Core ideas of this week
1) The 05 group of satellites of shijian-6 were successfully launched, and the 400th flight of long march series rockets was completed. According to Xinhua news agency, at 8:11 on December 10, China successfully launched the 05 group of satellites of Shijian 6 at Jiuquan Satellite Launch Center with the long march 4B carrier rocket. The satellite successfully entered the predetermined orbit and the launch mission was a complete success. This mission is the 400th flight of the long march series of carrier rockets, It is also the 155th space launch mission successfully completed by Jiuquan Satellite Launch Center. The rockets and satellites for this mission were developed by the eighth Institute of China Aerospace Hi-Tech Holding Group Co.Ltd(000901) Group Co., Ltd. According to the relevant experts of Aerospace Hi-Tech Holding Group Co.Ltd(000901) group, the development of a new generation of heavy launch vehicles is also being carried out as planned, effectively promoting the development of major aerospace projects such as the fourth phase of the lunar exploration project, asteroid exploration, Jupiter exploration, manned lunar exploration and the first Mars sampling, and helping to build a powerful Aerospace country. With the increasingly full tasks of the aerospace industry, it is expected that the landscape of relevant industrial chains will continue to improve.
2) The first space teaching activity of the Chinese space station was a complete success. According to the China Manned Changzheng Engineering Co.Ltd(603698) office, at 15:40 Beijing time on December 9, the first lesson of “Tiangong classroom” officially began. Eight years later, Chinese astronauts taught in space again. “Space teachers” Zhai Zhigang, Wang Yaping and ye Guangfu brought a wonderful space science popularization course to the majority of teenagers on the Chinese space station, which is the first space teaching activity on the Chinese space station. Subsequently, the “Tiangong classroom” will continue to carry out space teaching activities, actively disseminate manned space knowledge and culture, and continue to carry out space science education in various forms and rich contents. The success of this event reflects the further maturity of China’s Aerospace Satellite field. With the continuous accumulation of China’s aerospace technology and increasingly intensive launch tasks, the upstream and downstream of the satellite Internet industry chain is expected to maintain a high outlook.
Focus on aviation, aerospace, informatization and new materials:
1) Aviation equipment: both the surrounding situation and the construction of the Navy and air force have put forward new requirements for military aircraft. At present, there is a large room for improvement in the number and structure of Chinese military aircraft. It is expected that with the national defense budget inclined to weapons and equipment, especially the air force and Navy, it is expected to accelerate the upgrading of military aircraft. The disclosure of large contract liabilities by many companies in the early stage may further improve the cash flow of the industrial chain and promote the production and delivery of products. We believe that aviation equipment will show a high boom during the 14th Five Year Plan period, driving the improvement of industrial chain performance. In addition, the reform of military pricing mechanism and the increase of equity incentive scheme will also promote the improvement of industry profit level. It is suggested to pay attention to: [ Avic Shenyang Aircraft Company Limited(600760) ], [ Avic Xi’An Aircraft Industry Group Company Ltd(000768) ], [ Jiangxi Hongdu Aviation Industry Co.Ltd(600316) ], [ Aecc Aviation Power Co Ltd(600893) ], [ Avic Electromechanical Systems Co.Ltd(002013) ], [ Hefei Jianghang Aircraft Equipment Co.Ltd(688586) ], [ Beijing Beimo High-Tech Frictional Material Co.Ltd(002985) ], [ Avic Jonhon Optronic Technology Co.Ltd(002179) ], [ Avic Heavy Machinery Co.Ltd(600765) ], [ Wuxi Paike New Materials Technology Co.Ltd(605123) ], [ Guizhou Aviation Technical Development Co.Ltd(688239) ], [ Chengdu Ald Aviation Manufacturing Corporation(300696) ], [ Jiangsu Maixinlin Aviation Science And Technology Corp(688685) ].
2) Aerospace equipment: in terms of missile weapons and equipment, the main driving factors of the missile industry mainly come from: the first is the iterative period, the second is the increase in the demand for strategic reserves, and the third is driven by practical training. The missile sector may be the most flexible segment during the 14th Five Year Plan period, which will bring rapid performance thickening of relevant listed companies, pay attention to the overall opportunities of the missile sector, and give priority to the targets with high performance flexibility and high proportion of missile business. It is suggested to pay attention to: [ Guizhou Space Appliance Co.Ltd(002025) ] and [ Beijing Relpow Technology Co.Ltd(300593) ]. In terms of Satellite Internet, Beidou navigation: the year-on-year growth rate of Beidou satellite navigation industry chain began to increase in 2020, and it is expected to maintain a high growth rate in 2021 and 2022. In Beidou navigation industry chain, the demand for Beidou navigation chips and Beidou navigation terminals increased rapidly; Satellite internet field: China Spacesat Co.Ltd(600118) network group is expected to become the main force of China Spacesat Co.Ltd(600118) Internet. At present, although China Spacesat Co.Ltd(600118) Internet is still in the early stage of development, Satellite Internet will still become an important development direction of 6G mobile communication. It is suggested to pay attention to: [ Chengdu Corpro Technology Co.Ltd(300101) ] and [ Chengdu M&S Electronics Technology Co.Ltd(688311) ]. 4) Informatization sector: due to factors such as localization process, military modernization and accelerated update of new models, it has continued to exceed the growth of the industry since 2018, focusing on military semiconductors, upstream electronic components, radar and electronic countermeasures, communication, navigation and remote sensing, etc. the performance of some companies has taken the lead in entering the high-speed growth stage and is expected to continue in the next 21 years. It is suggested to pay attention to: [ China Zhenhua (Group) Science & Technology Co.Ltd(000733) ], [ Unigroup Guoxin Microelectronics Co.Ltd(002049) ], [ Chengdu Zhimingda Electronics Co.Ltd(688636) ].
5) New materials: it is suggested to focus on the direction of superalloys, titanium alloys and carbon fiber composites. The military new material technology has basically realized self-control and represents China’s leading level, and the dual / multi flow system of model certification makes the suppliers limited, the competition pattern at the supply end is good, the demand end is due to the large volume of main battle models and supporting engines, the proportion of new material application is increasing, the outsourcing proportion of main engine manufacturers is increasing, domestic substitution and other factors, It is expected that the future growth of the industry is highly uncertain, and the scale effect will continue to appear after the demand increases, driving the continuous decline of unit cost. Therefore, the gross profit margin of the industry may still have room to improve and gradually realize to profit, and it is possible to urgently explore the civil market, with good long-term growth. It is suggested to pay attention to: [ Baoji Titanium Industry Co.Ltd(600456) ], [ Gaona Aero Material Co.Ltd(300034) ], [ Western Superconducting Technologies Co.Ltd(688122) ], [ Avic Aviation High-Technology Co.Ltd(600862) ].
Risk warning: the replacement of weapons and equipment is not as expected; The development of a new missile model was not as expected.
