国君军工|核心企业布局全产业链,我国空天基建有望加速

Investment Rating - The report indicates a positive outlook for the commercial aerospace industry, particularly for companies like Zhongke Xingtou and Aerospace Hongtu, which are expanding their presence in the entire industrial chain of commercial aerospace [2]. Core Insights - The aerospace industry is characterized as a technology-intensive sector with high demands for innovation and research and development. The report highlights the need for advancements in data processing and analysis capabilities to effectively utilize the vast amounts of space data generated [2]. - Zhongke Xingtou is actively pursuing a "4+2" plan to build a comprehensive commercial aerospace industrial chain, which includes the development of various satellite constellations and a global measurement and control network [2]. - Aerospace Hongtu has launched its own satellite constellation to address the scarcity of radar data sources for remote sensing, enhancing its capabilities in high-precision mapping and monitoring [6]. Summary by Sections - Industry Characteristics: The aerospace industry is marked by a high volume of satellites, diverse payload types, and significant data generation, which necessitates improved data handling and processing solutions [2]. - Company Strategies: Zhongke Xingtou is focusing on a full industrial chain layout, including satellite manufacturing, rocket operations, and data services, to strengthen its market position [2]. Aerospace Hongtu is also expanding its operations from downstream to upstream within the aerospace information industry [6]. - Technological Developments: The report emphasizes the importance of developing high-precision commercial radar remote sensing satellite constellations to support traditional industries' digital transformation [6].