商业航天深度报告：星辰大海，“材艺”相随

Investment Rating - The report maintains an "Overweight" investment rating for the commercial aerospace industry [1]. Core Insights - The commercial aerospace sector is experiencing rapid growth, driven by increasing rocket launch frequencies and advancements in technology, particularly in reusable rockets and new materials [1][3]. - The report highlights three major technological trends that will drive the application of new materials and processes in rocket manufacturing: the development of reusable rockets, improvements in engine thrust, and the application of liquid rocket engines [1][3]. - The market for copper alloys used in thrust chamber inner walls is expected to grow significantly, with projections estimating a market size of approximately 2.9 to 4.06 billion yuan from 2025 to 2030 [1][3]. - The demand for thermal barrier coatings is anticipated to reach a market size of about 2.06 to 5.47 billion yuan during the same period, driven by the need for high-thrust rockets and reusable technology [1][3]. Summary by Sections 1. Commercial Aerospace Industry Overview - The commercial aerospace industry is recognized as a key player in the new technological revolution, with significant strategic and commercial value [1][14]. - The frequency of rocket launches is increasing globally, with China rapidly developing its capabilities in response to international competition, particularly from SpaceX's Starlink program [1][11][13]. 2. New Materials Supporting Engine Performance - The report discusses the critical role of new materials in enhancing engine performance, particularly the use of copper alloys and thermal barrier coatings [1][3][26]. - The inner wall materials of thrust chambers are evolving, with copper-chromium alloys emerging as a new generation of materials in advanced rocket engines [1][3][26]. 3. Manufacturing Demand Leading to New Process Changes - The report emphasizes the importance of economic viability in commercial aerospace, with reusable technology helping to lower costs while increasing performance requirements for components [3][26]. - Additive manufacturing is highlighted as a key technology in the aerospace sector, particularly for satellite structures and rocket components, with a projected market size of approximately 10.5 to 24 billion yuan from 2025 to 2030 [3][26]. 4. Recommended Companies - The report suggests focusing on specific companies that are well-positioned to benefit from the growth in the commercial aerospace sector, including: - Srey New Materials (copper alloys) - Huaqin Technology and New Jingang (thermal barrier coatings) - Platinum and Huashu Gaoke (additive manufacturing equipment and services) - Steel Research Haopu and Ouzhong Technology (hot isostatic pressing equipment and services) [3][27].