444cd15","chunk_index":3,"quote_summary":"* **盈利预测与投资评级：**公司业绩符合市场预期，我们维持先前的预期，预计公司 2025-2027 年归母净利润分别为 1.11/1.42/1.65 亿元，对应 PE 分别为 56/44/38 倍，维持“增持”评级。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688636","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"47e2835a0931","from":"company:688636","from_name":"智明达","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"智明达 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-03-28-c3f8772b1916.md","chunk_id":"chunk:e415dd09f6cd","chunk_index":24,"quote_summary":"根据 Global Industry Analysts 公司发布的重点领域使用嵌入式系统的全球市场报告，全球重点领域使用嵌入式系统的市场规模预计将从 2020 年的 1,019 亿美元增至 2027 年的 2,380 亿美元，年均复合增长率为 12.9%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688636","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2cbb3e061a02","from":"company:688636","from_name":"智明达","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"智明达 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-智明达-688636-2f97170ae606.md","chunk_id":"chunk:3ee58444cd15","chunk_index":3,"quote_summary":"* **盈利预测与投资评级：**公司业绩符合市场预期，我们维持先前的预期，预计公司 2025-2027 年归母净利润分别为 1.11/1.42/1.65 亿元，对应 PE 分别为 56/44/38 倍，维持“增持”评级。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688636","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6f38d10e4db1","from":"company:688636","from_name":"智明达","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"智明达 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2025-03-28-c3f8772b1916.md","chunk_id":"chunk:e415dd09f6cd","chunk_index":24,"quote_summary":"根据 Global Industry Analysts 公司发布的重点领域使用嵌入式系统的全球市场报告，全球重点领域使用嵌入式系统的市场规模预计将从 2020 年的 1,019 亿美元增至 2027 年的 2,380 亿美元，年均复合增长率为 12.9%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688636","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"66a56d8addc5","from":"company:688685","from_name":"迈信林","to":"topic:gpu","to_name":"GPU","relation":"involves_topic","direction":"semantic","summary":"迈信林 研报中反复涉及 GPU。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-迈信林-688685-9069495e938f.md","chunk_id":"chunk:f275be2657e3","chunk_index":5,"quote_summary":"通过引入战略投资者，公司在算力领域的业务能力逐步完善，有望构建算力一体化解决方案能力，打开千亿市场空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688685","target":"topic:gpu","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e56165a7204e","from":"company:688685","from_name":"迈信林","to":"topic:roa","to_name":"ROA","relation":"involves_topic","direction":"semantic","summary":"迈信林 研报中反复涉及 ROA。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-年-11-月-11-日-d2767827e76a.md","chunk_id":"chunk:c79540bade0a","chunk_index":2,"quote_summary":"**2024 年第三季度，公司收入 1.15 亿元，同比增长 61.40%，主要系主机客户部分产品批量投产及新产品逐步试产投入以及新增算力服务业务收入。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688685","target":"topic:roa","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c36721476f97","from":"company:688685","from_name":"迈信林","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"迈信林 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-年-11-月-11-日-d2767827e76a.md","chunk_id":"chunk:c79540bade0a","chunk_index":2,"quote_summary":"**2024 年第三季度，公司收入 1.15 亿元，同比增长 61.40%，主要系主机客户部分产品批量投产及新产品逐步试产投入以及新增算力服务业务收入。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688685","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"106ca7a5e2fe","from":"company:688685","from_name":"迈信林","to":"topic:人工智能","to_name":"人工智能","relation":"involves_topic","direction":"semantic","summary":"迈信林 研报中反复涉及 人工智能。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-迈信林-688685-9069495e938f.md","chunk_id":"chunk:f275be2657e3","chunk_index":5,"quote_summary":"通过引入战略投资者，公司在算力领域的业务能力逐步完善，有望构建算力一体化解决方案能力，打开千亿市场空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688685","target":"topic:人工智能","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"649890007532","from":"company:688685","from_name":"迈信林","to":"topic:低空经济","to_name":"低空经济","relation":"involves_topic","direction":"semantic","summary":"迈信林 研报中反复涉及 低空经济。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-迈信林-688685-9ec93b709176.md","chunk_id":"chunk:e4acb1e6fda3","chunk_index":4,"quote_summary":"* **算力相关服务及销售业务的跨越式增长：**迈信林公司 2025 年上半年实现营业收入 2.87 亿元，同比增长 54.51%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688685","target":"topic:低空经济","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"678732606f18","from":"company:688685","from_name":"迈信林","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"迈信林 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-1c10d4ca3ce6.md","chunk_id":"chunk:c44d81e73140","chunk_index":0,"quote_summary":"**2025 年上半年，公司营收（2.87 亿元，+54.51%）和归母净利润（0.41 亿元，+42.76%）均实现大幅增长，主要系公司算力相关服务及销售业务收入同比增长所致，公司算力相关服务及销售业务实现营业收入 1.53 亿元，在收入中的占比达到 53.36%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688685","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"928a51d5f829","from":"company:688685","from_name":"迈信林","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"迈信林 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-迈信林-688685-9069495e938f.md","chunk_id":"chunk:f275be2657e3","chunk_index":5,"quote_summary":"通过引入战略投资者，公司在算力领域的业务能力逐步完善，有望构建算力一体化解决方案能力，打开千亿市场空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688685","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"feb553b3d7d3","from":"company:688685","from_name":"迈信林","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"迈信林 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-迈信林-688685-9069495e938f.md","chunk_id":"chunk:f275be2657e3","chunk_index":5,"quote_summary":"通过引入战略投资者，公司在算力领域的业务能力逐步完善，有望构建算力一体化解决方案能力，打开千亿市场空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688685","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9445cd93a3cc","from":"company:688685","from_name":"迈信林","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"迈信林 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-2024-年-11-月-11-日-d2767827e76a.md","chunk_id":"chunk:c79540bade0a","chunk_index":2,"quote_summary":"**2024 年第三季度，公司收入 1.15 亿元，同比增长 61.40%，主要系主机客户部分产品批量投产及新产品逐步试产投入以及新增算力服务业务收入。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688685","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e416be0b723b","from":"company:688685","from_name":"迈信林","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"迈信林 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-公司研究-军工公司点评-1c10d4ca3ce6.md","chunk_id":"chunk:c44d81e73140","chunk_index":0,"quote_summary":"**2025 年上半年，公司营收（2.87 亿元，+54.51%）和归母净利润（0.41 亿元，+42.76%）均实现大幅增长，主要系公司算力相关服务及销售业务收入同比增长所致，公司算力相关服务及销售业务实现营业收入 1.53 亿元，在收入中的占比达到 53.36%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688685","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"154f5547d0b0","from":"company:688685","from_name":"迈信林","to":"topic:算力","to_name":"算力","relation":"involves_topic","direction":"semantic","summary":"迈信林 研报中反复涉及 算力。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-迈信林-688685-9069495e938f.md","chunk_id":"chunk:f275be2657e3","chunk_index":5,"quote_summary":"通过引入战略投资者，公司在算力领域的业务能力逐步完善，有望构建算力一体化解决方案能力，打开千亿市场空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688685","target":"topic:算力","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1d99ae83b6cb","from":"company:688685","from_name":"迈信林","to":"topic:航天","to_name":"航天","relation":"involves_topic","direction":"semantic","summary":"迈信林 研报中反复涉及 航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-迈信林-688685-9069495e938f.md","chunk_id":"chunk:f275be2657e3","chunk_index":5,"quote_summary":"通过引入战略投资者，公司在算力领域的业务能力逐步完善，有望构建算力一体化解决方案能力，打开千亿市场空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688685","target":"topic:航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"883fa4cf4991","from":"company:688685","from_name":"迈信林","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"迈信林 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-迈信林-688685-9069495e938f.md","chunk_id":"chunk:f275be2657e3","chunk_index":5,"quote_summary":"通过引入战略投资者，公司在算力领域的业务能力逐步完善，有望构建算力一体化解决方案能力，打开千亿市场空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688685","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7c89690598d4","from":"company:688685","from_name":"迈信林","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"迈信林 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-迈信林-688685-9069495e938f.md","chunk_id":"chunk:f275be2657e3","chunk_index":5,"quote_summary":"通过引入战略投资者，公司在算力领域的业务能力逐步完善，有望构建算力一体化解决方案能力，打开千亿市场空间。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688685","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2c151fd8d176","from":"company:688685","from_name":"迈信林","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"迈信林 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-迈信林-688685-5780265bc986.md","chunk_id":"chunk:35bd205a88b4","chunk_index":2,"quote_summary":"* **航空航天零部件业务板块的来料加工订单持续增加：**迈信林 2024 年业绩表现亮眼，营业总收入达到 4.77 亿元，相比 2023 年的 2.94 亿元，同比增长 62.35%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:688685","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c96bd29af119","from":"company:q3-实现同环比增长-订单充足业绩有望持续","from_name":"Q3 实现同环比增长，订单充足业绩有望持续","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"Q3 实现同环比增长，订单充足业绩有望持续 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:3802d77f376c","chunk_index":0,"quote_summary":"**单季度实现同环比增长，后续业绩有望持续：** 1）收入端延续增长，25Q1-Q3 营收同比+5.0%，25Q3 营收同比+15.8%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:q3-实现同环比增长-订单充足业绩有望持续","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
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{"edge_id":"ac496a290c15","from":"company:q3-实现同环比增长-订单充足业绩有望持续","from_name":"Q3 实现同环比增长，订单充足业绩有望持续","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"Q3 实现同环比增长，订单充足业绩有望持续 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:3802d77f376c","chunk_index":0,"quote_summary":"**单季度实现同环比增长，后续业绩有望持续：** 1）收入端延续增长，25Q1-Q3 营收同比+5.0%，25Q3 营收同比+15.8%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:q3-实现同环比增长-订单充足业绩有望持续","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"27f5d9c8ab4d","from":"company:q3-实现同环比增长-订单充足业绩有望持续","from_name":"Q3 实现同环比增长，订单充足业绩有望持续","to":"topic:环比","to_name":"环比","relation":"involves_topic","direction":"semantic","summary":"Q3 实现同环比增长，订单充足业绩有望持续 研报中反复涉及 环比。