In-Depth Analysis of Hyblue (300065)’s Strong Performance: Opportunities and Risks Amid Multiple Catalysts

Hyblue performed strongly on January 12, 2026, entering the strong stock pool with a daily increase of over 14%[0]. This rally is not an accidental fluctuation, but the result of multiple substantial positive factors.

. This project, with a 5.2 billion yuan investment from Jianyuan Technology, is a landmark event in China’s commercial aerospace sector[1][2]. As a member of the consortium, Hyblue has won the bid for the Hainan Commercial Launch Rocket Sea Recovery Command and Telemetry Ship project, marking the company’s substantial order landing in the commercial aerospace field[4].

Meanwhile,

, a 50% increase. This news was interpreted by the market as a signal of intensified great-power competition and a new growth cycle for global military spending, directly boosting bullish sentiment in the military industry and commercial aerospace sectors[3]. As a dual-concept target in marine defense and commercial aerospace, Hyblue fully benefits from changes in this geopolitical expectation.

is another important catalyst. On January 6, 2026, the company received a reply to the exchange’s inquiry letter regarding its issuance of shares to acquire 100% equity of Hyblue Universal and supporting fundraising[4]. Hyblue Universal owns the only two legally compliant commercial offshore radar networks in China. Upon completion of this restructuring, the company’s competitive barriers in the marine monitoring field will be significantly strengthened.

From a technical perspective, Hyblue is currently in a typical strong breakout pattern.

[0]. This breakout has important technical significance—it not only means reduced selling pressure above, but also indicates that the market’s valuation expectations for the stock are systematically rising.

: the 20-day moving average is at $18.86, the 50-day moving average at $18.48, the 200-day moving average at $18.01, and the current price of $26.39 is significantly above all cycle moving averages[0]. This moving average pattern indicates that short-term, medium-term, and long-term trends are highly consistent, forming a resonant rally pattern. From the perspective of wave theory, the stock may be in the main uptrend stage, continuing the long-term uptrend that started a year ago.

: although the daily trading volume of 218 million shares is slightly lower than the average daily level, considering the stock price hit the daily limit, this volume contraction actually reflects stable holding mentality and low selling pressure[0][7]. Based on the 5-day average volume of 65.61 million shares, the recent overall trend is a rally with expanding volume, indicating obvious capital involvement.

Hyblue’s fundamentals show the dual-driver characteristic of

. The company’s three core business segments are in different growth stages: the intelligent marine navigation business provides a stable cash flow foundation; the marine observation and detection business will realize qualification integration and business expansion through the acquisition of Hyblue Universal; the Underwater Data Center (UDC) business is in a critical transition period from technology verification to large-scale commercial application.

. The Lingshui, Hainan project’s single data module can provide a maximum computing power of 1400 PFlops, and a high-quality computing power cluster of 675 PFlops has been completed[5]. The “offshore wind power + underwater data center” demonstration project in Lingang, Shanghai was completed in October 2025, and it is the world’s first offshore wind power-connected underwater data center project[5]. The company has signed contracts with nearly 10 enterprises, with application scenarios covering AI large model training and inference, industrial simulation, game production, and other fields[5].

. The current price-to-earnings ratio (P/E) of 502x seems extremely expensive on the surface, but if analyzed by splitting the businesses: the profits contributed by traditional businesses correspond to a P/E of about 30-50x, while the UDC and commercial aerospace businesses correspond to a valuation of tens of billions of yuan but have not yet been reflected in profits[0]. In other words, the market is actually using the DCF (Discounted Cash Flow) model to value the growth businesses that have not yet scaled up.

. Trading data on January 8, 2026 shows that five institutions had a net purchase of 135 million yuan, the Shenzhen Stock Connect had a net purchase of 50.21 million yuan, the well-known retail hot money “Zhongshan East Road” bought approximately 200 million yuan, and “Quantitative Boarding” bought approximately 104 million yuan[7]. The total net purchase amounted to 489 million yuan, with the listed seats purchasing 753 million yuan throughout the day, and the capital for sealing the daily limit exceeding 3 billion yuan[3].

This

usually occurs in two scenarios: first, the company’s fundamentals have indeed undergone major positive changes, and capital has formed a consistent expectation; second, herd-like chasing driven by short-term emotional excitement. Combined with Hyblue’s multiple substantial positive factors, the former is more likely. However, it should be noted that institutions and the Shenzhen Stock Connect also engaged in flipping on the same day, with some capital choosing to take profits[7], which suggests that short-term divergence may exist.

Hyblue’s unique value lies in the

: intelligent marine navigation technology provides a foundation for sea-based rocket recovery telemetry and control; marine observation and detection capabilities support the operation and maintenance monitoring of underwater data centers; and the computing power services of UDC can in turn feed back into scientific research computing and simulation testing. This “marine technology ecosystem” gives the company a unique niche advantage in segmented fields, which is difficult to replicate by competitors with a single business focus.

is particularly worthy of attention. Sea-based rocket recovery requires strong telemetry, tracking, and communication capabilities, and underwater data centers are precisely the ideal carriers for low-latency, highly reliable data transmission. With the advancement of the Hainan Commercial Launch project, the company is expected to form a full-chain service capability of “launch - telemetry and control - data processing”, which has no direct competitors in China.

