SpaceX's third-generation Starship (V3) is scheduled for its maiden flight on May 13th (Beijing Time). Compared to its predecessors, the V3 not only features a larger size but also incorporates the Raptor 3 engines, which offer significantly increased thrust and reduced costs.

Analysis suggests that once it fully masters the 100% reusable technology of the "Super Heavy Booster + Spacecraft" in future test flights, the cost per launch will plummet to less than 1% of traditional rockets, effectively ending the era of exorbitant launch costs.

Breakdown of Value Across SpaceX's Industrial Chain Links

Rocket (Falcon 9, single rocket): Engines (Raptor) account for 30%-40%; Rocket structure 20%-25%; Avionics/fairings, etc. 30%-35%

Starship (single rocket, fully reusable): 33 Raptor engines account for 50%+; Rocket structure 20%; Others 30%

Starlink Satellite (single V3): Star sensor 5%+; Solar cells 10%-15%; Structure/electronics 70%-80%

Launch Services (Falcon 9): Gross profit margin 60%-75%

Starlink Operations: Account for 60%-65% of SpaceX's total revenue

Core Materials/Components (single rocket/single satellite):

Niobium alloy (Raptor hot end)

High-temperature castings (turbopump)

Star sensor (Starlink)

Growth Capability of Companies in SpaceX's Industrial Chain

Enterprise growth capability refers to the ability of a company to continuously increase its asset size, profitability, and market share as market conditions change, reflecting its future development prospects.

This article is part of the [Growth Capability] series on enterprise value, selecting 18 companies in SpaceX's industrial chain as research samples, and using metrics such as compound revenue growth, compound net profit growth excluding non-recurring items, and compound growth in operating net cash flow as evaluation indicators.

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

No. 10 Western Materials

Industry Segment: Other Minor Metals

Growth Capability: Compound revenue growth 9.67%, compound net profit growth excluding non-recurring items -30.88%, compound operating net cash flow growth -39.09%

Performance Forecast: No institutional forecasts for this year

Main Products: Titanium products are the primary profit source, accounting for 66.35% of profits, with a gross profit margin of 17.10%

Company Highlights: Western Materials specializes in rare metal materials and their alloy processing. The company is the sole supplier of niobium alloy to SpaceX in China.

No. 9 Jintuo Co., Ltd.

Industry Segment: Other Automotive Components

Growth Capability: Compound revenue growth 9.17%, compound net profit growth excluding non-recurring items 18.35%, compound operating net cash flow growth 222.78%

Performance Forecast: No institutional forecasts for this year

Main Products: Automotive components are the primary profit source, accounting for 78.67% of profits, with a gross profit margin of 16.49%

Company Highlights: Jintuo Co., Ltd.'s main clients for microwave amplifiers, base station amplifiers, filters, and other components include MTI; MTI supplies SpaceX.

No. 8 Xusheng Group

Industry Segment: Chassis and Engine Systems

Growth Capability: Compound revenue growth 0.93%, compound net profit growth excluding non-recurring items -11.03%, compound operating net cash flow growth -44.64%

Performance Forecast: Latest net profit forecast mean is RMB 510 million, with a mean predicted growth rate of 39.61%

Main Products: Automotive products are the primary profit source, accounting for 64.26% of profits, with a gross profit margin of 16.12%

Company Highlights: Xusheng Group's main products are precision aluminum alloy components. The company directly supplies phased array chassis and brackets for STARLINK ground receiving terminals.

No. 7 Paike New Materials

Industry Segment: Aviation Equipment

Growth Capability: Compound revenue growth 10.28%, compound net profit growth excluding non-recurring items -13.13%, compound operating net cash flow growth 39.49%

Performance Forecast: Latest net profit forecast mean is RMB 403 million, with a mean predicted growth rate of 59.58%

Main Products: Aerospace forgings are the primary profit source, accounting for 39.71% of profits, with a gross profit margin of 24.52%

Company Highlights: Paike New Materials is a primary core forging supplier to SpaceX and the only domestic private enterprise simultaneously supplying both Falcon 9 and Starship while being NASA-certified.

