中科宇航择机开展火箭可回收试验 商业航天发展提速

Industry Overview - The domestic largest pin nozzle liquid oxygen kerosene engine, LQ-2, has successfully completed a long-range test with a total test duration of 140 seconds and a maximum stable operation time of 120 seconds, achieving all test indicators in one go [1] - Following the successful ground verification of the engine, the company plans to conduct the suborbital flight test of the LQ-1 remote-controlled vehicle soon, focusing on verifying the re-entry deceleration and recovery technology of the return capsule [1] Market Potential - Dongwu Securities believes that the era of reusable rockets in China has begun, which is expected to lead to a period of intensive breakthroughs [1] - Currently, national rockets like Long March 12, Long March 8A, and Long March 6 modifications are under tight scheduling due to other national space missions, highlighting the urgent need for high-capacity, low-cost, and highly reliable reusable rockets [1] - Starting from the end of 2025, a series of new commercial rockets, including Zhuque-3, Tianlong-3, and others, are scheduled for launch, which, if successfully recovered, could accelerate the deployment of domestic low-orbit satellite constellations [1] Company Insights - China Satellite Communications is the leading satellite communication operator in China and is expected to benefit from the accelerated deployment of domestic satellite internet [1] - Shanghai Huhong's subsidiary, Huhang Satellite, focuses on commercial satellite supporting products and services, including the assembly and integration of commercial satellites and the design and manufacturing of core components for aerospace products [1]