蓝箭航天，冲刺 “商业航天第一股”

Core Viewpoint - The article highlights the significant progress of Blue Arrow Aerospace in the commercial aerospace sector, particularly its completion of IPO counseling, positioning it to become the first commercial aerospace stock on the Sci-Tech Innovation Board [4][7]. Group 1: Company Overview - Blue Arrow Aerospace, founded in 2015, is one of the earliest private rocket companies in China, focusing on the development of medium to large liquid oxygen-methane launch vehicles [7]. - The company aims to establish a full industry chain encompassing research, manufacturing, testing, and launching [7]. Group 2: Recent Developments - Blue Arrow Aerospace completed its IPO counseling on July 29, 2023, with the support of China International Capital Corporation (CICC), and is expected to submit its prospectus soon [6][7]. - The company successfully launched the world's first liquid oxygen-methane rocket, Zhuque-2, in July 2023, and followed up with the successful first flight of Zhuque-3 in December 2023, marking a breakthrough in reusable rocket technology [8][14]. Group 3: Technological Advancements - Zhuque-3 is designed for large satellite constellations, featuring a reusable design that allows for up to 20 launches, with a goal to reduce the cost per kilogram to below 20,000 RMB [9][10]. - The rocket's development timeline is notably rapid, with the entire process from project initiation to first flight taking approximately 28 months [9]. Group 4: Market Context - The commercial aerospace sector in China is experiencing a wave of IPOs, with several companies, including Star River Power and Zhongke Aerospace, also preparing for market entry by 2025 [5][16]. - The article notes a significant gap in launch costs, with current market rates for satellite launches ranging from 50,000 to 150,000 RMB per kilogram, indicating a potential market opportunity for Blue Arrow Aerospace's cost-effective solutions [10][11]. Group 5: Investment Landscape - Blue Arrow Aerospace has attracted over 500 million RMB in investments within its first three years, with a current valuation of 20 billion RMB, supported by prominent investors such as Sequoia China and Matrix Partners [15]. - The recent policy changes by the China Securities Regulatory Commission to support unprofitable companies in the commercial aerospace sector have further fueled interest in IPOs within this industry [15][16].