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GlobeNewswire All Public CompaniesCodex · 实盘不做把握 6/10不做原因:已被定价
北京时间·🕒 发布 19:00:00·⟳ 抓取 19:00:46·⚡ 决策 08-24 19:17:06 +16m20s·64.0 天前

Kratos确认为波音JDAM LR项目供应Spartan J85发动机,但核心合同与发动机角色已提前公开

本次Kratos公告确认了正面供货关系,但主要合同与Kratos发动机角色已提前传播,且Kratos实际订单金额不可量化,盘前追多缺乏足够预期差。

📄 原文GlobeNewswire All Public Companies↗ 原文
Kratos Providing Spartan J85 Engines to Support Boeing JDAM LR Production Contract
SAN DIEGO, Aug. 24, 2026 (GLOBE NEWSWIRE) -- Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a technology com…
不做 Kratos Defense & Security Solutions(KTOS.US)
不做Kratos Defense & Security Solutions(KTOS.US):J85供货方向利好,但波音合同与Kratos发动机角色已在8月初公开,本次未披露Kratos订单金额、份额和利润率,追价edge不足。
不做 Boeing(BA.US)
不做Boeing(BA.US):7500万美元JDAM LR合同相对Boeing体量太小,且合同本身已提前公开,不构成本次新闻的有效交易载体。
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的TDI-J85进入波音JDAM LR项目,验证了其低成本军用推进系统的量产应用,方向上利好KTOS.US。但波音7500万美元JDAM LR生产合同已在2026-08-05由波音公开,8月6日前后媒体已披露该系统采用Kratos TDI-J85发动机,Kratos财报电话会也已谈到JDAM LR机会。本次新增主要是公司确认与产能叙事,未披露Kratos可确认收入、份额或利润率,预期差和可交易edge不足,因此不追。

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

消息传播链

  1. 2026-08-05 12:16 ET首发Boeing/PublicNow一手源原文 ↗
    波音已公开美国空军授予7500万美元UCA,JDAM LR进入初始生产。
  2. 2026-08-05财经媒体扩散Air & Space Forces Magazine非一手原文 ↗
    报道波音7500万美元JDAM LR合同,并提到长航程版本加入Kratos TDI-J85涡喷发动机。
  3. 2026-08-06财经媒体扩散Aviation Week非一手原文 ↗
    报道GBU-75/JDAM LR进入生产,并明确JDAM-LR加入Kratos Technical Directions TDI-J85 Spartan发动机。
  4. 2026-08-11其它Motley Fool财报电话会记录非一手原文 ↗
    Kratos管理层在Q2电话会中已称JDAM LR包含Kratos发动机,并提到2027年3000台、2028年额外5000台Spartan发动机部件计划及约5万美元ASP。
  5. 2026-08-24 11:00 UTC官方确认/否认GlobeNewswire/Kratos一手源原文 ↗
    Kratos正式宣布分配扩产后的Spartan J85产能支持波音JDAM LR生产项目。

关键理由

  • Kratos J85被选为JDAM LR发动机来源,证明其低成本军用推进系统进入波音弹药量产链条。
  • Auburn Hills推进制造设施已投产并为2027年大批量生产采购长周期部件,提升未来产能可见度。

主要风险

  • 7500万美元是波音主合同金额,不能直接等同为Kratos收入;Kratos实际份额、数量和毛利率未披露。
  • 波音获约和Kratos发动机角色已提前约两周公开,本次公告可能只是滞后确认,容易高开回落。

反向证据

  • 做多前查反向 · 来源 web · 日期 2026-08-06 · 影响 weakens
    Kratos公告前已有防务媒体披露JDAM LR使用TDI-J85,削弱本次公告新鲜度。
    检索:Boeing JDAM LR Kratos TDI-J85 August 2026 already reported 原文 ↗
  • 做多前查反向 · 来源 web · 日期 2026-08-11 · 影响 weakens
    公司电话会已提前谈到JDAM LR包含Kratos发动机及Spartan发动机产能计划,说明部分多头叙事已在事件前公开。
    检索:Kratos Q2 2026 earnings call JDAM LR Spartan engine 3000 50000 ASP 原文 ↗
  • 做多前查反向 · 来源 web · 日期 2026-08-05 · 影响 weakens
    7500万美元是波音主合同初始金额,相对Boeing体量过小,不支持以BA.US作为主交易。
    检索:Boeing JDAM LR 75 million contract materiality Boeing revenue market cap 原文 ↗

先例如何影响了这次决策

对本次决策的影响:先例不足没有单独否决交易,但与高price-in风险和量级不可量化共同促成不做。

方向:同市场、同机制、同相位且首发锚点干净的防务供应商供货确认样本不足;现有证据只能支持方向正面,不能支持追价幅度。

涨幅量级:缺少高相似样本和Kratos实际订单金额,无法据先例设定合理tp/sl或短线涨幅目标。

形态:当前更接近已公开主合同后的供应商官方确认,存在新鲜度不足和高开回落风险。

原文全文

展开原文 · 5,833 字
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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