Commercial spaceflight rocket launches are centered around market-based pricing and commercial contracts, providing rocket launch and orbit insertion services for commercial payloads such as satellite networking, remote sensing, and scientific experiments. They serve as the core capacity channel for satellite orbit insertion.

From 2025 to 2030, approximately 16,000 satellites are projected to be launched into domestic low-Earth orbit constellations. The number of launches is expected to increase from 54 in 2025 to 860 in 2030, with a CAGR of 74%. Satellite internet, space computing power, and remote sensing networking are the core drivers of growth.

Value Distribution Dissection Across Segments of the Commercial Spaceflight Rocket Launch Industrial Chain

Upstream: Core Components (Accounting for Approximately 85%-90% of Total Rocket Cost)

Propulsion System (Engines): Accounting for 30%-50%, it represents the highest-value segment. The liquid oxygen-methane route is becoming mainstream, with high-value components such as turbopumps, thrust chambers, and valves concentrated here.

Rocket Body Structure: Accounting for 20%-25%, including the fairing (approximately 10%), tanks (approximately 10%-15%), and structural components/connectors (approximately 5%).

Control System (Including Electrical): Accounting for 10%-15%, it includes inertial navigation, integrated control computers, attitude and orbit control, telemetry, tracking, and control (TT&C), power distribution, and software. It is the core of orbit insertion accuracy.

Others: Ground test equipment, fuel, special materials, etc., accounting for approximately 5%.

Midstream: Assembly and Launch Services (Accounting for Approximately 10%-15% of Total Rocket Cost)

Rocket Assembly and Integration: Accounting for approximately 5%-8%, including overall design, assembly, testing, and reliability verification.

Launch Site and TT&C Services: Accounting for approximately 2%-5%, including launch pads, fueling, TT&C, and meteorological support.

Reusability Impact: After the maturation of reusable rockets, the cost proportion of hardware such as rocket body structures and engines is expected to decrease from 67% to approximately 24%, significantly enhancing the profit elasticity of launch services.

Downstream: Ground Equipment and Operational Applications (Major Portion of Total Industrial Chain Value)

Accounting for Over 90% of the Total Global Satellite Industry Output Value: Ground equipment (approximately 50%, including gateway stations, terminals, chips, phased array antennas); operational services (approximately 40%, including communications, navigation, remote sensing, etc.).

Rocket launch services account for only approximately 2%-5% of the total industrial chain but determine capacity supply and orbit insertion efficiency, serving as a key bottleneck for unlocking downstream value.

Growth Capability of Enterprises in the Commercial Spaceflight Rocket Launch Industrial Chain

Enterprise growth capability refers to the ability of an enterprise to continuously increase its asset scale, profitability, and market share in response to changes in the market environment, reflecting its future development prospects.

This article, part of the Enterprise Value Series focusing on [Growth Capability], selects 46 enterprises in the commercial spaceflight rocket launch industrial chain as research samples. It uses indicators such as compound revenue growth, compound net profit growth excluding non-recurring gains and losses, and compound operating net cash flow growth for evaluation.

Data is based on historical performance and does not represent future trends; it is for static analysis only and does not constitute investment advice.

No. 10 Chaojie Co., Ltd.

Industry Segmentation: Other Automotive Components

Growth Capability: Compound revenue growth of 27.83%, compound net profit growth excluding non-recurring gains and losses of 124.28%, and negative compound operating net cash flow growth.

Performance Forecast: The latest mean forecast for net profit is 48 million yuan, with a mean forecast growth rate of 352.16%.

Main Products: Metal components are the primary source of profit, accounting for 63.65% of profits with a gross margin of 18.39%.

Company Highlights: Chaojie Co., Ltd.'s commercial spaceflight business primarily involves manufacturing rocket body structural components, including large rocket body sections (shell segments), fairings, fuel tanks, and engine valves.

No. 9 Longxi Co., Ltd.

Industry Segmentation: Metal Products

Growth Capability: Compound revenue growth of 2.71%, compound net profit growth excluding non-recurring gains and losses of -46.08%, and compound operating net cash flow growth of 8522.64%.

Performance Forecast: The latest mean forecast for net profit is 172 million yuan, with a mean forecast growth rate of 37.42%.

Main Products: Bearing products are the primary source of profit, accounting for 95.00% of profits with a gross margin of 41.18%.

Company Highlights: Longxi Co., Ltd.'s products are widely used in traditional supporting fields such as construction machinery and water conservancy projects, as well as in strategic emerging industries like aerospace, wind power, and nuclear power.

No. 8 Aerospace Electronics

Industry Segmentation: Aerospace Equipment

Growth Capability: Compound revenue growth of -23.75%, compound net profit growth excluding non-recurring gains and losses of -59.44%, and negative compound operating net cash flow growth.

Performance Forecast: The latest mean forecast for net profit is 577 million yuan, with a mean forecast growth rate of 5.35%.

Main Products: Aerospace products are the primary source of profit, accounting for 86.33% of profits with a gross margin of 21.89%.