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:3802d77f376c","chunk_index":0,"quote_summary":"**单季度实现同环比增长，后续业绩有望持续：** 1）收入端延续增长，25Q1-Q3 营收同比+5.0%，25Q3 营收同比+15.8%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:q3-实现同环比增长-订单充足业绩有望持续","target":"topic:环比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"912510ab1082","from":"company:q3-实现同环比增长-订单充足业绩有望持续","from_name":"Q3 实现同环比增长，订单充足业绩有望持续","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"Q3 实现同环比增长，订单充足业绩有望持续 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:3802d77f376c","chunk_index":0,"quote_summary":"**单季度实现同环比增长，后续业绩有望持续：** 1）收入端延续增长，25Q1-Q3 营收同比+5.0%，25Q3 营收同比+15.8%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:q3-实现同环比增长-订单充足业绩有望持续","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6e21130a74f2","from":"company:q3-实现同环比增长-订单充足业绩有望持续","from_name":"Q3 实现同环比增长，订单充足业绩有望持续","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"Q3 实现同环比增长，订单充足业绩有望持续 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:3802d77f376c","chunk_index":0,"quote_summary":"**单季度实现同环比增长，后续业绩有望持续：** 1）收入端延续增长，25Q1-Q3 营收同比+5.0%，25Q3 营收同比+15.8%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:q3-实现同环比增长-订单充足业绩有望持续","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a349f3a03c36","from":"company:q3-实现同环比增长-订单充足业绩有望持续","from_name":"Q3 实现同环比增长，订单充足业绩有望持续","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"Q3 实现同环比增长，订单充足业绩有望持续 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:3802d77f376c","chunk_index":0,"quote_summary":"**单季度实现同环比增长，后续业绩有望持续：** 1）收入端延续增长，25Q1-Q3 营收同比+5.0%，25Q3 营收同比+15.8%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:q3-实现同环比增长-订单充足业绩有望持续","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3932bcd7368c","from":"company:q3-实现同环比增长-订单充足业绩有望持续","from_name":"Q3 实现同环比增长，订单充足业绩有望持续","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"Q3 实现同环比增长，订单充足业绩有望持续 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:3802d77f376c","chunk_index":0,"quote_summary":"**单季度实现同环比增长，后续业绩有望持续：** 1）收入端延续增长，25Q1-Q3 营收同比+5.0%，25Q3 营收同比+15.8%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:q3-实现同环比增长-订单充足业绩有望持续","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"5bba902ac268","from":"company:七一二","from_name":"七一二","to":"topic:roa","to_name":"ROA","relation":"involves_topic","direction":"semantic","summary":"七一二 研报中反复涉及 ROA。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-七一二半年报点评-军品业务快速增长-上半年净利润同比增-53-4478573c6187.md","chunk_id":"chunk:d046e6e24b22","chunk_index":2,"quote_summary":"七一二（半年报点评：军品业务快速增长，上半年净利润增53% P2"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:七一二","target":"topic:roa","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"adc017040ee7","from":"company:七一二","from_name":"七一二","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"七一二 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-七一二半年报点评-军品业务快速增长-上半年净利润同比增-53-4478573c6187.md","chunk_id":"chunk:d046e6e24b22","chunk_index":2,"quote_summary":"七一二（半年报点评：军品业务快速增长，上半年净利润增53% P2"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:七一二","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4f052ddee781","from":"company:七一二","from_name":"七一二","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"七一二 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-七一二半年报点评-军品业务快速增长-上半年净利润同比增-53-4478573c6187.md","chunk_id":"chunk:d046e6e24b22","chunk_index":2,"quote_summary":"七一二（半年报点评：军品业务快速增长，上半年净利润增53% P2"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:七一二","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"aae350d07a01","from":"company:七一二","from_name":"七一二","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"七一二 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-七一二半年报点评-军品业务快速增长-上半年净利润同比增-53-4478573c6187.md","chunk_id":"chunk:d046e6e24b22","chunk_index":2,"quote_summary":"七一二（半年报点评：军品业务快速增长，上半年净利润增53% P2"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:七一二","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"26426753f08e","from":"company:七一二","from_name":"七一二","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"七一二 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-七一二半年报点评-军品业务快速增长-上半年净利润同比增-53-4478573c6187.md","chunk_id":"chunk:d046e6e24b22","chunk_index":2,"quote_summary":"七一二（半年报点评：军品业务快速增长，上半年净利润增53% P2"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:七一二","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f9c1e85d4bb9","from":"company:七一二","from_name":"七一二","to":"topic:库存","to_name":"库存","relation":"involves_topic","direction":"semantic","summary":"七一二 研报中反复涉及 库存。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-七一二半年报点评-军品业务快速增长-上半年净利润同比增-53-4478573c6187.md","chunk_id":"chunk:d046e6e24b22","chunk_index":2,"quote_summary":"七一二（半年报点评：军品业务快速增长，上半年净利润增53% P2"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:七一二","target":"topic:库存","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ca9a4e198b71","from":"company:七一二","from_name":"七一二","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"七一二 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-七一二半年报点评-军品业务快速增长-上半年净利润同比增-53-4478573c6187.md","chunk_id":"chunk:d046e6e24b22","chunk_index":2,"quote_summary":"七一二（半年报点评：军品业务快速增长，上半年净利润增53% P2"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:七一二","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"15cc6340779f","from":"company:七一二","from_name":"七一二","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"七一二 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-七一二半年报点评-军品业务快速增长-上半年净利润同比增-53-4478573c6187.md","chunk_id":"chunk:d046e6e24b22","chunk_index":2,"quote_summary":"七一二（半年报点评：军品业务快速增长，上半年净利润增53% P2"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:七一二","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"51d124f20853","from":"company:中国卫星","from_name":"中国卫星","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"中国卫星 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-业绩稳健-聚焦于卫星通导遥一体化产业发展-29cdcdf61458.md","chunk_id":"chunk:10d9d50ec6af","chunk_index":19,"quote_summary":"- 增持—未来 6 个月的投资收益率领先市场基准指数 5%以上;"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中国卫星","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b8bfea80944a","from":"company:中国卫星","from_name":"中国卫星","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"中国卫星 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-业绩稳健-聚焦于卫星通导遥一体化产业发展-29cdcdf61458.md","chunk_id":"chunk:10d9d50ec6af","chunk_index":19,"quote_summary":"- 增持—未来 6 个月的投资收益率领先市场基准指数 5%以上;"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中国卫星","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3903031978f7","from":"company:中国卫星","from_name":"中国卫星","to":"topic:卫星","to_name":"卫星","relation":"involves_topic","direction":"semantic","summary":"中国卫星 研报中反复涉及 卫星。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-业绩稳健-聚焦于卫星通导遥一体化产业发展-29cdcdf61458.md","chunk_id":"chunk:10d9d50ec6af","chunk_index":19,"quote_summary":"- 增持—未来 6 个月的投资收益率领先市场基准指数 5%以上;"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中国卫星","target":"topic:卫星","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"90b23e67f5fb","from":"company:中国卫星","from_name":"中国卫星","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"中国卫星 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-业绩稳健-聚焦于卫星通导遥一体化产业发展-29cdcdf61458.md","chunk_id":"chunk:10d9d50ec6af","chunk_index":19,"quote_summary":"- 增持—未来 6 个月的投资收益率领先市场基准指数 5%以上;"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中国卫星","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0db73ef98ef5","from":"company:中国卫星","from_name":"中国卫星","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"中国卫星 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-业绩稳健-聚焦于卫星通导遥一体化产业发展-29cdcdf61458.md","chunk_id":"chunk:10d9d50ec6af","chunk_index":19,"quote_summary":"- 增持—未来 6 个月的投资收益率领先市场基准指数 5%以上;"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中国卫星","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"fe28a1679d9b","from":"company:中国卫星","from_name":"中国卫星","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"中国卫星 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-业绩稳健-聚焦于卫星通导遥一体化产业发展-29cdcdf61458.md","chunk_id":"chunk:10d9d50ec6af","chunk_index":19,"quote_summary":"- 增持—未来 6 个月的投资收益率领先市场基准指数 5%以上;"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中国卫星","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"44161fe78bf4","from":"company:中国卫星","from_name":"中国卫星","to":"topic:航天","to_name":"航天","relation":"involves_topic","direction":"semantic","summary":"中国卫星 研报中反复涉及 航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-业绩稳健-聚焦于卫星通导遥一体化产业发展-29cdcdf61458.md","chunk_id":"chunk:10d9d50ec6af","chunk_index":19,"quote_summary":"- 增持—未来 6 个月的投资收益率领先市场基准指数 5%以上;"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中国卫星","target":"topic:航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e833f633fba8","from":"company:中国卫星","from_name":"中国卫星","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"中国卫星 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-业绩稳健-聚焦于卫星通导遥一体化产业发展-29cdcdf61458.md","chunk_id":"chunk:10d9d50ec6af","chunk_index":19,"quote_summary":"- 增持—未来 6 个月的投资收益率领先市场基准指数 5%以上;"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中国卫星","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0cce38809a31","from":"company:中国船舶","from_name":"中国船舶","to":"topic:roa","to_name":"ROA","relation":"involves_topic","direction":"semantic","summary":"中国船舶 研报中反复涉及 ROA。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-81067ebdf534.md","chunk_id":"chunk:9ba1ab66f6a7","chunk_index":0,"quote_summary":"⮚ **事件：中国船舶发布 2025 半年报：**公司 2025 上半年实现营业收入 403.25 亿元，同比增长 11.96%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中国船舶","target":"topic:roa","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"8327d98ca4f7","from":"company:中国船舶","from_name":"中国船舶","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"中国船舶 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-81067ebdf534.md","chunk_id":"chunk:9ba1ab66f6a7","chunk_index":0,"quote_summary":"⮚ **事件：中国船舶发布 2025 半年报：**公司 2025 上半年实现营业收入 403.25 亿元，同比增长 11.96%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中国船舶","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"86304bacc2d9","from":"company:中国船舶","from_name":"中国船舶","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"中国船舶 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-业绩进入兑现期-逐步迈向新高-8df757032bf6.md","chunk_id":"chunk:3ec584625d12","chunk_index":15,"quote_summary":"2021 年，公司净利率为 0.39%，2024 年净利率为 4.91%，净利率水平明显提升，主要受益于公司加强了对费用率的控制能力，并且同样印证了船舶市场高景气对公司盈利能力的推动作用。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中国船舶","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"25e9ef10614d","from":"company:中国船舶","from_name":"中国船舶","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"中国船舶 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-业绩进入兑现期-逐步迈向新高-8df757032bf6.md","chunk_id":"chunk:3ec584625d12","chunk_index":15,"quote_summary":"2021 年，公司净利率为 0.39%，2024 年净利率为 4.91%，净利率水平明显提升，主要受益于公司加强了对费用率的控制能力，并且同样印证了船舶市场高景气对公司盈利能力的推动作用。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中国船舶","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"8253fcbfb097","from":"company:中国船舶","from_name":"中国船舶","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"中国船舶 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-81067ebdf534.md","chunk_id":"chunk:9ba1ab66f6a7","chunk_index":0,"quote_summary":"⮚ **事件：中国船舶发布 2025 半年报：**公司 2025 上半年实现营业收入 403.25 亿元，同比增长 11.96%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中国船舶","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0247e667585a","from":"company:中国船舶","from_name":"中国船舶","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"中国船舶 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-业绩进入兑现期-逐步迈向新高-8df757032bf6.md","chunk_id":"chunk:3ec584625d12","chunk_index":15,"quote_summary":"2021 年，公司净利率为 0.39%，2024 年净利率为 4.91%，净利率水平明显提升，主要受益于公司加强了对费用率的控制能力，并且同样印证了船舶市场高景气对公司盈利能力的推动作用。