No. 6 Re-Silence Technology

Industry Segment: Fiberglass Manufacturing

Growth Capability: Compound revenue growth -13.63%, compound net profit growth excluding non-recurring items -73.27%, compound operating net cash flow growth 35.72%

Performance Forecast: Latest net profit forecast mean is RMB 107 million, with a mean predicted growth rate of 91.17%

Main Products: Clean air materials are the primary profit source, accounting for 56.69% of profits, with a gross profit margin of 32.55%

Company Highlights: Re-Silence Technology's main products are clean air materials, high-efficiency energy-saving materials, and dust-free air conditioning products. The company supplies high-performance silica fiber (for thermal insulation) to SpaceX.

No. 5 Anhui Heli

Industry Segment: Construction Machinery

Growth Capability: Compound revenue growth 11.35%, compound net profit growth excluding non-recurring items 0.20%, compound operating net cash flow growth 207.93%

Performance Forecast: Latest net profit forecast mean is RMB 1.366 billion, with a mean predicted growth rate of 11.57%

Main Products: Forklifts and accessories are the primary profit source, accounting for 97.27% of profits, with a gross profit margin of 23.31%

Company Highlights: Anhui Heli's main business covers four segments: industrial vehicle complete machine (complete vehicles), components, aftermarket, and intelligent logistics. The company is a supplier of commercial aerospace (aerospace) deflector plates to SpaceX.

No. 4 Tongyu Communication

Industry Segment: Communication Network Equipment and Devices

Growth Capability: Compound revenue growth -7.01%, compound net profit growth excluding non-recurring items negative, compound operating net cash flow growth 242.63%

Performance Forecast: Latest net profit forecast mean is RMB 170 million, with a mean predicted growth rate of 312.14%

Main Products: Base station antennas are the primary profit source, accounting for 58.27% of profits, with a gross profit margin of 21.33%

Company Highlights: Tongyu Communication's main products are base station antennas, RF devices, microwave antennas, satellite antennas, and optical modules. Its MacroWiFi products enable direct satellite internet connectivity through SpaceX interfaces.

No. 3 Lingyi Intelligent Manufacturing

Industry Segment: Consumer Electronics Components and Assembly

Growth Capability: Compound revenue growth 16.20%, compound net profit growth excluding non-recurring items 7.41%, compound operating net cash flow growth 10.40%

Performance Forecast: Latest net profit forecast mean is RMB 3.359 billion, with a mean predicted growth rate of 46.82%

Main Products: AI terminals are the primary profit source, accounting for 94.84% of profits, with a gross profit margin of 17.21%

Company Highlights: Lingyi Intelligent Manufacturing has entered SpaceX/Starlink's core supply chain, providing lightweight + thermal control + power components.

No. 2 Yingliu Co., Ltd.

Industry Segment: Metal Products

Growth Capability: Compound revenue growth 16.13%, compound net profit growth excluding non-recurring items 15.78%, compound operating net cash flow growth 158.30%

Performance Forecast: Latest net profit forecast mean is RMB 592 million, with a mean predicted growth rate of 69.9%

Main Products: Mechanical equipment components are the primary profit source, accounting for 60.98% of profits, with a gross profit margin of 38.56%

Company Highlights: Yingliu Co., Ltd. is a leading enterprise in the production of specialized equipment components, providing investment castings for core components such as the Starship Raptor engine turbopump.

No. 1 Sunway Communication

Industry Segment: Consumer Electronics Components and Assembly

Growth Capability: Compound revenue growth 1.90%, compound net profit growth excluding non-recurring items 19.56%, compound operating net cash flow growth 57.01%

Performance Forecast: Latest net profit forecast mean is RMB 1.019 billion, with a mean predicted growth rate of 43.72%

Main Products: RF components are the primary profit source, accounting for 100.00% of profits, with a gross profit margin of 22.79%

Company Highlights: Sunway Communication is a global leader in RF components, providing high-performance connector and cable solutions to SpaceX.