华创证券：卫星组网建设进入加速期 看好火箭链投资机会

Core Viewpoint - The report from Huachuang Securities indicates that China's two major satellite constellations are expected to enter a rapid networking phase by 2026, contingent on the successful recovery and reuse of rockets, which would significantly lower satellite launch costs and accelerate the networking process [1][2]. Demand Side - The satellite internet industry is gaining attention from the Chinese government, with policies being introduced to support its development. The satellite internet aims to provide global broadband access and enhance terrestrial communication networks, forming the basis for the Internet of Things [2]. - The competition for orbital and frequency resources is intensifying, with the U.S. SpaceX's Starlink leading the way by launching over 10,000 satellites. China's two core satellite internet projects, GW constellation and Qianfan constellation, are projected to have a total of 13,000 and 15,000 satellites, respectively [2]. Supply Side - Rocket capacity is crucial for the accelerated construction of satellite networks, with China's current rocket fleet primarily consisting of the Long March series, facing capacity constraints. The bottleneck is attributed to launch frequency, payload capacity, and launch costs [3]. - Several commercial rocket companies, such as Blue Arrow and Tianbing, are developing new models with larger payload capacities, which are expected to take on more launch tasks for the two major constellations. The successful recovery and reuse of rockets is seen as a key method to reduce launch costs [3]. Components - The main components of launch vehicles include structural systems (fairings, tanks, inter-stage sections, engine frames, and tail sections), propulsion systems (propellant delivery pipelines and engines), and control systems. According to statistics, engines account for the largest share of rocket manufacturing costs at 54%, followed by the rocket structure at 24% [4].