Core ideas of this week
1) president Xi Jinping inspected Wenchang space launch site and emphasized the annual task arrangement. According to CCTV, president Xi Jinping 412 visited the Wenchang space launch site and, on behalf of the CPC Central Committee and the Central Military Commission, extended sincere greetings to all comrades at the launch site Xi Jinping combined with the display board, listen to the basic situation of the launch site, the implementation of the mission and the report on the follow-up development plan, and observe the launch tower and other facilities and equipment. Then he went to the spacecraft assembly test workshop and the rocket horizontal test and vertical assembly test workshop in turn to learn more about the preparation of the mission Xi Jinping stressed that Wenchang space launch site is a launch site for China’s new generation of high thrust launch vehicles, an important bridgehead for China’s deep space exploration, and plays a special and important role in China’s space system. We should vigorously carry forward the spirit of “two bombs and one satellite” and the spirit of manned spaceflight, adhere to facing the world Addsino Co.Ltd(000547) frontier and the major strategic needs of national spaceflight, strengthen mission responsibility, have the courage to innovate and make breakthroughs, comprehensively improve the modern spaceflight launch capacity, and strive to build a world-class spaceflight launch site Xi Jinping also stressed that according to the established deployment, China will complete the construction of the space station this year. The Tianzhou 4 and 5 cargo spacecraft and the Wentian and Mengtian experimental modules will be launched from the Wenchang space launch site. The relevant departments should make careful preparations, organize and implement carefully to ensure the complete success of the launch mission and welcome the victory of the 20th CPC National Congress with practical actions. At present, the state attaches great importance to the construction in the aerospace field, and the Aerospace Launch mission is becoming more and more full. It is expected that the landscape of relevant industrial chains will continue to improve.
2) the return module of Shenzhou 13 manned spacecraft has landed successfully, and the construction of China’s space station is planned to be completed within this year. According to the Chinese manned Changzheng Engineering Co.Ltd(603698) office, at 9:56 Beijing time on April 16, the return module of Shenzhou 13 manned spacecraft successfully landed at the Dongfeng landing site. The on-site medical supervision and medical insurance personnel confirmed that the astronauts Zhai Zhigang, Wang Yaping and ye Guangfu were in good health and that the Shenzhou 13 manned mission was a complete success. According to Hao Chun, director of China’s manned Changzheng Engineering Co.Ltd(603698) office, the construction of China’s space station is divided into two stages: key technology verification and construction, and six missions are planned respectively. Among them, the main task goal of the key technology verification stage is to comprehensively break through and master the key technologies related to the construction and operation of the space station. The successful mission of Shenzhou 13 marks the perfect conclusion of the key technology verification stage of the space station. According to the mission plan, six missions will be carried out in 2022 to complete the on orbit construction of the Chinese space station: the Tianzhou 4 cargo spacecraft will be launched in May; In June, the Shenzhou 14 manned spacecraft was launched, and three astronauts entered the core module and stayed in orbit for 6 months; In July, the space station will launch the space inquiry experimental module and dock with the space and core module; In October, Mengtian experimental module was launched to connect with the core module, and then the third module of the space station formed a “t” basic configuration, completing the on orbit construction of the Chinese space station; Then the Tianzhou 5 cargo spacecraft and Shenzhou 15 manned spacecraft will be launched. The Shenzhou 15 flight crew is composed of three astronauts. After rotating with the Shenzhou 14 astronauts in orbit, they will stay in orbit for six months. With the maturity of China’s manned space technology and the gradual promotion of the construction of the space station, it is expected to drive the development of strategic aerospace, commercial aerospace and other related links.
Focus on aviation, aerospace, informatization and new materials:
1) aviation equipment: both the surrounding situation and the construction of 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 that attention should be paid to the following: [ ” Avic Shenyang Aircraft Company Limited(600760) 123 ], [ 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 focus on 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) ], [ Beijing Relpow Technology Co.Ltd(300593) ]. In terms of Satellite Internet, Beidou navigation: the year-on-year growth rate of Beidou satellite navigation industrial chain began to increase in 2021, and it is expected to maintain a high growth rate in 2022 and 2023. In Beidou navigation industrial chain, the demand for Beidou navigation chips and Beidou navigation terminals increased rapidly; In the field of Satellite Internet: 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 its infancy, Satellite Internet will still become an important development direction of 6G mobile communication. Suggested attention: [ Chengdu Corpro Technology Co.Ltd(300101) ], [ Chengdu M&S Electronics Technology Co.Ltd(688311) ].
4) informatization sector: due to factors such as the localization process, military modernization and accelerated renewal 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 and other directions. The performance of some companies has taken the lead in entering the high-speed growth stage and is expected to continue in 2022. 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 achieved independent control and represents China’s leading level, and the dual / multi flow system of model certification makes the suppliers limited, and the competition pattern on the supply side is good. On the demand side, due to the large volume of main battle models and supporting engines, the increasing proportion of new material applications, the increasing outsourcing proportion of main engine manufacturers, domestic substitution and other factors, it is expected that the future growth of the industry will be highly certain, Moreover, after the demand increases, the scale effect will continue to appear, driving the continuous decline of unit cost. Therefore, the gross profit margin of the industry may still have room to improve and gradually realize the profit, and has the possibility of urgent development to 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.
