<p>作者：William Gavin</p>
<p>York Space Systems 的股价自公司在 1 月上市以来已下滑，但一些分析师认为该公司在技术和财务上相较于竞争对手具有优势。</p>
<p>York Space Systems 成立于 2012 年，为客户开发和运营卫星和航天器，主要是美国政府。</p>
<p>过去几周，对于新上市的 York Space Systems 来说情况不太乐观。但一些分析师认为该公司有很大的潜力成为航天行业的巨头，并且其股票有可能大幅上涨。</p>
<p>York (YSS) 于 1 月 29 日在纽约证券交易所上市，发行价为每股 38 美元，增发 1850 万股，发行价为每股 34 美元。但截至周五，股价下跌近 32%，收于每股 25.91 美元。</p>
<p>根据 Citi 的分析师 John Godyn 的说法，这为投资提供了机会，他对 York 的评级为买入，目标价为 37 美元，意味着从当前交易水平来看有 39% 的上涨空间。周一，股价在盘中交易中上涨了 2%。</p>
<p>Godyn 表示，该公司是 “为航天大趋势而生”，他指出全球对所谓航天经济的兴趣和投资正在增长。</p>
<p>York 努力在其业务的多个方面实现垂直整合，其中包括在内部制造卫星关键组件的能力。</p>
<p>Godyn 写道：“York 的卫星架构具有灵活性、可扩展生产，并旨在实现显著的成本效率。” 他补充说，其向后兼容的设计方法使公司能够简化生产并降低成本。</p>
<p>York 表示，其制造卫星的成本约为竞争对手的一半。然而，该公司尚未实现盈利，并在 2025 年前九个月报告了 5600 万美元的净亏损。在一份证券文件中，York 警告称预计在未来几年将 “遭受净亏损”。</p>
<p>阅读：York Space 测试市场对卫星股票的需求，因为它增发了 IPO。</p>
<p>尽管如此，Raymond James 的分析师 Brian Gesuale 周一表示，他预计 York 今年将实现盈利，理由是其有潜力获得政府卫星合同。该分析师对该股的评级为跑赢大盘，目标价为 55 美元，意味着 107% 的上涨空间。</p>
<p>York 表示，其在去年前三个季度的销售额和积压订单 “几乎全部” 归因于美国太空发展局。该公司为该局的扩散战斗人员空间架构计划提供了 21 颗卫星。根据分析师的说法，它已获得运输层当前总卫星奖项的 35%，超过任何其他公司。</p>
<p>见：这家卫星制造商的股票正在飙升。以下是它仍然可以大幅上涨的原因。</p>
<p>摩根大通认为 York 有机会扩展其在 SDA 的工作，尤其是与情报界和金色圆顶导弹防御计划的合同。该银行表示，York 估计其 1400 亿美元的总可寻址市场中约有一半与金色圆顶相关，而 30% 可追溯到与情报机构的工作。</p>
<p>摩根大通对 York 的股票进行了覆盖，给予超配评级和 39 美元的目标价，认为该股票应以高于 Firefly Aerospace (FLY) 和 Voyager Technologies (VOYG) 的价格交易，因为其 “相对更快” 的盈利路径。他们还认为其交易价格应高于 Intuitive Machines (LUNR) 和 Redwire (RDW) 的 “显著” 溢价。</p>
<p>然而，并非所有人都如此乐观。高盛周一开始对 York 进行覆盖，给予中性评级和每股 29 美元的目标价，意味着从当前交易水平有 9% 的上涨空间。</p>
<p>Truist 的分析师 Michael Ciarmoli 对该股进行了覆盖，给予持有评级和 30 美元的目标价，批评其对 SDA 的依赖。Ciarmoli 指出，York 的积压订单已连续两年下降，自 2023 年底以来下降了 31.6%。</p>
<p>Ciarmoli 警告称，五角大楼已暂停扩散战斗人员空间架构计划的某些部分，同时探索将责任转移到 SDA 之外。政府还在审查将未来运输层的批次完全转移给 SpaceX 及其 Starshield（为国家安全目的设计的 Starlink 卫星版本）的计划，他补充道。</p>
<p>“在短期内，我们认为 SpaceX 可能是卫星市场中最具颠覆性的力量，” Truist 分析师谈到埃隆·马斯克的火箭发射公司，该公司预计将在夏季进行自己的首次公开募股。</p>
<p>阅读：你可以在 SpaceX 首次公开募股之前进行投资——但你应该这样做吗？</p>
<p>-William Gavin</p>
<p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻社和《华尔街日报》独立出版。</p>
<p>（完）道琼斯新闻社</p>
<p>02-23-26 1148ET</p>

<p>York Space Systems 于 1 月在纽约证券交易所上市，其股价已下跌近 32%，至 25.91 美元。来自花旗和雷蒙德·詹姆斯的分析师持乐观态度，分别设定了 37 美元和 55 美元的目标价，认为该公司在航天产业和政府合同方面具有潜力。然而，高盛和 Truist 则表示谨慎，强调对美国航天发展局的依赖以及来自 SpaceX 的竞争所带来的担忧。York 在 2025 年报告净亏损 5600 万美元，并预计未来几年将继续亏损</p>

<p>By William Gavin</p>
<div class="lb-trans"><p>作者：William Gavin</p>
</div><p>York Space Systems shares have slid since the company debuted in January, but some analysts think the company has technological and financial advantages over rivals</p>
<div class="lb-trans"><p>York Space Systems 的股价自公司在 1 月上市以来已下滑，但一些分析师认为该公司在技术和财务上相较于竞争对手具有优势。</p>
</div><p>York Space Systems was founded in 2012 and develops and operates satellites and spacecraft for customers - namely the U.S. government.</p>
<div class="lb-trans"><p>York Space Systems 成立于 2012 年，为客户开发和运营卫星和航天器，主要是美国政府。</p>
</div><p>The last few weeks have been rough for newly public York Space Systems. But some analysts see plenty of room for the company to become a space-industry titan - and for its stock to surge.</p>
<div class="lb-trans"><p>过去几周，对于新上市的 York Space Systems 来说情况不太乐观。但一些分析师认为该公司有很大的潜力成为航天行业的巨头，并且其股票有可能大幅上涨。</p>
</div><p>York (YSS) debuted on the New York Stock Exchange on Jan. 29 at $38 per share after selling 18.5 million shares at $34 per share in an upsized initial public offering. But the stock fell almost 32% through Friday, closing at $25.91 per share.</p>
