商业航天火箭行业深度报告（下）：多元供给主体涌现，商业航天开启新时代

Investment Rating - The report maintains a positive investment suggestion for the commercial aerospace rocket industry, indicating a promising future for commercial rockets in China [1]. Core Insights - China's aerospace industry is rapidly developing, with a significant increase in launch frequency. From 2018 to 2022, the number of rocket launches in the U.S. rose from 34 to 87, while China's launches increased from 39 to 64, surpassing the U.S. in 2018, 2019, and 2021. In 2023, China conducted 67 launches compared to 116 in the U.S. [6][10]. - The number of commercial rocket launches in China has also seen rapid growth. In 2021, there were 7 commercial launches, accounting for 12.73% of total launches, while in 2023, there were 22 commercial launches, making up 32.84% of the total [10][12]. - The China Aerospace Science and Technology Corporation (CASC) is the dominant player in China's rocket launches, with 48 out of 67 launches in 2023, representing 71.46%. Private companies conducted 13 launches, accounting for 19.40% [10][19]. - In terms of payload quality, in 2022, the total payload mass of China's rocket launches was 197.21 tons, with CASC responsible for 193.98 tons (98.36%), while private companies contributed 1.34 tons (0.68%) [10][19]. Summary by Sections 1. Rapid Development of China's Aerospace Industry - The report highlights the rapid increase in launch frequency in China's aerospace sector, with significant growth in both state-owned and private companies participating in commercial launches [6][10]. 1.1. Dominance of CASC and Rising Participation of Private Rockets - CASC is identified as the absolute leader in China's rocket launches, with increasing participation from private companies. The report details the launch statistics and payload contributions from both sectors [10][19]. 1.2. Major Commercial Rocket Companies in China - The report outlines key players in the commercial rocket sector, including: - CASC: The main entity responsible for the majority of launches and payloads [15]. - China Aerospace Science and Industry Corporation (CASIC): Engaged in developing solid rocket technology and commercial launch services [19]. - Private Companies: Such as Zero One Space, Interstellar Glory, and Blue Arrow Aerospace, which are contributing to the commercial launch landscape [22][33]. 1.3. Related Listed Companies - The report mentions publicly listed companies involved in the aerospace sector, including Aerospace Electronics, Plutotech, and Srey New Materials, indicating their relevance in the commercial aerospace market [10][19].