国盛证券：商业航天产业闭环临界点将至 产业有望进入高速成长期

Core Viewpoint - The commercial aerospace industry is expected to accelerate with breakthroughs in reusable rocket technology, which will significantly reduce launch costs and increase the speed of deploying low Earth orbit satellites [1][2]. Group 1: Industry Trends - The launch cadence of low Earth orbit satellites in China is currently not at a large-scale networking level, facing pressure to "occupy frequency and maintain orbit" due to regulations from the International Telecommunication Union (ITU) [1]. - Multiple countries are planning large-scale low Earth orbit satellite constellations, with policies supporting the rapid development of commercial aerospace [2]. Group 2: Technological Developments - The successful first flight of the Zhuque-3 rocket marks a significant step in China's reusable rocket technology, with the goal of achieving 20 reuse cycles and reducing launch costs to approximately 20,000 RMB per kilogram [3]. - SpaceX's Falcon 9 rocket has demonstrated the economic benefits of reusable technology, achieving significant cost reductions through multiple reuses, with a current launch cost of about 2.1 million RMB per kilogram [4]. Group 3: Related Companies - Key players in the space computing sector include Putian Technology (002544.SZ), Shunhao Co., Ltd. (002565.SZ), and Maiwei Co., Ltd. (300751.SZ) [5]. - Companies involved in rocket manufacturing include Aerospace Power (600343.SH), Aerospace Electromechanical (600343.SH), and Superjet Co., Ltd. (301005.SZ) [5]. - Satellite-related companies include Shanghai Hantian (300762.SZ), Zhenlei Technology (688270.SH), Aerospace Hongtu (688066.SH), Zhongke Xingtou (688568.SH), and Haige Communication (002465.SZ) [5].