Huaxi Securities released a research report stating that the commercial space sector is currently undergoing a transformation from one-time manufacturing to reusable cost models. Companies like SpaceX have significantly reduced unit costs by improving reusability and launch frequency, while China's commercial space industry is also accelerating technological breakthroughs and cost convergence. The industry is evolving into an oligopoly, with downstream launch service providers leveraging order advantages to dominate supply chain negotiations. Investment opportunities span rocket manufacturing, core components, and space computing.
Key insights from Huaxi Securities include:
**Cost Restructuring in Commercial Space: Transition to Reusable Models** The global commercial launch sector is experiencing a profound cost restructuring. Traditional rockets rely on one-time hardware manufacturing, accounting for ~67% of costs, whereas next-gen commercial rockets compress hardware costs to ~24% through reusable designs, establishing a sustainable "reusability-for-cost" model. Rocket cost breakdowns show boosters at 60%, second stages at 20%, fairings at 10%, and launch operations at 10%.
**Cost Optimization Trends** International players like SpaceX have achieved a virtuous cycle: higher reusability → increased launch frequency → lower unit costs. Meanwhile, Chinese firms are rapidly advancing in proprietary R&D and scaled applications, demonstrating systematic catch-up momentum.
**Direct and Indirect Benefits of Launch Surge** Launch service providers and rocket manufacturers directly monetize through per-launch fees and high-frequency contracts, with profits scaling alongside mission volume. High-value reusable components (e.g., boosters, fairings) drive secondary demand for reliable engines, structures, and maintenance services.
**Oligopolistic Market Dynamics (2024-2025)** Both global and Chinese launch markets exhibit monopolistic traits, with dominant service providers leveraging order control to dictate upstream supply chain realignment. Core suppliers face heightened dependency on major players due to consolidation.
**Investment Recommendations** - **Rockets**: Aerospace Power, SuperJolt, Western Materials, Aerospace Electromechanical, Spacety, Gaohua Tech, Aerospace Electronics. - **Space Computing**: Shunho, Potevio, UCloud, Zhongke StarMap, Jiayuan Tech. - **SpaceX-Related**: Western Materials, Sunway Communication, Zaisheng Tech, Sinomaterial, Tongyu Communication.
**Risks**: 1) Macroeconomic downturns; 2) Intensified competition; 3) Delayed tech development; 4) Demand shortfalls.
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