商业航天“光模块”找到了，核心股今年已涨近3倍！

Core Viewpoint - The article emphasizes the potential investment opportunities in the commercial aerospace sector, particularly focusing on the satellite and rocket industries, which are expected to experience significant growth due to advancements in technology and increasing demand for satellite launches [5][27]. Satellite Industry - The satellite industry is likened to "smartphones in space," with core hardware configurations being crucial for communication and remote sensing functions [7]. - The core payload system accounts for approximately 60% of the satellite's value, estimated at around 17.5 million, with the RF communication payload being a significant contributor [8]. - Key segments within the payload system include RF communication payloads (28% of value), onboard routing/processing (20%), and inter-satellite laser communication (11%) [8]. - The satellite platform system represents about 40% of the value, estimated at 13 million, with structural and thermal control systems being the largest components [8]. - The payload's importance is underscored as it constitutes 50%-70% of the total satellite cost, with communication payloads making up over 75% of the payload cost [11]. Rocket Industry - The rocket industry is characterized by a "national team-led, private enterprise collaboration" structure, with the propulsion system being the heart of the rocket, accounting for 30%-40% of the total cost [20][21]. - The propulsion system's demand is expected to grow with the increase in rocket launches, similar to how inverters benefit from the growth in photovoltaic installations [21]. - The estimated value of the rocket propulsion system is around 65 million, with significant components including the engine assembly and thrust chamber [22]. - The rocket's structure system accounts for 25% of the value, while the electrical system represents 10% [22]. Key Companies - Key players in the satellite payload segment include Zhenray Technology, which specializes in RF chips and payload components, and Shanghai Huanxun, a leader in communication payloads [13][17]. - In the rocket propulsion sector, Aerospace Power is noted as the only listed platform providing liquid engines for national rockets, benefiting from increased commercial rocket launches [23]. - Other notable companies include Srey New Materials, which supplies critical components for rocket engines, and High-tech Electronics, a leader in servo and flight control systems [24][25]. Market Outlook - The commercial aerospace sector is viewed as a long-term technology track, with the core logic being "launch volume → demand explosion → core segment performance realization" [27]. - The article suggests that as the three major satellite constellations enter a phase of intensive networking, the efficiency and quantity of satellite launches will significantly increase, leading to performance inflection points for key companies [27]. - Investors are advised to monitor order situations and performance forecasts of relevant companies to capitalize on market opportunities [28].