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中国船舶","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a69f0ea4513e","from":"company:中国船舶","from_name":"中国船舶","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"中国船舶 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-业绩进入兑现期-逐步迈向新高-8df757032bf6.md","chunk_id":"chunk:3ec584625d12","chunk_index":15,"quote_summary":"2021 年，公司净利率为 0.39%，2024 年净利率为 4.91%，净利率水平明显提升，主要受益于公司加强了对费用率的控制能力，并且同样印证了船舶市场高景气对公司盈利能力的推动作用。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中国船舶","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"04f8caa5d25b","from":"company:中国船舶","from_name":"中国船舶","to":"topic:环比","to_name":"环比","relation":"involves_topic","direction":"semantic","summary":"中国船舶 研报中反复涉及 环比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-业绩进入兑现期-逐步迈向新高-8df757032bf6.md","chunk_id":"chunk:3ec584625d12","chunk_index":15,"quote_summary":"2021 年，公司净利率为 0.39%，2024 年净利率为 4.91%，净利率水平明显提升，主要受益于公司加强了对费用率的控制能力，并且同样印证了船舶市场高景气对公司盈利能力的推动作用。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中国船舶","target":"topic:环比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"43c92a0ae189","from":"company:中国船舶","from_name":"中国船舶","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"中国船舶 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-业绩进入兑现期-逐步迈向新高-8df757032bf6.md","chunk_id":"chunk:3ec584625d12","chunk_index":15,"quote_summary":"2021 年，公司净利率为 0.39%，2024 年净利率为 4.91%，净利率水平明显提升，主要受益于公司加强了对费用率的控制能力，并且同样印证了船舶市场高景气对公司盈利能力的推动作用。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中国船舶","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b296360901cd","from":"company:中国船舶","from_name":"中国船舶","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"中国船舶 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-业绩进入兑现期-逐步迈向新高-8df757032bf6.md","chunk_id":"chunk:3ec584625d12","chunk_index":15,"quote_summary":"2021 年，公司净利率为 0.39%，2024 年净利率为 4.91%，净利率水平明显提升，主要受益于公司加强了对费用率的控制能力，并且同样印证了船舶市场高景气对公司盈利能力的推动作用。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中国船舶","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"56e8c7a76125","from":"company:中国船舶","from_name":"中国船舶","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"中国船舶 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-81067ebdf534.md","chunk_id":"chunk:9ba1ab66f6a7","chunk_index":0,"quote_summary":"⮚ **事件：中国船舶发布 2025 半年报：**公司 2025 上半年实现营业收入 403.25 亿元，同比增长 11.96%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中国船舶","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1cc62c26d960","from":"company:中国船舶","from_name":"中国船舶","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"中国船舶 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-业绩进入兑现期-逐步迈向新高-8df757032bf6.md","chunk_id":"chunk:3ec584625d12","chunk_index":15,"quote_summary":"2021 年，公司净利率为 0.39%，2024 年净利率为 4.91%，净利率水平明显提升，主要受益于公司加强了对费用率的控制能力，并且同样印证了船舶市场高景气对公司盈利能力的推动作用。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中国船舶","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2915f1eb7955","from":"company:中航光电","from_name":"中航光电","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"中航光电 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-积极布局新兴领域-多项产品实现突破-9e4b4aaf499e.md","chunk_id":"chunk:3e86a1a21df2","chunk_index":4,"quote_summary":"报告期内，新能源汽车业务实现同比超 50%的高速增长，高于同期新能源汽车销量增速，实现国内主流车企阵营全覆盖，市场热销车型广泛渗透，进一步巩固行业头部供应商优势地位；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中航光电","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"57361f1235be","from":"company:中航光电","from_name":"中航光电","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"中航光电 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-积极布局新兴领域-多项产品实现突破-9e4b4aaf499e.md","chunk_id":"chunk:3e86a1a21df2","chunk_index":4,"quote_summary":"报告期内，新能源汽车业务实现同比超 50%的高速增长，高于同期新能源汽车销量增速，实现国内主流车企阵营全覆盖，市场热销车型广泛渗透，进一步巩固行业头部供应商优势地位；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中航光电","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0bae7357cf43","from":"company:中航光电","from_name":"中航光电","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"中航光电 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-积极布局新兴领域-多项产品实现突破-9e4b4aaf499e.md","chunk_id":"chunk:3e86a1a21df2","chunk_index":4,"quote_summary":"报告期内，新能源汽车业务实现同比超 50%的高速增长，高于同期新能源汽车销量增速，实现国内主流车企阵营全覆盖，市场热销车型广泛渗透，进一步巩固行业头部供应商优势地位；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中航光电","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b8a6fd13fe29","from":"company:中航光电","from_name":"中航光电","to":"topic:数据中心","to_name":"数据中心","relation":"involves_topic","direction":"semantic","summary":"中航光电 研报中反复涉及 数据中心。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-积极布局新兴领域-多项产品实现突破-9e4b4aaf499e.md","chunk_id":"chunk:3e86a1a21df2","chunk_index":4,"quote_summary":"报告期内，新能源汽车业务实现同比超 50%的高速增长，高于同期新能源汽车销量增速，实现国内主流车企阵营全覆盖，市场热销车型广泛渗透，进一步巩固行业头部供应商优势地位；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中航光电","target":"topic:数据中心","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d660f1576aae","from":"company:中航光电","from_name":"中航光电","to":"topic:新能源","to_name":"新能源","relation":"involves_topic","direction":"semantic","summary":"中航光电 研报中反复涉及 新能源。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-积极布局新兴领域-多项产品实现突破-9e4b4aaf499e.md","chunk_id":"chunk:3e86a1a21df2","chunk_index":4,"quote_summary":"报告期内，新能源汽车业务实现同比超 50%的高速增长，高于同期新能源汽车销量增速，实现国内主流车企阵营全覆盖，市场热销车型广泛渗透，进一步巩固行业头部供应商优势地位；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中航光电","target":"topic:新能源","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f0c98a39296f","from":"company:中航光电","from_name":"中航光电","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"中航光电 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-积极布局新兴领域-多项产品实现突破-9e4b4aaf499e.md","chunk_id":"chunk:3e86a1a21df2","chunk_index":4,"quote_summary":"报告期内，新能源汽车业务实现同比超 50%的高速增长，高于同期新能源汽车销量增速，实现国内主流车企阵营全覆盖，市场热销车型广泛渗透，进一步巩固行业头部供应商优势地位；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中航光电","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4491c024ec3a","from":"company:中航光电","from_name":"中航光电","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"中航光电 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-积极布局新兴领域-多项产品实现突破-9e4b4aaf499e.md","chunk_id":"chunk:3e86a1a21df2","chunk_index":4,"quote_summary":"报告期内，新能源汽车业务实现同比超 50%的高速增长，高于同期新能源汽车销量增速，实现国内主流车企阵营全覆盖，市场热销车型广泛渗透，进一步巩固行业头部供应商优势地位；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中航光电","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"dd56866bb786","from":"company:中航光电","from_name":"中航光电","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"中航光电 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-积极布局新兴领域-多项产品实现突破-9e4b4aaf499e.md","chunk_id":"chunk:3e86a1a21df2","chunk_index":4,"quote_summary":"报告期内，新能源汽车业务实现同比超 50%的高速增长，高于同期新能源汽车销量增速，实现国内主流车企阵营全覆盖，市场热销车型广泛渗透，进一步巩固行业头部供应商优势地位；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中航光电","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"bac89e07aa0b","from":"company:中航沈飞","from_name":"中航沈飞","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"中航沈飞 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:92e7bc97744d","chunk_index":2,"quote_summary":"资产负债表方面，合同负债大幅增长至 75.32 亿元，较年初增加 113.47%，显示公司预收款订单充裕，未来收入确认空间广阔；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中航沈飞","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"eef5ecf6dbda","from":"company:中航沈飞","from_name":"中航沈飞","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"中航沈飞 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:92e7bc97744d","chunk_index":2,"quote_summary":"资产负债表方面，合同负债大幅增长至 75.32 亿元，较年初增加 113.47%，显示公司预收款订单充裕，未来收入确认空间广阔；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中航沈飞","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f4abe5b6e5fb","from":"company:中航沈飞","from_name":"中航沈飞","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"中航沈飞 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:92e7bc97744d","chunk_index":2,"quote_summary":"资产负债表方面，合同负债大幅增长至 75.32 亿元，较年初增加 113.47%，显示公司预收款订单充裕，未来收入确认空间广阔；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中航沈飞","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"55fee8b75e55","from":"company:中航沈飞","from_name":"中航沈飞","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"中航沈飞 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:92e7bc97744d","chunk_index":2,"quote_summary":"资产负债表方面，合同负债大幅增长至 75.32 亿元，较年初增加 113.47%，显示公司预收款订单充裕，未来收入确认空间广阔；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中航沈飞","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"faff58f20e85","from":"company:中航沈飞","from_name":"中航沈飞","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"中航沈飞 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:92e7bc97744d","chunk_index":2,"quote_summary":"资产负债表方面，合同负债大幅增长至 75.32 亿元，较年初增加 113.47%，显示公司预收款订单充裕，未来收入确认空间广阔；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中航沈飞","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ce436a7e722d","from":"company:中航沈飞","from_name":"中航沈飞","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"中航沈飞 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:92e7bc97744d","chunk_index":2,"quote_summary":"资产负债表方面，合同负债大幅增长至 75.32 亿元，较年初增加 113.47%，显示公司预收款订单充裕，未来收入确认空间广阔；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中航沈飞","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"bee016f440db","from":"company:中航沈飞","from_name":"中航沈飞","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"中航沈飞 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:92e7bc97744d","chunk_index":2,"quote_summary":"资产负债表方面，合同负债大幅增长至 75.32 亿元，较年初增加 113.47%，显示公司预收款订单充裕，未来收入确认空间广阔；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中航沈飞","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"5e3e751e96bf","from":"company:中航沈飞","from_name":"中航沈飞","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"中航沈飞 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:92e7bc97744d","chunk_index":2,"quote_summary":"资产负债表方面，合同负债大幅增长至 75.32 亿元，较年初增加 113.47%，显示公司预收款订单充裕，未来收入确认空间广阔；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中航沈飞","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3a495a5f6c71","from":"company:中航高科","from_name":"中航高科","to":"topic:低空经济","to_name":"低空经济","relation":"involves_topic","direction":"semantic","summary":"中航高科 研报中反复涉及 低空经济。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-核心主业保持增长-产能布局持续优化-1aec251ca65b.md","chunk_id":"chunk:7ac1be99dd70","chunk_index":3,"quote_summary":"报告期内，公司航空新材料业务实现营业收入 271,726.73 万元，同比增长 7.89%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中航高科","target":"topic:低空经济","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3bd242f84dcb","from":"company:中航高科","from_name":"中航高科","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"中航高科 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-核心主业保持增长-产能布局持续优化-1aec251ca65b.md","chunk_id":"chunk:7ac1be99dd70","chunk_index":3,"quote_summary":"报告期内，公司航空新材料业务实现营业收入 271,726.73 万元，同比增长 7.89%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中航高科","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2a0d8d1771c2","from":"company:中航高科","from_name":"中航高科","to":"topic:化工品","to_name":"化工品","relation":"involves_topic","direction":"semantic","summary":"中航高科 研报中反复涉及 化工品。