远程火箭炮行业研究报告：远程打击核心力量，内外需求多点开花

Investment Rating - The report recommends a focus on the midstream guiding control core companies such as Beifang Navigation and key ammunition companies like Guoke Military Industry, indicating a positive investment outlook for the long-range rocket artillery industry [6]. Core Insights - Long-range rocket artillery systems are recognized as a new type of weapon for the army's long-range strike operations, effectively filling the range gap between tube artillery and tactical missiles. They are characterized by rapid firing speed, strong firepower, good surprise attack capability, and high mobility, making them one of the most promising munitions for the future [3][12]. - The demand for long-range rocket artillery is expected to grow significantly due to continuous advancements in range and the integration of guided navigation systems, which enhance their effectiveness to be comparable to missiles while maintaining lower production costs. The U.S. Department of Defense has allocated over $1.2 billion for the purchase of approximately 9,900 rockets in FY2020 and plans to spend an additional $4.3 billion from FY2021 to FY2024 for nearly 29,000 GMLRS rockets [4][27]. - China's long-range rocket artillery has developed a complete range of models, including PHL-03 and PHL-191, and is positioned at the forefront internationally. The domestic demand for military exercises and reserves is robust, and the international security situation is tense, suggesting a favorable outlook for military trade [5][39]. Summary by Sections 1. Long-range Rocket Artillery: Core Power in Modern Warfare - Long-range rocket artillery is essential for ground forces, capable of performing various combat tasks in all terrains and weather conditions. They can deliver rapid and powerful fire support, making them indispensable in modern warfare [12]. - The development of long-range rocket artillery has progressed through several stages, with significant improvements in range, firepower, and mobility, making them a critical component of military operations [20][21]. 2. International Security Situation and Demand for Long-range Rocket Artillery - The U.S. military has significantly increased its budget for munitions, with tactical missiles becoming a primary focus. The recent conflicts have highlighted the renewed importance of rocket artillery in warfare [25][27]. - Global military spending has been on the rise, with a notable increase in demand for precision-guided munitions, indicating a robust market for long-range rocket artillery [34][35]. 3. Industry Chain and Related Companies - The long-range rocket artillery industry chain includes assembly, guidance systems, and warheads. Key companies in this sector include Zhongbing Hongjian, Beifang Navigation, and Lihua Navigation, which are involved in various aspects of production and technology development [48].