CMS·2026-01-12 05:01Investment Rating - The report maintains a "Recommended" rating for the commercial aerospace industry, indicating a positive outlook for the sector's fundamentals and expectations for the industry index to outperform the benchmark index [3][9]. Core Insights - The commercial aerospace industry is experiencing significant growth, with the industry scale expected to reach 2.8 trillion yuan by 2025, representing a compound annual growth rate (CAGR) of over 26%, and a 180% increase compared to 2020 [6]. - The demand for testing equipment in the commercial aerospace sector is increasing, with higher requirements across all stages of satellite development, including environmental adaptability, electromagnetic compatibility, communication performance, network collaboration, reliability, and safety [6]. - Domestic companies are rapidly catching up to international competitors in the high-end testing equipment market, with substantial potential for domestic substitution, particularly in communication testing equipment [6]. Industry Overview - The commercial aerospace industry is characterized by three major trends: high standardization, high computing power integration, and multidisciplinary collaboration, which are driving structural opportunities in high-end instrument import substitution and the expansion of third-party laboratory capabilities [1]. - The industry is segmented into three main parts: upstream satellite manufacturing and rocket launch (approximately 10% of value), midstream ground equipment manufacturing (approximately 45%), and downstream satellite application services (approximately 45%) [6]. Related Companies - Kunheng Shunwei: Provides various high-end radio frequency testing and simulation instruments for the satellite industry, covering multiple downstream users in the satellite value chain [6]. - Sushi Testing: Offers a range of testing equipment and services throughout the entire lifecycle of aerospace products, including thermal vacuum, mechanics, climate, and comprehensive environmental testing [6]. - Xicet Testing: Achieved several international quality management certifications, indicating its capability in precision manufacturing for the aerospace sector [6]. - Kangst: Has provided calibration products to SpaceX from 2016 to 2024, although the financial impact is relatively small [6].