丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] 朱雀三号即将再次回收试验，我国火箭重复使用 技术有望突破 报告要点 [Table_Summary] 2 月 25 日，蓝箭航天宣布，其研制的朱雀三号重复使用运载火箭计划于今年第二季度再次开展 回收试验，并根据回收试验情况，争取于第四季度尝试首次回收复用飞行。此次蓝箭航天公布 其回收试验及首次回收复用飞行相关安排，我们认为我国商业航天有望于今年实现关键技术突 破。随着可回收火箭的技术突破，火箭发射成本有望大幅降低，从而加速我国商业航天产业发 展。建议关注产业链各环节的核心供应商，重点关注卫星应用相关标的。 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Title 朱雀三号即将再次回收试验，我国火箭重复使 2] 用技术有望突破 [Table_Summary2] 事件描述 2 月 2 ...

这则消息的背景是，去年底该型火箭首次开展一子级回收验证时，"最后一脚刹车没踩好"，遗憾折戟。 从一次功败垂成的探索，到迅速重整旗鼓、明确规划下一轮试验，这一过程为商业航天技术突破写下注脚：创新之路功在"恒进"而非速成。 每经编辑｜陈柯名 "朱雀"蓄势，将再冲云霄。2月25日，蓝箭航天宣布，其研制的朱雀三号重复使用运载火箭计划于今年第二季度再次开展回收试验，并根据回收试验情 况，争取于第四季度尝试首次回收复用飞行。 中国航天事业的发展史，本就是一部从零开始、自力更生、砥砺前行的奋斗史。今天，当商业航天接过部分探索的接力棒，这种精神内核与市场机制的活 力、资本的风险偏好相结合，孕育出了"一败再战"甚至"屡败屡战"的现代创新文化。这不仅是科研任务的刚性要求，更是企业在市场竞争中的生命力所 在。 随着第二次回收试验的筹备工作展开，社会对此应抱以理性期待，乐见其成亦能理解其艰，相信无论成败"坚持就是胜利"；业界则需保持战略定力，尊重 科学、敬畏工程、持续投入。比单次结果更为重要的，是持续投入、不断优化、长期坚持的研发过程本身。这一过程所积累的技术知识、工程经验和人才 团队，才是构筑未来太空产业基础最坚实的资产。 评论员 ...

Core Viewpoint - The successful maiden flight of the Zhuque-3 reusable launch vehicle marks a significant milestone in China's aerospace industry, despite the failure of the first stage rocket recovery, showcasing advancements in reusable rocket technology and laying a foundation for future improvements [1][7][10]. Group 1: Flight Details - The Zhuque-3 rocket was launched on December 3, achieving a successful flight with the second stage entering orbit, while the first stage attempted a vertical recovery [3][10]. - The first stage experienced challenges during the "supersonic re-entry aerodynamic gliding phase," ultimately failing to achieve a soft landing due to an abnormal combustion during the final ignition [5][7]. Group 2: Technical Innovations - The Zhuque-3 features several domestic firsts, including the integration of a nine-engine parallel liquid oxygen-methane propulsion system and the use of stainless steel for the rocket body, which enhances durability and reusability [10][15]. - The choice of stainless steel is attributed to its strength, heat resistance, and lower material costs, making it suitable for mass production and repeated use [12][17]. Group 3: Fuel and Performance - The rocket utilizes liquid oxygen and methane as fuel, which is noted for its clean combustion and favorable cooling and ignition characteristics, making it ideal for reusable rockets [19][21]. - The current version of the Zhuque-3 has a payload capacity of approximately 13-14 tons for single use and around 10 tons for reuse, depending on the orbital requirements [14]. Group 4: Industry Context and Future Prospects - The development of reusable rockets is a global trend, driven by the need for lower launch costs and increased frequency of launches, particularly for satellite constellations [22][24]. - The Chinese government has initiated projects to develop liquid oxygen-methane reusable launch vehicles, collaborating with commercial aerospace companies to enhance technological capabilities [24][25]. - Successful recovery is just the first step; the focus will shift to ensuring the rockets can be reused effectively and economically, which is crucial for the future of the aerospace industry [27].

Core Points - SpaceX's Starship successfully completed its 11th test flight on October 13, 2023, with both the first and second stages landing as planned [1][2] - The mission focused on testing new landing burn techniques for the booster, the spacecraft's re-entry trajectory, and the thermal protection system's durability [1][2] Group 1 - The Starship rocket, approximately 120 meters long and 9 meters in diameter, consists of two reusable stages: the 70-meter "Super Heavy" booster and the Starship spacecraft [2] - The mission included the deployment of eight Starlink prototype satellites, which burned up upon re-entry [1] - The spacecraft performed a dynamic maneuver test and validated subsonic guidance algorithms, aiming to gather critical data for the development of the next-generation "Super Heavy" booster and future recovery of the spacecraft [2]