浙商证券：卫星应用需求释放 火箭供给有望突破

Core Insights - The deployment of data centers in low Earth orbit (LEO) is emerging as a promising option for technology companies' future computing strategies, especially as China's low Earth orbit satellite constellation approaches a peak launch period [1][2]. Group 1: Satellite Internet and Space Computing - Satellite internet, which utilizes a network of satellites to provide global broadband access, is expected to enhance military communication networks and expand ground user service capabilities [1]. - Space computing is anticipated to address current data center challenges related to heat dissipation and power supply, with space-based data centers capable of utilizing high-intensity solar energy, achieving five times the efficiency of terrestrial systems [1]. Group 2: Launch Demand and Industry Growth - The construction progress of China's low Earth orbit constellations is lagging behind expectations, leading to a rapid increase in rocket launch demand, with projections indicating a rise from 54 launches in 2025 to 860 by 2030, reflecting a compound annual growth rate (CAGR) of 74% [2][3]. - The total number of satellites planned for launch in the next five years is approximately 16,000, with significant implications for the rocket launch industry [3]. Group 3: Rocket Cost and Capacity Expansion - The cost of rocket launch capacity is decreasing, with private rocket companies expected to achieve launch costs as low as 20,000 yuan/kg, nearing the cost of SpaceX's Falcon 9 [4]. - The industry is currently in a phase of capacity expansion, with both state-owned and private enterprises ramping up production capabilities, including new manufacturing facilities and increased launch frequencies [4]. Group 4: Industry Supply Chain and Key Players - The rocket industry is characterized by a supply-demand imbalance, with a focus on high-value and high-barrier companies. Key suppliers include Hangyang Co. (liquid oxygen fuel), Plater (3D printed parts), and Srey New Materials (copper alloys for engines) [5]. - Potential main manufacturers include Aerospace Power (listed platform for the Sixth Academy) and Aerospace Engineering (listed platform for the First Academy) [5].