卫星互联网行业运载火箭深度报告（二）：火箭总运力提升拐点已至，建议关注相关产业链进展

PE（倍）评级2025E2026E2027E1.226733210.4911874450.335948400.07983176753.3310980.501108771 证券研究报告12025年06月26日维持评级[Table_Author]马天诣执业证书：S0100521100003matianyi@mszq.com崔若瑜执业证书：S0100523050001cuiruoyu@mszq.com研究助理朱正卿执业证书：S0100123120001huzhengqing@mszg.com1.通信行业动态报告：量子计算光量子技术路线进展加速，未来大有可为-2025/06/112.通信行业事件点评：两部门引导养老服务机器人发展，重点关注智能养老-2025/06/113.通信行业2025年中期投资策略：“国产替代+算力升级”双主线-2025/05/204.商业航天行业事件点评：《终端设备直连卫星服务管理规定》发布，卫星应用将提速-205.商业航天事件点评：卫星互联网技术试验星成功发射，关注手机直连进展-2025/04/02 推荐推荐推荐推荐// 推荐分析师邮箱：分析师邮箱：邮箱：相关研究25/05/03 目录1新一代商业火箭将密集首飞，我国正处于火箭总运力大幅提升前夕...........................................................................31.1政策支持火箭产业商业化发展，民营火箭发射次数占比提升..................................................................................................31.2目前我国大型星座仍采用长征系列火箭发射................................................................................................................................61.3为什么说今年是我国空间发射能力提升的的拐点？...................................................................................................................82他山之石：SpaceX猎鹰九号领跑全球火箭发射，星舰试飞紧锣密鼓.....................................................................122.1可回收复用火箭突破后，SpaceX发射次数激增......................................................................................................................122.2星舰将大幅实现降本+扩容，目前正在验证V2版本&有效载荷部署..................................................................................133我国民营商业航天公司巡礼...................................................................................................................................173.1蓝箭航天............................................................................................................................................................................................173.2东方空间............................................................................................................................................................................................193.3天兵科技............................................................................................................................................................................................213.4星河动力............................................................................................................................................................................................223.5深蓝航天............................................................................................................................................................................................233.6星际荣耀............................................................................................................................................................................................244投资建议..............................................................................................................................................................264.1行业投资建议....................................................................................................................................................................................264.2信科移动............................................................................................................................................................................................264.3震有科技............................................................................................................................................................................................274.4上海瀚讯............................................................................................................................................................................................284.5海格通信............................................................................................................................................................................................294.6超捷股份............................................................................................................................................................................................304.7九丰能源............................................................................................................................................................................................304.8高华科技............................................................................................................................................................................................324.9斯瑞新材............................................................................................................................................................................................325风险提示..............................................................................................................................................................33插图目录..................................................................................................................................................................34表格