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-核心主业保持增长-产能布局持续优化-1aec251ca65b.md","chunk_id":"chunk:7ac1be99dd70","chunk_index":3,"quote_summary":"报告期内，公司航空新材料业务实现营业收入 271,726.73 万元，同比增长 7.89%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中航高科","target":"topic:化工品","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"8dcd8c874e1e","from":"company:中航高科","from_name":"中航高科","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"中航高科 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-核心主业保持增长-产能布局持续优化-1aec251ca65b.md","chunk_id":"chunk:7ac1be99dd70","chunk_index":3,"quote_summary":"报告期内，公司航空新材料业务实现营业收入 271,726.73 万元，同比增长 7.89%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中航高科","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b20fe02b034d","from":"company:中航高科","from_name":"中航高科","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"中航高科 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-核心主业保持增长-产能布局持续优化-1aec251ca65b.md","chunk_id":"chunk:7ac1be99dd70","chunk_index":3,"quote_summary":"报告期内，公司航空新材料业务实现营业收入 271,726.73 万元，同比增长 7.89%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中航高科","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"81f7fcbc4a91","from":"company:中航高科","from_name":"中航高科","to":"topic:碳纤维","to_name":"碳纤维","relation":"involves_topic","direction":"semantic","summary":"中航高科 研报中反复涉及 碳纤维。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-核心主业保持增长-产能布局持续优化-1aec251ca65b.md","chunk_id":"chunk:7ac1be99dd70","chunk_index":3,"quote_summary":"报告期内，公司航空新材料业务实现营业收入 271,726.73 万元，同比增长 7.89%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中航高科","target":"topic:碳纤维","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b69777d7f710","from":"company:中航高科","from_name":"中航高科","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"中航高科 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-核心主业保持增长-产能布局持续优化-1aec251ca65b.md","chunk_id":"chunk:7ac1be99dd70","chunk_index":3,"quote_summary":"报告期内，公司航空新材料业务实现营业收入 271,726.73 万元，同比增长 7.89%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中航高科","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7b082ac438ea","from":"company:中航高科","from_name":"中航高科","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"中航高科 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-核心主业保持增长-产能布局持续优化-1aec251ca65b.md","chunk_id":"chunk:7ac1be99dd70","chunk_index":3,"quote_summary":"报告期内，公司航空新材料业务实现营业收入 271,726.73 万元，同比增长 7.89%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中航高科","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f3ed7b6dd315","from":"company:中船科技","from_name":"中船科技","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"中船科技 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中船科技-600072-sh-无评级-cc7ee2011a0b.md","chunk_id":"chunk:13923a76e44f","chunk_index":0,"quote_summary":"归母净利润 4.4 亿元，同比-38%，主要原因是中国海装海风机组毛利率下降、中船风电风电项目出售的投资收益减少及新疆海为工程建设业务收入下滑。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中船科技","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"09e95f447980","from":"company:中船科技","from_name":"中船科技","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"中船科技 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中船科技-600072-sh-无评级-cc7ee2011a0b.md","chunk_id":"chunk:13923a76e44f","chunk_index":0,"quote_summary":"归母净利润 4.4 亿元，同比-38%，主要原因是中国海装海风机组毛利率下降、中船风电风电项目出售的投资收益减少及新疆海为工程建设业务收入下滑。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中船科技","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"22f91f4a5d6d","from":"company:中船科技","from_name":"中船科技","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"中船科技 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中船科技-600072-sh-无评级-cc7ee2011a0b.md","chunk_id":"chunk:13923a76e44f","chunk_index":0,"quote_summary":"归母净利润 4.4 亿元，同比-38%，主要原因是中国海装海风机组毛利率下降、中船风电风电项目出售的投资收益减少及新疆海为工程建设业务收入下滑。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中船科技","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"865c83becbd5","from":"company:中船科技","from_name":"中船科技","to":"topic:新能源","to_name":"新能源","relation":"involves_topic","direction":"semantic","summary":"中船科技 研报中反复涉及 新能源。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中船科技-600072-sh-无评级-cc7ee2011a0b.md","chunk_id":"chunk:13923a76e44f","chunk_index":0,"quote_summary":"归母净利润 4.4 亿元，同比-38%，主要原因是中国海装海风机组毛利率下降、中船风电风电项目出售的投资收益减少及新疆海为工程建设业务收入下滑。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中船科技","target":"topic:新能源","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"174fbb631424","from":"company:中船科技","from_name":"中船科技","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"中船科技 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中船科技-600072-sh-无评级-cc7ee2011a0b.md","chunk_id":"chunk:13923a76e44f","chunk_index":0,"quote_summary":"归母净利润 4.4 亿元，同比-38%，主要原因是中国海装海风机组毛利率下降、中船风电风电项目出售的投资收益减少及新疆海为工程建设业务收入下滑。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中船科技","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"138d3a71d320","from":"company:中船科技","from_name":"中船科技","to":"topic:环比","to_name":"环比","relation":"involves_topic","direction":"semantic","summary":"中船科技 研报中反复涉及 环比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中船科技-600072-sh-无评级-cc7ee2011a0b.md","chunk_id":"chunk:13923a76e44f","chunk_index":0,"quote_summary":"归母净利润 4.4 亿元，同比-38%，主要原因是中国海装海风机组毛利率下降、中船风电风电项目出售的投资收益减少及新疆海为工程建设业务收入下滑。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中船科技","target":"topic:环比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"99f68b79cc99","from":"company:中船科技","from_name":"中船科技","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"中船科技 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中船科技-600072-sh-无评级-cc7ee2011a0b.md","chunk_id":"chunk:13923a76e44f","chunk_index":0,"quote_summary":"归母净利润 4.4 亿元，同比-38%，主要原因是中国海装海风机组毛利率下降、中船风电风电项目出售的投资收益减少及新疆海为工程建设业务收入下滑。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中船科技","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a7f22d60ff51","from":"company:中船科技","from_name":"中船科技","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"中船科技 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-中船科技-600072-sh-无评级-cc7ee2011a0b.md","chunk_id":"chunk:13923a76e44f","chunk_index":0,"quote_summary":"归母净利润 4.4 亿元，同比-38%，主要原因是中国海装海风机组毛利率下降、中船风电风电项目出售的投资收益减少及新疆海为工程建设业务收入下滑。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:中船科技","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"044e1b5f4278","from":"company:信维通信","from_name":"信维通信","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"信维通信 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证-券-研-究-报-告-fd9a2ea62bb0.md","chunk_id":"chunk:9bd63e4502a1","chunk_index":2,"quote_summary":"利润率方面，受益于智能工厂建设，公司实现了工厂数据化管理，生产运营管理效率获得优化，23 年公司整体毛利率为 22.07%，同比增长 0.26pct，其中粉末冶金子公司艾利门特营业利润率、净利率同比增长达 33.04%、11.20%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:信维通信","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"84b20d6f15d2","from":"company:信维通信","from_name":"信维通信","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"信维通信 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证-券-研-究-报-告-fd9a2ea62bb0.md","chunk_id":"chunk:9bd63e4502a1","chunk_index":2,"quote_summary":"利润率方面，受益于智能工厂建设，公司实现了工厂数据化管理，生产运营管理效率获得优化，23 年公司整体毛利率为 22.07%，同比增长 0.26pct，其中粉末冶金子公司艾利门特营业利润率、净利率同比增长达 33.04%、11.20%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:信维通信","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3bfaab1cfa4c","from":"company:信维通信","from_name":"信维通信","to":"topic:卫星","to_name":"卫星","relation":"involves_topic","direction":"semantic","summary":"信维通信 研报中反复涉及 卫星。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证-券-研-究-报-告-fd9a2ea62bb0.md","chunk_id":"chunk:9bd63e4502a1","chunk_index":2,"quote_summary":"利润率方面，受益于智能工厂建设，公司实现了工厂数据化管理，生产运营管理效率获得优化，23 年公司整体毛利率为 22.07%，同比增长 0.26pct，其中粉末冶金子公司艾利门特营业利润率、净利率同比增长达 33.04%、11.20%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:信维通信","target":"topic:卫星","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"fe0b88aebaa4","from":"company:信维通信","from_name":"信维通信","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"信维通信 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证-券-研-究-报-告-fd9a2ea62bb0.md","chunk_id":"chunk:9bd63e4502a1","chunk_index":2,"quote_summary":"利润率方面，受益于智能工厂建设，公司实现了工厂数据化管理，生产运营管理效率获得优化，23 年公司整体毛利率为 22.07%，同比增长 0.26pct，其中粉末冶金子公司艾利门特营业利润率、净利率同比增长达 33.04%、11.20%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:信维通信","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"3404dc2ba0df","from":"company:信维通信","from_name":"信维通信","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"信维通信 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证-券-研-究-报-告-fd9a2ea62bb0.md","chunk_id":"chunk:9bd63e4502a1","chunk_index":2,"quote_summary":"利润率方面，受益于智能工厂建设，公司实现了工厂数据化管理，生产运营管理效率获得优化，23 年公司整体毛利率为 22.07%，同比增长 0.26pct，其中粉末冶金子公司艾利门特营业利润率、净利率同比增长达 33.04%、11.20%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:信维通信","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d0edcc5c7925","from":"company:信维通信","from_name":"信维通信","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"信维通信 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证-券-研-究-报-告-fd9a2ea62bb0.md","chunk_id":"chunk:9bd63e4502a1","chunk_index":2,"quote_summary":"利润率方面，受益于智能工厂建设，公司实现了工厂数据化管理，生产运营管理效率获得优化，23 年公司整体毛利率为 22.07%，同比增长 0.26pct，其中粉末冶金子公司艾利门特营业利润率、净利率同比增长达 33.04%、11.20%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:信维通信","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a5a66549f723","from":"company:信维通信","from_name":"信维通信","to":"topic:消费电子","to_name":"消费电子","relation":"involves_topic","direction":"semantic","summary":"信维通信 研报中反复涉及 消费电子。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证-券-研-究-报-告-fd9a2ea62bb0.md","chunk_id":"chunk:9bd63e4502a1","chunk_index":2,"quote_summary":"利润率方面，受益于智能工厂建设，公司实现了工厂数据化管理，生产运营管理效率获得优化，23 年公司整体毛利率为 22.07%，同比增长 0.26pct，其中粉末冶金子公司艾利门特营业利润率、净利率同比增长达 33.04%、11.20%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:信维通信","target":"topic:消费电子","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"262b8c4badbb","from":"company:信维通信","from_name":"信维通信","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"信维通信 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证-券-研-究-报-告-fd9a2ea62bb0.md","chunk_id":"chunk:9bd63e4502a1","chunk_index":2,"quote_summary":"利润率方面，受益于智能工厂建设，公司实现了工厂数据化管理，生产运营管理效率获得优化，23 年公司整体毛利率为 22.07%，同比增长 0.26pct，其中粉末冶金子公司艾利门特营业利润率、净利率同比增长达 33.04%、11.20%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:信维通信","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"062b371d1d76","from":"company:南方航空","from_name":"南方航空","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"南方航空 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-b04dbbd1e4ea.md","chunk_id":"chunk:eac5c724cfcd","chunk_index":1,"quote_summary":"鉴于公司强大的资源禀赋优势、有望充分受益于国内出行需求的持续增长及出入境景气度，随着经营效率提升，公司业绩或具有充分上行空间，维持“买入”评级。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:南方航空","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"12b3257f3db5","from":"company:南方航空","from_name":"南方航空","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"南方航空 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-b04dbbd1e4ea.md","chunk_id":"chunk:eac5c724cfcd","chunk_index":1,"quote_summary":"鉴于公司强大的资源禀赋优势、有望充分受益于国内出行需求的持续增长及出入境景气度，随着经营效率提升，公司业绩或具有充分上行空间，维持“买入”评级。