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🏢 官网IRKTOSCodex · 实盘不做把握 5/10不做原因:风险收益比不佳
北京时间·🕒 发布 19:00:00(美东 07:00)·⟳ 抓取 19:00:59·⚡ 决策 08-24 19:17:19 +16m20s·63.9 天前

Kratos确认Spartan J85发动机支持波音JDAM LR量产准备

事件方向偏正面但新增预期差有限,Kratos收入量级无法核实,且核心合同和发动机角色已提前传播;在没有可量化订单弹性和高相似先例支撑时,不给新仓。

📄 原文KTOS↗ 原文
Kratos Providing Spartan J85 Engines to Support Boeing JDAM LR Production Contract
Kratos Recently Ordered Long-lead Components for Spartan Engines SAN DIEGO , Aug. 24, 2026 (GLOBE NEWSWIRE) -- Kratos D…
不做 Kratos Defense & Security Solutions(KTOS.US)
直接受益成立,但核心合同和发动机角色已提前传播,Kratos自身金额、利润率和交付节奏未披露,风险收益不足。
不做 Boeing(BA.US)
7500万美元JDAM LR合同相对Boeing体量过小,且本次Kratos公告不是Boeing的新重大增量。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)

研究档案

结论摘要

Kratos一手确认J85发动机支持Boeing JDAM LR并为2027年大批量生产采购长周期部件,强化其小型军用涡喷从工程开发进入量产准备的逻辑。但波音7500万美元JDAM LR合同和Kratos TDI-J85发动机角色已在8月5日至8月6日公开,本次更像供应商侧二次确认;由于Kratos自身金额、利润率和交付节奏均未披露,无法证明相对市值有足够短线增量,最终回避KTOS.US和BA.US。

🔎 新鲜度:最早出现 2026-08-05 · 扩散 medium · price-in 风险 medium ↗ ↗ ↗

消息传播链

  1. 2023-10-16官方确认/否认Kratos Defense一手源原文 ↗
    Kratos已披露TDI与Boeing就TDI-J85为Powered JDAM提供动力签署MOU,说明发动机角色不是全新首次出现。
  2. 2026-08-05财经媒体扩散Air & Space Forces Magazine非一手原文 ↗
    报道波音获得7500万美元JDAM LR生产合同,并说明长航程型号加入Kratos TDI-J85涡喷发动机。
  3. 2026-08-05官方确认/否认Boeing via PublicNow一手源原文 ↗
    波音发布称美国空军授予7500万美元UCA,JDAM LR进入初始生产,但公开稿未给Kratos收入份额。
  4. 2026-08-06行业媒体转载Aviation Week非一手原文 ↗
    Aviation Week进一步报道GBU-75订单进入生产,并点名Kratos TDI-J85 Spartan发动机。
  5. 2026-08-24 07:00 ET官方确认/否认Kratos IR一手源原文 ↗
    Kratos自身确认将扩张后的Spartan产能用于支持Boeing JDAM LR,并称已为2027年大批量生产采购长周期部件。
    市场反应:事件发生时为美股盘前,未采用未验证盘前价格作为入场依据。

关键理由

  • Kratos J85被用于JDAM LR,确认其小型军用涡喷参与美国防务高量产弹药项目。
  • 公司已采购长周期部件并分配扩产产能,说明管理层对2027年多客户需求有一定能见度。
  • 量级句:波音主合同为7500万美元,但Kratos只供应发动机,未披露自身份额;即便假设Kratos取得其中一部分,也需相对其年收入和市值重新折现,当前无法支撑明确ENTER。

主要风险

  • 核心合同与Kratos发动机集成信息已在8月5日前后公开,本次公告可能主要是二次确认。
  • 未披露Kratos订单金额、发动机数量、毛利率和交付节奏,无法量化收入或利润增量。

反向证据

  • 做多前查反向 · 来源 web · 日期 2026-08-05 · 影响 weakens
    JDAM LR合同和Kratos发动机选型在本次Kratos公告前已由防务媒体报道,削弱短线新鲜度。
    检索:Kratos Boeing JDAM LR TDI-J85 previous report August 2026 原文 ↗
  • 做多前查反向 · 来源 web · 日期 2023-10-16 · 影响 weakens
    Kratos与Boeing关于TDI-J85用于Powered JDAM的合作早在2023年已有官方MOU,说明发动机选择并非全新事实。
    检索:Kratos TDI Boeing Powered JDAM memorandum TDI-J85 2023 原文 ↗
  • 做多前查反向 · 来源 web · 日期 2026-08-05 · 影响 weakens
    本次主合同为7500万美元,作为Boeing层面的新增金额相对其收入和市值过小,不支持交易BA.US。
    检索:Boeing JDAM LR 75 million contract materiality Boeing revenue 原文 ↗

