国金证券：商业航天全球产业共振方兴未艾 建议关注体制内各平台相关上市公司

Group 1 - The commercial aerospace industry is experiencing a global resonance, with significant developments expected in China's commercial rocket companies, including multiple medium and large rocket launches and recovery validations by 2026, and a potential for dense launches and large-scale satellite networking by 2027 [2] - The success record and payload capacity of commercial rockets reflect a company's competitive edge in future commercial operations, with 2026-2027 being a critical validation window for Chinese commercial rocket companies [3] - The design capabilities, thrust, and parallel capabilities of rocket engines are core focus areas, with a shift expected towards full-flow staged combustion liquid oxygen-methane engines and nuclear-powered engines in the future [4] Group 2 - 3D printing offers advantages in manufacturing lightweight, complex, or precision structural components, serving as a crucial method for reducing costs and shortening timelines in commercial aerospace [5] - The market for 3D printing in China is projected to reach approximately 41.5 billion yuan in 2024, with the aerospace sector accounting for about 16.7%, equivalent to 6.93 billion yuan [5] - The structural components of commercial rockets typically account for 25%-30% of total costs, with storage tanks representing over 60% of that cost, indicating significant value in this segment [5][6] Group 3 - The flight control software of rockets acts as the "brain," primarily developed in-house by rocket companies, while the servo system constitutes about 6%-10% of the rocket's value, dominated by state-owned enterprises and research institutions [7] - The commercial aerospace sector is transitioning from electric servos to electromechanical static pressure servos, indicating advancements in technology and control systems [7]