Shanghai Geoharbour Construction (SH:605598) Changjiang Securities·2026-01-04 10:13Investment Rating - The report maintains a "Positive" investment rating for the commercial aerospace industry [9]. Core Insights - The commercial aerospace sector is experiencing heightened attention, driven by infrastructure development, technological advancements, and increasing demand. Multiple rocket recovery systems are being constructed at various launch sites in China, with several reusable rockets entering test flight phases. Additionally, China plans to establish a satellite network comprising over 10,000 satellites, including major constellations like Qianfan and GW [2][7]. Summary by Sections Industry Overview - The commercial aerospace industry is poised for growth due to a combination of infrastructure development, technological progress, and rising demand. The report emphasizes the importance of these three catalysts in shaping the industry's future [2][7]. Company Analysis - The report highlights Shanghai Port Bay's strategic positioning in the commercial aerospace sector. The company has established Shanghai Fuxi Xinkong, holding an 80% stake, which serves as a supplier of space energy system solutions. Their energy system products have successfully supported the launch of 18 satellites, contributing to the construction of satellite internet constellations [11]. - In the first half of 2025, Shanghai Port Bay's commercial aerospace orders surged, achieving new signed orders of 34.02 million yuan [11]. - The company has a significant first-mover advantage with its perovskite satellite battery products, which have been in orbit for a year. The report notes successful launches of satellites equipped with these batteries [11]. Market Performance - The report indicates that Shanghai Port Bay's main business remains robust, with a strong integration into the "Belt and Road" initiative, leading to substantial overseas orders. In the first half of 2025, the company secured new orders totaling 837 million yuan, with 246 million yuan from domestic and 591 million yuan from international markets [11].