先例如何影响了这次决策

对本次决策的影响:先例不足没有改变利好方向,但使交易从潜在小仓LONG降为AVOID。

方向:同主体历史MOU和同项目合同披露均说明方向偏正面,但没有足够高相似、同市场、同相位、可干净锚定的样本证明供应商二次确认公告后仍有稳定超额收益。

涨幅量级:缺少高相似先例且Kratos自身金额未披露,无法据先例校准可执行tp/sl幅度。

形态:本事件类似旧合同链条的供应商侧确认,存在已被前序合同新闻吸收后反应有限的风险。

原文全文

展开原文 · 5,907 字
Kratos Recently Ordered Long-lead Components for Spartan Engines
SAN DIEGO
,
Aug. 24, 2026
(GLOBE NEWSWIRE) --
Kratos Defense & Security Solutions, Inc.
(Nasdaq: KTOS), a technology company in defense, national security, and global markets, today announced an allocation of its expanded Spartan engine production capacity to support Boeing’s Joint Direct Attack Munition Long Range production program with TDI-J85 (J85) engines.
This month, the
U.S. Air Force
awarded Boeing a
$75 million
Undefinitized Contract Action (UCA) to acquire the BSU-111/B Payload Delivery Unit (PDU) Joint Direct Attack Munition Long Range (JDAM LR), a precision-guided munition that can travel over 300 nautical miles with a 500-pound class (226-kilogram) payload. The Kratos J85 engine has been selected as the engine source to power the munition, enhancing the affordable precision-strike capability with our high-volume, low-cost, military-grade propulsion systems for the
U.S
. military and allied partners.
“National security priorities demand affordable mass and resilient, domestic supply chains,” said
Steve Fendley
, President of Kratos Unmanned Systems
. “Kratos’ internally funded and proactive supply-chain investments ensure we are not just preparing for future demand, and we are actively manufacturing the high-volume propulsion systems our customers require today.”
The J85 engines are produced in Kratos’ advanced 22,500-square-foot Propulsion Manufacturing Facility in
Auburn Hills, Michigan
, which is fully operational and optimized to sustain full-rate production.
To bolster and stabilize the defense industrial base supply chain, Kratos has initiated procurement of long-lead components for Spartan engines to support a large production run for a number of customers and applications in 2027, Boeing JDAM LR being key as the engine was originally designed to support this application. The large run enables economies of scale for cost and to address the published need by the
Department of War
to expand the
U.S
. industrial base and especially key technologies such as jet engines. Kratos is also executing a three-phase manufacturing infrastructure plan designed to expand production capacity, enabling rapid responsiveness to emerging customer requirements.
“The operational readiness of our
Auburn Hills
facility marks a pivotal transition from engineering development to high-rate tactical manufacturing,” said
Joseph Kovasity
, Senior Vice President of Kratos TDI
. “Integrating the Spartan turbojet family into Boeing’s JDAM LR program provides a reliable, scalable, domestically sourced propulsion solution that meets urgent national defense needs.”
About Kratos Defense & Security Solutions
Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS) is a technology, products, system and software company addressing the defense, national security, and global markets. Kratos makes true internally funded research, development, capital and other investments, to rapidly develop, produce and field solutions that address our customers' mission critical needs and requirements. At Kratos, affordability is a technology, and we seek to utilize proven, leading-edge approaches and technology, not unproven bleeding-edge approaches, with Kratos' approach designed to reduce cost, schedule and risk, enabling us to be first to market with cost effective solutions. We believe that Kratos is known as an innovative disruptive change agent in the industry, a company that is an expert in designing products and systems up front for successful rapid, large quantity, low-cost future manufacturing which is a value-add competitive differentiator for our large traditional prime system integrator partners and also to our government and commercial customers. Kratos' primary business areas include virtualized ground systems for satellites and space vehicles; jet-powered unmanned aerial drone systems; advanced vehicles and rocket systems; propulsion systems for drones, missiles, loitering munitions, supersonic systems, spacecraft, and launch systems; C5ISR and microwave electronic products for missile, radar, missile defense, space, satellite, counter-UAS, directed energy, communication, and other systems; and virtual and augmented reality training systems for the warfighter. For more information, visit
www.KratosDefense.com
and follow Kratos on
LinkedIn
and
X
.
Notice Regarding Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Kratos and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Kratos undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Kratos believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Kratos in general, see the risk disclosures in the Annual Report on Form 10-K of Kratos for the year ended December 29, 2025, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos.
Press Contact:
Claire Cantrell
claire.cantrell@kratosdefense.com
Investor Relations:
877-934-4687
investor@kratosdefense.com

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