远火深度报告之一：内需推动叠加外贸赋能，远火迎来拓展新契机

Investment Rating - The report maintains a positive outlook on the remote rocket artillery industry, indicating a favorable investment opportunity due to increasing domestic demand and military trade expansion [5][6]. Core Insights - The remote rocket artillery system is identified as a critical component of modern warfare, effectively bridging the gap between traditional artillery and ballistic missiles, offering advantages in range, precision, and cost-effectiveness [4][6]. - Domestic demand is expected to rise alongside military trade opportunities, creating a broad market space for remote artillery systems [4][5]. - The remote rocket artillery supply chain is highlighted, with a focus on key components such as guidance systems, propulsion modules, and complete assembly manufacturers [5][7]. Summary by Sections 1. Remote Rocket Artillery System - The remote rocket artillery system integrates long-range suppression and precision strike capabilities, essential for complex battlefield environments [4][13]. - The system consists of multiple components, including the rocket launcher and the rockets themselves, which are designed for effective firepower delivery [4][13]. 2. Domestic Demand and Military Trade Expansion - The report notes that the expansion of the U.S. rocket artillery units and upgrades in weaponry are driving demand for remote artillery systems [4][23]. - The significance of remote artillery in modern conflicts, such as the Russia-Ukraine war, has increased its visibility in the global military trade market [4][29]. 3. Remote Rocket Artillery Supply Chain - The supply chain is categorized into three main segments: guidance systems, propulsion modules, and complete assembly manufacturers, with specific companies recommended for investment [5][7]. - The guidance system is identified as the core component, with a significant value contribution, primarily utilizing inertial guidance technology [4][6]. 4. Key Companies and Investment Opportunities - Companies such as Changying Technology in the upstream sector and Beifang Navigation in the midstream sector are highlighted as key players in the remote artillery supply chain [5][7]. - Downstream manufacturers like Zhongbing Hongjian are noted for their stringent qualifications and limited competition in the complete assembly of remote artillery systems [5][7].