<div class="lb-trans"><p>York (YSS) 于 1 月 29 日在纽约证券交易所上市，发行价为每股 38 美元，增发 1850 万股，发行价为每股 34 美元。但截至周五，股价下跌近 32%，收于每股 25.91 美元。</p>
</div><p>That presents an opportunity, according to analysts at Citi led by John Godyn, who initiated coverage on York with a buy rating and a $37 price target, implying 39% upside from current trading levels. On Monday, the stock nudged up 2% in intraday trading.</p>
<div class="lb-trans"><p>根据 Citi 的分析师 John Godyn 的说法，这为投资提供了机会，他对 York 的评级为买入，目标价为 37 美元，意味着从当前交易水平来看有 39% 的上涨空间。周一，股价在盘中交易中上涨了 2%。</p>
</div><p>The company is &#34;built for the space megatrend,&#34; according to Godyn, who pointed to growing interest and investment in the global so-called space economy.</p>
<div class="lb-trans"><p>Godyn 表示，该公司是 “为航天大趋势而生”，他指出全球对所谓航天经济的兴趣和投资正在增长。</p>
</div><p>A key part of that is York's efforts to vertically integrate many aspects of its business, including its ability to make key components of its satellites in-house.</p>
<div class="lb-trans"><p>York 努力在其业务的多个方面实现垂直整合，其中包括在内部制造卫星关键组件的能力。</p>
</div><p>&#34;York's satellite architecture is built for flexibility, scaled production, and is designed to drive significant cost efficiencies,&#34; Godyn wrote, adding that its backward-compatible design approach allows the company to streamline production and keep costs down.</p>
<div class="lb-trans"><p>Godyn 写道：“York 的卫星架构具有灵活性、可扩展生产，并旨在实现显著的成本效率。” 他补充说，其向后兼容的设计方法使公司能够简化生产并降低成本。</p>
</div><p>York says it builds its satellites for about half the cost of what rival manufacturers spend. However, the company has yet to turn a profit and reported a net loss of $56 million over the first nine months of 2025. In a securities filing, York warned that it expects to &#34;incur net losses for the next several years.&#34;</p>
<div class="lb-trans"><p>York 表示，其制造卫星的成本约为竞争对手的一半。然而，该公司尚未实现盈利，并在 2025 年前九个月报告了 5600 万美元的净亏损。在一份证券文件中，York 警告称预计在未来几年将 “遭受净亏损”。</p>
</div><p>Read: York Space tests the market's hunger for satellite stocks as it upsizes its IPO</p>
<div class="lb-trans"><p>阅读：York Space 测试市场对卫星股票的需求，因为它增发了 IPO。</p>
</div><p>Despite that, Raymond James analyst Brian Gesuale said Monday that he expects York to become profitable this year, citing its potential to earn government satellite contracts. The analyst initiated coverage of shares with an outperform rating and a $55 price target, implying upside of 107%.</p>
<div class="lb-trans"><p>尽管如此，Raymond James 的分析师 Brian Gesuale 周一表示，他预计 York 今年将实现盈利，理由是其有潜力获得政府卫星合同。该分析师对该股的评级为跑赢大盘，目标价为 55 美元，意味着 107% 的上涨空间。</p>
</div><p>York has said that &#34;substantially all&#34; of its $280.9 million in sales and its backlog over the first three quarters of last year can be attributed to the U.S. Space Development Agency. The company contributed 21 satellites for the transport layer of the agency's Proliferated Warfighter Space Architecture program. It's secured 35% of the current total of satellite awards for the transport layer, more than any other company, according to analysts.</p>
<div class="lb-trans"><p>York 表示，其在去年前三个季度的销售额和积压订单 “几乎全部” 归因于美国太空发展局。该公司为该局的扩散战斗人员空间架构计划提供了 21 颗卫星。根据分析师的说法，它已获得运输层当前总卫星奖项的 35%，超过任何其他公司。</p>
</div><p>See: This satellite maker's stock is soaring. Here's why it can still rally a lot more.</p>
