Industry Investment Rating - The report maintains an "Overweight" rating for the military industry, consistent with the previous rating [1] Core Views - SpaceX's Starship successfully completed its fifth test flight, marking a revolutionary milestone in human spaceflight history [3] - Starship is the largest and most powerful rocket globally, capable of delivering over 100 tons of payload to orbit and is fully reusable, significantly reducing space activity costs [3] - Liquid rockets are more suitable for batch and large-scale launch missions, driven by strong demand for low-orbit internet constellation construction [3] - Solid small rockets are flexible, can be stored for long periods, and have lower single-launch costs [3] - Domestic commercial rockets are expected to see concentrated first launches in the next two years, with a significant increase in launch numbers after 2026 [3] - The "Hyperbola-3" rocket by iSpace is planned for its first flight by the end of 2025, with a single-use payload capacity of 13 tons, potentially becoming the first reusable large liquid rocket in China [3] Company Valuations and Recommendations - AVIC Optoelectronics (002179 SZ): - Closing price: 43 18 CNY (as of October 14, 2024) - EPS forecast: 1 90 CNY (2024E), 2 38 CNY (2025E) - PE ratio: 23 (2024E), 18 (2025E) - Rating: Overweight [4] - Aerospace Electric (002025 SZ): - Closing price: 55 58 CNY (as of October 14, 2024) - EPS forecast: 2 16 CNY (2024E), 2 78 CNY (2025E) - PE ratio: 26 (2024E), 20 (2025E) - Rating: Overweight [4] - Guangwei Composites (300699 SZ): - Closing price: 32 51 CNY (as of October 14, 2024) - EPS forecast: 1 09 CNY (2024E), 1 26 CNY (2025E) - PE ratio: 30 (2024E), 26 (2025E) - Rating: Overweight [4] Related Reports - Military industry reports on topics such as commercial aerospace, new military equipment, and domestic aircraft development [2]
SpaceX星舰完成第五次试飞任务事件快评：多款商业火箭将集中首飞，国内星网建设有望加速
Guotai Junan Securities·2024-10-15 07:38