Company Highlights: Aerospace Electronics' subsidiary, Zhengzhou Aerospace, produces connectors, including high-speed communication connectors currently used primarily in the aerospace-specific field.

No. 7 Guoke Military Industry

Industry Segmentation: Ground-Based Weaponry

Growth Capability: Compound revenue growth of 15.78%, compound net profit growth excluding non-recurring gains and losses of 30.55%, and negative compound operating net cash flow growth.

Performance Forecast: The latest mean forecast for net profit is 229 million yuan, with a mean forecast growth rate of 15.02%.

Main Products: Military products are the primary source of profit, accounting for 97.12% of profits with a gross margin of 34.50%.

Company Highlights: Guoke Military Industry's core products in the commercial spaceflight sector include commercial space launch vehicle solid engine power modules, unmanned aerial vehicle boosters, and other key propulsion equipment.

No. 6 Haoneng Co., Ltd.

Industry Segmentation: Chassis and Engine Systems

Growth Capability: Compound revenue growth of 21.29%, compound net profit growth excluding non-recurring gains and losses of 87.97%, and compound operating net cash flow growth of 90.36%.

Performance Forecast: The latest mean forecast for net profit is 397 million yuan, with a mean forecast growth rate of 23.5%.

Main Products: Synchronizers are the primary source of profit, accounting for 52.03% of profits with a gross margin of 33.65%.

Company Highlights: Haoneng Co., Ltd.'s aerospace products cover commercial rockets and rocket engines. Its invested company, Aerospace Shenkun, possesses the capability to manufacture commercial rocket structural components.

No. 5 Hangyu Technology

Industry Segmentation: Aviation Equipment

Growth Capability: Compound revenue growth of -14.19%, compound net profit growth excluding non-recurring gains and losses of 8.26%, and compound operating net cash flow growth of 1.12%.

Performance Forecast: The latest mean forecast for net profit is 225 million yuan, with a mean forecast growth rate of 19.39%.

Main Products: Aviation forgings are the primary source of profit, accounting for 80.53% of profits with a gross margin of 29.88%.

Company Highlights: Hangyu Technology's main products are aviation engine ring forgings. The company is a core supplier of ring forgings for China's aerospace engines.

No. 4 Donghua Testing

Industry Segmentation: Instrumentation

Growth Capability: Compound revenue growth of 32.79%, compound net profit growth excluding non-recurring gains and losses of 41.50%, and compound operating net cash flow growth of 831.88%.

Performance Forecast: The latest mean forecast for net profit is 173 million yuan, with a mean forecast growth rate of 42.25%.

Main Products: Structural mechanics performance testing and analysis systems are the primary source of profit, accounting for 60.12% of profits with a gross margin of 66.50%.

Company Highlights: Donghua Testing's main business is intelligent measurement and control systems. As a provider of equipment and system solutions, the company is deeply involved in the critical testing phases of the Zhuque-3 rocket.

No. 3 Western Materials

Industry Segmentation: Other Minor Metals

Growth Capability: Compound revenue growth of -8.70%, compound net profit growth excluding non-recurring gains and losses of -33.11%, and compound operating net cash flow growth of 79.91%.

Performance Forecast: The latest mean forecast for net profit is 247 million yuan, with a mean forecast growth rate of 56.52%.

Main Products: Titanium products are the primary source of profit, accounting for 75.88% of profits with a gross margin of 21.92%.

Company Highlights: Western Materials has achieved breakthroughs in key technological areas such as the organization, performance control, and shape control of wide-format fine-grain titanium alloy sheets for aerospace applications.

No. 2 Sirui New Materials

Industry Segmentation: Other New Metal Materials

Growth Capability: Compound revenue growth of 12.73%, compound net profit growth excluding non-recurring gains and losses of 26.88%, and compound operating net cash flow growth of 0.56%.

Performance Forecast: The latest mean forecast for net profit is 156 million yuan, with a mean forecast growth rate of 36.73%.

Main Products: High-strength, high-conductivity copper alloy materials and products are the primary source of profit, accounting for 39.14% of profits with a gross margin of 20.34%.

Company Highlights: Sirui New Materials specializes in high-performance copper alloy materials, products, and other special copper alloy series materials. Its product, the liquid rocket engine thrust chamber inner wall, is an important component of the rocket engine thrust chamber.

No. 1 Platt & Co., Ltd.

Industry Segmentation: Other General Equipment

Growth Capability: Compound revenue growth of 15.02%, compound net profit growth excluding non-recurring gains and losses of -51.98%, and compound operating net cash flow growth of 364.97%.

Performance Forecast: The latest mean forecast for net profit is 220 million yuan, with a mean forecast growth rate of 110.98%.

Main Products: 3D printing equipment, accessories, and technical services are the primary source of profit, accounting for 48.58% of profits with a gross margin of 44.20%.

Company Highlights: Platt & Co., Ltd. leverages its technology in the field of metal 3D printing customized products to further expand the application of its products in key equipment models such as existing aircraft, engines, rockets, and gas turbines.