<div class="lb-trans"><p>见：这家卫星制造商的股票正在飙升。以下是它仍然可以大幅上涨的原因。</p>
</div><p>J.P. Morgan sees room for York to expand beyond its work for the SDA, namely contracts with the intelligence community and for the Golden Dome missile-defense program. The bank said that York estimates that around half of its $140 billion total addressable market is attributable to the Golden Dome, while 30% can be traced to work for intelligence agencies.</p>
<div class="lb-trans"><p>摩根大通认为 York 有机会扩展其在 SDA 的工作，尤其是与情报界和金色圆顶导弹防御计划的合同。该银行表示，York 估计其 1400 亿美元的总可寻址市场中约有一半与金色圆顶相关，而 30% 可追溯到与情报机构的工作。</p>
</div><p>J.P. Morgan initiated coverage of York's stock with an overweight rating and $39 price target, arguing that the stock should trade at a premium to shares of Firefly Aerospace (FLY) and Voyager Technologies (VOYG), given its &#34;relatively faster&#34; path to profitability. They also see it trading at a &#34;meaningful&#34; premium to Intuitive Machines (LUNR) and Redwire (RDW).</p>
<div class="lb-trans"><p>摩根大通对 York 的股票进行了覆盖，给予超配评级和 39 美元的目标价，认为该股票应以高于 Firefly Aerospace (FLY) 和 Voyager Technologies (VOYG) 的价格交易，因为其 “相对更快” 的盈利路径。他们还认为其交易价格应高于 Intuitive Machines (LUNR) 和 Redwire (RDW) 的 “显著” 溢价。</p>
</div><p>However, not everyone is as optimistic. Goldman Sachs on Monday began covering York with a neutral rating and a $29-per-share price target, implying 9% upside from current trading levels.</p>
<div class="lb-trans"><p>然而，并非所有人都如此乐观。高盛周一开始对 York 进行覆盖，给予中性评级和每股 29 美元的目标价，意味着从当前交易水平有 9% 的上涨空间。</p>
</div><p>Truist analyst Michael Ciarmoli initiated coverage of the stock with a hold rating and $30 price target, criticizing its reliance on the SDA. Ciarmoli noted that York's backlog has fallen for two straight years - down 31.6% since the end of 2023.</p>
<div class="lb-trans"><p>Truist 的分析师 Michael Ciarmoli 对该股进行了覆盖，给予持有评级和 30 美元的目标价，批评其对 SDA 的依赖。Ciarmoli 指出，York 的积压订单已连续两年下降，自 2023 年底以来下降了 31.6%。</p>
</div><p>Ciarmoli warned that the Pentagon has put some elements of the Proliferated Warfighter Space Architecture program on hold while it explores shifting responsibility outside of the SDA. The government is also reviewing plans to shift future tranches of the transport layer to exclusively SpaceX and its Starshield, a version of its Starlink satellites designed for national security purposes, he added.</p>
<div class="lb-trans"><p>Ciarmoli 警告称，五角大楼已暂停扩散战斗人员空间架构计划的某些部分，同时探索将责任转移到 SDA 之外。政府还在审查将未来运输层的批次完全转移给 SpaceX 及其 Starshield（为国家安全目的设计的 Starlink 卫星版本）的计划，他补充道。</p>
</div><p>&#34;In the near term we believe SpaceX could be the most disruptive force in the satellite market,&#34; the Truist analyst said of Elon Musk's rocket-launch company, which is expected to conduct its own public offering in the summer.</p>
<div class="lb-trans"><p>“在短期内，我们认为 SpaceX 可能是卫星市场中最具颠覆性的力量，” Truist 分析师谈到埃隆·马斯克的火箭发射公司，该公司预计将在夏季进行自己的首次公开募股。</p>
</div><p>Read: You can invest in SpaceX before its IPO - but should you?</p>
<div class="lb-trans"><p>阅读：你可以在 SpaceX 首次公开募股之前进行投资——但你应该这样做吗？</p>
</div><p>-William Gavin</p>
<div class="lb-trans"><p>-William Gavin</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻社和《华尔街日报》独立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻社</p>
</div><p>02-23-26 1148ET</p>
<div class="lb-trans"><p>02-23-26 1148ET</p>
</div>

这只卫星股票可能会翻倍，分析师表示它是 “为太空大趋势而打造的”