From a trading perspective, Hyblue is undergoing a

. Previously, the company’s rally was mainly driven by concepts such as commercial aerospace and UDC, which is a typical risk appetite-driven rally. But with order landing, project commissioning, and restructuring progress, substantial improvements in fundamentals are providing a basis for the high valuation.

. The market expects a 200% to 500% year-on-year performance growth in 2025[6]. If the annual report data meets or exceeds expectations, the current valuation may be digested; conversely, the stock may face a valuation crash caused by “unmet expectations”. This time node will determine whether the share price continues its trend-like rally or enters a range-bound consolidation.

As a Shenzhen GEM (Growth Enterprise Market) target, Hyblue enjoys the

, which allows it to quickly complete valuation repairs when market sentiment is high. At the same time, the GEM has a higher valuation tolerance for growth-oriented enterprises, with investors paying more attention to long-term potential rather than current profits. This market preference highly matches Hyblue’s characteristics of “high growth, low profit”.

. The current P/E ratio of 502x means the market has extremely high expectations for the company’s growth in the next few years[0]. Any underperformance, order delays, industry policy tightening, or decline in market risk appetite may lead to a sharp contraction in valuation. Historical experience shows that theme stocks often fall deeper when market sentiment reverses.

. Although the company has replied to the exchange’s inquiry regarding the acquisition of 100% equity of Hyblue Universal, it still needs to pass regulatory approval[4]. There is a possibility of rejection, revised terms, or extended review period, which will directly affect the progress of the company’s strategic layout.

. Although the company has won the bid for the rocket sea recovery telemetry and control ship project, there is a long conversion cycle from order to performance release[4]. In addition, the commercial aerospace industry itself has high technical barriers, long investment cycles, and strong policy dependence, resulting in high uncertainty.

. A daily volatility of 4.54% coupled with a turnover rate of 25.7% shows obvious characteristics of chip game[0]. The game between the profit-taking pressure of early profit-making chips and the willingness of new capital to take over will directly affect the short-term share price trend.

. The groundbreaking of China’s first sea-based recoverable and reusable rocket base marks the industry’s entry into a new stage[1][2]. As a core participant in the industrial chain, Hyblue is expected to continue to benefit from industry expansion. Referring to the development trajectory of SpaceX in the United States, supporting service enterprises can often achieve excess growth.

. Underwater data centers have unique advantages in terms of PUE (Power Usage Effectiveness), land occupation, and coastal deployment. With the exponential growth in demand for AI large model training and inference, the supply gap of high-quality computing power will continue to expand[5].

. If the share price effectively breaks through the historical high of $27.57, from a technical analysis perspective, it will open up new upside potential, possibly challenging the range of 30-35 yuan[0]. This breakout requires effective matching of trading volume and can be used as a right-side confirmation signal.

Dimension	Risk Level	Opportunity Level	Time Sensitivity
Valuation Pullback	High	-	Immediate
Restructuring Progress	Medium	Medium	1-2 Months
Performance Verification	High	High	April Annual Report
Industry Explosion	-	High	6-12 Months

Hyblue’s strong performance is driven by three factors: industry tailwinds, fundamental improvements, and joint capital forces. The commercial aerospace sector is catalyzed by the groundbreaking of China’s first sea-based recoverable and reusable rocket base and expectations of U.S. military spending expansion. As a consortium member, Hyblue has won the bid for the Hainan Commercial Launch project to achieve order landing. Coupled with the accelerated commercialization of its UDC business and progress in major asset restructuring, this constitutes solid fundamental support[1][2][3][4][5].

Technically, the share price has broken through a historical high, with a clear bullish alignment pattern and active capital involvement[0][7]. However, the current extremely high valuation of 502x P/E means any negative factor may be over-interpreted[0]. Investors should distinguish between short-term sentiment-driven moves and long-term value creation, and make more prudent decisions after waiting for performance verification and the actual implementation of commercialization.

: This analysis is compiled based on public information and does not constitute investment advice. Investors should make prudent decisions based on their own risk tolerance, and pay attention to the pullback risk of high-valued stocks and the amplified volatility effect brought by the GEM’s price limit system.

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[0] Jinling Analysis Database - Market Data and Technical Indicators

[1] Securities Times - China’s First Stainless Steel Rocket Super Factory Breaks Ground

[2] Securities Times - Full Surge! 300102, 300887 Hit Daily Limit in Late Trading

[3] Fortune Account - Military Industry Surge! Commercial Aerospace Sees Another Daily Limit Wave

[4] Limit-Up Radar - Commercial Aerospace + UDC Computing Power + Major Asset Restructuring

[5] Fortune Account - Hyblue’s Underwater Computing Power Leads the World

[6] Eastmoney - Daring to Hit a New Historical High, This is Hyblue’s Attitude

[7] Sina Finance - Dragon and Tiger List | Hyblue Hits 20CM Daily Limit, Five Institutions Net Buy 135 Million Yuan