Event

According to the China manned Space Engineering Office, the long March 2F rocket that launched the Tiangong-2 space laboratory has safely arrived at the launch site of the China Jiuquan Satellite launch Center to carry out final assembly and testing of the launch site. At present, the facilities and equipment of the launch site are in good condition, and all preparations are being carried out in an orderly manner as planned. The Tiangong-2 space laboratory is scheduled to launch in mid-September. China will organize and implement manned space engineering space laboratory missions this year and next year to verify the key technologies of the future space station.

Analysis.

The "manned Space Project" opens a new chapter: after two years of repair and accumulation of preparation, China's manned space program will usher in a number of important launch tasks this year. The Tiangong-2 space laboratory is improved and developed on the basis of Tiangong-1 backup target aircraft, using the configuration of the experimental module and the resource module, which is a real space laboratory. In order to meet the needs of the propellant addition verification test, the propulsion subsystem was adaptively modified; the Tiangong-2 space laboratory loaded 14 space application loads, such as space cold atomic clock, space-to-ground quantum key distribution test, and designed on-orbit life of 2 years. At the same time, the system design of Tiangong-2 is modular, which means it can be quickly replaced and repaired in orbit when something goes wrong, which is also the first time in the domestic space field. The Shenzhou-11 spacecraft launched in the fourth quarter of this year will carry two astronauts, dock with Tiangong-2 and stay in space for 30 days, which will double the length of time of Shenzhou-10.

China will build the world's only orbiting space station in 2022: after completing the rendezvous and docking with the Shenzhou-11 spacecraft and space science experiments, Tiangong-2 will also verify the docking and resource replenishment technology of the Tianzhou-1 cargo spacecraft in the first half of 2017. The launch of the core module of the Tianhe-1 space station before and after 2018 will be an important starting point for the construction of China's space station, followed by the launch of two experimental modules to rendezvous and dock with the core module of the Tianhe-1 space station. According to the plan, China will carry out the construction of the space station around 2020 and fully operate it in 2022. According to previous news, the International Space Station will be retired in 2020, when the Chinese space station may become the only space station in orbit. In China's manned spaceflight "three-step" plan, the ultimate goal is to build a basic space station, which will not exceed the size of the International Space Station. The basic space station roughly consists of a core module, a cargo spacecraft, a manned spacecraft and two other modules for experiments and other functions, with a total weight of less than 100 tons. The core module needs to be manned for a long time and can be docked with various experimental modules, manned spacecraft and cargo spacecraft.

To develop aerospace, power comes first: this year, China's fourth space launch site in Wenchang, Hainan, after Jiuquan, Taiyuan, and Xichang, has been put into use. it will mainly undertake the launch tasks of spacecraft such as geosynchronous orbit satellites, high-mass polar orbit satellites, large tonnage space stations and deep space exploration satellites. Only rockets with a carrying capacity of more than 20 tons can launch the core module of the space station. The carrying capacity of large carrier rockets is the most powerful proof of national strength, and it is also the main body of the space game among great powers. The technical level of carrier rockets reflects a country's ability to ultimately use space and develop space technology. According to international aerospace data statistics, engines account for about 1/3 of the total cost of rockets. The "long March 7" launched in June this year is equipped with a newly developed 120t liquid oxygen kerosene engine YF-100 as the core stage and booster power, and the "long March 5" carrier rocket launched in November will use China's latest hydrogen and oxygen engine YF-77. The improvement of engine performance will greatly improve the carrying capacity of our rockets and make the construction of China's space station possible.

During the 13th five-year Plan period, the sixth Aerospace Institute, the controlling shareholder of aerospace power, monopolized the production and manufacture of liquid engines for rockets in China. This year, the number of aerospace launches in China will exceed 20 for the first time, which is "the densest launch year in history" and will directly benefit the efficiency of the sixth Aerospace Academy. The Aerospace Science and Technology Group has set the asset securitization rate target of 45% at the end of the 13th five-year Plan (currently only 15%). It is expected that the Aerospace Science and Technology Group will launch a large-scale asset restructuring this year. The comprehensive deepening reform plan disclosed by the sixth Aerospace Institute on March 30 this year and the outline of the 13th five-year Plan put forward that it is necessary to build an international first-class aerospace power company and become the vanguard of professional subsidiaries of the group company. The specific objectives include comprehensively promoting the adjustment of the management and control mode, achieving outstanding results in the field of asset securitization, and realizing the listing of the six institutes as a whole.

Investment suggestion

In 2008, under the strong promotion of Lei Fanpei, chairman of the first Aerospace Science and Technology Group and former president of the sixth Academy, the Aerospace Science and Technology Group supported the sixth Academy, the "Aerospace liquid Power National team", to become bigger and stronger by integrating the aerospace liquid power assets of the first and eighth Academies to the sixth Academy. Eight years later, industrial integration has basically matured, and capital operation has become an integral part of the topic. We expect to achieve a breakthrough in aerospace engine asset securitization in the near future. Aerospace Power, as the only platform for aerospace engine asset integration, has a broad space. From a long-term point of view, the target of the 13th five-year Plan of the sixth Aerospace Academy is 34 billion yuan in annual income and 1.7 billion yuan in annual profits, and the market capitalization target after asset integration should be more than 50 billion yuan. We give Aerospace Power a "buy" rating, with a target price of 40 yuan in the next six months.