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:南方航空","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a7e31a21cbdc","from":"company:南方航空","from_name":"南方航空","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"南方航空 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-b04dbbd1e4ea.md","chunk_id":"chunk:eac5c724cfcd","chunk_index":1,"quote_summary":"鉴于公司强大的资源禀赋优势、有望充分受益于国内出行需求的持续增长及出入境景气度，随着经营效率提升，公司业绩或具有充分上行空间，维持“买入”评级。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:南方航空","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0d5e8c560591","from":"company:南方航空","from_name":"南方航空","to":"topic:石油","to_name":"石油","relation":"involves_topic","direction":"semantic","summary":"南方航空 研报中反复涉及 石油。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-b04dbbd1e4ea.md","chunk_id":"chunk:eac5c724cfcd","chunk_index":1,"quote_summary":"鉴于公司强大的资源禀赋优势、有望充分受益于国内出行需求的持续增长及出入境景气度，随着经营效率提升，公司业绩或具有充分上行空间，维持“买入”评级。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:南方航空","target":"topic:石油","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"711f326c7fcc","from":"company:南方航空","from_name":"南方航空","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"南方航空 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-b04dbbd1e4ea.md","chunk_id":"chunk:eac5c724cfcd","chunk_index":1,"quote_summary":"鉴于公司强大的资源禀赋优势、有望充分受益于国内出行需求的持续增长及出入境景气度，随着经营效率提升，公司业绩或具有充分上行空间，维持“买入”评级。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:南方航空","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"cd78fdf1a45c","from":"company:南方航空","from_name":"南方航空","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"南方航空 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-b04dbbd1e4ea.md","chunk_id":"chunk:eac5c724cfcd","chunk_index":1,"quote_summary":"鉴于公司强大的资源禀赋优势、有望充分受益于国内出行需求的持续增长及出入境景气度，随着经营效率提升，公司业绩或具有充分上行空间，维持“买入”评级。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:南方航空","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"cdfdaae719d4","from":"company:南方航空","from_name":"南方航空","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"南方航空 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-b04dbbd1e4ea.md","chunk_id":"chunk:eac5c724cfcd","chunk_index":1,"quote_summary":"鉴于公司强大的资源禀赋优势、有望充分受益于国内出行需求的持续增长及出入境景气度，随着经营效率提升，公司业绩或具有充分上行空间，维持“买入”评级。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:南方航空","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b87fc1c5f0b9","from":"company:南方航空","from_name":"南方航空","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"南方航空 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证券研究报告-b04dbbd1e4ea.md","chunk_id":"chunk:eac5c724cfcd","chunk_index":1,"quote_summary":"鉴于公司强大的资源禀赋优势、有望充分受益于国内出行需求的持续增长及出入境景气度，随着经营效率提升，公司业绩或具有充分上行空间，维持“买入”评级。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:南方航空","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"269b7ad37323","from":"company:哈尔滨新光光电科技","from_name":"哈尔滨新光光电科技","to":"topic:产业链","to_name":"产业链","relation":"involves_topic","direction":"semantic","summary":"哈尔滨新光光电科技 研报中反复涉及 产业链。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-科创板高端装备系列之四-新光光电-55de1204d244.md","chunk_id":"chunk:24e9dbe7ce13","chunk_index":2,"quote_summary":"近年来，全球局势的不稳定性逐步加剧，一定程度上刺激各国对国防军备的重视，根据《全球导弹交易市场现状分析与趋势展望》，我国进入21世纪后的导弹出口量增长较快，出口排名从2007-2011年间的第8名跃居2012-2016年间的第4名，出口量增幅明显，从1,954枚导弹出口量增长至3,975枚，体现了我国导弹产业链日趋完..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:哈尔滨新光光电科技","target":"topic:产业链","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"fe9e7567c302","from":"company:哈尔滨新光光电科技","from_name":"哈尔滨新光光电科技","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"哈尔滨新光光电科技 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-科创板高端装备系列之四-新光光电-55de1204d244.md","chunk_id":"chunk:24e9dbe7ce13","chunk_index":2,"quote_summary":"近年来，全球局势的不稳定性逐步加剧，一定程度上刺激各国对国防军备的重视，根据《全球导弹交易市场现状分析与趋势展望》，我国进入21世纪后的导弹出口量增长较快，出口排名从2007-2011年间的第8名跃居2012-2016年间的第4名，出口量增幅明显，从1,954枚导弹出口量增长至3,975枚，体现了我国导弹产业链日趋完..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:哈尔滨新光光电科技","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1e0804dd5fde","from":"company:哈尔滨新光光电科技","from_name":"哈尔滨新光光电科技","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"哈尔滨新光光电科技 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-科创板高端装备系列之四-新光光电-55de1204d244.md","chunk_id":"chunk:24e9dbe7ce13","chunk_index":2,"quote_summary":"近年来，全球局势的不稳定性逐步加剧，一定程度上刺激各国对国防军备的重视，根据《全球导弹交易市场现状分析与趋势展望》，我国进入21世纪后的导弹出口量增长较快，出口排名从2007-2011年间的第8名跃居2012-2016年间的第4名，出口量增幅明显，从1,954枚导弹出口量增长至3,975枚，体现了我国导弹产业链日趋完..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:哈尔滨新光光电科技","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b30ef2e5b53a","from":"company:哈尔滨新光光电科技","from_name":"哈尔滨新光光电科技","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"哈尔滨新光光电科技 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-科创板高端装备系列之四-新光光电-55de1204d244.md","chunk_id":"chunk:24e9dbe7ce13","chunk_index":2,"quote_summary":"近年来，全球局势的不稳定性逐步加剧，一定程度上刺激各国对国防军备的重视，根据《全球导弹交易市场现状分析与趋势展望》，我国进入21世纪后的导弹出口量增长较快，出口排名从2007-2011年间的第8名跃居2012-2016年间的第4名，出口量增幅明显，从1,954枚导弹出口量增长至3,975枚，体现了我国导弹产业链日趋完..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:哈尔滨新光光电科技","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"fec8ebac70bc","from":"company:哈尔滨新光光电科技","from_name":"哈尔滨新光光电科技","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"哈尔滨新光光电科技 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-科创板高端装备系列之四-新光光电-55de1204d244.md","chunk_id":"chunk:24e9dbe7ce13","chunk_index":2,"quote_summary":"近年来，全球局势的不稳定性逐步加剧，一定程度上刺激各国对国防军备的重视，根据《全球导弹交易市场现状分析与趋势展望》，我国进入21世纪后的导弹出口量增长较快，出口排名从2007-2011年间的第8名跃居2012-2016年间的第4名，出口量增幅明显，从1,954枚导弹出口量增长至3,975枚，体现了我国导弹产业链日趋完..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:哈尔滨新光光电科技","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"feb03ece2916","from":"company:哈尔滨新光光电科技","from_name":"哈尔滨新光光电科技","to":"topic:航天","to_name":"航天","relation":"involves_topic","direction":"semantic","summary":"哈尔滨新光光电科技 研报中反复涉及 航天。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-科创板高端装备系列之四-新光光电-55de1204d244.md","chunk_id":"chunk:24e9dbe7ce13","chunk_index":2,"quote_summary":"近年来，全球局势的不稳定性逐步加剧，一定程度上刺激各国对国防军备的重视，根据《全球导弹交易市场现状分析与趋势展望》，我国进入21世纪后的导弹出口量增长较快，出口排名从2007-2011年间的第8名跃居2012-2016年间的第4名，出口量增幅明显，从1,954枚导弹出口量增长至3,975枚，体现了我国导弹产业链日趋完..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:哈尔滨新光光电科技","target":"topic:航天","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b34dc56109c0","from":"company:哈尔滨新光光电科技","from_name":"哈尔滨新光光电科技","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"哈尔滨新光光电科技 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-科创板高端装备系列之四-新光光电-55de1204d244.md","chunk_id":"chunk:24e9dbe7ce13","chunk_index":2,"quote_summary":"近年来，全球局势的不稳定性逐步加剧，一定程度上刺激各国对国防军备的重视，根据《全球导弹交易市场现状分析与趋势展望》，我国进入21世纪后的导弹出口量增长较快，出口排名从2007-2011年间的第8名跃居2012-2016年间的第4名，出口量增幅明显，从1,954枚导弹出口量增长至3,975枚，体现了我国导弹产业链日趋完..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:哈尔滨新光光电科技","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"85074e05670b","from":"company:哈尔滨新光光电科技","from_name":"哈尔滨新光光电科技","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"哈尔滨新光光电科技 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-科创板高端装备系列之四-新光光电-55de1204d244.md","chunk_id":"chunk:24e9dbe7ce13","chunk_index":2,"quote_summary":"近年来，全球局势的不稳定性逐步加剧，一定程度上刺激各国对国防军备的重视，根据《全球导弹交易市场现状分析与趋势展望》，我国进入21世纪后的导弹出口量增长较快，出口排名从2007-2011年间的第8名跃居2012-2016年间的第4名，出口量增幅明显，从1,954枚导弹出口量增长至3,975枚，体现了我国导弹产业链日趋完..."}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:哈尔滨新光光电科技","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6cb331c182dc","from":"company:安徽四创电子","from_name":"安徽四创电子","to":"topic:qkd","to_name":"QKD","relation":"involves_topic","direction":"semantic","summary":"安徽四创电子 研报中反复涉及 QKD。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-科创板重点标的解析之二-国盾量子-a571f95f0cf7.md","chunk_id":"chunk:77bc681b7d1b","chunk_index":6,"quote_summary":"截止2018年我国信息安全市场规模已达46.99亿人民币，同比增长21.52%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:安徽四创电子","target":"topic:qkd","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f9bb4f0e4645","from":"company:安徽四创电子","from_name":"安徽四创电子","to":"topic:产业链","to_name":"产业链","relation":"involves_topic","direction":"semantic","summary":"安徽四创电子 研报中反复涉及 产业链。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-科创板重点标的解析之二-国盾量子-a571f95f0cf7.md","chunk_id":"chunk:77bc681b7d1b","chunk_index":6,"quote_summary":"截止2018年我国信息安全市场规模已达46.99亿人民币，同比增长21.52%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:安徽四创电子","target":"topic:产业链","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"fc50c1152ec3","from":"company:安徽四创电子","from_name":"安徽四创电子","to":"topic:卫星","to_name":"卫星","relation":"involves_topic","direction":"semantic","summary":"安徽四创电子 研报中反复涉及 卫星。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-科创板重点标的解析之二-国盾量子-a571f95f0cf7.md","chunk_id":"chunk:77bc681b7d1b","chunk_index":6,"quote_summary":"截止2018年我国信息安全市场规模已达46.99亿人民币，同比增长21.52%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:安徽四创电子","target":"topic:卫星","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7bc2db50df05","from":"company:安徽四创电子","from_name":"安徽四创电子","to":"topic:政策","to_name":"政策","relation":"involves_topic","direction":"semantic","summary":"安徽四创电子 研报中反复涉及 政策。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-科创板重点标的解析之二-国盾量子-a571f95f0cf7.md","chunk_id":"chunk:77bc681b7d1b","chunk_index":6,"quote_summary":"截止2018年我国信息安全市场规模已达46.99亿人民币，同比增长21.52%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:安徽四创电子","target":"topic:政策","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"13515193feba","from":"company:安徽四创电子","from_name":"安徽四创电子","to":"topic:数据中心","to_name":"数据中心","relation":"involves_topic","direction":"semantic","summary":"安徽四创电子 研报中反复涉及 数据中心。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-科创板重点标的解析之二-国盾量子-a571f95f0cf7.md","chunk_id":"chunk:77bc681b7d1b","chunk_index":6,"quote_summary":"截止2018年我国信息安全市场规模已达46.99亿人民币，同比增长21.52%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:安徽四创电子","target":"topic:数据中心","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"79100e4dac96","from":"company:安徽四创电子","from_name":"安徽四创电子","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"安徽四创电子 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-科创板重点标的解析之二-国盾量子-a571f95f0cf7.md","chunk_id":"chunk:77bc681b7d1b","chunk_index":6,"quote_summary":"截止2018年我国信息安全市场规模已达46.99亿人民币，同比增长21.52%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:安徽四创电子","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1be128431e15","from":"company:安徽四创电子","from_name":"安徽四创电子","to":"topic:量子","to_name":"量子","relation":"involves_topic","direction":"semantic","summary":"安徽四创电子 研报中反复涉及 量子。