Low-orbit satellites are booming, and the incremental value of heaven and earth is impressive

① External pressure+internal promotion, 2.5W low-orbit constellations welcome the new blue ocean: the Russian-Ukrainian war and other accelerated low-Earth orbit competition. Starlink has launched 5000+ stars, and there are gaps in domestic launch sites, rocket production, satellite manufacturing, etc. In order to seize the future high ground, the domestic GW+G60 2.5W low-orbit constellation program was launched, and the satellite Internet ushered in a new blue ocean; ② Both sides of the product world benefit, and seize satellite industry opportunities: space ring layout space segment, ground segment products to build large-scale satellite communication capabilities such as space-borne antennas, terrestrial communication stations, and satellite communication capabilities The two segments of the antenna resonate, hopefully Fully benefited.

Defense informatization is accelerating, and epitaxial drones can be expected to be flexible

③ Civilian and military needs resonate and actively support drone capabilities: The subsidiary Zigong Huanyu has purchased 132 acres of land to develop and industrialize composite parts and complete aircraft structures. With the military and civilian drone market+low-altitude economy, it is expected to open up new growth poles.

Based in aerospace, the industry is solid and the customer is advanced

④ Research and production of double head bindings, benefiting from large domestic aircraft: The company is deeply involved in C919 development and set up a joint venture with COMAC to support aviation tooling and parts. The C919 is expected to have a production capacity of 150 units/year within 5 years, and the downstream volume will benefit in the long term; ⑤ Card position aerospace process equipment and equipment, with solid main business, advanced customers: supporting delivery of ARJ21, C919, CR929 and various military aircraft. The main customers are large groups and their main engine plants and mainframes In other units, the top five customers accounted for 84% +.

Investment advice: The company is expected to have revenue of 6.28/9.66/ 1,465 billion yuan in 2023-2025, up 56.3%/53.9%/51.7% year on year, net profit to mother of 185/279/420 million yuan respectively, up 50.6%/51.2%/50.5% year on year, corresponding to EPS 0.45/0.69/1.03 yuan, PE 44.07/29.14/19.36, maintaining the “increase in holdings” rating.

Risk warning: The recovery of special orders falls short of expectations, satellite internet construction falls short of expectations, new product development progress falls short of expectations, and market space estimates fall short of expectations.