Analysis of Gaohua Technology (688539) Strong Performance: Commercial Aerospace Catalysts and Future Market Outlook

Gaohua Technology (688539)'s strong performance stems from multiple catalysts in the commercial aerospace field. The China National Space Administration released the “Action Plan for High-Quality and Safe Development of Commercial Aerospace (2025-2027)” and established the Commercial Aerospace Department [4], integrating commercial aerospace into the national aerospace overall layout and forming a strong policy-driven force. Meanwhile, the industry trend of domestic reusable rockets conducting concentrated maiden flights in 2026 [4][5], combined with the company’s cooperation with commercial aerospace enterprises such as Star Glory and LandSpace [3][5], makes it one of the core suppliers in the sector, forming a linkage with the continuous surge of the commercial aerospace concept sector [1][4][5].

Technically, the company’s increase reached 18.90% on December 25, with a closing price of 51.90 yuan [1]; the turnover rate was 17.06%, significantly higher than the market average, indicating high trading activity [1]. In terms of capital flow, institutional seats had a net buying of 46.4188 million yuan [1], and the financing balance increased by 4.94% month-on-month to 255 million yuan [6], showing that institutions and active funds jointly drove the stock price up.

From a fundamental perspective, the company’s core business is high-reliability sensors and systems, which are widely used in the aerospace and national defense fields [2][3], with direct business relevance to the commercial aerospace industry. However, net profit in 2024 decreased by 42.24% year-on-year [3], and the current valuation corresponds to a PE of 97x/73x/58x for 2025-2027 [3], which is in a high range. Moreover, its business relies on the aerospace and national defense fields, with risks of policy and order fluctuations [2].

1. Superimposed Effect of Policy and Industry Trends
   : National-level policy support and the industry trend of reusable rocket technology breakthroughs form a resonance, bringing short-term valuation repair and long-term growth expectations to the commercial aerospace sector.
2. Capital Preference for “Specialized, Sophisticated, Unique, New” Enterprises
   : As a STAR Market “Specialized, Sophisticated, Unique, New” (Zhuang Jing Te Xin) Little Giant Enterprise, Gaohua Technology has become a target pursued by both institutions and short-term funds due to its R&D strength and business relevance [1][4][5].
3. Balance Between Thematic and Fundamental Aspects
   : Although short-term thematic catalysts are strong, the fundamental pressures of declining performance and high valuation bring uncertainty to the sustainability of future market performance.

• Thematic Fluctuation Risk
  : The commercial aerospace concept is a policy-driven theme, with excessive short-term gains and correction risks [8].
• Uncertainty in Performance Recovery
  : Net profit declined in 2024, and subsequent profit recovery still needs to be observed [3].
• High Valuation Pressure
  : The current valuation is at a high level and needs performance growth support [3].

• Large-Scale Development of Commercial Aerospace Industry
  : Large-scale application of reusable rockets is expected to bring order growth [4][5].
• Performance Release After Policy Implementation
  : The gradual implementation of national commercial aerospace policies may promote the performance growth of the company’s related businesses.

Gaohua Technology (688539)'s strong performance is driven by policies and industry catalysts in the commercial aerospace industry. Technically, it shows capital inflow and active trading; fundamentally, it has business relevance but faces performance and valuation pressures. Investors should pay attention to the implementation of commercial aerospace policies, the company’s order acquisition situation, and the progress of performance recovery to evaluate the sustainability of its strong performance.