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-科创板重点标的解析之二-国盾量子-a571f95f0cf7.md","chunk_id":"chunk:77bc681b7d1b","chunk_index":6,"quote_summary":"截止2018年我国信息安全市场规模已达46.99亿人民币，同比增长21.52%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:安徽四创电子","target":"topic:量子","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a02aa5c1d963","from":"company:安徽四创电子","from_name":"安徽四创电子","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"安徽四创电子 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-科创板重点标的解析之二-国盾量子-a571f95f0cf7.md","chunk_id":"chunk:77bc681b7d1b","chunk_index":6,"quote_summary":"截止2018年我国信息安全市场规模已达46.99亿人民币，同比增长21.52%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:安徽四创电子","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"1865e02c9b11","from":"company:安泰科技","from_name":"安泰科技","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"安泰科技 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-有色金属-金属新材料-9b2d522818f2.md","chunk_id":"chunk:f99177a9523c","chunk_index":0,"quote_summary":"**安泰天龙在高端医疗装备领域实现产品从组件模块化向整体机头升级，进一步巩固了公司在全球放疗设备领域的市场优势与核心地位，同时泛半导体领域平面显示靶类产品、热沉业务新签合同额分别增长均超 60%，培育形成新的业绩增长极；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:安泰科技","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"70ea7ddf8645","from":"company:安泰科技","from_name":"安泰科技","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"安泰科技 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-有色金属-金属新材料-9b2d522818f2.md","chunk_id":"chunk:f99177a9523c","chunk_index":0,"quote_summary":"**安泰天龙在高端医疗装备领域实现产品从组件模块化向整体机头升级，进一步巩固了公司在全球放疗设备领域的市场优势与核心地位，同时泛半导体领域平面显示靶类产品、热沉业务新签合同额分别增长均超 60%，培育形成新的业绩增长极；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:安泰科技","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a3ecc58acc5d","from":"company:安泰科技","from_name":"安泰科技","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"安泰科技 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-有色金属-金属新材料-9b2d522818f2.md","chunk_id":"chunk:f99177a9523c","chunk_index":0,"quote_summary":"**安泰天龙在高端医疗装备领域实现产品从组件模块化向整体机头升级，进一步巩固了公司在全球放疗设备领域的市场优势与核心地位，同时泛半导体领域平面显示靶类产品、热沉业务新签合同额分别增长均超 60%，培育形成新的业绩增长极；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:安泰科技","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b079fd793df4","from":"company:安泰科技","from_name":"安泰科技","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"安泰科技 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-有色金属-金属新材料-9b2d522818f2.md","chunk_id":"chunk:f99177a9523c","chunk_index":0,"quote_summary":"**安泰天龙在高端医疗装备领域实现产品从组件模块化向整体机头升级，进一步巩固了公司在全球放疗设备领域的市场优势与核心地位，同时泛半导体领域平面显示靶类产品、热沉业务新签合同额分别增长均超 60%，培育形成新的业绩增长极；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:安泰科技","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"dd6c6267fa1e","from":"company:安泰科技","from_name":"安泰科技","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"安泰科技 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-有色金属-金属新材料-9b2d522818f2.md","chunk_id":"chunk:f99177a9523c","chunk_index":0,"quote_summary":"**安泰天龙在高端医疗装备领域实现产品从组件模块化向整体机头升级，进一步巩固了公司在全球放疗设备领域的市场优势与核心地位，同时泛半导体领域平面显示靶类产品、热沉业务新签合同额分别增长均超 60%，培育形成新的业绩增长极；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:安泰科技","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"184ad40ad6dc","from":"company:安泰科技","from_name":"安泰科技","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"安泰科技 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-有色金属-金属新材料-9b2d522818f2.md","chunk_id":"chunk:f99177a9523c","chunk_index":0,"quote_summary":"**安泰天龙在高端医疗装备领域实现产品从组件模块化向整体机头升级，进一步巩固了公司在全球放疗设备领域的市场优势与核心地位，同时泛半导体领域平面显示靶类产品、热沉业务新签合同额分别增长均超 60%，培育形成新的业绩增长极；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:安泰科技","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"63d333e30bcb","from":"company:安泰科技","from_name":"安泰科技","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"安泰科技 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-有色金属-金属新材料-9b2d522818f2.md","chunk_id":"chunk:f99177a9523c","chunk_index":0,"quote_summary":"**安泰天龙在高端医疗装备领域实现产品从组件模块化向整体机头升级，进一步巩固了公司在全球放疗设备领域的市场优势与核心地位，同时泛半导体领域平面显示靶类产品、热沉业务新签合同额分别增长均超 60%，培育形成新的业绩增长极；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:安泰科技","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"dc64e9a91ab2","from":"company:安泰科技","from_name":"安泰科技","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"安泰科技 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-有色金属-金属新材料-9b2d522818f2.md","chunk_id":"chunk:f99177a9523c","chunk_index":0,"quote_summary":"**安泰天龙在高端医疗装备领域实现产品从组件模块化向整体机头升级，进一步巩固了公司在全球放疗设备领域的市场优势与核心地位，同时泛半导体领域平面显示靶类产品、热沉业务新签合同额分别增长均超 60%，培育形成新的业绩增长极；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:安泰科技","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"62fce839ae98","from":"company:火炬电子","from_name":"火炬电子","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"火炬电子 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-受益行业景气回暖-盈利能力明显改善-b797e3309d85.md","chunk_id":"chunk:6a92f33060b5","chunk_index":2,"quote_summary":"报告期内，公司所属电子元器件领域迎来积极转变，行业景气度逐步改善，市场需求稳步增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:火炬电子","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"c86941b8c3dd","from":"company:火炬电子","from_name":"火炬电子","to":"topic:军工","to_name":"军工","relation":"involves_topic","direction":"semantic","summary":"火炬电子 研报中反复涉及 军工。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-受益行业景气回暖-盈利能力明显改善-b797e3309d85.md","chunk_id":"chunk:6a92f33060b5","chunk_index":2,"quote_summary":"报告期内，公司所属电子元器件领域迎来积极转变，行业景气度逐步改善，市场需求稳步增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:火炬电子","target":"topic:军工","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2696ba78b643","from":"company:火炬电子","from_name":"火炬电子","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"火炬电子 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-受益行业景气回暖-盈利能力明显改善-b797e3309d85.md","chunk_id":"chunk:6a92f33060b5","chunk_index":2,"quote_summary":"报告期内，公司所属电子元器件领域迎来积极转变，行业景气度逐步改善，市场需求稳步增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:火炬电子","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"9d2c1a0f9be4","from":"company:火炬电子","from_name":"火炬电子","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"火炬电子 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-受益行业景气回暖-盈利能力明显改善-b797e3309d85.md","chunk_id":"chunk:6a92f33060b5","chunk_index":2,"quote_summary":"报告期内，公司所属电子元器件领域迎来积极转变，行业景气度逐步改善，市场需求稳步增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:火炬电子","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"44eb7a017f1e","from":"company:火炬电子","from_name":"火炬电子","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"火炬电子 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-受益行业景气回暖-盈利能力明显改善-b797e3309d85.md","chunk_id":"chunk:6a92f33060b5","chunk_index":2,"quote_summary":"报告期内，公司所属电子元器件领域迎来积极转变，行业景气度逐步改善，市场需求稳步增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:火炬电子","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7e8ee8e4ab96","from":"company:火炬电子","from_name":"火炬电子","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"火炬电子 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-受益行业景气回暖-盈利能力明显改善-b797e3309d85.md","chunk_id":"chunk:6a92f33060b5","chunk_index":2,"quote_summary":"报告期内，公司所属电子元器件领域迎来积极转变，行业景气度逐步改善，市场需求稳步增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:火炬电子","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4339f1da1f5f","from":"company:火炬电子","from_name":"火炬电子","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"火炬电子 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-受益行业景气回暖-盈利能力明显改善-b797e3309d85.md","chunk_id":"chunk:6a92f33060b5","chunk_index":2,"quote_summary":"报告期内，公司所属电子元器件领域迎来积极转变，行业景气度逐步改善，市场需求稳步增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:火炬电子","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b0fe05ed453f","from":"company:火炬电子","from_name":"火炬电子","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"火炬电子 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-受益行业景气回暖-盈利能力明显改善-b797e3309d85.md","chunk_id":"chunk:6a92f33060b5","chunk_index":2,"quote_summary":"报告期内，公司所属电子元器件领域迎来积极转变，行业景气度逐步改善，市场需求稳步增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:火炬电子","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a600783bb827","from":"company:硅基","from_name":"硅基","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"硅基 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:be07258a1da0","chunk_index":0,"quote_summary":"**主业阶段性承压，减值影响利润**：25Q3，公司 T/R 组件和射频模块业务收入减少，实现营收 5.0 亿（同比-2.5%）；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:硅基","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ea9d077b4a46","from":"company:硅基","from_name":"硅基","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"硅基 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:be07258a1da0","chunk_index":0,"quote_summary":"**主业阶段性承压，减值影响利润**：25Q3，公司 T/R 组件和射频模块业务收入减少，实现营收 5.0 亿（同比-2.5%）；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:硅基","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7b9a0657ab99","from":"company:硅基","from_name":"硅基","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"硅基 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:be07258a1da0","chunk_index":0,"quote_summary":"**主业阶段性承压，减值影响利润**：25Q3，公司 T/R 组件和射频模块业务收入减少，实现营收 5.0 亿（同比-2.5%）；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:硅基","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"08339b569198","from":"company:硅基","from_name":"硅基","to":"topic:环比","to_name":"环比","relation":"involves_topic","direction":"semantic","summary":"硅基 研报中反复涉及 环比。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:be07258a1da0","chunk_index":0,"quote_summary":"**主业阶段性承压，减值影响利润**：25Q3，公司 T/R 组件和射频模块业务收入减少，实现营收 5.0 亿（同比-2.5%）；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:硅基","target":"topic:环比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"5ed90995614c","from":"company:硅基","from_name":"硅基","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"硅基 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:be07258a1da0","chunk_index":0,"quote_summary":"**主业阶段性承压，减值影响利润**：25Q3，公司 T/R 组件和射频模块业务收入减少，实现营收 5.0 亿（同比-2.5%）；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:硅基","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"dbd2456e4f5c","from":"company:硅基","from_name":"硅基","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"硅基 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:be07258a1da0","chunk_index":0,"quote_summary":"**主业阶段性承压，减值影响利润**：25Q3，公司 T/R 组件和射频模块业务收入减少，实现营收 5.0 亿（同比-2.5%）；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:硅基","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"0ed5f368be3a","from":"company:硅基","from_name":"硅基","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"硅基 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:be07258a1da0","chunk_index":0,"quote_summary":"**主业阶段性承压，减值影响利润**：25Q3，公司 T/R 组件和射频模块业务收入减少，实现营收 5.0 亿（同比-2.5%）；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:硅基","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e4303fd5ac9c","from":"company:硅基","from_name":"硅基","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"硅基 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:be07258a1da0","chunk_index":0,"quote_summary":"**主业阶段性承压，减值影响利润**：25Q3，公司 T/R 组件和射频模块业务收入减少，实现营收 5.0 亿（同比-2.5%）；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:硅基","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"781476f42c1b","from":"company:紫光国微","from_name":"紫光国微","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"紫光国微 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-cinda-securities-a1ee7a5beacd.md","chunk_id":"chunk:02af2df0ad64","chunk_index":0,"quote_summary":"(3) 石英晶体频率器件营收 1.51 亿元（同比+35.78%），毛利率 11.13%（同比-2.61pct），受益于消费电子市场改善及网络通信、智能汽车等领域发展，业务呈现稳健发展态势。