AHTHGC(SZ:000901) Zheng Quan Shi Bao Wang·2026-01-16 06:44Core Viewpoint - The successful launch of the Ceres-1 sea-launched rocket marks a significant milestone for China's commercial space sector, enhancing the capabilities of the Tianqi satellite constellation and expanding its applications across various industries [1][4]. Group 1: Company Overview - Ceres-1 is a core solid launch vehicle developed by Beijing Xinghe Power Aerospace Technology Co., Ltd., representing the company's commercialized model [2]. - Founded in February 2018, Xinghe Power is the first private commercial rocket enterprise in China to achieve mass production and high-frequency launches [2]. - The Ceres-1 rocket has a length of approximately 20 meters and a takeoff weight of 33 tons, with payload capacities of 300 kg to a 500 km sun-synchronous orbit and 270 kg to a 700 km orbit [2]. Group 2: Launch and Performance - The recent launch successfully deployed four satellites into a near-Earth orbit, contributing to the global networking of the Tianqi satellite constellation [1][4]. - Since its first flight in September 2023, the Ceres-1 sea-launched rocket has achieved a 100% success rate across six launches [2]. - The sea-launch model offers flexibility in selecting optimal launch points, improving orbital accuracy and reducing safety risks [4]. Group 3: Market and Financial Insights - The commercial space sector has attracted significant capital, with Xinghe Power raising 2 billion yuan in A-round financing in 2020 and 2.4 billion yuan in D-round financing in September 2025, achieving a post-investment valuation of 15-16 billion yuan [3]. - The company is expected to complete its IPO counseling process within 3 to 12 months, with optimistic projections for filing its prospectus in the second quarter of 2026 [3]. - The demand for low-orbit satellite networking is increasing, providing a broad market space for commercial rocket enterprises with high reliability and low costs [4].