Rocket Lab USA(US:RKLB) INDUSTRIAL SECURITIES·2025-03-06 09:00Investment Rating - The investment rating for Rocket Lab USA, Inc. is "Buy" (首次增持) [1] Core Views - Rocket Lab USA, Inc. is positioned as the third-largest space exploration company globally, focusing on providing launch services and space systems solutions, primarily through its Electron rocket designed for small payloads [3][4] - The company has launched 60 Electron rockets to date, with plans to enhance launch frequency and develop the Neutron rocket, aiming for its first flight in the second half of 2025 [3][4] - Revenue projections for Rocket Lab indicate significant growth, with expected revenues of $555 million in 2025, $894 million in 2026, and $1.207 billion in 2027, alongside a path to profitability by 2027 [3][4] Financial Summary - Revenue Growth: Projected total revenue for 2024 is $436 million, with a year-on-year growth of 78%. For 2025, the revenue is expected to reach $555 million, reflecting a 27% increase [3][10] - Net Profit: The company is expected to report a net loss of $190 million in 2024, narrowing to a loss of $157 million in 2025, and achieving a profit of $68 million by 2027 [3][10] - Gross Margin: The gross margin is projected to improve from 27% in 2024 to 40% by 2027, indicating enhanced operational efficiency [3][10] - Earnings Per Share (EPS): EPS is expected to improve from -$0.38 in 2024 to $0.14 in 2027, signaling a potential turnaround in profitability [3][10] Business Model and Competitive Advantage - Rocket Lab's competitive edge lies in its end-to-end service model, offering both rocket launch and satellite design services, which appeals to clients seeking comprehensive solutions [3][4] - The company operates two launch sites in New Zealand and the USA, providing flexibility in launch windows and minimizing the impact on ground personnel [3][4] - The introduction of the Neutron rocket, capable of carrying payloads of up to 13,000 kg, marks a strategic shift from small payloads to a broader range of space transportation services [3][4]