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:紫光国微","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"240f3dbcc121","from":"company:紫光国微","from_name":"紫光国微","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"紫光国微 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-cinda-securities-a1ee7a5beacd.md","chunk_id":"chunk:02af2df0ad64","chunk_index":0,"quote_summary":"(3) 石英晶体频率器件营收 1.51 亿元（同比+35.78%），毛利率 11.13%（同比-2.61pct），受益于消费电子市场改善及网络通信、智能汽车等领域发展，业务呈现稳健发展态势。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:紫光国微","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"dcfe7368565c","from":"company:紫光国微","from_name":"紫光国微","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"紫光国微 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-cinda-securities-a1ee7a5beacd.md","chunk_id":"chunk:02af2df0ad64","chunk_index":0,"quote_summary":"(3) 石英晶体频率器件营收 1.51 亿元（同比+35.78%），毛利率 11.13%（同比-2.61pct），受益于消费电子市场改善及网络通信、智能汽车等领域发展，业务呈现稳健发展态势。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:紫光国微","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b1671b1bc249","from":"company:紫光国微","from_name":"紫光国微","to":"topic:智能汽车","to_name":"智能汽车","relation":"involves_topic","direction":"semantic","summary":"紫光国微 研报中反复涉及 智能汽车。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-cinda-securities-a1ee7a5beacd.md","chunk_id":"chunk:02af2df0ad64","chunk_index":0,"quote_summary":"(3) 石英晶体频率器件营收 1.51 亿元（同比+35.78%），毛利率 11.13%（同比-2.61pct），受益于消费电子市场改善及网络通信、智能汽车等领域发展，业务呈现稳健发展态势。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:紫光国微","target":"topic:智能汽车","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"eeda6416818f","from":"company:紫光国微","from_name":"紫光国微","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"紫光国微 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-cinda-securities-a1ee7a5beacd.md","chunk_id":"chunk:02af2df0ad64","chunk_index":0,"quote_summary":"(3) 石英晶体频率器件营收 1.51 亿元（同比+35.78%），毛利率 11.13%（同比-2.61pct），受益于消费电子市场改善及网络通信、智能汽车等领域发展，业务呈现稳健发展态势。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:紫光国微","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ce7779907dd6","from":"company:紫光国微","from_name":"紫光国微","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"紫光国微 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-cinda-securities-a1ee7a5beacd.md","chunk_id":"chunk:02af2df0ad64","chunk_index":0,"quote_summary":"(3) 石英晶体频率器件营收 1.51 亿元（同比+35.78%），毛利率 11.13%（同比-2.61pct），受益于消费电子市场改善及网络通信、智能汽车等领域发展，业务呈现稳健发展态势。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:紫光国微","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"498db7befd62","from":"company:紫光国微","from_name":"紫光国微","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"紫光国微 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-cinda-securities-a1ee7a5beacd.md","chunk_id":"chunk:02af2df0ad64","chunk_index":0,"quote_summary":"(3) 石英晶体频率器件营收 1.51 亿元（同比+35.78%），毛利率 11.13%（同比-2.61pct），受益于消费电子市场改善及网络通信、智能汽车等领域发展，业务呈现稳健发展态势。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:紫光国微","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"753848687841","from":"company:紫光国微","from_name":"紫光国微","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"紫光国微 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-cinda-securities-a1ee7a5beacd.md","chunk_id":"chunk:02af2df0ad64","chunk_index":0,"quote_summary":"(3) 石英晶体频率器件营收 1.51 亿元（同比+35.78%），毛利率 11.13%（同比-2.61pct），受益于消费电子市场改善及网络通信、智能汽车等领域发展，业务呈现稳健发展态势。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:紫光国微","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"81c9be6580c7","from":"company:经营持续恢复-2023-年业绩扭亏为盈","from_name":"经营持续恢复 2023 年业绩扭亏为盈","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"经营持续恢复 2023 年业绩扭亏为盈 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-经营持续恢复-2023-年业绩扭亏为盈-7d4e889e7240.md","chunk_id":"chunk:69581322d4c4","chunk_index":0,"quote_summary":"公司实现飞机起降架次 45.6 万架次、旅客吞吐量 6317 万人次、货邮吞吐量 203.1 万吨，分别同比增长 71%、142%、7.8%，分别恢复至 2019 年 93%、86.1%、105.8%，带动公司航空性业务及非航业务收入增长，2023 年公司营业收入同比增长 61.95%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:经营持续恢复-2023-年业绩扭亏为盈","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"8ff501e8573d","from":"company:经营持续恢复-2023-年业绩扭亏为盈","from_name":"经营持续恢复 2023 年业绩扭亏为盈","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"经营持续恢复 2023 年业绩扭亏为盈 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-经营持续恢复-2023-年业绩扭亏为盈-7d4e889e7240.md","chunk_id":"chunk:69581322d4c4","chunk_index":0,"quote_summary":"公司实现飞机起降架次 45.6 万架次、旅客吞吐量 6317 万人次、货邮吞吐量 203.1 万吨，分别同比增长 71%、142%、7.8%，分别恢复至 2019 年 93%、86.1%、105.8%，带动公司航空性业务及非航业务收入增长，2023 年公司营业收入同比增长 61.95%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:经营持续恢复-2023-年业绩扭亏为盈","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2c10656863e4","from":"company:经营持续恢复-2023-年业绩扭亏为盈","from_name":"经营持续恢复 2023 年业绩扭亏为盈","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"经营持续恢复 2023 年业绩扭亏为盈 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-经营持续恢复-2023-年业绩扭亏为盈-7d4e889e7240.md","chunk_id":"chunk:69581322d4c4","chunk_index":0,"quote_summary":"公司实现飞机起降架次 45.6 万架次、旅客吞吐量 6317 万人次、货邮吞吐量 203.1 万吨，分别同比增长 71%、142%、7.8%，分别恢复至 2019 年 93%、86.1%、105.8%，带动公司航空性业务及非航业务收入增长，2023 年公司营业收入同比增长 61.95%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:经营持续恢复-2023-年业绩扭亏为盈","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"aa82666f16ba","from":"company:经营持续恢复-2023-年业绩扭亏为盈","from_name":"经营持续恢复 2023 年业绩扭亏为盈","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"经营持续恢复 2023 年业绩扭亏为盈 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-经营持续恢复-2023-年业绩扭亏为盈-7d4e889e7240.md","chunk_id":"chunk:69581322d4c4","chunk_index":0,"quote_summary":"公司实现飞机起降架次 45.6 万架次、旅客吞吐量 6317 万人次、货邮吞吐量 203.1 万吨，分别同比增长 71%、142%、7.8%，分别恢复至 2019 年 93%、86.1%、105.8%，带动公司航空性业务及非航业务收入增长，2023 年公司营业收入同比增长 61.95%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:经营持续恢复-2023-年业绩扭亏为盈","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b0d85aed0e27","from":"company:经营持续恢复-2023-年业绩扭亏为盈","from_name":"经营持续恢复 2023 年业绩扭亏为盈","to":"topic:航空","to_name":"航空","relation":"involves_topic","direction":"semantic","summary":"经营持续恢复 2023 年业绩扭亏为盈 研报中反复涉及 航空。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-经营持续恢复-2023-年业绩扭亏为盈-7d4e889e7240.md","chunk_id":"chunk:69581322d4c4","chunk_index":0,"quote_summary":"公司实现飞机起降架次 45.6 万架次、旅客吞吐量 6317 万人次、货邮吞吐量 203.1 万吨，分别同比增长 71%、142%、7.8%，分别恢复至 2019 年 93%、86.1%、105.8%，带动公司航空性业务及非航业务收入增长，2023 年公司营业收入同比增长 61.95%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:经营持续恢复-2023-年业绩扭亏为盈","target":"topic:航空","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"bc8419a8c0a9","from":"company:经营持续恢复-2023-年业绩扭亏为盈","from_name":"经营持续恢复 2023 年业绩扭亏为盈","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"经营持续恢复 2023 年业绩扭亏为盈 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-经营持续恢复-2023-年业绩扭亏为盈-7d4e889e7240.md","chunk_id":"chunk:69581322d4c4","chunk_index":0,"quote_summary":"公司实现飞机起降架次 45.6 万架次、旅客吞吐量 6317 万人次、货邮吞吐量 203.1 万吨，分别同比增长 71%、142%、7.8%，分别恢复至 2019 年 93%、86.1%、105.8%，带动公司航空性业务及非航业务收入增长，2023 年公司营业收入同比增长 61.95%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:经营持续恢复-2023-年业绩扭亏为盈","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2eb9fe56ebd7","from":"company:经营持续恢复-2023-年业绩扭亏为盈","from_name":"经营持续恢复 2023 年业绩扭亏为盈","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"经营持续恢复 2023 年业绩扭亏为盈 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-经营持续恢复-2023-年业绩扭亏为盈-7d4e889e7240.md","chunk_id":"chunk:69581322d4c4","chunk_index":0,"quote_summary":"公司实现飞机起降架次 45.6 万架次、旅客吞吐量 6317 万人次、货邮吞吐量 203.1 万吨，分别同比增长 71%、142%、7.8%，分别恢复至 2019 年 93%、86.1%、105.8%，带动公司航空性业务及非航业务收入增长，2023 年公司营业收入同比增长 61.95%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:经营持续恢复-2023-年业绩扭亏为盈","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f67da02651bf","from":"company:经营持续恢复-2023-年业绩扭亏为盈","from_name":"经营持续恢复 2023 年业绩扭亏为盈","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"经营持续恢复 2023 年业绩扭亏为盈 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-经营持续恢复-2023-年业绩扭亏为盈-7d4e889e7240.md","chunk_id":"chunk:69581322d4c4","chunk_index":0,"quote_summary":"公司实现飞机起降架次 45.6 万架次、旅客吞吐量 6317 万人次、货邮吞吐量 203.1 万吨，分别同比增长 71%、142%、7.8%，分别恢复至 2019 年 93%、86.1%、105.8%，带动公司航空性业务及非航业务收入增长，2023 年公司营业收入同比增长 61.95%。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:经营持续恢复-2023-年业绩扭亏为盈","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"324d154051aa","from":"company:臻镭科技","from_name":"臻镭科技","to":"topic:roa","to_name":"ROA","relation":"involves_topic","direction":"semantic","summary":"臻镭科技 研报中反复涉及 ROA。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-主要产品优势明显-科技创新成效显著-551010676ee4.md","chunk_id":"chunk:6a2b406f21f6","chunk_index":2,"quote_summary":"**事件**：公司发布 2023 年半年度报告，2023 年 1-6 月实现营业收入 1.11 亿元，较上年同期增长 6.08%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:臻镭科技","target":"topic:roa","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"6d7bb05cbee5","from":"company:臻镭科技","from_name":"臻镭科技","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"臻镭科技 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-主要产品优势明显-科技创新成效显著-551010676ee4.md","chunk_id":"chunk:6a2b406f21f6","chunk_index":2,"quote_summary":"**事件**：公司发布 2023 年半年度报告，2023 年 1-6 月实现营业收入 1.11 亿元，较上年同期增长 6.08%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:臻镭科技","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"5ee29f55b19d","from":"company:臻镭科技","from_name":"臻镭科技","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"臻镭科技 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-主要产品优势明显-科技创新成效显著-551010676ee4.md","chunk_id":"chunk:6a2b406f21f6","chunk_index":2,"quote_summary":"**事件**：公司发布 2023 年半年度报告，2023 年 1-6 月实现营业收入 1.11 亿元，较上年同期增长 6.08%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:臻镭科技","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"27f14886f2d1","from":"company:臻镭科技","from_name":"臻镭科技","to":"topic:半导体","to_name":"半导体","relation":"involves_topic","direction":"semantic","summary":"臻镭科技 研报中反复涉及 半导体。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-主要产品优势明显-科技创新成效显著-551010676ee4.md","chunk_id":"chunk:6a2b406f21f6","chunk_index":2,"quote_summary":"**事件**：公司发布 2023 年半年度报告，2023 年 1-6 月实现营业收入 1.11 亿元，较上年同期增长 6.08%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:臻镭科技","target":"topic:半导体","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d8e9c9bbfdfc","from":"company:臻镭科技","from_name":"臻镭科技","to":"topic:卫星","to_name":"卫星","relation":"involves_topic","direction":"semantic","summary":"臻镭科技 研报中反复涉及 卫星。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-主要产品优势明显-科技创新成效显著-551010676ee4.md","chunk_id":"chunk:6a2b406f21f6","chunk_index":2,"quote_summary":"**事件**：公司发布 2023 年半年度报告，2023 年 1-6 月实现营业收入 1.11 亿元，较上年同期增长 6.08%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:臻镭科技","target":"topic:卫星","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"deb58c2eefff","from":"company:臻镭科技","from_name":"臻镭科技","to":"topic:房地产","to_name":"房地产","relation":"involves_topic","direction":"semantic","summary":"臻镭科技 研报中反复涉及 房地产。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-主要产品优势明显-科技创新成效显著-551010676ee4.md","chunk_id":"chunk:6a2b406f21f6","chunk_index":2,"quote_summary":"**事件**：公司发布 2023 年半年度报告，2023 年 1-6 月实现营业收入 1.11 亿元，较上年同期增长 6.08%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:臻镭科技","target":"topic:房地产","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e25214ebb974","from":"company:臻镭科技","from_name":"臻镭科技","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"臻镭科技 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-主要产品优势明显-科技创新成效显著-551010676ee4.md","chunk_id":"chunk:6a2b406f21f6","chunk_index":2,"quote_summary":"**事件**：公司发布 2023 年半年度报告，2023 年 1-6 月实现营业收入 1.11 亿元，较上年同期增长 6.08%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:臻镭科技","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a062896da5ed","from":"company:臻镭科技","from_name":"臻镭科技","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"臻镭科技 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-主要产品优势明显-科技创新成效显著-551010676ee4.md","chunk_id":"chunk:6a2b406f21f6","chunk_index":2,"quote_summary":"**事件**：公司发布 2023 年半年度报告，2023 年 1-6 月实现营业收入 1.11 亿元，较上年同期增长 6.08%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:臻镭科技","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"af735d80457b","from":"company:证-券-研-究-报-告","from_name":"证 券 研 究 报 告","to":"topic:估值","to_name":"估值","relation":"involves_topic","direction":"semantic","summary":"证 券 研 究 报 告 研报中反复涉及 估值。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证-券-研-究-报-告-66e4d95dbc79.md","chunk_id":"chunk:a23cbf321cb6","chunk_index":2,"quote_summary":"季报数据显示，公司实现营业收入63.94亿元，同比增长14.31%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:证-券-研-究-报-告","target":"topic:估值","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d04f9d018765","from":"company:证-券-研-究-报-告","from_name":"证 券 研 究 报 告","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"证 券 研 究 报 告 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证-券-研-究-报-告-66e4d95dbc79.md","chunk_id":"chunk:a23cbf321cb6","chunk_index":2,"quote_summary":"季报数据显示，公司实现营业收入63.94亿元，同比增长14.31%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:证-券-研-究-报-告","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"affdeb8ba867","from":"company:证-券-研-究-报-告","from_name":"证 券 研 究 报 告","to":"topic:卫星","to_name":"卫星","relation":"involves_topic","direction":"semantic","summary":"证 券 研 究 报 告 研报中反复涉及 卫星。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证-券-研-究-报-告-66e4d95dbc79.md","chunk_id":"chunk:a23cbf321cb6","chunk_index":2,"quote_summary":"季报数据显示，公司实现营业收入63.94亿元，同比增长14.31%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:证-券-研-究-报-告","target":"topic:卫星","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4a2b4dded89d","from":"company:证-券-研-究-报-告","from_name":"证 券 研 究 报 告","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"证 券 研 究 报 告 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证-券-研-究-报-告-66e4d95dbc79.md","chunk_id":"chunk:a23cbf321cb6","chunk_index":2,"quote_summary":"季报数据显示，公司实现营业收入63.94亿元，同比增长14.31%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:证-券-研-究-报-告","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"a181830cd8be","from":"company:证-券-研-究-报-告","from_name":"证 券 研 究 报 告","to":"topic:智能汽车","to_name":"智能汽车","relation":"involves_topic","direction":"semantic","summary":"证 券 研 究 报 告 研报中反复涉及 智能汽车。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证-券-研-究-报-告-66e4d95dbc79.md","chunk_id":"chunk:a23cbf321cb6","chunk_index":2,"quote_summary":"季报数据显示，公司实现营业收入63.94亿元，同比增长14.31%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:证-券-研-究-报-告","target":"topic:智能汽车","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f109085c31cd","from":"company:证-券-研-究-报-告","from_name":"证 券 研 究 报 告","to":"topic:消费电子","to_name":"消费电子","relation":"involves_topic","direction":"semantic","summary":"证 券 研 究 报 告 研报中反复涉及 消费电子。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证-券-研-究-报-告-66e4d95dbc79.md","chunk_id":"chunk:a23cbf321cb6","chunk_index":2,"quote_summary":"季报数据显示，公司实现营业收入63.94亿元，同比增长14.31%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:证-券-研-究-报-告","target":"topic:消费电子","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"2e35bb185e35","from":"company:证-券-研-究-报-告","from_name":"证 券 研 究 报 告","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"证 券 研 究 报 告 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证-券-研-究-报-告-66e4d95dbc79.md","chunk_id":"chunk:a23cbf321cb6","chunk_index":2,"quote_summary":"季报数据显示，公司实现营业收入63.94亿元，同比增长14.31%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:证-券-研-究-报-告","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"ec340f721582","from":"company:证-券-研-究-报-告","from_name":"证 券 研 究 报 告","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"证 券 研 究 报 告 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-证-券-研-究-报-告-66e4d95dbc79.md","chunk_id":"chunk:a23cbf321cb6","chunk_index":2,"quote_summary":"季报数据显示，公司实现营业收入63.94亿元，同比增长14.31%；"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:证-券-研-究-报-告","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"98b8ab330b7b","from":"company:青松股份","from_name":"青松股份","to":"topic:roe","to_name":"ROE","relation":"involves_topic","direction":"semantic","summary":"青松股份 研报中反复涉及 ROE。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-定增预案落地-化妆品代工龙头再出发-6dc3f938d134.md","chunk_id":"chunk:b0ab7da18266","chunk_index":14,"quote_summary":"- 增持—未来 6 个月的投资收益率领先市场基准指数 5%以上;"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:青松股份","target":"topic:roe","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"d1e66adbff22","from":"company:青松股份","from_name":"青松股份","to":"topic:上游","to_name":"上游","relation":"involves_topic","direction":"semantic","summary":"青松股份 研报中反复涉及 上游。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:c06911dd8849","chunk_index":0,"quote_summary":"整体来看，我们认为湿巾业务逐步恢复（正常年份上半年收入 2.5-3 亿元），若 23Q2 剔除湿巾业务影响，预计面膜和护肤业务收入均已有明显增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:青松股份","target":"topic:上游","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"498087227d50","from":"company:青松股份","from_name":"青松股份","to":"topic:价格","to_name":"价格","relation":"involves_topic","direction":"semantic","summary":"青松股份 研报中反复涉及 价格。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-定增预案落地-化妆品代工龙头再出发-6dc3f938d134.md","chunk_id":"chunk:b0ab7da18266","chunk_index":14,"quote_summary":"- 增持—未来 6 个月的投资收益率领先市场基准指数 5%以上;"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:青松股份","target":"topic:价格","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"7462f70546fc","from":"company:青松股份","from_name":"青松股份","to":"topic:净利润","to_name":"净利润","relation":"involves_topic","direction":"semantic","summary":"青松股份 研报中反复涉及 净利润。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-定增预案落地-化妆品代工龙头再出发-6dc3f938d134.md","chunk_id":"chunk:b0ab7da18266","chunk_index":14,"quote_summary":"- 增持—未来 6 个月的投资收益率领先市场基准指数 5%以上;"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:青松股份","target":"topic:净利润","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"b4172c897855","from":"company:青松股份","from_name":"青松股份","to":"topic:同比","to_name":"同比","relation":"involves_topic","direction":"semantic","summary":"青松股份 研报中反复涉及 同比。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-定增预案落地-化妆品代工龙头再出发-6dc3f938d134.md","chunk_id":"chunk:b0ab7da18266","chunk_index":14,"quote_summary":"- 增持—未来 6 个月的投资收益率领先市场基准指数 5%以上;"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:青松股份","target":"topic:同比","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"e3426033e9a7","from":"company:青松股份","from_name":"青松股份","to":"topic:投资建议","to_name":"投资建议","relation":"involves_topic","direction":"semantic","summary":"青松股份 研报中反复涉及 投资建议。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-定增预案落地-化妆品代工龙头再出发-6dc3f938d134.md","chunk_id":"chunk:b0ab7da18266","chunk_index":14,"quote_summary":"- 增持—未来 6 个月的投资收益率领先市场基准指数 5%以上;"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:青松股份","target":"topic:投资建议","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4e30a600a2dd","from":"company:青松股份","from_name":"青松股份","to":"topic:毛利率","to_name":"毛利率","relation":"involves_topic","direction":"semantic","summary":"青松股份 研报中反复涉及 毛利率。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-定增预案落地-化妆品代工龙头再出发-6dc3f938d134.md","chunk_id":"chunk:b0ab7da18266","chunk_index":14,"quote_summary":"- 增持—未来 6 个月的投资收益率领先市场基准指数 5%以上;"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:青松股份","target":"topic:毛利率","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"42ec3383f953","from":"company:青松股份","from_name":"青松股份","to":"topic:营收","to_name":"营收","relation":"involves_topic","direction":"semantic","summary":"青松股份 研报中反复涉及 营收。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:c06911dd8849","chunk_index":0,"quote_summary":"整体来看，我们认为湿巾业务逐步恢复（正常年份上半年收入 2.5-3 亿元），若 23Q2 剔除湿巾业务影响，预计面膜和护肤业务收入均已有明显增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:青松股份","target":"topic:营收","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"f5af0dfcb891","from":"company:青松股份","from_name":"青松股份","to":"topic:证券","to_name":"证券","relation":"involves_topic","direction":"semantic","summary":"青松股份 研报中反复涉及 证券。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-定增预案落地-化妆品代工龙头再出发-6dc3f938d134.md","chunk_id":"chunk:b0ab7da18266","chunk_index":14,"quote_summary":"- 增持—未来 6 个月的投资收益率领先市场基准指数 5%以上;"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:青松股份","target":"topic:证券","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"4cc08c4072b2","from":"company:青松股份","from_name":"青松股份","to":"topic:金融","to_name":"金融","relation":"involves_topic","direction":"semantic","summary":"青松股份 研报中反复涉及 金融。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:c06911dd8849","chunk_index":0,"quote_summary":"整体来看，我们认为湿巾业务逐步恢复（正常年份上半年收入 2.5-3 亿元），若 23Q2 剔除湿巾业务影响，预计面膜和护肤业务收入均已有明显增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:青松股份","target":"topic:金融","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"00654e9f5bd4","from":"company:青松股份","from_name":"青松股份","to":"topic:银行","to_name":"银行","relation":"involves_topic","direction":"semantic","summary":"青松股份 研报中反复涉及 银行。","confidence":0.62,"evidence":[{"source_path":"sources/stock-research-report-定增预案落地-化妆品代工龙头再出发-6dc3f938d134.md","chunk_id":"chunk:b0ab7da18266","chunk_index":14,"quote_summary":"- 增持—未来 6 个月的投资收益率领先市场基准指数 5%以上;"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:青松股份","target":"topic:银行","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}
{"edge_id":"97f839d4559d","from":"company:青松股份","from_name":"青松股份","to":"topic:风险","to_name":"风险","relation":"involves_topic","direction":"semantic","summary":"青松股份 研报中反复涉及 风险。","confidence":0.62,"evidence":[{"source_path":"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_id":"chunk:c06911dd8849","chunk_index":0,"quote_summary":"整体来看，我们认为湿巾业务逐步恢复（正常年份上半年收入 2.5-3 亿元），若 23Q2 剔除湿巾业务影响，预计面膜和护肤业务收入均已有明显增长。"}],"needs_review":true,"updated_at":"2026-05-03T16:58:18.642Z","source":"company:青松股份","target":"topic:风险","label":"involves_topic","category":"topic","group":"involves_topic","evidence_count":1}